In a vote that fell along party lines, the House of Representatives passed a Republican-sponsored bill that would block the Federal Reserve Bank from issuing a central bank digital currency.
The bill, known as the CBDC Anti-Surveillance State Act, was approved with a vote of 216-192, with 213 Republicans in favor and 3 Democrats in support.
The remaining 192 Democrats voted against the bill. The legislation was introduced in September 2023 by House Majority Whip Rep. Tom Emmer of Minnesota, who has expressed concerns about potential government surveillance of financial transactions through CBDCs.
These digital currencies, issued and regulated by a country’s central bank, have sparked debate over privacy and control.
