House Approves Bill Blocking Central Bank Digital Currency by U.S. Federal Reserve

The U.S. House of Representatives’ Financial Services Committee has voted to advance legislation that would prevent the Federal Reserve from issuing a central bank digital currency (CBDC). The Anti-CBDC Surveillance State Act (H.R. 1919), proposed by Representative Tom Emmer, aims to prohibit both the issuance of CBDCs and direct financial services provision by the Fed to individuals. It also restricts the Fed’s ability to utilize CBDCs in monetary policy implementation.