McCaul Votes to Protect Americans’ Financial Privacy

U.S. Congressman Michael McCaul (R-Texas) voted for the CBDC Ant-Surveillance State Act, legislation he also cosponsored, which protects Americans’ right to financial privacy by preventing the Biden administration from issuing a central bank digital currency (CBDC).

“As chairman of the House Foreign Affairs Committee, I’ve seen how dictators wield financial tools like CBDCs to control, coerce, and spy on their citizens,” said Rep. McCaul. “In the United States of America — the land of the free — how individuals spend their money is none of the government’s business, and we must keep it that way. While President Biden’s administration considers taking a page right out of the CCP’s playbook by implementing a CBDC, House Republicans are committed to protecting Americans’ financial privacy and way of life.”

Background:

The CBDC Anti-Surveillance State Act — first introduced by Majority Whip Tom Emmer (R-Minn.) — would prohibit the Federal Reserve from issuing a CBDC directly or indirectly through financial institutions or third parties. It would also prohibit the Federal Reserve from using a CBDC as a tool to implement monetary policy, and it would require legislation from Congress for the issuance of any CBDC in the future.

Click here to read full text of the bill.