WASHINGTON – Majority Whip Tom Emmer rallied support from more than a dozen key stakeholders for his flagship legislation – H.R. 5403, the CBDC Anti-Surveillance State Act – ahead of Thursday’s vote in the House. Whip Emmer’s bill, which has 165 cosponsors and companion legislation in the Senate, prohibits unelected bureaucrats from issuing a surveillance-style central bank digital currency (CBDC) that dismantles Americans’ right to financial privacy.
Here is what key stakeholders are saying in support of the CBDC Anti-Surveillance State Act:
ALEC Action (partner of the American Legislative Exchange Council): “ALEC Action urges strong support for H.R. 5403, which would protect American citizens from the significant privacy and surveillance concerns inherent to central bank digital currencies (CBDCs)...H.R. 5403 prevents the United States from joining autocratic nations like China that have embraced CBDCs as effective means of strengthening surveillance on everyday citizens…H.R. 5403 ensures Americans can continue to benefit from the interest and opportunity created by the current banking and financial services system…For these reasons, along with ALEC Action’s core principles of limited government, free markets and federalism, we ask you to support H.R. 5403 as a necessary measure to protect Americans’ financial privacy by prohibiting a central bank digital currency.”
America First Policy Institute (AFPI), Mike Faulkender, Ph.D., Chief Economist: “The America First Policy Institute is proud to lead the effort to save financial freedom…A Central Bank Digital Currency is an enormous threat to our community banking system and small business dynamism. It would put your bank account in the hands of government bureaucrats and replace private-sector capital allocation with partisan politics. We must never emulate the Chinese Communist Party’s social credit system, which they weaponize to punish citizens who disagree with the government by cutting them off from the economy. The CBDC Anti-Surveillance State Act would stop this dangerous behavior. It would clarify and reassert that only Congress can authorize and regulate forms of exchange.”
American Bankers Association (ABA), Kirsten Sutton, Executive Vice President of Congressional Relations and Legislative Affairs: “ABA believes strongly that a CBDC, defined as a digital form of central bank money that is widely available to the general public, is unnecessary in the United States and would present unacceptable risks and costs to the financial system. The dollar is already digital today, and it is unclear how issuing a CBDC would improve financial inclusion or achieve other laudable goals…the ABA welcomes and strongly supports H.R. 5403, the CBDC Anti-Surveillance State Act, which was introduced by Rep. Tom Emmer (R-MN).”
American Commitment, Americans for Prosperity (AFP), Americans for Tax Reform (ATR), Center for a Free Economy (CFE), Center for Freedom and Prosperity (CF&P), Club for Growth, Consumer Choice Center (CCC), Heartland Impact, The Heartland Institute, and Small Business & Entrepreneurship Council (SBE Council): “The CBDC Anti-Surveillance State Act is also necessary legislation. CBDCs not only crowd out private cryptocurrencies, but they are also an existential threat to consumer privacy protections. Some academics have also posited that CBDCs could be weaponized to collect taxes and enable the IRS to harass small businesses and individuals. CBDCs have no place in American society…Members of Congress should vote in support of the FIT for the 21st Century Act and the CBDC Anti-Surveillance State Act.”
Americans for Prosperity (AFP), Brent Gardner, Chief Government Affairs Officer: “The CBDC Anti-Surveillance State Act prevents the establishment of a central bank digital currency (CBDC) offered directly to individuals or through the banking system. A government owned digital currency would ultimately undermine private investment and use cases for privately owned digital currencies. Furthermore, a government-owned digital currency presents many privacy questions surrounding government access to sensitive information on Americans, such as the government potentially monitoring and tracking every financial transaction. On principle, creation of a CBDC represents a massive expansion of government control over the economy, and it would trample on individuals’ rights. As such, we support this effort to prevent the government from issuing a CBDC. It is for these reasons we urge you to support…H.R. 5403, the CBDC Anti-Surveillance State Act. These votes may be recorded in our legislative scorecard.”
Blockchain Association: “CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to track all purchases and collect intimate personal details on its citizens. The right to financial privacy is protected by the Constitution. We support the CBDC Anti-Surveillance State Act – legislation aimed at preventing a CBDC from being issued in the United States. Blockchain Association thanks Majority Whip Emmer for his continued leadership on this critical issue.”
Club for Growth: “Key Vote Alert! We're urging all Representatives to vote yes on the #CBDC Anti-Surveillance State Act. The creation of a U.S. CBDC would threaten the financial health of the country and the constitutional rights of law-abiding Americans.”
Conservative Political Action Conference (CPAC), Matt Schlapp, Chair: “KEY VOTE ALERT: Next week the House is planning to vote on H.R.5403/ S.3801 sponsored by @GOPMajorityWhip and @SenTedCruz. This legislation would BAN the federal government from issuing a Central Bank Digital Currency (CBDC). A CBDC would threaten economic freedom, allow government surveillance of personal spending, and could allow the government to strip away a citizen’s access to capital. @CPAC supports this legislation as a safeguard of financial privacy and urges a ‘yes’ vote.”
Heritage Action: “Heritage Action supports the CBDC Anti-Surveillance State Act (S. 3801 / H.R. 5403) and will include COSPONSORSHIP of this legislation on our legislative scorecard…Thorough anti-CBDC legislation is necessary to safeguard Americans' financial privacy in the face of potential surveillance, control, and political intimidation. The CBDC Anti-Surveillance State Act protects individual liberty and prevents threats of government coercion through the financial sector.”
Independent Community Bankers of America (ICBA), Rebeca Romero Rainey, President and CEO: “ICBA and the nation’s community banks strongly oppose the creation of a U.S. central bank digital currency, which would disintermediate community banks, reduce credit availability, and undermine consumer privacy. By barring the Federal Reserve from issuing a U.S. CBDC to consumers, the CBDC Anti-Surveillance State Act would avoid the unnecessary risks to consumers and small businesses that a U.S. CBDC would pose. We thank Rep. Emmer for introducing this important legislation and encourage Congress to continue advancing it.”
International Bancshares Corporation (IBC): “IBC implores the Members of the House to vote in favor of H.R. 5403, in order to bolster consumer protection, prevent an encroachment on the American values of privacy and liberty, while appropriately preserving our Nation’s free marketplace that enables financial innovation and encourages private competition. Supporting the Act, will aid in safeguarding consumer access to financial options and protect the relationship between American consumers and their chosen banks, while promoting consumer economic freedom without limitation to protection, or fear of the myriad costs and risks associated with the issuance of a CBDC. The proposed legislation aims to prevent threats of governmental coercion throughout the financial sector by putting a check on the federal government to ensure that our country’s long-established values of financial privacy, individual sovereignty, and free-market competitiveness are upheld. Thus, IBC respectfully requests that Members of the House vote in favor of H.R. 5403, for the reasons stated in the ABA Letter and echoed herein.”
Job Creators Network (JCN), Alfredo Ortiz, Chief Executive Officer: “It seems there is no limit to the Biden administration’s appetite for executive power. It now wants to give the Federal Reserve authority to act as a retail bank and issue a Central Bank Digital Currency directly to individuals. Representative Emmer’s legislation is critical to stop this executive overreach and protect small business’ financial data from unelected bureaucrats who could use it to collect and even weaponize the personal financial information of small businesses and all Americans.”
Moms for America (MFA), Kimberly Fletcher, President: “We applaud House Whip Tom Emmer and the chamber closest to the American people for passing this much-needed legislation that will protect Moms and families across America from the Chinese and Biden Administration’s encroachment into our wallets. The woke socialist financial policies this Administration continues to press for must be stopped at all costs and we call on the U.S. Senate to swiftly pass this legislation that will shield our family finances and our credit from Biden’s attack.”
Restore The Fourth, Alex Marthews, National Chair: “Legislators on both right and left have reason be wary of placing in the government's hands, a new and easy way of observing private financial transactions, programming different prices for different sets of users, and blocking individuals' or organizations' ability to transact. Greater financial inclusion and fairness can be achieved without sacrificing citizens' privacy. The CBDC Anti-Surveillance State Act is an important first step towards restoring that privacy, which is a necessary precondition for our personal and political freedoms.”
Restore The Fourth Minnesota, Chris Weiland, Chapter Chair: “This bill is to be commended for preventing the federal government from gaining access to yet another tool for violating our constitutional right to privacy.”
Comprehensive list of stakeholders supporting H.R. 5403:
ALEC Action; America First Policy Institute (AFPI); American Bankers Association (ABA); American Commitment; Americans for Prosperity (AFP) – KEY VOTE; Americans for Tax Reform (ATR); Blockchain Association; Center for a Free Economy (CFE); Center for Freedom and Prosperity (CF&P); Club for Growth – KEY VOTE; Conservative Political Action Conference (CPAC) – KEY VOTE; Consumer Choice Center (CCC); Heartland Impact; The Heartland Institute; Heritage Action; Independent Community Bankers of America (ICBA); International Bancshares Corporation (IBC); Job Creators Network (JCN); Moms for America; Restore The Fourth; Small Business & Entrepreneurship Council (SBE Council)
