Protect Your Financial Freedom: Rep. Introduces Act to Stop Fed CBDC
• US lawmaker Rep. Jake Auchincloss is introducing bi-partisan legislation that would prevent the Federal Government from issuing a Central Bank Digital Currency (CBDC) without Congressional approval.
• The proposed bill, called the Power to Mint Act, would explicitly prohibit the Federal Reserve and Treasury Department from issuing a CBDC without authorization from Congress.
• Rep. French Hill (R-AR) believes the authority to issue a CBDC should rest with Congress and American people, not unelected bureaucrats.
Lawmaker Introduces Legislation Prohibiting Fed From Issuing CBDC Without Congressional Approval
Bi-partisan Bill Seeks To Protect Citizens’ Financial Freedom
A member of the US House of Representatives is introducing bi-partisan legislation that would explicitly prohibit the Federal Government from issuing a Central Bank Digital Currency (CBDC) without approval by Congress. The proposed bill, called the Power to Mint Act, seeks to protect citizens’ financial freedom and guard against government surveillance by ensuring any issuance of a CBDC must first be approved by Congress for proper vetting.
Reps. Auchincloss & Hill Lead Effort To Protect Constitutional Authority Of Congress
During new House Floor remarks, Rep. Jake Auchincloss (D-MA) said that while the implications for domestic fiscal and monetary policy of a US CBDC are hotly debated by experts, what should not be controversial is that the Federal Reserve cannot issue one without explicit authorization from Congress. He went on to explain why he is introducing this bill: “The framers of the Constitution understood the importance of a strong and stable national currency, which is why they granted Congress exclusive power to coin money and regulate its value… This bill clearly prohibits Federal Reserve and Treasury Department from issuing a CBDC without authorization from Congress.”
Rep. French Hill (R-AR), who is jointly introducing this bill with Auchincloss echoed his sentiments saying “we believe that under the Constitution, that authority [to issue a CBDC] rests with Congress and American people, not unelected bureaucrats… Usually my constituents are worried Uncle Sam will use central bank digital currency to surveil where they’re spending their money and how much.”
Fed Officials Previously Stated They Wouldn’t Issue CBDC Without Congressional Approval
Although Fed officials have previously stated they wouldn’t issue a CBDC without congressional approval, Auchincloss believes it’s still necessary for them pass an actual law in order for there to be complete clarity on this matter going forward: “What should not be controversial is that Fed cannot issue a CBDC without explicit authorization from Congress.”
Proposed Bill Seeks To Clarify And Enforce Constitutional Authority Of Congress Over Currency Issuance
The proposed Power to Mint Act seeks to clarify and enforce constitutional authority of Congress over currency issuance in order to protect citizens’ financial freedom as well as guard against government surveillance via possible future implementations of central bank digital currencies in America. It remains unclear if or when this legislation will actually become law but it has been introduced with bipartisan support in both chambers of congress so we may see more progress on this front soon enough!