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US lawmakers are reviewing a bill this week that would prevent the Federal Reserve from carrying out experiments related to the use of a central bank digital currency (CBDC).<\/p>\n
Congressman Alex X. Mooney (R-WV) introduced <\/a>the \u201cDigital Dollar Pilot Prevention Act\u201d in May.<\/p>\n The potential law, labeled H.R. 3712, aims to close a loophole that would allow the Federal Reserve to run a pilot program designed to test the feasibility of issuing a CBDC.<\/p>\n Last Friday, Representative Patrick McHenry (R-NC), the Chairman of the House Financial Services Committee, announced<\/a> a markup on H.R. 3712 and a handful of other bills.<\/p>\n Said Mooney when he announced the potential legislation,<\/p>\n \u201cCongress cannot give an inch when it comes to CBDCs. CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent.<\/em><\/p>\n That\u2019s why closing this pilot program loophole is so important \u2013 to prevent the Federal Reserve from bypassing the will of Congress. I am proud to introduce this legislation to do exactly that.\u201d<\/em><\/p>\n Meanwhile, House Majority Whip Tom Emmer is reintroducing the \u201cCBDC Anti-Surveillance State Act.\u201d Emmer says<\/a>\u00a0that the new bill attempts to prohibit the Fed from issuing a retail CBDC \u201cwhile protecting innovation and any future development of true digital cash.\u201d<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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