US Lawmakers To Review Bill on Preventing Creation of CBDC This Week

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).

Congressman Alex X. Mooney (R-WV) introduced the Digital Dollar Pilot Prevention Act in May.

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.

Last Friday, Representative Patrick McHenry (R-NC), the Chairman of the House Financial Services Committee, announced a markup on H.R. 3712 and a handful of other bills.

Said Mooney when he announced the potential legislation,

Congress 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.

Thats why closing this pilot program loophole is so important to prevent the Federal Reserve from bypassing the will of Congress. I am proud to introduce this legislation to do exactly that.

Meanwhile, House Majority Whip Tom Emmer is reintroducing the “CBDC Anti-Surveillance State Act.” Emmer saysthat the new bill attempts to prohibit the Fed from issuing a retail CBDC while protecting innovation and any future development of true digital cash.

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This article was originally reported on The Daily Hodl.