House passes bill barring Fed from issuing CDBC

The House voted 216-192 to pass the America’s Credit Unions-supported CBDC Anti-Surveillance State Act (H.R. 5403). The bill—which has a Senate companion—would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).

America’s Credit Unions President/CEO Jim Nussle wrote to House leaders Tuesday in strong support of the bill.

“Credit unions pride themselves on safe, sound, and secure financial services they provide for the 142 million Americans who trust us with their checks and balances. Anything additional handed to the Federal Reserve to oversee could put the entire system at risk and one that as an industry, we aren’t willing to take,” Nussle said. “America’s Credit Unions urges Congress to swiftly pass this commonsense bill that protects the pockets and personal information of the American people.”

America’s Credit Unions believes creation of a CBDC brings many concerns over consumer privacy; lack of current policy; and expansion of the Fed mission to distract from its dual mandate of stable prices and maximum sustainable employment.

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