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U.S. House Passes H.R. 5403 to Ban Federal Reserve from Issuing CBDC

May 23, 2024, 06:01 PM

The U.S. House of Representatives has passed the CBDC Anti-Surveillance State Act, a bill that prohibits the Federal Reserve from issuing a Central Bank Digital Currency (CBDC). The legislation, known as H.R. 5403, was spearheaded by the GOP Majority Whip and supported by Financial Committee Chairman Patrick McHenry. It aims to prevent government overreach and protect individual financial privacy. The bill passed with a vote of 216 to 192, with every Democratic Representative voting against it. The passage of this bill is seen as a significant move to curb potential government surveillance through digital currencies.