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.

That’s 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 says that 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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Author: Conor Devitt

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