Yakym votes to oppose a government-issued Central Bank Digital Currency

Thursday, Congressman Rudy Yakym (IN-02) issued the following statement after voting for H.R. 5403, the CBDC Anti-Surveillance State Act. This legislation prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) directly to anyone and from using a CBDC as a tool to implement monetary policy and control the economy. Rep. Yakym is an original co-sponsor of H.R. 5403.

“We can never let unelected Biden bureaucrats wield CCP-style surveillance tools and violate Americans’ financial privacy through a government-issued central bank digital currency,” said Rep Yakym. “We have already seen places like Communist China implement a CBDC, and this un-American idea can never gain a foothold here. I am proud to vote for this legislation, and I implore my Senate colleagues to do the same so we can stand up to Big Brother and up for Americans’ individual liberties.”

The CBDC Anti-Surveillance State Act: 

• Prohibits the Federal Reserve from issuing a CBDC directly to anyone, ensuring the Fed can’t mobilize itself into a retail bank.
• Prohibits the Federal Reserve from issuing a CBDC indirectly to individuals through financial institutions or other third parties.
• Prohibits the Federal Reserve from using a CBDC as a tool to implement monetary policy and control the economy.
• Requires authorizing legislation from Congress for the issuance of any CBDC.