Congressman Tom Emmer has offered to help former U.S. President Donald Trump fight the creation of a central bank digital currency (CBDC) in the U.S. “I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy. I look forward to working with him as we continue the fight against the expanding government surveillance state,” the lawmaker stated.
Rep. Emmer Joins Trump in Fight for Americans’ Right to Financial Privacy
House Majority Whip Tom Emmer (R-MN) has expressed support for former U.S. President Donald Trump in the fight against the creation of a digital dollar.
Last week, Trump promised the American people that if he is elected president of the United States in the upcoming election, he will make sure that a central bank digital currency (CBDC) does not get created in the U.S. “As your president, I will never allow the creation of a central bank digital currency … Such a currency would give a federal government … absolute control over your money … This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump said.
Commenting on Trump’s statement regarding CBDCs, Congressman Emmer wrote on social media platform X Friday:
I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy. I look forward to working with him as we continue the fight against the expanding government surveillance state.
The lawmaker added in a follow-up post: “Congressional Republicans have been fighting against the implementation of a surveillance-style CBDC. My bill, the CBDC Anti-Surveillance State Act, has 75 cosponsors and we are continuing to build support.”
Several Fed officials and lawmakers question the need for a CBDC. Fed Governor Michelle Bowman, for instance, has yet to see a compelling argument that a digital dollar could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy.
The Federal Reserve has begun exploring a digital dollar, but it hasn’t committed to creating one. In September last year, Fed Chair Jerome Powell clarified, “We have not decided to proceed [with a digital dollar] … We see this as a process of at least a couple of years.”
Emmer recently said that Trump will likely become “a lot more” crypto-friendly in his second term as president. Recent data from the decentralized crypto-based predictions platform Polymarket suggests that Donald Trump, the 45th president of the United States, is currently leading with a 48% chance of victory. Several analysts, including those at asset management firm Vaneck, expect the price of bitcoin to hit record highs if Trump wins the U.S. presidential election in November.
What do you think about House Majority Whip Tom Emmer offering to work with Donald Trump to fight against the creation of a U.S. central bank digital currency? Let us know in the comments section below.