Cbdc Anti-Surveillance State Act

Floor Speech

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Ms. MALOY. Mr. Chair, I rise to support the passage of H.R. 5403, the CBDC Anti-Surveillance State Act, which I cosponsor.

If improperly implemented, a CBDC can compete with private financial intermediaries, undermine long-term investment, invite more regulation into nearly every economic institution, and open the American people to Chinese-style government surveillance.

This is one of the reasons that the Utah Legislature this year passed a bill to block CBDC from being recognized as legal tender.

This is an issue that Americans are concerned about, particularly people in my State that I represent. We don't need to be more like China. Americans demand the right to participate in the economy without giving up our privacy.

We have to protect Americans' right to financial privacy. That is why this bill forbids the Federal Reserve from issuing CBDCs without specific congressional authorization. That is us protecting our own authority. It prohibits the Federal Reserve from using a CBDC as a tool to take full control of the U.S. economy through monetary policy, something Americans won't stand for. Finally, it protects the privacy of coins and bills, ensuring that they remain open, permissionless, and private. Those three things are essential.

Rarely do the credit unions, banks, and Utah Legislature agree on anything. That is a sign that we should support this.

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