Americans do not want their government spying on them: Rep. Tom Emmer

Americans do not want their government spying on them: Rep. Tom Emmer

sponsor of that bill House Majority wh the great Tom emmer from Minnesota Tom good to see you maybe I got this wrong but I I thought that there was going to be about 20 Democrats that were going to support this bill and now we hear only three supported it what are wrong with Democrats not wanting to protect people’s freedom and privacy well I think they they made a mistake obviously uh this was a very nonpartisan proposal it simply says the Federal Reserve is not allowed to create a communist a Chinese Communist party style surveillance Tool uh with a central bank digital currency unless and until the uh fed can show us that it is open permissionless and private private with a capital PE Sean uh it’s got to be able to emulate cash and if they can ever do that then before they could actually construct it and implement it they would have to come to Congress for authorization because this is something that the elected official should do we had three Democrats who were very smart I people don’t realize how potent this issue is with the American public this is not a Republican or Democrat issue this is an American issue Americans do not want their government spying on them and if we have a tool that allows the government to collect all this private very sensitive financial information purchases and deposits and withdrawals uh Sean you think they’re not going to use that tool to control us yes they they would actually have control of it they’ve already been caught with their hand in the cookie jar trying to get that data from Banks and going after certain parts of the population um but Congressman earlier today treasury secretary Janet Yellen made clear that as of now there are no plans for a central bank digital currency but she certainly left the door open listen to this it’s appropriate for Congress to play a role no decision to the best of my knowledge has been made either by the Federal Reserve um nor has the administration taken um a particular um position on this but we are definitely in favor of payments Innovations we are definitely in favor of payments Innovations I bet they are Congressman you know what Jackie uh I I would like to say that uh the secretary is being somewhat disingenuous but quite frankly what you just said is dishonest remember she is the treasury secretary she is not uh the chair of the fed that’s number one number two she says they aren’t doing it well the Biden Administration she may want to check the executive order that said this is urgent that they have to move towards creating a central bank digital currency and they have to do it with urgency and they the president uh empowered all kinds of different committees and uh departments to look at it uh this is is why Congress had to get involved and I I get a kick out of it secretary Yellen I got news for you Congress does not play a role you work for congress Congress is the elected body that represents the citizens of this country not Janet Yellen and the treasury yeah statements like that show us how out of control our government is we just only have like 15 seconds left is this bill going to be taken up in the Senate Town well it’s it’s hard to tell it’s interesting uh Sean over the last two weeks the administ ation seems to be pulling away from Elizabeth Warren and and this incredible awful guy Gary Gensler at the SEC and you saw today maybe they approved the ethereum eth uh it seems to be a change coming and remember on May 8th uh it Biden issued a veto threat on uh Sab 121 which is an accounting rule uh we had 21 Democrats vote with us on a CRA to eliminate that rule and then Chuck led the Senate 11 Democrat Senators to vote against or vote in favor of the CRA what’s interesting Sean is that on the evening of May 8th after Biden issued his veto threat Donald Trump said I’m the crypto candidate that’s right right we’re going to keep watching uh congressman and uh again you are the whip of the of the Congress but also sit on the most powerful Committee in the Congress Financial Services Congressman Tom Emer thanks for being with us we appreciate it thanks Sean thanks Jackie

Rep. Tom Emmer, R-Minn., discusses how only three Democrats voted with Republicans to block a central bank digital currency on ‘The Bottom Line.’

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