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International Business Times

Business

Marvie Basilan

House Passes Bill Blocking US Central Bank From Issuing 'Detrimental' CBDC

CBDC United States central bank Patrick McHenry Republican Barry Loudermilk Pete Sessions NC the Chinese Communist Party US Federal Reserve

H.R. 5403 blocks the U.S. central bank from issuing a CBDC. It is now headed to Senate. (Credit: AFP)

KEY POINTS

Rep. McHenry said the US should know better than adopting a policy that weaponizes the financial system against the people
Rep. Loudermilk said CBDCs were being used by authoritarian regimes and have 'no place' in the US
Rep. Sessions said a central bank digital currency was a dangerous 'surveillance tool'

The U.S. House of Representatives has passed bill H.R. 5403, which prevents the Federal Reserve from issuing a "government-controlled" central bank digital currency (CBDC), the House Financial Services Committee announced Thursday.

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