U.S. House Passes Bill Banning Federal Reserve From Issuing a CBDC
Pixy Predicts it won't pass thru US Senate
EDITOR EMPHASIZES
We HATE both US House and US Senate
but here is the latest theater in Washington DC (Clown Capital of World)
U.S. House Passes Bill Banning Federal Reserve From Issuing a CBDC
The U.S. House of Representatives voted largely along party lines to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). The CBDC Anti-Surveillance State Act, introduced by Majority Whip Tom Emmer (R-Minn.), seeks to block the U.S. central bank from continuing efforts toward the development of a digital dollar. Republicans expressed concerns that a U.S. CBDC could be used to control Americans.[1]
Democrats said during debate before Thursday's vote that the concerns were overblown and a ban would block public sector innovation and research. Overall, 213 Republicans and three Democrats voted for the bill, while 192 Democrats voted against it.[1] Thursday's vote count is a far cry from a vote the day before, when 71 Democrats joined 208 Republicans in voting for the Financial Innovation and Technology for the 21st Century Act, a crypto market structure bill that would give the U.S. Commodity Futures Trading Commission greater spot market authority over digital assets and spells out how another key U.S. markets regulator, the Securities and Exchange Commission, can approach the sector.[1]
Who controls US Senate Motherfuckers
The US Senate is currently controlled by the Democrats. Here are the key details:
The 118th Congress (2023-2025) has a Senate composition of 51 Democrats and 49 Republicans. The Democrats hold a slim majority due to Vice President Kamala Harris's tie-breaking vote, as the Senate is split 50-50 between the two parties with 48 Democratic senators, 49 Republican senators, and 3 independents who caucus with the Democrats.After the 2022 midterm elections, the Democrats gained a seat by flipping the Pennsylvania seat and defending seats in Arizona, Georgia, and Nevada.
This gave them an outright 51-seat majority, removing the need to rely on Vice President Harris's tie-breaking vote for control.
So in summary, the Democrats narrowly control the current Senate with 51 seats compared to the Republicans' 49 seats. This represents a shift from the previous 117th Congress where the Senate was evenly split 50-50 and Democratic control depended on the Vice President's tie-breaking vote.
Citations:
[1] https://www.coindesk.com/policy/2024/05/23/us-house-passes-bill-banning-federal-reserve-from-issuing-a-cbdc/
[2] https://www.foxbusiness.com/politics/house-votes-block-federal-reserve-from-creating-own-digital-currency
[3] https://www.theblock.co/post/296361/us-house-of-representatives-pass-republican-led-anti-cbdc-bill-along-partisan-lines
[4] https://www.forbes.com/sites/digital-assets/2024/05/23/the-house-bans-the-fed-from-building-a-cbdc-like-the-digital-yuan/
[5] https://www.congress.gov/bill/118th-congress/senate-bill/3801/text
[6] https://emmer.house.gov/press-releases?id=D2F64477-4F40-47E0-8CA8-51C2DE316947