Protecting Against a Social Credit Score

This week, the House is expected to vote on H.R. 5403, the CBDC Anti-Surveillance State Act. Heritage Action has worked extensively with Rep. Tom Emmer (R-Minn.)’s office to advance this critical piece of legislation, including issuing a Key Vote urging cosponsorship of this bill.

Authoritarian Central Bank Digital Currencies (CBDC) that threaten economic autonomy and political liberty are on the rise throughout other countries. Countries like China have used CBDCs to implement social credit scores.

A CBDC is a form of digital money issued by a central bank. It would aim to eventually replace the American dollar with a digital currency capable of monitoring your transactions. By monitoring your transactions, a CBDC could build a profile of your habits and behaviors. As the issuers of the currency, the central bank could have the power to manipulate that money to:

• Cancel your transactions
• Freeze your bank accounts
• Seize your assets
• Manipulate your credit score

The government could ruin your life by controlling your money. H.R. 5403 prohibits a CBDC from being issued by the government or Federal Reserve, including an “intermediated” CBDC–using banks or other institutions as intermediary.

Thank you for your work in helping advance this bill. Cosponsorship helps get members of Congress on record and build public support for a bill. Legislative efforts like this develop Congresses “muscle memory” for passing conservative legislation, so conservatives are prepared when they retake majorities to enact good policies into law.