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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
March 10, 2025
House Majority Whip Tom Emmer (R-Minn.) reintroduced ICBA-advocated legislation restricting the ability of the federal government to introduce a central bank digital currency. A similar bill passed the House during the last Congress.
Details: The CBDC Anti-Surveillance State Act (H.R. 5403):
Prohibits the Federal Reserve Banks from offering products or services directly to individuals, maintaining individual accounts, or issuing a CBDC to individuals or through an intermediary.
Prohibits the Federal Reserve and the Federal Open Market Committee from using a CBDC to implement monetary policy.
ICBA View: ICBA has repeatedly expressed opposition to the creation of a U.S. CBDC and commended the members of Congress who passed the bill last year.
Support Statement: “Given the consumer and economic risks posed by a potential Federal Reserve-issued central bank digital currency, ICBA and the nation’s community banks strongly support House Majority Whip Tom Emmer’s Anti-CBDC Surveillance State Act,” ICBA President and CEO Rebeca Romero Rainey said.