The four-term congressman recently introduced the CBDC Anti-Surveillance State Act to prohibit "unelected bureaucrats" in Washington from issuing a central bank digital currency that critics argue could diminish Americans' financial privacy rights.

The bill, which has several Republican co-sponsors, including Rep. Andy Biggs (R-Ariz.) and Rep. Young Kim (R-Calif.), would also ensure that the Federal Reserve is held accountable in its research and development of a digital dollar.

"The consequences, if we get it wrong, are far too serious," Emmer said at a news conference. "The Biden administration is currently itching to create a digital authoritarian-style, surveillance-style digital dollar through an executive order."

The bill, Emmer says, would restrict the central bank from issuing a CBDC or using a CBDC to implement monetary policy and control the national economy.