What is H.R. 5403?

Summary

Why H.R. 5403 Hurts Working Families (Especially in Rural Missouri)
• Keeps high fees alive:
Bans the Fed from giving you digital dollars, so people without bank accounts must keep using costly check-cashers and payday lenders.
• Hits small towns hardest:
Many Missouri communities have lost bank branches. Families often drive far just to cash a check, and poverty rates in those areas can top 30%.
• Slows emergency help:
A Fed-backed digital dollar could send disaster relief straight to your phone—fast and fee-free. This bill blocks that option.
• Protects big banks, not you:
Without a public digital dollar, private banks keep charging fees for every deposit, withdrawal, and transfer.

(Estimated reading time: 1 minute)

Friends, H.R. 5403—the so-called “CBDC Anti-Surveillance State Act”—might sound like it protects our privacy, but it actually locks working families out of cheaper, safer banking tools and leaves rural Missourians worse off. Here’s why:

1. Keeps costly bank fees in place
   By banning the Fed from offering digital dollars directly to people, H.R. 5403 forces anyone without a traditional bank account to keep relying on check-cashers and payday lenders. Right now, about 4.2 percent of U.S. households have no bank account at all—often paying high fees for every transaction [1].
2. Hurts rural Missouri the most
   Rural areas in Missouri already face bank-branch closures and long drives for basic services. In counties hit hardest by branch losses, poverty rates reached as high as 33 percent, and residents struggle to access affordable banking without a Fed digital option [2].
3. Blocks fast, fee-free disaster aidWhen floods or tornadoes strike, Missourians need relief instantly. A central bank digital currency (CBDC) could let the government send aid straight to your phone—no bank required—cutting out delays and fees. H.R. 5403 kills that possibility.
4. Protects big banks over Main StreetInstead of empowering people with low-cost, government-backed digital dollars, this bill cements big banks’ control. Working families end up paying private-sector fees for every deposit, withdrawal, or transfer.

Sources :

[1] FDIC, “FDIC Survey Finds 96 Percent of U.S. Households Were Banked in 2023,” November 2024, https://www.fdic.gov/news/press-releases/2024/fdic-survey-finds-96-percent-us-households-were-banked-2023

[2] Federal Reserve Board, “Perspectives from Main Street: Bank Branch Access in Rural Communities,” November 2019, https://www.federalreserve.gov/publications/november-2019-bank-branch-access-in-rural-communities.htm