To amend the Federal Reserve Act to prohibit the issuance of a central bank digital currency, to prohibit Federal reserve banks from offering certain products or services, to prohibit holding or owning central bank digital currencies of any country, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Federal Reserve Act to prohibit the issuance of a central bank digital currency, to prohibit Federal reserve banks from offering certain products or services, to prohibit holding or owning central bank digital currencies of any country, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Government Operations, Foreign Policy.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section HF4B921D5A2544B48918D3EB5524B3E39: 1. Short title This Act may be cited as the Cease Orwellian Surveillance and Targeting Act of 2023 or the COST Act of 2023.
- Section HA44C2CAE5EF24AD6B7F438D2E0260CAB: 2. Prohibition on issuing a central bank digital currency or offering certain products or services Section 13 of the Federal Reserve Act is amended by adding...
- Section H66CDE0D36309492191B6263D87B68D3E: 3. Prohibition on holding or owning central bank digital currency No person may hold or own central bank digital currency of the United States or a foreign...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Federal Reserve Act to prohibit the issuance of a central bank digital currency, to prohibit Federal reserve banks from offering certain products or services, to prohibit holding or owning central bank digital currencies of any country, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Government Operations, Foreign Policy
Primary Purpose
This bill, To amend the Federal Reserve Act to prohibit the issuance of a central bank digital currency, to prohibit Federal reserve banks from offering certain products or services, to prohibit holding or owning central bank digital currencies of any country, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Ogles (for himself, Mr. Bishop of North Carolina, Mr. …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "secretary_of_treasury"
- → Secretary of the Treasury
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology