To amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.
Sponsors
Legislative Progress
ReportedReceived; read twice and referred to the Committee on Banking, …
Additional sponsors: Mr. Green of Tennessee, Mr. Babin, Mr. Burlison, …
Reported with an amendment, committed to the Committee of the …
Mr. Emmer (for himself, Mr. Bacon, Mr. Biggs, Mr. Bost, …
Summary
What This Bill Does
Prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) to individuals either directly or through intermediaries. Bars Fed from offering retail banking services.
Who Benefits and How
Privacy advocates achieve CBDC ban. Commercial banks protect retail banking role. Financial privacy preserved from government digital currency tracking.
Who Bears the Burden and How
Federal Reserve loses CBDC policy option. US may fall behind other countries in digital currency. Financial innovation potentially constrained.
Key Provisions
- Prohibits Fed from issuing CBDC directly to individuals
- Bars indirect CBDC issuance through intermediaries
- Preserves exception for open, permissionless, private digital currencies
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Prohibits Federal Reserve from issuing central bank digital currency or providing retail banking services
Policy Domains
Legislative Strategy
"Block government digital currency surveillance potential"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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