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To amend the Federal Reserve Act to limit the ability of Federal Reserve banks to issue central bank digital currency.
Summary
This bill amends the Federal Reserve Act to prohibit the Federal Reserve, the Federal Reserve banks, the Treasury Department, and other federal agencies from creating or issuing a central bank digital currency (CBDC) directly to individuals. The prohibition includes issuing CBDC through custodial intermediaries or commercial banks, offering CBDC products or services to individuals, or maintaining individual accounts for CBDC. The bill also prohibits Federal Reserve banks from holding U.S.-issued digital currencies as assets or liabilities on their balance sheets or using them to fulfill Federal Reserve requirements. The effect is to prevent the direct issuance of a federal digital currency to the public. The bill focuses on preventing individual access to federal digital currency while not addressing research, development, or transactions with other governments or institutions.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Ogles, Andrew [R-TN-5] (R-TN)
Actions (2)
- Feb 18, 2025 Referred to the House Committee on Financial Services. · house
- Feb 18, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
February 18, 2025
Mr. Ogles introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Reserve Act to limit the ability of Federal Reserve banks to issue central bank digital currency.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “No Central Bank Digital Currency Act” or the “No CBDC Act”.
SEC. 2. CENTRAL BANK DIGITAL CURRENCY.
Section 13 of the Federal Reserve Act is amended by adding after the 14th undesignated paragraph (12 U.S.C. 347d) the following: “No Federal reserve bank, the Board, the Secretary of the Treasury, any other agency, or any entity directed to act on behalf of the Federal reserve bank, the Board, the Secretary, or other agency, may mint or issue a central bank digital currency directly to an individual (including central bank digital currency issued to an individual through a custodial intermediary) or a digital currency intermediary, offer related products or services directly to an individual, or maintain an account on behalf of an individual (including an account in a specially designated account at a digital currency intermediary or supervised commercial bank). No Federal reserve bank may hold digital currencies minted or issued by the United States Government as assets or liabilities on a balance sheet of the bank or use such digital currencies as part of fulfilling the requirements under section 2A.”. <all>
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