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To prohibit the Board of Governors of the Federal Reserve and the Secretary of the Treasury from issuing a central bank digital currency, and for other purposes.
Summary
The bill prohibits the Federal Reserve Board and the Secretary of the Treasury from issuing a central bank digital currency without Congressional authorization. It amends the Federal Reserve Act and Title 31 of the United States Code to explicitly require Congress to authorize any central bank digital currency before it can be issued. A central bank digital currency is defined in the bill as a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve.
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)
Actions (2)
- Jul 16, 2025 Referred to the House Committee on Financial Services. · house
- Jul 16, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
July 16, 2025
Mr. Auchincloss introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To prohibit the Board of Governors of the Federal Reserve and the Secretary of the Treasury from issuing a central bank digital currency, and for other purposes.
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 “Power of the Mint Act”.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) The article I, section 8 of the Constitution states that only Congress has the authority to coin money and regulate the value of such money.
(2) The Federal Reserve Act of 1913 provides that the Federal Reserve banks shall act as the fiscal agents of the United States and depositories when required to do so by the Secretary of the Treasury.
SEC. 3. CENTRAL BANK DIGITAL CURRENCY.
(a) In General.—The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 16 the following:
“SEC. 16A. CENTRAL BANK DIGITAL CURRENCY.
“(a) In General.—The Board of Governors of the Federal Reserve may not, absent Congressional authorization, issue a central bank digital currency.
“(b) Central Bank Digital Currency Defined.—In this section, the term ‘central bank digital currency’ means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve.”.
(b) Treasury.—Chapter 3 of subtitle I of title 31 of the United States Code is amended by inserting after section 316 the following:
“SEC. 317. CENTRAL BANK DIGITAL CURRENCY.
“(a) In General.—The Secretary of the Treasury may not, absent Congressional authorization, direct the Board of Governors of the Federal Reserve to issue a central bank digital currency.
“(b) Central Bank Digital Currency Defined.—In this section, the term ‘central bank digital currency’ means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.”. <all>
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