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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 Treasury Department, and related agencies from minting, issuing, or maintaining central bank digital currency (CBDC) accounts for individuals or digital currency intermediaries. The bill also prevents Federal Reserve banks from holding CBDCs as assets or liabilities on their balance sheets or using CBDCs to fulfill their regulatory requirements. Effectively, the legislation would prevent the creation of a U.S. central bank digital currency at the federal level.
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)
- Sen. Lee, Mike [R-UT] (R-UT)
2 cosponsors
- Sen. Cruz, Ted [R-TX] (R-TX)
- Sen. Scott, Rick [R-FL] (R-FL)
Actions (2)
- Feb 6, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Feb 6, 2025 Introduced in Senate
Similar bills (6)
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Full text
IN THE SENATE OF THE UNITED STATES
February 6 (legislative day, February 5), 2025
Mr. Lee (for himself, Mr. Cruz, and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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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