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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5403 Introduced in House (IH)]

<DOC>

118th CONGRESS
  1st Session
                                H. R. 5403

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.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           September 12, 2023

 Mr. Emmer (for himself, Mr. Bacon, Mr. Biggs, Mr. Bost, Mr. Brecheen, 
   Mr. Cloud, Mr. Davidson, Mr. Donalds, Mr. Duncan, Mr. Fallon, Mr. 
Fitzgerald, Mr. Flood, Mr. C. Scott Franklin of Florida, Mr. Gosar, Ms. 
  Greene of Georgia, Mr. Grothman, Mr. Hern, Mr. Hill, Mr. Jackson of 
 Texas, Mr. Kean of New Jersey, Mr. Kiley, Mrs. Kim of California, Mr. 
LaTurner, Mrs. Lesko, Ms. Letlow, Mr. Loudermilk, Mrs. Luna, Ms. Mace, 
    Mr. Meuser, Mrs. Miller of Illinois, Mr. Mills, Mr. Norman, Mr. 
   Pfluger, Mr. Posey, Mr. Reschenthaler, Mr. Rogers of Alabama, Mr. 
Rouzer, Mr. Austin Scott of Georgia, Mr. Self, Mr. Sessions, Mr. Smith 
 of New Jersey, Mr. Steil, Mr. Timmons, Mr. Valadao, Mr. Van Drew, Mr. 
  Weber of Texas, Mr. Yakym, Mr. Ogles, Mr. Lawler, Mrs. Wagner, Mrs. 
  Houchin, Ms. Hageman, and Mr. Barr) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
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.

    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 ``CBDC Anti-Surveillance State Act''.

SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RELATING TO CERTAIN 
              PRODUCTS OR SERVICES FOR INDIVIDUALS AND PROHIBITION ON 
              DIRECTLY ISSUING A CENTRAL BANK DIGITAL CURRENCY.

    Section 13 of the Federal Reserve Act is amended by adding at the 
end the following new paragraph:
            ``(15) A Federal reserve bank shall not--
                    ``(A) offer products or services directly to an 
                individual;
                    ``(B) maintain an account on behalf of an 
                individual; or
                    ``(C) issue a central bank digital currency, or any 
                digital asset that is substantially similar under any 
                other name or label, directly to an individual.''.

SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDIRECTLY ISSUING A 
              CENTRAL BANK DIGITAL CURRENCY.

    Section 13 of the Federal Reserve Act, as amended by section 2, is 
further amended by adding at the end the following new paragraph:
            ``(16)(A) A Federal reserve bank shall not offer a central 
        bank digital currency, or any digital asset that is 
        substantially similar under any other name or label, indirectly 
        to an individual through a financial institution or other 
        intermediary.
            ``(B) Subparagraph (A) may not be construed to prohibit any 
        dollar-denominated currency that is open, permissionless, and 
        private, and fully preserves the privacy protections of United 
        States coins and physical currency.''.

SEC. 4. PROHIBITION ON THE USE OF CENTRAL BANK DIGITAL CURRENCY FOR 
              MONETARY POLICY.

    Section 10 of the Federal Reserve Act is amended by inserting 
before paragraph (12) the following new paragraph:
            ``(11) Prohibition on the use of central bank digital 
        currency for monetary policy.--The Board of Governors of the 
        Federal Reserve System and the Federal Open Market Committee 
        shall not use any central bank digital currency, or any digital 
        asset that is substantially similar under any other name or 
        label, to implement monetary policy.''.
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