I 

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. 


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•HR 5403 IH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CBDC Anti-Surveil5 lance State Act’’. 

6 SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RE7 LATING TO CERTAIN PRODUCTS OR SERV8 ICES FOR INDIVIDUALS AND PROHIBITION 

9 ON DIRECTLY ISSUING A CENTRAL BANK DIG10 ITAL CURRENCY. 

11 Section 13 of the Federal Reserve Act is amended 

12 by adding at the end the following new paragraph: 

13 ‘‘(15) A Federal reserve bank shall not— 

14 ‘‘(A) offer products or services directly to 

15 an individual; 

16 ‘‘(B) maintain an account on behalf of an 

17 individual; or 

18 ‘‘(C) issue a central bank digital currency, 

19 or any digital asset that is substantially similar 

20 under any other name or label, directly to an 

21 individual.’’. 


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•HR 5403 IH

1 SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDI2 RECTLY ISSUING A CENTRAL BANK DIGITAL 

3 CURRENCY. 

4 Section 13 of the Federal Reserve Act, as amended 

5 by section 2, is further amended by adding at the end the 

6 following new paragraph: 

7 ‘‘(16)(A) A Federal reserve bank shall not offer 

8 a central bank digital currency, or any digital asset 

9 that is substantially similar under any other name 

10 or label, indirectly to an individual through a finan11 cial institution or other intermediary. 

12 ‘‘(B) Subparagraph (A) may not be construed 

13 to prohibit any dollar-denominated currency that is 

14 open, permissionless, and private, and fully preserves 

15 the privacy protections of United States coins and 

16 physical currency.’’. 

17 SEC. 4. PROHIBITION ON THE USE OF CENTRAL BANK DIG18 ITAL CURRENCY FOR MONETARY POLICY. 

19 Section 10 of the Federal Reserve Act is amended 

20 by inserting before paragraph (12) the following new para21 graph: 

22 ‘‘(11) PROHIBITION ON THE USE OF CENTRAL

23 BANK DIGITAL CURRENCY FOR MONETARY POL24 ICY.—The Board of Governors of the Federal Re25 serve System and the Federal Open Market Com26 mittee shall not use any central bank digital curVerDate Sep 11 2014 18:56 Sep 13, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5403.IH H5403

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•HR 5403 IH

1 rency, or any digital asset that is substantially simi2 lar under any other name or label, to implement 

3 monetary policy.’’. 

Æ 


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