IB 

Union Calendar No. 409 

118TH CONGRESS 

2D SESSION H. R. 5403 

[Report No. 118–493] 

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. 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 

MAY 7, 2024 

Additional sponsors: Mr. GREEN of Tennessee, Mr. BABIN, Mr. BURLISON, 

Mr. LANGWORTHY, Mrs. CHAVEZ-DEREMER, Mr. WILLIAMS of Texas, 

Mr. FERGUSON, Mr. HUIZENGA, Mr. CRAWFORD, Mr. EDWARDS, Mr. 

GUTHRIE, Mr. CALVERT, Mr. DUNN of Florida, Ms. DE LA CRUZ, Mr. 

CLINE, Mr. WILLIAMS of New York, Mr. KUSTOFF, Mr. GOODEN of 

Texas, Mr. FINSTAD, Mr. WENSTRUP, Mrs. FISCHBACH, Mr. MOORE of 

Alabama, Mr. NEHLS, Mr. ALFORD, Mr. BEAN of Florida, Mr. BUCSHON, 

Mr. CARL, Mr. AMODEI, Mr. GRAVES of Missouri, Mrs. HARSHBARGER, 

Mr. CRANE, Mr. CISCOMANI, Mr. HUNT, Mr. EZELL, Mr. BAIRD, Mrs. 

MILLER of West Virginia, Mr. KELLY of Mississippi, Mr. BILIRAKIS, Mr. 


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•HR 5403 RH

GUEST, Mr. CURTIS, Mr. WESTERMAN, Mr. LUETKEMEYER, Mr. 

LAHOOD, Mr. GARBARINO, Mr. CARTER of Georgia, Mr. ROSE, Mr. 

BISHOP of North Carolina, Mrs. CAMMACK, Mr. FLEISCHMANN, Mr. 

MURPHY, Mr. DESJARLAIS, Mr. MOOLENAAR, Mr. MOONEY, Mr. 

D’ESPOSITO, Mrs. BICE, Mr. FRY, Mr. BANKS, Mr. CARTER of Texas, 

Mr. STEUBE, Mr. COLE, Mr. STRONG, Mr. MORAN, Mr. ROSENDALE, Mr. 

JOHNSON of South Dakota, Ms. GRANGER, Mr. CLYDE, Ms. LEE of Florida, Mr. FEENSTRA, Mr. ARMSTRONG, Mr. GOOD of Virginia, Mr. 

WALTZ, Mr. TONY GONZALES of Texas, Mrs. RODGERS of Washington, 

Mr. LUCAS, Mr. MANN, Mr. TIFFANY, Mr. BERGMAN, Ms. VAN DUYNE, 

Mr. COLLINS, Mr. BURGESS, Mr. KELLY of Pennsylvania, Mr. LAMBORN, 

Mr. LATTA, Mr. DUARTE, Mr. CRENSHAW, Mr. NUNN of Iowa, Mr. 

ELLZEY, Mr. HUDSON, Mrs. MCCLAIN, Mr. ISSA, Mr. STAUBER, Mr. 

ARRINGTON, Mr. WOMACK, Mr. OWENS, Mr. VAN ORDEN, Mr. PERRY, 

Mr. MAST, Mr. GIMENEZ, Mr. ZINKE, Mr. HIGGINS of Louisiana, Mr. 

ADERHOLT, Mrs. MILLER-MEEKS, Mrs. HINSON, Mr. BALDERSON, Mr. 

MCCORMICK, Mr. CAREY, Mr. WITTMAN, Mr. PENCE, Ms. MALOY, Mr. 

MCCLINTOCK, Mr. ROY, Mr. MCCAUL, and Mr. DIAZ-BALART

MAY 7, 2024 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on September 12, 2023] 

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 RH

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-Surveillance 

5 State Act’’. 

6 SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RELAT7 ING TO CERTAIN PRODUCTS OR SERVICES 

8 FOR INDIVIDUALS AND PROHIBITION ON DI9 RECTLY ISSUING A CENTRAL BANK DIGITAL 

10 CURRENCY. 

11 Section 16 of the Federal Reserve Act is amended by 

12 adding at the end the following new paragraph: 

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

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

15 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 in21 dividual.’’. 


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•HR 5403 RH

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

3 CURRENCY. 

4 Section 16 of the Federal Reserve Act, as amended by 

5 section 2, is further amended by adding at the end the fol6 lowing new paragraph: 

7 ‘‘(19)(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 or 

10 label, indirectly to an individual through a financial 

11 institution or other intermediary. 

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

13 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 16 of the Federal Reserve Act, as amended by 

20 section 3, is further amended by adding at the end the fol21 lowing new paragraph: 

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

23 BANK DIGITAL CURRENCY FOR MONETARY POLICY.— 

24 The Board of Governors of the Federal Reserve Sys25 tem and the Federal Open Market Committee shall 

26 not use any central bank digital currency, or any 


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1 digital asset that is substantially similar under any 

2 other name or label, to implement monetary policy.’’. 

3 SEC. 5. CENTRAL BANK DIGITAL CURRENCY. 

4 (a) IN GENERAL.—The Federal Reserve Act (12 U.S.C. 

5 221 et seq.) is amended by inserting after section 16 the 

6 following: 

7 ‘‘SEC. 16A. CENTRAL BANK DIGITAL CURRENCY. 

8 ‘‘(a) IN GENERAL.—The Board of Governors of the 

9 Federal Reserve System may not, absent Congressional au10 thorization, issue a central bank digital currency. 

11 ‘‘(b) CENTRAL BANK DIGITAL CURRENCY DEFINED.— 

12 In this section, the term ‘central bank digital currency’ 

13 means a form of digital money or monetary value, denomi14 nated in the national unit of account, that is a direct liabil15 ity of the Federal Reserve System.’’. 

16 (b) TREASURY.—Chapter 3 of subtitle I of title 31 of 

17 the United States Code is amended by inserting after sec18 tion 316 the following: 

19 ‘‘SEC. 317. CENTRAL BANK DIGITAL CURRENCY. 

20 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 

21 may not, absent Congressional authorization, direct the 

22 Board of Governors of the Federal Reserve System to issue 

23 a central bank digital currency. 

24 ‘‘(b) CENTRAL BANK DIGITAL CURRENCY DEFINED.— 

25 In this section, the term ‘central bank digital currency’ 


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1 means a form of digital money or monetary value, denomi2 nated in the national unit of account, that is a direct liabil3 ity of the central bank.’’. 

4 SEC. 6. PROTECTION FOR OPEN, PERMISSIONLESS, AND 

5 PRIVATE CURRENCY. 

6 This Act and the amendments made by this Act shall 

7 not apply to any dollar-denominated currency that is open, 

8 permissionless, and private, and fully preserves the privacy 

9 protections of United States coins and physical currency.’’ 


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Union Calendar No. 409 

118TH CONGRESS 

2D SESSION H. R. 5403 

[Report No. 118–493] 

A BILL 

To amend the Federal Reserve Act to prohibit the 

monetary policy, and for other purposes. hibit the use of central bank digital currency for ucts or services directly to an individual, to proFederal reserve banks from offering certain prodMAY 7, 2024 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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