IB 
Union Calendar No. 66 
119TH CONGRESS 
1ST SESSION H. R. 1919 
[Report No. 119–92] 
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 
MARCH 6, 2025 
Mr. EMMER (for himself, Mr. HILL of Arkansas, Mr. MOOLENAAR, Mr. HUD-
SON, Mr. OGLES, Mr. BOST, Mr. SCOTT FRANKLIN of Florida, Ms. 
GREENE of Georgia, Mr. BIGGS of Arizona, Mr. CLOUD, Mr. FLOOD, Mr. 
GOSAR, Mrs. KIM, Mr. MEUSER, Mr. DAVIDSON, Mr. KILEY of Cali-
fornia, Mr. DONALDS, Mr. FITZGERALD, Mrs. LUNA, Mr. GARBARINO, 
Mr. LUCAS, Mr. SESSIONS, Mr. HUIZENGA, Mrs. WAGNER, Mr. BARR, 
Mr. WILLIAMS of Texas, Mr. LOUDERMILK, Mr. ROSE, Mr. STEIL, Mr. 
TIMMONS, Mr. NORMAN, Mr. LAWLER, Ms. DE LA CRUZ, Mr. NUNN of 
Iowa, Ms. SALAZAR, Mr. HARIDOPOLOS, Mr. DOWNING, Mr. MOORE of 
North Carolina, Mr. BACON, Mr. BRECHEEN, Mr. KELLY of Pennsyl-
vania, Mr. GROTHMAN, Ms. MACE, Mr. RESCHENTHALER, Mr. ROGERS 
of Alabama, Mr. ROUZER, Mr. VALADAO, Mr. VAN DREW, Mr. WEBER 
of Texas, Mrs. HOUCHIN, Ms. HAGEMAN, Mr. LANGWORTHY, Mr. 
GOODEN, Mr. FINSTAD, Mrs. FISCHBACH, Mr. BEAN of Florida, Mr. 
AMODEI of Nevada, Mr. GRAVES, Mrs. HARSHBARGER, Mr. CRANE, Mr. 
CISCOMANI, Mr. BAIRD, Mr. KELLY of Mississippi, Mrs. CAMMACK, Mr. 
FLEISCHMANN, Mr. MURPHY, Mrs. BICE, Mr. CARTER of Texas, Mr. 
JOHNSON of South Dakota, Mr. CLYDE, Mr. TIFFANY, Mr. BERGMAN, 
Ms. VAN DUYNE, Mr. COLLINS, Mr. LATTA, Mr. CRENSHAW, Mr. 
ELLZEY, Mr. ISSA, Mr. OWENS, Mr. PERRY, Mr. ZINKE, Mr. HIGGINS 
of Louisiana, Mrs. HINSON, Mr. BALDERSON, Mr. MCCORMICK, Mr. 
CAREY, Mr. WITTMAN, Mr. ROY, Mr. MCCAUL, Mr. RUTHERFORD, Mr. 
SMITH of Nebraska, Ms. TENNEY, Mr. CRANK, Mr. BAUMGARTNER, Mr. 
MACKENZIE, Mr. MCDOWELL, Mr. MESSMER, Mr. SCHMIDT, Mr. TAY-
LOR, Mr. GILL of Texas, and Mr. GUEST) introduced the following bill; 
which was referred to the Committee on Financial Services 
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MAY 6, 2025 
Additional sponsors: Mr. GOLDMAN of Texas, Mr. BENTZ, Mr. MOORE of Ala-
bama, Ms. LETLOW, Mr. EZELL, Mr. COLE, Mr. FEENSTRA, Mr. MANN, 
Mr. LAHOOD, Mr. JACKSON of Texas, Mr. CLINE, Mr. MORAN, Mr. 
GUTHRIE, Mr. YAKYM, Mr. PFLUGER, Mr. GREEN of Tennessee, Mr. 
STUTZMAN, Mr. BABIN, Mr. NEHLS, Mr. KEAN, Mr. VAN ORDEN, Mr. 
BILIRAKIS, Mr. KENNEDY of Utah, Mr. WOMACK, Mr. HERN of Okla-
homa, Mr. STAUBER, Mr. MCGUIRE, Mr. BRESNAHAN, Mr. BEGICH, Mr. 
AUSTIN SCOTT of Georgia, Mr. EDWARDS, Mr. JACK, Mrs. MILLER of 
Illinois, Mr. STEUBE, and Mr. RULLI 
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MAY 6, 2025 
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 March 6, 2025] 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Anti-CBDC Surveillance 
State Act’’. 
SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RELAT-
ING TO CERTAIN PRODUCTS OR SERVICES 
FOR INDIVIDUALS AND PROHIBITION ON DI-
RECTLY ISSUING A CENTRAL BANK DIGITAL 
CURRENCY. 
Section 16 of the Federal Reserve Act (12 U.S.C. 411 
et seq.) is amended by adding at the end the following new 
paragraph: 
‘‘(18)(A) A Federal reserve bank may not— 
‘‘(i) offer financial products or services directly to an 
individual; 
‘‘(ii) maintain an account on behalf of an individual; 
or 
‘‘(iii) issue a central bank digital currency, or any 
digital asset that is substantially similar under any other 
name or label. 
‘‘(B) In this paragraph, the term ‘central bank digital 
currency’ has the meaning given that term under section 
10(11)(D).’’. 
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SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDI-
RECTLY ISSUING A CENTRAL BANK DIGITAL 
CURRENCY. 
Section 16 of the Federal Reserve Act (12 U.S.C. 411 
et seq.), as amended by section 2, is further amended by 
adding at the end the following paragraph: 
‘‘(19)(A) A Federal reserve bank may not offer a cen-
tral bank digital currency, or any digital asset that is sub-
stantially similar under any other name or label, indirectly 
to an individual through a financial institution or other 
intermediary. 
‘‘(B) In this paragraph, the term ‘central bank digital 
currency’ has the meaning given that term under section 
10(11)(D).’’. 
SEC. 4. PROHIBITION WITH RESPECT TO CENTRAL BANK 
DIGITAL CURRENCY. 
Section 10 of the Federal Reserve Act (12 U.S.C. 241 
et seq.) is amended by inserting before paragraph (12) the 
following: 
‘‘(11) PROHIBITION WITH RESPECT TO CENTRAL 
BANK DIGITAL CURRENCY.— 
‘‘(A) IN GENERAL.—The Board of Governors 
of the Federal Reserve System may not test, 
study, develop, create, or implement a central 
bank digital currency, or any digital asset that 
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is substantially similar under any other name or 
label. 
‘‘(B) MONETARY
POLICY.—The Board of 
Governors of the Federal Reserve System and the 
Federal Open Market Committee may not use a 
central bank digital currency to implement mon-
etary policy, or any digital asset that is substan-
tially similar under any other name or label. 
‘‘(C) EXCEPTION.—Subparagraph (A) and 
sections 16(18)(A)(iii) and 16(19)(A) may not be 
construed to prohibit any dollar-denominated 
currency that is open, permissionless, and pri-
vate, and fully preserves the privacy protections 
of United States coins and physical currency. 
‘‘(D) CENTRAL
BANK
DIGITAL
CURRENCY 
DEFINED.—In this paragraph, the term ‘central 
bank digital currency’ means a form of digital 
money or monetary value that is— 
‘‘(i) denominated in the national unit 
of account; 
‘‘(ii) a direct liability of the Federal 
Reserve System; and 
‘‘(iii) widely available to the general 
public.’’. 
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SEC. 5. SENSE OF CONGRESS. 
It is the sense of Congress that the Board of Governors 
of the Federal Reserve System currently does not have the 
authority to issue a central bank digital currency, or any 
digital asset that is substantially similar under any other 
name or label, and will not have such authority unless Con-
gress grants it under Congress’s Article 1 Section 8 powers. 
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Union Calendar No. 66 
119TH CONGRESS 
1ST SESSION 
H. R. 1919 
[Report No. 119–92] 
A BILL 
To amend the Federal Reserve Act to prohibit the 
Federal reserve banks from offering certain prod-
ucts or services directly to an individual, to pro-
hibit the use of central bank digital currency for 
monetary policy, and for other purposes. 
MAY 6, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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