I 
118TH CONGRESS 
1ST SESSION H. R. 5032 
To amend the Federal Reserve Act to prohibit the issuance of a central 
bank digital currency, to prohibit Federal reserve banks from offering 
certain products or services, to prohibit holding or owning central bank 
digital currencies of any country, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 27, 2023 
Mr. OGLES (for himself, Mr. BISHOP of North Carolina, Mr. DONALDS, and 
Mr. GOSAR) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
A BILL 
To amend the Federal Reserve Act to prohibit the issuance 
of a central bank digital currency, to prohibit Federal 
reserve banks from offering certain products or services, 
to prohibit holding or owning central bank digital cur-
rencies of any country, and for other purposes. 
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 ‘‘Cease Orwellian Sur-
veillance and Targeting Act of 2023’’ or the ‘‘COST Act 
of 2023’’. 
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SEC. 2. PROHIBITION ON ISSUING A CENTRAL BANK DIG-
ITAL CURRENCY OR OFFERING CERTAIN 
PRODUCTS OR SERVICES. 
Section 13 of the Federal Reserve Act is amended 
by adding at the end the following new paragraph: 
‘‘(15) PROHIBITION
ON
ISSUING
A
CENTRAL 
BANK DIGITAL CURRENCY.— 
‘‘(A) IN
GENERAL.—The Board of Gov-
ernors of the Federal Reserve System and the 
Federal reserve banks may not mint or issue a 
central bank digital currency. 
‘‘(B) CENTRAL BANK DIGITAL CURRENCY 
DEFINED.—In this paragraph, the term ‘central 
bank digital currency’ means a form of digital 
money or monetary value, denominated in the 
national unit of account, that is a direct liabil-
ity of the Board of Governors of the Federal 
Reserve System or the central bank of a foreign 
country. 
‘‘(16) PROHIBITION ON OFFER PRODUCTS OR 
SERVICES, 
EITHER
DIRECTLY
OR
INDIRECTLY 
THROUGH AN INTERMEDIARY, TO AN INDIVIDUAL OR 
ENTITY.— 
‘‘(A) IN
GENERAL.—A Federal reserve 
bank may not— 
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‘‘(i) offer products or services to an 
individual or entity, either directly or indi-
rectly through an intermediary; 
‘‘(ii) provide coins or currency directly 
to an individual or entity; or 
‘‘(iii) maintain an account on behalf 
of an individual or entity. 
‘‘(B) 
EXCEPTIONS.—Subparagraph 
(A) 
shall not apply to— 
‘‘(i) a depository institution; 
‘‘(ii) an insured credit union; 
‘‘(iii) the Department of the Treasury; 
‘‘(iv) the Federal Home Loan Banks; 
‘‘(v) the Federal Home Loan Mort-
gage Corporation; 
‘‘(vi) the Federal National Mortgage 
Association; 
‘‘(vii) the Government National Mort-
gage Association; 
‘‘(viii) a foreign correspondent or 
agency, foreign bank or banker (including 
a branch or agency of a foreign bank), or 
foreign state; 
‘‘(ix) a financial market utility des-
ignated by the Financial Stability Over-
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sight Council under section 804 of the 
Payment, Clearing, and Settlement Super-
vision Act of 2010; or 
‘‘(x) the International Monetary Fund 
or the Bank for Reconstruction and Devel-
opment.’’. 
SEC. 3. PROHIBITION ON HOLDING OR OWNING CENTRAL 
BANK DIGITAL CURRENCY. 
(a) IN GENERAL.—No person may hold or own cen-
tral bank digital currency of the United States or a foreign 
country. 
(b) CENTRAL
BANK
DIGITAL
CURRENCY
DE-
FINED.—In this section, the term ‘‘central bank digital 
currency’’ has the meaning given that term under section 
13(15)(B) of the Federal Reserve Act. 
(c) RULEMAKING.—The Secretary of the Treasury 
shall issue such rules as may be necessary to carry out 
this section. 
(d) EFFECTIVE DATE.—Subsection (a) shall take ef-
fect after the end of the 90-day period beginning on the 
date of enactment of this Act. 
Æ 
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