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 Illi-
nois, 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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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 Flor-
ida, 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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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 ‘‘CBDC Anti-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 is amended by 
adding at the end the following new paragraph: 
‘‘(18) 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 in-
dividual.’’. 
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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, as amended by 
section 2, is further amended by adding at the end the fol-
lowing new paragraph: 
‘‘(19)(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 DIG-
ITAL CURRENCY FOR MONETARY POLICY. 
Section 16 of the Federal Reserve Act, as amended by 
section 3, is further amended by adding at the end the fol-
lowing new paragraph: 
‘‘(20) PROHIBITION ON THE USE OF CENTRAL 
BANK DIGITAL CURRENCY FOR MONETARY POLICY.— 
The Board of Governors of the Federal Reserve Sys-
tem and the Federal Open Market Committee shall 
not use any central bank digital currency, or any 
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digital asset that is substantially similar under any 
other name or label, to implement monetary policy.’’. 
SEC. 5. CENTRAL BANK DIGITAL CURRENCY. 
(a) IN GENERAL.—The Federal Reserve Act (12 U.S.C. 
221 et seq.) is amended by inserting after section 16 the 
following: 
‘‘SEC. 16A. CENTRAL BANK DIGITAL CURRENCY. 
‘‘(a) IN GENERAL.—The Board of Governors of the 
Federal Reserve System may not, absent Congressional au-
thorization, issue a central bank digital currency. 
‘‘(b) CENTRAL BANK DIGITAL CURRENCY DEFINED.— 
In this section, the term ‘central bank digital currency’ 
means a form of digital money or monetary value, denomi-
nated in the national unit of account, that is a direct liabil-
ity of the Federal Reserve System.’’. 
(b) TREASURY.—Chapter 3 of subtitle I of title 31 of 
the United States Code is amended by inserting after sec-
tion 316 the following: 
‘‘SEC. 317. CENTRAL BANK DIGITAL CURRENCY. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
may not, absent Congressional authorization, direct the 
Board of Governors of the Federal Reserve System to issue 
a central bank digital currency. 
‘‘(b) CENTRAL BANK DIGITAL CURRENCY DEFINED.— 
In this section, the term ‘central bank digital currency’ 
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