I 
117TH CONGRESS 
1ST SESSION H. R. 2211 
To direct the Board of Governors of the Federal Reserve System to conduct 
a study on central bank digital currencies, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 26, 2021 
Mr. FOSTER (for himself and Mr. HILL) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To direct the Board of Governors of the Federal Reserve 
System to conduct a study on central bank digital cur-
rencies, 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 ‘‘Central Bank Digital 
Currency Study Act of 2021’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) A January 2021 survey by the Bank for 
International Settlements found that 86 percent of 
central banks, representing countries with close to 
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72 percent of the world’s population and 91 percent 
of global economic output, are currently or will soon 
be engaged in work relating to CBDC, with almost 
three-quarters of such central banks having moved 
beyond the research of CBDC to experimentation, 
proof of concept, or testing activities. 
(2) Since December 2016, the European Cen-
tral Bank and the Bank of Japan have conducted a 
joint research project named ‘‘Project Stella’’, which 
aims to conduct experimental work and conceptual 
studies exploring the opportunities of digital ledger 
technologies and challenges for the future of finan-
cial market infrastructures, including CBDCs. 
(3) Since 2014, the People’s Bank of China has 
conducted research and development activities for a 
CBDC, and in October 2020, launched a digital 
yuan pilot program in Shenzhen. 
(4) In August 2020, the Federal Reserve Bank 
of Boston announced a collaboration with the Digital 
Currency Initiative at the Massachusetts Institute of 
Technology to perform technical research related to 
a central bank digital currency. 
(5) In October 2020, the Financial Stability 
Board, in coordination with the BIS’s Committee on 
Payments and Market Infrastructures, released a re-
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port to provide a roadmap for enhancing cross-bor-
der payments, including an exploration of new pay-
ment infrastructures presented by central bank dig-
ital currencies. 
(6) In January 2020, the Bank for Inter-
national Settlements announced that the Bank of 
England, the Bank of Canada, the Bank of Japan, 
the European Central Bank, the Sveriges Riksbank, 
the Swiss National Bank, and the Bank of Inter-
national Settlements had formed a group to share 
information on the potential uses of CBDC in the 
central banks’ jurisdictions, as well as information 
on potential economic, functional, and technical de-
sign choices. 
(7) According to data from the International 
Monetary Fund, as of the third quarter of 2019, the 
United States dollar share of global currency re-
serves totaled $6,750,000,000,000, or 61.78 percent 
of all allocated reserves, and the standing of the 
United States dollar as the world’s predominant re-
serve currency enables the United States to use eco-
nomic sanctions as a foreign policy tool. 
(8) According to a 2018 report by the Board of 
Governors of the Federal Reserve System, cash con-
tinues to be the most frequently used payment in-
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strument, representing 30 percent of all transactions 
and 55 percent of transactions under $10, with 77 
percent of those transactions made in-person. 
(9) The Federal Reserve System is responsible 
for, among other things, conducting United States 
monetary policy, promoting the stability of the fi-
nancial system, supervising financial institutions to 
ensure safety and soundness, ensuring the safety 
and efficiency of payment systems, and issuing and 
circulating Federal Reserve notes. 
SEC. 3. SENSE OF CONGRESS. 
It is the sense of Congress that— 
(1) the Board of Governors should continue to 
conduct research on, design, and develop, a CBDC 
that takes into account its impact on consumers, 
businesses, the United States financial system, and 
the United States economy, including the potential 
impact of a CBDC on monetary policy; and 
(2) the United States should strive to maintain 
its leadership in financial technology and ensure that 
the U.S. dollar remains the predominant reserve cur-
rency in the world economy. 
SEC. 4. STUDY AND REPORT. 
(a) STUDY.—The Board of Governors of the Federal 
Reserve System, in consultation with the Comptroller of 
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