No Digital Dollar Act

Bill: 117-s-4994
Sponsor: full_name: Sen. Lankford, James [R-OK]
Introduced: 2022-09-28
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-09-28
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-09-28
action_desc: Introduced in Senate
text: <p><b>No Digital Dollar Act </b></p> <p>This bill prohibits the use of a central bank digital currency as legal tender. Further, if a central bank digital currency is issued, (1) the Federal Reserve Board must continue issuing Federal Reserve notes, and (1) the Department of the Treasury must continue minting and issuing coins. </p>

tv_txt: II 117th CONGRESS 2d Session S. 4994 IN THE SENATE OF THE UNITED STATES September 28, 2022 Mr. Lankford introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from discontinuing Federal Reserve notes if a central bank digital currency is issued, and for other purposes.

1. Short title This Act may be cited as the No Digital Dollar Act . 2. Central bank digital currency (a) Federal Reserve notes Section 16 of the Federal Reserve Act is amended by adding after the 17th undesignated paragraph ( 12 U.S.C. 467 ) the following: The Board of Governors may not discontinue issuing Federal Reserve notes if a central bank digital currency is issued. . (b) Coins Section 5112 of title 31, United States Code, is amended by adding at the end the following: (aa) Central bank digital currency The Secretary of the Treasury may not discontinue minting and issuing coins under this section if a central bank digital currency is issued. . (c) Not legal tender No central bank digital currency shall be considered legal tender under section 5103 of title 31, United States Code.