A bill to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, and for other purposes.

Bill: 118-s-887
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2023-03-21
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-21
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-21
action_desc: Introduced in Senate
text: <p>This bill prohibits a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency directly to an individual.</p>

tv_txt: II 118th CONGRESS 1st Session S. 887 IN THE SENATE OF THE UNITED STATES March 21, 2023 Mr. Cruz (for himself, Mr. Braun , and Mr. Grassley ) 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 Federal reserve banks from offering certain products or services directly to an individual, and for other purposes.

1. Prohibition on Federal reserve banks relating to certain products or services for individuals Section 13 of the Federal Reserve Act is amended by adding after the 14th undesignated paragraph ( 12 U.S.C. 347d ) the following: No Federal reserve bank may offer products or services directly to an individual, maintain an account on behalf of an individual, or issue a central bank digital currency directly to an individual. .