No CBDC Act

Bill: 118-s-967
Sponsor: full_name: Sen. Lee, Mike [R-UT]
Introduced: 2023-03-23
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-23
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-23
action_desc: Introduced in Senate
text: <p><b>No Central Bank Digital Currency Act or the No CBDC Act</b></p> <p>This bill generally prohibits the Federal Reserve Board, Federal Reserve Banks, the Department of the Treasury, and other agencies from issuing or using a central bank digital currency. </p>

tv_txt: II 118th CONGRESS 1st Session S. 967 IN THE SENATE OF THE UNITED STATES March 23, 2023 Mr. Lee (for himself, Mr. Braun , and Mr. Cruz ) 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 limit the ability of Federal Reserve banks to issue central bank digital currency.

1. Short title This Act may be cited as the No Central Bank Digital Currency Act or the No CBDC Act . 2. Central bank digital currency 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, the Board, the Secretary of the Treasury, any other agency, or any entity directed to act on behalf of the Federal reserve bank, the Board, the Secretary, or other agency, may mint or issue a central bank digital currency directly to an individual (including central bank digital currency issued to an individual through a custodial intermediary) or a digital currency intermediary, offer related products or services directly to an individual, or maintain an account on behalf of an individual (including an account in a specially designated account at a digital currency intermediary or supervised commercial bank). No Federal reserve bank may hold digital currencies minted or issued by the United States Government as assets or liabilities on a balance sheet of the bank or use such digital currencies as part of fulfilling the requirements under section 2A. .