Power of the Mint Act

Bill: 118-hr-3402
Sponsor: full_name: Rep. Auchincloss, Jake [D-MA-4]
Introduced: 2023-05-17
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-05-17
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-05-17
action_desc: Introduced in House
text: <p><b>Power of the Mint Act </b></p> <p>This bill prohibits the Board of Governors of the Federal Reserve from issuing a central bank digital currency. Further, the Department of the Treasury is prohibited from directing the board to issue a central bank digital currency. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 3402 IN THE HOUSE OF REPRESENTATIVES May 17, 2023 Mr. Auchincloss (for himself and Mr. Hill ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To prohibit the Board of Governors of the Federal Reserve and the Secretary of the Treasury from issuing a central bank digital currency, and for other purposes.

1. Short title This Act may be cited as the Power of the Mint Act . 2. Findings The Congress finds the following: (1) The article I, section 8 of the Constitution states that only Congress has the authority to coin money and regulate the value of such money. (2) The Federal Reserve Act of 1913 provides that the Federal Reserve banks shall act as the fiscal agents of the United States and depositories when required to do so by the Secretary of the Treasury. 3. 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: 16A. Central bank digital currency (a) In general The Board of Governors of the Federal Reserve may not, absent Congressional authorization, 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, denominated in the national unit of account, that is a direct liability of the Federal Reserve. . (b) Treasury Chapter 3 of subtitle I of title 31 of the United States Code is amended by inserting after section 316 the following: 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 to 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, denominated in the national unit of account, that is a direct liability of the central bank. .