CBDC Anti-Surveillance State Act

Bill: 118-hr-1122
Sponsor: full_name: Rep. Emmer, Tom [R-MN-6]
Introduced: 2023-02-21
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-02-21
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-02-21
action_desc: Introduced in House
text: <p><b>CBDC Anti-Surveillance State Act </b></p> <p>This bill limits the ability of the Federal Reserve to (1) provide direct services to individuals, and (2) use a central bank digital currency. A central bank digital currency is a digital currency (e.g., Bitcoin or Ether) issued by a government-backed central bank.</p> <p>Specifically, the bill prohibits the Federal Reserve and the Federal Open Market Committee from using any central bank digital currency to implement monetary policy. In addition, a Federal Reserve bank is prohibited 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> <p>The Federal Reserve must (1) consult with each Federal Reserve bank with respect to any central bank digital currency study or pilot program, and (2) issue quarterly reports on the findings and determinations of any such study or program.

tv_txt: I 118th CONGRESS 1st Session H. R. 1122 IN THE HOUSE OF REPRESENTATIVES February 21, 2023 Mr. Emmer (for himself, Mr. Hill , Mr. Davidson , Mr. Flood , Mr. Norman , Mr. Donalds , Mr. Biggs , Mr. Loudermilk , Mr. Sessions , and Mrs. Kim of California ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.

1. Short title This Act may be cited as the CBDC Anti-Surveillance State Act . 2. Prohibition on Federal reserve banks relating to certain products or services for individuals Section 13 of the Federal Reserve Act is amended by adding at the end the following new paragraph: (15) Except as specifically authorized under this Act, a Federal reserve bank may not 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. . 3. Prohibition on the use of central bank digital currency for monetary policy Section 10 of the Federal Reserve Act is amended by inserting before paragraph (12) the following new paragraph: (11) Prohibition on the use of central bank digital currency for monetary policy The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any central bank digital currency to implement monetary policy. . 4. Central bank digital currency study and pilot program coordination With respect to any central bank digital currency study or pilot program of the Board of Governors of the Federal Reserve System, the Board of Governors shall— (1) consult each Federal reserve bank with respect to such study or pilot program; and (2) issue quarterly reports to the Congress on findings and determinations made in carrying out such study or pilot program.