Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The bill amends the Federal Reserve Act to bar Federal Reserve Banks from offering products or services directly to individuals, maintaining individual accounts, or issuing a central bank digital currency (CBDC) or substantially similar digital asset.
It also prohibits the Federal Reserve Board from testing, studying, developing, creating, or implementing a CBDC, and forbids using a CBDC for monetary policy.
The bill defines a CBDC as a publicly widely-available digital form of money that is a direct liability of the Federal Reserve and allows an exception for private, permissionless dollar-denominated currencies that preserve physical cash privacy.
Technically precise but politically charged restriction on Federal Reserve authority; lacks broad compromise features and faces procedural hurdles.
Relative to its intended legislative type, this bill is a straightforward substantive amendment to the Federal Reserve Act that imposes explicit prohibitions and provides a statutory definition of a central bank digital currency. It clearly identifies the actors and actions being restricted and inserts text into specific statutory provisions.
Progressives stress loss of federal tools for inclusion and crisis payments
Progressives stress loss of federal tools for inclusion and crisis payments
Likely mixed-to-skeptical.
The persona values strong privacy protections and would welcome limits on surveillance-capable CBDCs, but worries the blanket ban prevents useful federal tools for financial inclusion, pandemic or disaster payments, and direct benefit delivery.
They will want safeguards that preserve civil rights without eliminating federal capacity to innovate or help underserved communities.
Cautiously concerned.
The persona appreciates preventing unchecked federal expansion and protecting privacy, but dislikes an absolute prohibition on studying or testing CBDCs.
They prefer measured, evidence-based policy with statutory guardrails rather than blanket bans that foreclose future options.
Strongly supportive.
The persona sees the bill as a necessary guardrail against federal overreach, surveillance, and mission creep by the Federal Reserve.
They favor restricting the Fed from retail banking functions and prohibit a centrally controlled digital currency that could expand state power.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Technically precise but politically charged restriction on Federal Reserve authority; lacks broad compromise features and faces procedural hurdles.
The bill has not accumulated any surfaced votes yet.
Progressives stress loss of federal tools for inclusion and crisis payments
Technically precise but politically charged restriction on Federal Reserve authority; lacks broad compromise features and faces procedural…
Relative to its intended legislative type, this bill is a straightforward substantive amendment to the Federal Reserve Act that imposes explicit prohibitions and provides a statutory definition of a central bank digital…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.