[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5403 Reported in House (RH)]
<DOC>
Union Calendar No. 409
118th CONGRESS
2d Session
H. R. 5403
[Report No. 118-493]
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 12, 2023
Mr. Emmer (for himself, Mr. Bacon, Mr. Biggs, Mr. Bost, Mr. Brecheen,
Mr. Cloud, Mr. Davidson, Mr. Donalds, Mr. Duncan, Mr. Fallon, Mr.
Fitzgerald, Mr. Flood, Mr. Scott Franklin of Florida, Mr. Gosar, Ms.
Greene of Georgia, Mr. Grothman, Mr. Hern, Mr. Hill, Mr. Jackson of
Texas, Mr. Kean of New Jersey, Mr. Kiley, Mrs. Kim of California, Mr.
LaTurner, Mrs. Lesko, Ms. Letlow, Mr. Loudermilk, Mrs. Luna, Ms. Mace,
Mr. Meuser, Mrs. Miller of Illinois, Mr. Mills, Mr. Norman, Mr.
Pfluger, Mr. Posey, Mr. Reschenthaler, Mr. Rogers of Alabama, Mr.
Rouzer, Mr. Austin Scott of Georgia, Mr. Self, Mr. Sessions, Mr. Smith
of New Jersey, Mr. Steil, Mr. Timmons, Mr. Valadao, Mr. Van Drew, Mr.
Weber of Texas, Mr. Yakym, Mr. Ogles, Mr. Lawler, Mrs. Wagner, Mrs.
Houchin, Ms. Hageman, and Mr. Barr) introduced the following bill;
which was referred to the Committee on Financial Services
May 7, 2024
Additional sponsors: Mr. Green of Tennessee, Mr. Babin, Mr. Burlison,
Mr. Langworthy, Mrs. Chavez-DeRemer, Mr. Williams of Texas, Mr.
Ferguson, Mr. Huizenga, Mr. Crawford, Mr. Edwards, Mr. Guthrie, Mr.
Calvert, Mr. Dunn of Florida, Ms. De La Cruz, Mr. Cline, Mr. Williams
of New York, Mr. Kustoff, Mr. Gooden of Texas, Mr. Finstad, Mr.
Wenstrup, Mrs. Fischbach, Mr. Moore of Alabama, Mr. Nehls, Mr. Alford,
Mr. Bean of Florida, Mr. Bucshon, Mr. Carl, Mr. Amodei, Mr. Graves of
Missouri, Mrs. Harshbarger, Mr. Crane, Mr. Ciscomani, Mr. Hunt, Mr.
Ezell, Mr. Baird, Mrs. Miller of West Virginia, Mr. Kelly of
Mississippi, Mr. Bilirakis, Mr. Guest, Mr. Curtis, Mr. Westerman, Mr.
Luetkemeyer, Mr. LaHood, Mr. Garbarino, Mr. Carter of Georgia, Mr.
Rose, Mr. Bishop of North Carolina, Mrs. Cammack, Mr. Fleischmann, Mr.
Murphy, Mr. DesJarlais, Mr. Moolenaar, Mr. Mooney, Mr. D'Esposito, Mrs.
Bice, Mr. Fry, Mr. Banks, Mr. Carter of Texas, Mr. Steube, Mr. Cole,
Mr. Strong, Mr. Moran, Mr. Rosendale, Mr. Johnson of South Dakota, Ms.
Granger, Mr. Clyde, Ms. Lee of Florida, Mr. Feenstra, Mr. Armstrong,
Mr. Good of Virginia, Mr. Waltz, Mr. Tony Gonzales of Texas, Mrs.
Rodgers of Washington, Mr. Lucas, Mr. Mann, Mr. Tiffany, Mr. Bergman,
Ms. Van Duyne, Mr. Collins, Mr. Burgess, Mr. Kelly of Pennsylvania, Mr.
Lamborn, Mr. Latta, Mr. Duarte, Mr. Crenshaw, Mr. Nunn of Iowa, Mr.
Ellzey, Mr. Hudson, Mrs. McClain, Mr. Issa, Mr. Stauber, Mr. Arrington,
Mr. Womack, Mr. Owens, Mr. Van Orden, Mr. Perry, Mr. Mast, Mr. Gimenez,
Mr. Zinke, Mr. Higgins of Louisiana, Mr. Aderholt, Mrs. Miller-Meeks,
Mrs. Hinson, Mr. Balderson, Mr. McCormick, Mr. Carey, Mr. Wittman, Mr.
Pence, Ms. Maloy, Mr. McClintock, Mr. Roy, Mr. McCaul, and Mr. Diaz-
Balart
May 7, 2024
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on
September 12, 2023]
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``CBDC Anti-Surveillance State Act''.
SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RELATING TO CERTAIN
PRODUCTS OR SERVICES FOR INDIVIDUALS AND PROHIBITION ON
DIRECTLY ISSUING A CENTRAL BANK DIGITAL CURRENCY.
Section 16 of the Federal Reserve Act is amended by adding at the
end the following new paragraph:
``(18) A Federal reserve bank shall not--
``(A) offer products or services directly to an
individual;
``(B) maintain an account on behalf of an
individual; or
``(C) issue a central bank digital currency, or any
digital asset that is substantially similar under any
other name or label, directly to an individual.''.
SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDIRECTLY ISSUING A
CENTRAL BANK DIGITAL CURRENCY.
Section 16 of the Federal Reserve Act, as amended by section 2, is
further amended by adding at the end the following new paragraph:
``(19)(A) A Federal reserve bank shall not offer a central
bank digital currency, or any digital asset that is
substantially similar under any other name or label, indirectly
to an individual through a financial institution or other
intermediary.
``(B) Subparagraph (A) may not be construed to prohibit any
dollar-denominated currency that is open, permissionless, and
private, and fully preserves the privacy protections of United
States coins and physical currency.''.
SEC. 4. PROHIBITION ON THE USE OF CENTRAL BANK DIGITAL CURRENCY FOR
MONETARY POLICY.
Section 16 of the Federal Reserve Act, as amended by section 3, is
further amended by adding at the end the following new paragraph:
``(20) 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
shall not use any central bank digital currency, or any digital
asset that is substantially similar under any other name or
label, to implement monetary policy.''.
SEC. 5. 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:
``SEC. 16A. CENTRAL BANK DIGITAL CURRENCY.
``(a) In General.--The Board of Governors of the Federal Reserve
System 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 System.''.
(b) Treasury.--Chapter 3 of subtitle I of title 31 of the United
States Code is amended by inserting after section 316 the following:
``SEC. 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 System 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.''.
SEC. 6. PROTECTION FOR OPEN, PERMISSIONLESS, AND PRIVATE CURRENCY.
This Act and the amendments made by this Act shall not apply to any
dollar-denominated currency that is open, permissionless, and private,
and fully preserves the privacy protections of United States coins and
physical currency.''
Union Calendar No. 409
118th CONGRESS
2d Session
H. R. 5403
[Report No. 118-493]
_______________________________________________________________________
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.
_______________________________________________________________________
May 7, 2024
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed