[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1919 Reported in House (RH)]
<DOC>
Union Calendar No. 66
119th CONGRESS
1st Session
H. R. 1919
[Report No. 119-92]
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
March 6, 2025
Mr. Emmer (for himself, Mr. Hill of Arkansas, Mr. Moolenaar, Mr.
Hudson, Mr. Ogles, Mr. Bost, Mr. Scott Franklin of Florida, Ms. Greene
of Georgia, Mr. Biggs of Arizona, Mr. Cloud, Mr. Flood, Mr. Gosar, Mrs.
Kim, Mr. Meuser, Mr. Davidson, Mr. Kiley of California, Mr. Donalds,
Mr. Fitzgerald, Mrs. Luna, Mr. Garbarino, Mr. Lucas, Mr. Sessions, Mr.
Huizenga, Mrs. Wagner, Mr. Barr, Mr. Williams of Texas, Mr. Loudermilk,
Mr. Rose, Mr. Steil, Mr. Timmons, Mr. Norman, Mr. Lawler, Ms. De La
Cruz, Mr. Nunn of Iowa, Ms. Salazar, Mr. Haridopolos, Mr. Downing, Mr.
Moore of North Carolina, Mr. Bacon, Mr. Brecheen, Mr. Kelly of
Pennsylvania, Mr. Grothman, Ms. Mace, Mr. Reschenthaler, Mr. Rogers of
Alabama, Mr. Rouzer, Mr. Valadao, Mr. Van Drew, Mr. Weber of Texas,
Mrs. Houchin, Ms. Hageman, Mr. Langworthy, Mr. Gooden, Mr. Finstad,
Mrs. Fischbach, Mr. Bean of Florida, Mr. Amodei of Nevada, Mr. Graves,
Mrs. Harshbarger, Mr. Crane, Mr. Ciscomani, Mr. Baird, Mr. Kelly of
Mississippi, Mrs. Cammack, Mr. Fleischmann, Mr. Murphy, Mrs. Bice, Mr.
Carter of Texas, Mr. Johnson of South Dakota, Mr. Clyde, Mr. Tiffany,
Mr. Bergman, Ms. Van Duyne, Mr. Collins, Mr. Latta, Mr. Crenshaw, Mr.
Ellzey, Mr. Issa, Mr. Owens, Mr. Perry, Mr. Zinke, Mr. Higgins of
Louisiana, Mrs. Hinson, Mr. Balderson, Mr. McCormick, Mr. Carey, Mr.
Wittman, Mr. Roy, Mr. McCaul, Mr. Rutherford, Mr. Smith of Nebraska,
Ms. Tenney, Mr. Crank, Mr. Baumgartner, Mr. Mackenzie, Mr. McDowell,
Mr. Messmer, Mr. Schmidt, Mr. Taylor, Mr. Gill of Texas, and Mr. Guest)
introduced the following bill; which was referred to the Committee on
Financial Services
May 6, 2025
Additional sponsors: Mr. Goldman of Texas, Mr. Bentz, Mr. Moore of
Alabama, Ms. Letlow, Mr. Ezell, Mr. Cole, Mr. Feenstra, Mr. Mann, Mr.
LaHood, Mr. Jackson of Texas, Mr. Cline, Mr. Moran, Mr. Guthrie, Mr.
Yakym, Mr. Pfluger, Mr. Green of Tennessee, Mr. Stutzman, Mr. Babin,
Mr. Nehls, Mr. Kean, Mr. Van Orden, Mr. Bilirakis, Mr. Kennedy of Utah,
Mr. Womack, Mr. Hern of Oklahoma, Mr. Stauber, Mr. McGuire, Mr.
Bresnahan, Mr. Begich, Mr. Austin Scott of Georgia, Mr. Edwards, Mr.
Jack, Mrs. Miller of Illinois, Mr. Steube, and Mr. Rulli
May 6, 2025
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 March
6, 2025]
_______________________________________________________________________
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 ``Anti-CBDC 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 (12 U.S.C. 411 et seq.) is
amended by adding at the end the following new paragraph:
``(18)(A) A Federal reserve bank may not--
``(i) offer financial products or services directly to an
individual;
``(ii) maintain an account on behalf of an individual; or
``(iii) issue a central bank digital currency, or any digital asset
that is substantially similar under any other name or label.
``(B) In this paragraph, the term `central bank digital currency'
has the meaning given that term under section 10(11)(D).''.
SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDIRECTLY ISSUING A
CENTRAL BANK DIGITAL CURRENCY.
Section 16 of the Federal Reserve Act (12 U.S.C. 411 et seq.), as
amended by section 2, is further amended by adding at the end the
following paragraph:
``(19)(A) A Federal reserve bank may 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) In this paragraph, the term `central bank digital currency'
has the meaning given that term under section 10(11)(D).''.
SEC. 4. PROHIBITION WITH RESPECT TO CENTRAL BANK DIGITAL CURRENCY.
Section 10 of the Federal Reserve Act (12 U.S.C. 241 et seq.) is
amended by inserting before paragraph (12) the following:
``(11) Prohibition with respect to central bank digital
currency.--
``(A) In general.--The Board of Governors of the
Federal Reserve System may not test, study, develop,
create, or implement a central bank digital currency,
or any digital asset that is substantially similar
under any other name or label.
``(B) Monetary policy.--The Board of Governors of
the Federal Reserve System and the Federal Open Market
Committee may not use a central bank digital currency
to implement monetary policy, or any digital asset that
is substantially similar under any other name or label.
``(C) Exception.--Subparagraph (A) and sections
16(18)(A)(iii) and 16(19)(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.
``(D) Central bank digital currency defined.--In
this paragraph, the term `central bank digital
currency' means a form of digital money or monetary
value that is--
``(i) denominated in the national unit of
account;
``(ii) a direct liability of the Federal
Reserve System; and
``(iii) widely available to the general
public.''.
SEC. 5. SENSE OF CONGRESS.
It is the sense of Congress that the Board of Governors of the
Federal Reserve System currently does not have the authority to issue a
central bank digital currency, or any digital asset that is
substantially similar under any other name or label, and will not have
such authority unless Congress grants it under Congress's Article 1
Section 8 powers.
Union Calendar No. 66
119th CONGRESS
1st Session
H. R. 1919
[Report No. 119-92]
_______________________________________________________________________
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 6, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed