Bill Details
View committees (1)
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would stop Federal Reserve banks, the Federal Reserve Board, the Treasury Department, and related entities from directly creating or issuing a U.S. central bank digital currency to individuals. It would also block them from offering digital currency services directly to people, keeping accounts for individuals connected to such a currency, or holding a federal digital currency as an asset or liability on a Federal Reserve bank’s balance sheet. In simple terms, the bill is meant to prevent the federal government’s central banking system from giving Americans a government-issued digital dollar in the form described here.
- It would apply to the Federal Reserve banks, the Board of Governors, the Treasury Secretary, and any other agency or entity acting for them.
- It would prohibit issuing a central bank digital currency directly to an individual, including through a middleman or custodial service.
- It would also bar the creation or maintenance of individual accounts tied to that type of digital currency.
- The bill says Federal Reserve banks could not hold U.S.-issued digital currencies on their balance sheets or use them to meet certain Federal Reserve requirements.
Official Summaries
No Central Bank Digital Currency Act or the No CBDC Act
This bill generally prohibits the Federal Reserve Board, Federal Reserve Banks, the Department of the Treasury, and other agencies from issuing or using a central bank digital currency.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1430 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 1430
To amend the Federal Reserve Act to limit the ability of Federal
Reserve banks to issue central bank digital currency.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 18, 2025
Mr. Ogles introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to limit the ability of Federal
Reserve banks to issue central bank digital currency.
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 ``No Central Bank Digital Currency
Act'' or the ``No CBDC Act''.
SEC. 2. CENTRAL BANK DIGITAL CURRENCY.
Section 13 of the Federal Reserve Act is amended by adding after
the 14th undesignated paragraph (12 U.S.C. 347d) the following:
``No Federal reserve bank, the Board, the Secretary of the
Treasury, any other agency, or any entity directed to act on
behalf of the Federal reserve bank, the Board, the Secretary,
or other agency, may mint or issue a central bank digital
currency directly to an individual (including central bank
digital currency issued to an individual through a custodial
intermediary) or a digital currency intermediary, offer related
products or services directly to an individual, or maintain an
account on behalf of an individual (including an account in a
specially designated account at a digital currency intermediary
or supervised commercial bank). No Federal reserve bank may
hold digital currencies minted or issued by the United States
Government as assets or liabilities on a balance sheet of the
bank or use such digital currencies as part of fulfilling the
requirements under section 2A.''.
<all>