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Inserts a new paragraph (11) into Section 10 of the Federal Reserve Act (12 U.S.C. 241) that prohibits the Board of Governors of the Federal Reserve System from testing, studying, developing, creating, or implementing a central bank digital currency (CBDC) or substantially similar digital asset; prohibits the Board and the Federal Open Market Committee from using a CBDC to implement monetary policy; provides a narrow exception for private, permissionless dollar-denominated currencies that preserve privacy; and defines "central bank digital currency."
Adds a new paragraph (designated as paragraph (19)) to section 16 of the Federal Reserve Act prohibiting a Federal reserve bank from offering a central bank digital currency, or any substantially similar digital asset, indirectly to an individual through a financial institution or other intermediary, and defines the term 'central bank digital currency' by reference to section 10(11)(D).
Stops the Federal Reserve from creating or using a central bank digital currency (CBDC) and from offering accounts or services directly to people. It also blocks any indirect roll‑out of a CBDC through banks or other intermediaries.
Clarifies that the Fed and the Federal Open Market Committee cannot use a CBDC for monetary policy. Affirms Congress’s view that the Fed currently lacks authority to issue a CBDC unless Congress explicitly grants it. A narrow carve‑out makes clear this does not sweep in certain private, permissionless, dollar‑denominated currencies that preserve cash‑like privacy.
Introduced March 6, 2025 by Thomas Earl Emmer · Last progress July 17, 2025
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 219 - 210 (Roll no. 201). (text of amendment in the nature of a substitute: CR H3427-3428)
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 210 (Roll no. 201).
Considered as unfinished business. (consideration: CR H3450)