Summary

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.

Key Points

• Prohibits Federal reserve banks from offering accounts or services directly to individuals.
• Bans the Federal Reserve and Federal reserve banks from issuing a CBDC or any substantially similar digital asset.
• Prevents indirect CBDC distribution through banks or other intermediaries.
• Forbids using a CBDC to conduct or implement monetary policy.
• Affirms that any future CBDC would require explicit authorization from Congress.
• Clarifies a narrow carve‑out for private, permissionless, dollar‑denominated currencies that preserve cash‑like privacy.
• Does not change taxes, authorize spending, or create new programs.
• Maintains the current separation between the Fed and retail banking for individuals.

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