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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