No CBDC Act

This bill would block the federal government from creating or issuing a U.S. central bank digital currency (CBDC). The Federal Reserve, the Treasury, and other agencies would be barred from giving a CBDC to people or to digital wallet companies, from offering CBDC-related services to individuals (even through a bank or other custodian), and from opening accounts for individuals. It also forbids Federal Reserve Banks from holding any U.S.-issued digital currency on their balance sheets or using it to meet policy goals under existing law.

Key points:

• Who is affected: The Federal Reserve, the Treasury, and other federal agencies; indirectly, consumers and digital wallet providers.
• What changes: No issuing a CBDC, no CBDC accounts for individuals, no CBDC-related services to individuals, and no holding or using U.S.-issued digital currencies by Federal Reserve Banks.
• When: Would apply if this bill becomes law, by changing the Federal Reserve Act.