This bill would block the Federal Reserve and the Treasury from creating or directing a U.S. central bank digital currency unless Congress clearly says they can. It defines a central bank digital currency as digital money, in dollars, that would be a direct IOU of the Federal Reserve or central bank. The bill also points to the Constitution’s rule that Congress controls money and says the Fed and Treasury can’t move ahead without Congress’s OK.

Key points:

• Who is affected: The Federal Reserve and the U.S. Treasury; indirectly, anyone who might use a future digital dollar.
• What changes: No U.S. central bank digital currency can be issued, or ordered to be issued, without specific authorization from Congress; the term is defined in law.
• When: This would apply if and when the bill becomes law; it does not itself launch any digital dollar.