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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:
Inserts a new section (16A) into the Federal Reserve Act prohibiting the Board of Governors of the Federal Reserve from issuing a central bank digital currency absent Congressional authorization and defining central bank digital currency as a direct liability of the Federal Reserve.
Inserts a new section (317) into chapter 3 of subtitle I of title 31 prohibiting the Secretary of the Treasury from directing the Board of Governors of the Federal Reserve to issue a central bank digital currency absent Congressional authorization, and defining central bank digital currency as a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.
Referred to the House Committee on Financial Services.
Introduced July 16, 2025 by Jake Auchincloss · Last progress July 16, 2025
Referred to the House Committee on Financial Services.
Introduced in House