CBDC Anti-Surveillance State Act

CBDC Anti-Surveillance State Act

This bill limits the ability of the Federal Reserve to (1) provide direct services to individuals, and (2) use a central bank digital currency. A central bank digital currency is a digital currency (e.g., Bitcoin or Ether) issued by a government-backed central bank.

Specifically, the bill prohibits the Federal Reserve and the Federal Open Market Committee from using any central bank digital currency to implement monetary policy. In addition, a Federal Reserve bank is prohibited from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency directly to an individual.

The Federal Reserve must (1) consult with each Federal Reserve bank with respect to any central bank digital currency study or pilot program, and (2) issue quarterly reports on the findings and determinations of any such study or program.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1122 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 1122

To amend the Federal Reserve Act to prohibit the Federal reserve banks 
 from offering certain products or services directly to an individual, 
   to prohibit the use of central bank digital currency for monetary 
                    policy, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 21, 2023

Mr. Emmer (for himself, Mr. Hill, Mr. Davidson, Mr. Flood, Mr. Norman, 
 Mr. Donalds, Mr. Biggs, Mr. Loudermilk, Mr. Sessions, and Mrs. Kim of 
 California) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Reserve Act to prohibit the Federal reserve banks 
 from offering certain products or services directly to an individual, 
   to prohibit the use of central bank digital currency for monetary 
                    policy, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``CBDC Anti-Surveillance State Act''.

SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RELATING TO CERTAIN 
              PRODUCTS OR SERVICES FOR INDIVIDUALS.

    Section 13 of the Federal Reserve Act is amended by adding at the 
end the following new paragraph:
            ``(15) Except as specifically authorized under this Act, a 
        Federal reserve bank may not offer products or services 
        directly to an individual, maintain an account on behalf of an 
        individual, or issue a central bank digital currency directly 
        to an individual.''.

SEC. 3. PROHIBITION ON THE USE OF CENTRAL BANK DIGITAL CURRENCY FOR 
              MONETARY POLICY.

    Section 10 of the Federal Reserve Act is amended by inserting 
before paragraph (12) the following new paragraph:
            ``(11) Prohibition on the use of central bank digital 
        currency for monetary policy.--The Board of Governors of the 
        Federal Reserve System and the Federal Open Market Committee 
        may not use any central bank digital currency to implement 
        monetary policy.''.

SEC. 4. CENTRAL BANK DIGITAL CURRENCY STUDY AND PILOT PROGRAM 
              COORDINATION.

    With respect to any central bank digital currency study or pilot 
program of the Board of Governors of the Federal Reserve System, the 
Board of Governors shall--
            (1) consult each Federal reserve bank with respect to such 
        study or pilot program; and
            (2) issue quarterly reports to the Congress on findings and 
        determinations made in carrying out such study or pilot 
        program.
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