Power of the Mint Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3402 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3402

   To prohibit the Board of Governors of the Federal Reserve and the 
Secretary of the Treasury from issuing a central bank digital currency, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 17, 2023

  Mr. Auchincloss (for himself and Mr. Hill) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To prohibit the Board of Governors of the Federal Reserve and the 
Secretary of the Treasury from issuing a central bank digital currency, 
                        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 ``Power of the Mint Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The article I, section 8 of the Constitution states 
        that only Congress has the authority to coin money and regulate 
        the value of such money.
            (2) The Federal Reserve Act of 1913 provides that the 
        Federal Reserve banks shall act as the fiscal agents of the 
        United States and depositories when required to do so by the 
        Secretary of the Treasury.

SEC. 3. CENTRAL BANK DIGITAL CURRENCY.

    (a) In General.--The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended by inserting after section 16 the following:

``SEC. 16A. CENTRAL BANK DIGITAL CURRENCY.

    ``(a) In General.--The Board of Governors of the Federal Reserve 
may not, absent Congressional authorization, issue a central bank 
digital currency.
    ``(b) Central Bank Digital Currency Defined.--In this section, the 
term `central bank digital currency' means a form of digital money or 
monetary value, denominated in the national unit of account, that is a 
direct liability of the Federal Reserve.''.
    (b) Treasury.--Chapter 3 of subtitle I of title 31 of the United 
States Code is amended by inserting after section 316 the following:

``SEC. 317. CENTRAL BANK DIGITAL CURRENCY.

    ``(a) In General.--The Secretary of the Treasury may not, absent 
Congressional authorization, direct the Board of Governors of the 
Federal Reserve to issue a central bank digital currency.
    ``(b) Central Bank Digital Currency Defined.--In this section, the 
term `central bank digital currency' means a form of digital money or 
monetary value, denominated in the national unit of account, that is a 
direct liability of the central bank.''.
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