CBDC Anti-Surveillance State Act
This bill prohibits a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar) directly or indirectly to an individual. Further, The Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5403 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 5403
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
September 12, 2023
Mr. Emmer (for himself, Mr. Bacon, Mr. Biggs, Mr. Bost, Mr. Brecheen,
Mr. Cloud, Mr. Davidson, Mr. Donalds, Mr. Duncan, Mr. Fallon, Mr.
Fitzgerald, Mr. Flood, Mr. C. Scott Franklin of Florida, Mr. Gosar, Ms.
Greene of Georgia, Mr. Grothman, Mr. Hern, Mr. Hill, Mr. Jackson of
Texas, Mr. Kean of New Jersey, Mr. Kiley, Mrs. Kim of California, Mr.
LaTurner, Mrs. Lesko, Ms. Letlow, Mr. Loudermilk, Mrs. Luna, Ms. Mace,
Mr. Meuser, Mrs. Miller of Illinois, Mr. Mills, Mr. Norman, Mr.
Pfluger, Mr. Posey, Mr. Reschenthaler, Mr. Rogers of Alabama, Mr.
Rouzer, Mr. Austin Scott of Georgia, Mr. Self, Mr. Sessions, Mr. Smith
of New Jersey, Mr. Steil, Mr. Timmons, Mr. Valadao, Mr. Van Drew, Mr.
Weber of Texas, Mr. Yakym, Mr. Ogles, Mr. Lawler, Mrs. Wagner, Mrs.
Houchin, Ms. Hageman, and Mr. Barr) 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 AND PROHIBITION ON
DIRECTLY ISSUING A CENTRAL BANK DIGITAL CURRENCY.
Section 13 of the Federal Reserve Act is amended by adding at the
end the following new paragraph:
``(15) A Federal reserve bank shall not--
``(A) offer products or services directly to an
individual;
``(B) maintain an account on behalf of an
individual; or
``(C) issue a central bank digital currency, or any
digital asset that is substantially similar under any
other name or label, directly to an individual.''.
SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDIRECTLY ISSUING A
CENTRAL BANK DIGITAL CURRENCY.
Section 13 of the Federal Reserve Act, as amended by section 2, is
further amended by adding at the end the following new paragraph:
``(16)(A) A Federal reserve bank shall not offer a central
bank digital currency, or any digital asset that is
substantially similar under any other name or label, indirectly
to an individual through a financial institution or other
intermediary.
``(B) Subparagraph (A) may not be construed to prohibit any
dollar-denominated currency that is open, permissionless, and
private, and fully preserves the privacy protections of United
States coins and physical currency.''.
SEC. 4. 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
shall not use any central bank digital currency, or any digital
asset that is substantially similar under any other name or
label, to implement monetary policy.''.
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Placed on the Union Calendar, Calendar No. 409.
Rules Committee Resolution H. Res. 1243 Reported to House. Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
Considered under the provisions of rule H. Res. 1243. (consideration: H3496-3509)
Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1243 and Rule XVIII.
The Speaker designated the Honorable Clay Higgins to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 5403.
DEBATE - Pursuant to the provisions of H.Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Ogles amendment No. 1.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Ogles amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
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DEBATE - Pursuant to the provisions of H.Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Mooney amendment No. 2.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Mooney amendment No. 2, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Davidson amendment No. 3.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Davidson amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 5403.
The previous question was ordered pursuant to the rule.
The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.
Passed/agreed to in House: On passage Passed by recorded vote: 216 - 192 (Roll no. 230).
Roll Call #230 (House)On passage Passed by recorded vote: 216 - 192 (Roll no. 230).
Roll Call #230 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.