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119-hr-1430119th CongressWALLET
No CBDC Act
Sponsored By: Representative Ogles, Andrew [R-TN-5]
Introduced
Summary
Ban on federal issuance of a central bank digital currency (CBDC). The bill would bar the Federal Reserve, the Secretary of the Treasury, other federal agencies, and their agents from minting, issuing, offering, or otherwise facilitating a CBDC to individuals by any mechanism.
Show full summary
- Individuals would be unable to receive CBDC from the federal government either directly or through custodial or digital currency intermediaries.
- Custodial intermediaries, digital currency intermediaries, and supervised commercial banks could not offer CBDC accounts, custody services, or related products to individual customers.
- Federal Reserve banks would be prohibited from holding U.S. government–issued digital currencies as assets or liabilities on their balance sheets or from using such digital currencies to satisfy requirements under section 2A.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Blocks federal digital dollar and accounts
If enacted, the Federal Reserve, Treasury, and other agencies would be barred from creating a U.S. digital dollar. They could not issue it to people directly or through custodial or digital currency intermediaries. They could not open or maintain any digital-dollar accounts for individuals, including accounts at intermediaries or supervised banks. Federal Reserve banks would be barred from holding digital currency on balance sheets or using it for monetary policy. These limits would start upon enactment.
Sponsors & CoSponsors
Sponsor
Ogles, Andrew [R-TN-5]
TN • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov