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119-hr-4438119th CongressWALLET

Power of the Mint Act

Sponsored By: Representative Auchincloss, Jake [D-MA-4]

Introduced

Summary

Congress must explicitly approve any U.S. central bank digital currency (CBDC). This bill would bar the Federal Reserve and the Treasury from issuing or directing issuance of a CBDC without an act of Congress.

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  • Federal Reserve: Would prevent the Board of Governors from issuing a CBDC unless Congress gives explicit authorization. It also defines a CBDC as digital money denominated in the national unit that is a direct liability of the Federal Reserve.
  • Treasury: Would stop the Secretary of the Treasury from directing the Federal Reserve to issue a CBDC without congressional authorization.
  • Definitions and findings: Would add statutory definitions tying a CBDC to a central bank's direct liabilities and include findings that emphasize congressional authority over coinage and monetary value.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

No digital dollar without Congress

If enacted, the Federal Reserve would not be able to issue a central bank digital currency unless Congress approves it. The Treasury Secretary would not be able to order the Fed to create one without a new law. The bill defines a CBDC as digital U.S. money, in dollars, that would be a direct liability of the Federal Reserve (the central bank).

Sponsors & CoSponsors

Sponsor

Auchincloss, Jake [D-MA-4]

MA • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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