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House Bill 5403
118th Congress(2023-2024)
CBDC Anti-Surveillance State Act
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Passed House on May 23, 2024
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Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 5403 (Introduced-in-House)


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.”.