Union Calendar No. 409
118th CONGRESS 2d Session |
[Report No. 118–493]
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.
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. 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
May 7, 2024
Additional sponsors: Mr. Green of Tennessee, Mr. Babin, Mr. Burlison, Mr. Langworthy, Mrs. Chavez-DeRemer, Mr. Williams of Texas, Mr. Ferguson, Mr. Huizenga, Mr. Crawford, Mr. Edwards, Mr. Guthrie, Mr. Calvert, Mr. Dunn of Florida, Ms. De La Cruz, Mr. Cline, Mr. Williams of New York, Mr. Kustoff, Mr. Gooden of Texas, Mr. Finstad, Mr. Wenstrup, Mrs. Fischbach, Mr. Moore of Alabama, Mr. Nehls, Mr. Alford, Mr. Bean of Florida, Mr. Bucshon, Mr. Carl, Mr. Amodei, Mr. Graves of Missouri, Mrs. Harshbarger, Mr. Crane, Mr. Ciscomani, Mr. Hunt, Mr. Ezell, Mr. Baird, Mrs. Miller of West Virginia, Mr. Kelly of Mississippi, Mr. Bilirakis, Mr. Guest, Mr. Curtis, Mr. Westerman, Mr. Luetkemeyer, Mr. LaHood, Mr. Garbarino, Mr. Carter of Georgia, Mr. Rose, Mr. Bishop of North Carolina, Mrs. Cammack, Mr. Fleischmann, Mr. Murphy, Mr. DesJarlais, Mr. Moolenaar, Mr. Mooney, Mr. D'Esposito, Mrs. Bice, Mr. Fry, Mr. Banks, Mr. Carter of Texas, Mr. Steube, Mr. Cole, Mr. Strong, Mr. Moran, Mr. Rosendale, Mr. Johnson of South Dakota, Ms. Granger, Mr. Clyde, Ms. Lee of Florida, Mr. Feenstra, Mr. Armstrong, Mr. Good of Virginia, Mr. Waltz, Mr. Tony Gonzales of Texas, Mrs. Rodgers of Washington, Mr. Lucas, Mr. Mann, Mr. Tiffany, Mr. Bergman, Ms. Van Duyne, Mr. Collins, Mr. Burgess, Mr. Kelly of Pennsylvania, Mr. Lamborn, Mr. Latta, Mr. Duarte, Mr. Crenshaw, Mr. Nunn of Iowa, Mr. Ellzey, Mr. Hudson, Mrs. McClain, Mr. Issa, Mr. Stauber, Mr. Arrington, Mr. Womack, Mr. Owens, Mr. Van Orden, Mr. Perry, Mr. Mast, Mr. Gimenez, Mr. Zinke, Mr. Higgins of Louisiana, Mr. Aderholt, Mrs. Miller-Meeks, Mrs. Hinson, Mr. Balderson, Mr. McCormick, Mr. Carey, Mr. Wittman, Mr. Pence, Ms. Maloy, Mr. McClintock, Mr. Roy, Mr. McCaul, and Mr. Diaz-Balart
May 7, 2024
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on September 12, 2023]
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,
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 16 of the Federal Reserve Act is amended by adding at the end the following new paragraph:
SEC. 3. Prohibition on Federal reserve banks indirectly issuing a central bank digital currency.
Section 16 of the Federal Reserve Act, as amended by section 2, is further amended by adding at the end the following new paragraph:
SEC. 4. Prohibition on the use of central bank digital currency for monetary policy.
Section 16 of the Federal Reserve Act, as amended by section 3, is further amended by adding at the end the following new paragraph:
“(20) 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.”.
SEC. 5. 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:
(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. 6. Protection for open, permissionless, and private currency.
This Act and the amendments made by this Act shall not apply to any dollar-denominated currency that is open, permissionless, and private, and fully preserves the privacy protections of United States coins and physical currency.”
Union Calendar No. 409 | |||||
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[Report No. 118–493] | |||||
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. | |||||
May 7, 2024 | |||||
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed |