Anti-CBDC Surveillance State Act
Officially: “Anti-CBDC Surveillance State Act” Read the full text
What it does
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1Short title
This section would let the Act be called the Anti-CBDC Surveillance State Act.
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1. Short title This Act may be cited as the Anti-CBDC Surveillance State Act .
2Prohibition on Federal reserve banks relating to certain products or services for individuals and prohibition on directly issuing a central bank digital currency
This section would add a new rule to the Federal Reserve Act that stops a Federal reserve bank from offering products or services directly to an individual, from maintaining an account on behalf of an individual, and from issuing a central bank digital currency or any digital asset that is substantially similar under any other name or label. The section would use the definition of central bank digital currency that this Act adds elsewhere in the Federal Reserve Act.
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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: (18) (A) A Federal reserve bank may not— (i) offer products or services directly to an individual; (ii) maintain an account on behalf of an individual; or (iii) issue a central bank digital currency, or any digital asset that is substantially similar under any other name or label. (B) In this paragraph, the term central bank digital currency has the meaning given that term under section 10(11)(D). .
3Prohibition on Federal reserve banks indirectly issuing a central bank digital currency
This section would add another new rule to the Federal Reserve Act that stops a Federal reserve bank from offering 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. It would use the same definition of central bank digital currency added elsewhere in this Act.
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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 paragraph: (19) (A) A Federal reserve bank may 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) In this paragraph, the term central bank digital currency has the meaning given that term under section 10(11)(D). .
4Prohibition with respect to central bank digital currency
This section would amend the Federal Reserve Act to add several rules about central bank digital currency. It would stop the Board of Governors of the Federal Reserve System from testing, studying, developing, creating, or implementing a central bank digital currency, or any digital asset that is substantially similar under any other name or label. It would also stop the Board of Governors and the Federal Open Market Committee from using a central bank digital currency, or any substantially similar digital asset under another name, to carry out monetary policy. The section would state that the testing and developing ban, and the bans on directly and indirectly issuing a central bank digital currency that sections 2 and 3 of this Act add to the Federal Reserve Act, may not be read to prohibit any dollar-denominated currency that is open, permissionless, and private, and that fully preserves the privacy protections of United States coins and physical currency. This exception does not extend to the separate ban on using a central bank digital currency for monetary policy. The section would define a central bank digital currency as a form of digital money or monetary value that is denominated in the national unit of account, that is a direct liability of the Federal Reserve System, and that is widely available to the general public.
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4. Prohibition with respect to central bank digital currency Section 10 of the Federal Reserve Act ( 12 U.S.C. 241 et seq. ) is amended by inserting before paragraph (12) the following: (11) Prohibition with respect to central bank digital currency (A) In general The Board of Governors of the Federal Reserve System may not test, study, develop, create, or implement a central bank digital currency, or any digital asset that is substantially similar under any other name or label. (B) Monetary policy The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use a central bank digital currency to implement monetary policy, or any digital asset that is substantially similar under any other name or label. (C) Exception Subparagraph (A) and sections 16(18)(A)(iii) and 16(19)(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. (D) Central bank digital currency defined In this paragraph, the term central bank digital currency means a form of digital money or monetary value that is— (i) denominated in the national unit of account; (ii) a direct liability of the Federal Reserve System; and (iii) widely available to the general public. .
5Sense of Congress
This section would state that it is the sense of Congress that the Board of Governors of the Federal Reserve currently does not have the authority to issue a central bank digital currency, or any digital asset that is substantially similar under any other name or label, and that the Board will not have that authority unless Congress grants it under Congress's Article 1, Section 8 powers.
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5. Sense of Congress It is the sense of Congress that the Board of Governors of the Federal Reserve currently does not have the authority to issue a central bank digital currency, or any digital asset that is substantially similar under any other name or label, and will not have such authority unless Congress grants it under Congress’s Article 1 Section 8 powers.
Where it is
In the House.