CBDC Anti-Surveillance State Act
- Last Action
- 2/21/2023
Actions
- 2023-02-21Referred to the House Committee on Financial Services.
- 2023-02-21Introduced in House
- 2023-02-21Introduced in House
CRS Summary
As of 2023-02-21 (00)
CBDC Anti-Surveillance State Act
This bill limits the ability of the Federal Reserve to (1) provide direct services to individuals, and (2) use a central bank digital currency. A central bank digital currency is a digital currency (e.g., Bitcoin or Ether) issued by a government-backed central bank.
Specifically, the bill prohibits the Federal Reserve and the Federal Open Market Committee from using any central bank digital currency to implement monetary policy. In addition, a Federal Reserve bank is prohibited from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency directly to an individual.
The Federal Reserve must (1) consult with each Federal Reserve bank with respect to any central bank digital currency study or pilot program, and (2) issue quarterly reports on the findings and determinations of any such study or program.
Cosponsors (20)
- J. Hill (R-AR)
- Warren Davidson (R-OH)
- Mike Flood (R-NE)
- Ralph Norman (R-SC)
- Byron Donalds (R-FL)
- Andy Biggs (R-AZ)
- Barry Loudermilk (R-GA)
- PETE SESSIONS (R-TX)
- Young Kim (R-CA)
- Nancy Mace (R-SC)
- Scott Fitzgerald (R-WI)
- Bryan Steil (R-WI)
- Don Bacon (R-NE)
- Mike Bost (R-IL)
- August Pfluger (R-TX)
- Jefferson Van Drew (R-NJ)
- Anna Paulina Luna (R-FL)
- Kevin Kiley (R-CA)
- Rudy Yakym (R-IN)
- Jeff Duncan (R-SC)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.