Union Calendar No. 66
119th CONGRESS 1st Session |
[Report No. 119–92]
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.
March 6, 2025
Mr. Emmer (for himself, Mr. Hill of Arkansas, Mr. Moolenaar, Mr. Hudson, Mr. Ogles, Mr. Bost, Mr. Scott Franklin of Florida, Ms. Greene of Georgia, Mr. Biggs of Arizona, Mr. Cloud, Mr. Flood, Mr. Gosar, Mrs. Kim, Mr. Meuser, Mr. Davidson, Mr. Kiley of California, Mr. Donalds, Mr. Fitzgerald, Mrs. Luna, Mr. Garbarino, Mr. Lucas, Mr. Sessions, Mr. Huizenga, Mrs. Wagner, Mr. Barr, Mr. Williams of Texas, Mr. Loudermilk, Mr. Rose, Mr. Steil, Mr. Timmons, Mr. Norman, Mr. Lawler, Ms. De La Cruz, Mr. Nunn of Iowa, Ms. Salazar, Mr. Haridopolos, Mr. Downing, Mr. Moore of North Carolina, Mr. Bacon, Mr. Brecheen, Mr. Kelly of Pennsylvania, Mr. Grothman, Ms. Mace, Mr. Reschenthaler, Mr. Rogers of Alabama, Mr. Rouzer, Mr. Valadao, Mr. Van Drew, Mr. Weber of Texas, Mrs. Houchin, Ms. Hageman, Mr. Langworthy, Mr. Gooden, Mr. Finstad, Mrs. Fischbach, Mr. Bean of Florida, Mr. Amodei of Nevada, Mr. Graves, Mrs. Harshbarger, Mr. Crane, Mr. Ciscomani, Mr. Baird, Mr. Kelly of Mississippi, Mrs. Cammack, Mr. Fleischmann, Mr. Murphy, Mrs. Bice, Mr. Carter of Texas, Mr. Johnson of South Dakota, Mr. Clyde, Mr. Tiffany, Mr. Bergman, Ms. Van Duyne, Mr. Collins, Mr. Latta, Mr. Crenshaw, Mr. Ellzey, Mr. Issa, Mr. Owens, Mr. Perry, Mr. Zinke, Mr. Higgins of Louisiana, Mrs. Hinson, Mr. Balderson, Mr. McCormick, Mr. Carey, Mr. Wittman, Mr. Roy, Mr. McCaul, Mr. Rutherford, Mr. Smith of Nebraska, Ms. Tenney, Mr. Crank, Mr. Baumgartner, Mr. Mackenzie, Mr. McDowell, Mr. Messmer, Mr. Schmidt, Mr. Taylor, Mr. Gill of Texas, and Mr. Guest) introduced the following bill; which was referred to the Committee on Financial Services
May 6, 2025
Additional sponsors: Mr. Goldman of Texas, Mr. Bentz, Mr. Moore of Alabama, Ms. Letlow, Mr. Ezell, Mr. Cole, Mr. Feenstra, Mr. Mann, Mr. LaHood, Mr. Jackson of Texas, Mr. Cline, Mr. Moran, Mr. Guthrie, Mr. Yakym, Mr. Pfluger, Mr. Green of Tennessee, Mr. Stutzman, Mr. Babin, Mr. Nehls, Mr. Kean, Mr. Van Orden, Mr. Bilirakis, Mr. Kennedy of Utah, Mr. Womack, Mr. Hern of Oklahoma, Mr. Stauber, Mr. McGuire, Mr. Bresnahan, Mr. Begich, Mr. Austin Scott of Georgia, Mr. Edwards, Mr. Jack, Mrs. Miller of Illinois, Mr. Steube, and Mr. Rulli
May 6, 2025
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 March 6, 2025]
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 (12 U.S.C. 411 et seq.) 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 (12 U.S.C. 411 et seq.), as amended by section 2, is further amended by adding at the end the following paragraph:
SEC. 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.
It is the sense of Congress that the Board of Governors of the Federal Reserve System 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.
Union Calendar No. 66 | |||||
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[Report No. 119–92] | |||||
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 6, 2025 | |||||
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed |