Beta

Proposal:CBDC Anti-Surveillance State Act

This proposal is archived and closed to further debate. It was introduced in the 118th Congress, which has concluded, and the bill was not enacted into law.
Geographic Scope
National

Description

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.

Bill Title

CBDC Anti-Surveillance State Act

Linked Goals

Steps

  • 2023-02-21: Referred to the House Committee on Financial Services.
  • 2023-02-21: Introduced in House
  • 2023-02-21: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.