Proposal:Cease Orwellian Surveillance and Targeting Act of 2023

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.

Bill	HR 5032
Type of Legislation	House Bill
Congress	118
Status	Archived — 118th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

Cease Orwellian Surveillance and Targeting Act of 2023 or the COST Act of 2023

This bill generally prohibits the issuance or ownership of central bank digital currencies. A central bank digital currency is a digital currency issued by a government-backed central bank.

Under the bill, the Board of Governors of the Federal Reserve System and the Federal Reserve banks are prohibited from minting or issuing a central bank digital currency. In addition, a Federal Reserve bank is prohibited from offering products or services directly to an individual or entity, providing coins or currency directly to an individual or entity, or maintaining an account on behalf of an individual or entity, with some exceptions.

Further, no person is allowed to hold or own central bank digital currency belonging to the United States or a foreign country.  

Bill Title

Cease Orwellian Surveillance and Targeting Act of 2023

Linked Goals

• Goal:Promote General Welfare

Steps

• 2023-07-27: Referred to the House Committee on Financial Services.
• 2023-07-27: Introduced in House
• 2023-07-27: Introduced in House

Projected Outcome

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