summary
Introduced
02/02/2023
02/02/2023
In Committee
02/02/2023
02/02/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To prohibit money services businesses from engaging in any transaction that involves a central bank digital currency issued by the People’s Republic of China, and for other purposes.
AI Summary
This bill, known as the Chinese CBDC Prohibition Act of 2023, aims to prohibit money services businesses from engaging in any transactions involving the central bank digital currency (CBDC) issued by the People's Republic of China. The bill is based on concerns that the Chinese CBDC would provide the Chinese Communist Party (CCP) with data on its users and bolster the CCP's social credit program, thereby strengthening the party's control over Chinese citizens. The bill also cites concerns from Federal Reserve Chairman Jerome Powell and the Director of the United Kingdom's Government Communications Headquarters about the Chinese CBDC's potential for monitoring citizens and evading international sanctions.
Committee Categories
Business and Industry
Sponsors (9)
Blaine Luetkemeyer (R)*,
Andy Barr (R),
Monica De La Cruz (R),
Tom Emmer (R),
French Hill (R),
Erin Houchin (R),
Mike Lawler (R),
Debbie Lesko (R),
Barry Moore (R),
Last Action
Referred to the House Committee on Financial Services. (on 02/02/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/804/all-info |
| BillText | https://www.congress.gov/118/bills/hr804/BILLS-118hr804ih.pdf |
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