Bill > S464

This bill seeks to prohibit the Federal Reserve and related entities from creating, issuing, or managing a Central Bank Digital Currency (CBDC), which is a government-backed digital version of a nation's currency. Specifically, the bill would amend the Federal Reserve Act to prevent Federal Reserve banks from directly minting or issuing a CBDC to individuals, even through intermediaries. The legislation would also bar the Federal Reserve from offering digital currency products or services directly to individuals, maintaining individual accounts, or holding digital currencies issued by the U.S. Government as assets or liabilities on their balance sheets. By introducing these restrictions, the bill aims to limit the potential development and implementation of a government-controlled digital currency, which some policymakers and citizens view as a potential threat to financial privacy and individual economic freedom. The bill is formally known as the "No Central Bank Digital Currency Act" or "No CBDC Act" and represents a legislative effort to preemptively block the creation of a centralized digital currency system in the United States.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/464/all-info