Bill > HR4438

This bill, known as the "Power of the Mint Act", would prohibit the Federal Reserve and the Secretary of the Treasury from issuing a Central Bank Digital Currency (CBDC) without explicit Congressional authorization. The bill begins by referencing the Constitution's provision that only Congress has the authority to coin money and regulate its value, and acknowledges the Federal Reserve Act of 1913 which established Federal Reserve banks as fiscal agents of the United States. A Central Bank Digital Currency is defined as a form of digital money denominated in the national unit of account that is a direct liability of the central bank. Specifically, the bill would amend the Federal Reserve Act and the U.S. Code to explicitly prevent the Federal Reserve Board of Governors and the Treasury Secretary from independently creating or directing the creation of a CBDC, requiring that any such digital currency would first need approval from Congress. This legislative action appears to be a preemptive measure to ensure Congressional oversight and control over potential digital currency developments by preventing unilateral action by federal financial institutions.

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https://www.congress.gov/bill/119th-congress/house-bill/4438/all-info