HLS 23RS-1942 ORIGINAL
2023 Regular Session
HOUSE CONCURRENT RESOL UTION NO. 71
BY REPRESENTATIVE AMEDEE
BANKS/BANKING: Urges the United States Congress to not support any legislation or
efforts to adopt a central bank digital currency in the United States
1 A CONCURRENT RESOL UTION
2To urge and request the United States Congress to not support legislation, or other efforts,
3 relating to the adoption of a central bank digital currency in the United States.
4 WHEREAS, on March 9, 2022, President Joseph R. Biden issued Executive Order
514067 (executive order), "Ensuring Responsible Development of Digital Assets", to establish
6a broad interagency effort to study and develop a United States central bank digital currency
7(CBDC); and
8 WHEREAS, the executive order established an interagency effort to develop "Policy
9and Actions Related to United States Central Bank Digital Currencies"; and
10 WHEREAS, the executive order states, "within 180 days of the date of this order, the
11Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General,
12the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office
13of Management and Budget, the Director of National Intelligence, and the heads of other
14relevant agencies, shall submit to the President a report on the future of money and payment
15systems"; and
16 WHEREAS, the executive order states the term "central bank digital currency" or
17CBDC refers to a form of digital money or monetary value, denomination in the national unit
18of account, that is a direct liability of the central bank; and
19 WHEREAS, the executive order requires the United States attorney general, together
20with the secretary of the Treasury and the chairman of the Federal Reserve, to provide the
Page 1 of 2 HLS 23RS-1942 ORIGINAL
HCR NO. 71
1president a legislative proposal for a CBDC within two hundred ten days of the executive
2order; and
3 WHEREAS, The Federal Reserve bank of New York and ten financial institutions
4completed testing of certain features related to a CBDC in 2022; and
5 WHEREAS, the CBDC under development and testing pursuant to the executive
6order will include programmable design features that will control the ability of a person to
7freely utilize the CBDC; and
8 WHEREAS, a United States CBDC raises significant concerns over privacy for
9individuals and businesses in Louisiana; and
10 WHEREAS, the adoption of a CBDC by the federal government would be an
11unacceptable expansion of federal authority; and
12 WHEREAS, the adoption of a CBDC by the federal government would hand over
13to the Federal Reserve unprecedented control of the lives, freedoms, choices, and
14sovereignty of the people of Louisiana.
15 THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
16urge the United States Congress not to support legislation, or other efforts, relating to the
17adoption of a central bank digital currency in the United States.
18 BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
19president of the United States, the presiding officers of the Senate and the House of
20Representatives of the United States Congress, the chairman of the Federal Reserve, the
21secretary of the Treasury, and each member of the Louisiana congressional delegation.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HCR 71 Original 2023 Regular Session Amedee
Requests the U.S. Congress to not support legislation, or other efforts, relating to the
adoption of a central bank digital currency.
Page 2 of 2