II
118THCONGRESS
1
STSESSION S. 967
To amend the Federal Reserve Act to limit the ability of Federal Reserve
banks to issue central bank digital currency.
IN THE SENATE OF THE UNITED STATES
MARCH23, 2023
Mr. L
EE(for himself, Mr. BRAUN, and Mr. CRUZ) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
A BILL
To amend the Federal Reserve Act to limit the ability of
Federal Reserve banks to issue central bank digital currency.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘No Central Bank Dig-4
ital Currency Act’’ or the ‘‘No CBDC Act’’. 5
SEC. 2. CENTRAL BANK DIGITAL CURRENCY. 6
Section 13 of the Federal Reserve Act is amended 7
by adding after the 14th undesignated paragraph (12 8
U.S.C. 347d) the following: 9
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•S 967 IS
‘‘No Federal reserve bank, the Board, the Sec-1
retary of the Treasury, any other agency, or any en-2
tity directed to act on behalf of the Federal reserve 3
bank, the Board, the Secretary, or other agency, 4
may mint or issue a central bank digital currency di-5
rectly to an individual (including central bank digital 6
currency issued to an individual through a custodial 7
intermediary) or a digital currency intermediary, 8
offer related products or services directly to an indi-9
vidual, or maintain an account on behalf of an indi-10
vidual (including an account in a specially des-11
ignated account at a digital currency intermediary or 12
supervised commercial bank). No Federal reserve 13
bank may hold digital currencies minted or issued by 14
the United States Government as assets or liabilities 15
on a balance sheet of the bank or use such digital 16
currencies as part of fulfilling the requirements 17
under section 2A.’’. 18
Æ
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