| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1430 |
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| 5 | 5 | | To amend the Federal Reserve Act to limit the ability of Federal Reserve |
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| 6 | 6 | | banks to issue central bank digital currency. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | FEBRUARY18, 2025 |
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| 9 | 9 | | Mr. O |
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| 10 | 10 | | GLESintroduced the following bill; which was referred to the Committee |
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| 11 | 11 | | on Financial Services |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To amend the Federal Reserve Act to limit the ability of |
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| 14 | 14 | | Federal Reserve banks to issue central bank digital currency. |
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| 15 | 15 | | Be it enacted by the Senate and House of Representa-1 |
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| 16 | 16 | | tives of the United States of America in Congress assembled, 2 |
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| 17 | 17 | | SECTION 1. SHORT TITLE. 3 |
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| 18 | 18 | | This Act may be cited as the ‘‘No Central Bank Dig-4 |
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| 19 | 19 | | ital Currency Act’’ or the ‘‘No CBDC Act’’. 5 |
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| 20 | 20 | | SEC. 2. CENTRAL BANK DIGITAL CURRENCY. 6 |
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| 21 | 21 | | Section 13 of the Federal Reserve Act is amended 7 |
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| 22 | 22 | | by adding after the 14th undesignated paragraph (12 8 |
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| 23 | 23 | | U.S.C. 347d) the following: 9 |
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| 24 | 24 | | VerDate Sep 11 2014 17:09 Mar 15, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1430.IH H1430 |
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| 25 | 25 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 26 | 26 | | •HR 1430 IH |
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| 27 | 27 | | ‘‘No Federal reserve bank, the Board, the Sec-1 |
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| 28 | 28 | | retary of the Treasury, any other agency, or any en-2 |
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| 29 | 29 | | tity directed to act on behalf of the Federal reserve 3 |
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| 30 | 30 | | bank, the Board, the Secretary, or other agency, 4 |
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| 31 | 31 | | may mint or issue a central bank digital currency di-5 |
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| 32 | 32 | | rectly to an individual (including central bank digital 6 |
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| 33 | 33 | | currency issued to an individual through a custodial 7 |
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| 34 | 34 | | intermediary) or a digital currency intermediary, 8 |
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| 35 | 35 | | offer related products or services directly to an indi-9 |
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| 36 | 36 | | vidual, or maintain an account on behalf of an indi-10 |
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| 37 | 37 | | vidual (including an account in a specially des-11 |
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| 38 | 38 | | ignated account at a digital currency intermediary or 12 |
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| 39 | 39 | | supervised commercial bank). No Federal reserve 13 |
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| 40 | 40 | | bank may hold digital currencies minted or issued by 14 |
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| 41 | 41 | | the United States Government as assets or liabilities 15 |
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| 42 | 42 | | on a balance sheet of the bank or use such digital 16 |
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| 43 | 43 | | currencies as part of fulfilling the requirements 17 |
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| 44 | 44 | | under section 2A.’’. 18 |
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| 45 | 45 | | Æ |
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| 46 | 46 | | VerDate Sep 11 2014 17:09 Mar 15, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1430.IH H1430 |
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| 47 | 47 | | ssavage on LAPJG3WLY3PROD with BILLS |
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