I
119THCONGRESS
1
STSESSION H. R. 1919
To amend the Federal Reserve Act to prohibit the Federal reserve banks
from offering certain products or services directly to an individual, to
prohibit the use of central bank digital currency for monetary policy,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH6, 2025
Mr. E
MMER(for himself, Mr. HILLof Arkansas, Mr. MOOLENAAR, Mr. HUD-
SON, Mr. OGLES, Mr. BOST, Mr. SCOTTFRANKLINof Florida, Ms.
G
REENEof Georgia, Mr. BIGGSof Arizona, Mr. CLOUD, Mr. FLOOD, Mr.
G
OSAR, Mrs. KIM, Mr. MEUSER, Mr. DAVIDSON, Mr. KILEYof Cali-
fornia, Mr. D
ONALDS, Mr. FITZGERALD, Mrs. LUNA, Mr. GARBARINO,
Mr. L
UCAS, Mr. SESSIONS, Mr. HUIZENGA, Mrs. WAGNER, Mr. BARR,
Mr. W
ILLIAMSof Texas, Mr. LOUDERMILK, Mr. ROSE, Mr. STEIL, Mr.
T
IMMONS, Mr. NORMAN, Mr. LAWLER, Ms. DELACRUZ, Mr. NUNNof
Iowa, Ms. S
ALAZAR, Mr. HARIDOPOLOS, Mr. DOWNING, Mr. MOOREof
North Carolina, Mr. B
ACON, Mr. BRECHEEN, Mr. KELLYof Pennsyl-
vania, Mr. G
ROTHMAN, Ms. MACE, Mr. RESCHENTHALER, Mr. ROGERS
of Alabama, Mr. R
OUZER, Mr. VALADAO, Mr. VANDREW, Mr. WEBER
of Texas, Mrs. H
OUCHIN, Ms. HAGEMAN, Mr. LANGWORTHY, Mr.
G
OODEN, Mr. FINSTAD, Mrs. FISCHBACH, Mr. BEANof Florida, Mr.
A
MODEIof Nevada, Mr. GRAVES, Mrs. HARSHBARGER, Mr. CRANE, Mr.
C
ISCOMANI, Mr. BAIRD, Mr. KELLYof Mississippi, Mrs. CAMMACK, Mr.
F
LEISCHMANN, Mr. MURPHY, Mrs. BICE, Mr. CARTERof Texas, Mr.
J
OHNSONof South Dakota, Mr. CLYDE, Mr. TIFFANY, Mr. BERGMAN,
Ms. V
ANDUYNE, Mr. COLLINS, Mr. LATTA, Mr. CRENSHAW, Mr.
E
LLZEY, Mr. ISSA, Mr. OWENS, Mr. PERRY, Mr. ZINKE, Mr. HIGGINS
of Louisiana, Mrs. H
INSON, Mr. BALDERSON, Mr. MCCORMICK, Mr.
C
AREY, Mr. WITTMAN, Mr. ROY, Mr. MCCAUL, Mr. RUTHERFORD, Mr.
S
MITHof Nebraska, Ms. TENNEY, Mr. CRANK, Mr. BAUMGARTNER, Mr.
M
ACKENZIE, Mr. MCDOWELL, Mr. MESSMER, Mr. SCHMIDT, Mr. TAY-
LOR, Mr. GILLof Texas, and Mr. GUEST) introduced the following bill;
which was referred to the Committee on Financial Services
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•HR 1919 IH
A BILL
To amend the Federal Reserve Act to prohibit the Federal
reserve banks from offering certain products or services
directly to an individual, to prohibit the use of central
bank digital currency for monetary policy, and for other
purposes.
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 ‘‘Anti-CBDC Surveil-4
lance State Act’’. 5
SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RE-6
LATING TO CERTAIN PRODUCTS OR SERV-7
ICES FOR INDIVIDUALS AND PROHIBITION 8
ON DIRECTLY ISSUING A CENTRAL BANK DIG-9
ITAL CURRENCY. 10
Section 16 of the Federal Reserve Act is amended 11
by adding at the end the following new paragraph: 12
‘‘(18)(A) A Federal reserve bank may not— 13
‘‘(i) offer products or services directly 14
to an individual; 15
‘‘(ii) maintain an account on behalf of 16
an individual; or 17
‘‘(iii) issue a central bank digital cur-18
rency, or any digital asset that is substan-19
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•HR 1919 IH
tially similar under any other name or 1
label. 2
‘‘(B) In this paragraph, the term ‘central bank 3
digital currency’ has the meaning given that term 4
under section 10(11)(D).’’. 5
SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDI-6
RECTLY ISSUING A CENTRAL BANK DIGITAL 7
CURRENCY. 8
Section 16 of the Federal Reserve Act, as amended 9
by section 2, is further amended by adding at the end the 10
following paragraph: 11
‘‘(19)(A) A Federal reserve bank may not offer 12
a central bank digital currency, or any digital asset 13
that is substantially similar under any other name 14
or label, indirectly to an individual through a finan-15
cial institution or other intermediary. 16
‘‘(B) In this paragraph, the term ‘central bank 17
digital currency’ has the meaning given that term 18
under section 10(11)(D).’’. 19
SEC. 4. PROHIBITION WITH RESPECT TO CENTRAL BANK 20
DIGITAL CURRENCY. 21
Section 10 of the Federal Reserve Act (12 U.S.C. 241 22
et seq.) is amended by inserting before paragraph (12) the 23
following: 24
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•HR 1919 IH
‘‘(11) PROHIBITION WITH RESPECT TO CEN -1
TRAL BANK DIGITAL CURRENCY .— 2
‘‘(A) I
N GENERAL.—The Board of Gov-3
ernors of the Federal Reserve System may not 4
test, study, develop, create, or implement a cen-5
tral bank digital currency, or any digital asset 6
that is substantially similar under any other 7
name or label. 8
‘‘(B) M
ONETARY POLICY.—The Board of 9
Governors of the Federal Reserve System and 10
the Federal Open Market Committee may not 11
use a central bank digital currency to imple-12
ment monetary policy, or any digital asset that 13
is substantially similar under any other name or 14
label. 15
‘‘(C) E
XCEPTION.—Subparagraph (A) and 16
sections 16(18)(A)(iii) and 16(19)(A) may not 17
be construed to prohibit any dollar-denominated 18
currency that is open, permissionless, and pri-19
vate, and fully preserves the privacy protections 20
of United States coins and physical currency. 21
‘‘(D) C
ENTRAL BANK DIGITAL CURRENCY 22
DEFINED.—In this paragraph, the term ‘central 23
bank digital currency’ means a form of digital 24
money or monetary value that is— 25
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•HR 1919 IH
‘‘(i) denominated in the national unit 1
of account; 2
‘‘(ii) a direct liability of the Federal 3
Reserve System; and 4
‘‘(iii) widely available to the general 5
public.’’. 6
SEC. 5. SENSE OF CONGRESS. 7
It is the sense of Congress that the Board of Gov-8
ernors of the Federal Reserve currently does not have the 9
authority to issue a central bank digital currency, or any 10
digital asset that is substantially similar under any other 11
name or label, and will not have such authority unless 12
Congress grants it under Congress’s Article 1 Section 8 13
powers. 14
Æ
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