Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB1124 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 1124
5	5	To amend the Federal Reserve Act to prohibit the Federal reserve banks
6	6	from offering certain products or services directly to an individual, to
7	7	prohibit the use of central bank digital currency for monetary policy,
8	8	and for other purposes.
9	9	IN THE SENATE OF THE UNITED STATES
10	10	MARCH25, 2025
11	11	Mr. C
12	12	RUZ(for himself, Mr. BUDD, Mr. CRAMER, and Mr. TILLIS) introduced
13	13	the following bill; which was read twice and referred to the Committee
14	14	on Banking, Housing, and Urban Affairs
15	15	A BILL
16	16	To amend the Federal Reserve Act to prohibit the Federal
17	17	reserve banks from offering certain products or services
18	18	directly to an individual, to prohibit the use of central
19	19	bank digital currency for monetary policy, and for other
20	20	purposes.
21	21	Be it enacted by the Senate and House of Representa-1
22	22	tives of the United States of America in Congress assembled, 2
23	23	SECTION 1. SHORT TITLE. 3
24	24	This Act may be cited as the ‘‘Anti-CBDC Surveil-4
25	25	lance State Act’’. 5
26	26	VerDate Sep 11 2014 22:19 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1124.IS S1124
27	27	ssavage on LAPJG3WLY3PROD with BILLS 2
28	28	•S 1124 IS
29	29	SEC. 2. PROHIBITION ON FEDERAL RESERVE BANKS RE-1
30	30	LATING TO CERTAIN PRODUCTS OR SERV-2
31	31	ICES FOR INDIVIDUALS AND PROHIBITION 3
32	32	ON DIRECTLY ISSUING A CENTRAL BANK DIG-4
33	33	ITAL CURRENCY. 5
34	34	Section 16 of the Federal Reserve Act (12 U.S.C. 411 6
35	35	et seq.) is amended by adding at the end the following: 7
36	36	‘‘A Federal reserve bank may not— 8
37	37	‘‘(1) offer products or services directly to an in-9
38	38	dividual; 10
39	39	‘‘(2) maintain an account on behalf of an indi-11
40	40	vidual; or 12
41	41	‘‘(3) issue a central bank digital currency, as 13
42	42	defined in section 10(11)(D), or any digital asset 14
43	43	that is substantially similar under any other name 15
44	44	or label.’’. 16
45	45	SEC. 3. PROHIBITION ON FEDERAL RESERVE BANKS INDI-17
46	46	RECTLY ISSUING A CENTRAL BANK DIGITAL 18
47	47	CURRENCY. 19
48	48	Section 16 of the Federal Reserve Act (12 U.S.C. 411 20
49	49	et seq.), as amended by section 2, is further amended by 21
50	50	adding at the end the following: 22
51	51	‘‘A Federal reserve bank may not offer a central bank 23
52	52	digital currency, as defined in section 10(11)(D), or any 24
53	53	digital asset that is substantially similar under any other 25
54	54	VerDate Sep 11 2014 22:19 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1124.IS S1124
55	55	ssavage on LAPJG3WLY3PROD with BILLS 3
56	56	•S 1124 IS
57	57	name or label, indirectly to an individual through a finan-1
58	58	cial institution or other intermediary.’’. 2
59	59	SEC. 4. PROHIBITION WITH RESPECT TO CENTRAL BANK 3
60	60	DIGITAL CURRENCY. 4
61	61	Section 10 of the Federal Reserve Act (12 U.S.C. 241 5
62	62	et seq.) is amended by inserting before paragraph (12) the 6
63	63	following: 7
64	64	‘‘(11) P
65	65	ROHIBITION WITH RESPECT TO CEN -8
66	66	TRAL BANK DIGITAL CURRENCY .— 9
67	67	‘‘(A) I
68	68	N GENERAL.—The Board of Gov-10
69	69	ernors of the Federal Reserve System may not 11
70	70	test, study, develop, create, or implement a cen-12
71	71	tral bank digital currency, or any digital asset 13
72	72	that is substantially similar under any other 14
73	73	name or label. 15
74	74	‘‘(B) M
75	75	ONETARY POLICY.—The Board of 16
76	76	Governors of the Federal Reserve System and 17
77	77	the Federal Open Market Committee may not 18
78	78	use a central bank digital currency to imple-19
79	79	ment monetary policy, or any digital asset that 20
80	80	is substantially similar under any other name or 21
81	81	label. 22
82	82	‘‘(C) E
83	83	XCEPTION.—Subparagraph (A) and 23
84	84	the eighteenth and nineteenth undesignated 24
85	85	paragraphs of section 16 may not be construed 25
86	86	VerDate Sep 11 2014 22:19 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1124.IS S1124
87	87	ssavage on LAPJG3WLY3PROD with BILLS 4
88	88	•S 1124 IS
89	89	to prohibit any dollar-denominated currency 1
90	90	that is open, permissionless, and private, and 2
91	91	fully preserves the privacy protections of United 3
92	92	States coins and physical currency. 4
93	93	‘‘(D) C
94	94	ENTRAL BANK DIGITAL CURRENCY 5
95	95	DEFINED.—In this paragraph, the term ‘central 6
96	96	bank digital currency’ means a form of digital 7
97	97	money or monetary value that is— 8
98	98	‘‘(i) denominated in the national unit 9
99	99	of account; 10
100	100	‘‘(ii) a direct liability of the Federal 11
101	101	Reserve System; and 12
102	102	‘‘(iii) widely available to the general 13
103	103	public.’’. 14
104	104	SEC. 5. SENSE OF CONGRESS. 15
105	105	It is the sense of Congress that the Board of Gov-16
106	106	ernors of the Federal Reserve does not have the authority 17
107	107	to issue a central bank digital currency, or any digital 18
108	108	asset that is substantially similar under any other name 19
109	109	or label, and will not have such authority unless Congress 20
110	110	grants such authority pursuant to section 8 of article I 21
111	111	of the Constitution of the United States. 22
112	112	Æ
113	113	VerDate Sep 11 2014 22:19 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S1124.IS S1124
114	114	ssavage on LAPJG3WLY3PROD with BILLS