Bars the Federal Reserve from creating or issuing a central bank digital currency

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

✎ Drafted by AI from the public sources cited. Each sentence links to its source.

This bill would bar the Federal Reserve, unless Congress authorizes it, from designing, building or issuing a central bank digital currency, a digital form of the dollar that would be a direct liability of the Federal Reserve, and would bar the Treasury secretary from directing it to do so.^2,3,4 Federal Reserve banks could not offer such a currency to individuals directly or through banks and other intermediaries, offer products or services or keep accounts directly for individuals, or run programs to test such a currency.^3,4 The Federal Reserve also could not use such a currency to carry out monetary policy, its management of interest rates and the money supply.^3,4 These limits would not apply to a dollar-denominated currency that is open, permissionless and private and fully keeps the privacy protections of coins and paper money.⁴

§2Status

§3How Congress voted

Why this matters: The official count.