Motion to reconsider laid on the table Agreed to without objection.
This bill amends the Federal Reserve Act to bar Federal Reserve Banks from offering financial products or accounts directly to individuals and to prohibit them from issuing a central bank digital currency (CBDC) or similar digital asset, either directly or indirectly through intermediaries. It also forbids the Board of Governors from testing, studying, developing, creating, or implementing a CBDC, and bars use of a CBDC for monetary policy.
Scope of Fed powers: conservatives favor strict ban; centrists worry about lost tools.
Relative to its intended legislative type, this bill amends the Federal Reserve Act to create clear statutory prohibitions and a definition aimed at preventing the Federal Reserve from issuing or deploying a central bank digital currency and from offering certain services directly or indirectly to individuals.
This bill amends the Federal Reserve Act to bar Federal Reserve Banks from offering financial products or accounts directly to individuals and to prohibit them from issuing a central bank digital currency (CBDC) or similar digital asset, either directly or indirectly through intermediaries.
It also forbids the Board of Governors from testing, studying, developing, creating, or implementing a CBDC, and bars use of a CBDC for monetary policy.
The bill defines CBDC as a digital, Fed-liability currency denominated in the national unit and widely available to the public, and includes an exception for private, open, permissionless, privacy-preserving dollar-denominated currencies.
Content is narrow and low-cost (helps House chances) but it centrally constrains the Fed, creating institutional and policy resistance in the Senate and from stakeholders.
Relative to its intended legislative type, this bill amends the Federal Reserve Act to create clear statutory prohibitions and a definition aimed at preventing the Federal Reserve from issuing or deploying a central bank digital currency and from offering certain services directly or indirectly to individuals.
Scope of Fed powers: conservatives favor strict ban; centrists worry about lost tools.
These are examples from the analysis, not a ranked list of the most-affected groups.
Scope of Fed powers: conservatives favor strict ban; centrists worry about lost tools.
Likely supportive of privacy protections and skepticism about government surveillance via a Fed-run digital currency, but cautious about a broad ban on Fed research and tools that could promote financial inclusion.
Concerned that the bill's exception for private, permissionless currencies may favor unregulated crypto over consumer protections.
May prefer preserving privacy while ensuring consumer safeguards and inclusion.
Views the bill as a reasonable check on central banking power and government surveillance, but worries the blanket prohibitions are blunt and could reduce policy options or disrupt payments innovation.
Prefers narrowly tailored restrictions, clear definitions, and periodic reviews to balance privacy, stability, and law enforcement needs.
Likely strongly supportive because the bill limits federal power, blocks potential government surveillance, and prevents the Fed from issuing a CBDC.
Sees the bill as protecting individual liberty, privacy, and market-based alternatives to state-run digital currency.
Reached or meaningfully advanced
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Content is narrow and low-cost (helps House chances) but it centrally constrains the Fed, creating institutional and policy resistance in the Senate and from stakeholders.
The House passed this bill. It now goes to the other chamber, and eventually to the President for signature.
The final vote on whether the bill becomes law (pending the other chamber and the President).
Scope of Fed powers: conservatives favor strict ban; centrists worry about lost tools.
Content is narrow and low-cost (helps House chances) but it centrally constrains the Fed, creating institutional and policy resistance in t…
Relative to its intended legislative type, this bill amends the Federal Reserve Act to create clear statutory prohibitions and a definition aimed at preventing the Federal Reserve from issuing or deploying a central ban…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.