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Digital Dollar Prevention Act: Congressional Approval Required

This act aims to prevent the Federal Reserve from testing or issuing a digital currency unless explicitly authorized by Congress. This means that without the approval of citizens' representatives, a digital dollar will not be introduced, impacting the future of money in the U.S.
Key points
The Federal Reserve cannot test or issue a central bank digital currency without Congressional approval.
A central bank digital currency is a digital form of money directly backed by the Federal Reserve.
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Expired
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Additional Information
Print number: 118_HR_3712
Sponsor: Rep. Mooney, Alexander X. [R-WV-2]
Process start date: 2023-05-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Digital Dollar Pilot Prevention Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3712.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-25.

What are the main provisions?

Key points include:

  • The Federal Reserve cannot test or issue a central bank digital currency without Congressional approval.
  • A central bank digital currency is a digital form of money directly backed by the Federal Reserve.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Mooney, Alexander X. [R-WV-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy