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Federal Reserve Ban: No Direct Accounts or Digital Currency for Individuals.

This bill aims to maintain the current banking structure where citizens interact with commercial banks, not the central bank. If passed, the Federal Reserve would be prohibited from offering individual bank accounts or issuing a central bank digital currency (CBDC) directly to the public. This ensures that any future digital currency would need to be distributed through existing financial institutions.
Key points
The Federal Reserve (US central bank) is prohibited from opening bank accounts or offering services directly to individuals.
The bill specifically blocks the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) directly to the public.
article Official text account_balance Process page
Expired
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No votes cast
Additional Information
Print number: 118_S_887
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2023-03-21
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_887.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-21.

What are the main provisions?

Key points include:

  • The Federal Reserve (US central bank) is prohibited from opening bank accounts or offering services directly to individuals.
  • The bill specifically blocks the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) directly to the public.
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 Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy