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Prohibiting Federal Reserve from issuing Central Bank Digital Currency (CBDC) to individuals

This bill aims to prevent the Federal Reserve and other government agencies from creating and issuing a Central Bank Digital Currency (CBDC) directly to individuals. This means the government would be barred from opening individual digital accounts or offering related financial services. If passed, citizens will not have access to a CBDC as a form of digital money issued and directly controlled by the central bank.
Key points
The Federal Reserve (Fed) and other government agencies are prohibited from minting, issuing, or offering a Central Bank Digital Currency (CBDC) directly to individuals.
The ban includes maintaining individual digital accounts by the Fed, even through commercial banks or digital intermediaries.
The Act prevents the Fed from holding government-issued digital currencies as assets or liabilities on its balance sheet.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_967
Sponsor: Sen. Lee, Mike [R-UT]
Process start date: 2023-03-23
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

No CBDC Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_967.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-23.

What are the main provisions?

Key points include:

  • The Federal Reserve (Fed) and other government agencies are prohibited from minting, issuing, or offering a Central Bank Digital Currency (CBDC) directly to individuals.
  • The ban includes maintaining individual digital accounts by the Fed, even through commercial banks or digital intermediaries.
  • The Act prevents the Fed from holding government-issued digital currencies as assets or liabilities on its balance sheet.
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. Lee, Mike [R-UT].

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