Congress Must Approve Central Bank Digital Currency (CBDC) Creation
This bill prevents the Federal Reserve and the Treasury Department from issuing a new, digital form of the dollar (CBDC) unless Congress explicitly authorizes it. This ensures that any major change to the nation's monetary system, which could impact financial privacy and payment methods, must be approved by elected representatives. The law guarantees that Congress maintains control over the decision to create a new, centralized form of digital money.
Key points
The Federal Reserve is prohibited from issuing a Central Bank Digital Currency (CBDC) without specific authorization from Congress.
The Treasury Secretary is prohibited from directing the Fed to issue a CBDC without Congressional approval.
The law ensures that Congress maintains control over decisions regarding the structure of digital currency in the U.S.
Introduced
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