Prohibiting Central Bank Digital Currency and Direct Services to Individuals
This bill aims to prevent the Federal Reserve from creating a central bank digital currency (CBDC) and from offering banking services directly to individuals. This means your money will remain with commercial banks, and the government will not have direct access to your individual financial accounts. The act seeks to protect financial privacy and prevent the use of digital currency for monetary policy control.
Key points
The Federal Reserve will be prohibited from offering banking products or services directly to individuals or maintaining their individual accounts.
A ban on the Federal Reserve creating and issuing a central bank digital currency (CBDC), whether directly or indirectly.
The Federal Reserve will not be able to use a digital currency to influence the country's monetary policy.
The act aims to protect citizens' financial privacy by preventing direct government access to their transactions.
Status:
Introduced
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