Bill · H.R. 1430· House(119-HR-1430)
No CBDC Act
- Introduced
- 2/18/2025
- Last activity
- 2/18/2025 — Referred to the House Committee on Financial Services.
- Sponsored by
- Andrew Ogles
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, known as the "No Central Bank Digital Currency Act," seeks to change the Federal Reserve Act. It aims to limit the ability of Federal Reserve banks to issue a central bank digital currency. The legislation prohibits the Federal Reserve, the Board, and the Secretary of the Treasury from issuing digital currency directly to individuals. It also restricts these entities from offering related products or services directly to people. Additionally, the bill prevents these entities from maintaining accounts on behalf of individuals.
Yes
Does this give people more protection from unfair business practices?+5
Prohibiting direct CBDC issuance may reduce government surveillance of personal financial transactions.
Does this give people more control over their personal data?+5
Limiting the Federal Reserve's ability to issue and hold digital currency accounts may enhance individual financial privacy.
Does this protect people from being watched or searched?+5
By preventing the creation of direct federal digital currency accounts, the bill protects financial privacy.
The opposite
Does this give the government more power to monitor people inside the country?-5
By preventing a central bank digital currency, the bill reduces the potential for government-led digital surveillance of personal finances.
Does this give the federal government more power?-5
The bill reduces the power of federal entities like the Federal Reserve to issue digital currency directly to the public.
Who it would affect, and how
Potential Positive Impacts for People
-
Restrictions on direct issuance: By prohibiting the minting or issuing of a central bank digital currency directly to an individual, the bill limits the role of the Federal Reserve in personal digital currency transactions (Section 2).
-
Restrictions on accounts: The bill prevents the Federal Reserve or other agencies from maintaining accounts on behalf of an individual, which includes accounts held through intermediaries or supervised commercial banks (Section 2).
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Limitations on products and services: The legislation stops these entities from offering related digital currency products or services directly to individuals (Section 2).
Potential Negative Impacts for People
-
Asset and liability restrictions: The bill prevents Federal Reserve banks from holding digital currencies minted or issued by the United States Government as assets or liabilities on their balance sheets (Section 2).
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Requirement fulfillment restrictions: The bill prevents the use of such digital currencies to fulfill requirements under section 2A (Section 2).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Consumer Protection+5
- Education And Technology
- Improves Data Privacy+5
- National Security And Foreign Policy
- Increases Domestic Surveillance-5
- Governance And Ideology
- Improves Privacy Rights+5Increases Federal Power-5
- 2/18/2025
- Referred to the House Committee on Financial Services.
- Introduced in House
3 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.