Anti-CBDC Surveillance State Act
Description
This bill would prohibit the Federal Reserve from issuing a central bank digital currency or offering financial services to individuals.
Summary
What it does
This bill would prohibit Federal Reserve banks from offering financial products or services directly to individuals, including the maintenance of personal accounts. It would also prevent the Federal Reserve from issuing a central bank digital currency or using such a currency to implement monetary policy. Additionally, the Board of Governors would be barred from testing, studying, or creating a digital dollar, except for specific instances provided within the legislation.
Who is affected
This bill directly affects Federal Reserve banks and the Board of Governors of the Federal Reserve System by restricting their authority to issue or study a central bank digital currency. It also impacts individual consumers by prohibiting Federal Reserve banks from offering them direct products, services, or accounts. Additionally, the legislation limits the Federal Reserve's methods for implementing monetary policy regarding digital currencies.
Key provisions
- Prohibition on direct Federal Reserve services to individuals. The bill prevents Federal Reserve banks from offering financial products or services directly to individuals and prohibits them from maintaining accounts on behalf of individuals.
- Restriction on central bank digital currency issuance. Federal Reserve banks are prohibited from issuing a central bank digital currency, also known as a digital dollar.
- Limitations on Federal Reserve Board activities regarding digital currency. The Board of Governors of the Federal Reserve System is barred from using a central bank digital currency for monetary policy or for testing, studying, creating, or implementing such a currency, subject to specific exceptions.
Fiscal impact
- H.R. 1919, Anti-CBDC Surveillance State Act· As reported by the House Committee on Financial Services on May 6, 2025
Effective dates
Not applicable: Official Summary does not address effective dates
Relationship to existing law
This bill places new restrictions on the existing authorities of the Federal Reserve banks and the Board of Governors of the Federal Reserve System regarding the issuance of currency and the implementation of monetary policy.
Stated purpose
The bill seeks to prevent the Federal Reserve from issuing a central bank digital currency or providing financial services directly to individuals. It also aims to restrict the Board of Governors from using, testing, or developing a digital dollar for monetary policy purposes.