Anti-CBDC Surveillance State Act

This bill would prevent the Federal Reserve from issuing a central bank digital currency (CBDC), commonly referred to as a digital dollar. It would also prohibit Federal Reserve banks from offering financial products or services directly to individual citizens or maintaining accounts on their behalf. Additionally, the bill would restrict the Federal Reserve's Board of Governors from using, testing, studying, creating, or implementing a CBDC for monetary policy purposes, though the bill includes certain exceptions to these prohibitions.

If enacted, this legislation would effectively block the Federal Reserve from developing or deploying a digital currency system at the consumer level. Currently, the bill has been introduced in the Senate and referred to committee for consideration. The practical impact on citizens would depend on whether the Federal Reserve was planning to pursue such a digital currency system, as this bill would prevent that from occurring. Citizens would continue using existing forms of currency and banking services as they do today.