[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4831 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  2d Session
                                S. 4831

   To amend the Federal Reserve Act to limit the ability of Federal 
         Reserve banks to issue central bank digital currency.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 13, 2022

  Mr. Lee (for himself and Mr. Braun) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To amend the Federal Reserve Act to limit the ability of Federal 
         Reserve banks to issue central bank digital currency.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Central Bank Digital Currency 
Act'' or the ``No CBDC Act''.

SEC. 2. CENTRAL BANK DIGITAL CURRENCY.

    Section 13 of the Federal Reserve Act is amended by adding after 
the 14th undesignated paragraph (12 U.S.C. 347d) the following:
            ``No Federal reserve bank, the Board, the Secretary of the 
        Treasury, any other agency, or any entity directed to act on 
        behalf of the Federal reserve bank, the Board, the Secretary, 
        or other agency, may mint or issue a central bank digital 
        currency directly to an individual (including central bank 
        digital currency issued to an individual through a custodial 
        intermediary) or a digital currency intermediary, offer related 
        products or services directly to an individual, or maintain an 
        account on behalf of an individual (including an account in a 
        specially designated account at a digital currency intermediary 
        or supervised commercial bank). No Federal reserve bank may 
        hold digital currencies minted or issued by the United States 
        Government as assets or liabilities on their balance sheets or 
        use such digital currencies as part of fulfilling the 
        requirements under section 2A.''.
                                 <all>