[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4994 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4994

To amend the Federal Reserve Act to prohibit the Board of Governors of 
the Federal Reserve System from discontinuing Federal Reserve notes if 
   a central bank digital currency is issued, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           September 28, 2022

 Mr. Lankford introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 A BILL


 
To amend the Federal Reserve Act to prohibit the Board of Governors of 
the Federal Reserve System from discontinuing Federal Reserve notes if 
   a central bank digital currency is issued, and for other purposes.

    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 Digital Dollar Act''.

SEC. 2. CENTRAL BANK DIGITAL CURRENCY.

    (a) Federal Reserve Notes.--Section 16 of the Federal Reserve Act 
is amended by adding after the 17th undesignated paragraph (12 U.S.C. 
467) the following:
            ``The Board of Governors may not discontinue issuing 
        Federal Reserve notes if a central bank digital currency is 
        issued.''.
    (b) Coins.--Section 5112 of title 31, United States Code, is 
amended by adding at the end the following:
    ``(aa) Central Bank Digital Currency.--The Secretary of the 
Treasury may not discontinue minting and issuing coins under this 
section if a central bank digital currency is issued.''.
    (c) Not Legal Tender.--No central bank digital currency shall be 
considered legal tender under section 5103 of title 31, United States 
Code.
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