117 S4994 IS: No Digital Dollar Act U.S. Senate 2022-09-28 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 4994IN THE SENATE OF THE UNITED STATESSeptember 28, 2022Mr. Lankford introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo 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.

1.

Short title

This Act may be cited as the No Digital Dollar Act.

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.