[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3712 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3712

  To amend the Federal Reserve Act to require an Act of Congress for 
 certain activities related to the issuance of a central bank digital 
                   currency, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2023

   Mr. Mooney (for himself, Mr. Sessions, Mr. Posey, Mr. Norman, Mr. 
  Donalds, Mr. Rose, Mr. Ogles, Mr. Duncan, Mr. Steube, Mr. Weber of 
 Texas, Mr. Grothman, Mr. Jackson of Texas, Mrs. Spartz, Ms. Hageman, 
  and Mr. Good of Virginia) introduced the following bill; which was 
            referred to the Committee on Financial Services

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                                 A BILL


 
  To amend the Federal Reserve Act to require an Act of Congress for 
 certain activities related to the issuance of a central bank digital 
                   currency, 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 ``Digital Dollar Pilot Prevention 
Act''.

SEC. 2. CENTRAL BANK DIGITAL CURRENCY.

    The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by 
inserting after section 16 the following:

``SEC. 16A. CENTRAL BANK DIGITAL CURRENCY.

    ``(a) In General.--Unless authorized by an Act of Congress enacted 
after the date of the enactment of this Act, the Board of Governors of 
the Federal Reserve System and the Federal reserve banks may not 
establish, carry out, or approve a program intended to test the 
practicability of issuing a central bank digital currency, including by 
partnering or coordinating with a private sector entity to carry out 
such a program.
    ``(b) Central Bank Digital Currency Defined.--In this section, the 
term `central bank digital currency' means a form of digital money or 
monetary value, denominated in the national unit of account, that is a 
direct liability of the Federal Reserve.''.
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