119 S1318 EAH: Anti-CBDC Surveillance State Act
U.S. Senate
2026-04-29
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.
119th CONGRESS2d Session
In the House of Representatives, U. S.,
April 29, 2026
AMENDMENT:
That the bill from the Senate (S. 1318) entitled An Act to direct the American Battle Monuments Commission to establish a program to identify American-Jewish servicemembers buried in United States military cemeteries overseas under markers that incorrectly represent their religion and heritage, and for other purposes.
, do pass with the following Strike out all after the enacting clause and insert:
1.Short titles; table of contents
(a)This Act may be cited as the Foreign Intelligence Accountability Act
and the Anti-CBDC Surveillance State Act
. (b)The table of contents for this Act is as follows:
Sec. 1. Short titles; table of contents.
Title I—Foreign Intelligence Accountability Act
Sec. 101. Civil liberties review of FBI queries.
Sec. 102. Criminal penalties for violation of prohibition on queries.
Sec. 103. Requirement for targeting United States persons under the Foreign Intelligence Surveillance Act of 1978.
Sec. 104. Attendance procedures for Member access to the Foreign Intelligence Surveillance Court and Foreign Intelligence Surveillance Court of Review.
Sec. 105. Requirement for attorney approval of FBI queries using United States person query term.
Sec. 106. Government Accountability Office audit of targeting procedures under section 702 of the Foreign Intelligence Surveillance Act of 1978.
Sec. 107. Extension of authorities of title VII of the Foreign Intelligence Surveillance Act of 1978.
Title II—Anti-CBDC Surveillance State Act
Sec. 201. Short title.
Sec. 202. Prohibition on Federal reserve banks relating to certain products or services for individuals and prohibition on directly issuing a central bank digital currency.
Sec. 203. Prohibition on Federal reserve banks indirectly issuing a central bank digital currency.
Sec. 204. Prohibition with respect to central bank digital currency.
Sec. 205. Sense of Congress.
<enum>I</enum><header>Foreign Intelligence Accountability Act</header>
<section id="HB83988968E5546F38E3C93CF7437AAE9"><enum>101.</enum><header>Civil liberties review of FBI queries</header>
<subsection id="H21A2CA9DED164A75BB895F2B3692DA6E"><enum>(a)</enum><header>Requirement</header><text display-inline="yes-display-inline">Subsection (f)(3) of section 702 of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a</external-xref>) is amended—</text> <paragraph id="H998B86BEBAA04D6AB55639495FAEC605"><enum>(1)</enum><text>in subparagraph (D)—</text>
<subparagraph id="HD22E3D12376646A6BD0171828865DD1A"><enum>(A)</enum><text>by redesignating clauses (iv) through (vi) as clauses (v) through (vii), respectively; </text></subparagraph> <subparagraph id="H1467D7559D134FC09921082B9E8EAA6E"><enum>(B)</enum><text>by inserting after clause (iii) the following new clause:</text>
<quoted-block style="OLC" display-inline="no-display-inline" id="H6950434885FF476480AF2582242E224A">
<clause id="H6751007377364234BF0474642E143CBD"><enum>(iv)</enum><header>Monthly civil liberties review</header><text display-inline="yes-display-inline">A requirement that the Federal Bureau of Investigation, on a monthly basis, provides to the Civil Liberties Protection Officer within the Office of the Director of National Intelligence the written statements regarding each United States person query submitted in the previous month under clause (iii).</text></clause><after-quoted-block>;</after-quoted-block></quoted-block></subparagraph> <subparagraph id="HD8452906AECB4171857EC6D1167FD6CF"><enum>(C)</enum><text>in clause (vi), as so redesignated, by striking <quote>(iv)</quote> and inserting <quote>(v)</quote>; and</text></subparagraph>
<subparagraph id="HDDCDAA574EDE4B52A98DC3D1034397BB"><enum>(D)</enum><text>by conforming the margin of clause (vii), as so redesignated, to the margin of the other clauses; and</text></subparagraph></paragraph> <paragraph id="H226D563510E1490082C2F131D6FC424E"><enum>(2)</enum><text display-inline="yes-display-inline">by adding at the end the following new subparagraph:</text>
<quoted-block style="OLC" id="HDCF360F173BE4BD8AA2F503A52946378" display-inline="no-display-inline">
<subparagraph id="H692093306C3E4C83B0D8A245069EC315"><enum>(E)</enum><header>Civil liberties reviews and investigations</header>
<clause id="H9E33F9530F854CABA790DBBC4165F129"><enum>(i)</enum><header>Civil Liberties Protection Officer</header><text display-inline="yes-display-inline">The Civil Liberties Protection Officer within the Office of the Director of National Intelligence shall review each written statement regarding a United States person query submitted under subparagraph (D)(iv) to determine whether the query meets the standards required by the procedures adopted under paragraph (1). If the Civil Liberties Protection Officer determines that the query did not meet such standards or there exists possible abuses of civil liberties and privacy, the Civil Liberties Protection Officer shall refer the query to the Inspector General of the Intelligence Community.</text></clause> <clause id="H89F5967D64A94D2DAC108895D9F025AA"><enum>(ii)</enum><header>Inspector General of the Intelligence Community</header><text display-inline="yes-display-inline">The Inspector General of the Intelligence Community shall determine whether each query referred under clause (i) constitutes a violation of laws, rules, or regulations or an abuse of authority.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="HD0EB60B0A2014C97803CA15F17C76EDA"><enum>(b)</enum><header>Conforming amendments</header><text display-inline="yes-display-inline">The National Security Act of 1947 (<external-xref legal-doc="usc" parsable-cite="usc/50/3001">50 U.S.C. 3001 et seq.</external-xref>) is amended—</text> <paragraph id="H60C54D5B9E224C0DB81F12A7A588E4C2"><enum>(1)</enum><text>in section 103D (<external-xref legal-doc="usc" parsable-cite="usc/50/3029">50 U.S.C. 3029</external-xref>)—</text>
<subparagraph id="H0E373D950EBC483C8D578B53EE6B1AA3"><enum>(A)</enum><text>in subsection (b)—</text> <clause id="HB690D1E7B7EB44ABB264989959DA01AF"><enum>(i)</enum><text>in paragraph (6), by striking <quote>; and</quote> and inserting a semicolon;</text></clause>
<clause id="H0E268C3C18D8435981ED9AAB6F109F23"><enum>(ii)</enum><text>by redesignating paragraph (7) as paragraph (8); and</text></clause> <clause id="HC291F8AEEE894C4B834F238D23542DF8"><enum>(iii)</enum><text>by inserting after paragraph (6) the following new paragraph (7):</text>
<quoted-block style="OLC" id="H5327391882B347A09EC2BBD112CF9DB6" display-inline="no-display-inline">
<paragraph id="H38D064E1C0D945C496AF74A7F5910600"><enum>(7)</enum><text display-inline="yes-display-inline">review each written statement submitted to the Civil Liberties Protection Officer under section 702(f)(3) of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a(f)(3)</external-xref>); and</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block></clause></subparagraph> <subparagraph id="H0AF71F0D68464A8BB4F6458556C8382D"><enum>(B)</enum><text>in subsection (c), by inserting before the period at the end the following: <quote>, and, based on the reviews specified in paragraph (7) of such subsection, shall make referrals to the Inspector General of the Intelligence Community under section 702(f)(3) of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a(f)(3)</external-xref>)</quote>; and</text></subparagraph></paragraph>
<paragraph id="H1EEBEC1C34F243329DE5B357E7FEB4AE"><enum>(2)</enum><text display-inline="yes-display-inline">in section 103H(g)(3)(A) (<external-xref legal-doc="usc" parsable-cite="usc/50/3033">50 U.S.C. 3033(g)(3)(A)</external-xref>), by inserting after <quote>and safety</quote> the following: <quote>(including with respect to referrals from the Civil Liberties Protection Officer pursuant to section 702(f)(3) of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a(f)(3)</external-xref>)</quote>. </text></paragraph></subsection></section> <section id="H7B44C4D758F943F4A42C4864628DCBD5" commented="no"><enum>102.</enum><header>Criminal penalties for violation of prohibition on queries</header> <subsection id="HDE27A70F8BF14E22AF517AA8EE1FA6DD"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 709 of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881h">50 U.S.C. 1881h</external-xref>) is amended—</text>
<paragraph id="H8C3F8AF3744C4FD9A30631A300E1312D" commented="no"><enum>(1)</enum><text display-inline="yes-display-inline">in the heading, by striking <quote><header-in-text level="section" style="OLC">unauthorized disclosure</header-in-text></quote> and inserting <quote><header-in-text level="section" style="OLC">unauthorized disclosure and other actions</header-in-text></quote>;</text></paragraph> <paragraph id="H133BA227B703496985090221EAE77E59" commented="no"><enum>(2)</enum><text>in subsection (a)—</text>
<subparagraph id="H83720E3EA7234E29A0A14E2AC7B76681" commented="no"><enum>(A)</enum><text>by striking <quote>if that person knowingly</quote> and inserting the following: <quote>if that person—</quote></text> <quoted-block style="OLC" id="HC1E3183817BD4B5D8600D046620E6641" display-inline="no-display-inline"> <paragraph id="H18F62710384C4750A8AEA926276FFF72" commented="no"><enum>(1)</enum><text display-inline="yes-display-inline">knowingly</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block></subparagraph>
<subparagraph id="H6371E2A3861147ABBAE86B18A3C16C2D" commented="no"><enum>(B)</enum><text>by striking <quote>party.</quote> and inserting <quote>party;</quote>; and</text></subparagraph> <subparagraph id="HE596D8F097FE435EAF9B3BD5A7697A39" commented="no"><enum>(C)</enum><text display-inline="yes-display-inline">by adding at the end the following new paragraphs:</text>
<quoted-block style="OLC" id="H082C3AC5FA8F4CD39263F53F75756343" display-inline="no-display-inline">
<paragraph id="HDE41A1036A5B48D38A890F3B356EF54F" commented="no"><enum>(2)</enum><text display-inline="yes-display-inline">while serving as an employee or officer of the Federal Bureau of Investigation, knowingly and willfully violates the querying procedures adopted under section 702(f)(1)(A) relating to United States person queries; or</text></paragraph> <paragraph id="H2188A1B1365A4B62A476940B1A8EBBF7" commented="no"><enum>(3)</enum><text display-inline="yes-display-inline">knowingly and willfully falsifies or materially misrepresents complying with the procedures or requirements for querying information acquired under section 702(a).</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block></subparagraph></paragraph>
<paragraph id="HBAD7B3CCBBD74790BC71C4AA948D6047" commented="no"><enum>(3)</enum><text>in subsection (b)—</text> <subparagraph id="H0EF3C729882848838A34DACEE9BFC5C2" commented="no"><enum>(A)</enum><text>by striking <quote>offense in this section</quote> and inserting the following: </text>
<quoted-block style="OLC" id="H7DD3617B77B843388D67F69332A10257" display-inline="yes-display-inline"><text display-inline="yes-display-inline">offense—</text> <paragraph id="HF829D37626F34160ADD0094FFB619D81" commented="no"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraph (1) of subsection (a)</text></paragraph><after-quoted-block>; </after-quoted-block></quoted-block></subparagraph>
<subparagraph id="H88C08E1CD0B44C5A916CC160D1606A76" commented="no"><enum>(B)</enum><text>by striking <quote>title 18</quote> and inserting <quote>title 18, United States Code</quote>; </text></subparagraph> <subparagraph id="H3C2F11E5E538456A91111C6EED978598" commented="no"><enum>(C)</enum><text>by striking <quote>both.</quote> and inserting <quote>both; and</quote>; and</text></subparagraph>
<subparagraph id="H050D1A07C176424297C34A125CC960DD" commented="no"><enum>(D)</enum><text>by adding at the end the following new paragraph:</text> <quoted-block style="OLC" id="H86D5142D934E4C49B42E2A30DE47BF61" display-inline="no-display-inline"> <paragraph id="HC50F25878F5C4A04B44D0E9D17305FF5" display-inline="no-display-inline" commented="no"><enum>(2)</enum><text display-inline="yes-display-inline">in paragraph (2) or (3) of subsection (a), shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph></subsection>
<subsection id="HE7B3C60A33E94A82919A3CC81A602603"><enum>(b)</enum><header>Table of contents amendment</header><text>The table of contents at the beginning of such Act is amended by striking the item relating to section 709 and inserting the following new item:</text> <quoted-block style="OLC" id="H2DB1EBAAFA4E4CE4B86F8EDE3652D4DC" display-inline="no-display-inline"> <toc regeneration="no-regeneration"> <toc-entry level="section">Sec. 709. Penalties for unauthorized disclosure and other actions.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section> <section id="HC472054872C545FDA9308DBF43AB7DD4"><enum>103.</enum><header>Requirement for targeting United States persons under the Foreign Intelligence Surveillance Act of 1978</header><text display-inline="no-display-inline">Section 702 of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a</external-xref>) is amended by adding at the end the following new subsection:</text>
<quoted-block id="HB61A8228EEC848ED8B38D0A6D9FF94BA" style="OLC">
<subsection id="H99B9CE7E31664011BE2622E846C15E78"><enum>(o)</enum><header>Fourth Amendment requirement for targeting United States persons</header>
<paragraph id="H5515737F6B8C48D780931FED026F5A56"><enum>(1)</enum><header>Prohibition on targeting United States persons</header><text>In accordance with subsection (b), no officer or employee of the United States Government may intentionally target a United States person for an acquisition under section 702.</text></paragraph> <paragraph id="H3B487A1430FD4E558C716B26420DD01B"><enum>(2)</enum><header>Order requirements for targeting United States persons</header><text>In accordance with the other provisions of this Act and the Federal Rules of Criminal Procedure, with respect to a United States person, the United States Government may seek—</text>
<subparagraph id="HE0C2919B43FD46DEAC797EAED95CE376"><enum>(A)</enum><text>an order authorizing electronic surveillance in accordance with title I;</text></subparagraph> <subparagraph id="H663F089963354F6181FDAEB7F11B8BC5"><enum>(B)</enum><text>an order authorizing a physical search in accordance with title III;</text></subparagraph>
<subparagraph id="H37AC6A2F8C454F3681EC6E77F3FFE811"><enum>(C)</enum><text>an order authorizing an acquisition in accordance with section 703, 704, or 705; or</text></subparagraph> <subparagraph id="H01324B409A9C435E8CECB0965DE70252"><enum>(D)</enum><text>a warrant issued pursuant to the Federal Rules of Criminal Procedure by a court of competent jurisdiction.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></section>
<section id="H9C8F9B884AB94943B4EE3C3FC267E40D"><enum>104.</enum><header>Attendance procedures for Member access to the Foreign Intelligence Surveillance Court and Foreign Intelligence Surveillance Court of Review</header><text display-inline="no-display-inline">Not later than 60 days after the date of the enactment of this Act, the Attorney General shall—</text> <paragraph id="HC4A557978CF8406287E3B56AABA57E26"><enum>(1)</enum><text display-inline="yes-display-inline">revoke the procedures issued by the Attorney General on or before December 31, 2025, pursuant to section 5(d) of the Reforming Intelligence and Securing America Act (<external-xref legal-doc="public-law" parsable-cite="pl/118/49">Public Law 118–49</external-xref>; <external-xref legal-doc="usc" parsable-cite="usc/50/1803">50 U.S.C. 1803</external-xref> note); and</text></paragraph>
<paragraph id="H37E84BF779CB4E77A1A7C17D4DED75B3"><enum>(2)</enum><text display-inline="yes-display-inline">issue new procedures that comply with such section and ensure the access of the Members of Congress and staff specified in such section to any proceeding of the Foreign Intelligence Surveillance Court or any proceeding of the Foreign Intelligence Surveillance Court of Review.</text></paragraph></section> <section id="HB08DBEE2B53146A0AA3A3599349C460D"><enum>105.</enum><header>Requirement for attorney approval of FBI queries using United States person query term</header><text display-inline="no-display-inline">Section 702(f)(3)(A)(i) of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a(f)(3)(A)(i)</external-xref>) is amended by striking <quote>supervisor (or employee of equivalent or greater rank) or</quote>.</text></section>
<section id="HA7D487D4B94944F8AB440AC5670674C9" display-inline="no-display-inline" section-type="subsequent-section"><enum>106.</enum><header>Government Accountability Office audit of targeting procedures under section 702 of the Foreign Intelligence Surveillance Act of 1978</header>
<subsection id="H1F560005484C4811B49E9E195A12D64E"><enum>(a)</enum><header>Audit</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall conduct an audit of the targeting procedures used for acquisitions under section 702 of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a</external-xref>), including the technical mechanisms, implementation, and operations used by the Federal Government for targeting capabilities.</text></subsection> <subsection id="H22492740A161431895EA8621C9FE5608"><enum>(b)</enum><header>Report</header><text>Not later than one year after the date of the enactment of this Act, the Comptroller General shall submit to the Permanent Select Committee on Intelligence and the Committee on the Judiciary of the House of Representatives and the Select Committee on Intelligence and the Committee on the Judiciary of the Senate a report containing the results of the audit required by subsection (a), including an analysis of whether the targeting procedures as implemented are appropriately limiting targeting under section 702 of the Foreign Intelligence Surveillance Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/50/1881a">50 U.S.C. 1881a</external-xref>) to non-United States persons located outside of the United States.</text></subsection></section>
<section id="HAA0A460DADF048B480826FE6FA1A77CF" section-type="subsequent-section"><enum>107.</enum><header>Extension of authorities of title VII of the Foreign Intelligence Surveillance Act of 1978</header>
<subsection id="HD475B8C1F538495B9EB359755D5F863F"><enum>(a)</enum><header>Extension of repeal date of title VII</header><text display-inline="yes-display-inline">Section 403(b) of the FISA Amendments Act of 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/261">Public Law 110–261</external-xref>), as most recently amended by <external-xref legal-doc="public-law" parsable-cite="pl/119/84">Public Law 119–84</external-xref>, is further amended—</text> <paragraph id="H3F37A03B2ABC418E9B5FDA17B3FC36A0"><enum>(1)</enum><text>in paragraph (1) (<external-xref legal-doc="usc" parsable-cite="usc/50/1881">50 U.S.C. 1881</external-xref> note) by striking <quote>April 30, 2026</quote> and inserting <quote>April 30, 2029</quote>; and</text></paragraph>
<paragraph id="H3F9CF30B4F0342C6A03A13CFB811F62E"><enum>(2)</enum><text display-inline="yes-display-inline">in paragraph (2) (<external-xref legal-doc="usc" parsable-cite="usc/18/2511">18 U.S.C. 2511</external-xref> note), in the matter preceding subparagraph (A), by striking <quote>April 30, 2026</quote> and inserting <quote>April 30, 2029</quote>. </text></paragraph></subsection> <subsection id="H06ECEDD331804CCEA4F78E8869C55381" display-inline="no-display-inline"><enum>(b)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall take effect on the earlier of the date of the enactment of this Act or April 29, 2026.</text></subsection></section>
<enum>II</enum><header>Anti-CBDC Surveillance State Act</header>
<section id="HE9CC905C2BF64A5CBA83E7112A196CE3"><enum>201.</enum><header>Short title</header><text display-inline="no-display-inline">This title may be cited as the <quote>Anti-CBDC Surveillance State Act</quote>.</text></section> <section id="HCE23EDC870444F69903BF800F75716BF" display-inline="no-display-inline" section-type="subsequent-section"><enum>202.</enum><header>Prohibition on Federal reserve banks relating to certain products or services for individuals and prohibition on directly issuing a central bank digital currency</header><text display-inline="no-display-inline">Section 16 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/411">12 U.S.C. 411 et seq.</external-xref>) is amended by adding at the end the following new paragraph:</text>
<quoted-block style="OLC" id="H39DFAB56DE184EEE9F84FBF4F6A48C9D" display-inline="no-display-inline">
<paragraph id="H3DCEF026517844E791FFCA94A59BF1EB" indent="up1"><enum>(18)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H9598048036794D98BBF9F5F09B0B12C8"><enum>(A)</enum><text>A Federal reserve bank may not—</text> <clause id="H9597BDBC9B5C4FDF8F5708E26E7CC775" indent="up2"><enum>(i)</enum><text>offer financial products or services directly to an individual;</text></clause>
<clause id="H14A0837C4E9D462284C4CA22D7A8FE03" indent="up2"><enum>(ii)</enum><text>maintain an account on behalf of an individual; or</text></clause> <clause id="HDEDA9CFE31EE4530B711E3B1387BC504" indent="up2"><enum>(iii)</enum><text display-inline="yes-display-inline">issue a central bank digital currency, or any digital asset that is substantially similar under any other name or label.</text></clause></subparagraph>
<subparagraph id="HC58F29E0E0FA42ED9B7482FA86CE2913" indent="up1"><enum>(B)</enum><text>In this paragraph, the term <quote>central bank digital currency</quote> has the meaning given that term under section 10(11)(D).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></section> <section id="HFC025C43AB2A4F1FA539B00E36701779"><enum>203.</enum><header>Prohibition on Federal reserve banks indirectly issuing a central bank digital currency</header><text display-inline="no-display-inline">Section 16 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/411">12 U.S.C. 411 et seq.</external-xref>), as amended by section 2, is further amended by adding at the end the following paragraph:</text>
<quoted-block style="OLC" id="H885065984B054309B16C187AF6F7A894" display-inline="no-display-inline">
<paragraph id="HEFF4AE57E5DE451FA8E76BD1C1F627DA" indent="up1"><enum>(19)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H678349B01DD043B98341A0570962960A"><enum>(A)</enum><text display-inline="yes-display-inline">A Federal reserve bank may not offer a central bank digital currency, or any digital asset that is substantially similar under any other name or label, indirectly to an individual through a financial institution or other intermediary.</text></subparagraph> <subparagraph id="H943612AC4F614E44873C4BE6F5AB5969" indent="up1"><enum>(B)</enum><text>In this paragraph, the term <quote>central bank digital currency</quote> has the meaning given that term under section 10(11)(D).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></section>
<section id="H86FABA0793F54B8C8483C98127CE2470"><enum>204.</enum><header>Prohibition with respect to central bank digital currency</header><text display-inline="no-display-inline">Section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/241">12 U.S.C. 241 et seq.</external-xref>) is amended by inserting before paragraph (12) the following:</text> <quoted-block style="OLC" id="H95277FD1B8914923AC0447086EFBB165" display-inline="no-display-inline"> <paragraph id="HCABDECEE938C4990B2C1A765F91189B4"><enum>(11)</enum><header>Prohibition with respect to central bank digital currency</header> <subparagraph id="H2BA979B25C0F4F97B88CB40E58EC87B9"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System may not test, study, develop, create, or implement a central bank digital currency, or any digital asset that is substantially similar under any other name or label.</text></subparagraph>
<subparagraph id="HAA6B0E2F8771468A93D7D909D449D186"><enum>(B)</enum><header>Monetary policy</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use a central bank digital currency to implement monetary policy, or any digital asset that is substantially similar under any other name or label.</text></subparagraph> <subparagraph id="HC026D3CCDEBF41DB85FF66ABECCAA4C6"><enum>(C)</enum><header>Exception</header><text display-inline="yes-display-inline">Subparagraph (A) and sections 16(18)(A)(iii) and 16(19)(A) may not be construed to prohibit any dollar-denominated currency that is open, permissionless, and private, and fully preserves the privacy protections of United States coins and physical currency.</text></subparagraph>
<subparagraph id="H78DF91C464064A679279E8EE5561F6A9" commented="no" display-inline="no-display-inline"><enum>(D)</enum><header>Central bank digital currency defined</header><text display-inline="yes-display-inline">In this paragraph, the term <quote>central bank digital currency</quote> means a form of digital money or monetary value that is—</text> <clause id="HBD3D286103E04760A80D52216D19BA3E" commented="no"><enum>(i)</enum><text>denominated in the national unit of account;</text></clause>
<clause id="HADBDEEF50D7140F69ABAA8FB04092467" commented="no"><enum>(ii)</enum><text>a direct liability of the Federal Reserve System; and</text></clause> <clause id="HA750ADA8219D48368BC69C21288D5542" commented="no"><enum>(iii)</enum><text>widely available to the general public.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></section>
<section id="H486981D825B342BFB16F7908CED07ED2"><enum>205.</enum><header>Sense of Congress</header><text display-inline="no-display-inline">It is the sense of Congress that the Board of Governors of the Federal Reserve System currently does not have the authority to issue a central bank digital currency, or any digital asset that is substantially similar under any other name or label, and will not have such authority unless Congress grants it under Congress’s Article 1 Section 8 powers.</text></section> Kevin F. McCumberClerk.