[Congressional Record Volume 172, Number 20 (Wednesday, January 28, 2026)]
[Senate]
[Page S354]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4249. Mr. CRUZ submitted an amendment intended to be proposed by 
him to the bill H.R. 7148, making further consolidated appropriations 
for the fiscal year ending September 30, 2026, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROHIBITIONS ON FEDERAL RESERVE AND FEDERAL RESERVE 
                   BANK ACTIVITIES.

       (a) Short Title.--This section may be cited as the ``Anti-
     CBDC Surveillance State Act''.
       (b) Prohibition on Federal Reserve Banks Relating to 
     Certain Products or Services for Individuals and Prohibition 
     on Directly Issuing a Central Bank Digital Currency.--Section 
     16 of the Federal Reserve Act (12 U.S.C. 411 et seq.) is 
     amended by adding at the end the following:
       ``A Federal reserve bank may not--
       ``(1) offer products or services directly to an individual;
       ``(2) maintain an account on behalf of an individual; or
       ``(3) issue a central bank digital currency, as defined in 
     section 10(11)(D), or any digital asset that is substantially 
     similar under any other name or label.''.
       (c) Prohibition on Federal Reserve Banks Indirectly Issuing 
     a Central Bank Digital Currency.--Section 16 of the Federal 
     Reserve Act (12 U.S.C. 411 et seq.), as amended by section 2, 
     is further amended by adding at the end the following:
       ``A Federal reserve bank may not offer a central bank 
     digital currency, as defined in section 10(11)(D), 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.''.
       (d) Prohibition With Respect to Central Bank Digital 
     Currency.--Section 10 of the Federal Reserve Act (12 U.S.C. 
     241 et seq.) is amended by inserting before paragraph (12) 
     the following:
       ``(11) Prohibition with respect to central bank digital 
     currency.--
       ``(A) In general.--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.
       ``(B) Monetary policy.--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.
       ``(C) Exception.--Subparagraph (A) and the eighteenth and 
     nineteenth undesignated paragraphs of section 16 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.
       ``(D) Central bank digital currency defined.--In this 
     paragraph, the term `central bank digital currency' means a 
     form of digital money or monetary value that is--
       ``(i) denominated in the national unit of account;
       ``(ii) a direct liability of the Federal Reserve System; 
     and
       ``(iii) widely available to the general public.''.
       (e) Sense of Congress.--It is the sense of Congress that 
     the Board of Governors of the Federal Reserve 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 such authority pursuant to section 8 of 
     article I of the Constitution of the United States.
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