Legislation Search

H.R. 1919: Anti-CBDC Surveillance State Act

This bill, known as the Anti-CBDC Surveillance State Act, aims to amend the Federal Reserve Act in several specific ways regarding central bank digital currencies (CBDCs). Below are the main points of what the bill would do:

Prohibition on Individual Services by Federal Reserve Banks

The bill prohibits Federal Reserve banks from:

Offering products or services directly to individuals.
Maintaining accounts for individuals.
Issuing a central bank digital currency or any digital asset similar to it under any name.

Indirect Issuance of CBDCs

The bill also prevents Federal Reserve banks from indirectly issuing a central bank digital currency through financial institutions or other intermediaries. This means that financial institutions could not provide a CBDC to individuals even if facilitated by the Federal Reserve banks.

Direct Prohibition on CBDCs

Further, the bill specifically prohibits the Board of Governors of the Federal Reserve System from:

Testing, studying, developing, creating, or implementing a CBDC or similar digital asset.
Using a CBDC to implement monetary policy.

However, the bill clarifies that it does not prevent the creation of dollar-denominated currencies that are open, permissionless, private, and maintain the privacy protections of physical currency.

Definition and Authority Regarding CBDCs

The bill defines a central bank digital currency as digital money or monetary value that:

Is denominated in the national unit of account.
Represents a direct liability of the Federal Reserve System.
Is widely available to the general public.

Additionally, the bill states that Congress believes the Federal Reserve currently does not have the authority to issue a central bank digital currency unless granted by Congress.

Overall Intent

The intent of the bill is to restrict the powers of the Federal Reserve in regards to creating and managing any form of central bank digital currency, thereby aiming to prevent a potential surveillance state via digital means.

Relevant Companies

None found.

This is an AI-generated summary of the bill text. There may be mistakes.

Actions

6 actions

Date	Action
May. 06, 2025	Placed on the Union Calendar, Calendar No. 66.
May. 06, 2025	Reported (Amended) by the Committee on Financial Services. H. Rept. 119-92.
Apr. 02, 2025	Committee Consideration and Mark-up Session Held
Apr. 02, 2025	Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 27 - 22.
Mar. 06, 2025	Introduced in House
Mar. 06, 2025	Referred to the House Committee on Financial Services.

Corporate Lobbying

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