A bill to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, and for other purposes.
Source: Congress.gov ·
258 words in original text
What This Bill Does
This bill changes the Federal Reserve Act to stop Federal Reserve banks from offering certain services directly to regular people. The bill specifically prevents Federal Reserve banks from giving products, services, accounts or digital currency directly to individuals.
Who It Affects
Federal Reserve banks and individuals who might otherwise receive products, services or accounts from those banks.
Key Provisions
• Federal Reserve banks cannot offer products or services directly to an individual (Sec. 1)
• Federal Reserve banks cannot maintain an account on behalf of an individual (Sec. 1)
• Federal Reserve banks cannot issue a central bank digital currency (a type of electronic money issued by the Federal Reserve) directly to an individual (Sec. 1)
What Changes
If this bill becomes law, Federal Reserve banks would be prohibited from doing business directly with individual people in the ways described above. Currently, the bill text does not explain what services Federal Reserve banks currently offer to individuals or how this change would affect existing arrangements.
Important Definitions
The bill does not define "products," "services," "account," "central bank digital currency" or "individual."
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.