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I
118TH CONGRESS
1ST SESSION H. R. 3402
To prohibit the Board of Governors of the Federal Reserve and the Secretary
of the Treasury from issuing a central bank digital currency, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 17, 2023
Mr. AUCHINCLOSS (for himself and Mr. HILL) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
To prohibit the Board of Governors of the Federal Reserve
and the Secretary of the Treasury from issuing a central
bank digital currency, and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Power of the Mint
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Act’’.
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SEC. 2. FINDINGS.
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The Congress finds the following:
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•HR 3402 IH
(1) The article I, section 8 of the Constitution
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states that only Congress has the authority to coin
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money and regulate the value of such money.
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(2) The Federal Reserve Act of 1913 provides
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that the Federal Reserve banks shall act as the fis-
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cal agents of the United States and depositories
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when required to do so by the Secretary of the
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Treasury.
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SEC. 3. CENTRAL BANK DIGITAL CURRENCY.
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(a) IN GENERAL.—The Federal Reserve Act (12
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U.S.C. 221 et seq.) is amended by inserting after section
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16 the following:
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‘‘SEC. 16A. CENTRAL BANK DIGITAL CURRENCY.
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‘‘(a) IN GENERAL.—The Board of Governors of the
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Federal Reserve may not, absent Congressional authoriza-
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tion, issue a central bank digital currency.
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‘‘(b) CENTRAL
BANK
DIGITAL
CURRENCY
DE-
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FINED.—In this section, the term ‘central bank digital
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currency’ means a form of digital money or monetary
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value, denominated in the national unit of account, that
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is a direct liability of the Federal Reserve.’’.
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(b) TREASURY.—Chapter 3 of subtitle I of title 31
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of the United States Code is amended by inserting after
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section 316 the following:
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•HR 3402 IH
‘‘SEC. 317. CENTRAL BANK DIGITAL CURRENCY.
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‘‘(a) IN GENERAL.—The Secretary of the Treasury
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may not, absent Congressional authorization, direct the
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Board of Governors of the Federal Reserve to issue a cen-
4
tral bank digital currency.
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‘‘(b) CENTRAL
BANK
DIGITAL
CURRENCY
DE-
6
FINED.—In this section, the term ‘central bank digital
7
currency’ means a form of digital money or monetary
8
value, denominated in the national unit of account, that
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is a direct liability of the central bank.’’.
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Æ
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