Bans the Federal Reserve from creating a digital dollar or offering direct services to individuals.
This bill would stop the Federal Reserve from creating a new digital currency for public use. It would also prevent the Fed from offering banking services or accounts directly to individuals. This means regular people would not be able to have a digital dollar from the Fed or bank directly with them.
Today, the Federal Reserve Act does not explicitly stop Federal reserve banks from offering direct services or accounts to individuals, nor does it explicitly stop them from issuing a central bank digital currency. This bill would explicitly prohibit Federal reserve banks from offering services or accounts directly to individuals and from issuing a central bank digital currency, either directly or indirectly. It would also stop the Federal Reserve's Board and the Federal Open Market Committee from developing or using such a digital currency, including for managing the economy.
S 1124 · 119th Congress · March 25, 2025 · AI Summary by gemini-2.5-flash · 8/10
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8 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.