S. 4994 — Introduced in Senate

II 117th CONGRESS 2d Session S. 4994 IN THE SENATE OF THE UNITED STATES September 28, 2022Mr. Lankford introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from discontinuing Federal Reserve notes if a central bank digital currency is issued, and for other purposes. 1. Short title This Act may be cited as the No Digital Dollar Act. 2. Central bank digital currency (a) Federal Reserve notes Section 16 of the Federal Reserve Act is amended by adding after the 17th undesignated paragraph (12 U.S.C. 467) the following: The Board of Governors may not discontinue issuing Federal Reserve notes if a central bank digital currency is issued. . (b) Coins Section 5112 of title 31, United States Code, is amended by adding at the end the following: (aa) Central bank digital currency The Secretary of the Treasury may not discontinue minting and issuing coins under this section if a central bank digital currency is issued. . (c) Not legal tender No central bank digital currency shall be considered legal tender under section 5103 of title 31, United States Code.