,,ii  #aai? ,,congress  #a/ ,session    
,s4 #aabd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #be1 #bjbe,mr4    
,cruz 7= himself1 ,mr4 ,budd1 ,mr4      
,cram]1 & ,mr4 ,tillis7 introduc$ !     
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to am5d !  
,f$]al ,res]ve ,act to prohibit ! ,f$]al
 res]ve banks f (f]+ c]ta9 products or  
s]vices directly to an individual1 to   
prohibit ! use ( c5tral bank digital    
curr5cy = monet>y policy1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,anti-,,cbdc ,surveillance 
,/ate ,act4  #b4 ,prohibition on ,f$]al 
res]ve banks relat+ to c]ta9 products or
 s]vices = individuals & prohibition on 
directly issu+ a c5tral bank digital    
curr5cy ,section #af ( ! ,f$]al ,res]ve 
,act 7#ab ,u4,s4,c4 #daa et seq47 is    
am5d$ by add+ at ! end ! foll[+3  ,a    
,f$]al res]ve bank may n-- 7#a7 (f]     
products or s]vices directly to an      
individual2  7#b7 ma9ta9 an acc\nt on   

behalf ( an individual2 or  7#c7 issue a
 c5tral bank digital curr5cy1 z def9$ 9 
section #aj7aa77;,d71 or any digital    
asset t is sub/antially simil> "u any   
o!r "n or label4  4  #c4 ,prohibition on
 ,f$]al res]ve banks indirectly issu+ a 
c5tral bank digital curr5cy ,section #af
 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 
#daa et seq471 z am5d$ by section #b1 is
 fur!r am5d$ by add+ at ! end ! foll[+3 
,a ,f$]al res]ve bank may n (f] a c5tral
 bank digital curr5cy1 z def9$ 9 section
 #aj7aa77;,d71 or any digital asset t is
 sub/antially simil> "u any o!r "n or   
label1 indirectly to an individual ?r\gh
 a f9ancial in/itution or o!r int]m$i>y4
  4  #d4 ,prohibition ) respect to      
c5tral bank digital curr5cy ,section #aj
 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 
#bda et seq47 is am5d$ by ins]t+ be=e   
p>agraph 7#ab7 ! foll[+3  7#aa7         
,prohibition ) respect to c5tral bank   
digital curr5cy  7,a7 ,9 g5]al ,! ,bo>d 
( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em   
may n te/1 /udy1 develop1 create1 or    

implem5t a c5tral bank digital curr5cy1 
or any digital asset t is sub/antially  
simil> "u any o!r "n or label4  7,b7    
,monet>y policy ,! ,bo>d ( ,gov]nors ( !
 ,f$]al ,res]ve ,sy/em & ! ,f$]al ,op5  
,m>ket ,committee may n use a c5tral    
bank digital curr5cy to implem5t monet>y
 policy1 or any digital asset t is      
sub/antially simil> "u any o!r "n or    
label4  7,c7 ,exception ,subp>agraph    
7,a7 & ! eighte5? & n9ete5? undesignat$ 
p>agraphs ( section #af may n be con/ru$
 to prohibit any doll>-d5om9at$ curr5cy 
t is op51 p]missionless1 & private1 &   
fully pres]ves ! privacy protections (  
,unit$ ,/ates co9s & physical curr5cy4  
7,d7 ,c5tral bank digital curr5cy def9$ 
,9 ?is p>agraph1 ! t]m c5tral bank      
digital curr5cy means a =m ( digital    
money or monet>y value t is-- 7i7       
d5om9at$ 9 ! national unit ( acc\nt2    
7ii7 a direct liability ( ! ,f$]al      
,res]ve ,sy/em2 &  7iii7 widely         
available to ! g5]al public4  4  #e4    
,s5se ( ,congress ,x is ! s5se (        

,congress t ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve does n h ! au?ority to   
issue a c5tral bank digital curr5cy1 or 
any digital asset t is sub/antially     
simil> "u any o!r "n or label1 & w n h  
su* au?ority unless ,congress grants su*
 au?ority pursuant to section #h (      
article ,i ( ! ,con/itution ( ! ,unit$  
,/ates4