H.R. 1430 — No CBDC Act

This section establishes the short title of the Act as the “No Central Bank Digital Currency Act” or the “No CBDC Act.”

This section prohibits any Federal Reserve bank, the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, any other agency, or any entity acting on their behalf from minting or issuing a central bank digital currency directly to an individual or to a digital currency intermediary, including through a custodial intermediary; offering related products or services directly to an individual; or maintaining an account on behalf of an individual, including a specially designated account at a digital currency intermediary or supervised commercial bank. It also prohibits any Federal Reserve bank from holding digital currencies minted or issued by the United States Government as assets or liabilities on its balance sheet or using such digital currencies to satisfy the reserve requirements under section 2A of the Federal Reserve Act.