S. 464 — No CBDC Act

This section prohibits Federal Reserve banks, the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, other agencies, and entities directed by them from minting or issuing central bank digital currency directly to individuals—including through a custodial intermediary—or to a digital currency intermediary; from offering related products or services directly to individuals; and from maintaining accounts on behalf of individuals, including in specially designated accounts at a digital currency intermediary or supervised commercial bank. The section further prohibits Federal Reserve banks from holding digital currencies minted or issued by the U.S. government as assets or liabilities on their balance sheets or from using such digital currencies to fulfill monetary policy requirements under section 2A of the Federal Reserve Act.