Introduced in House
Power of the Mint Act
SEC. 1. SHORT TITLETrack this section →
This Act may be cited as the Power of the Mint Act.
SEC. 2. FINDINGSTrack this section →
The Congress finds the following: (1) The article I, section 8 of the Constitution states that only Congress has the authority to coin money and regulate the value of such money. (2) The Federal Reserve Act of 1913 provides that the Federal Reserve banks shall act as the fiscal agents of the United States and depositories when required to do so by the Secretary of the Treasury.
SEC. 3. CENTRAL BANK DIGITAL CURRENCYTrack this section →
(a) In general The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 16 the following: 16A. Central bank digital currency (a) In general The Board of Governors of the Federal Reserve may not, absent Congressional authorization, issue a central bank digital currency. (b) Central bank digital currency defined In this section, the term central bank digital currency means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve.. (b) Treasury Chapter 3 of subtitle I of title 31 of the United States Code is amended by inserting after section 316 the following: 317. Central bank digital currency (a) In general The Secretary of the Treasury may not, absent Congressional authorization, direct the Board of Governors of the Federal Reserve to issue a central bank digital currency. (b) Central Bank Digital Currency defined In this section, the term central bank digital currency means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank..