S. 1124 · Where this bill is now
In committee
Introduced in the Senate, Mar 25, 2025
What this bill does
In plain words · AI-written from the official summaryBlocks Federal Reserve from creating digital currency
This bill would prevent the Federal Reserve from issuing a central bank digital currency, sometimes called a digital dollar. It would also prohibit Federal Reserve banks from offering products or services directly to regular people or holding accounts for them. The bill includes some exceptions, but overall it would stop the Federal Reserve from testing, studying, creating, or using a digital currency for monetary policy.
How it affects you
If you use banking services, this could affect how the Federal Reserve operates in the future, though the official summary doesn't spell out specific changes to everyday banking for individuals. The bill is mainly about limiting what the Federal Reserve can do at an institutional level rather than directly changing services available to the public right now.
Read the official summary (Introduced in Senate, Mar 25, 2025)
Anti-CBDC Surveillance State Act
This bill prohibits a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar). Further, the Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from testing, studying, creating, or implementing a central bank digital currency, with exceptions as provided by the bill.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionS. 1124
A BILL
Anti-CBDC Surveillance State Act
Sponsor: Sen. Ted Cruz (R-TX) · Introduced Mar 25, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 25, 2025: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.”
Sections
Sections · 5
- Sec. 1Short titleNo change
- Sec. 2Prohibition on Federal reserve banks relating to certain products or services for individuals and prohibition on directly issuing a central bank digital currencyNo change
- Sec. 3Prohibition on Federal reserve banks indirectly issuing a central bank digital currencyNo change
- Sec. 4Prohibition with respect to central bank digital currencyNo change
- Sec. 5Sense of CongressNo change