Prohibition on Federal reserve banks relating to certain products or services for individuals and prohibition on directly issuing a central bank digital currency

Section 16 of the Federal Reserve Act (12 U.S.C. 411 et seq.) is amended by adding at the end the following new paragraph: (18) (A) A Federal reserve bank may not— (i) offer financial products or services directly to an individual; (ii) maintain an account on behalf of an individual; or (iii) issue a central bank digital currency, or any digital asset that is substantially similar under any other name or label. (B) In this paragraph, the term central bank digital currency has the meaning given that term under section 10(11)(D)..