label, to implement monetary policy. . 5. Central bank digital currency (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 System 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 System. . (b) Treasury (1) In general Chapter 3 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 System 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. . (2) Clerical amendment The table of sections for chapter 3 of title 31, United States Code, is amended by inserting after the item relating to section 316 the following: 317. Central bank digital currency. . 6. Protection for open, permissionless, and private currency This Act and the amendments made by this Act shall not apply to any dollar-denominated currency that is open, permissionless, and private, and fully preserves the privacy protections of United States coins and physical currency.