1. Short title This Act may be cited as the Cease Orwellian Surveillance and Targeting Act of 2023 or the COST Act of 2023 . 2. Prohibition on issuing a central bank digital currency or offering certain products or services Section 13 of the Federal Reserve Act is amended by adding at the end the following new paragraph: (15) Prohibition on issuing a central bank digital currency (A) In general The Board of Governors of the Federal Reserve System and the Federal reserve banks may not mint or issue a central bank digital currency. (B) Central bank digital currency defined In this paragraph, 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 Board of Governors of the Federal Reserve System or the central bank of a foreign country. (16) Prohibition on offer products or services, either directly or indirectly through an intermediary, to an individual or entity (A) In general A Federal reserve bank may not— (i) offer products or services to an individual or entity, either directly or indirectly through an intermediary; (ii) provide coins or currency directly to an individual or entity; or (iii) maintain an account on behalf of an individual or entity. (B) Exceptions Subparagraph (A) shall not apply to— (i) a depository institution; (ii) an insured credit union; (iii) the Department of the Treasury; (iv) the Federal Home Loan Banks; (v) the Federal Home Loan Mortgage Corporation; (vi) the Federal National Mortgage Association; (vii) the Government National Mortgage Association; (viii) a foreign correspondent or agency, foreign bank or banker (including a branch or agency of a foreign bank), or foreign state; (ix) a financial market utility designated by the Financial Stability Oversight Council under section 804 of the Payment, Clearing, and Settlement Supervision Act of 2010