I 118th CONGRESS 1st Session H. R. 3712 IN THE HOUSE OF REPRESENTATIVES May 25, 2023 Mr. Mooney (for himself, Mr. Sessions , Mr. Posey , Mr. Norman , Mr. Donalds , Mr. Rose , Mr. Ogles , Mr. Duncan , Mr. Steube , Mr. Weber of Texas , Mr. Grothman , Mr. Jackson of Texas , Mrs. Spartz , Ms. Hageman , and Mr. Good of Virginia ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Reserve Act to require an Act of Congress for certain activities related to the issuance of a central bank digital currency, and for other purposes.

1. Short title This Act may be cited as the Digital Dollar Pilot Prevention Act . 2. Central bank digital currency 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 Unless authorized by an Act of Congress enacted after the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and the Federal reserve banks may not establish, carry out, or approve a program intended to test the practicability of issuing a central bank digital currency, including by partnering or coordinating with a private sector entity to carry out such a program. (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. .