HR 5403 · 118th Congress 2023–2025, ended

CBDC Anti-Surveillance State Act

Introduced Sep 12, 2023 Originated House Sponsor Tom Emmer R-MN

Fact sheet Spreadsheet

Latest action · Jun 3, 2024 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedSep 12, 2023
  2. Passed HouseMay 23, 2024
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

CBDC Anti-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) directly or indirectly to an individual. 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 issuing a central bank digital currency.

Recorded votes 4

Newest first. Open one to see how every member voted.

Roll callQuestionResultDate
House 230Passed216–192May 23, 2024
House 229On Agreeing to the AmendmentAgreed to212–195May 23, 2024

Yea 212

Nay 195

Not voting 28

House 228Agreed to206–193May 23, 2024
House 227Agreed to204–176May 23, 2024

Cosponsors 165

Members who signed on, in the order they did. Signatures ran from Sep 12, 2023 to May 7, 2024; 52 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
R-TNAndrew OglesOriginalSep 12, 2023
R-KYAndy BarrOriginalSep 12, 2023
R-AZAndy BiggsOriginalSep 12, 2023
R-MOAnn WagnerOriginalSep 12, 2023
R-FLAnna Paulina LunaOriginalSep 12, 2023
R-TXAugust PflugerOriginalSep 12, 2023
R-GAAustin ScottOriginalSep 12, 2023
R-GABarry LoudermilkOriginalSep 12, 2023
R-FLBill PoseyOriginalSep 12, 2023
R-WIBryan SteilOriginalSep 12, 2023
R-FLByron DonaldsOriginalSep 12, 2023
R-NJChristopher H. SmithOriginalSep 12, 2023
R-FLCory MillsOriginalSep 12, 2023
R-PADaniel MeuserOriginalSep 12, 2023
R-CADavid G. ValadaoOriginalSep 12, 2023
Show all 165 cosponsors

Committees 2

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseFinancial Services Committee
Referred Sep 12, 2023Markup Sep 20, 2023Reported May 7, 2024
SenateBanking, Housing, and Urban Affairs Committee
Referred Jun 3, 2024

Actions 24

Everything that happened, newest first.

  1. Jun 3, 2024Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. May 23, 2024Considered under the provisions of rule H. Res. 1243. (consideration: H3496-3509)
  3. May 23, 2024Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
  4. May 23, 2024House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1243 and Rule XVIII.
  5. May 23, 2024The Speaker designated the Honorable Clay Higgins to act as Chairman of the Committee.
Show all 24 actions

In the Congressional Record 2

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
HouseDebate and remarks H3496–H3506Text printed H3503Amendments H3504, H3505, H3506Recorded votes H3507, H3508, H3509Davidson amendment (prohibit FRS efforts to design, build, develop, establish, or issue central bank digital currency)enactOgles amendment (prohibit FRS efforts to develop, create, or implement central bank digital currency, or use any such tool to implement monetary policy)Alexander X. Mooney R-WV (amendment), Andrew Ogles R-TN (amendment), Bill Huizenga R-MI, Brad Sherman D-CA, Celeste Maloy R-UT, Frank D. Lucas R-OK, J. French Hill R-AR, Jake Auchincloss D-MA, James A. Himes D-CT, Keith Self R-TX, Marjorie Taylor Greene R-GA, Maxine Waters D-CA, Mike Flood R-NE, Patrick T. McHenry R-NC, Roger Williams R-TX, Scott Perry R-PA, Stephen F. Lynch D-MA, Tom Emmer R-MN, Warren Davidson R-OH (amendment)May 23, 2024
HouseDebate and remarks H3414–H3419Text printed H3414Recorded votes H3418consideration (H. Res. 1243), previous questionDeclaratory Statements H3486Erin Houchin R-IN, James P. McGovern D-MA, John W. Rose R-TN, Nicholas A. Langworthy R-NYMay 22, 2024

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Committee report

Congressional Budget Office cost estimate

  1. May 9, 2024H.R. 5403, CBDC Anti-Surveillance State ActAs reported by the House Committee on Financial Services on May 7, 2024

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article 1, Section 8 of the U.S. Constitution The single subject of this legislation is: This bill concerns central bank digital currencies.

The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 147, September 12, 2023, page H4264.

CRS reports 4

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 4

Products on other subjects that cite it, usually among other measures.

Amendments 3

Amendments offered to this bill.

AmendmentDescriptionOffered byStatus
HAmdt 924An amendment numbered 1 printed in Part C of House Report 118-516 to add a sense of Congress that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee should not be permitted to develop, create, or implement a central bank digital currency, or use any such tool to implement monetary policy.Andrew Ogles R-TNOn agreeing to the Ogles amendment (A001) Agreed to by recorded vote: 204 - 176 (Roll no. 227).
HAmdt 925Amendment prohibits the Federal Reserve's Central Bank Digital Currency (CBDC) pilot programs.Alexander X. Mooney R-WVOn agreeing to the Mooney amendment (A002) Agreed to by recorded vote: 206 - 193 (Roll no. 228).
HAmdt 926Amendment prohibits the Federal Reserve Bank and the Treasury Department from designing, building, developing, establishing, or issuing a Central Bank Digital Currency (CBDC).Warren Davidson R-OHOn agreeing to the Davidson amendment (A003) Agreed to by recorded vote: 212 - 195 (Roll no. 229).

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HRES 1243Providing for consideration of the bill (H.R. 4763) to provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes; providing for consideration of the bill (H.R. 5403) to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes; and providing for consideration of the bill (H.R. 192) to prohibit individuals who are not citizens of the United States from voting in elections in the District of Columbia.Related billMay 22, 2024

Titles 5

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.
Short Title(s) as Introduced
CBDC Anti-Surveillance State Act
Short Title(s) as Reported to House
CBDC Anti-Surveillance State Act
Short Title(s) as Passed House
CBDC Anti-Surveillance State Act
Short Titles from RFS (Referred to Senate) bill text
CBDC Anti-Surveillance State Act

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 4

Each version as it was printed, newest first.

  1. Jun 3, 2024Referred in Senate
  2. May 23, 2024Engrossed in House
  3. May 7, 2024Reported in House
  4. Sep 12, 2023Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.