Digital Dollar Pilot Prevention Act
12/15/2023, 3:58 PMSummary of Bill HR 3712
The Digital Dollar Pilot Prevention Act, also known as Bill 118 hr 3712, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to prevent the implementation of a digital dollar pilot program by the Federal Reserve.The bill aims to prohibit the Federal Reserve from creating or implementing any digital currency or digital wallet that would be used as legal tender in the United States. It also seeks to prevent the Federal Reserve from conducting any pilot programs or studies related to a digital dollar.
Supporters of the bill argue that a digital dollar could have negative implications for the US economy, including potential privacy concerns and risks to financial stability. They believe that the Federal Reserve should not be involved in creating a digital currency and that any such decisions should be made by Congress. Opponents of the bill argue that a digital dollar could have benefits, such as increased financial inclusion and efficiency in transactions. They believe that the Federal Reserve should have the ability to explore and potentially implement a digital currency in the future. Overall, the Digital Dollar Pilot Prevention Act is a controversial piece of legislation that raises important questions about the future of currency and the role of the Federal Reserve in the digital age. It will be interesting to see how this bill progresses through Congress and what impact it may have on the future of US currency.
Congressional Summary of HR 3712
Digital Dollar Pilot Prevention Act
This bill prohibits the Board of Governors of the Federal Reserve System and the Federal Reserve banks from establishing, carrying out, or approving a program to test the feasibility of issuing a central bank digital currency.
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Current Status of Bill HR 3712
Bill HR 3712 is currently in the status of Bill Introduced since May 25, 2023. Bill HR 3712 was introduced during Congress 118 and was introduced to the House on May 25, 2023. Bill HR 3712's most recent activity was Referred to the House Committee on Financial Services. as of May 25, 2023Bipartisan Support of Bill HR 3712
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
40Democrat Cosponsors
0Republican Cosponsors
40Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3712
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 3712
Digital Dollar Pilot Prevention ActDigital Dollar Pilot Prevention ActTo 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.Comments
Most relevant
Sponsors and Cosponsors of HR 3712
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