Expressing the sense of the House of Representatives 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.

12/15/2023, 3:52 PM

Summary of Bill HRES 629

Bill 118 H.Res. 629, titled "Expressing the sense of the House of Representatives 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," is a resolution introduced in the US House of Representatives.

The purpose of this resolution is to convey the House's opinion that the Federal Reserve should not be allowed to pursue the development or implementation of a central bank digital currency (CBDC) or use such a tool to conduct monetary policy. The resolution specifically targets the Board of Governors of the Federal Reserve System and the Federal Open Market Committee, urging them to refrain from moving forward with any plans related to a CBDC.

The resolution suggests that the House believes that the introduction of a CBDC could have negative implications for the US financial system and economy. It raises concerns about potential risks and challenges associated with a CBDC, such as privacy issues, cybersecurity threats, and the potential for destabilizing the traditional banking system. Overall, Bill 118 H.Res. 629 reflects the House's stance on the issue of central bank digital currencies and seeks to prevent the Federal Reserve from pursuing such initiatives in the future. It is important to note that this resolution does not have the force of law, but rather serves as a statement of the House's position on the matter.

Congressional Summary of HRES 629

This resolution expresses the sense of the House of Representatives that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee should not be allowed to (1) develop, create, or implement a central bank digital currency; or (2) use any such tool to implement monetary policy.

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Current Status of Bill HRES 629

Bill HRES 629 is currently in the status of Bill Introduced since July 27, 2023. Bill HRES 629 was introduced during Congress 118 and was introduced to the House on July 27, 2023. Bill HRES 629's most recent activity was Referred to the House Committee on Financial Services. as of July 27, 2023

Bipartisan Support of Bill HRES 629

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HRES 629

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HRES 629

Expressing the sense of the House of Representatives 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.Expressing the sense of the House of Representatives 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.

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