ECASH Act

Hozzl · 2022-12-29T22:03:46Z

Explore the details of House Bill 7231 ECASH Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/29/2022, 10:03 PM

Summary of Bill HR 7231

The ECASH Act, also known as Bill 117 hr 7231, is a piece of legislation introduced in the US Congress. The main goal of this bill is to establish a digital currency issued by the Federal Reserve, known as "e-cash." This digital currency would be accessible to all Americans and would provide a secure and efficient means of conducting transactions.

The ECASH Act aims to modernize the US financial system by providing a digital alternative to traditional currency. This would allow for faster and more convenient transactions, as well as increased financial inclusion for those who may not have access to traditional banking services.

Additionally, the bill includes provisions for the protection of consumer data and privacy, as well as measures to prevent fraud and money laundering. The Federal Reserve would be responsible for overseeing the implementation and regulation of the e-cash system. Overall, the ECASH Act represents a significant step towards the digitalization of the US economy and the modernization of the financial system. It aims to provide Americans with a secure and efficient means of conducting transactions while also ensuring the protection of consumer data and privacy.

Congressional Summary of HR 7231

Electronic Currency And Secure Hardware Act or the ECASH Act

This bill requires the Department of the Treasury to support the development of an electronic dollar.

The electronic dollar must be

payable to the bearer;
considered legal tender;
an obligation of the United States;
placed into circulation by Treasury;
able to be directly used by the public; and
capable of instantaneous, offline transactions using hardware devices not involving a third-party intermediary.

The bill also provides for privacy requirements applicable to any hardware device used for electronic dollar transactions.

Merchants who accept physical currency and the federal government must accept electronic dollars as a form of payment.

The bill also establishes

the Electronic Currency Innovation Program to direct the development and implementation of electronic currency,
the Digital Dollar Council to coordinate Treasury's activities with other government entities, and
the Monetary Privacy Board to review and evaluate the electronic dollar program.

Finally, the bill provides for the establishment of a Treasury Electronic Currency Innovation Fund Account to carry out related programs.

Read the Full Bill

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Current Status of Bill HR 7231

Bill HR 7231 is currently in the status of Bill Introduced since March 28, 2022. Bill HR 7231 was introduced during Congress 117 and was introduced to the House on March 28, 2022. Bill HR 7231's most recent activity was Referred to the House Committee on Financial Services. as of March 28, 2022

Bipartisan Support of Bill HR 7231

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7231

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 7231

ECASH Act

Electronic Currency And Secure Hardware Act

To direct the Secretary of the Treasury to develop and pilot digital dollar technologies that replicate the privacy-respecting features of physical cash.