No CBDC Act

Bill 119 HR 1430, also known as the "Federal Reserve Digital Currency Limitation Act," aims to make changes to the Federal Reserve Act in order to restrict the ability of Federal Reserve banks to issue central bank digital currency (CBDC).

The bill seeks to address concerns about the potential risks and implications of CBDCs, including issues related to privacy, financial stability, and the role of the Federal Reserve in the financial system.

If passed, the bill would impose limitations on the Federal Reserve's ability to create and distribute CBDCs, requiring the Federal Reserve to seek approval from Congress before moving forward with any plans to issue a digital currency. Supporters of the bill argue that these limitations are necessary to ensure proper oversight and accountability in the creation and distribution of CBDCs, while opponents argue that such restrictions could hinder innovation and the development of new financial technologies. Overall, Bill 119 HR 1430 represents an important step in the ongoing debate over the role of digital currencies in the US financial system and the appropriate level of regulation and oversight needed to address potential risks and challenges.