US HB1919

Federal Reserve banks prohibited from offering financial products or services directly to individuals or maintaining accounts on their behalf

Federal Reserve banned from issuing a central bank digital currency (CBDC) directly or indirectly through financial institutions and intermediaries

Board of Governors prohibited from testing, studying, developing, creating, or implementing a CBDC, and Federal Open Market Committee barred from using CBDC for monetary policy

Exception allows dollar-denominated digital currency that is open, permissionless, private, and preserves privacy protections equivalent to physical cash

Passed House of Representatives on July 17, 2025; expresses congressional view that the Fed currently lacks CBDC authority without explicit congressional authorization under Article I, Section 8