PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Feb 18, 2025
No Central Bank Digital Currency Act or the No CBDC Act
This bill generally prohibits the Federal Reserve Board, Federal Reserve Banks, the Department of the Treasury, and other agencies from issuing or using a central bank digital currency.
People & committees
Rep. Ogles, Andrew [R-TN-5] · R–TN
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2025-02-18 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
This proposal would bar Federal Reserve institutions, Treasury, other agencies and entities acting for them from issuing central bank digital currency to individuals or digital currency intermediaries. It would also prohibit those bodies from offering related services directly to individuals or maintaining accounts for them, including through specified intermediaries. Federal Reserve banks could not hold U.S. government-issued digital currencies on their balance sheets or use them to fulfill the requirements of section 2A.
No Federal reserve bank, the Board, the Secretary of the Treasury, any other agency, or any entity directed to act on behalf of the Federal reserve bank, the Board, the Secretary, or other agency, may mint or issue a central bank digital currency directly to an individual (including central bank digital currency issued to an individual through a custodial intermediary) or a digital currency intermediary, offer related products or services directly to an individual, or maintain an account on behalf of an individual (including an account in a specially designated account at a digital currency intermediary or supervised commercial bank).
No Federal reserve bank may hold digital currencies minted or issued by the United States Government as assets or liabilities on a balance sheet of the bank or use such digital currencies as part of fulfilling the requirements under section 2A.
Section 1 names the proposal the No Central Bank Digital Currency Act, or No CBDC Act.
This Act may be cited as the No Central Bank Digital Currency Act or the No CBDC Act.
Section 2 would add prohibitions to section 13 of the Federal Reserve Act. The restriction on creating or issuing central bank digital currency would cover issuance directly to individuals, issuance through an intermediary that holds it for an individual, and issuance to a digital currency intermediary. It would apply to Federal Reserve banks, the Board, the Treasury Secretary, other agencies and entities directed to act for them.
Section 13 of the Federal Reserve Act is amended by adding after the 14th undesignated paragraph (12 U.S.C. 347d) the following:
No Federal reserve bank, the Board, the Secretary of the Treasury, any other agency, or any entity directed to act on behalf of the Federal reserve bank, the Board, the Secretary, or other agency, may mint or issue a central bank digital currency directly to an individual (including central bank digital currency issued to an individual through a custodial intermediary) or a digital currency intermediary
The same institutions, officials, agencies and entities would be prohibited from offering related products or services directly to individuals or maintaining accounts on their behalf. The account restriction expressly includes accounts within specially designated accounts at digital currency intermediaries or supervised commercial banks.
No Federal reserve bank, the Board, the Secretary of the Treasury, any other agency, or any entity directed to act on behalf of the Federal reserve bank, the Board, the Secretary, or other agency, may mint or issue a central bank digital currency directly to an individual (including central bank digital currency issued to an individual through a custodial intermediary) or a digital currency intermediary, offer related products or services directly to an individual, or maintain an account on behalf of an individual (including an account in a specially designated account at a digital currency intermediary or supervised commercial bank).
A separate restriction would prohibit Federal Reserve banks from holding digital currencies created or issued by the U.S. government as either assets or liabilities—items recorded as holdings or obligations on a bank's balance sheet. It would also prohibit using those currencies to fulfill section 2A requirements, which the supplied text does not reproduce.
No Federal reserve bank may hold digital currencies minted or issued by the United States Government as assets or liabilities on a balance sheet of the bank or use such digital currencies as part of fulfilling the requirements under section 2A.
The official-actions snapshot updated December 5, 2025, records introduction in the House and referral to the House Committee on Financial Services on February 18, 2025. This snapshot does not establish subsequent action or enactment.
Source snapshot updated 2025-12-05T21:48:26Z. 2025-02-18: Referred to the House Committee on Financial Services. 2025-02-18: Introduced in House
A closer look
Reviewed version: Introduced in House · 2025-02-18. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy rider was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion is limited to that version; accompanying earmark disclosures and committee materials were not supplied.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
None identified in the reviewed text
No materially narrow carve-out, special exemption or preferential treatment was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Full text preserved for this analysis. Legislative record snapshot: Dec 5, 2025. How PlainBill uses AI