HR629: 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.

Plain-language summary

This bill expresses the House of Representatives' position that the Federal Reserve should not create or use a central bank digital currency (a digital version of U.S. money controlled by the Fed). A central bank digital currency would allow the Fed to issue electronic money directly to Americans. The bill also says the Fed should not use such a currency as a tool to manage interest rates and money supply. This is a non-binding resolution expressing Congress's opinion rather than a law with enforcement power. The bill was recently introduced and is currently in the early stage of the legislative process.

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