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Code · BILL · 118th Congress · H.R. 5745 (Introduced in House) — To provide for the regulation of digital assets, and for other purposes. · Sec. 301

Sec. 301. In general

300 words·~1 min read·/bill/118/hr/5745/ih/section-301

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Section 11(d) of the Federal Reserve Act ( 12 U.S.C. 248(d) ) is amended to read as follows: To supervise and regulate through the Secretary of the Treasury the issue and retirement of Federal Reserve notes (both physical and digital), except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations (including appropriate technology) under which such notes may be delivered by the Secretary of the Treasury to the Federal Reserve agents applying therefor. .
Section 16 of the Federal Reserve Act ( 12 U.S.C. 411 ) is amended by striking the first two sentences and inserting: Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. Notwithstanding any other provision of law, the Board of Governors of the Federal Reserve System is authorized to issue digital versions of Federal reserve notes in addition to current physical Federal reserve notes.
Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution and recordation of all transactions involving digital Federal reserve notes. The said notes shall be obligations of the United States and shall be considered legal tender and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues.
They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank. .
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Sec. 301
In general
U.S.C.§ 248
U.S.C.§ 411
Cites 2Cited by 0 across 0 sources
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