Sec. 5. Central bank digital currency
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/bill/118/s/3801/is/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Federal Reserve Act ( 12 U.S.C. 221 et seq. ) is amended by inserting after section 16 the following: The Board of Governors of the Federal Reserve System may not, absent Congressional authorization, issue a central bank digital currency. In this section, the term central bank digital currency means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve System. . Chapter 3 of title 31 of the United States Code is amended by inserting after section 316 the following:
The Secretary of the Treasury may not, absent Congressional authorization, direct the Board of Governors of the Federal Reserve System to issue a central bank digital currency. In this section, the term central bank digital currency means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank. . The table of sections for chapter 3 of title 31, United States Code, is amended by inserting after the item relating to section 316 the following: 317.
Central bank digital currency. .
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Sec. 5
Central bank digital currency
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