Sec. 9. Offsetting the cost of the strategic Bitcoin reserve
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Section 7(a)(3)(A) of the Federal Reserve Act ( 12 U.S.C. 289(a)(3)(A) ) is amended by striking $6,825,000,000 and inserting $2,400,000,000 . Notwithstanding the second subsection
(b)of section 7 of the Federal Reserve Act ( 12 U.S.C. 290 ), for fiscal years 2025 through 2029, if the Federal reserve banks remit net earnings to the general fund of the Treasury during that period, the first $6,000,000,000 of these remittances (before repayment of any deferred asset) in a fiscal year shall be utilized by the Secretary for the implementation of the Bitcoin Purchase Program, pursuant to the purposes set forth under section 5. Paragraph
(1)shall not apply if the Federal Reserve banks do not remit net earnings in any given fiscal year during the period of fiscal years 2025 through 2029. Not later than 180 days after the date of enactment of this Act, the Federal reserve banks shall tender all outstanding gold certificates in their custody to the Secretary. Not later than 90 days after the tender of the last such certificate, the Secretary shall issue new gold certificates to the Federal reserve banks that reflect the fair market value price of the gold held against such certificates by the Treasury, as of the date specified by the Secretary on each new gold certificate. Upon issue by the Secretary, each Federal reserve bank that receives a new gold certificate shall remit the difference in cash value between the old and new gold certificates to the Secretary for deposit in the general fund within 90 days. Funds remitted to the Secretary under subsection
(c)shall be allocated as follows: An amount necessary to fund the Bitcoin Purchase Program, as established in section 5, shall be reserved for that purpose, up to the full amount required to purchase 1,000,000 Bitcoins under the program. Any funds in excess of the amount necessary to fully fund the Bitcoin Purchase Program shall be deposited in the general fund of the Treasury to reduce the public debt. Funds allocated under paragraph (1)(A) shall be used for Bitcoin purchases under the Bitcoin Purchase Program before utilizing the remittances described in subsection
(b)for such purchases. The Secretary shall include in the annual report required under section 5(d) an accounting of all funds received under subsection
(c)and their allocation pursuant to this subsection. Section 5117(b) of title 31, United States Code, is amended by striking (for the purpose of issuing those certificates, of 42 and two-ninths dollars a fine troy ounce) .
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