United States 118th Congress Status: In Committee Bipartisan · 4 D · 2 R cosponsors

HR 3402 — Power of the Mint Act

Last action — Referred to the House Committee on Financial Services.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

To prohibit the Board of Governors of the Federal Reserve and the Secretary of the Treasury from issuing a central bank digital currency, and for other purposes.

Bill Text

How this bill changes current law

2 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill introduces new sections to prohibit the issuance of a central bank digital currency by the Federal Reserve and the Treasury without Congressional authorization.

  • 12 U.S.C. 221

    SEC. 16A. CENTRAL BANK DIGITAL CURRENCY. (a) In General.--The Board of Governors of the Federal Reserve may not, absent Congressional authorization, issue a central bank digital currency. (b) Central Bank Digital Currency Defined.--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.

    This addition prohibits the Federal Reserve from issuing a central bank digital currency without Congressional approval.

  • 31 U.S.C.

    SEC. 317. CENTRAL BANK DIGITAL CURRENCY. (a) In General.--The Secretary of the Treasury may not, absent Congressional authorization, direct the Board of Governors of the Federal Reserve to issue a central bank digital currency. (b) Central Bank Digital Currency Defined.--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.

    This addition prohibits the Secretary of the Treasury from directing the Federal Reserve to issue a central bank digital currency without Congressional authorization.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Sponsor introductory remarks on measure. (CR H2383)

  4. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 5 co-sponsors · 541 not signed on

Sponsors (1)

Co-sponsors (5)

Not signed on (541)

541 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance technology
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Frequently asked questions

What does HR 3402 do?
To prohibit the Board of Governors of the Federal Reserve and the Secretary of the Treasury from issuing a central bank digital currency, and for other purposes.
Who sponsors HR 3402?
HR 3402 is sponsored by Auchincloss, Jake (Democratic), Hill, J. French (Republican), Moore, Barry (Republican), Torres, Ritchie (Democratic), Nickel, Wiley (Democratic), and Perez, Marie Gluesenkamp (Democratic).
What is the current status of HR 3402?
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 3402?
Track HR 3402 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 2 months ago · updated continuously

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