Congress stops the Federal Reserve from issuing digital money.

What it does

The bill bans the Fed from offering bank accounts to people. It stops the Fed from making or testing a new form of money called a CBDC. The Fed cannot create a CBDC unless Congress passes a new law.

Who it affects

The bill limits what the Fed can do with people's money and data. It protects people who worry the government will track their spending. Banks stay as the main way people handle money.

One thing to notice

The bill stops one way the government could offer bank accounts to people without banks now. Banks remain the only choice for most people.

From the analysis of the bill text, linked under Primary records below.

Where it stands

135 cosponsors: 134 Republicans, 1 Independents.

• Mar 6, 2025 — Introduced · Congress.gov: “Introduced in House”
• Mar 6, 2025 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
• Apr 2, 2025 — Markup held in committee · Congress.gov: “Committee Consideration and Mark-up Session Held”
• Apr 2, 2025 — Reported out of committee · Congress.gov: “Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 22”
• Jul 17, 2025 — Passed the House · Congress.gov: “On passage Passed by the Yeas and Nays: 219 - 210 (Roll no. 201).”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Money around this bill

4 groups reported lobbying about this bill. They filed 6 reports from Dec 2025 to Jun 2026.

Those reports show $7,760,000 in lobbying spending. Each report lists about 32 bills. So that money was not all for this bill.

More groups named this bill than 72% of bills with any report.

Tom Emmer, who sponsored the bill, received $2,442,250 from PACs for the 2026 election.

• American Bankers Association — $5,210,000 in 2 reports
• Consumer Bankers Association — $2,000,000 in 2 reports
• Digital Currency Group — $410,000 in 1 report
• Heritage Action for America — $140,000 in 1 report

Lobbying is legal. These reports show who lobbied about this bill, not what changed.

Words to know

• Federal Reserve — The central bank of the United States that manages money and banking.
• CBDC — A new form of money made and controlled by the Federal Reserve.
• lobbying — Trying to influence lawmakers about a bill. Companies and groups pay people to do this.
• PACs — Groups that collect money and give it to candidates for office.
• sponsored — To sponsor a bill is to introduce it in Congress and put your name on it.