Congress stops the Fed from issuing electronic money.

What it does

The bill blocks the Fed from offering bank accounts to people. It stops the Fed from making or testing electronic money. The Fed cannot create electronic money unless Congress passes a new law. The bill covers any electronic money that works like Fed money, no matter what name it has.

Who it affects

The bill limits what the Fed can do with people's money and data. It protects people who worry the state might track their spending. Banks stay as the only way people access electronic payments.

One thing to notice

The bill stops one way the state might offer banking to people who do not use banks now.

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 $2,362,750 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

• electronic money — Money in digital form, like cash but on computers.
• banks — Businesses that hold money and lend it to people.
• 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.