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Bill

HR 1430

No CBDC Act

119th Congress Introduced by Andy Ogles

The No CBDC Act prohibits the federal government from creating a Central Bank Digital Currency, protecting financial privacy and traditional currency systems.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HR 1430

Summary of HR 1430 - No CBDC Act

Bill Overview

  • Bill Number: HR 1430
  • Title: No CBDC Act
  • Status: Introduced in House
  • Introduced On: February 18, 2025
  • Classification: Bill
  • Primary Sponsor: Andrew Ogles

Purpose and Intent

The No CBDC Act aims to prohibit the development and implementation of a Central Bank Digital Currency (CBDC) by the federal government. The bill is designed to address concerns regarding the potential implications of a CBDC on privacy, financial freedom, and the existing banking system.

Key Provisions

  • Prohibition of CBDC: The bill explicitly prohibits the Federal Reserve and any other federal agency from issuing a CBDC.
  • Regulatory Framework: It seeks to establish a regulatory framework that ensures the continued use of traditional forms of currency and payment systems without the interference of a government-backed digital currency.
  • Impact on Financial Institutions: The bill aims to protect the interests of private financial institutions by preventing government competition through a CBDC.

Affected Parties

  • Consumers: Individuals who value financial privacy and the use of cash may benefit from the bill, as it seeks to maintain traditional currency systems.
  • Financial Institutions: Banks and other financial entities may find relief from potential competition posed by a government-issued digital currency.
  • Government Agencies: The Federal Reserve and other federal entities would be directly impacted, as they would be barred from pursuing CBDC initiatives.

Legislative Process

  • Introduced Date: February 18, 2025
  • Committee Referral: The bill has been referred to the House Committee on Financial Services for further consideration.
  • Related Legislation:
    • HR 2155: A companion bill in the House.
    • S 809: A companion bill in the Senate.
    • S 464: Another companion bill in the Senate.

Conclusion

The No CBDC Act represents a significant legislative effort to halt the potential introduction of a Central Bank Digital Currency in the United States. By focusing on the implications for privacy and the existing financial system, the bill seeks to ensure that traditional forms of currency remain viable and protected from government competition. As it progresses through the legislative process, stakeholders will be closely monitoring its developments and potential impacts on the financial landscape.

Compiled from official sources — confirm details with the bill’s official record.

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