H.R. 5032 · 118th Congress
Cease Orwellian Surveillance and Targeting Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
OglesSponsor4 cosponsors · 4 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Cease Orwellian Surveillance and Targeting Act of 2023 or the COST Act of 2023
What it does: CRS summary · Introduced in House · Jul 27, 2023
Cease Orwellian Surveillance and Targeting Act of 2023 or the COST Act of 2023
This bill generally prohibits the issuance or ownership of central bank digital currencies. A central bank digital currency is a digital currency issued by a government-backed central bank.
Under the bill, the Board of Governors of the Federal Reserve System and the Federal Reserve banks are prohibited from minting or issuing a central bank digital currency. In addition, a Federal Reserve bank is prohibited from offering products or services directly to an individual or entity, providing coins or currency directly to an individual or entity, or maintaining an account on behalf of an individual or entity, with some exceptions.
Further, no person is allowed to hold or own central bank digital currency belonging to the United States or a foreign country.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Cease Orwellian Surveillance and Targeting Act of 2023
Latest action (Jul 27, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.