Central Bank Digital Currency Study Act of 2021
Latest action (26 Mar 2021): Introduced
What this bill does
H.R. 2211, the Central Bank Digital Currency Study Act of 2021, would direct the Federal Reserve Board of Governors, in consultation with the Comptroller of the Currency, the FDIC, the Treasury Department, the SEC, and the CFTC, to conduct a study examining the potential effects of introducing a U.S. central bank digital currency (CBDC). The study would cover areas such as impacts on consumers and small businesses, monetary policy, the dollar's status as a reserve currency, financial stability, payment systems, anti-money-laundering compliance, data privacy, and technical infrastructure. Within one year of enactment, the Board would have to report its findings to the House Financial Services Committee and Senate Banking Committee, including recommended CBDC design models, a development timeline, and any legal authorities the Fed would need to implement such a system. The bill also expresses a "sense of Congress" that the Fed should continue researching CBDCs and that the U.S. should maintain leadership in financial technology and preserve the dollar's global reserve status.
The bill primarily affects federal financial regulators, who would bear new study and reporting obligations, and indirectly touches consumers, businesses, and the financial industry that could eventually be affected by any future CBDC. It does not create a digital currency itself, only a study and report requirement.
The bill was introduced on March 26, 2021, by Rep. Bill Foster (D-IL), with Rep. French Hill as a cosponsor, and was referred to the House Committee on Financial Services. According to official congressional records, it did not receive a vote and did not advance further in the 117th Congress.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Central Bank Digital Currency Study Act of 2021
This bill requires the Board of Governors of the Federal Reserve System to report on the impacts of the introduction of a central bank digital currency (CBDC) on consumers, businesses, monetary policy, and the U.S. financial system. Several countries are currently developing CBDCs in response to the growth of privately issued digital currencies such as Bitcoin.
Common questions
- What does H.R. 2211 do?
- H.R. 2211, the Central Bank Digital Currency Study Act of 2021, would direct the Federal Reserve Board of Governors, in consultation with the Comptroller of the Currency, the FDIC, the Treasury Department, the SEC, and the CFTC, to conduct a study examining the potential effects of introducing a U.S. central bank digital currency (CBDC). The study would cover areas such as impacts on consumers and small businesses, monetary policy, the dollar's status as a reserve currency, financial stability, payment systems, anti-money-laundering compliance, data privacy, and technical infrastructure. Within one year of enactment, the Board would have to report its findings to the House Financial Services Committee and Senate Banking Committee, including recommended CBDC design models, a development timeline, and any legal authorities the Fed would need to implement such a system. The bill also expresses a "sense of Congress" that the Fed should continue researching CBDCs and that the U.S. should maintain leadership in financial technology and preserve the dollar's global reserve status. The bill primarily affects federal financial regulators, who would bear new study and reporting obligations, and indirectly touches consumers, businesses, and the financial industry that could eventually be affected by any future CBDC. It does not create a digital currency itself, only a study and report requirement. The bill was introduced on March 26, 2021, by Rep. Bill Foster (D-IL), with Rep. French Hill as a cosponsor, and was referred to the House Committee on Financial Services. According to official congressional records, it did not receive a vote and did not advance further in the 117th Congress.
- Has H.R. 2211 become law?
- Not yet. As of 26 Mar 2021, H.R. 2211 is introduced.
- Who sponsored H.R. 2211?
- H.R. 2211 was sponsored by Rep. Bill Foster [D-IL11] (Democrat-IL), with 1 cosponsor.
- What's the latest action on H.R. 2211?
- Introduced (26 Mar 2021).
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