This bill would permanently ban the Federal Reserve and its regional banks from issuing or creating a central bank digital currency, commonly known as a CBDC. The legislation modifies the Federal Reserve Act to remove provisions that currently allow for CBDC development and explicitly prohibits the Federal Reserve from pursuing this form of digital money. The bill affects the Federal Reserve's monetary policy authority and any plans it may have had to create a digital version of the U.S. dollar. There is no specific funding mentioned in the legislation, and the ban would take effect upon enactment with no sunset date or expiration timeline. The bill was introduced in August 2026 by a group of House Republicans and referred to the Committee on Financial Services.