H.R. 5403 - CBDC Anti-Surveillance State Act

Bill Text

    Text of H.R. 5403 PDF XML

    (as reported)

    H. Rept. 118-493 PDF

    Report from the Committee on Financial Services to accompany H.R. 5403

Rule Information

COMMITTEE ACTION:
REPORTED BY A RECORD VOTE of 8-3 on Tuesday, May 21, 2024.

FLOOR ACTION ON H. RES. 1243:
Agreed to by a record vote of 204-203, after agreeing to the previous question by a record vote of 205-203, on Wednesday, May 22, 2024.

MANAGERS: Houchin/McGovern

1.

Structured rule for H.R. 4763.

2.

Waives all points of order against consideration of the bill.

3.

Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees.

4.

Provides that in lieu of the amendments in the nature of a substitute recommended by the Committees on Agriculture and Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-33, modified by the amendment printed in part A of the Rules Committee Report, shall be considered as adopted and the bill, as amended, shall be considered as read.

5.

Waives all points of order against provisions in the bill, as amended.

6.

Makes in order only those amendments printed in part B of the Rules Committee report. Each amendment made in order may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

7.

Waives all points of order against the amendments printed in part B of the Rules Committee report.

8.

Provides one motion to recommit.

9.

Structured rule for H.R. 5403.

10.

Waives all points of order against consideration of the bill.

11.

Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees.

12.

Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted and the bill, as amended, shall be considered as read.

13.

Waives all points of order against provisions in the bill, as amended.

14.

Makes in order only those amendments printed in part C of the Rules Committee report. Each amendment made in order may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

15.

Waives all points of order against the amendments printed in part C of the Rules Committee report.

16.

Provides one motion to recommit.

17.

Closed rule for H.R. 192.

18.

Waives all points of order against consideration of the bill.

19.

Provides that the amendment in the nature of a substitute recommended by the Committee on Oversight and Accountability now printed in the bill shall be considered as adopted and the bill, as amended, shall be considered as read.

20.

Waives all points of order against provisions in the bill, as amended. 

21.

Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Oversight and Accountability or their respective designees.

22.

Provides one motion to recommit.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
1Version 1Mooney (WV), Norman (SC), Sessions (TX), Rose (TN), Davidson (OH), Duncan (SC), Brecheen (OK), Self (TX), Weber (TX), Ogles (TN)RepublicanProhibits the Federal Reserve's Central Bank Digital Currency (CBDC) pilot programs.Made in Order
2Version 1Lynch (MA)DemocratEnsures that nothing in the bill would take effect unless Treasury determines and reports to Congress that a CBDC cannot be designed in a manner that promotes consumer data privacy and that there is no way to design a U.S. CBDC that would provide greater privacy protections to consumers than the privacy protections consumers have over their financial data under current frameworks.Submitted
3Version 1Davidson (OH)RepublicanEnsures the Federal Reserve Bank cannot design, build, develop, establish, or issue a CBDC. Ensures the Treasury Department cannot direct the Federal Reserve Bank to do any of the above actions.Made in Order
4Version 2Ogles (TN)RepublicanRevised Adds a sense of Congress that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee should not be permitted to develop, create, or implement a central bank digital currency, or use any such tool to implement monetary policy.Made in Order
5Version 1Self (TX)RepublicanLate Adds a sense of Congress that a Central Bank Digital Currency would lead to a potentially unlimited amount of unwarranted surveillance on millions of Americans.Submitted
6Version 1Auchincloss (MA)DemocratLate This amendment would strike the text of H.R. 5403 and replace it with the text from H.R. 3402, the Power of the Mint Act, which prohibits the Federal Reserve of Treasury Department from creating a CBDC without Congressional approval.Submitted

Committee Votes

Rules Committee Record Vote No. 229

Motion by Mrs. Houchin to report the rule. Adopted: 8–3 

Majority Member
Vote
Mr. Reschenthaler
Yea
Mrs. Fischbach
Yea
Mr. Massie
No Vote
Mr. Norman
Yea
Mr. Roy
Yea
Mrs. Houchin
Yea
Mr. Langworthy
Yea
Mr. Austin Scott
Yea
Mr. Burgess, Chairman
Yea
Minority Member
Vote
Mr. McGovern
Nay
Ms. Scanlon
Nay
Mr. Neguse
No Vote
Ms. Leger Fernández
Nay