H.R. 3712 – Digital Dollar Pilot Prevention Act

AI-Generated Summary

Updated January 20, 2026 at 8:14 AM UTC

The Digital Dollar Pilot Prevention Act amends the Federal Reserve Act to block the Federal Reserve and its banks from starting or approving any test program for a central bank digital currency (CBDC) unless Congress passes a specific law authorizing it. The bill aims to ensure that any move toward a digital dollar requires direct congressional approval, affecting the Fed, its regional banks, and any private partners they might work with.

Key Provisions

Adds a new Section 16A to the Federal Reserve Act that prohibits the Board of Governors and Federal Reserve banks from establishing, carrying out, or approving a CBDC pilot program without a subsequent act of Congress.
Provides a definition of “central bank digital currency” as digital money denominated in U.S. dollars that is a direct liability of the Federal Reserve.

Legislative Activity

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1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

May 25, 2023

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HouseIntro Referral

Introduced in House

May 25, 2023

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

May 25, 2023

Floor Debate

1 member

What members said about H.R. 3712 on the floor

1 Republican

Rep. Alexander X. MooneyR-WV-2 · Jul 20, 2023

Madam Speaker, China is plotting a government-backed digital currency which will be used to survey and manipulate financial activities of its citizens and to crack down on dissent. A central bank…

Bill Text

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Introduced in HouseIssued May 25, 2023

I

118th CONGRESS

1st Session

H. R. 3712

IN THE HOUSE OF REPRESENTATIVES

May 25, 2023

Mr. Mooney (for himself, Mr. Sessions, Mr. Posey, Mr. Norman, Mr. Donalds, Mr. Rose, Mr. Ogles, Mr. Duncan, Mr. Steube, Mr. Weber of Texas, Mr. Grothman, Mr. Jackson of Texas, Mrs. Spartz, Ms. Hageman, and Mr. Good of Virginia) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Reserve Act to require an Act of Congress for certain activities related to the issuance of a central bank digital currency, and for other purposes.

1.

Short title

This Act may be cited as the Digital Dollar Pilot Prevention Act.

2.

Central bank digital currency

The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 16 the following:

16A.

Central bank digital currency

(a)

In general

Unless authorized by an Act of Congress enacted after the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and the Federal reserve banks may not establish, carry out, or approve a program intended to test the practicability of issuing a central bank digital currency, including by partnering or coordinating with a private sector entity to carry out such a program.

(b)

Central bank digital currency defined

In this section, the term central bank digital currency means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve.

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