Power of the Mint Act

The Power of the Mint Act (HR 3402) requires Congress to explicitly approve any new digital currency issued by the Federal Reserve or directed by the Treasury Secretary. It amends federal law to prevent the Federal Reserve Board and Treasury from creating or directing a central bank digital currency (CBDC) without Congressional authorization. The bill directly affects the Federal Reserve and Treasury Department, ensuring they cannot unilaterally introduce a digital version of U.S. dollars. The law defines CBDC as a digital form of money in U.S. dollars that is a direct liability of the Federal Reserve.