Power of the Mint Act

HR 4438, the "Power of the Mint Act," requires Congress to explicitly authorize the Federal Reserve or Treasury Secretary before they can issue a central bank digital currency (CBDC). It amends the Federal Reserve Act and U.S. Code to prohibit the Federal Reserve Board from creating a CBDC without Congressional approval, and similarly blocks the Treasury Secretary from directing the Fed to issue one without such authorization. The bill directly affects the Federal Reserve and Treasury, establishing a new legal requirement for any CBDC initiative. It defines a CBDC as digital money denominated in U.S. dollars and directly liable to the Federal Reserve, but does not create new policy beyond this authorization rule.