H.R. 1919 would prohibit the Federal Reserve banks from providing products or services directly to individual consumers and from maintaining such accounts on their behalf. The bill also would prohibit testing, studying, developing, creating, or implementing a central bank digital currency and bar the banks from using such a currency to implement monetary policy.

The bill’s prohibition on the Federal Reserve studying the use of digital currency would result in administrative cost savings. Such savings increase remittances from the Federal Reserve to the Treasury, which are recorded in the budget as revenues. CBO estimates that enacting the bill would increase revenues by an insignificant amount over the 2025‑2035 period.

The CBO staff contact for this estimate is Nathaniel Frentz. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.