118th Congress Finance and Financial Sector
H.R. 5410: ECASH Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires the Department of the Treasury to support the development of an electronic dollar.
The electronic dollar must be
- payable to the bearer;
- considered legal tender;
- an obligation of the United States;
- placed into circulation by Treasury;
- able to be directly used by the public; and
- capable of instantaneous, offline transactions using hardware devices not involving a third-party intermediary.
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The bill also provides for privacy requirements applicable to any hardware device used for electronic dollar transactions.
Merchants who accept physical currency and the federal government must accept electronic dollars as a form of payment.
The bill also establishes
- the Electronic Currency Innovation Program to direct the development and implementation of electronic currency,
- the Digital Dollar Council to coordinate Treasury's activities with other government entities, and
- the Monetary Privacy Board to review and evaluate the electronic dollar program.
Finally, the bill provides for the establishment of a Treasury Electronic Currency Innovation Fund Account to carry out related programs.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Jesús García D-ILOriginal
- Ayanna Pressley D-MAOriginal
- Rashida Tlaib D-MIOriginal
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Other bills by Stephen Lynch
History
- Introduced in the House by Stephen Lynch.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.