Both chambers of Congress have passed legislation barring the Federal Reserve from issuing a central bank digital currency through 2030, with the bill heading to President Trump for signature after the House cleared it Tuesday.
The House passed the 21st Century ROAD to Housing Act with a large bipartisan majority on Tuesday, one day after the Senate's 85-5 passage Monday. The bill's CBDC prohibition bars the Federal Reserve or any Federal Reserve bank from issuing, creating, or facilitating a central bank digital currency, effective through December 31, 2030. "Today, Congress delivered a major win for families working toward the American Dream," Senate Banking Committee Chairman Tim Scott said in a statement Tuesday.
The CBDC ban traveled inside a broader housing affordability package. The 21st Century ROAD to Housing Act targets corporate landlord concentration in single-family housing, streamlines development permitting, and updates HUD programs. House Financial Services Committee Chairman French Hill co-led the bill alongside Ranking Member Maxine Waters, Senate Banking Chairman Scott, and Senate Ranking Member Elizabeth Warren. The House passed its amended version 396-13 in May before the Senate incorporated the changes into a final reconciled text. The deal to unify the two chambers' versions landed last week, ending months of cross-chamber delays. Hill called the process proof that "Washington still works."
