Press Release: Washington, D.C. (May 23, 2024)—The Independent Community Bankers of America (ICBA) today commended members of the House of Representatives who successfully voted to pass ICBA-advocated legislation that would restrict the ability of the federal government to introduce a U.S. central bank digital currency.

“ICBA and the nation’s community banks commend House members for passing legislation to bar the Federal Reserve from issuing a U.S. CBDC to consumers, which would disintermediate community banks, reduce credit availability, and undermine consumer privacy,” ICBA President and CEO Rebeca Romero Rainey said. “The CBDC Anti-Surveillance State Act — which was a key community banker grassroots advocacy issue during the recent ICBA Capital Summit — would avoid the unnecessary risks to consumers and small businesses that a U.S. CBDC would pose, and we encourage Congress to continue advancing this important legislation.”

The CBDC Anti-Surveillance State Act (H.R. 5403) — introduced by House Majority Whip Tom Emmer (R-Minn.) — would prohibit the Federal Reserve Banks from offering products or services directly to individuals, maintaining individual accounts, or issuing a CBDC to individuals. The legislation also would bar the Federal Reserve and Treasury Department from issuing a CBDC without congressional authorization.

ICBA has repeatedly expressed opposition to the creation of a U.S. CBDC, recently requesting from U.S. agencies federal records on whether legislative changes are required to issue a U.S. CBDC. As ICBA has said in a written statement to Congress, in letters to the Fed and White House, and in an American Banker op-ed, a U.S. CBDC would harm community banks’ access to deposits and ability to lend funds to support economic growth while threatening the health of the U.S. financial system.

ICBA will continue to strongly oppose the creation of a U.S. CBDC and to support final passage of the CBDC Anti-Surveillance State Act.

About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at