Power of the Mint Act

This bill establishes a prohibition against the issuance of a central bank digital currency (CBDC) by the Board of Governors of the Federal Reserve and the Secretary of the Treasury, explicitly stating that neither entity may issue or direct the issuance of a CBDC without prior Congressional authorization . A central bank digital currency is defined as a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve. The legislation's findings emphasize that Article I, Section 8 of the Constitution grants only Congress the authority to coin money and regulate its value, thereby reinforcing the legislative intent to preserve this power and ensure congressional oversight over the creation of new monetary forms.