This bill amends the Federal Reserve Act to impose significant restrictions on the Federal Reserve's interaction with individuals and its development of digital currencies. It explicitly prohibits Federal Reserve banks from offering products or services directly to individuals, such as maintaining individual accounts. Furthermore, the legislation bans Federal Reserve banks from directly or indirectly issuing a central bank digital currency (CBDC) or any substantially similar digital asset. The bill extends these prohibitions to the Board of Governors of the Federal Reserve System, preventing them from testing, studying, developing, or implementing a CBDC. It also forbids the Board and the Federal Open Market Committee from utilizing a CBDC to implement monetary policy . A CBDC is defined as a digital form of money that is a direct liability of the Federal Reserve System and widely available to the public, though the bill includes an exception for open, permissionless, and private dollar-denominated digital currencies that preserve privacy protections. Finally, the legislation includes a sense of Congress asserting that the Federal Reserve lacks the constitutional authority to issue a CBDC without explicit congressional approval.