Foreign Intelligence Accountability and Anti-CBDC Act

What this does

The House gutted this bill and replaced it. The Senate passed S. 1318 to direct the American Battle Monuments Commission to correct grave markers for American-Jewish servicemembers buried overseas. The House struck everything after the enacting clause and inserted an unrelated text on two subjects. Title I, the Foreign Intelligence Accountability Act, rewrites FBI surveillance authority under Section 702 of FISA. It requires the FBI to report every U.S.-person query each month to the Civil Liberties Protection Officer, who reviews them and refers suspect queries to the Intelligence Community Inspector General. It creates a new criminal penalty of up to five years for an FBI employee who knowingly violates the querying rules or falsifies compliance. It bars U.S. officers from intentionally targeting a U.S. person under Section 702 and requires a court order or warrant instead. It removes the option for a mere supervisor to approve a U.S.-person query. It orders a GAO audit of targeting procedures. It extends the FISA Title VII authorities from April 30, 2026 to April 30, 2029. Title II, the Anti-CBDC Surveillance State Act, bars the Federal Reserve from creating a central bank digital currency. Federal Reserve banks may not issue a CBDC directly or indirectly through an intermediary, offer financial products to individuals, or hold individual accounts. The Board of Governors may not test, study, develop, or implement a CBDC or use one for monetary policy. An open, permissionless, private dollar-denominated currency that preserves cash-level privacy is exempt.