of the United States of America
At the First Session
An Act reported by the Committee on Financial Services and the Committee on Banking, Housing, and Urban Affairs, and passed by the House of Representatives and the Senate.
The Digital Dollar and Monetary Innovation Act of 2029
To establish the Federal Digital Dollar Corporation and a national digital-dollar infrastructure, to provide for the reserve backing, verification, and security of the United States digital dollar, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Digital Dollar and Monetary Innovation Act of 2029.”
Congress finds the following:
(1) Dollar-denominated digital value has become central to settlement, commerce, and increasingly to transactions conducted between automated systems without direct human action.
(2) The framework enacted for private payment stablecoins made such instruments legitimate but left the national infrastructure of the dollar itself fragmented across private issuers, standards, and reserves.
(3) Foreign governments are constructing sovereign digital-payment systems, and the international role of the dollar cannot be preserved by private arrangement alone.
(4) The United States should not leave dollar-denominated digital commerce entirely to private companies or to foreign governments.
Purpose.—It is the purpose of this Act to establish a national digital-dollar infrastructure whose soundness rests on continuous, public verification rather than on assurance, and to place that infrastructure under federal oversight and a duty of transparency.
(a) Establishment.—There is established the Federal Digital Dollar Corporation, a federally chartered corporation, nominally private and subject to Federal oversight, created to operate the national digital-dollar infrastructure in service of a public purpose.
(b) Status.—The Corporation is not an agency or instrumentality of the United States, and its obligations are not obligations of, or guaranteed by, the United States. Nothing in this subsection limits the oversight provided under this Act.
(c) Public purpose.—The Corporation shall operate the issuance, settlement, and verification infrastructure of the United States digital dollar on terms that preserve the integrity of the dollar and the confidence of those who hold it.
(a) Establishment.—There is established a United States digital dollar, designated by the symbol USD$, issued and redeemed by the Corporation.
(b) Unit of account.—One United States digital dollar shall at all times be equal to one United States dollar.
(c) Redemption.—Each United States digital dollar shall be redeemable, on demand and without condition, for one United States dollar.
(d) Legal status.—Use of the United States digital dollar shall be voluntary, and existing methods of payment shall be preserved.
701. Reserve requirement.—The Corporation shall hold, at all times, reserves equal to not less than one hundred percent of the value of the digital dollars outstanding.
702. Segregation.—Reserves shall be held by designated custodians, segregated from the assets of the Corporation and of any intermediary.
703. Reserve attestation.—Each designated custodian shall produce a signed, timestamped attestation of the eligible reserve balances it holds, at intervals prescribed by the Corporation.
704. Liability verification.—The committed supply of digital dollars shall be bound, by cryptographic proof, to the reserves so attested, and that proof shall be published continuously for verification by any person.
705. Cryptographic verification.—The Corporation shall maintain the means by which any person may verify that the committed supply does not exceed the attested reserves, without reliance on the assurance of the Corporation.
The Corporation shall maintain continuity of monetary operations against disruption, including redundancy, disaster recovery, and periodic recovery testing, and shall report material incidents as prescribed. The adequacy of security controls against a determined adversary is addressed under such further law as the Congress may enact.
Arrangement of the Act
Approved November 2029.
About this document. The Digital Dollar and Monetary Innovation Act of 2029 is a fictional statute from the novel The Dearth. It does not exist in law. It is the founding act that creates Dolly — the corporation the whole world would come to trust because, by its own design, no one had to.
Generated by Claude, an AI assistant, through the detailed direction of the author.