Today, President Biden is issuing an Executive Order to protect Americans’ sensitive personal data from exploitation by countries of concern. The Executive Order, which marks the most significant executive action any President has ever taken to protect Americans’ data security, authorizes the Attorney General to prevent the large-scale transfer of Americans’ personal data to countries of concern and provides safeguards around other activities that can give those countries access to Americans’ sensitive data.
The President’s Executive Order focuses on Americans’ most personal and sensitive information, including genomic data, biometric data, personal health data, geolocation data, financial data, and certain kinds of personally identifiable information. Bad actors can use this data to track Americans (including military service members), pry into their personal lives, and pass that data on to other data brokers and foreign intelligence services. This data can enable intrusive surveillance, scams, blackmail, and other violations of privacy.
Companies are collecting more of Americans’ data than ever before, and it is often legally sold and resold through data brokers. Commercial data brokers and other companies can sell this data to countries of concern, or entities controlled by those countries, and it can land in the hands of foreign intelligence services, militaries, or companies controlled by foreign governments.
The sale of Americans’ data raises significant privacy, counterintelligence, blackmail risks and other national security risks—especially for those in the military or national security community. Countries of concern can also access Americans’ sensitive personal data to collect information on activists, academics, journalists, dissidents, political figures, and members of non-governmental organizations and marginalized communities to intimidate opponents of countries of concern, curb dissent, and limit Americans’ freedom of expression and other civil liberties.
To protect Americans’ sensitive personal data, President Biden is directing:
The Department of Justice to issue regulations that establish clear protections for Americans’ sensitive personal data from access and exploitation by countries of concern. These protections will extend to genomic data, biometric data, personal health data, geolocation data, financial data, and certain kinds of personal identifiers. They will prevent the large-scale transfer of that data to countries of concern—which have a track record of collecting and misusing data on Americans.
The Department of Justice to issue regulations that establish greater protection of sensitive government-related data, including geolocation information on sensitive government sites and information about military members.
The Departments of Justice and Homeland Security to work together to set high security standards to prevent access by countries of concern to Americans’ data through other commercial means, such as data available via investment, vendor, and employment relationships.
The Departments of Health and Human Services, Defense, and Veterans Affairs to help ensure that Federal grants, contracts, and awards are not used to facilitate access to Americans’ sensitive health data by countries of concern, including via companies located in the United States.
The Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (often called “Team Telecom”) to consider the threats to Americans’ sensitive personal data in its reviews of submarine cable licenses.
That these activities do not stop the flow of information necessary for financial services activities or impose measures aimed at a broader decoupling of the substantial consumer, economic, scientific, and trade relationships that the United States has with other countries.
These actions not only align with the U.S.’ longstanding support for the trusted free flow of data, but also are consistent with U.S.’ commitment to an open Internet with strong and effective protections for individuals’ privacy and measures to preserve governments’ abilities to enforce laws and advance policies in the public interest. The Administration will continue its engagements with stakeholders, including technology companies and advocates for privacy, safety, competition, labor, and human rights, to move forward in a way that appropriately balances all these objectives.
Additionally, President Biden continues to urge Congress to do its part and pass comprehensive bipartisan privacy legislation, especially to protect the safety of our children.
This fact sheet detailing President Biden’s Executive Order on Safe, Secure and Trustworthy Artificial Intelligence was provided by the White House:
President Biden issued a landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of artificial intelligence (AI). The Executive Order establishes new standards for AI safety and security, protects Americans’ privacy, advances equity and civil rights, stands up for consumers and workers, promotes innovation and competition and advances American leadership around the world. (Karen Rubin/news-photos-features.com via c-span)
Today, President Biden issued a landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of artificial intelligence (AI). The Executive Order establishes new standards for AI safety and security, protects Americans’ privacy, advances equity and civil rights, stands up for consumers and workers, promotes innovation and competition, advances American leadership around the world, and more.
As part of the Biden-Harris Administration’s comprehensive strategy for responsible innovation, the Executive Order builds on previous actions the President has taken, including work that led to voluntary commitments from 15 leading companies to drive safe, secure, and trustworthy development of AI.
“President Biden is rolling out the strongest set of actions any government in the world has ever taken on AI safety, security, and trust. It’s the next step in an aggressive strategy to do everything on all fronts to harness the benefits of AI and mitigate the risks,” stated White House Deputy Chief of Staff Bruce Reed.
The Executive Order directs the following actions:
New Standards for AI Safety and Security
As AI’s capabilities grow, so do its implications for Americans’ safety and security. With this Executive Order, the President directs the most sweeping actions ever taken to protect Americans from the potential risks of AI systems:
Require that developers of the most powerful AI systems share their safety test results and other critical information with the U.S. government. In accordance with the Defense Production Act, the Order will require that companies developing any foundation model that poses a serious risk to national security, national economic security, or national public health and safety must notify the federal government when training the model, and must share the results of all red-team safety tests. These measures will ensure AI systems are safe, secure, and trustworthy before companies make them public.
Develop standards, tools, and tests to help ensure that AI systems are safe, secure, and trustworthy. The National Institute of Standards and Technology will set the rigorous standards for extensive red-team testing to ensure safety before public release. The Department of Homeland Security will apply those standards to critical infrastructure sectors and establish the AI Safety and Security Board. The Departments of Energy and Homeland Security will also address AI systems’ threats to critical infrastructure, as well as chemical, biological, radiological, nuclear, and cybersecurity risks. Together, these are the most significant actions ever taken by any government to advance the field of AI safety.
by developing strong new standards for biological synthesis screening. Agencies that fund life-science projects will establish these standards as a condition of federal funding, creating powerful incentives to ensure appropriate screening and manage risks potentially made worse by AI.
Protect Americans from AI-enabled fraud and deception by establishing standards and best practices for detecting AI-generated content and authenticating official content. The Department of Commerce will develop guidance for content authentication and watermarking to clearly label AI-generated content. Federal agencies will use these tools to make it easy for Americans to know that the communications they receive from their government are authentic—and set an example for the private sector and governments around the world.
Establish an advanced cybersecurity program to develop AI tools to find and fix vulnerabilities in critical software, building on the Biden-Harris Administration’s ongoing AI Cyber Challenge. Together, these efforts will harness AI’s potentially game-changing cyber capabilities to make software and networks more secure.
Order the development of a National Security Memorandum that directs further actions on AI and security, to be developed by the National Security Council and White House Chief of Staff. This document will ensure that the United States military and intelligence community use AI safely, ethically, and effectively in their mission, and will direct actions to counter adversaries’ military use of AI.
Protecting Americans’ Privacy
Without safeguards, AI can put Americans’ privacy further at risk. AI not only makes it easier to extract, identify, and exploit personal data, but it also heightens incentives to do so because companies use data to train AI systems. To better protect Americans’ privacy, including from the risks posed by AI, the President calls on Congress to pass bipartisan data privacy legislation to protect all Americans, especially kids, and directs the following actions:
Protect Americans’ privacy by prioritizing federal support for accelerating the development and use of privacy-preserving techniques—including ones that use cutting-edge AI and that let AI systems be trained while preserving the privacy of the training data.
Strengthen privacy-preserving researchand technologies, such as cryptographic tools that preserve individuals’ privacy, by funding a Research Coordination Network to advance rapid breakthroughs and development. The National Science Foundation will also work with this network to promote the adoption of leading-edge privacy-preserving technologies by federal agencies.
Evaluate how agencies collect and use commercially available information—including information they procure from data brokers—and strengthen privacy guidance for federal agencies to account for AI risks. This work will focus in particular on commercially available information containing personally identifiable data.
Develop guidelines for federal agencies to evaluate the effectiveness of privacy-preserving techniques, including those used in AI systems.These guidelines will advance agency efforts to protect Americans’ data.
Advancing Equity and Civil Rights
Irresponsible uses of AI can lead to and deepen discrimination, bias, and other abuses in justice, healthcare, and housing. The Biden-Harris Administration has already taken action by publishing the Blueprint for an AI Bill of Rights and issuing an Executive Order directing agencies to combat algorithmic discrimination, while enforcing existing authorities to protect people’s rights and safety. To ensure that AI advances equity and civil rights, the President directs the following additional actions:
Provide clear guidance to landlords, Federal benefits programs, and federal contractors to keep AI algorithms from being used to exacerbate discrimination.
Address algorithmic discrimination through training, technical assistance, and coordination between the Department of Justice and Federal civil rights offices on best practices for investigating and prosecuting civil rights violations related to AI.
Ensure fairness throughout the criminal justice system by developing best practices on the use of AI in sentencing, parole and probation, pretrial release and detention, risk assessments, surveillance, crime forecasting and predictive policing, and forensic analysis.
Standing Up for Consumers, Patients, and Students
AI can bring real benefits to consumers—for example, by making products better, cheaper, and more widely available. But AI also raises the risk of injuring, misleading, or otherwise harming Americans. To protect consumers while ensuring that AI can make Americans better off, the President directs the following actions:
Advance the responsible use of AI in healthcare and the development of affordable and life-saving drugs. The Department of Health and Human Services will also establish a safety program to receive reports of—and act to remedy – harmsor unsafe healthcare practices involving AI.
Shape AI’s potential to transform education by creating resources to support educators deploying AI-enabled educational tools, such as personalized tutoring in schools.
Supporting Workers
AI is changing America’s jobs and workplaces, offering both the promise of improved productivity but also the dangers of increased workplace surveillance, bias, and job displacement. To mitigate these risks, support workers’ ability to bargain collectively, and invest in workforce training and development that is accessible to all, the President directs the following actions:
Produce a report on AI’s potential labor-market impacts, and study and identify options for strengthening federal support for workers facing labor disruptions, including from AI.
Promoting Innovation and Competition
America already leads in AI innovation—more AI startups raised first-time capital in the United States last year than in the next seven countries combined. The Executive Order ensures that we continue to lead the way in innovation and competition through the following actions:
Catalyze AI research across the United States through a pilot of the National AI Research Resource—a tool that will provide AI researchers and students access to key AI resources and data—and expanded grants for AI research in vital areas like healthcare and climate change.
Promote a fair, open, and competitive AI ecosystem by providing small developers and entrepreneurs access to technical assistance and resources, helping small businesses commercialize AI breakthroughs, and encouraging the Federal Trade Commission to exercise its authorities.
Use existing authorities to expand the ability of highly skilled immigrants and nonimmigrants with expertise in critical areas to study, stay, and work in the United States by modernizing and streamlining visa criteria, interviews, and reviews.
Advancing American Leadership Abroad
AI’s challenges and opportunities are global. The Biden-Harris Administration will continue working with other nations to support safe, secure, and trustworthy deployment and use of AI worldwide. To that end, the President directs the following actions:
Expand bilateral, multilateral, and multistakeholder engagements to collaborate on AI. The State Department in collaboration with the Commerce Department will lead an effort to establish robust international frameworks for harnessing AI’s benefits and managing its risks and ensuring safety. In addition, this week, Vice President Harris will speak at the UK Summit on AI Safety, hosted by Prime Minister Rishi Sunak.
Accelerate development and implementation of vital AI standards with international partners and in standards organizations, ensuring that the technology is safe, secure, trustworthy, and interoperable.
Promote the safe, responsible, and rights-affirming development and deployment of AI abroad to solve global challenges, such as advancing sustainable development and mitigating dangers to critical infrastructure.
Ensuring Responsible and Effective Government Use of AI
AI can help government deliver better results for the American people. It can expand agencies’ capacity to regulate, govern, and disburse benefits, and it can cut costs and enhance the security of government systems. However, use of AI can pose risks, such as discrimination and unsafe decisions. To ensure the responsible government deployment of AI and modernize federal AI infrastructure, the President directs the following actions:
Issue guidance for agencies’ use of AI, includingclear standards to protect rights and safety, improve AI procurement, and strengthen AI deployment.
Help agencies acquire specified AI products and services faster, more cheaply, and more effectively through more rapid and efficient contracting.
Accelerate the rapid hiring of AI professionals as part of a government-wide AI talent surge led by the Office of Personnel Management, U.S. Digital Service, U.S. Digital Corps, and Presidential Innovation Fellowship. Agencies will provide AI training for employees at all levels in relevant fields.
As we advance this agenda at home, the Administration will work with allies and partners abroad on a strong international framework to govern the development and use of AI. The Administration has already consulted widely on AI governance frameworks over the past several months—engaging with Australia, Brazil, Canada, Chile, the European Union, France, Germany, India, Israel, Italy, Japan, Kenya, Mexico, the Netherlands, New Zealand, Nigeria, the Philippines, Singapore, South Korea, the UAE, and the UK. The actions taken today support and complement Japan’s leadership of the G-7 Hiroshima Process, the UK Summit on AI Safety, India’s leadership as Chair of the Global Partnership on AI, and ongoing discussions at the United Nations.
The actions that President Biden directed today are vital steps forward in the U.S.’s approach on safe, secure, and trustworthy AI. More action will be required, and the Administration will continue to work with Congress to pursue bipartisan legislation to help America lead the way in responsible innovation.
For more on the Biden-Harris Administration’s work to advance AI, and for opportunities to join the Federal AI workforce, visit AI.gov.
Today, in Monterey Park, California, President Biden announced an Executive Order with the goal of increasing the number of background checks conducted before firearm sales, moving the U.S. as close to universal background checks as possible without additional legislation. The Executive Order will also keep more guns out of dangerous hands by increasing the effective use of “red flag” laws, strengthen efforts to hold the gun industry accountable, and accelerate law enforcement efforts to identify and apprehend the shooters menacing our communities. President Biden is also encouraging the Federal Trade Commission to issue a public report analyzing how gun manufacturers market firearms to minors.
President Biden traveled to Monterey Park to grieve with the families and community impacted by the mass shooting that claimed 11 lives and injured nine others in January. Monterey Park is part of a growing list of communities all across the country that are forever changed due to gun violence—not only mass shootings, but also daily acts of gun violence that may not make national headlines.
Last year, President Biden signed into the law the Bipartisan Safer Communities Act, the most significant gun violence reduction legislation enacted in nearly 30 years. When celebrating the Act’s passage, he called on Congress to seize the bipartisan momentum and advance additional commonsense steps to reduce gun violence. Again and again, he has called for Congress to act, including by banning assault weapons and high-capacity magazines, requiring background checks for all gun sales, requiring safe storage of firearms, closing the dating violence restraining order loophole, and repealing gun manufacturers’ immunity from liability.
As he continues to call on Congress to act, President Biden will do everything he can to reduce gun violence and save lives. That is why, over the past two years, President Biden has taken more executive action to reduce gun violence than any other president at this point in their presidency.
The President’s new Executive Order to reduce gun violence includes the following additional actions, all of which fall within existing executive authority and outside of the right protected by the Second Amendment:
Keeping guns out of dangerous hands
The Executive Order directs the President’s Cabinet to:
Increase the number of background checks by ensuring that all background checks required by law are conducted before firearm purchases, moving the U.S. as close to universal background checks as possible without additional legislation. A large majority of Americans support background checks and agree it’s common sense to check whether someone is a felon or domestic abuser before allowing them to buy a gun. The President will continue to call on Congress to pass universal background check legislation. In the meantime, he is directing the Attorney General to do everything he can to ensure that firearms sellers who do not realize they are required to run background checks under existing law, or who are willfully violating existing law, become compliant with background check requirements. Specifically, the President is directing the Attorney General to move the U.S. as close to universal background checks as possible without additional legislation by clarifying, as appropriate, the statutory definition of who is “engaged in the business” of dealing in firearms, as updated by the Bipartisan Safer Communities Act. This move would mean fewer guns will be sold without background checks, and therefore fewer guns will end up in the hands of felons and domestic abusers. The President is also directing the Attorney General to develop and implement a plan to prevent former federally licensed firearms dealers, whose licenses have been revoked or surrendered, from continuing to engage in the business of dealing in firearms.
Improve public awareness and increase appropriate use of extreme risk protection (“red flag”) orders and safe storage of firearms. 19 states and the District of Columbia have enacted red flag laws, allowing trusted community members to petition a court to determine whether an individual is dangerous, and then to temporarily remove an individual’s access to firearms. However, these laws are only effective if the public knows when and how to use red flag orders. President Biden is directing members of his Cabinet to encourage effective use of extreme risk protection orders, including by partnering with law enforcement, health care providers, educators, and other community leaders. In addition, President Biden is directing members of his Cabinet to expand existing federal campaigns and other efforts to promote safe storage of firearms.
Address the loss or theft of firearms during shipping. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) data indicates an over 250% increase in the number of firearms reported as lost or stolen during shipment between federally licensed firearms dealers, from roughly 1,700 in 2018 to more than 6,100 in 2022. President Biden is directing the Secretary of Transportation, in consultation with the Department of Justice, to work to reduce the loss or theft of firearms during shipment and to improve reporting of such losses or thefts, including by engaging with carriers and shippers.
Holding the gun industry accountable
The Executive Order directs the President’s Cabinet to:
Provide the public and policymakers with more information regarding federally licensed firearms dealers who are violating the law. Gun dealers violating federal law put us all at risk by increasing the likelihood that firearms will fall into dangerous hands. The President is directing the Attorney General to publicly release, to the fullest extent permissible by law, ATF records from the inspection of firearms dealers cited for violation of federal firearm laws. This information will empower the public and policymakers to better understand the problem, and then improve our laws to hold rogue gun dealers accountable.
Use the Department of Defense’s acquisition of firearms to further firearm and public safety practices. The Department of Defense buys a large number of firearms and other weapons to protect and serve our country. The President is directing the Secretary of Defense to develop and implement principles to further firearm and public safety practices through Department of Defense acquisition of firearms, consistent with applicable law.
President Biden is also encouraging the independent Federal Trade Commission (FTC) to issue a public report analyzing how gun manufacturers market firearms to minors and how such manufacturers market firearms to all civilians, including through the use of military imagery.
Additional steps to make our communities safer and support communities impacted by gun violence
The Executive Order will direct the President’s Cabinet to:
Help catch shooters by accelerating federal law enforcement’s reporting of ballistics data. The National Integrated Ballistics Information Network (NIBIN) allows federal, state, and local law enforcement to match fired cartridge casings to the guns from which they were fired, making it easier for law enforcement to connect multiple crime scenes and catch shooters. In order to maximize NIBIN’s effectiveness, federal, state, and local law enforcement all have an important role to play in ensuring timely submission of ballistics data to NIBIN. Today, the President is directing all federal law enforcement agencies to issue rigorous requirements regarding NIBIN data submission and use of this tool.
Accelerate and intensify implementation of the Bipartisan Safer Communities Act (BSCA). BSCA is the most significant gun safety legislative accomplishment in nearly 30 years, and the Biden-Harris Administration is treating it as such by making the most of every opportunity it provides to reduce gun violence. President Biden is directing each agency responsible for the law’s implementation to send a report to him, within 60 days, on progress toward full implementation of BSCA and additional steps they will take to maximize the benefits of the law, including by increasing public awareness and use of the resources made available by BSCA.
Improve federal support for gun violence survivors, victims and survivors’ families, first responders to gun violence, and communities affected by gun violence. When a hurricane overwhelms a community, the Federal Emergency Management Agency (FEMA) coordinates federal, state, local, and non-profit organizations in order to assess and meet community needs. However, when a mass shooting overwhelms a community, no coordinated U.S. government mechanism exists to meet short- and long-term needs, such as mental health care for grief and trauma, financial assistance (for example, when a family loses the sole breadwinner or when a small business is shut down due to a lengthy shooting investigation), and food (for example, when the Buffalo shooting closed down the only grocery store in the neighborhood). The President is directing members of his Cabinet to develop a proposal for how the federal government can better support communities after a mass shooting, and identify what additional resources or authorities the executive branch would need from Congress to implement this proposal.
Advance congressional efforts to prevent the proliferation of firearms undetectable by metal detectors. In recent years, we’ve seen the rise of technology that allows guns to be made with polymers and other materials that are increasingly capable of avoiding detection by metal detectors. President Biden is directing the Attorney General to help Congress modernize and make permanent the Undetectable Firearms Act of 1988, which is currently set to expire in December 2023.
New York State Governor Kathy Hochul, who had to rejigger 100-year old gun regulation law after the radical rightwing majority on the Supreme Court overturned the law, commented, “Too many families in this country have experienced loss due to gun violence. Too many communities, including my hometown of Buffalo, have been devastated by weapons of war. We have a moral obligation to act — and that’s why New York strengthened our nation-leading gun safety laws, expanding the use of red flag laws to prevent domestic abusers and other dangerous individuals from causing harm to themselves or others.
“President Biden’s new Executive Order brings New York’s approach to a national scale. The Executive Order strengthens rules around individuals with a “red flag” by requiring federally licensed gun dealers to check if an individual is a domestic abuser or convicted felon. It increases federal resources for proven crime-fighting tools, like the National Integrated Ballistics Information Network we are utilizing in Crime Analysis Centers across New York. This EO builds on the major success last year, when President Biden worked closely with Leader Schumer and bipartisan members of Congress to pass the first new gun safety legislation in a generation. This Executive Order is the significant next step our country needed.”
Outlines First Whole-of-Government Strategy to Protect Consumers, Financial Stability, National Security, and Address Climate Risks
President Biden signed an Executive Order outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation (c) Karen Rubin/news-photos-features.com via msnbc.
Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans – approximately 40 million people – have invested in, traded, or used cryptocurrencies. Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country’s sovereign currency.
[My personal belief is that Russian oligarchs, looking for places to stash their billions, had something to do with the run-up in value. The administration stated that “the use of cryptocurrency we do not think is a viable workaround to the set of financial sanctions we’ve imposed across the entire Russian economy and, in particular, to its central bank,” but that does not take into account purchases that might have been made before sanctions were imposed, or these new protections. A request for comment was unanswered.]
The White House provided this fact sheet detailing Biden’s whole-of-government strategy to protect consumers, financial stability, national security and address climate risks posted by digital assets:–Karen Rubin/news-photos-features.com
The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk. The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate. And, it must play a leading role in international engagement and global governance of digital assets consistent with democratic values and U.S. global competitiveness.
That is why President Biden signed an Executive Order outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.
Specifically, the Executive Order calls for measures to:
Protect U.S. Consumers, Investors, and Businesses by directing the Department of the Treasury and other agency partners to assess and develop policy recommendations to address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth. The Order also encourages regulators to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.
Protect U.S. and Global Financial Stability and Mitigate Systemic Risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide (i.e., systemic) financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps.
Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets by directing an unprecedented focus of coordinated action across all relevant U.S. Government agencies to mitigate these risks. It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to risks.
Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System by directing the Department of Commerce to work across the U.S. Government in establishing a framework to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies. This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research and development, and operational approaches to digital assets.
Promote Equitable Access to Safe and Affordable Financial Services by affirming the critical need for safe, affordable, and accessible financial services as a U.S. national interest that must inform our approach to digital asset innovation, including disparate impact risk. Such safe access is especially important for communities that have long had insufficient access to financial services. The Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems, to include implications for economic growth, financial growth and inclusion, national security, and the extent to which technological innovation may influence that future.
Support Technological Advances and Ensure Responsible Development and Use of Digital Assets by directing the U.S. Government to take concrete steps to study and support technological advances in the responsible development, design, and implementation of digital asset systems while prioritizing privacy, security, combating illicit exploitation, and reducing negative climate impacts.
Explore a U.S. Central Bank Digital Currency (CBDC) by placing urgency on research and development of a potential United States CBDC, should issuance be deemed in the national interest. The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.
The Administration will continue work across agencies and with Congress to establish policies that guard against risks and guide responsible innovation, with our allies and partners to develop aligned international capabilities that respond to national security risks, and with the private sector to study and support technological advances in digital assets.
