S. 3571 · 116th Congress
Banking for All Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BrownSponsorNo cosponsors.
This bill requires Federal Reserve member banks to provide digital pass-through accounts (i.e., digital dollar wallets) to residents and citizens, and to businesses domiciled in the United States.
What it does: CRS summary · Introduced in Senate · Mar 23, 2020
Banking for All Act
This bill requires Federal Reserve member banks to provide digital pass-through accounts (i.e., digital dollar wallets) to residents and citizens, and to businesses domiciled in the United States. Among other things, these accounts must provide specified banking services to eligible persons who elect to deposit funds into these accounts, including access to COVID-19 (i.e., coronavirus disease 2019) aid payments. These accounts may not charge fees or have balance requirements, and must provide a specified interest rate.
In areas with limited access to Federal Reserve member banks, these banks must partner with postal retail facilities to provide services.
Federal Reserve banks must permit state nonmember banks and credit unions to open master accounts for the purpose of offering digital pass-through accounts.
Postal retail facilities and certain small banks must be reimbursed by the appropriate Federal Reserve bank for operational costs incurred by offering the accounts.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Banking for All Act
Latest action (Jun 30, 2020): Committee on Banking, Housing, and Urban Affairs. Hearings held.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 23, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.