H.R. 6775 · 118th Congress
Public Banking Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
TlaibSponsor7 cosponsors · 7 D
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows for the federal charter of public banks (i.e., banks that are wholly owned and controlled by a state, tribe, or local government).
What it does: CRS summary · Introduced in House · Dec 13, 2023
Public Banking Act of 2023
This bill allows for the federal charter of public banks (i.e., banks that are wholly owned and controlled by a state, tribe, or local government).
Under the bill, the Board of Governors of the Federal Reserve System must charter public banks or recognize non-federally chartered banks if they meet certain criteria. These public banks are eligible for membership in the Federal Reserve System. The Federal Reserve must offer specified services to member public member banks, including grants, payment accounts, digital dollar services, and facilities for credit, loans, and liquidity.
These public banks must have a democratic governance structure, establish an environmental policy, and comply with certain lending policies. For example, these public banks must require that loan recipients do not oppose or resist unionization efforts involving projects that utilize public funds. Public banks under the bill are also prohibited from providing financial services to certain companies, including those that (1) support specified industries such as gun manufacturers or fossil fuel producers; (2) have unfair or unsafe labor practices; or (3) have a history of tax avoidance.
The bill also requires the establishment of a regulatory framework for the federal recognition of securities issued by public banks.
The Federal Deposit Insurance Corporation must provide unlimited deposit insurance to federally recognized public banks.
The United States Postal Service must partner with these public banks to provide account and payment services at post offices.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Public Banking Act of 2023
Latest action (Dec 15, 2023): Referred to the Subcommittee on Energy, Climate and Grid Security.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 13, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.