3.0.0 3571 2022-03-02T16:13:00Z 2023-09-05T17:28:05Z Senate S 2020-03-23 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2020-06-30T14:00:36Z Referred to 2020-03-24T00:07:27Z 2020-06-30 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2020-03-23 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-03-23 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Cardiovascular and respiratory health Emergency medical services and trauma care Federal Reserve System Infectious and parasitic diseases Postal service Finance and Financial Sector 00 2020-03-23 Introduced in Senate 2020-09-21T13:25:23Z 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.

]]> Banking for All Act Display Title Banking for All Act Short Title(s) as Introduced Banking for All Act Introduced in Senate IS Official Title as Introduced A bill to require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3571is/xml/BILLS-116s3571is.xml 2020-06-30 Committee on Banking, Housing, and Urban Affairs. Hearings held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.