[Congressional Record Volume 168, Number 157 (Wednesday, September 28, 2022)]
[Senate]
[Page S5495]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 6019. Mr. TOOMEY submitted an amendment intended to be proposed to 
amendment SA 5499 submitted by Mr. Reed (for himself and Mr. Inhofe) 
and intended to be proposed to the bill H.R. 7900, to authorize 
appropriations for fiscal year 2023 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. MASTER ACCOUNT DATABASE.

       The Federal Reserve Act is amended by inserting after 
     section 11B (12 U.S.C. 248b et seq.) the following:

     ``SEC. 11C. MASTER ACCOUNT DATABASE.

       ``(a) Definitions.--In this section:
       ``(1) Application.--The term `application' means an 
     application for a master account, including an application 
     under Operating Circular 1 of the Board and any successive 
     operating circulars or similar forms.
       ``(2) Master account.--The term `master account' means an 
     account for--
       ``(A) any service offered under section 11A(b); or
       ``(B) any deposit received under the first undesignated 
     paragraph of section 13.
       ``(b) Publishing Master Account Information.--
       ``(1) Online database.--The Board shall create and maintain 
     a public, online, and searchable database that contains--
       ``(A) a list of every entity that currently holds a master 
     account, including the date on which the master account was 
     granted;
       ``(B) a list of every entity that held a master account in 
     the 10 years prior to the date of enactment of this section 
     but no longer holds that master account, including the dates 
     on which the master account was granted and terminated;
       ``(C) a list of every entity that has applied for a master 
     account in the 10 years prior to the date of enactment of 
     this section, including whether, and the dates on which, the 
     application was approved, rejected, pending, or withdrawn;
       ``(D) a list of every entity that applies for a master 
     account after enactment of this section, including whether, 
     and the dates on which, the application was approved, 
     rejected, pending, or withdrawn; and
       ``(E) for each list described in subparagraphs (A) through 
     (D)--
       ``(i) a description of the type of entity that holds or 
     applied for a master account, including whether such entity 
     is an insured depository institution, as defined in section 3 
     of the Federal Deposit Insurance Act (12 U.S.C. 1813), or a 
     depository institution that is not an insured depository 
     institution; and
       ``(ii) the provision of law authorizing each entity to hold 
     the master account.
       ``(2) Database updates.--Not less frequently than once 
     every month, the Board shall update the database to add any 
     new information required under paragraph (1).
       ``(3) Deadline.--Not later than 90 days after the date of 
     enactment of this section, the Board shall publish on the 
     database the information required under paragraph (1).
       ``(c) Explanations of Application Rejections.--Not later 
     than 90 days after the Board rejects an application or after 
     an application is submitted but not approved by the Board, 
     the Board shall submit a report to the Committee on Financial 
     Services of the House of Representatives and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate that 
     includes an explanation of that rejection or failure to 
     approve that application.''.
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