Banking for All Act
Latest action · Jun 30, 2020 Committee on Banking, Housing, and Urban Affairs. Hearings held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 23, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Jun 30, 2020Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Mar 23, 2020Introduced in Senate
- Mar 23, 2020Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Mar 23, 2020Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.