Banking for All Act Waiting in the Wings

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Democrats are closing in on control of congress and the oval office. Now that it's looking like congress might actually be able to pass some laws this year, I would like to bring to everyone's attention the little known "Banking For All Act", introduced by Senator Sherrod Brown (D-OH). With no other sponsors, it's is unclear whether or not this bill will have bi-partisan support or when new hearings will occur.

Banking For all Act Summary
S.3571 — 116th Congress (2019-2020)
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.


Money Law and Order

Posted by Kyle Bruder on Jan. 6, 2021, 2:56 p.m. from Ridgecrest, CA
Last updated on Jan. 6, 2021, 2:57 p.m.