Public Banking Act of 2023

Summary

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.

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Timeline

1. 13 December 2023

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, Ways and Means, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 13 December 2023

   Introduced

   Sponsor introductory remarks on measure. (CR H6865)

   Source: IntroReferral

3. 13 December 2023

   Introduced

   Introduced in House

   Source: IntroReferral

4. 13 December 2023

   Introduced

   Introduced in House

   Source: IntroReferral

5. 15 December 2023

   Referred

   Referred to the Subcommittee on Energy, Climate and Grid Security.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 13 December 2023 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 December 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 13 December 2023

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 13 December 2023

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Tlaib, Rashida [D-MI-12] · D · Sponsor
• Rep. Ocasio-Cortez, Alexandria [D-NY-14] · D · Sponsor
• Rep. Pressley, Ayanna [D-MA-7] · D · Sponsor
• Rep. Lee, Barbara [D-CA-12] · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Sponsor
• Rep. Omar, Ilhan [D-MN-5] · D · Sponsor
• Rep. Casar, Greg [D-TX-35] · D · Cosponsor
• Rep. Jayapal, Pramila [D-WA-7] · D · Cosponsor
• · hsif00 · Standing
• · hswm00 · Standing
• · hsgo00 · Standing
• · hsba00 · Standing

Related records

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