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United States · Bill · S

S. 3571 (116th)

Banking for All Act

openUnited States· United States Congress· EN

Introduced

23 March 2020

Last action

30 June 2020 · Committee

Status

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Sponsors

Sen. Brown, Sherrod [D-OH]

Subjects

Discovery layer

Source updated

7 April 2025

Official sourceDownload fileView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 23 March 2020

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

  2. 23 March 2020

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 30 June 2020

    Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

    Source: Committee

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 23 March 2020

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 23 March 2020

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 23 March 2020

    Open at official source

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Sponsors

Related records

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Sources

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