,i #aafth ,,congress #b;d ,session ,h4 ,r4 #feec ,,in ,,the ,,house ,,of ,,representatives ,april #ag1 #bjbj,ms4 ,tlaib 7for herself1 ,ms4 ,jayapal1 ,mr4 ,hastings1 ,ms4 ,norton1 ,ms4 ,ocasio-,cortez1 ,ms4 ,omar1 ,ms4 ,pressley1 ,mr4 ,rush1 ,ms4 ,schakowsky1 ,ms4 ,velzquez1 ,ms4 ,castor of ,florida1 and ,mr4 ,garca of ,illinois7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,financial ,services1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to direct the ,secretary of the ,treasury to establish the ,boost ,communities ,program to provide monthly payments to ,america's consumers during the ,,covid-#ai emergency to recover from the emergency1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,automatic ,boost to ,communities ,act4 #b4 ,definitions ,for purposes of this ,act3 7#a7 ,program ,the term ,program means the ,boost ,communities ,program as set forth in section #c4 7#b7 ,interim ,,boost card ,the term interim ,,boost card means a prepaid debit card issued pursuant to section #c4 7#c7 ,payment period ,the term payment period means the period-- 7,a7 beginning on the first day of the first month beginning after the date of the enactment of this ,act2 and 7,b7 ending on the later of-- 7i7 #a year after the termination of the emergency declared on ,march #ac1 #bjbj1 by the ,president under section #eja7;b7 of the ,robert ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaia7;b77 with respect to the ,,covid-#ai pandemic2 or 7ii7 #a year after-- 7,i7 the national unemployment rate 7as determined by the ,bureau of ,labor ,statistics7 is within #b percentage points of the national unemployment rate on the moving average of ,december #bjai through ,february #bjbj2 and 7,,ii7 the #c-month average of the national unemployment rate has declined for two consecutive months4 7#d7 ,digital dollars ,the term digital dollars means dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any ,federal reserve bank and digital coins or currency instruments issued by the ,united ,states ,treasury as legal tender1 and held as bearer instruments in any digital dollar cash wallet approved by the ,united ,states ,treasury4 7#e7 ,digital dollar account wallets ,the term digital dollar account wallet means a digital dollar account1 maintained by a ,federal reserve bank on behalf of any person1 for the purpose of holding digital dollar balances4 7#f7 ,digital dollar cash wallets ,the term digital dollar cash wallet means any software program1 whose standards1 specifications1 and functions are authorized and regulated by the ,united ,states ,treasury1 which stores1 sends1 and receives digital coins or currency instruments issued by the ,united ,states ,treasury as legal tender1 and which are considered bearer instruments in the possession of the individual or entity on whose behalf the wallet is managed and administered4 7#g7 ,at-risk populations ,the term at-risk population means a population that is experiencing1 or reasonably may be expected to experience1 unique direct or indirect financial or personal hardship as a result of or during the ,coronavirus crisis1 including the elderly1 homeless1 physically disabled1 and those in remote areas1 as well as any other population as identified by the ,secretary4 7#h7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 #c4 ,boost ,communities ,program 7a7 ,in general ,the ,secretary shall establish a program to be known as the ,boost ,communities ,program4 ,under the ,program1 the ,secretary shall make payments to eligible individuals for each month in the payment period4 ,such payments shall consist of a general assistance component and a targeted supplemental assistance component4 7b7 ,payments ,for purposes of this section-- 7#a7 ,amount of payments ,the amount of payments under the ,program shall be-- 7,a7 for general assistance-- 7i7 #b1jjj per month to each eligible individual thereafter during the payment period2 and 7ii7 #a1jjj per month to each eligible individual a year after the payment period2 and 7,b7 for targeted supplemental assistance1 such additional amounts and sums as determined by the ,secretary to be necessary and appropriate to meet the specific needs of eligible individuals who are members of at-risk populations1 as identified by the ,secretary4 7#b7 ,methods of payment 7,a7 ,direct deposit ,as regards recipients who have previously provided bank account information to the ,secretary1 the ,secretary shall directly deposit ,program payments into these accounts1 unless recipients indicate a preference to receive an ,interim ,,boost ,card instead1 in which case that preference shall be honored1 and all subsequent ,program payments shall be made exclusively via the ,,boost card4 7,b7 ,interim ,,boost cards ,in any case in which subparagraph 7,a7 does not apply1 the ,secretary shall contract with banking institutions that includes minority deposit institutions1 community development financial institutions1 credit unions1 national banking association1 and any licensed money transmitter as deemed necessary or appropriate by the ,secretary to issue an interim ,,boost card4 7#c7 ,interim ,,boost cards 7,a7 ,rules relating to interim ,,boost cards ,the interim ,,boost card shall-- 7i7 have all the functionality and service levels currently available to certain recipients of public benefits through the ,treasury ,department's ,direct ,express program2 and 7ii7 not be subject to any fees or penalty charges1 usage restrictions1 or data collection practices other than those explicitly authorized by this ,act4 7,b7 ,availability of full balance ,the full balance of the interim ,,boost card shall be made available for immediate withdrawal into physical currency at any automated teller machine in the country1 at any time1 and not be subject to any usage or withdrawal fees4 7,c7 ,distribution 7i7 ,in general ,the ,secretary shall distribute interim ,,boost cards using the ,postal ,service to all eligible individuals with an active address on file with any government agency1 and shall be delivered by certified mail wherever possible1 using the fastest service available1 with any associated costs to the ,postal ,service reimbursed directly by the ,treasury of the ,united ,states4 7ii7 ,in person pick-up ,any eligible individual who does not have an active address on file with any government agency1 or who otherwise is not able to or does not receive a prepaid card pursuant to clause 7i7 may obtain an interim or replacement ,,boost card through any card distribution station set up under the ,program1 including through any bank 7as defined in section #eha of the ,internal ,revenue ,code of #aihf71 insured credit union 7within the meaning of section #aja7g7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb7g77 located in the ,united ,states1 post office1 ,united ,states diplomatic missions or any other ,federal1 ,state1 or local government agency or private contracting entity1 as determined by the ,secretary to be necessary or appropriate4 7iii7 ,web-based access ,the ,secretary shall establish a website for the purposes of allowing eligible recipients to update their current mailing address and direct deposit information1 to indicate their preference to receive an ,interim ,,boost card instead of receiving payments via direct deposit1 and for providing account information to users1 including information pertaining to the account number1 status of delivery and receipt of their allocated funds1 and the amount of the funds still available on their card and to obtain a check in the amount of the funds in the account4 7iv7 ,telephone access ,the ,secretary shall establish a dedicated telephone information and assistance number for the purposes of allowing eligible recipients to update their current mailing address and direct deposit information1 to indicate their preference to receive an ,interim ,,boost card instead of receiving payments via direct deposit1 and for providing account or card information to users1 including information pertaining to the status of delivery and receipt of their allocated funds1 and the amount of the funds still available on their card4 7v7 ,at-risk outreach ,the ,secretary shall establish a dedicated ,emergency ,responder ,corps1 and where necessary or appropriate1 as determined by the ,secretary1 shall contract with existing ,federal1 ,state1 and local government agencies and private entities1 to perform outreach to at-risk populations1 including the elderly1 homeless1 physically disabled1 or in remote areas1 to ensure that these populations receive their interim ,,boost card as well as to perform a general wellness check in case of needed targeted supplemental assistance1 which shall then be provided in such sums and amounts as determined to be necessary and appropriate by the ,secretary via any payments mechanism otherwise authorized by this ,act and deemed appropriate for the circumstances by the ,secretary4 7#d7 ,regulatory treatment of payment ,the ,secretary shall apply the ,,xx code specified in section #bab4c of title #ca1 ,code of ,federal ,regulations1 to designate all ,program payments as benefit payments4 ,the ,secretary shall further issue such rules or guidance as needed to protect ,program payments from garnishment4 ,in addition1 the ,secretary shall issue such rules or guidance as needed to ensure that any funds distributed through the ,program do not render recipients ineligible for any other ,federal1 ,state1 or local benefits or income that they would otherwise have been entitled to receive in the absence of the ,program1 including excluding any general assistance or targeted supplemental assistance received via the ,program from calculation of reportable annual income for the purpose of calculating eligibility for benefits subject to an income-cap threshold4 7c7 ,eligible individual 7#a7 ,in general ,the term eligible individual means-- 7,a7 a citizen or resident 7as such terms are used in section #ggja7;a77#cj77;,a7 of the ,internal ,revenue ,code of #aihf7 of the ,united ,states2 and 7,b7 any nonresident alien 7as defined in section #ggja7;b77#a77;,b7 of such ,code7 who has been in the ,united ,states for more than the #c-month period beginning on ,december #ac1 #bjai4 7#b7 ,united states ,the term ,united ,states includes the #ej ,states1 the ,district of ,columbia1 and the possessions of the ,united ,states1 incorporated territories and citizens abroad4 7d7 ,rules relating to program 7#a7 ,coordination ,to ensure that the ,program is as universal and comprehensive as possible1 the ,secretary shall develop a list of eligible individuals through coordination with the ,internal ,revenue ,service1 the ,social ,security ,administration1 the ,federal ,election ,commission1 and every other relevant ,federal1 ,state1 and local government agency1 including ,state ,departments of ,motor ,vehicles4 ,any expenses incurred by any entity as a result of compliance with the gathering of this information and construction of this database shall be reimbursed directly by the ,united ,states ,treasury4 7#b7 ,database of recipients ,the ,secretary shall establish a database of recipients1 identified by name and1 where available1 employer identification number1 individual tax identification number1 student identification1 or swear in an affidavit where you are ineligible for a social security number and unable to submit satisfactory proof that your presence in the ,united ,states is authorized by ,federal law4 ,this affidavit will not be treated as public record and use solely for the purposes of this program4 ,the database established under this paragraph shall not be shared with any other ,federal1 ,state1 or local agency1 other entity1 or ,immigration ,customs ,enforcement and related enforcement agencies1 or used for any purpose other than to administer the program1 provided that the ,secretary may share identifying information with the ,board of ,governors of the ,federal ,reserve ,system and the ,united ,states ,postal ,office for the purpose of developing banking accounts maintained at the ,federal ,reserve ,board or for the purposes of maintain accounts at the ,united ,state ,postal ,office1 upon receipt of written consent of recipients for such information to be shared for this purpose4 7e7 ,public awareness program ,not later than the date of the enactment of this ,act1 the ,secretary shall establish an awareness program to inform the public of the availability of the existence of the ,program and eligibility of recipients to receive general and targeted supplemental assistance1 as well as the various payment and distribution options available to receive this assistance4 ,the ,secretary shall use appropriate means of communication to carry out the provisions of this section4 7f7 ,funding 7#a7 ,directive to mint and issue platinum coins ,the ,secretary shall1 under section #eaab7k7 of title #ca1 ,united ,states ,code1 mint and issue two #a trillion platinum coins and shall further mint and issue any additional #a trillion coins on an as-needed basis to cover any direct and indirect expenses related to the ,program for the duration of the program4 7#b7 ,transfer of funds to the general fund ,the ,secretary shall direct the ,united ,states ,mint to sweep all funds received from the sale of the coins under paragraph 7#b7 into the general fund of the ,treasury4 7g7 ,preserving ,federal ,reserve independence and efficacy of monetary policy ,to ensure that the ,program does not unintentionally or unduly interfere with or limit the efficacy of the ,federal ,reserve ,system in achieving its statutory obligations1 including in particular with respect to implementation of its monetary policy objectives1 the ,board of ,governors of the ,federal ,reserve shall be authorized3 7#a7 ,supplemental financing securities ,to issue as ,federal reserve notes under section #bdh7;d7 of title #ab1 ,united ,states ,code1 digital securities1 including bills1 notes1 and bonds1 of whatever maturity1 denomination1 and yield1 as is deemed appropriate and necessary by the ,board of ,governors to achieve its statutory objectives under the ,federal ,reserve ,act1 in quantities up to an amount equivalent to the total face value of all platinum coins issued by the ,united ,states ,treasury and held as assets by the ,federal ,reserve ,system4 ,notes issued under this paragraph shall be sold on the open market in a manner similar to the sale of ,treasury securities1 and1 like ,federal reserve notes1 shall be considered direct obligations of the ,united ,states under section #h of title #ah1 ,united ,states ,code1 but shall be recorded for accounting purposes as direct liabilities of the ,federal ,reserve ,system1 and accordingly shall not be included in calculations of public debt subject to limit under section #caja of title #ca1 ,united ,states ,code4 7#b7 ,establish a dedicated special treasury monetary financing account ,the ,federal ,reserve ,bank of ,new ,york shall establish an account titled the ,special ,treasury ,monetary ,financing ,account1 in which shall be recorded any expenses associated with payment of interest on settlement balances or ,federal reserve securities up to a total principal amount equivalent to the total principal value of all platinum coins issued by the ,united ,states ,treasury and held as assets by the ,federal ,reserve ,system1 plus any additional liabilities incurred as a result of prior interest payments made on liabilities issued against coin assets purchased under the ,program4 ,any ongoing losses incurred by this account shall be recorded as a negative liability1 and shall be maintained separately from the rest of the balance sheet of both the ,federal ,reserve ,bank of ,new ,york and the ,federal ,reserve ,system1 so as not to reduce or impact the calculation of total income or revenue generated by the ,federal ,reserve ,system1 or otherwise reduce the total amount of net operating profits to be made available for remittance to the ,treasury on an ongoing basis4 7h7 ,regulations ,the ,secretary and the ,board of ,governors of the ,federal ,reserve ,system shall issue such regulations or other guidance as may be necessary or appropriate to carry out this section4 7i7 ,sense of ,congress regarding establishment of ,fed,accounts and ,treasury-,administered e,cash wallets 7#a7 ,digital dollar account wallets 7,a7 ,establishment ,it is a sense of ,congress that at the end of the payment period1 the ,board of ,governors of the ,federal ,reserve ,system shall develop and administer a system of ,digital ,dollar ,account ,wallets1 which shall be branded as ,fed,accounts1 and made available to all ,united ,states citizens1 ,united ,states residents1 and domestically domiciled businesses1 along with associated services1 including debit cards1 online account access1 automatic bill-pay1 mobile banking1 and automatic teller machines maintained in conjunction with the ,united ,states ,postal ,services at its physical locations4 7,b7 ,boost payments via digital dollar account wallets ,no later than ,january #a1 #bjba1 the ,secretary shall offer all recipients of ,,boost payments the option to receive their payments in digital dollar wallets4 ,,boost recipients receiving their payments through interim ,,boost cards shall instead receive a ,federal ,reserve ,account for debit cards and be given the option to sign up online for fully operational digital dollar account wallets4 7,c7 ,authorization for each ,federal ,reserve ,bank to maintain digital account ,subject to such restrictions1 limitations1 and regulations as may be imposed by the ,board of ,governors of the ,federal ,reserve ,system1 each ,federal reserve bank may maintain digital dollar account wallets4 7,d7 ,digital dollar account wallets shall not be subject to any account fees1 minimum balances1 or maximum balances1 and shall not be closed or restricted on the basis of profitability4 7,e7 ,digital dollar account wallets shall partner with ,post ,office branches to ensure access and availability to application and account services for all ,united ,states citizens and ,united ,states residents and domestically domiciled businesses in areas where access to physical member bank branches is limited1 in low- or moderate-income geographies2 designated disaster areas2 distressed or underserved non-metropolitan middle-income geographies as designated by the ,federal ,financial ,institutions ,examination ,council1 ,federal ,reserve banks4 7,f7 ,digital dollar account wallets shall provide account holders with reasonable protection against losses caused by fraud or security breaches but shall not include overdraft coverage4 7,g7 ,digital dollar account wallets shall comply with the relevant portions of the ,bank ,secrecy ,act in establishing and maintaining digital dollar account wallets and shall impose privacy obligations on providers under the ,privacy ,act of #aigd that mirror those applicable to ,federal tax returns under sections #fajc1 #gbac7;a77#a71 #gbac;,a1 and #gdca of the ,internal ,revenue ,code of #aihf4 7#b7 ,terms of dollar cash wallet system ,at the end of the payment period1 the ,treasury shall develop and administer a system of digital dollar cash wallets1 which shall be branded as e,cash ,wallets and made available to any eligible individual to store1 send1 and receive digital coins or other digital currency instruments issued by the ,united ,states ,treasury as legal tender4 7#c7 ,additional sense of ,congress ,it is the additional sense of ,congress that-- 7,a7 digital dollar cash wallet hosting services shall be offered directly by the ,treasury1 in coordination with the ,federal ,reserve and licensed depository and money transmitter entities1 to promote integration with and interoperability between digital dollar cash wallets and digital dollar account wallets managed by the ,federal ,reserve1 and shall not be subject to any associated administrative fees or minimum or maximum balances1 and shall not be closed on the basis of profitability considerations2 7,b7 digital dollar cash wallets shall also be capable of being self-hosted on widely available1 inexpensive digital devices1 including mobile phones1 with any necessary software or hardware licensed under an appropriate open source license2 and 7,c7 a ,digital ,financial ,privacy ,board shall be-- 7i7 established by the ,secretary to oversee1 monitor1 and report on the design and implementation of the digital dollar cash wallet system2 7ii7 maintained thereafter to provide ongoing oversight over its administration2 and 7iii7 designed in such a way as to replicate the privacy and anonymity-respecting features of physical currency transactions as closely as possible1 including prohibition of surveillance or censorship-enabling backdoor features4 7#d7 ,regulation ,the ,board of ,governors of the ,federal ,reserve ,system shall promulgate regulations carrying out this section4 #d4 ,addressing impact on inequality ,after the termination of the emergency declared on ,march #ac1 #bjbj1 by the ,president under section #eja7;b7 of the ,robert ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaia7;b77 with respect to the ,,covid-#ai pandemic1 the ,secretary shall establish an independent ,commission to-- 7#a7 investigate and ascertain the short-term and long-term impact of emergency relief measures1 including those included in this ,act1 on overall levels and rates of increase of income and wealth inequality in the ,united ,states2 and 7#b7 identify and propose a comprehensive set of legislative and policy responses to address such impacts1 including progressive tax reform as well as the enactment of new ,federal programs and emergency response practices to preemptively prevent such outcomes from occurring in the event of future similar crises or emergencies4