,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #feec  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ag1 #bjbj,ms4 
,tlaib 7= h]self1 ,ms4 ,jayapal1 ,mr4   
,ha/+s1 ,ms4 ,norton1 ,ms4              
,ocasio-,cortez1 ,ms4 ,om>1 ,ms4        
,pressley1 ,mr4 ,ru%1 ,ms4 ,s*ak[sky1   
,ms4 ,velzquez1 ,ms4 ,ca/or ( ,florida1 
& ,mr4 ,g>ca ( ,ill9ois7 introduc$ !    
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,f9ancial   
,s]vices1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to direct ! ,secret>y ( !     
,treasury to e/abli% ! ,boo/            
,communities ,program to provide mon?ly 
paym5ts to ,am]ica's consum]s dur+ !    
,,covid-#ai em]g5cy to recov] f !       
em]g5cy1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z !         
,automatic ,boo/ to ,communities ,act4  
#b4 ,def9itions ,= purposes ( ?is ,act3 

7#a7 ,program ,! t]m ,program means !   
,boo/ ,communities ,program z set =? 9  
section #c4  7#b7 ,int]im ,,boo/ c>d ,! 
t]m int]im ,,boo/ c>d means a prepaid   
debit c>d issu$ pursuant to section #c4 
7#c7 ,paym5t p]iod ,! t]m paym5t p]iod  
means ! p]iod-- 7,a7 beg9n+ on ! fir/   
day ( ! fir/ mon? beg9n+ aft] ! date ( !
 enactm5t ( ?is ,act2 &  7,b7 end+ on ! 
lat] (-- 7i7 #a ye> aft] ! t]m9ation ( !
 em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by !
 ,presid5t "u section #eja7;b7 ( !      
,rob]t ,/af=d ,disa/] ,relief & ,em]g5cy
 ,assi/ance ,act 7#db ,u4,s4,c4         
#eaia7;b77 ) respect to ! ,,covid-#ai   
p&emic2 or  7ii7 #a ye> aft]-- 7,i7 !   
national unemploym5t rate 7z det]m9$ by 
! ,bureau ( ,labor ,/ati/ics7 is )9 #b  
p]c5tage po9ts ( ! national unemploym5t 
rate on ! mov+ av]age ( ,decemb] #bjai  
?r\gh ,febru>y #bjbj2 &  7,,ii7 !       
#c-mon? av]age ( ! national unemploym5t 
rate has decl9$ = two consecutive mon?s4
  7#d7 ,digital doll>s ,! t]m digital   
doll>s means doll> balances consi/+ (   

digital l$g] entries record$ z          
liabilities 9 ! acc\nts ( any ,f$]al    
res]ve bank & digital co9s or curr5cy   
in/rum5ts issu$ by ! ,unit$ ,/ates      
,treasury z legal t5d]1 & held z be>]   
in/rum5ts 9 any digital doll> ca% wallet
 approv$ by ! ,unit$ ,/ates ,treasury4  
7#e7 ,digital doll> acc\nt wallets ,!   
t]m digital doll> acc\nt wallet means a 
digital doll> acc\nt1 ma9ta9$ by a      
,f$]al res]ve bank on behalf ( any      
p]son1 = ! purpose ( hold+ digital doll>
 balances4  7#f7 ,digital doll> ca%     
wallets ,! t]m digital doll> ca% wallet 
means any s(tw>e program1 ^: /&>ds1     
specifications1 & functions are au?oriz$
 & regulat$ by ! ,unit$ ,/ates          
,treasury1 :i* /ores1 s5ds1 & receives  
digital co9s or curr5cy in/rum5ts issu$ 
by ! ,unit$ ,/ates ,treasury z legal    
t5d]1 & :i* are consid]$ be>] in/rum5ts 
9 ! possession ( ! individual or entity 
on ^: behalf ! wallet is manag$ &       
adm9i/]$4  7#g7 ,at-risk populations ,! 
t]m at-risk population means a          

population t is exp]i5c+1 or reasonably 
may be expect$ to exp]i5ce1 unique      
direct or indirect f9ancial or p]sonal  
h>d%ip z a result ( or dur+ !           
,coronavirus crisis1 includ+ ! eld]ly1  
homeless1 physically disabl$1 & ^? 9    
remote areas1 z well z any o!r          
population z id5tifi$ by ! ,secret>y4   
7#h7 ,secret>y ,! t]m ,secret>y means ! 
,secret>y ( ! ,treasury4  #c4 ,boo/     
,communities ,program  7a7 ,9 g5]al ,!  
,secret>y %all e/abli% a program to be  
kn[n z ! ,boo/ ,communities ,program4   
,"u ! ,program1 ! ,secret>y %all make   
paym5ts to eligible individuals = ea*   
mon? 9 ! paym5t p]iod4 ,su* paym5ts %all
 consi/ ( a g5]al assi/ance compon5t & a
 t>get$ supplem5tal assi/ance compon5t4 
7b7 ,paym5ts ,= purposes ( ?is section--
 7#a7 ,am\nt ( paym5ts ,! am\nt (       
paym5ts "u ! ,program %all be-- 7,a7 =  
g5]al assi/ance-- 7i7 #b1jjj p] mon? to 
ea* eligible individual !reaft] dur+ !  
paym5t p]iod2 &  7ii7 #a1jjj p] mon? to 
ea* eligible individual a ye> aft] !    

paym5t p]iod2 &  7,b7 = t>get$          
supplem5tal assi/ance1 su* additional   
am\nts & sums z det]m9$ by ! ,secret>y  
to be necess>y & appropriate to meet !  
specific ne$s ( eligible individuals :o 
are memb]s ( at-risk populations1 z     
id5tifi$ by ! ,secret>y4  7#b7 ,me?ods (
 paym5t  7,a7 ,direct deposit ,z reg>ds 
recipi5ts :o h previ\sly provid$ bank   
acc\nt in=mation to ! ,secret>y1 !      
,secret>y %all directly deposit ,program
 paym5ts into ^! acc\nts1 unless        
recipi5ts indicate a pref]5ce to receive
 an ,int]im ,,boo/ ,c>d in/ead1 9 :i*   
case t pref]5ce %all be honor$1 & all   
subsequ5t ,program paym5ts %all be made 
exclusively via ! ,,boo/ c>d4  7,b7     
,int]im ,,boo/ c>ds ,9 any case 9 :i*   
subp>agraph 7,a7 does n apply1 !        
,secret>y %all contract ) bank+         
in/itutions t includes m9ority deposit  
in/itutions1 community developm5t       
f9ancial in/itutions1 cr$it unions1     
national bank+ association1 & any lic5s$
 money transmitt] z deem$ necess>y or   

appropriate by ! ,secret>y to issue an  
int]im ,,boo/ c>d4  7#c7 ,int]im ,,boo/ 
c>ds  7,a7 ,rules relat+ to int]im      
,,boo/ c>ds ,! int]im ,,boo/ c>d %all-- 
7i7 h all ! functionality & s]vice      
levels curr5tly available to c]ta9      
recipi5ts ( public b5efits ?r\gh !      
,treasury ,dep>tm5t's ,direct ,express  
program2 &  7ii7 n be subject to any    
fees or p5alty *>ges1 usage re/rictions1
 or data collection practices o!r ?an ^?
 explicitly au?oriz$ by ?is ,act4  7,b7 
,availability ( full balance ,! full    
balance ( ! int]im ,,boo/ c>d %all be   
made available = imm$iate )drawal into  
physical curr5cy at any automat$ tell]  
ma*9e 9 ! c\ntry1 at any "t1 & n be     
subject to any usage or )drawal fees4   
7,c7 ,di/ribution  7i7 ,9 g5]al ,!      
,secret>y %all di/ribute int]im ,,boo/  
c>ds us+ ! ,po/al ,s]vice to all        
eligible individuals ) an active address
 on file ) any gov]nm5t ag5cy1 & %all be
 deliv]$ by c]tifi$ mail :]ev] possible1
 us+ ! fa/e/ s]vice available1 ) any    

associat$ co/s to ! ,po/al ,s]vice      
reimburs$ directly by ! ,treasury ( !   
,unit$ ,/ates4  7ii7 ,9 p]son pick-up   
,any eligible individual :o does n h an 
active address on file ) any gov]nm5t   
ag5cy1 or :o o!rwise is n able to or    
does n receive a prepaid c>d pursuant to
 clause 7i7 may obta9 an int]im or      
replacem5t ,,boo/ c>d ?r\gh any c>d     
di/ribution /ation set up "u ! ,program1
 includ+ ?r\gh any bank 7z def9$ 9      
section #eha ( ! ,int]nal ,rev5ue ,code 
( #aihf71 insur$ cr$it union 7)9 ! mean+
 ( section #aja7g7 ( ! ,f$]al ,cr$it    
,union ,act 7#ab ,u4,s4,c4 #ageb7g77    
locat$ 9 ! ,unit$ ,/ates1 po/ (fice1    
,unit$ ,/ates diplomatic missions or any
 o!r ,f$]al1 ,/ate1 or local gov]nm5t   
ag5cy or private contract+ entity1 z    
det]m9$ by ! ,secret>y to be necess>y or
 appropriate4  7iii7 ,web-bas$ access ,!
 ,secret>y %all e/abli% a website = !   
purposes ( all[+ eligible recipi5ts to  
update _! curr5t mail+ address & direct 
deposit in=mation1 to indicate _!       

pref]5ce to receive an ,int]im ,,boo/   
c>d in/ead ( receiv+ paym5ts via direct 
deposit1 & = provid+ acc\nt in=mation to
 us]s1 includ+ in=mation p]ta9+ to !    
acc\nt numb]1 /atus ( deliv]y & receipt 
( _! allocat$ funds1 & ! am\nt ( ! funds
 /ill available on _! c>d & to obta9 a  
*eck 9 ! am\nt ( ! funds 9 ! acc\nt4    
7iv7 ,telephone access ,! ,secret>y %all
 e/abli% a d$icat$ telephone in=mation &
 assi/ance numb] = ! purposes ( all[+   
eligible recipi5ts to update _! curr5t  
mail+ address & direct deposit          
in=mation1 to indicate _! pref]5ce to   
receive an ,int]im ,,boo/ c>d in/ead (  
receiv+ paym5ts via direct deposit1 & = 
provid+ acc\nt or c>d in=mation to us]s1
 includ+ in=mation p]ta9+ to ! /atus (  
deliv]y & receipt ( _! allocat$ funds1 &
 ! am\nt ( ! funds /ill available on _! 
c>d4  7v7 ,at-risk outrea* ,! ,secret>y 
%all e/abli% a d$icat$ ,em]g5cy         
,respond] ,corps1 & :]e necess>y or     
appropriate1 z det]m9$ by ! ,secret>y1  
%all contract ) exi/+ ,f$]al1 ,/ate1 &  

local gov]nm5t ag5cies & private        
entities1 to p]=m outrea* to at-risk    
populations1 includ+ ! eld]ly1 homeless1
 physically disabl$1 or 9 remote areas1 
to ensure t ^! populations receive _!   
int]im ,,boo/ c>d z well z to p]=m a    
g5]al wellness *eck 9 case ( ne$$ t>get$
 supplem5tal assi/ance1 :i* %all !n be  
provid$ 9 su* sums & am\nts z det]m9$ to
 be necess>y & appropriate by !         
,secret>y via any paym5ts me*anism      
o!rwise au?oriz$ by ?is ,act & deem$    
appropriate = ! circum/ances by !       
,secret>y4  7#d7 ,regulatory treatm5t ( 
paym5t ,! ,secret>y %all apply ! ,,xx   
code specifi$ 9 section #bab4c ( title  
#ca1 ,code ( ,f$]al ,regulations1 to    
designate all ,program paym5ts z b5efit 
paym5ts4 ,! ,secret>y %all fur!r issue  
su* rules or guidance z ne$$ to protect 
,program paym5ts f g>ni%m5t4 ,9         
addition1 ! ,secret>y %all issue su*    
rules or guidance z ne$$ to ensure t any
 funds di/ribut$ ?r\gh ! ,program d n   
r5d] recipi5ts ineligible = any o!r     

,f$]al1 ,/ate1 or local b5efits or      
income t !y w\ld o!rwise h be5 entitl$  
to receive 9 ! abs5ce ( ! ,program1     
includ+ exclud+ any g5]al assi/ance or  
t>get$ supplem5tal assi/ance receiv$ via
 ! ,program f calculation ( reportable  
annual income = ! purpose ( calculat+   
eligibility = b5efits subject to an     
income-cap ?re%old4  7c7 ,eligible      
individual  7#a7 ,9 g5]al ,! t]m        
eligible individual means-- 7,a7 a      
citiz5 or resid5t 7z su* t]ms are us$ 9 
section #ggja7;a77#cj77;,a7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf7 ( ! ,unit$      
,/ates2 &  7,b7 any nonresid5t ali5 7z  
def9$ 9 section #ggja7;b77#a77;,b7 ( su*
 ,code7 :o has be5 9 ! ,unit$ ,/ates = m
 ?an ! #c-mon? p]iod beg9n+ on ,decemb] 
#ac1 #bjai4  7#b7 ,unit$ /ates ,! t]m   
,unit$ ,/ates includes ! #ej ,/ates1 !  
,di/rict ( ,columbia1 & ! possessions ( 
! ,unit$ ,/ates1 incorporat$ t]ritories 
& citiz5s abroad4  7d7 ,rules relat+ to 
program  7#a7 ,coord9ation ,to ensure t 
! ,program is z univ]sal & compreh5sive 

z possible1 ! ,secret>y %all develop a  
li/ ( eligible individuals ?r\gh        
coord9ation ) ! ,int]nal ,rev5ue        
,s]vice1 ! ,social ,security            
,adm9i/ration1 ! ,f$]al ,election       
,commission1 & e o!r relevant ,f$]al1   
,/ate1 & local gov]nm5t ag5cy1 includ+  
,/ate ,dep>tm5ts ( ,motor ,vehicles4    
,any exp5ses incurr$ by any entity z a  
result ( compliance ) ! ga!r+ ( ?is     
in=mation & con/ruction ( ?is database  
%all be reimburs$ directly by ! ,unit$  
,/ates ,treasury4  7#b7 ,database (     
recipi5ts ,! ,secret>y %all e/abli% a   
database ( recipi5ts1 id5tifi$ by "n &1 
:]e available1 employ] id5tification    
numb]1 individual tax id5tification     
numb]1 /ud5t id5tification1 or swe> 9 an
 affidavit :]e y are ineligible = a     
social security numb] & unable to submit
 satisfactory pro( t y\r pres5ce 9 !    
,unit$ ,/ates is au?oriz$ by ,f$]al law4
 ,?is affidavit w n be treat$ z public  
record & use solely = ! purposes ( ?is  
program4 ,! database e/abli%$ "u ?is    

p>agraph %all n be %>$ ) any o!r ,f$]al1
 ,/ate1 or local ag5cy1 o!r entity1 or  
,immigration ,cu/oms ,en=cem5t & relat$ 
en=cem5t ag5cies1 or us$ = any purpose  
o!r ?an to adm9i/] ! program1 provid$ t 
! ,secret>y may %>e id5tify+ in=mation )
 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 
,sy/em & ! ,unit$ ,/ates ,po/al ,(fice =
 ! purpose ( develop+ bank+ acc\nts     
ma9ta9$ at ! ,f$]al ,res]ve ,bo>d or = !
 purposes ( ma9ta9 acc\nts at ! ,unit$  
,/ate ,po/al ,(fice1 ^u receipt ( writt5
 cons5t ( recipi5ts = su* in=mation to  
be %>$ = ?is purpose4  7e7 ,public      
aw>5ess program ,n lat] ?an ! date ( !  
enactm5t ( ?is ,act1 ! ,secret>y %all   
e/abli% an aw>5ess program to in=m !    
public ( ! availability ( ! exi/5ce ( ! 
,program & eligibility ( recipi5ts to   
receive g5]al & t>get$ supplem5tal      
assi/ance1 z well z ! v>i\s paym5t &    
di/ribution options available to receive
 ?is assi/ance4 ,! ,secret>y %all use   
appropriate means ( communication to    
c>ry out ! provisions ( ?is section4    

7f7 ,fund+  7#a7 ,directive to m9t &    
issue plat9um co9s ,! ,secret>y %all1 "u
 section #eaab7k7 ( title #ca1 ,unit$   
,/ates ,code1 m9t & issue two #a        
trillion plat9um co9s & %all fur!r m9t &
 issue any additional #a trillion co9s  
on an z-ne$$ basis to cov] any direct & 
indirect exp5ses relat$ to ! ,program = 
! duration ( ! program4  7#b7 ,transf] (
 funds to ! g5]al fund ,! ,secret>y %all
 direct ! ,unit$ ,/ates ,m9t to sweep   
all funds receiv$ f ! sale ( ! co9s "u  
p>agraph 7#b7 into ! g5]al fund ( !     
,treasury4  7g7 ,pres]v+ ,f$]al ,res]ve 
indep5d5ce & efficacy ( monet>y policy  
,to ensure t ! ,program does n          
un9t5tionally or unduly int]f]e ) or    
limit ! efficacy ( ! ,f$]al ,res]ve     
,sy/em 9 a*iev+ its /atutory            
obligations1 includ+ 9 p>ticul> )       
respect to implem5tation ( its monet>y  
policy objectives1 ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve %all be au?oriz$3 7#a7
 ,supplem5tal f9anc+ securities ,to     
issue z ,f$]al res]ve notes "u section  

#bdh7;d7 ( title #ab1 ,unit$ ,/ates     
,code1 digital securities1 includ+      
bills1 notes1 & bonds1 ( :atev]         
maturity1 d5om9ation1 & yield1 z is     
deem$ appropriate & necess>y by ! ,bo>d 
( ,gov]nors to a*ieve its /atutory      
objectives "u ! ,f$]al ,res]ve ,act1 9  
quantities up to an am\nt equival5t to !
 total face value ( all plat9um co9s    
issu$ by ! ,unit$ ,/ates ,treasury &    
held z assets by ! ,f$]al ,res]ve       
,sy/em4 ,notes issu$ "u ?is p>agraph    
%all be sold on ! op5 m>ket 9 a mann]   
simil> to ! sale ( ,treasury securities1
 &1 l ,f$]al res]ve notes1 %all be      
consid]$ direct obligations ( ! ,unit$  
,/ates "u section #h ( title #ah1 ,unit$
 ,/ates ,code1 b %all be record$ =      
acc\nt+ purposes z direct liabilities ( 
! ,f$]al ,res]ve ,sy/em1 & accord+ly    
%all n be includ$ 9 calculations (      
public debt subject to limit "u section 
#caja ( title #ca1 ,unit$ ,/ates ,code4 
7#b7 ,e/abli% a d$icat$ special treasury
 monet>y f9anc+ acc\nt ,! ,f$]al ,res]ve

 ,bank ( ,new ,york %all e/abli% an     
acc\nt titl$ ! ,special ,treasury       
,monet>y ,f9anc+ ,acc\nt1 9 :i* %all be 
record$ any exp5ses associat$ ) paym5t (
 int]e/ on settlem5t balances or ,f$]al 
res]ve securities up to a total pr9cipal
 am\nt equival5t to ! total pr9cipal    
value ( all plat9um co9s issu$ by !     
,unit$ ,/ates ,treasury & held z assets 
by ! ,f$]al ,res]ve ,sy/em1 plus any    
additional liabilities incurr$ z a      
result ( prior int]e/ paym5ts made on   
liabilities issu$ aga9/ co9 assets      
pur*as$ "u ! ,program4 ,any ongo+ losses
 incurr$ by ?is acc\nt %all be record$ z
 a negative liability1 & %all be ma9ta9$
 sep>ately f ! re/ ( ! balance %eet (   
bo? ! ,f$]al ,res]ve ,bank ( ,new ,york 
& ! ,f$]al ,res]ve ,sy/em1 s z n to     
r$uce or impact ! calculation ( total   
income or rev5ue g5]at$ by ! ,f$]al     
,res]ve ,sy/em1 or o!rwise r$uce ! total
 am\nt ( net op]at+ pr(its to be made   
available = remittance to ! ,treasury on
 an ongo+ basis4  7h7 ,regulations ,!   

,secret>y & ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em %all issue su*    
regulations or o!r guidance z may be    
necess>y or appropriate to c>ry out ?is 
section4  7i7 ,s5se ( ,congress reg>d+  
e/abli%m5t ( ,fed,accounts &            
,treasury-,adm9i/]$ e,cash wallets  7#a7
 ,digital doll> acc\nt wallets  7,a7    
,e/abli%m5t ,x is a s5se ( ,congress t  
at ! end ( ! paym5t p]iod1 ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 develop & adm9i/] a sy/em ( ,digital   
,doll> ,acc\nt ,wallets1 :i* %all be    
br&$ z ,fed,accounts1 & made available  
to all ,unit$ ,/ates citiz5s1 ,unit$    
,/ates resid5ts1 & dome/ically domicil$ 
bus9esses1 along ) associat$ s]vices1   
includ+ debit c>ds1 onl9e acc\nt access1
 automatic bill-pay1 mobile bank+1 &    
automatic tell] ma*9es ma9ta9$ 9        
conjunction ) ! ,unit$ ,/ates ,po/al    
,s]vices at its physical locations4     
7,b7 ,boo/ paym5ts via digital doll>    
acc\nt wallets ,no lat] ?an ,janu>y #a1 
#bjba1 ! ,secret>y %all (f] all         

recipi5ts ( ,,boo/ paym5ts ! option to  
receive _! paym5ts 9 digital doll>      
wallets4 ,,boo/ recipi5ts receiv+ _!    
paym5ts ?r\gh int]im ,,boo/ c>ds %all   
in/ead receive a ,f$]al ,res]ve ,acc\nt 
= debit c>ds & be giv5 ! option to sign 
up onl9e = fully op]ational digital     
doll> acc\nt wallets4  7,c7             
,au?orization = ea* ,f$]al ,res]ve ,bank
 to ma9ta9 digital acc\nt ,subject to   
su* re/rictions1 limitations1 &         
regulations z may be impos$ by ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1   
ea* ,f$]al res]ve bank may ma9ta9       
digital doll> acc\nt wallets4  7,d7     
,digital doll> acc\nt wallets %all n be 
subject to any acc\nt fees1 m9imum      
balances1 or maximum balances1 & %all n 
be clos$ or re/rict$ on ! basis (       
pr(itability4  7,e7 ,digital doll>      
acc\nt wallets %all p>tn] ) ,po/ ,(fice 
bran*es to ensure access & availability 
to application & acc\nt s]vices = all   
,unit$ ,/ates citiz5s & ,unit$ ,/ates   
resid5ts & dome/ically domicil$         

bus9esses 9 areas :]e access to physical
 memb] bank bran*es is limit$1 9 l[- or 
mod]ate-income geographies2 designat$   
disa/] areas2 di/ress$ or und]s]v$      
non-metropolitan middle-income          
geographies z designat$ by ! ,f$]al     
,f9ancial ,in/itutions ,exam9ation      
,c\ncil1 ,f$]al ,res]ve banks4  7,f7    
,digital doll> acc\nt wallets %all      
provide acc\nt hold]s ) reasonable      
protection aga9/ losses caus$ by fraud  
or security brea*es b %all n include    
ov]draft cov]age4  7,g7 ,digital doll>  
acc\nt wallets %all comply ) ! relevant 
portions ( ! ,bank ,secrecy ,act 9      
e/abli%+ & ma9ta9+ digital doll> acc\nt 
wallets & %all impose privacy           
obligations on provid]s "u ! ,privacy   
,act ( #aigd t mirror ^? applicable to  
,f$]al tax returns "u sections #fajc1   
#gbac7;a77#a71 #gbac;,a1 & #gdca ( !    
,int]nal ,rev5ue ,code ( #aihf4  7#b7   
,t]ms ( doll> ca% wallet sy/em ,at ! end
 ( ! paym5t p]iod1 ! ,treasury %all     
develop & adm9i/] a sy/em ( digital     

doll> ca% wallets1 :i* %all be br&$ z   
e,cash ,wallets & made available to any 
eligible individual to /ore1 s5d1 &     
receive digital co9s or o!r digital     
curr5cy in/rum5ts issu$ by ! ,unit$     
,/ates ,treasury z legal t5d]4  7#c7    
,additional s5se ( ,congress ,x is !    
additional s5se ( ,congress t-- 7,a7    
digital doll> ca% wallet ho/+ s]vices   
%all be (f]$ directly by ! ,treasury1 9 
coord9ation ) ! ,f$]al ,res]ve & lic5s$ 
depository & money transmitt] entities1 
to promote integration ) &              
int]op]ability betwe5 digital doll> ca% 
wallets & digital doll> acc\nt wallets  
manag$ by ! ,f$]al ,res]ve1 & %all n be 
subject to any associat$ adm9i/rative   
fees or m9imum or maximum balances1 &   
%all n be clos$ on ! basis (            
pr(itability consid]ations2  7,b7       
digital doll> ca% wallets %all also be  
capable ( be+ self-ho/$ on widely       
available1 inexp5sive digital devices1  
includ+ mobile phones1 ) any necess>y   
s(tw>e or h>dw>e lic5s$ "u an           

appropriate op5 s\rce lic5se2 &  7,c7 a 
,digital ,f9ancial ,privacy ,bo>d %all  
be-- 7i7 e/abli%$ by ! ,secret>y to     
ov]see1 monitor1 & report on ! design & 
implem5tation ( ! digital doll> ca%     
wallet sy/em2  7ii7 ma9ta9$ !reaft] to  
provide ongo+ ov]sight ov] its          
adm9i/ration2 &  7iii7 design$ 9 su* a  
way z to replicate ! privacy &          
anonymity-respect+ features ( physical  
curr5cy transactions z closely z        
possible1 includ+ prohibition (         
surveillance or c5sor%ip-enabl+ backdoor
 features4  7#d7 ,regulation ,! ,bo>d ( 
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 promulgate regulations c>ry+ out ?is   
section4  #d4 ,address+ impact on       
inequality ,aft] ! t]m9ation ( ! em]g5cy
 decl>$ on ,m>* #ac1 #bjbj1 by !        
,presid5t "u section #eja7;b7 ( ! ,rob]t
 ,/af=d ,disa/] ,relief & ,em]g5cy      
,assi/ance ,act 7#db ,u4,s4,c4          
#eaia7;b77 ) respect to ! ,,covid-#ai   
p&emic1 ! ,secret>y %all e/abli% an     
indep5d5t ,commission to-- 7#a7         

inve/igate & asc]ta9 ! %ort-t]m &       
long-t]m impact ( em]g5cy relief        
measures1 includ+ ^? includ$ 9 ?is ,act1
 on ov]all levels & rates ( increase (  
income & weal? inequality 9 ! ,unit$    
,/ates2 &  7#b7 id5tify & propose a     
compreh5sive set ( legislative & policy 
responses to address su* impacts1       
includ+ progressive tax re=m z well z ! 
enactm5t ( new ,f$]al programs & em]g5cy
 response practices to preemptively     
prev5t su* outcomes f occurr+ 9 ! ev5t (
 future simil> crises or em]g5cies4