,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hgba  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,octob] #cj1 #bjbj,ms4
 ,tlaib 7= h]self1 ,ms4 ,ocasio-,cortez1
 ,ms4 ,pressley1 ,ms4 ,jayapal1 ,ms4    
,om>1 ,mr4 ,gre5 ( ,texas1 ,mr4 ,?ompson
 ( ,mississippi1 ,mr4 ,blum5au]1 ,ms4   
,lee ( ,cali=nia1 & ,ms4 ,s*ak[sky7     
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices1 & 9
 addition to ! ,committee on ,ov]sight &
 ,re=m1 = 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 provide = ! ,f$]al *>t] (  
c]ta9 public banks1 & = o!r purposes4   
#a4 ,%ort title2 table ( cont5ts  7a7   
,%ort title ,?is ,act may be cit$ z !   
,public ,bank+ ,act ( #bjbj4  7b7 ,table
 ( cont5ts ,! table ( cont5ts = ?is ,act
 is z foll[s3 ,sec4 #a4 ,%ort title2    
table ( cont5ts4,sec4 #b4               
,def9itions4,title ,i--,f$]al           
,recognition ( ,public ,banks,sec4 #aja4

 ,f$]al *>t] ( public l5d+ banks &      
public paym5t banks4,sec4 #ajb4 ,f$]al  
recognition ( non-f$]ally *>t]$         
banks4,sec4 #ajc4 ,f$]al ,res]ve ,sy/em 
memb]%ip4,sec4 #ajd4 ,public memb] bank 
s]vices4,sec4 #aje4 ,specific           
requirem5ts relat+ to cov]$ banks4,sec4 
#ajf4 ,regulations4,sec4 #ajg4 ,te*nical
 assi/ance4,title ,,ii--,f$]al          
,recognition ( ,public ,securities,sec4 
#bja4 ,regulation ( public l5d+ banks & 
non-f$]ally *>t]$ banks4,title          
,,iii--,public ,deposit ,insurance,sec4 
#cja4 ,9 g5]al4,title ,,iv--,po/al      
,banking,sec4 #dja4 ,p>tn]%ips ) cov]$  
banks = po/al bank+ s]vices4,title      
,v--,public ,bank ,developm5t           
,programs,sec4 #eja4 ,public bank grant 
program4,sec4 #ejb4 ,public bank        
incubator program4,sec4 #ejc4 ,community
 developm5t grant program4,sec4 #ejd4   
,treatm5t ( fund+4  #b4 ,def9itions ,9  
?is ,act3 7#a7 ,bo>d ( ,gov]nors ,! t]m 
,bo>d ( ,gov]nors means ! ,bo>d (       
,gov]nors ( ! ,f$]al ,res]ve ,sy/em4    

7#b7 ,commission ,! t]m ,commission     
means ! ,securities & ,ex*ange          
,commission4  7#c7 ,corporation ,! t]m  
,corporation means ! ,f$]al ,deposit    
,insurance ,corporation4  7#d7 ,cov]$   
bank ,! t]m cov]$ bank means-- 7,a7 a   
public l5d+ bank 7z def9$ 9 section     
#aja7;b772  7,b7 a public paym5t bank 7z
 def9$ 9 section #aja7;c772 &  7,c7 a   
non-f$]ally *>t]$ bank 7z def9$ 9       
section #ajb7;b77 t obta9s a c]tificate 
( ,f$]al recognition "u section #ajb4   
7#e7 ,public memb] bank ,! t]m public   
memb] bank means a cov]$ bank t is a    
memb] ( ! ,f$]al ,res]ve ,sy/em4  7#f7  
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury4  7#g7 ,/ate ,! 
t]m ,/ate means ea* ( ! sev]al ,/ates1 !
 ,di/rict ( ,columbia1 & any            
commonweal?1 t]ritory1 or possession ( !
 ,unit$ ,/ates4  ,i ,f$]al ,recognition 
( ,public ,banks  #aja4 ,f$]al *>t] (   
public l5d+ banks & public paym5t banks 
7a7 ,9 g5]al ,! ,bo>d ( ,gov]nors %all  
*>t] public l5d+ banks & public paym5t  

banks4  7b7 ,public l5d+ bank def9$ ,!  
t]m public l5d+ bank means a p]son t--  
7#a7 is :olly own$ & controll$ by-- 7,a7
 a ,/ate or ,tribal gov]nm5t1 includ+ a 
unit ( local gov]nm5t1 gov]nm5t ag5cy2  
7,b7 a ,/ate or ,tribally *>t]$         
corporation2  7,c7 a nonpr(it           
in/rum5tality designat$ by a ,/ate or   
,tribal gov]nm5t z act+ 9 ! public      
int]e/ ( a community )9 su* ,/ate or    
,tribe1 includ+ an un9corporat$         
community2 or  7,d7 an association ( #a 
or m entities describ$ 9 subp>agraphs   
7,a7 ?r\gh 7,c72  7#b7 t-- 7,a7 is n    
own$ or gov]n$ by1 op]at$ z a subsidi>y 
(1 or o!rwise affiliat$ ) any =-pr(it   
entity2  7,b7 does n own1 gov]n1 or     
op]ate z a subsidi>y ( any =-pr(it      
entity2 &  7,c7 does n comp5sate any    
employee1 executive1 or bo>d memb] at a 
rate to exce$ ! sal>y ( ! ,presid5t ( ! 
,unit$ ,/ates = t equival5t p]iod2 &    
7#c7 provides-- 7,a7 fiscal ag5t        
s]vices2  7,b7 money transmitt] s]vices2
  7,c7 digital doll> s]vices z a        

pass-?r\gh int]m$i>y = ! ,f$]al         
,gov]nm5t2  7,d7 depository s]vices2    
7,e7 po/al bank+ s]vices2  7,f7         
securities-relat$ s]vices2 or  7,g7 any 
l5d+ product approv$ by ! ,bo>d (       
,gov]nors4  7c7 ,public paym5t bank     
def9$ ,! t]m public paym5t bank means a 
p]son t-- 7#a7 is :olly own$ & controll$
 by an entity describ$ 9 subsection     
7b77#a72  7#b7 provides at lea/ "o ( !  
s]vices specifi$ 9 subp>agraphs 7,a7    
?r\gh 7,e7 ( subsection 7b77#b72 &  7#c7
 does n provide ! s]vices specifi$ 9    
subp>agraph 7,f7 or 7,g7 ( subsection   
7b77#b74  7d7 ,exception ( c]ta9 public 
l5d+ banks f consid]ation z bank hold+  
company ,a p]son describ$ 9 subsection  
7b7 %all n be consid]$ a bank hold+     
company "u ! ,bank ,hold+ ,company ,act 
( #aief 7#ab ,u4,s4,c4 #ahda et seq47 or
 any o!r law1 solely due to ! p]son's   
own]%ip or control ( a public l5d+ bank1
 public paym5t bank1 or non-f$]ally     
*>t]$ bank4  7e7 ,guidance ) respect to 
exclud$ & m>g9aliz$ gr\ps ,! ,bo>d (    

,gov]nors %all issue guidance to public 
l5d+ banks & public paym5t banks to     
ensure t ! s]vices provid$ by su* banks 
are univ]sal & compreh5sively include   
hi/orically exclud$ & m>g9aliz$ gr\ps4  
#ajb4 ,f$]al recognition ( non-f$]ally  
*>t]$ banks  7a7 ,c]tificates (         
recognition ,! ,bo>d ( ,gov]nors %all   
issue c]tificates ( ,f$]al recognition  
to non-f$]ally *>t]$ banks4  7b7        
,non-,f$]ally *>t]$ bank def9$ ,! t]m   
non-f$]ally *>t]$ bank means a p]son t  
is-- 7#a7 :olly own$ & controll$ by an  
entity describ$ 9 section #aja7;b77#a72 
&  7#b7 ei!r-- 7,a7 *>t]$ z a           
non-depository in/itution by an approv$ 
non-,f$]al f9ancial regulator describ$ 9
 subsection 7c72 or  7,b7 insur$ z a    
depository in/itution by ! ,corporation1
 or "u an alt]nate public deposit       
insurance s*eme approv$ by !            
,corporation4  7c7 ,li/ ( approv$       
non-,f$]al f9ancial regulators ,! ,bo>d 
( ,gov]nors %all e/abli% & ma9ta9 on a  
public website ( ! ,bo>d ( ,gov]nors a  

li/ ( approv$ non-,f$]al f9ancial       
regulators = ! purpose ( det]m9+        
eligibility = a c]tificate ( ,f$]al     
recognition "u ?is section4  7d7        
,conv]sion ,at ! reque/ ( a non-f$]ally 
*>t]$ bank1 ! ,bo>d ( ,gov]nors may     
conv]t su* bank into a public paym5t    
bank or a public l5d+ bank4  7e7        
,s]vices ,a non-f$]ally *>t]$ bank--    
7#a7 may n (f] depository s]vices be=e--
 7,a7 obta9+-- 7i7 deposit insurance or 
conditional deposit insurance f !       
,corporation2 or  7ii7 deposit insurance
 f alt]nate public deposit insurance    
s*eme approv$ by ! ,corporation2 &  7,b7
 becom+ a public memb] bank or a        
conditional public memb] 9 accordance ) 
section #ajc7;b72 &  7#b7 may-- 7,a7    
inve/ any funds held on behalf ( an     
entity describ$ 9 section #aja7;b77#a7 9
 a fiscal ag5t acc\nt2  7,b7 provide    
fiscal ag5t s]vices1 includ+ s5d+ &     
receiv+ money & effectuat+ paym5ts to & 
f any entity ^: funds are inve/$ 9 a    
fiscal ag5t acc\nt2  7,c7 inve/ any     

funds held on behalf ( an entity n      
describ$ 9 section #aja7;b77#a7 9 a     
paym5ts acc\nt or z digital doll>       
products2 &  7,d7 provide money         
transmitt] & digital doll> s]vices4  7f7
 ,guidance ) respect to exclud$ &       
m>g9aliz$ gr\ps ,n lat] ?an #a ye> aft] 
! date ( ! enactm5t ( ?is ,act1 ! ,bo>d 
( ,gov]nors %all issue guidance to      
non-f$]ally *>t]$ banks to ensure t !   
s]vices provid$ by su* banks are        
univ]sal & compreh5sively include       
hi/orically exclud$ & m>g9aliz$ gr\ps4  
#ajc4 ,f$]al ,res]ve ,sy/em memb]%ip    
7a7 ,eligibility ,a cov]$ bank %all be  
eligible = memb]%ip 9 ! ,f$]al ,res]ve  
,sy/em z a public memb] bank &1 except z
 provid$ 9 subsection 7c71 %all be      
treat$ 9 ! same mann] z a memb] bank "u 
section #d ( ! ,f$]al ,res]ve ,act 7#ab 
,u4,s4,c4 #cjh74  7b7 ,conditional      
,public ,memb] ,bank ,! ,bo>d (         
,gov]nors %all e/abli% a special        
category ( public memb] bank1 call$ a   
conditional public memb] bank1 = p]sons 

t are 9 ! process ( apply+ = becom+ a   
cov]$ bank4 ,su* conditional public     
memb] banks %all be subject to su*      
conditions & re/rictions z ! ,bo>d (    
,gov]nors det]m9es to be necess>y &     
appropriate to promote public welf>e1   
provid$ t su* conditions & re/rictions  
are n arbitr>y1 punitive1 or unduly     
burd5some4  7c7 ,pur*as+ /ock ,! ,bo>d (
 ,gov]nors may n require a cov]$ bank to
 pur*ase /ock 9 a ,f$]al ,res]ve ,bank  
or o!rwise ma9ta9 paid-9 capital 9 !    
,f$]al ,res]ve ,sy/em4  #ajd4 ,public   
memb] bank s]vices  7a7 ,purposes (     
s]vices ,! ,bo>d ( ,gov]nors %all (f] ! 
s]vices describ$ 9 subsection 7b7 to    
public memb] banks 9 ord] to-- 7#a7     
promote ! safety1 s\ndness1 viability1 &
 resili5cy ( publicly own$ & op]at$     
f9ancial in/itutions2  7#b7 facilitate !
 provision ( paym5ts1 cr$it1 & o!r      
f9ancial s]vices z a public good2 &     
7#c7 support ! f9ancial & budget>y heal?
 ( ,/ate & ,tribal gov]nm5ts1 local     
gov]nm5t units1 gov]nm5t ag5cies1 ,/ate 

or tribally *>t]$ corporations1 nonpr(it
 entities designat$ by a ,/ate or       
,tribal gov]nm5t to be act+ 9 ! public  
int]e/ ( a community )9 su* ,/ate or    
,tribe1 or an association ( "o or m (   
su* entities4  7b7 ,s]vices ,! ,bo>d (  
,gov]nors %all (f] ! foll[+ s]vices to  
public memb] banks3 7#a7 ,fiscal ag5t   
acc\nts-- 7,a7 9 :i* public memb] banks 
may inve/ funds held on behalf ( any    
entity describ$ 9 section #aja7;b77#a72 
&  7,b7 "u :i*-- 7i7 ! ,bo>d ( ,gov]nors
 %all pay int]e/ on all balances held   
ov]night 9 su* fiscal ag5t acc\nts at a 
rate t is great] ?an or equal to !      
great] (-- 7,i7 ! sum ( ! ov]night      
policy t>get rate plus two p]c5t2 or    
7,,ii7 ! daily rate on #cj-ye> m>ketable
 ,treasury bonds2 &  7ii7 ! int]e/      
describ$ 9 clause 7i7 7m9us a reasonable
 adm9i/rative fee impos$ by ! public    
memb] bank7 %all be paid to ! entity =  
:i* ! public memb] bank inve/$ su*      
funds4  7#b7 ,paym5t acc\nts-- 7,a7 9   
:i* public memb] banks may inve/ funds  

held on behalf ( any entity o!r ?an an  
entity describ$ 9 section #aja7;b77#a7 =
 purposes ( provid+ money transmitt]    
s]vices2 &  7,b7 "u :i* ! ,bo>d (       
,gov]nors %all pay int]e/ 7m9us a       
reasonable adm9i/rative fee7 on all     
balances held ov]night 9 su* fiscal ag5t
 acc\nts at a rate t is great] ?an or   
equal to ! great] ( ! foll[+3 7i7 ,!    
ov]night rate paid on requir$ res]ves4  
7ii7 ,! ov]night night paid on excess   
res]ves4  7#c7 7,a7 ,digital doll>      
s]vices 9 :i* public memb] banks may    
op]ate z pass-?r\gh int]m$i>ies = any   
digital doll> or o!r f9ancial s]vices   
(f]$ by ! ,f$]al ,gov]nm5t1 includ+--   
7i7 digital doll> acc\nt wallets        
adm9i/]$ by ! ,bo>d ( ,gov]nors         
7commonly kn[n z ,fed,accounts72  7ii7  
digital doll> ca% wallets adm9i/]$ by ! 
,secret>y 7commonly kn[n z e,cash72 &   
7iii7 po/al bank+ s]vices provid$ by !  
,unit$ ,/ates ,po/al ,s]vice4  7,b7 ,!  
,bo>d ( ,gov]nors may issue regulations 
z necess>y to ensure effective          

h>monization & coord9ation betwe5 cov]$ 
banks & any entities responsible =      
adm9i/]+ digital doll> s]vices on behalf
 ( ! ,f$]al ,gov]nm5t4  7#d7 7,a7 ,a    
facility 7to be kn[n z ! ,public ,bank  
,prim>y ,liquidity ,facility7 to provide
 liquidity to public memb] banks by buy+
 or l5d+ 7at a reasonable rate ( int]e/ 
t is n great] ?an ! ov]night policy     
t>get rate7 aga9/ f$]ally recogniz$     
public loans 7z describ$ 9 section #aje7
 & f$]ally-recogniz$ public securities  
7z describ$ 9 section #bja7;b771 "u t]ms
 & conditions t ! ,bo>d ( ,gov]nors     
det]m9es to be necess>y & appropriate to
 promote public welf>e4  7,b7 ,!        
facility "u subp>agraph 7,a7 %all       
pur*ase or accept loans or securities "u
 su* subp>agraph at face value4  7#e7   
7,a7 ,a facility 7to be kn[n z ! ,public
 ,bank ,supplem5t>y ,liquidity          
,facility7 to provide liquidity to      
public memb] banks by buy+ or l5d+ 7at a
 reasonable rate ( int]e/ t is n great] 
?an ! ov]night policy t>get rate7 aga9/ 

assets n o!rwise eligible to be pur*as$ 
or accept$ z collat]al "u p>agraph 7#d74
  7,b7 ,! facility "u subp>agraph 7,a7  
may pur*ase or accept assets z collat]al
 "u su* subp>agraph at a reasonable     
disc\nt4  7#f7 ,a facility 7to be kn[n z
 ! ,public ,bank ,cr$it ,facility7 to   
provide cr$it to public memb] banks on  
an unsecur$ basis1 9 su* am\nts & su*   
rates ( int]e/s z ! ,bo>d ( ,gov]nors   
det]m9es to be necess>y & appropriate to
 promote public welf>e4  7#g7 ,a        
facility 7to be kn[n z ! ,f$]ally       
,recogniz$ ,public ,loan ,facility7 to1 
9 consultation ) ! ,corporation-- 7,a7  
develop rules1 /&>ds1 & crit]ia = ,f$]al
 recognition ( loans1 mortgages1 cr$it  
c>ds1 acc\nt ov]drafts1 & o!r direct    
l5d+ products issu$ by public memb]     
banks2 &  7,b7 provide prepur*ase       
agreem5ts "u :i* ! facility w pur*ase   
loans & agree t su* loans w be repur*as$
 by ! public memb] bank at su* "t z is  
agre$ ^u by su* facility & memb] bank4  
7c7 ,adm9i/rative1 op]at+1 & ma9t5ance  

co/s ,! ,bo>d ( ,gov]nors %all pay all  
adm9i/rative1 op]at+1 & ma9t5ance co/s  
associat$ ) ! acc\nts1 s]vices1 &       
facilities describ$ 9 subsection 7b74   
7d7 ,reimbursem5t ,! ,bo>d ( ,gov]nors  
%all reimburse a public memb] bank = any
 exp5ses reasonably incurr$ 9 ! process 
( op]at+ z a pass-?r\gh int]m$i>y       
describ$ 9 subsection 7b77#c74  7e7     
,exp5ses  7#a7 ,memb] s]vices ,any      
exp5ses incurr$ by ! ,bo>d ( ,gov]nors  
"u p>agraphs 7#a7 ?r\gh 7#c7 (          
subsection 7b7 & "u subsections 7c7 &   
7d7 %all be record$-- 7,a7 9 an acc\nt  
to be kn[n z ! ,special ,public ,memb]  
,bank ,s]vices ,acc\nt e/abli%$ at !    
,f$]al ,res]ve ,bank ( ,new ,york2 &    
7,b7 z a def]r$ asset 7z describ$ 9     
section #aa4if ( ! ,f9ancial ,acc\nt+   
,manual = ,f$]al ,res]ve ,banks1 z 9    
effect on ! date ( ! enactm5t ( ?is     
,act7 & ma9ta9$ sep>ately f ! balance   
%eet ( ! ,f$]al ,res]ve ,bank ( ,new    
,york & ! ,f$]al ,res]ve ,sy/em1 s z to 
n 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  7#b7 ,facilities ,any 
exp5ses incurr$ by ! ,bo>d ( ,gov]nors  
"u p>agraphs 7#d7 ?r\gh 7#g7 (          
subsection 7b7 %all be record$-- 7,a7 9 
an acc\nt to be kn[n z ! ,special       
,public ,memb] ,bank ,liquidity & ,cr$it
 ,acc\nt e/abli%$ at ! ,f$]al ,res]ve   
,bank ( ,new ,york2 &  7,b7 z a def]r$  
asset 7z describ$ 9 section #aa4if ( !  
,f9ancial ,acc\nt+ ,manual = ,f$]al     
,res]ve ,banks1 z 9 effect on ! date ( !
 enactm5t ( ?is ,act7 & ma9ta9$         
sep>ately f ! balance %eet ( ! ,f$]al   
,res]ve ,bank ( ,new ,york & ! ,f$]al   
,res]ve ,sy/em1 s z to n 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  #aje4 ,specific requirem5ts     

relat+ to cov]$ banks  7a7 ,t]ms (      
retail acc\nt s]vices ,any cov]$ bank t 
holds1 adm9i/]s1 or manages funds on    
behalf ( any un9corporat$ p]son 9 a     
paym5ts acc\nt1 or o!rwise accepts funds
 on deposit or = ! purpose ( provid+    
public depository acc\nts s]vices-- 7#a7
 may n-- 7,a7 impose any fees1 m9imum   
balances1 or maximum balances on su*    
paym5ts acc\nts or public depository    
acc\nts2 or  7,b7 include on su* paym5ts
 acc\nts or public depository acc\nts2  
7#b7 %all-- 7,a7 prom95tly br& any su*  
paym5ts acc\nt or public depository     
acc\nt z a public bank acc\nt 9 all     
acc\nt /atem5ts1 m>ket+ mat]ials1 & o!r 
communications ( ! public bank2 &  7,b7 
provide su* acc\nt hold]s ) reasonable  
protection aga9/ losses caus$ by fraud  
or security brea*es1 z det]m9$ by !     
,corporation or ! ,director ( ! ,bureau 
( ,consum] ,f9ancial ,protection1 or    
bo?2 &  7#c7 may only close or re/rict  
access to su* paym5ts acc\nts or public 
depository acc\nts on ! basis ( ! m&ate 

( ! cov]$ bank4  7b7 ,t]ms ( retail     
cr$it  7#a7 ,9 g5]al ,not)/&+ any       
provision ( law1 ! annual p]c5tage rate 
applicable to any ext5sion ( cr$it by a 
cov]$ bank may n exce$ ! less] (-- 7,a7 
#ae p]c5t on unpaid balances1 inclusive 
( all f9ance *>ges2 or  7,b7 ! maximum  
rate p]mitt$ by ! laws ( ! ,/ate 9 :i* !
 consum] resides4  7#b7 ,o!r fees ,any  
fees t are n consid]$ f9ance *>ges "u   
p>agraph 7#a71 includ+ fees = ancill>y  
products & s]vices1 may n-- 7,a7 exce$ !
 total am\nt ( f9ance *>ges assess$2 &  
7,b7 be impos$ 9 su* a way z to evade or
 fru/rate ! purpose ( limit+ ! total    
int]e/ & relat$ co/s t may be *>g$ 9    
relation to any l5d+ product issu$ by   
cov]$ banks "u ?is ,act4  7#c7 ,p5alties
 = *>g+ high] rates on retail cr$it     
7,a7 ,violation ,! tak+1 receiv+1       
res]v+1 or *>g+ ( an annual p]c5tage    
rate or fee great] ?an t p]mitt$ by     
p>agraph 7#a71 :5 kn[+ly done1 %all be a
 violation ( ?is subsection1 & a        
=feiture ( ! entire int]e/ :i* ! note1  

bill1 or o!r evid5ce ( ! obligation     
c>ries ) x1 or :i* has be5 agre$ to be  
paid !reon4  7,b7 ,refund ( int]e/      
am\nts  7i7 ,9 g5]al ,) respect to a    
p]son *>g+ int]e/1 a f9ance *>ge1 or a  
fee great] ?an t p]mitt$ by p>agraph    
7#a71 ! p]son pay+ su* int]e/1 f9ance   
*>ge1 or fee may notify ! ,bureau (     
,consum] ,f9ancial ,protection1 & !     
,bureau ( ,consum] ,f9ancial ,protection
 %all take su* en=cem5t actions z !     
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection det]m9es          
appropriate4  7ii7 ,lack ( ,bureau      
action ,if a p]son notifies ! ,bureau ( 
,consum] ,f9ancial ,protection "u clause
 7i71 & ! ,bureau ( ,consum] ,f9ancial  
,protection takes no action ) respect to
 su* notice dur+ ! #fj-;day p]iod foll[+
 su* notice1 su* p]son may br+ an action
 9 a ,f$]al di/rict c\rt to recov] !    
entire am\nt ( int]e/1 f9ance *>ges1 or 
fees paid4  7,c7 ,civil liability ,any  
cr$itor :o violates ?is subsection %all 
be subject to ! provisions ( section    

#acj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afdj7;a774  7,d7 ,bank       
,secrecy ,act ,9 e/abli%+ & ma9ta9+     
p]sonal acc\nts1 ea* cov]$ bank %all    
comply )-- 7i7 section #ba ( ! ,f$]al   
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahbi;b72  7ii7 section #abc ( ,public  
,law #ia-ejh2 &  7iii7 sub*apt] ,,ii (  
*apt] #ec ( title #ca1 ,unit$ ,/ates    
,code4  7c7 ,annual report+ requirem5ts 
,ea* cov]$ bank %all make publicly      
available an annual report on !         
activities ( su* cov]$ bank1 includ+    
recipi5ts ( f9ancial s]vices1 s\rces (  
fund+1 f9ancial report+1 & evaluation ( 
! effectiv5ess ( ! cov]$ bank's s]vices 
9 a*iev+ ! public purposes = :i* x 0    
*>t]$1 z well z any o!r purposes1 goals1
 & t>gets "u ?is ,act or o!r law or     
regulation4  #ajf4 ,regulations  7a7 ,9 
g5]al ,n lat] ?an #a ye> aft] ! date ( !
 enactm5t ( ?is ,act1 ! ,bo>d (         
,gov]nors1 ! ,director ( ! ,bureau (    
,consum] ,f9ancial ,protection1 & !     
,corporation %all jo9tly-- 7#a7 e/abli% 

a sep>ate regulatory s*eme ) respect to 
public l5d+ banks1 public paym5t banks1 
& non-f$]ally *>t]$ banks t receive or  
are 9 ! process ( receiv+ a c]tificate (
 ,f$]al recognition "u section #ajb2 &  
7#b7 aft] a notice & comm5t p]iod dur+  
:i* consum] advocacy organizations %all 
be invit$ to submit fe$back &           
sugge/ions1 & issue su* regulations z   
are necess>y & appropriate to promote   
public welf>e ) respect to public l5d+  
banks1 public paym5t banks1 &           
non-f$]ally *>t]$ banks t receive or are
 9 ! process ( receiv+ a c]tificate (   
,f$]al recognition "u section #ajb4  7b7
 ,regulations ) respect to exclud$ &    
m>g9aliz$ gr\ps  7#a7 ,9 g5]al ,n lat]  
?an #a ye> aft] ! date ( ! enactm5t (   
?is ,act1 ! ,bo>d ( ,gov]nors %all issue
 regulations = public l5d+ banks &      
public paym5t banks to ensure t !       
s]vices provid$ by su* banks are        
univ]sal & compreh5sively include       
hi/orically exclud$ & m>g9aliz$ gr\ps4  
7#b7 ,limitations ,a regulation issu$ "u

 ?is subsection may n-- 7,a7 sup]s$e or 
supplant any o!r /rong] regulations or  
/&>ds promulgat$ by o!r ,f$]al or       
applicable ,/ate regulatory entities1   
includ+ any su* regulation issu$ by !   
,corporation or ! ,director ( ! ,bureau 
( ,consum] ,f9ancial ,protection2 &     
7,b7 result 9 less robu/ or less /r+5t  
protections to consum]s ?an protections 
t exi/ on ! date ( ! enactm5t ( ?is ,act
 = consum]s s]v$ by o!r exi/+ categories
 ( depository in/itutions1 includ+      
protection "u ! ,community ,re9ve/m5t   
,act ( #aigg 7#ab ,u4,s4,c4 #bija et    
seq474  7#c7 ,data report+ ,! ,bo>d (   
,gov]nors & ! ,corporation %all jo9tly1 
9 a mann] t respects ! privacy ( cov]$  
bank cu/om]s to ! greate/ ext5t         
possible1 develop an annual assessm5t = 
det]m9+ if cov]$ banks h appropriately  
provid$ s]vices to all cu/om]s )9 !     
jurisdiction ( s]vice1 bas$ on          
demographic in=mation *os5 by           
regulators1 includ+ race1 g5d]1 & area  
m$ian income ( su* cu/om]s4  7c7        

,ecological su/a9ability consid]ations &
 prohibitions on fossil fuel inve/m5t   
7#a7 ,9 g5]al ,! ,bo>d ( ,gov]nors1 !   
,corporation1 & ! ,commission %all      
jo9tly develop & promulgate rules &     
regulations to-- 7,a7 ensure t any & all
 activities und]tak5 & s]vices (f]$ by a
 cov]$ bank1 or any p]son seek+ or 9 !  
process ( becom+ a cov]$ bank1 are      
consi/5t ) ,f$]al & sci5tifically       
e/abli%$ /&>ds1 goals1 & t>gets )       
respect to ecological su/a9ability1     
climate crisis-mitigation1 &            
dec>bonization2 &  7,b7 require t any   
cov]$ bank or p]son seek+ or 9 ! process
 ( becom+ a cov]$ bank1 may n facilitate
 fossil fuel production or              
infra/ructure1 includ+ by-- 7i7 provid+ 
loans to1 mak+ inve/m5ts 91 or o!rwise  
engag+ 9 any activity t is f9ancial 9   
nature1 or incid5tal to su* f9ancial    
activity1 ) a fossil fuel company2  7ii7
 provid+ loans to1 mak+ inve/m5ts 91 or 
o!rwise engag+ 9 any activity t is      
f9ancial 9 nature1 or incid5tal to su*  

f9ancial activity1 = a fossil fuel      
project2  7iii7 tak+ comp5sation to     
arrange or facilitate a transaction t   
provides funds = fossil fuel production 
f new s\rces2  7iv7 securitiz+ assets t 
provide funds = fossil fuel production f
 new s\rces2  7v7 ent]+ into a          
d]ivatives transaction design$ to       
provide fund+ =1 facilitate1 or h$ge    
risks f fossil fuel production f new    
s\rces2 &  7vi7 engag+ 9 any activity t 
is complem5t>y to a f9ancial activity   
involv+ fossil fuel production f new    
s\rces1 includ+ f9anc+ ! int]national   
trade !re(2 or any o!r =m ( activity    
def9$ by regulators or sup]visors ( !   
cov]$ bank4  7#b7 ,def9itions ,9 ?is    
subsection3 7,a7 ,fossil fuel ,! t]m    
fossil fuel means coal1 petroleum1      
natural gas1 or any d]ivative ( coal1   
petroleum1 or natural gas t is us$ =    
fuel4  7,b7 ,fossil infra/ructure ,! t]m
 fossil infra/ructure means fossil      
fuel-relat$ projects1 includ+ wells1    
rail infra/ructure1 pipel9es1 t]m9als1  

ref9]ies1 & p[] plants4  7,c7 ,new      
s\rces ,! t]m new s\rces means-- 7i7 any
 production 9 excess ( prov5 develop$   
produc+ res]ves ( fossil fuels z ( !    
date ( enactm5t ( ?is section2 or  7ii7 
new or exp&$ fossil infra/ructure t w\ld
 facilitate ! production describ$ 9     
subp>agraph 7,a74  7,d7 ,production ,!  
t]m production means extractive or      
production activities t result 9 fossil 
fuels be+ made available = ref9+ or use4
  7d7 ,/ate law ,no?+ 9 ?is section may 
be con/ru$ to preempt any provision (   
,/ate law t provides great] protection  
to consum]s1 or e/abli%es m /r+5t       
environm5tal or ecological regulations1 
?an is provid$ 9 ?is section4  #ajg4    
,te*nical assi/ance ,! ,bo>d ( ,gov]nors
 %all provide te*nical assi/ance to     
public memb] banks to develop1 use1 &   
%>e f9ancial & infra/ructure            
te*nologies1 practices1 & op]ational &  
bus9ess practice data t promote ! public
 welf>e1 h[ev] su* data may n include   
any cu/om] data1 includ+ transactional &

 id5tify+ in=mation4  ,,ii ,f$]al       
,recognition ( ,public ,securities      
#bja4 ,regulation ( public l5d+ banks & 
non-f$]ally *>t]$ banks  7a7 ,9 g5]al ,!
 ,commission %all e/abli% a sep>ate     
regi/ration & regulatory s*eme = lic5s+ 
& regulat+ z public inve/m5t entities   
all public l5d+ banks & non-f$]ally     
*>t]$ banks t engage or seek to engage 9
 securities-relat$ activities1 includ+  
orig9ation1 inve/m5t brok]+1 deal+1 &   
trad+ ( f$]ally-recogniz$ public        
securities4  7b7 ,f$]ally-recogniz$     
public securities ,! ,bo>d ( ,gov]nors  
%all1 9 consultation ) ! ,commission1   
develop rules1 /&>ds1 & crit]ia = ,f$]al
 recognition ( securities issu$ by      
public memb] banks 7to be kn[n z        
f$]ally-recogniz$ public securities7 z !
 ,commission det]m9es to be necess>y &  
appropriate to promote public welf>e4   
7c7 ,conditional lic5se ,! ,commission  
%all e/abli% a special category ( public
 inve/m5t entity lic5se = entities t are
 9 ! process ( apply+ =1 b h n yet      

receiv$1 any lic5se to issue            
f$]ally-recogniz$ public securities1 :i*
 %all be subject to su* conditions &    
re/rictions z ! ,commission det]m9es to 
be necess>y & appropriate to promote    
public welf>e4  ,,iii ,public ,deposit  
,insurance  #cja4 ,9 g5]al  7a7 ,public 
deposit insurance ,! ,corporation %all  
e/abli% a sep>ate regi/ration &         
regulatory s*eme = provid+ deposit      
insurance 7to be kn[n z public deposit  
insurance7 to cov]$ banks & make su*    
deposit insurance available to cov]$    
banks )\t reg>d to ! total deposit      
am\nt4  7b7 ,conditional insurance ,!   
,corporation %all e/abli% a sep>ate     
regi/ration & regulatory s*eme = provid+
 deposit insurance 7to be kn[n z        
conditional public deposit insurance7 = 
entities t are 9 ! process ( apply+ =1 b
 h n yet receiv$1 public deposit        
insurance1 :i* %all be subject to su*   
conditions & re/rictions z !            
,corporation det]m9es to be necess>y &  
appropriate to promote public welf>e4   

,,iv ,po/al ,bank+  #dja4 ,p>tn]%ips )  
cov]$ banks = po/al bank+ s]vices  7a7  
,p>tn]%ip ) ,,usps ,not)/&+ section     
#djd7;e77#b7 ( title #cf1 ,unit$ ,/ates 
,code1 ! ,po/ma/] ,g5]al %all1 to !     
maximum ext5t practicable1 p>tn] ) cov]$
 banks to make available retail acc\nt &
 paym5t s]vices provid$ by cov]$ banks  
at po/ (fices1 & via any po/al bank+    
plat=ms e/abli%$ by ! ,unit$ ,/ates     
,po/al ,s]vice4  7b7 ,fund+ ,! ,bo>d (  
,gov]nors %all provide su* fund+ to !   
,unit$ ,/ates ,po/al ,s]vice z !        
,po/ma/] ,g5]al det]m9es to be necess>y 
to a*ieve c>ry out subsection 7a74  7c7 
,treatm5t ( exp5ses ,any exp5ses incurr$
 by ! ,bo>d ( ,gov]nors "u ?is section  
%all be record$-- 7#a7 9 an acc\nt to be
 kn[n z ! ,special ,public ,memb] ,bank 
,s]vices ,acc\nt e/abli%$ at ! ,f$]al   
,res]ve ,bank ( ,new ,york2 &  7#b7 z a 
def]r$ asset 7z describ$ 9 section      
#aa4if ( ! ,f9ancial ,acc\nt+ ,manual = 
,f$]al ,res]ve ,banks1 z 9 effect on !  
date ( ! enactm5t ( ?is ,act7 & ma9ta9$ 

sep>ately f ! balance %eet ( ! ,f$]al   
,res]ve ,bank ( ,new ,york & ! ,f$]al   
,res]ve ,sy/em1 s z to n 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  ,v ,public ,bank ,developm5t    
,programs  #eja4 ,public bank grant     
program  7a7 ,program e/abli%$  7#a7 ,9 
g5]al ,! ,bo>d ( ,gov]nors %all1 jo9tly 
) ! ,secret>y1 c>ry out a grant program 
to make grants to cov]$ banks1 or p]sons
 seek+ to become or 9 ! process ( becom+
 cov]$ banks1 to c>ry out ! activities  
describ$ 9 subsection 7b74  7#b7        
,consid]ations = eligibility  7,a7      
,requir$ consid]ations ,:5 det]m9+      
eligibility = grants "u ?is section1 !  
,bo>d ( ,gov]nors & ! ,secret>y %all    
consid]1 among o!r factors1 ! ext5t to  
:i* a grant applicant has e/abli%$ an   
appropriate degree ( community          
involvem5t & ov]sight1 includ+ d$icat$  

community repres5tation on ! gov]n+     
bo>d1 & evid5ce ( support or commitm5t f
 community repres5tative organizations4 
7,b7 ,prohibit$ consid]ation ,:5 det]m9+
 eligibility = grants "u ?is section1 ! 
,bo>d ( ,gov]nors & ! ,secret>y may n   
consid] ! budget>y or f9ancial heal? ( !
 entity t :olly owns or controls a cov]$
 bank4  7b7 ,use ( funds ,an entity t   
receives a grant "u ?is section may use 
! grant funds-- 7#a7 to c>ry out        
activities relat$ to bank =mation1      
*>t]+1 & regulatory compliance2  7#b7 = 
capitalization2  7#c7 to make paym5ts & 
develop f9ancial m>ket infra/ructure2   
7#d7 to c>ry out activities relat$ to   
in=mation & communications te*nology2   
7#e7 to support op]ations2  7#f7 to cov]
 unexpect$ losses2 &  7#g7 to c>ry out  
su* o!r activities z ! ,bo>d ( ,gov]nors
 & ! ,secret>y det]m9e appropriate4  7c7
 ,mat*+ funds ,! ,bo>d ( ,gov]nors & !  
,secret>y may n require t an entity t   
receives a grant "u ?is section provide 
mat*+ funds ) respect to su* grant4     

#ejb4 ,public bank incubator program    
7a7 ,9 g5]al ,! ,bo>d ( ,gov]nors %all  
e/abli% an incubator program to provide 
te*nical & te*nological assi/ance to    
p]sons seek+ to be *>t]$ by ! ,bo>d (   
,gov]nors "u section #aja or to obta9 a 
c]tificate ( ,f$]al recognition "u      
section #ajb4  7b7 ,application ,! ,bo>d
 ( ,gov]nors1 9 coord9ation ) !         
,secret>y1 ! ,corporation1 & !          
,commission1 %all e/abli% a s+le        
application & review process = p]sons   
seek+ to-- 7#a7 be f$]ally *>t]$ "u     
section #aja2  7#b7 obta9 a c]tificate (
 ,f$]al recognition "u section #ajb2    
7#c7 become a public memb] bank2  7#d7  
obta9 a lic5se to issue                 
f$]ally-recogniz$ public securities "u  
section #bja2  7#e7 obta9 public deposit
 insurance pursuant to section #cja or f
 a ,corporation-approv$ alt]native      
provid]2 &  7#f7 apply = a grant "u     
section #dja4  #ejc4 ,community         
developm5t grant program  7a7           
,reasonable ef=ts ,to coord9ate ,cov]$  

banks %all1 :]e & z appropriate1 make   
reasonable ef=ts to coord9ate activities
 ) community developm5t f9ancial        
in/itutions1 m9ority deposit            
in/itutions1 & cr$it unions to promote  
community developm5t & ensure           
community-ori5t$ f9ancial s]vices are   
univ]sal & compreh5sively include       
hi/orically exclud$ & m>g9aliz$ gr\ps4  
7b7 ,grants = coord9ation ,! ,bo>d (    
,gov]nors %all1 jo9tly ) ! ,secret>y1   
aw>d grants to cov]$ banks1 community   
developm5t f9ancial in/itutions1 m9ority
 deposit in/itutions1 & cr$it unions to 
facilitate coord9ation ( activities "u  
subsection 7a74  7c7 ,def9itions ,9 ?is 
section3 7#a7 ,community developm5t     
f9ancial in/itution ,! t]m community    
developm5t f9ancial in/itution has !    
mean+ giv5 ! t]m 9 section #ajc7e7 ( !  
,riegle ,community ,developm5t &        
,regulatory ,improvem5t ,act ( #aiid    
7#ab ,u4,s4,c4 #dgjb7e774  7#b7 ,cr$it  
union ,! t]m cr$it union means a ,f$]al 
cr$it union or a ,/ate cr$it union 7z   

su* t]ms are def9$ 9 section #aja ( !   
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #ageb774  7#c7 ,m9ority deposit        
in/itution ,! t]m m9ority deposit       
in/itution has ! mean+ giv5 ! t]m 9     
section #cjh7;b77#a7 ( ! ,f9ancial      
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4   
#adfc7;b77#a774  #ejd4 ,treatm5t ( fund+
 ,any exp5ses incurr$ by ! ,bo>d (      
,gov]nors "u ?is title %all be record$--
 7#a7 9 an acc\nt to be kn[n z !        
,special ,public ,bank ,developm5t      
,programs e/abli%$ at ! ,f$]al ,res]ve  
,bank ( ,new ,york2 &  7#b7 z a def]r$  
asset 7z describ$ 9 section #aa4if ( !  
,f9ancial ,acc\nt+ ,manual = ,f$]al     
,res]ve ,banks1 z 9 effect on ! date ( !
 enactm5t ( ?is ,act7 & ma9ta9$         
sep>ately f ! balance %eet ( ! ,f$]al   
,res]ve ,bank ( ,new ,york & ! ,f$]al   
,res]ve ,sy/em1 s z to n 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