,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hhbg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,novemb] #cj1         
#bjbj,ms4 ,tlaib 7= h]self1 ,mr4 ,lyn*1 
& ,mr4 ,g>ca ( ,ill9ois7 introduc$ !    
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,f$]al ,deposit      
,insurance ,act to provide = !          
classification & regulation ( /ableco9s1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,/ableco9         
,classification & ,regulation ,act (    
#bjbj4  #b4 ,f9d+s ,congress f9ds !     
foll[+3 7#a7 ,article ,i1 ,section #h1  
,clause #e ( ! ,unit$ ,/ates            
,con/itution provides t ,congress %all h
 ! p[] to co9 money1 regulate ! value   
!re(1 & ( =eign co91 & fix ! /&>d (     
weights & measures4  7#b7 ,section #b;,a
 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 
#bbe;a7 provides t ! m&ate ( ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em is  
to promote effectively ! goals ( maximum
 employm5t1 /able prices1 & mod]ate     

long-t]m int]e/ rates4  7#c7 ,section   
#ba7;a7 ( ! ,bank+ ,act ( #aicc 7#ab    
,u4,s4,c4 #cgh7;a77 provides 9 "p t3    
7a7 ,aft] ! expiration ( "o ye> aft]    
,june #af1 #aicc x %all be unlawful ''' 
7#b7 ,= any p]son1 firm1 corporation1   
association1 bus9ess tru/1 or o!r simil>
 organization to engage1 to any ext5t   
:atev] ) o!rs ?an 8 or its (fic]s1 ag5ts
 or employees1 9 ! bus9ess ( receiv+    
deposits subject to *eck or to repaym5t 
^u pres5tation ( a pass book1 c]tificate
 ( deposit1 or o!r evid5ce ( debt1 or ^u
 reque/ ( ! depositor1 unless su* p]son1
 firm1 corporation1 association1 bus9ess
 tru/1 or o!r simil> organization 7,a7  
%all be incorporat$ "u1 & au?oriz$ to   
engage 9 su* bus9ess by1 ! laws ( !     
,unit$ ,/ates or ( any ,/ate1 ,t]ritory1
 or ,di/rict1 & subject$1 by ! laws ( ! 
,unit$ ,/ates1 or ( ! ,/ate1 ,t]ritory1 
or ,di/rict :]e9 locat$1 to exam9ation &
 regulation1 or 7,b7 %all be p]mitt$ by 
! ,unit$ ,/ates1 any ,/ate1 t]ritory1 or
 di/rict to engage 9 su* bus9ess & %all 

be subject$ by ! laws ( ! ,unit$ ,/ates1
 or su* ,/ate1 t]ritory1 or di/rict to  
exam9ation & regulations or1 7,c7 %all  
submit to p]iodic exam9ation by ! bank+ 
au?ority ( ! ,/ate ,t]ritory1 or        
,di/rict :]e su* bus9ess is c>ri$ on &  
%all make & publi% p]iodic reports ( its
 condition1 exhibit+ 9 detail its       
res\rces & liabilities1 su* exam9ation &
 reports to be made & publi%$ at ! same 
times & 9 ! same mann] & "u ! same      
conditions z requir$ by ! law ( su*     
,/ate1 ,t]ritory1 ,di/rict 9 ! case (   
incorporat$ bank+ in/itutions engag$ 9  
su* bus9ess 9 ! same locality4  4  7#d7 
,section #c7l7 ( ! ,f$]al ,deposit      
,insurance ,act 7#ab ,u4,s4,c4 #ahac7l77
 provides t "u ! ,f$]al ,deposit        
,insurance ,act1 ! t]m deposit means3   
7#a7 ! unpaid balance ( money or its    
equival5t receiv$ or held by a bank or  
sav+s association 9 ! usual c\rse (     
bus9ess & = :i* x has giv5 or is        
obligat$ to give cr$it1 ei!r            
conditionally or unconditionally1 to a  

comm]cial1 *eck+1 sav+s1 "t1 or ?rift   
acc\nt1 or :i* is evid5c$ by its        
c]tificate ( deposit1 ?rift c]tificate1 
inve/m5t c]tificate1 c]tificate (       
indebt$ness1 or o!r simil> "n1 or a *eck
 or draft drawn aga9/ a deposit acc\nt &
 c]tifi$ by ! bank or sav+s association1
 or a lett] ( cr$it or a travel]'s *eck 
on :i* ! bank or sav+s association is   
prim>ily liable3 ,provid$1 ,t1 )\t      
limit+ ! g5]ality ( ! t]m money or its  
equival5t1 any su* acc\nt or in/rum5t   
mu/ be reg>d$ z evid5c+ ! receipt ( !   
equival5t ( money :5 cr$it$ or issu$ 9  
ex*ange = *ecks or drafts or = a        
promissory note ^u :i* ! p]son obta9+   
any su* cr$it or in/rum5t is prim>ily or
 second>ily liable1 or = a *>ge aga9/ a 
deposit acc\nt1 or 9 settlem5t ( *ecks1 
drafts1 or o!r in/rum5ts =w>d$ to su*   
bank or sav+s association = collection1 
7#b7 tru/ funds z def9$ 9 ?is ,act      
receiv$ or held by su* bank or sav+s    
association1 :e!r held 9 ! tru/ dep>tm5t
 or held or deposit$ 9 any o!r dep>tm5t 

( su* bank or sav+s association1  7#c7  
money receiv$ or held by a bank or sav+s
 association1 or ! cr$it giv5 = money or
 its equival5t receiv$ or held by a bank
 or sav+s association1 9 ! usual c\rse (
 bus9ess = a special or specific        
purpose1 reg>dless ( ! legal relation%ip
 !reby e/abli%$1 includ+ )\t be+ limit$ 
to1 escr[ funds1 funds held z security =
 an obligation due to ! bank or sav+s   
association or o!rs 7includ+ funds held 
z deal]s res]ves7 or = securities loan$ 
by ! bank or sav+s association1 funds   
deposit$ by a debtor to meet matur+     
obligations1 funds deposit$ z advance   
paym5t on subscriptions to ,unit$ ,/ates
 ,gov]nm5t securities1 funds held =     
di/ribution or pur*ase ( securities1    
funds held to meet its acceptances or   
lett]s ( cr$it1 & )held taxes3 ,provid$1
 ,t !re %all n be includ$ funds :i* are 
receiv$ by ! bank or sav+s association =
 imm$iate application to ! r$uction ( an
 indebt$ness to ! receiv+ bank or sav+s 
association1 or "u condition t ! receipt

 !re( imm$iately r$uces or ext+ui%es su*
 an indebt$ness1  7#d7 out/&+ draft     
7includ+ advice or au?orization to *>ge 
a bank's or a sav+s association's       
balance 9 ano!r bank or sav+s           
association71 ca%i]'s *eck1 money ord]1 
or o!r (fic]'s *eck issu$ 9 ! usual     
c\rse ( bus9ess = any purpose1 includ+  
)\t be+ limit$ to ^? issu$ 9 paym5t =   
s]vices1 divid5ds1 or pur*ases1 &  7#e7 
su* o!r obligations ( a bank or sav+s   
association z ! ,bo>d ( ,directors1 aft]
 consultation ) ! ,comptroll] ( !       
,curr5cy1 & ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em1 %all f9d &       
prescribe by regulation to be deposit   
liabilities by g5]al usage1 except t !  
foll[+ %all n be a deposit = any ( !    
purposes ( ?is ,act or be includ$ z "p (
 ! total deposits or ( an insur$        
deposit3 7,a7 any obligation ( a        
depository in/itution :i* is c>ri$ on ! 
books & records ( an (fice ( su* bank or
 sav+s association locat$ outside ( any 
,/ate1 unless-- 7i7 su* obligation w\ld 

be a deposit if x 7 c>ri$ on ! books &  
records ( ! depository in/itution1 &    
w\ld be payable at1 an (fice locat$ 9   
any ,/ate2 &  7ii7 ! contract evid5c+ ! 
obligation provides by express t]ms1 & n
 by implication1 = paym5t at an (fice ( 
! depository in/itution locat$ 9 any    
,/ate2  7,b7 any int]national bank+     
facility deposit1 includ+ an            
int]national bank+ facility "t deposit1 
z su* t]m is f "t to "t def9$ by ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 9
 regulation ,d or any successor         
regulation issu$ by ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em2 &  7,c7 any  
liability ( an insur$ depository        
in/itution t arises "u an annuity       
contract1 ! income ( :i* is tax def]r$  
"u section #gb ( ! ,int]nal ,rev5ue     
,code ( #aihf4  4  7#e7 ,section #a7;a7 
( ! ,f$]al ,deposit ,insurance ,act 7#ab
 ,u4,s4,c4 #ahaa7;a77 provides t !      
,f$]al ,deposit ,insurance ,corporation 
0 e/abli%$ = ! purpose ( insur+ ''' !   
deposits ( all banks ''' :i* are entitl$

 to ! b5efits ( insurance "u ! ,f$]al   
,deposit ,insurance ,act4  #c4          
,regulation ( /ableco9s  7a7 ,def9itions
 ,section #c ( ! ,f$]al ,deposit        
,insurance ,act 7#ab ,u4,s4,c4 #ahac7 is
 am5d$-- 7#a7 9 subsection 7l7-- 7,a7 9 
p>agraph 7#d71 by /rik+ & at ! end2     
7,b7 by r$esignat+ p>agraph 7#e7 z      
p>agraph 7#f72 &  7,c7 by ins]t+ aft]   
p>agraph 7#d7 ! foll[+3  7#e7 /ableco9s 
issu$ by su* bank or sav+s association2 
&  2  7#b7 by add+ at ! end ! foll[+3   
7aa7 ,def9itions relat$ to /ableco9s    
7#a7 ,/ableco9 ,! t]m /ableco9 means any
 cryptocurr5cy or o!r privately-issu$   
digital f9ancial in/rum5t t-- 7,a7 is   
directly or indirectly di/ribut$ to     
inve/ors1 f9ancial in/itutions1 or !    
g5]al public2  7,b7 is-- 7i7 d5om9at$ 9 
,unit$ ,/ates doll>s or pegg$ to !      
,unit$ ,/ates doll>2 or  7ii7 d5om9at$ 9
 or pegg$ to ano!r national or /ate     
curr5cy2 &  7,c7 is issu$-- 7i7 ) a fix$
 nom9al r$emption value2  7ii7 ) ! int5t
 ( e/abli%+ a reasonable expectation or 

belief among ! g5]al public t ! in/rum5t
 w reta9 a nom9al r$emption value t is s
 /able z to r5d] ! nom9al r$emption     
value effectively fix$2 or  7iii7 9 su* 
a mann] t1 reg>dless ( int5t1 has !     
effect ( creat+ a reasonable expectation
 or belief among ! g5]al public t !     
in/rum5t w reta9 a nom9al r$emption     
value t is s /able z to r5d] ! nom9al   
r$emption value effectively fix$4  7#b7 
,nom9al r$emption value  7,a7 ,9 g5]al  
,) respect to a /ableco91 ! t]m nom9al  
r$emption value means ! value at :i* !  
/ableco9 c readily be conv]t$ into      
,unit$ ,/ates doll>s1 or any o!r        
national or /ate curr5cy1 or a          
functional monet>y equival5t1 on dem&1  
at ! "t ( issuance1 or o!rwise accept$ 9
 paym5t or to satisfy debts d5om9at$ 9  
,unit$ ,/ates doll>s or any o!r national
 or /ate curr5cy4  7,b7 ,treatm5t (     
in/rum5ts pegg$ to ! ,unit$ ,/ates doll>
 ,= purposes ( subp>agraph 7,a71 ! value
 at :i* a /ableco9 t is pegg$ to !      
,unit$ ,/ates doll> or a functional     

monet>y equival5t c readily be conv]t$  
into ,unit$ ,/ates doll>s1 on dem&1 at !
 "t ( issuance %all be calculat$ us+ !  
express or impli$ pegg$ rate = su*      
conv]sion at ! "t ( issuance4  7,c7     
,treatm5t ( in/rum5ts d5om9at$ 9 or     
pegg$ to ano!r national or /ate curr5cy 
,= purposes ( subp>agraph 7,a71 ! value 
at :i* a /ableco9 t is d5om9at$ 9 or    
pegg$ to ano!r national or /ate curr5cy 
or a functional monet>y equival5t c     
readily be conv]t$ into ,unit$ ,/ates   
doll>s1 on dem&1 at ! "t ( issuance %all
 be calculat$ us+ ! express or impli$   
ex*ange rate = su* conv]sion at ! "t (  
issuance4  7,d7 ,functional monet>y     
equival5t def9$ ,= purposes ( ?is ,act &
 any ,act enact$ aft] ! date ( enactm5t 
( ?is subsection1 ! t]m functional      
monet>y equival5t means-- 7i7 deposits1 
z def9$ "u section #c ( ! ,f$]al        
,deposit ,insurance ,act2  7ii7 e-money 
& money transmitt] balances2  7iii7 o!r 
/ableco9s2 &  7iv7 any o!r f9ancial     
in/rum5t issu$ = ! purpose ( circulat+ z

 money1 mak+ paym5ts1 or satisfy+ debts 
d5om9at$ 9 ,unit$ ,/ates doll>s or any  
o!r national or /ate curr5cy4  4  7b7   
,regulations ,! ,f$]al ,deposit         
,insurance ,act 7#ab ,u4,s4,c4 #ahaa et 
seq47 is am5d$ by add+ at ! end !       
foll[+3  #eb4 ,/ableco9s  7a7 ,issu+    
/ableco9s  7#a7 ,limitation on :o may   
issue /ableco9s ,x %all be unlawful =   
any p]son to issue a /ableco9 o!r ?an an
 insur$ depository in/itution t is a    
memb] ( ! ,f$]al ,res]ve ,sy/em4  7#b7  
,limitation on /ableco9-relat$ comm]cial
 activities ,x %all be unlawful = any   
p]son to issue a /ableco9 or            
/ableco9-relat$ product1 to provide any 
/ableco9-relat$ s]vice1 or o!rwise      
engage 9 any /ableco9-relat$ comm]cial  
activity1 includ+ activity involv+      
/ableco9s issu$ by o!r p]sons1 )\t      
obta9+ writt5 approval 9 advance1 & on  
an ongo+ basis1 f ! appropriate ,f$]al  
bank+ ag5cy1 ! ,corporation1 & ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4   
7#c7 ,notice & approval requirem5ts ,any

 p]son issu+ a /ableco9 %all-- 7,a7     
notify ! appropriate ,f$]al bank+ ag5cy1
 ! ,corporation1 & ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve ,sy/em ( ! p]son's    
int5t to issue ! /ableco9 at lea/ #f    
mon?s prior to ! date ( issuance2  7,b7 
obta9 writt5 approval f ! appropriate   
,f$]al bank+ ag5cy1 ! ,corporation1 & ! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em prior to issu+ any /ableco9 or   
/ableco9-relat$ product1 provid+ any    
/ableco9-relat$ s]vices1 or o!rwise     
engag+ 9 any /ableco9-relat$ comm]cial  
activity1 includ+ activity involv+      
/ableco9s issu$ by o!r p]sons2 &  7,c7  
provide ongo+ analysis to ! ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,f9ancial ,/ability ,ov]sight ,c\ncil1 &
 ! ,(fice ( ,f9ance ,rese>* on any      
pot5tial sy/emic impacts or monet>y     
policy implications ( ! /ableco94  7#d7 
,ma/] acc\nt access ,) respect to an    
insur$ depository in/itution t is a     
memb] ( ! ,f$]al ,res]ve ,sy/em & t has 
obta9$ writt5 approval describ$ "u      

p>agraph 7#c77;,b7-- 7,a7 ! ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 provide ! in/itution ) a ma/] acc\nt at
 ! ,f$]al ,res]ve ,sy/em2 &  7,b7 !     
in/itution %all be eligible to receive  
all b5efits & access to s]vices         
associat$ ) su* acc\nt4  7b7 ,requirem5t
 ,to ma9ta9 fix$ value ,any issu] ( a   
/ableco9 %all take all possible actions 
to ensure t1 at no po9t ov] ! life ( !  
/ableco91 ! r$emption value ( ! /ableco9
 does n drop bel[ ! nom9al r$emption    
value ( ! /ableco94  7c7 ,ability ,to   
r$eem /ableco9s  7#a7 ,9 g5]al ,any     
issu] ( /ableco9s %all ma9ta9 ! ability 
to imm$iately r$eem all out/&+ /ableco9s
 at _! nom9al r$emption value1 ^u dem&1 
9 ,unit$ ,/ates doll>s4  7#b7           
,requirem5t to ma9ta9 collat]al =       
un9sur$ /ableco9 am\nts  7,a7 ,9 g5]al  
,any issu] ( /ableco9s %all deposit     
res]ves ) ! applicable ,f$]al res]ve    
bank 9 a segregat$ acc\nt 9 an am\nt    
equal to ! nom9al r$emption value ( all 
out/&+ /ableco9s issu$ by ! issu]1 & su*

 res]ves %all s]ve z collat]al = su*    
/ableco9s4  7,b7 ,exception = insur$    
deposits ,subp>agraph 7,a7 %all n apply 
) respect to ! value ( any out/&+       
/ableco9s t ! issu] ( ! /ableco9s kn[s  
are insur$ deposits4  7#c7 ,p5alties ,if
 ! issu] ( a /ableco9 fails to          
imm$iately r$eem an out/&+ /ableco91 ^u 
dem&1 9 ,unit$ ,/ates doll>s 7or if !   
appropriate ,f$]al bank+ ag5cy det]m9es 
t ! issu] does n h ! ability to         
imm$iately r$eem all out/&+ /ableco9s1  
^u dem&1 9 ,unit$ ,/ates doll>s7 !      
appropriate ,f$]al bank+ ag5cy %all     
p5alize ! issu]1 :i* may include-- 7,a7 
! revocation ( deposit insurance provid$
 "u ?is ,act2  7,b7 ! revocation ( !    
issu]'s memb]%ip 9 ! ,f$]al ,res]ve     
,sy/em2  7,c7 ! revocation ( ! issu]'s  
,f$]al *>t]2 &  7,d7 su* less] p5alty z 
! ag5cy det]m9es appropriate4  7d7      
,products & s]vices relat$ to /ableco9s 
7#a7 ,disclosures ,any p]son (f]+ or    
provid+ a product or s]vice ) respect to
 a /ableco91 reg>dless ( :e!r su* p]son 

is ! issu] ( ! /ableco91 %all cle>ly    
disclosure-- 7,a7 :e!r ! p]son is !     
orig9al issu] ( ! /ableco92 &  7,b7 if !
 p]son is ! orig9al issu] ( ! /ableco91 
:e!r-- 7i7 ! /ableco9 is be+ held z an  
insur$ deposit2 or  7ii7 ! /ableco9 is  
fully collat]aliz$ by res]ves ma9ta9$ at
 a ,f$]al res]ve bank4  7#b7 ,use ( !   
t]m doll> ,a p]son (f]+ or provid+ a    
product or s]vice ) respect to a        
/ableco9 may n use ! t]m doll> or doll>s
 to ref] to /ableco9 balances unless su*
 ref]5ce is pre-approv$ by ei!r !       
,comptroll] ( ! ,curr5cy or ! ,bo>d (   
,gov]nors ( ! ,f$]al ,res]ve ,sy/em4    
7e7 ,prioritization "u deposit insurance
 ,) respect to a depositor1 = purposes (
 det]m9+ :e!r a deposit is an insur$    
deposit1 ! ,corporation %all fir/       
include deposits t are n /ableco9s4  7f7
 ,ov]sight by ,f$]al bank+ ag5cies  7#a7
 ,9 g5]al ,! appropriate ,f$]al bank+   
ag5cy %all h g5]al regulatory au?ority  
ov] an insur$ depository in/itution's   
bus9ess activities relat$ to /ableco9s1 

includ+ all exi/+ regulatory p[]s t !   
ag5cy has ) respect to ! in/itution's   
bus9ess activities relat$ to o!r        
deposits  7#b7 ,capital adequacy rules  
,! ,f$]al bank+ ag5cies %all promulgate 
rules & /&>ds reg>d+ ! capital adequacy1
 lev]age1 liquidity1 & p]mitt$          
activities ( /ableco9 issu]s & o!r      
p]sons engag$ 9 /ableco9-relat$         
activities4  7#c7 ,effect on o!r rules  
,to ! ext5t a p]son is subject to       
capital adequacy1 liquidity1 & o!r rules
 issu$ "u ?is section1 ! appropriate    
,f$]al bank+ ag5cy may provide          
exceptions or exemptions f simil> rules 
issu$ pursuant to o!r provisions ( law1 
if ! ag5cy det]m9es su* exceptions or   
exemptions are appropriate1 tak+ into   
acc\nt ! activities ( su* p]son4  7g7   
,rule ( con/ruction ,no?+ 9 ?is section 
may be con/ru$ z remov+ any             
jurisdictional or regulatory au?ority ( 
any ,f$]al ag5cy4  4  7c7 ,bank+ ,act ( 
#aicc ,section #ba ( ! ,bank+ ,act (    
#aicc 7#ab ,u4,s4,c4 #cgh7 is am5d$--   

7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 
7#a71 by ins]t+ aft] to any ext5t :atev]
 9 ! bus9ess ( ! foll[+3 issu+ /ableco9s
 or2 &  7,b7 9 p>agraph 7#b71 by ins]t+ 
aft] (fic]s1 ag5ts or employees1 9 !    
bus9ess ( ! foll[+3 issu+ /ableco9s or2 
7#b7 by r$esignat+ subsection 7b7 z     
subsection 7c72 &  7#c7 by ins]t+ aft]  
subsection 7a7 ! foll[+3  7b7 ,= !      
purposes ( subsection 7a71 ! t]m        
/ableco9 has ! mean+ giv5 t t]m "u      
section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahac74  
4  7d7 ,rulemak+ ,n lat] ?an ! end ( !  
#c-mon? p]iod beg9n+ on ! date (        
enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors
 ( ! ,f$]al ,res]ve ,sy/em1 !           
,comptroll] ( ! ,curr5cy1 & ! ,f$]al    
,deposit ,insurance ,corporation %all   
issue rules to c>ry out ?is ,act & !    
am5dm5ts made by ?is ,act4