,,ii #aafth ,,congress #b;d ,session ,s4 #cega ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bc1 #bjbj,mr4 ,brown introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to require member banks to maintain pass-through digital dollar wallets for certain persons1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,banking for ,all ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,digital dollars ,the term digital dollars means dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any ,federal reserve bank4 7#b7 ,digital dollar wallets ,the term digital dollar wallet means a digital wallet or account1 maintained by a ,federal reserve bank on behalf of any person1 for the purpose of holding digital dollar balances4 7#c7 ,member bank ,the term member bank means any national bank1 ,state bank1 or bank or trust company which has become a member of one of the reserve banks created by the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq474 7#d7 ,pass-through digital dollar wallets ,the term pass-through digital dollar wallet means a digital wallet or account1 maintained by a member bank on behalf of any person1 entitling that person to a pro rata share of a pooled reserve balance that the member bank maintains at any ,federal reserve bank4 7#e7 ,postal retail facility ,the term postal retail facility-- 7,a7 means post office1 post office branch1 post office classified station1 or other facility that is operated by the ,postal ,service1 the primary function of which is to provide retail postal services2 and 7,b7 does not include a contractor-operated facility offering postal services4 7#f7 ,postal ,service ,the term ,postal ,service means the ,united ,states ,postal ,service4 #c4 ,authority and mandate for member banks to maintain pass-through digital dollar wallets 7a7 ,obligations of member banks 7#a7 ,in general ,member banks shall open and maintain pass-through digital dollar wallets for all persons1 including persons eligible to receive payments from the ,united ,states pursuant to a ,federal law relating to the coronavirus disease #bjai 7,,covid-#ai71 who elect to deposit funds into pass-through digital dollar wallets4 7#b7 ,maintenance of assets 7,a7 ,in general ,each member bank shall establish and maintain a separate legal entity for the exclusive purpose of holding all assets and maintaining all liabilities associated with pass-through digital wallets4 7,b7 ,contents ,the assets of any entity described in subparagraph 7,a7 shall consist exclusively of a balance maintained in a master account at a ,federal reserve bank1 and the liabilities or obligations of the entity shall consist exclusively of an equal quantity of balances maintained by holders of pass-through digital wallets4 7,c7 ,capital or liquidity regulation ,the assets and liabilities of any legal entity described in subparagraph 7,a7 shall not be deemed assets or liabilities of the member bank or its affiliates for purposes of any capital or liquidity regulation promulgated by ,federal or ,state banking authorities4 7,d7 ,online application requirement for large banks ,member banks with total consolidated assets greater than #aj1jjj1jjj1jjj shall promptly offer application1 through online or telephonic means1 for pass-through digital wallets4 7b7 ,terms of pass-,through digital dollar wallets ,pass-through digital dollar wallets-- 7#a7 shall not be subject to any account fees1 minimum balances1 or maximum balances and shall pay interest at a rate not below the greater of the rate of interest on required reserves and the rate of interest on excess reserves2 7#b7 shall provide functionality and service levels no less favorable than those that the member bank offers for its existing transaction accounts1 including with respect to debit cards1 automated teller machines1 online account access1 automatic bill-pay1 mobile banking1 customer service and such other services as the ,board of ,governors of the ,federal ,reserve ,system determines appropriate in the public interest1 provided that digital dollar wallets shall not include overdraft coverage2 7#c7 shall be prominently branded in all account statements1 marketing materials1 and other communications as pass-through ,fed,accounts maintained by the member bank on behalf of the ,federal ,reserve2 7#d7 may not be closed or restricted by the bank on the basis of profitability considerations2 and 7#e7 shall provide account holders with reasonable protection against losses caused by fraud or security breaches4 7c7 ,reimbursement for costs 7#a7 ,in general ,each postal retail facility and each member bank with total consolidated assets of not greater than #aj1jjj1jjj1jjj shall be reimbursed each calendar quarter by the relevant ,federal reserve bank for the actual and reasonable operational costs incurred by the postal retail facility or member bank in offering pass-through digital dollar wallets4 7#b7 ,regulations ,the ,board of ,governors of the ,federal ,reserve ,system shall promulgate such regulations as necessary to carry out this subsection4 7d7 ,authority of the board ,member banks shall be subject to such regulations and obligations as may be imposed by the ,board of ,governors of the ,federal ,reserve ,system in connection with maintaining pass-through digital dollar wallets4 #d4 ,authority for ,state nonmember banks and credit unions to offer pass-through digital dollar wallets ,the ,federal reserve banks shall permit ,state nonmember banks and credit unions to open master accounts for the exclusive purpose of offering pass-through digital dollar wallets in compliance with the separate entity structure described in section #c7;a71 if-- 7#a7 the pass-through digital wallets comply with the terms set forth in section #c7;b72 and 7#b7 each ,state nonmember bank or credit union electing to offer pass-through digital wallets shall be entitled to cost reimbursement in accordance with section #c7;c74 #e4 ,authority and mandate for ,federal reserve banks to maintain digital dollar wallets for the general public 7a7 ,authorization ,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 wallets4 7b7 ,mandate 7#a7 ,in general ,all ,federal reserve banks shall1 not later than ,january #a1 #bjba1 make digital wallets available to all residents and citizens of the ,united ,states and to businesses domiciled in the ,united ,states4 7#b7 ,limited branches ,in areas where access to physical member bank branches is limited1 including in low- or moderate-income geographies1 designated disaster areas1 distressed or underserved non-metropolitan middle-income geographies1 as designated by the ,federal ,financial ,institutions ,examination ,council1 ,federal reserve banks shall partner with postal retail facilities to ensure access and availability to application and account services for all residents and citizens of the ,united ,states and to businesses domiciled in the ,united ,states4 7c7 ,terms of digital dollar wallets ,digital dollar wallets-- 7#a7 shall not be subject to any account fees1 minimum balances1 or maximum balances1 and shall pay interest at a rate not below the greater of the rate of interest on required reserves and the rate of interest on excess reserves2 7#b7 shall provide debit cards1 online account access1 automatic bill-pay1 mobile banking1 customer service and other such services as the ,board of ,governors of the ,federal ,reserve ,system determines appropriate in the public interest1 provided that digital dollar wallets shall not include overdraft coverage2 7#c7 shall provide1 in conjunction with the ,postal ,service1 access to automatic teller machines to be maintained on behalf of the ,board of ,governors of the ,postal ,service at postal retail facilities2 7#d7 shall be branded in all account statements1 marketing materials1 and other communications as ,fed,accounts maintained by the ,federal reserve bank on behalf of the ,united ,states of ,america2 7#e7 may not be closed or restricted on the basis of profitability considerations2 and 7#f7 shall provide account holders with reasonable protection against losses caused by fraud or security breaches4 7d7 ,bank secrecy act ,in establishing and maintaining digital dollar wallets1 each ,federal reserve bank shall comply with-- 7#a7 section #ba of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7#b7 chapter #b of title ,i of ,public ,law #ia-ejh 7#ab ,u4,s4,c4 #aiea et seq472 and 7#c7 subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7e7 ,privacy ,section #eeb;a of title #e1 ,united ,states ,code 7commonly known as the 8,privacy ,act of #aigd071 shall apply to digital dollar wallets1 and the privacy obligations applicable to each ,federal reserve bank and its employees1 including with respect to criminal and civil penalties1 shall mirror those applicable to ,federal tax returns under sections #fajc1 #gbac7;a77#a71 #gbac;,a1 and #gdca of the ,internal ,revenue ,code of #aihf4 #f4 ,regulations ,the ,board of ,governors of the ,federal ,reserve ,system shall promulgate regulations carrying out this ,act4