,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #fgge  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,decemb] #ac1         
#bjbc,ms4 ,tlaib 7= h]self1 ,ms4        
,ocasio-,cortez1 ,ms4 ,pressley1 ,ms4   
,lee ( ,cali=nia1 ,ms4 ,s*ak[sky1 & ,ms4
 ,om>7 introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committees 
on ,ov]sight & ,acc\ntability1 ,ways &  
,means1 & ,en]gy & ,comm]ce1 = 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 ( #bjbc4  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,title                
,,vi--,community ,developm5t ,f9ancial  
,institutions,sec4 #fja4 ,/ate & local  
in/rum5talities eligible to be community
 developm5t f9ancial in/itutions4  #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 ,copyleft   
lic5se ,! t]m copyleft lic5se means any 
copyright lic5se ) respect to te*nology 
t grants ! lic5see ! au?ority to-- 7,a7 
use ! te*nology = any purpose2  7,b7    
/udy h[ ! te*nology works1 & *ange !    
te*nology z desir$2  7,c7 access any    
s\rce code relat$ to ! te*nology2 &     
7,d7 r$i/ribute copies ( ! te*nology1   
includ+ modifi$ or ext5d$ copies1 to    
o!rs1 = any purpose1 if ! au?orities    
describ$ "u ?is p>agraph are also grant$
 to all modifi$1 ext5d$1 or r$i/ribut$  
copies4  7#d7 ,corporation ,! t]m       
,corporation means ! ,f$]al ,deposit    
,insurance ,corporation4  7#e7 ,cov]$   
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$]al recognition "u section #ajb4   
7#f7 ,environm5tal ju/ice community ,)  
respect to a public l5d+ bank1 ! t]m    
environm5tal ju/ice community means--   
7,a7 a community ) significant          
repres5tation ( communities ( color1    
l[-income communities1 or ,tribal &     
,indig5\s communities1 t exp]i5ce1 or   
are at risk ( exp]i5c+1 high] or m      
adv]se human heal? or environm5tal      
effects2 or  7,b7 not)/&+ subp>agraph   
7,a71 a def9ition e/abli%$ by ! ,/ate 9 
:i* ! public l5d+ bank is locat$1 if--  
7i7 ! def9ition 0 e/abli%$ by us+ a     
process e/abli%$1 by rule1 jo9tly by !  
,environm5tal ,protection ,ag5cy & !    
,c\ncil on ,environm5tal ,quality2 &    
7ii7 ! ,/ate e/abli%es a correspond+    
scre5+ tool to id5tify :i* communities  
are an environm5tal ju/ice community "u 
su* def9ition4  7#g7 ,public memb] bank 
,! t]m public memb] bank means a cov]$  
bank t is a memb] ( ! ,f$]al ,res]ve    

,sy/em4  7#h7 ,secret>y ,! t]m ,secret>y
 means ! ,secret>y ( ! ,treasury4  7#i7 
,/ate ,! t]m ,/ate means ea* ( ! sev]al 
,/ates1 ! ,di/rict ( ,columbia1 & any   
commonweal?1 t]ritory1 or possession ( !
 ,unit$ ,/ates4  7#aj7 ,tribal &        
indig5\s community ,! t]m ,tribal &     
indig5\s community means a population ( 
p :o are memb]s (-- 7,a7 a f$]ally      
recogniz$ ,indian ,tribe2  7,b7 a       
,/ate-recogniz$ ,indian ,tribe2  7,c7 an
 ,alaska ,native community or           
organization2  7,d7 a ,native ,hawaiian 
community or organization2 or  7,e7 any 
o!r ,indig5\s community locat$ 9 a      
,/ate4  7#aa7 ,tribal cov]$ bank ,! t]m 
,tribal cov]$ bank means a cov]$ bank t 
is :olly own$ & controll$ by-- 7,a7 a   
,tribal gov]nm5t1 includ+ a unit ( local
 ,tribal gov]nm5t1 or ,tribal gov]nm5t  
ag5cy2  7,b7 a ,tribally *>t]$          
corporation2  7,c7 a nonpr(it           
in/rum5tality designat$ by a ,tribal    
gov]nm5t z act+ 9 ! public int]e/ ( a   
community )9 su* ,tribe1 includ+ an     

un9corporat$ community2 or  7,d7 an     
association ( #a or m entities describ$ 
9 subp>agraphs 7,a7 ?r\gh 7,c74  ,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$ ,9 ?is ,act1 !  
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 or 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 a subsidi>y t is 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 bank+ s]vices 9 p>tn]%ip ) ! ,unit$
 ,/ates ,po/al ,s]vice2  7,f7 municipal 
deposit s]vices2  7,g7 securities-relat$
 s]vices2 or  7,h7 any l5d+ product     
approv$ by ! ,bo>d ( ,gov]nors1 includ+ 
p>ticipation loans & lett]s ( cr$it4    
7c7 ,public paym5t bank def9$ ,9 ?is    
,act1 ! 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,f7 ( subsection 7b77#c72 &  7#c7
 does n provide ! s]vices specifi$ 9    
subp>agraph 7,g7 or 7,h7 ( subsection   

7b77#c74  7d7 ,exception ( c]ta9 public 
l5d+ banks f consid]ation z bank hold+  
company ,a p]son or entity describ$ 9   
subsection 7b77#a7 %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 or entity's own]%ip or   
control ( a public l5d+ bank1 public    
paym5t bank1 or non-f$]ally *>t]$ bank4 
#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$ ,9 ?is   
,act1 ! 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 by an approv$          

non-,f$]al f9ancial regulator describ$ 9
 subsection 7c71 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     
#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] (-- 7i7 ! ov]night    
rate paid on requir$ res]ves2 or  7ii7 !
 ov]night rate 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 ,public      
purpose bank requirem5t  7#a7 ,9 g5]al  

,a cov]$ bank %all s]ve ! public good & 
promote ! g5]al welf>e4  7#b7 ,def9ition
 9 gov]n+ docum5ts ,a cov]$ bank %all   
def9e ! t]ms public good & promote !    
g5]al welf>e 9 ! gov]n+ docum5ts ( !    
cov]$ bank1 aft] su* def9itions are     
approv$ by ei!r-- 7,a7 ! ,gov]n+        
,assembly ( ! cov]$ bank2 or  7,b7 if ! 
cov]$ bank does n h a ,gov]n+ ,assembly1
 ! ,bo>d ( ,directors4  7b7 ,democratic 
gov]nance  7#a7 ,gov]nance policy ,be=e 
! end ( ! #b-ye> p]iod beg9n+ on !      
=mation ( a cov]$ bank1 ! ,bo>d (       
,directors ( ! cov]$ bank or ! ,gov]n+  
,assembly ( ! cov]$ bank %all e/abli% a 
=mal gov]nance policy = ! cov]$ bank4   
7#b7 ,in/itutionalization ( a democratic
 gov]nance /ructure ,a cov]$ bank %all  
in/itutionalize a democratic gov]nance  
/ructure ?r\gh ! foll[+3 7,a7 ,bo>d (   
,directors ,! e/abli%m5t ( a ,bo>d (    
,directors-- 7i7 *>g$ ) ensur+ t        
fiduci>y duties ( ! cov]$ bank are met2 
7ii7 *>g$ ) ensur+ ! cov]$ bank complies
 ) policies & proc$ures requir$ by      

/atute1 regulation1 & pr9ciples ( safety
 & s\ndness2  7iii7 ) no less ?an #e    
memb]s1 ( :i*-- 7,i7 at lea/ "o-?ird ( !
 memb]s %all repres5t community-bas$1   
nonpr(it organizations bas$ prim>ily )9 
! geographic area ( 7or1 ) respect to a 
corporation or nonpr(it in/rum5tality1 !
 geographic area s]v$ by7 ! relevant    
entity describ$ 9 section #aja7;b77#a72 
7,,ii7 at lea/ "o memb] %all h          
demon/rat$ exp]i5ce )1 & endorsem5t f1  
organizations repres5t+ hi/orically     
exclud$ & m>g9aliz$ gr\ps bas$ prim>ily 
)9 ! geographic area ( 7or1 ) respect to
 a corporation or nonpr(it              
in/rum5tality1 ! geographic area s]v$   
by7 ! relevant entity describ$ 9 section
 #aja7;b77#a72  7,,iii7 at lea/ "o memb]
 %all h demon/rat$ exp]i5ce )1 &        
endorsem5t f1 environm5tal ju/ice or    
environm5tal organizations bas$ prim>ily
 )9 ! geographic area ( 7or1 ) respect  
to a corporation or nonpr(it            
in/rum5tality1 ! geographic area s]v$   
by7 ! relevant entity describ$ 9 section

 #aja7;b77#a72  7,,iv7 at lea/ "o memb] 
%all h demon/rat$ exp]i5ce )1 &         
endorsem5t f1 community developm5t      
organizations bas$ prim>ily )9 !        
geographic area ( 7or1 ) respect to a   
corporation or nonpr(it in/rum5tality1 !
 geographic area s]v$ by7 ! relevant    
entity describ$ 9 section #aja7;b77#a72 
7,v7 at lea/ "o memb] %all h demon/rat$ 
exp]i5ce )1 & endorsem5t f1 labor       
organizations bas$ prim>ily )9 !        
geographic area ( 7or1 ) respect to a   
corporation or nonpr(it in/rum5tality1 !
 geographic area s]v$ by7 ! relevant    
entity describ$ 9 section #aja7;b77#a72 
&  7,,vi7 ) respect to a ,tribal cov]$  
bank1 include a numb] ( repres5tatives (
 ,indig5\s communities on ! bo>d r\ghly 
proportionate to ! p]c5tage ( !         
population ( ! geographic area ( !      
relevant entity describ$ 9 section      
#aja7;b77#a7 :o are ,indig5\s2  7iv7 )  
respect to a cov]$ bank ) a ,gov]n+     
,assembly & a ,p's ,review ,bo>d1 t is--
 7,i7 responsible = ! basic op]ations ( 

! cov]$ bank1 includ+-- 7aa7 hir+ & fir+
 s5ior managem5t2  7bb7 monitor+ &      
assess+ ! cov]$ bank's p]=mance1        
op]ations1 & inve/m5t decisions2  7cc7  
produc+ int]nal annual reports2 &  7dd7 
int]fac+ ) ! ,p's ,review ,bo>d 9 !     
issuance ( public-fac+ reports2 &       
7,,ii7 responsible = ensur+ t ! m&ates  
set by ! ,gov]n+ ,assembly are          
successfully implem5t$2 &  7v7 ) respect
 to a cov]$ bank )\t a ,gov]n+ ,assembly
 & ,p's ,review ,bo>d1 responsible = !  
basic op]ations ( ! cov]$ bank1         
includ+-- 7,i7 ^? responsibilities      
describ$ "u item 7aa7 ?r\gh 7cc7 (      
clause 7iv77,i72  7,,ii7 sett+ ! core   
m&ates & policies :i* guide ! cov]$     
bank's activities2 &  7,,iii7 issu+     
public-fac+ reports4  7,b7 ,requirem5t =
 l>g] public l5d+ banks ,) respect to a 
public l5d+ bank ) m ?an #ejj1jjj1jjj 9 
total assets-- 7i7 ! e/abli%m5t ( a     
,gov]n+ ,assembly1 :i*-- 7,i7 %all--    
7aa7 be responsible = sett+ ! broad     
priorities ( ! public l5d+ bank's f9anc+

 & loan programs ov] a multi-ye>        
inve/m5t cycle2  7bb7 g5]ate ! public   
l5d+ bank's core m&ates2  7cc7 make b9d+
 decisions on ! policy ( ! public l5d+  
bank )\t ex]cis+ control ov] day-to-day 
decision mak+2  7dd7 be compos$ ( memb]s
 9 a mann] t ensures adequate           
repres5tation (1 or democratic          
acc\ntability to1 resid5ts )9 !         
geographic area ( 7or1 ) respect to a   
corporation or nonpr(it in/rum5tality1 !
 geographic area s]v$ by7 ! relevant    
entity describ$ 9 section #aja7;b77#a72 
&  7ee7 ) respect to a ,tribal cov]$    
bank1 include a numb] ( repres5tatives (
 ,indig5\s communities on ! ,gov]n+     
,assembly r\ghly proportionate to !     
p]c5tage ( ! population ( ! geographic  
area ( ! relevant entity describ$ 9     
section #aja7;b77#a7 :o are ,indig5\s2 &
  7,,ii7 may only h memb]s select$ by   
sortition if-- 7aa7 a sup]-majority ( ! 
memb]s are select$ by a /ratifi$ sampl+ 
( resid5ts bas$ prim>ily )9 ! geographic
 area ( 7or1 ) respect to a corporation 

or nonpr(it in/rum5tality1 ! geographic 
area s]v$ by7 ! relevant entity describ$
 9 section #aja7;b77#a72  7bb7 ! ,gov]n+
 ,assembly is pr(essionally facilitat$1 
delib]ative 9 nature1 & draw ^u outside 
exp]ts repres5t+ a range ( div]g5t      
int]e/s & viewpo9ts2  7cc7 ! memb]s     
select$ ?r\gh sortition are requir$ to  
receive a compreh5sive ori5tation &     
int5sive tra9+ on bank+ regulation &    
f9ance prior to p>ticipat+ 9 decision   
mak+1 & requir$ to receive cont9u+      
educational programm+ ?r\gh\t _! t]m2 & 
7dd7 no memb] s]ves = long] ?an #f      
mon?s1 abs5t ext5uat+ circum/ances2 &   
7ii7 ! e/abli%m5t ( a ,p's ,review      
,bo>d-- 7,i7 :i* %all act 9 an advisory 
& ov]sight capacity = ! public l5d+     
bank1 includ+-- 7aa7 monitor+ & assess+ 
! public l5d+ bank's p]=mance1          
op]ations1 & inve/m5t decisions to      
ensure !y are consi/5t ) ! core m&ates &
 policies e/abli%$ by ! ,gov]n+         
,assembly2  7bb7 assess+ ! priorities & 
m&ates ( ! public l5d+ bank2  7cc7      

ensur+ ! viewpo9ts ( affect$ gr\ps are  
repres5t$ 9 ! policy ( ! public l5d+    
bank2 &  7dd7 provid+ in=mation &       
recomm5dations to ! ,gov]n+ ,assembly & 
,bo>d ( ,directors ( ! public l5d+ bank2
  7,,ii7 :i* %all h access to all public
 l5d+ bank in=mation p]t95t to !        
op]ations & p]=mance ( ! ,p's ,review   
,bo>d2  7,,iii7 ! meet+s ( :i* %all be  
op5 to public obs]vation2  7,,iv7 :i*   
%all issue an annual report ( ! f9d+s & 
recomm5dations ( ! ,p's ,review ,bo>d1 &
 make su* report publicly available     
onl9e2  7,v7 ! /ructure ( :i* %all      
ensure adequate repres5tation (1 or     
democratic acc\ntability to1 resid5ts )9
 ! geographic area ( 7or1 ) respect to a
 corporation or nonpr(it in/rum5tality1 
! geographic area s]v$ by7 ! relevant   
entity describ$ 9 section #aja7;b77#a72 
7,,vi7 ! memb]%ip ( :i* %all prioritize 
community memb]s repres5t+ hi/orically  
r$l9$ & m>g9aliz$ communities2 &        
7,,vii7 :i* may only h memb]s select$ by
 sortition if-- 7aa7 a sup]-majority ( !

 memb]s are select$ by a /ratifi$ sampl+
 ( resid5ts bas$ prim>ily )9 !          
geographic area ( 7or1 ) respect to a   
corporation or nonpr(it in/rum5tality1 !
 geographic area s]v$ by7 ! relevant    
entity describ$ 9 section #aja7;b77#a72 
7bb7 ! ,p's ,review ,bo>d is            
pr(essionally facilitat$1 delib]ative 9 
nature1 & draw ^u outside exp]ts        
repres5t+ a range ( div]g5t int]e/s &   
viewpo9ts2 &  7cc7 ! memb]s select$     
?r\gh sortition are requir$ to receive a
 compreh5sive ori5tation & int5sive     
tra9+ on bank+ regulation & f9ance prior
 to p>ticipat+ 9 decision mak+1 &       
requir$ to receive cont9u+ educational  
programm+ ?r\gh\t _! t]m4  7c7 ,tribal  
cov]$ bank l5d+ priorities ,a ,tribal   
cov]$ bank %all prioritize loans to     
,indig5\s communities4  7d7             
,environm5tal policy ,be=e ! end ( !    
#b-ye> p]iod beg9n+ on ! =mation ( a    
cov]$ bank1 ! ,bo>d ( ,directors ( !    
cov]$ bank or ! ,gov]n+ ,assembly ( !   
cov]$ bank %all e/abli% a =mal          

environm5tal or environm5tal ju/ice     
policy = ! cov]$ bank4  7e7 ,use &      
disclosure ( f9ancial in=mation &       
te*nology  7#a7 ,gramm-,lea*-,bliley    
,act ,title ,v ( ! ,gramm-,lea*-,bliley 
,act 7#ae ,u4,s4,c4 #fhja et seq47 %all 
apply to a cov]$ bank to ! same ext5t   
su* title applies to a f9ancial         
in/itution4  7#b7 ,use ( te*nology ,a   
cov]$ bank %all-- 7,a7 :]ev] feasible1  
pref]1 use1 & promote op5 s\rce         
te*nologies2  7,b7 :]ev] possible1      
lic5se "u a copyleft lic5se any s(tw>e1 
h>dw>e1 or o!r digital te*nologies t are
 develop$1 f9anc$1 or o!rwise own$ by ! 
cov]$ bank2  7,c7 :]ev] possible1 make  
any s(tw>e acquir$ or develop$ by !     
cov]$ bank available to o!r cov]$ banks 
to /udy1 copy1 & use1 at z]o co/1 ^u    
reque/2 &  7,d7 g5]ally take all        
reasonable ef=ts to enc\rage & promote  
te*nology %>+ & ! developm5t (          
te*nological be/ practices & common     
/&>ds4  7#c7 ,expectation ( privacy ,a  
cov]$ bank %all-- 7,a7 ma9ta9 an        

individual or entity's legitimate       
expectation ( privacy if t individual or
 entity is a cu/om] ( ! cov]$ bank2 &   
7,b7 n be presum$ to h giv5 up su* a    
legitimate expectation ( privacy on !   
basis ( ! ?ird-p>ty doctr9e articulat$  
by ! ,supreme ,c\rt 9 ,unit$ ,/ates v4  
,mill] 7#aigf74  7#d7 ,data privacy     
,data obta9$ by a cov]$ bank-- 7,a7 may 
n be sold to ?ird p>ties1 except consum]
 report+ ag5cies2  7,b7 t is %>$ ) a    
?ird p>ty by ! cov]$ bank1 %all ma9ta9  
an assum$ "r ( privacy2  7,c7 ) respect 
to l5d+ data1 may only be %>$ )-- 7i7   
,f$]al1 ,/ate1 or ,tribal ag5cies2 or   
7ii7 a ?ird p>ty t is a consum] report+ 
ag5cy "u ! ,fair ,cr$it ,report+ ,act & 
is 9 compliance ) su* ,act2 &  7,d7 )   
respect to acc\nt data1 may only be     
access$ by appropriate w>rant or        
adm9i/rative se>* subpo5a4  7#e7        
,metadata ,a cov]$ bank-- 7,a7 may n %>e
 metadata ) private or =-pr(it ?ird     
p>ties2 &  7,b7 %all hold metadata unus$
 9 a mann] consi/5t ) rights ( privacy &

 duty ( c>e4  7f7 ,t]ms ( l5d+  7#a7    
,e/abli%m5t ( policy on l5d+ practices  
7,a7 ,9 g5]al ,n lat] ?an ! end ( !     
#a-ye> p]iod beg9n+ on ! date ( !       
=mation ( a public l5d+ bank1 ! public  
l5d+ bank %all e/abli% a policy on l5d+ 
practices4 ,) respect to a public l5d+  
bank 9 exi/5ce on ! date ( enactm5t (   
?is ,act1 ! policy on l5d+ practices    
%all be e/abli%$ be=e ! end ( ! #a-ye>  
p]iod beg9n+ on ! date ( enactm5t ( ?is 
,act4  7,b7 ,update ( policy ,a public  
l5d+ bank %all update ! policy on l5d+  
practices requir$ "u subp>agraph 7,a7 at
 lea/ e #e ye>s4  7,c7 ,public comm5t   
process ,a public l5d+ bank %all provide
 = a public comm5t p]iod ( at lea/ #ij  
days be=e ! e/abli%m5t (1 & any update  
(1 ! policy on l5d+ practices requir$ "u
 ?is p>agraph4  7#b7 ,l5d+ pref]5ces ,= 
purposes ( det]m9+ ! projects ) respect 
to :i* a public l5d+ bank ext5ds loans1 
! public l5d+ bank %all give pref]5ce to
 projects t-- 7,a7 maximize ! creation (
 high-quality employm5t & appr5tice%ip  

opportunities = local work]s1 consi/5t )
 ! public int]e/1 especially work]s f   
environm5tal ju/ice communities & labor 
organizations2  7,b7 c]tify1 = all      
contractors & subcontractors1 t ! rights
 ( work]s to organize & unionize are    
recogniz$2  7,c7 agree to implem5t a    
project labor agreem5t2  7,d7 ensure t  
no less ?an #dj p]c5t ( ! monet>y value 
( su* loans provide direct b5efits1     
includ+ economic & heal? b5efits1 to    
environm5tal ju/ice communities2 &  7,e7
 meet unmet ne$s 9 ! local bank+ m>ket4 
7#c7 ,requirem5ts on :o may receive     
loans ,! public l5d+ bank %all require1 
= any project = :i* ! public l5d+ bank  
ext5ds a loan1 t-- 7,a7 ! recipi5t does 
n oppose or resi/ unionization ef=ts    
involv+ projects utiliz+ public funds2  
7,b7 if ! loan is #ejj1jjj or m1 z a    
condition ( receiv+ ! loan1 ! recipi5t  
%all ensure t all labor]s employ$ by a  
nongov]nm5tal entity t ent]s into a     
contract = ! p]=mance ( con/ruction1    
alt]ation1 or repair "w t is facilitat$1

 9 :ole or 9 "p1 by su* loan1 or a      
subcontract !re(1 are paid wages at     
rates n less ?an ^? prevail+ on simil>  
con/ruction1 alt]ation1 or repair "w 9 !
 locality z det]m9$ by ! ,secret>y (    
,labor 9 accordance ) sub*apt] ,,iv (   
*apt] #ca ( title #dj1 ,unit$ ,/ates    
,code 7commonly ref]r$ to z !           
,davis-,bacon ,act7 & ) respect to su*  
labor /&>ds1 ! ,secret>y ( ,labor %all h
 ! au?ority & functions set =? 9        
,reorganization ,plan ,numb]$ #ad (     
#aiej 7#fd ,/at4 #abfg2 #e ,u4,s4,c4    
,app47 & section #cade ( title #dj1     
,unit$ ,/ates ,code2  7,c7 if ! project 
) respect to :i* ! loan is be+ ext5d$   
has a budget ( #ce1jjj1jjj or m1 all    
contractors & subcontractors %all       
implem5t a project labor agreem5t t     
includes-- 7i7 goals = hir+ local       
community memb]s1 economically          
disadvantag$ work]s1 or work]s f o!r    
und]repres5t$ communities2  7ii7 an     
equity plan1 includ+-- 7,i7 ! impacts ( 
! propos$ project on und]s]v$           

communities1 includ+ social &           
environm5tal impacts2  7,,ii7 ! ov]all  
b5efits ( ! propos$ project1 if fund$1  
to und]s]v$ communities2 &  7,,iii7 h[  
div]sity1 equity1 & inclusion objectives
 w be incorporat$ into ! project2 &     
7iii7 /rategic recruitm5t & ret5tion    
policies = work]s f und]s]v$ communities
 & p fac+ sy/emic b>ri]s to employm5t2 &
  7,d7 if ! project is = ! acquisition1 
con/ruction1 or r5ovation (1 or addition
 to1 a resid5tial build+ :i* includes   
r5tal units1 ! recipi5t-- 7i7 may n     
discrim9ate :5 r5t+ ! units bas$ on an  
applicant's s\rce ( income1 sexual      
ori5tation1 g5d] expression or id5tity1 
immigration /atus1 conviction or arre/  
hi/ory1 bankruptcy hi/ory1 eviction     
hi/ory1 or cr$it score2  7ii7 %all      
ensure ! "r ( t5ants to organize t5ant  
unions1 associations1 or resid5t        
c\ncils2  7iii7 %all utilize m9imum     
"t-b\nd af=dability requirem5ts ( at    
lea/ #ii ye>s = af=dable h\s+2  7iv7    
except ) respect to a build+ assi/$ "u  

section #i ( ! ,unit$ ,/ates ,h\s+ ,act 
( #aicg 7#db ,u4,s4,c4 #adcg;g7 or a    
build+ t has be5 issu$ a c]tificate (   
occupancy )9 ! previ\s #e ye>s1 may n   
increase r5t on an annual basis 9 excess
 ( ! annual p]c5t *ange 9 ! ,consum]    
,price ,index = ,all ,urban ,consum]s   
publi%$ by ! ,bureau ( ,labor ,/ati/ics 
( ! ,dep>tm5t ( ,labor = ! close/       
metropolitan core bas$ /ati/ical area1  
r\nd$ to "o decimal place1 z e/abli%$ ! 
,augu/ prec$+ ! cal5d> ye> 9 "q or #c   
p]c5t1 :atev] is less2 &  7v7 %all      
practice avoidance & mitigation (       
displacem5t1 includ+ by e/abli%+ a "r ( 
return & tempor>y relocation = t5ants   
displac$ by r5ovations4  7#d7           
,application ( c]ta9 laws ,! foll[+     
,acts %all apply to a public l5d+ bank  
to ! same ext5t z su* ,acts apply to    
applicable p]sons subject to su* ,acts3 
7,a7 ,! ,tru? 9 ,l5d+ ,act 7#ae         
,u4,s4,c4 #afja et seq474  7,b7 ,! ,fair
 ,cr$it ,report+ ,act 7#ae ,u4,s4,c4    
#afha et seq474  7,c7 ,! ,equal ,cr$it  

,opportunity ,act 7#ae ,u4,s4,c4 #afia  
et seq474  7,d7 ,! ,fair ,debt          
,collection ,practices ,act 7#ae        
,u4,s4,c4 #afib et seq474  7g7 ,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\nts   
ov]draft fees or p5alties2  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  7h7 ,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  7i7 ,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     
regulation1 includ+ ! p]c5tage ( !      
monet>y value ( a public l5d+ bank's    

loans :i* provide direct b5efits to     
environm5tal ju/ice communities4  7j7   
,o!r exclud$ activities ,a cov]$ bank   
may n provide loans to1 make inve/m5ts  
91 or o!rwise engage 9 any activity t is
 f9ancial 9 nature1 or incid5tal to su* 
f9ancial activity1 )-- 7#a7 a company   
support+-- 7,a7 weapon or gun           
manufactur+2  7,b7 private prisons2     
7,c7 immigration det5tion facilities2 or
  7,d7 ! tobacco indu/ry2 or  7#b7 a    
company t has-- 7,a7 a ,c4,e4,o4 to     
m$ian work] pay ratio 9 excess ( #ajj3a1
 z det]m9$ by ! ,national ,labor        
,relations ,bo>d2  7,b7 a hi/ory (      
unfair labor practices1 z det]m9$ by !  
,secret>y ( ,labor2  7,c7 a hi/ory (    
violations ( ! ,fair ,labor ,/&>ds ,act 
( #aich & ! ,occupational ,safety &     
,heal? ,act ( #aigj1 z det]m9$ by !     
,secret>y ( ,labor2 or  7,d7 a hi/ory ( 
(f%ore tax avoidance1 z det]m9$ by !    
,commission] ( ! ,int]nal ,rev5ue       
,s]vice4  7k7 ,cl>ify+ ! eligibility (  
public l5d+ banks & public paym5t banks 

= c]ta9 ,f$]al programs  7#a7 ,elective 
paym5t ( applicable cr$its ,section     
#fdag7;d77#a77;,a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$-- 7,a7 9 clause  
7v71 by /rik+ or at ! end2  7,b7 9      
clause 7vi71 by /rik+ ! p]iod at ! end &
 ins]t+ 1 or2 &  7,c7 by add+ at ! end !
 foll[+3  7vii7 a public l5d+ bank or a 
public paym5t bank 7z su* t]ms are      
def9$1 respectively1 "u section #aja ( !
 ,public ,bank+ ,act ( #bjbc74  4  7#b7 
,inc5tives = innovative te*nologies     
,section #agja7g77;,b7 ( ! ,en]gy       
,policy ,act ( #bjje 7#db ,u4,s4,c4     
#afeaa7g77;,b77 is am5d$ by ins]t+ & an 
entity t is a public l5d+ bank or a     
public paym5t bank 7z su* t]ms are      
def9$1 respectively1 "u section #aja ( !
 ,public ,bank+ ,act ( #bjbc7 be=e !    
p]iod at ! end4  7l7 ,exception = exi/+ 
public banks  7#a7 ,9 g5]al ,subsections
 7b71 7e71 7f71 7g71 & 7h7 %all n apply 
to a cov]$ bank 9 exi/5ce on ! date (   
enactm5t ( ?is ,act4  7#b7 ,public bank 
grant program p>ticipants ,p>agraph 7#a7

 %all cease to apply to a cov]$ bank    
describ$ "u t p>agraph aft] ! end ( !   
#bd-mon? p]iod beg9n+ on ! date ! cov]$ 
bank receives a public bank grant "u    
section #eja4  #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+ banks1 public
 paym5t banks1 & 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  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 production1 process+1 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 
or process+ f exi/+ or new s\rces2  7iv7
 securitiz+ assets t provide funds =    
fossil fuel production or process+ f    
exi/+ or new s\rces2  7v7 ent]+ into a  
d]ivatives transaction design$ to       
provide fund+ =1 facilitate1 or h$ge    
risks f fossil fuel production or       
process+ f exi/+ or new s\rces2 &  7vi7 
engag+ 9 any activity t is complem5t>y  
to a f9ancial activity involv+ fossil   
fuel production or process+ f exi/+ or  

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     
,exi/+ s\rces ,! t]m exi/+ s\rces       
means-- 7i7 res]ves ( fossil fuels      
prov51 develop$1 & produc+ z ( ! date ( 
enactm5t ( ?is section2 or  7ii7 fossil 
infra/ructure t w\ld facilitate !       
production describ$ 9 clause 7i74  7,b7 
,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,c7 ,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,d7 ,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     
clause 7i74  7,e7 ,process+ ,! t]m      
process+ means ! prep>ation ( a *emical 
sub/ance or mixture 7includ+ any *emical
 trans=mations (1 or physical sep>ations
 involv+1 su* sub/ance or mixture7 aft] 
its production or extraction1 =         
di/ribution 9 comm]ce-- 7i7 9 ! same =m 
or physical /ate z1 or 9 a diff]5t =m or
 physical /ate f1 t 9 :i* x 0 receiv$ by
 ! p]son s prep>+ su* sub/ance or       
mixture2 or  7ii7 z "p ( an article (   
comm]ce conta9+ ! *emical sub/ance or   
mixture4  7,f7 ,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 ,)9 #f mon?s ( ! date 
( enactm5t ( ?is ,act1 ! ,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 ,alt]native public deposit  
insurance ,)9 #f mon?s ( ! date (       
enactm5t ( ?is ,act1 ! ,corporation %all
 e/abli% publicly available crit]ia =   

alt]native public deposit insurance     
s*emes e/abli%$ & provid$ by an approv$ 
non-,f$]al f9ancial regulator1 &        
subsequ5tly approve1 )9 #f mon?s ( su*  
submission1 s*emes t meet said crit]ia4 
7c7 ,conditional insurance ,)9 #f mon?s 
( ! date ( enactm5t ( ?is ,act1 !       
,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$1 public deposit        
insurance1 :i* %all be subject to su*   
conditions & re/rictions z !            
,corporation det]m9es to be necess>y &  
appropriate to promote public welf>e4   
7d7 ,alt]native risk pr(ile ,!          
,corporation %all-- 7#a7 e/abli% &      
utilize an alt]native risk pr(ile       
me?odology = cov]$ banks at an          
advantage1 9 comp>ison to o!r depository
 in/itutions provid$ deposit insurance1 
:i* acc\nts = ! b5efits to ! g5]al      
welf>e creat$ by publicly own$ & op]at$ 

f9ancial in/itutions2 &  7#b7 )9 #f     
mon?s foll[+ ! e/abli%m5t ( ! alt]native
 risk pr(ile me?odology1 ! ,corporation 
%all publi% a publicly available report 
on ! alt]native risk pr(ile me?odology4 
,,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 run         
sortition processes2 &  7#h7 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  ,,vi ,community ,developm5t     
,f9ancial ,in/itutions  #fja4 ,/ate &   
local in/rum5talities eligible to be    
community developm5t f9ancial           
in/itutions ,section #ajc7e77;,a77v7 ( !
 ,riegle ,community ,developm5t &       
,regulatory ,improvem5t ,act ( #aiid    
7#ab ,u4,s4,c4 #dgjb7e77;,a77v77 is     
am5d$ by /rik+ 1 or ( any ,/ate or      
political subdivision ( a ,/ate4