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HR 6775 118th Congress House Finance and Financial Sector Air quality Bank accounts, deposits, capital Business expenses Business records Civil actions and liability Climate change and greenhouse gases Consumer credit Corporate finance and management Credit and credit markets Currency Digital media Federal Reserve System Financial services and investments Government corporations and government-sponsored enterprises Housing and community development funding Insurance industry and regulation Interest, dividends, interest rates Licensing and registrations Oil and gas

Public Banking Act of 2023

Introduced: December 13, 2023 Introduced by: Tlaib, Rashida Democratic · Michigan See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 15, 2023
Referred to the Subcommittee on Energy, Climate and Grid Security.
Dec 13, 2023
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, Ways and Means, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Dec 13, 2023
Sponsor introductory remarks on measure. (CR H6865)
Dec 13, 2023
Introduced in House
 Plain-English summary Congressional Research Service

Public Banking Act of 2023

This bill allows for the federal charter of public banks (i.e., banks that are wholly owned and controlled by a state, tribe, or local government).

Under the bill, the Board of Governors of the Federal Reserve System must charter public banks or recognize non-federally chartered banks if they meet certain criteria. These public banks are eligible for membership in the Federal Reserve System. The Federal Reserve must offer specified services to member public member banks, including grants, payment accounts, digital dollar services, and facilities for credit, loans, and liquidity.

These public banks must have a democratic governance structure, establish an environmental policy, and comply with certain lending policies. For example, these public banks must require that loan recipients do not oppose or resist unionization efforts involving projects that utilize public funds. Public banks under the bill are also prohibited from providing financial services to certain companies, including those that (1) support specified industries such as gun manufacturers or fossil fuel producers; (2) have unfair or unsafe labor practices; or (3) have a history of tax avoidance. 

The bill also requires the establishment of a regulatory framework for the federal recognition of securities issued by public banks.

The Federal Deposit Insurance Corporation must provide unlimited deposit insurance to federally recognized public banks.

The United States Postal Service must partner with these public banks to provide account and payment services at post offices.

What's happening now December 15, 2023

Referred to the Subcommittee on Energy, Climate and Grid Security.

 Committees of jurisdiction 5
 Cosponsors 6
All 6 Democratic 6