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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Title(s) as Introduced

Banking for All Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes.

Actions Overview (1)

Date Actions Overview
03/23/2020Introduced in Senate

All Actions (2)

Date All Actions
06/30/2020Committee on Banking, Housing, and Urban Affairs. Hearings held.
03/23/2020Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Action By: Senate

Cosponsors (0)

No cosponsors.

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Banking, Housing, and Urban Affairs03/23/2020 Referred to
06/30/2020 Hearings by

No related bill information was received for S.3571.

Latest Summary (1)

There is one summary for S.3571. View summaries

Shown Here:
Introduced in Senate (03/23/2020)

Banking for All Act

This bill requires Federal Reserve member banks to provide digital pass-through accounts (i.e., digital dollar wallets) to residents and citizens, and to businesses domiciled in the United States. Among other things, these accounts must provide specified banking services to eligible persons who elect to deposit funds into these accounts, including access to COVID-19 (i.e., coronavirus disease 2019) aid payments. These accounts may not charge fees or have balance requirements, and must provide a specified interest rate.

In areas with limited access to Federal Reserve member banks, these banks must partner with postal retail facilities to provide services.

Federal Reserve banks must permit state nonmember banks and credit unions to open master accounts for the purpose of offering digital pass-through accounts.

Postal retail facilities and certain small banks must be reimbursed by the appropriate Federal Reserve bank for operational costs incurred by offering the accounts.