Socio-Economics History Blog

Socio-Economics History Blog

RESET: Digital Dollar Arrives 1 Jan 2021 — SB 3571 — Banking for All Act

by mosesman

  • Note: 
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    (b) MANDATE.—
    (1) IN GENERAL.—All Federal reserve banks shall, not later than January 1, 2021, make digital wallets available to all residents and citizens of the United States and to businesses domiciled in the United States.
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  • Bill Text: US SB3571 | 2019-2020 | 116th Congress | Introduced
    by https://legiscan.com/
    US Congress Senate Bill 3571
    Bill Title: Banking for All Act
    Spectrum: Partisan Bill (Democrat 1-0)
    Status: (Introduced) 2020-06-30 – Committee on Banking, Housing, and Urban Affairs. Hearings held. [SB3571 Detail]
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    Download: US_Congress-2019-SB3571-Introduced.pdf
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  • S.3571 – Banking for All Act 116th Congress (2019-2020)
    by https://www.congress.gov/
    Shown Here:
    Introduced in Senate (03/23/2020) 116th CONGRESS 2d Session
    S. 3571
    To require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes.

    IN THE SENATE OF THE UNITED STATES
    March 23, 2020
    Mr. Brown introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
    A BILL
    To require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

    SECTION 1. SHORT TITLE.
    This Act may be cited as the “Banking for All Act”.
    SEC. 2. DEFINITIONS.
    In this Act:
    (1) DIGITAL DOLLARS.—The term “digital dollars” means dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any Federal reserve bank.
    (2) DIGITAL DOLLAR WALLETS.—The term “digital dollar wallet” means a digital wallet or account, maintained by a Federal reserve bank on behalf of any person, for the purpose of holding digital dollar balances.
    (3) MEMBER BANK.—The term “member bank” means any national bank, State bank, or bank or trust company which has become a member of one of the reserve banks created by the Federal Reserve Act (12 U.S.C. 221 et seq.).
    (4) PASS-THROUGH DIGITAL DOLLAR WALLETS.—The term “pass-through digital dollar wallet” means a digital wallet or account, maintained by a member bank on behalf of any person, entitling that person to a pro rata share of a pooled reserve balance that the member bank maintains at any Federal reserve bank.
    (5) POSTAL RETAIL FACILITY.—The term “postal retail facility”—
    (A) means post office, post office branch, post office classified station, or other facility that is operated by the Postal Service, the primary function of which is to provide retail postal services; and
    (B) does not include a contractor-operated facility offering postal services.
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    read more.

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