US Codex
Bill
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Public Banking Act of 2020

H.R. 8721 · 116th Congress · Oct 30, 2020 · Lineage

A BILL

To provide for the Federal charter of certain public banks, and for other purposes.

Section 1 Short title; table of contents

(a)
Short title— This Act may be cited as the “Public Banking Act of 2020”.
(b)
Table of contents— The table of contents for this Act is as follows:

Sec. 2 Definitions

In this Act:
(1)
Board of Governors— The term Board of Governors means the Board of Governors of the Federal Reserve System.
(2)
Commission— The term Commission means the Securities and Exchange Commission.
(3)
Corporation— The term Corporation means the Federal Deposit Insurance Corporation.
(4)
Covered bank— The term covered bank means—
(A)
a public lending bank (as defined in section 101(b));
(B)
a public payment bank (as defined in section 101(c)); and
(C)
a non-federally chartered bank (as defined in section 102(b)) that obtains a certificate of Federal recognition under section 102.
(5)
Public member bank— The term public member bank means a covered bank that is a member of the Federal Reserve System.
(6)
Secretary— The term Secretary means the Secretary of the Treasury.
(7)
State— The term State means each of the several States, the District of Columbia, and any commonwealth, territory, or possession of the United States.