Public Banking Act of 2023
A BILL
To provide for the Federal charter of certain public banks, and for other purposes.
Sec. 2 Definitions
In this Act:
Board of Governors— The term Board of Governors means the Board of Governors of the Federal Reserve System.
Commission— The term Commission means the Securities and Exchange Commission.
Copyleft license— The term copyleft license means any copyright license with respect to technology that grants the licensee the authority to—
use the technology for any purpose;
study how the technology works, and change the technology as desired;
access any source code related to the technology; and
redistribute copies of the technology, including modified or extended copies, to others, for any purpose, if the authorities described under this paragraph are also granted to all modified, extended, or redistributed copies.
Corporation— The term Corporation means the Federal Deposit Insurance Corporation.
Covered bank— The term covered bank means—
a public lending bank (as defined in section 101(b));
a public payment bank (as defined in section 101(c)); and
a non-federally chartered bank (as defined in section 102(b)) that obtains a certificate of Federal recognition under section 102.
Environmental justice community— With respect to a public lending bank, the term environmental justice community means—
a community with significant representation of communities of color, low-income communities, or Tribal and Indigenous communities, that experience, or are at risk of experiencing, higher or more adverse human health or environmental effects; or
notwithstanding subparagraph (A), a definition established by the State in which the public lending bank is located, if—
the definition was established by using a process established, by rule, jointly by the Environmental Protection Agency and the Council on Environmental Quality; and
the State establishes a corresponding screening tool to identify which communities are an environmental justice community under such definition.
Public member bank— The term public member bank means a covered bank that is a member of the Federal Reserve System.
Secretary— The term Secretary means the Secretary of the Treasury.
State— The term State means each of the several States, the District of Columbia, and any commonwealth, territory, or possession of the United States.
Tribal and indigenous community— The term Tribal and indigenous community means a population of people who are members of—
a federally recognized Indian Tribe;
a State-recognized Indian Tribe;
an Alaska Native community or organization;
a Native Hawaiian community or organization; or
any other Indigenous community located in a State.
Tribal covered bank— The term Tribal covered bank means a covered bank that is wholly owned and controlled by—
a Tribal government, including a unit of local Tribal government, or Tribal government agency;
a Tribally chartered corporation;
a nonprofit instrumentality designated by a Tribal government as acting in the public interest of a community within such Tribe, including an unincorporated community; or
an association of 1 or more entities described in subparagraphs (A) through (C).