Take Responsibility for Workers and Families Act

TITLE I—PROTECTING CON8 SUMERS, RENTERS, HOME9 OWNERS AND PEOPLE EXPE10 RIENCING HOMELESSNESS 11 øSEC. 101. DIRECT STIMULUS PAYMENTS FOR FAMILIES. 12 ø(a) DEFINITIONS.—In this section:¿ 13 ø(1) DIGITAL DOLLAR.—The term ‘‘digital dol14 lar’’ shall mean—¿ 15 ø(A) a balance expressed as a dollar value 16 consisting of digital ledger entries that are re17 corded as liabilities in the accounts of any Fed18 eral reserve bank; or¿ 19 ø(B) an electronic unit of value, redeem20 able by an eligible financial institution (as de21 termined by the Board of Governors of the Fed22 eral Reserve System).¿ 23 ø(2) DIGITAL DOLLAR WALLET.—The term 24 ‘‘digital dollar wallet’’ shall mean a digital wallet or 25 account, maintained by a Federal reserve bank on 26 behalf of any person, that represents holdings in an VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00314 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 315 1 electronic device or service that is used to store dig2 ital dollars that may be tied to a digital or physical 3 identity.¿ 4 ø(3) MEMBER BANK.—The term ‘‘member 5 bank’’ means a member bank of the Board of Gov6 ernors of the Federal Reserve System.¿ 7 ø(4) PASS-THROUGH DIGITAL DOLLAR WAL8 LET.—The term ‘‘pass-through digital dollar wallet’’ 9 means a digital wallet or account, maintained by a 10 member bank on behalf of a qualified individual, 11 where such qualified individual is entitled to a pro 12 rata share of a pooled reserve balance that the mem13 ber bank maintains at any Federal reserve bank.¿ 14 ø(5) QUALIFIED INDIVIDUAL DEFINED.—The 15 term ‘‘qualified individual’’ means any individual 16 other than any nonresident alien individual.¿ 17 ø(b) EMERGENCY STIMULUS CHECK IMPLEMENTA18 TION.—¿ 19 ø(1) PAYMENTS.—The Secretary of the Treas20 ury, acting through the Commissioner of the Inter21 nal Revenue Service, shall make monthly emergency 22 payments to qualified individuals beginning on the 23 first day of the first month beginning after the date 24 of the enactment of this Act and ending on the later 25 of—¿ VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00315 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 316 1 ø(A) the date of the termination by the 2 Federal Emergency Management Agency of the 3 emergency declared on March 13, 2020, by the 4 President under section 501(b) of the Robert T. 5 Stafford Disaster Relief and Emergency Assist6 ance Act with respect to the COVID–19 pan7 demic; and¿ 8 ø(B) the date on which—¿ 9 ø(i) the national unemployment rate 10 (as determined by the Bureau of Labor 11 Statistics) is within 2 percentage points of 12 the national unemployment rate on the 13 date of enactment of this Act; and¿ 14 ø(ii) the 3-month average of the na15 tional unemployment rate has declined for 16 two consecutive months.¿ 17 ø(2) AMOUNT OF PAYMENTS.— 18 ø(A) IN GENERAL.—With respect to a 19 qualified individual, the amount of each month20 ly payment under paragraph (1) shall be as fol21 lows:¿ 22 ø(i) For a qualified individual age 18 23 or older, $2,000.¿ 24 ø(ii) For a qualified individual under 25 age 18, $1,000.¿ VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00316 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 317 1 ø(B) INCOME LIMITATION.—The amount 2 of a payment under subparagraph (A) shall be 3 reduced (but not below zero) by 5 percent of so 4 much of the individual’s adjusted gross income 5 as exceeds $75,000. The Secretary of the 6 Treasury shall adjust such amount as appro7 priate to account for individuals filing joint re8 turns.¿ 9 ø(3) METHOD OF DELIVERY.— 10 ø(A) IN GENERAL.—The Secretary of the 11 Treasury, acting through the Commissioner of 12 the Internal Revenue Service, shall make the 13 payments required under paragraph (1)—¿ 14 ø(i) first, by direct deposit (including 15 to a pass-through digital dollar wallet), if 16 the Commissioner has sufficient informa17 tion to make direct deposit payments to 18 the applicable individual; and¿ 19 ø(ii) otherwise, by check.¿ 20 ø(B) OUTREACH.—The Secretary of the 21 Treasury, acting through the Commissioner of 22 the Internal Revenue Service, shall establish a 23 system for a qualified individual to provide the 24 Internal Revenue Service with the individual’s VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00317 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 318 1 direct deposit information and shall perform 2 outreach to inform the public of such system.¿ 3 ø(4) ACCESSING PAYMENTS.—If a payment is 4 deposited (by any method) into an account of a 5 qualified individual at an insured depository institu6 tion (as defined in section 3 of the Federal Deposit 7 Insurance Act) or insured credit union (as defined in 8 section 101 of the Federal Credit Union Act), such 9 funds shall be available for withdrawal on the same 10 day, to the fullest extent possible.¿ 11 ø(5) FUNDING.—The Secretary of the Treasury 12 shall, before each monthly payment required under 13 subsection (a), notify the Board of Governors of the 14 Federal Reserve System of the aggregate amount of 15 such payment, and the Board of Governors shall 16 issue notes in such amount and transfer such notes 17 to the Secretary of the Treasury for use in making 18 such payments.¿ 19 ø(c) MANDATE FOR MEMBER BANKS TO MAINTAIN 20 PASS-THROUGH DIGITAL DOLLAR WALLETS.—¿ 21 ø(1) OBLIGATIONS OF MEMBER BANKS.— 22 ø(A) IN GENERAL.—Member banks are 23 hereby directed to establish and maintain pass24 through digital dollar wallets for all persons eli25 gible to receive payments from the United VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00318 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 319 1 States pursuant to this Act who elect to deposit 2 such payments into a pass-through digital dol3 lar wallet.¿ 4 ø(B) SEPARATE ENTITY.— 5 ø(i) IN GENERAL.—Each member 6 bank shall establish and maintain a sepa7 rate legal entity for the exclusive purpose 8 of holding all assets and maintaining all li9 abilities associated with pass-through dig10 ital dollar wallets.¿ 11 ø(ii) ASSETS.—The assets of any enti12 ty described in this paragraph shall consist 13 exclusively of a balance maintained in a 14 master account at a Federal reserve bank, 15 and the liabilities or obligations of the enti16 ty shall consist exclusively of an equal 17 quantity of balances maintained by holders 18 of pass-through digital dollar wallets.¿ 19 ø(iii) SEPARATE ASSETS AND LIABIL20 ITIES.—The assets and liabilities of any 21 legal entity described in this paragraph 22 shall not be deemed assets or liabilities of 23 the member bank or its affiliates for pur24 poses of any capital or liquidity regulation VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00319 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 320 1 promulgated by Federal or State banking 2 authorities.¿ 3 ø(C) APPLICATION.—Member banks with 4 total consolidated assets in excess of 5 $10,000,000,000 shall promptly offer individ6 uals the ability to apply, through online or tele7 phonic means, for a pass-through digital dollar 8 wallets.¿ 9 ø(2) TERMS.—Member banks shall ensure that 10 a pass-through digital dollar wallet established under 11 this section—¿ 12 ø(A) may not be subject to any account 13 fees, minimum balances, or maximum bal14 ances;¿ 15 ø(B) shall pay interest at a rate not below 16 the greater of—¿ 17 ø(i) the rate of interest on required 18 reserves; and¿ 19 ø(ii) the rate of interest on excess re20 serves;¿ 21 ø(C) shall provide functionality and service 22 levels not less favorable than those that the 23 member bank offers for its existing transaction 24 accounts (including with respect to access to 25 debit cards and automated teller machines, onVerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00320 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 321 1 line account access, automatic bill-pay and mo2 bile banking services, customer service, and 3 such other services as the Board determines), 4 except that pass-through digital dollar wallet 5 shall not include overdraft coverage;¿ 6 ø(D) shall be prominently branded in all 7 account statements, marketing materials, and 8 other communications of the member bank as a 9 ‘‘pass-through FedAccount’’ maintained by the 10 member bank on behalf of the Board of Gov11 ernors of the Federal Reserve System;¿ 12 ø(E) may not be closed or restricted by the 13 member bank on the basis of profitability con14 siderations; and¿ 15 ø(F) shall provide holders with reasonable 16 protection against losses caused by fraud or se17 curity breaches.¿ 18 ø(3) REIMBURSEMENT FOR COSTS.— 19 ø(A) IN GENERAL.—Each member bank 20 with total consolidated assets not greater than 21 $10,000,000,000 shall be reimbursed each cal22 endar quarter by the relevant Federal reserve 23 bank for actual and reasonable operational 24 costs incurred by the member bank in offering 25 pass-through digital dollar wallets.¿ VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00321 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 322 1 ø(B) RULEMAKING.—The Board of Gov2 ernors of the Federal Reserve System shall 3 issue rules to carry out subparagraph (A).¿ 4 ø(4) AUTHORITY OF THE BOARD.—Member 5 banks shall be subject to such rules as may be im6 posed by the Board of Governors of the Federal Re7 serve System in connection with maintaining pass8 through digital dollar wallets.¿ 9 ø(d) AUTHORITY FOR STATE NONMEMBER BANKS 10 AND CREDIT UNIONS TO OFFER PASS-THROUGH DIGITAL 11 DOLLAR WALLETS.—The Federal reserve banks shall per12 mit State banks and credit unions that are not member 13 banks to open master accounts for the exclusive purpose 14 of offering pass-through digital dollar wallets in compli15 ance with the requirements of subsection (c). Each State 16 bank or credit union electing to offer pass-through digital 17 wallets shall be entitled to cost reimbursement in accord18 ance with subsection (c)(3).¿ 19 ø(e) MANDATE FOR FEDERAL RESERVE BANKS TO 20 MAINTAIN DIGITAL DOLLAR WALLETS.—¿ 21 ø(1) AUTHORIZATION.—Subject to such restric22 tions, limitations, and regulations as may be im23 posed by the Board of Governors of the Federal Re24 serve System, each Federal reserve bank shall main25 tain digital dollar wallets.¿ VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00322 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 323 1 ø(2) MANDATE.— 2 ø(A) IN GENERAL.—Not later than Janu3 ary 1, 2021, all Federal reserve banks shall 4 make digital dollar wallets available to all citi5 zens and legal permanent residents of the 6 United States and business entities for which 7 the principal place of business is located in the 8 United States.¿ 9 ø(B) EXCEPTION.—In geographic areas 10 where physical access to a branch of a Federal 11 reserve bank is limited, Federal reserve banks 12 serving such areas shall partner with United 13 States Postal Service branch offices to ensure 14 access and availability to application and ac15 count services for digital dollar wallets.¿ 16 ø(3) TERMS OF DIGITAL DOLLAR WALLETS.— 17 Federal reserve banks shall ensure that digital dollar 18 wallets established under this section—¿ 19 ø(A) may not be subject to any account 20 fees, minimum balances, or maximum bal21 ances;¿ 22 ø(B) shall pay interest at a rate not below 23 the greater of—¿ 24 ø(i) the rate of interest on required 25 reserves; and¿ VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00323 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 324 1 ø(ii) the rate of interest on excess re2 serves;¿ 3 ø(C) shall provide access to debit cards, 4 online account access, automatic bill-pay and 5 mobile banking services, customer service, and 6 such other services as the Board determines, 7 except that digital dollar wallets shall not in8 clude overdraft coverage.¿ 9 ø(D) shall provide, in conjunction with the 10 United States Postal Service, access to auto11 mated teller machines to be maintained on be12 half of the Board by the United States Postal 13 Service at branch offices;¿ 14 ø(E) shall be prominently branded in all 15 account statements, marketing materials, and 16 other communications of the Federal reserve 17 bank as a ‘‘FedAccount’’ maintained by the 18 member bank on behalf of the United States of 19 America;¿ 20 ø(F) may not be closed or restricted on the 21 basis of profitability considerations; and¿ 22 ø(G) shall provide holders with reasonable 23 protection against losses caused by fraud or se24 curity breaches.¿ VerDate Nov 24 2008 21:10 Mar 22, 2020 Jkt 000000 PO 00000 Frm 00324 Fmt 6652 Sfmt 6201 C:\USERS\AWILSON3\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\COVID19_3 March 22, 2020 (9:10 p.m.) H:\XML\FY20\SUPP\COVD19\3\COVID19_3.XML L:\VA\032220\A032220.026.xml 325 1 ø(4) BANK SECRECY ACT.—In establishing and 2 maintaining digital dollar wallets, each Federal re3 serve bank shall comply with section 21 of the Fed4 eral Deposit Insurance Act (12 U.S.C. 1829b), sec5 tion 123 of Public Law 91–508, subchapter II of 6 chapter 53 of title 31, United States Code.¿ 7 ø(5) PENALTIES.—The Board of Governors of 8 the Federal Reserve System shall, by rule, establish 9 penalties applicable to Federal reserve banks and 10 employees of such banks for violations of privacy ob11 ligations relating to digital dollar wallets that are 12 similar to the penalties imposed by the Commis13 sioner of the Internal Revenue Service with respect 14 to violations of privacy obligations relating to Fed15 eral tax returns.¿ 16 ø(f) REGULATIONS.—The Board of Governors of the 17 Federal Reserve System shall promulgate regulations to 18 carry out this section.¿ 19 SEC. 102. SUSPENSION OF REQUIREMENTS REGARDING