House Bill 8721
116th Congress(2019-2020)
Public Banking Act of 2020
Introduced
Introduced in House on Oct 30, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
8721
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No House votes have been held for this bill.
Summary
Public Banking Act of 2020
This bill provides for the establishment of public banks. Among other things, the bill
- allows public banks to become members of the Federal Reserve;
- establishes loan facilities for public banks;
- prohibits the investment in fossil fuels by public banks;
- allows for the establishment of securities issued by public banks;
- provides for the establishment of public banks at U.S. post offices; and
- provides grants for the formation, chartering, and capitalization of public banks.
October 30, 2020
10/30/2020
Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
10/30/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:44:27 PM