establish a special category of public investment entity license for entities that are in the process of applying for, but have not yet received, any license to issue federally-recognized public securities, which shall be subject to such conditions and restrictions as the Commission determines to be necessary and appropriate to promote public welfare. III Public Deposit Insurance 301. In general (a) Public deposit insurance The Corporation shall establish a separate registration and regulatory scheme for providing deposit insurance (to be known as public deposit insurance ) to covered banks and make such deposit insurance available to covered banks without regard to the total deposit amount. (b) Conditional insurance The Corporation shall establish a separate registration and regulatory scheme for providing deposit insurance (to be known as conditional public deposit insurance ) for entities that are in the process of applying for, but have not yet received, public deposit insurance, which shall be subject to such conditions and restrictions as the Corporation determines to be necessary and appropriate to promote public welfare. IV Postal Banking 401. Partnerships with covered banks for postal banking services (a) Partnership with USPS Notwithstanding section 404(e)(2) of title 36, United States Code, the Postmaster General shall, to the maximum extent practicable, partner with covered banks to make available retail account and payment services provided by covered banks at post offices, and via any postal banking platforms established by the United States Postal Service. (b) Funding The Board of Governors shall provide such funding to the United States Postal Service as the Postmaster General determines to be necessary to achieve carry out subsection (a). (c) Treatment of expenses Any expenses incurred by the Board of Governors under this section shall be recorded— (1) in an account to be known as the Special Public Member Bank Services Account established at the Federal Reserve Bank of New York