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 Within 6 months of the date of enactment of this Act, 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) Alternative public deposit insurance Within 6 months of the date of enactment of this Act, the Corporation shall establish publicly available criteria for alternative public deposit insurance schemes established and provided by an approved non-Federal financial regulator, and subsequently approve, within 6 months of such submission, schemes that meet said criteria. (c) Conditional insurance Within 6 months of the date of enactment of this Act, 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. (d) Alternative risk profile The Corporation shall— (1) establish and utilize an alternative risk profile methodology for covered banks at an advantage, in comparison to other depository institutions provided deposit insurance, which accounts for the benefits to the general welfare created by publicly owned and operated financial institutions