Title: Digital Dollar And Digital Wallet Bill Surfaces In The U.S. Senate
Headings: Digital Dollar And Digital Wallet Bill Surfaces In The U.S. Senate
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Digital Dollar And Digital Wallet Bill Surfaces In The U.S. Senate
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Member Vs. Non-Member Banks In The United States
Federal Reserve Banks and the U.S. Postal ‘Banking’ Service
Banking For All Act

Content: WASHINGTON, DC - MARCH 12: U.S. Sen. Sherrod Brown (D-OH) speaks to members of the media outside a ... [+]
briefing on the latest development of the COVID-19 outbreak to Senate members at Dirksen Senate Office Building March 12, 2020 on Capitol Hill in Washington, DC. As more new confirmed cases in the U.S., President Trump announced last night to ban travel from most of the European countries for 30 days, except for American residents. ( Photo by Alex Wong/Getty Images)
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Senate Brown Introduces New Legislation To Help Hardworking Americans In The Coronavirus Relief Package | United States Committee on Banking, Housing, and Urban Affairs
This bill offers a definition for digital dollars as well as for a digital dollar wallet, and provides the provision for a pass-through digital dollar wallet with the mandate for all member banks to open and maintain digital dollar wallets for all persons, including those eligible to receive the stimulus. MORE FOR YOU
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Member Vs. Non-Member Banks In The United States
In the United States, the vast majority of banks, with the exception of the big banks such as Wells Fargo that are supervised by the OCC, have the option to be members of the Federal Reserve and to buy shares in the Reserve as a way of becoming a ‘member bank.’ These banks are then supervised and regulated by the Federal Reserve. A ‘non-member bank’ is a bank that chooses not to be a ‘member’ of the Federal Reserve and is regulated by the FDIC. For large banks, there is a provision in the bill that online applications for pass-through digital wallets must be made available. The pass-through digital wallet contains consumer protection terms where it notes the wallet ‘shall not be subject to any account fees, minimum balances, or maximum balances and shall pay interest at a rate not below the greater of the rate of interest on required reserves and the rate of interest on excess reserves’.