and calculations of the information provided in the 
interim report under paragraph (4), and a final as-
sessment comprised of— 
(A) a quantitative and qualitative analysis 
of the effects of the income subsidies provided 
under the qualifying pilot programs on— 
(i) financial outcomes of participating 
individuals; 
(ii) the health and economic well-being 
of participating individuals; and 
(iii) the social costs of poverty and in-
come volatility, including connections with 
income fluctuation and health, education, 
employment, childcare, and other outcomes 
as determined appropriate by the Sec-
retary; and 
(B) recommendations by the Secretary on 
the efficacy and operational pathways of ex-
panding local basic income subsidies into a Fed-
eral guaranteed income program. 
(6) PUBLIC AVAILABILITY.— 
(A) IN
GENERAL.—As soon as is prac-
ticable after issuing each report under para-
graphs (4) and (5), the Secretary shall make all 
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the information contained in each such report 
publicly available. 
(B) CONFIDENTIALITY.—In making infor-
mation publicly available under subparagraph 
(A), the Secretary shall withhold confidential 
information. 
(i) RULES AND GUIDANCE.—The Secretary, in con-
sultation with the Director, shall issue any rules and guid-
ance that are necessary to carry out this section, including 
establishing appropriate compliance and reporting require-
ments in addition to the reporting requirements under 
subsection (g). 
(j) DEFINITIONS.—In this section: 
(1) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means a unit of general local government or a 
community development financial institution. 
(2) ELIGIBLE INDIVIDUAL.—The term ‘‘eligible 
individual’’ means a resident of the United States. 
(3) FEDERAL POVERTY LINE.—The term ‘‘Fed-
eral poverty line’’ has the meaning given the term 
‘‘poverty line’’ in section 673 of the Omnibus Budg-
et Reconciliation Act of 1981 (42 U.S.C. 9902). 
(4) LOW-INCOME
GEOGRAPHIC
AREA.—The 
term ‘‘low-income geographic area’’ has the meaning 
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given such term in section 351 of the Small Busi-
ness Investment Act of 1958 (15 U.S.C. 689). 
(5) MINORITY-OWNED.—With respect to a com-
munity development financial institution, the term 
‘‘minority-owned’’ means a community development 
financial institution with— 
(A) more than 50 percent of the ownership 
or control held by not less than one minority; 
and 
(B) more than 50 percent of the net profit 
or loss of which accrues to not less than one 
minority. 
(6) MINORITY.—The term ‘‘minority’’ has the 
meaning given such term in section 1204(c) of the 
Financial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1811 note). 
(7) PARTICIPATING
INDIVIDUAL.—The term 
‘‘participating individual’’ means an eligible indi-
vidual that has received cash payments under a 
qualifying pilot program funded through a grant 
from the Program. 
(8) PERSISTENT POVERTY COUNTY.—The term 
‘‘persistent poverty county’’ means any county that 
has had 20 percent or more of its population living 
in poverty over the past 30 years, as measured by 
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the most recent decennial census and the most re-
cent Small Area Income and Poverty Estimates of 
the Bureau of the Census, as of the date of the en-
actment of this Act. 
(k) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to carry out this section 
$500,000,000 for each of the fiscal years 2023 through 
2027. 
TITLE II—GUARANTEED INCOME 
TAX CREDIT 
SEC. 201. ESTABLISHMENT OF THE GUARANTEED INCOME 
TAX CREDIT. 
(a) IN GENERAL.—Subpart C of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after section 37 the fol-
lowing new section: 
‘‘SEC. 37A. GUARANTEED INCOME TAX CREDIT. 
‘‘(a) ALLOWANCE OF CREDIT.—In the case of an eli-
gible individual, there shall be allowed as a credit against 
the tax imposed by this subtitle for the taxable year an 
amount equal to— 
‘‘(1) $14,400, plus 
‘‘(2) $600 multiplied by the number of depend-
ents (as defined in section 152) under the age of 18 
of the taxpayer. 
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‘‘(b) LIMITATION BASED ON ADJUSTED GROSS IN-
COME.—The amount of the credit allowable under sub-
section (a) shall be reduced (but not below zero) by five 
percent of so much of the taxpayer’s adjusted gross in-
come as exceeds— 
‘‘(1) $150,000 in the case of a joint return or 
a surviving spouse (as defined in section 2(a)), 
‘‘(2) $112,500 in the case of a head of house-
hold, and 
‘‘(3) $75,000 in the case of a taxpayer not de-
scribed in paragraph (1) or (2). 
‘‘(c) INFLATION ADJUSTMENTS.— 
‘‘(1) IN GENERAL.—In the case of any taxable 
year beginning after 2028, each of the dollar 
amounts under subsections (a) and (b) shall be in-
creased by an amount equal to— 
‘‘(A) such dollar amount, multiplied by 
‘‘(B) the cost-of-living adjustment deter-
mined under section 1(f)(3) for the calendar 
year in which the taxable year begins, deter-
mined by substituting ‘calendar year 2027’ for 
‘calendar year 2016’ in subparagraph (A)(ii) 
thereof. 
‘‘(2) ROUNDING.—If any increase determined 
under paragraph (1) is not a multiple of $50, such 
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increase shall be rounded to the nearest multiple of 
$50. 
‘‘(d) ELIGIBLE INDIVIDUAL.—For purposes of this 
section— 
‘‘(1) IN
GENERAL.—The term ‘eligible indi-
vidual’ means an individual— 
‘‘(A) who attained 18 years of age before 
the close of the taxable year, 
‘‘(B) whose principal place of abode was in 
the United States for more than one-half of the 
taxable year, 
‘‘(C) who is not a dependent for whom a 
deduction is allowable under section 151 to an-
other taxpayer for any taxable year beginning 
in the same calendar year as such taxable year, 
and 
‘‘(D) who did not claim the benefits of sec-
tion 911 for the preceding taxable year. 
‘‘(2) LIMITATION
ON
ELIGIBILITY
OF
NON-
RESIDENT
ALIENS.—The term ‘eligible individual’ 
shall not include any individual who is a nonresident 
alien individual for any portion of the preceding tax-
able year, unless such individual is treated for such 
taxable year as a resident of the United States for 
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purposes of this chapter by reason of an election 
under subsection (g) or (h) of section 6013. 
‘‘(3) 
IDENTIFICATION
NUMBER
REQUIRE-
MENT.—No credit shall be allowed under this section 
to an eligible individual who does not include on the 
return of tax for the taxable year— 
‘‘(A) such individual’s taxpayer identifica-
tion number, 
‘‘(B) if the individual was married during 
the preceding taxable year (within the meaning 
of section 7703), the taxpayer identification 
number of such individual’s spouse, and 
‘‘(C) taxpayer identification number of 
such individual’s dependents. 
‘‘(4) TREATMENT
OF
MILITARY
PERSONNEL 
STATIONED OUTSIDE OF THE UNITED STATES.—For 
purposes of paragraph (1)(B), the principal place of 
abode of a member of the Armed Forces of the 
United States shall be treated as in the United 
States during any period during which such member 
is stationed outside the United States while serving 
on extended active duty with the Armed Forces of 
the United States. For purposes of the preceding 
sentence, the term ‘extended active duty’ means any 
period of active duty pursuant to a call or order to 
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such duty for a period in excess of 90 days or for 
an indefinite period. 
‘‘(e) TAXABLE YEAR MUST BE FULL TAXABLE 
YEAR.—Except in the case of a taxable year closed by rea-
son of the death of the taxpayer, no credit shall be allow-
able under this section in the case of a taxable year cov-
ering a period of less than 12 months. 
‘‘(f) RESTRICTIONS ON TAXPAYER WHO IMPROPERLY 
CLAIMED CREDIT IN PRIOR YEAR.—Rules similar to sub-
section (k) of section 32 shall apply for purposes of this 
section. 
‘‘(g) RECONCILIATION
OF CREDIT
AND ADVANCE 
PAYMENTS.—The amount of the credit allowed under this 
section for any taxable year shall be reduced (but not 
below zero) by the aggregate amount of any advance pay-
ments of such credit under section 7527B for such taxable 
year.’’. 
(b) ADVANCE PAYMENT OF GUARANTEED INCOME 
TAX CREDIT.—Chapter 77 of the Internal Revenue Code 
of 1986 is amended by inserting after section 7527A the 
following new section: 
‘‘SEC. 7527B. ADVANCE PAYMENT OF GUARANTEED INCOME 
TAX CREDIT. 
‘‘(a) IN GENERAL.—The Secretary shall establish a 
program for making advance payments to eligible tax-
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payers which equal, in the aggregate during any calendar 
year, the annual advance amount determined with respect 
to such taxpayer for such calendar year. The advance pay-
ments made to such taxpayer for any calendar year shall 
be in equal amounts. 
‘‘(b) ELIGIBLE TAXPAYER.—The term ‘eligible tax-
payer’ has the meaning given ‘eligible individual’ in section 
37A and such taxpayer has made an election under sub-
section (d). 
‘‘(c) ANNUAL ADVANCE AMOUNT.—For the purposes 
of this section, the term ‘annual advance amount’ means, 
with respect to an eligible taxpayer for any calendar year, 
an amount equal to the amount of credit which the Sec-
retary has determined will be allowed to such taxpayer 
under section 37A for the taxpayer’s taxable year begin-
ning in such calendar year. 
‘‘(d) ELECTION OF ADVANCE PAYMENT.— 
‘‘(1) IN GENERAL.—A taxpayer may elect to re-
ceive an advance payment of the credit allowed 
under section 37A for any taxable year— 
‘‘(A) by including such election on a timely 
filed return for the preceding taxable year, or 
‘‘(B) through the online portal established 
in paragraph (2). 
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‘‘(2) ONLINE PORTAL.—The Secretary shall es-
tablish an online portal which allows non-filing tax-
payers to— 
‘‘(A) elect to receive payments under this 
section, and 
‘‘(B) provide any information the Secretary 
determines necessary. 
‘‘(e) INTERNAL REVENUE SERVICE NOTIFICATION.— 
The Internal Revenue Service shall take such steps as may 
be appropriate to ensure that taxpayers who are eligible 
to receive the credit under section 37A are aware of the 
availability of the advance payment of such credit under 
this section. 
‘‘(f) AUTHORITY.—The Secretary may prescribe such 
regulations or other guidance as may be appropriate or 
necessary for the purposes of carrying out this section.’’. 
(c) OTHER RULES.— 
(1) TIMING AND MANNER OF PAYMENTS.— 
(A) TIMING.—The Secretary shall, subject 
to the provisions of this title, refund or credit 
any overpayment attributable to this section as 
rapidly as possible. 
(B) ALTERNATE INFORMATION.—For pur-
poses of disbursing refunds payable under this 
section, if an individual eligible to receive a 
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credit under section 37A (as added by sub-
section (a)) has not, as of any applicable date, 
filed a tax return for the applicable taxable 
year, the Secretary shall— 
(i) use return information with re-
spect to such individual for the taxable 
year preceding such applicable taxable 
year; or 
(ii) in the case of an individual who 
has not filed a tax return for the applicable 
year or the taxable year described in clause 
(i), use any applicable information pro-
vided by relevant agencies. 
(C) COORDINATION AND NOTIFICATION.— 
For purposes of subparagraph (B)(i), the Sec-
retary shall— 
(i) coordinate with the heads of rel-
evant Federal agencies to receive applica-
ble information with respect to any individ-
uals who may be eligible to receive a re-
fund payment pursuant to this section; and 
(ii) establish an online portal that in-
dividuals described in paragraph (B) may 
use to report any information required, as 
determined by the Secretary, to determine 
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the amount of any refund payments for 
which such individuals may be eligible, in-
cluding methods specifically designed to 
identify and account for foster youth and 
individuals experiencing homelessness or 
housing insecurity. 
(D) DELIVERY
OF
PAYMENTS.—Notwith-
standing any other provision of law, the Sec-
retary may certify and disburse refunds imme-
diately payable under this subsection— 
(i) electronically to any account to 
which the payee authorized the delivery of 
a refund of taxes under this title or of a 
Federal payment (as defined in section 
3332 of title 31, United States Code); or 
(ii) through such other means as are 
determined appropriate by the Secretary 
including through the use of mailed paper 
checks, stored value cards, and online pay-
ment systems including FedAccounts as es-
tablished under section 301. 
(E) WAIVER
OF
CERTAIN
RULES.—Not-
withstanding section 3325 of title 31, United 
States Code, or any other provision of law, with 
respect to any payment of a refund under this 
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subsection, a disbursing official in the executive 
branch of the United States Government may 
modify payment information received from an 
officer 
or 
employee 
described 
in 
section 
3325(a)(1)(B) of such title for the purpose of 
facilitating the accurate and efficient delivery of 
such payment. Except in cases of fraud or reck-
less neglect, no liability under sections 3325, 
3527, 3528, or 2529 of title 31, United States 
Code, shall be imposed with respect to pay-
ments made under this subparagraph. 
(2) NO INTEREST.—No interest shall be allowed 
on any overpayment attributable to a payment 
deemed made under this section. 
(3) NOTICE TO TAXPAYER.—Not later than 15 
days after the date on which the Secretary distrib-
uted any payment to a taxpayer pursuant to this 
section, notice shall be sent by mail to such tax-
payer’s last known address. Such notice shall indi-
cate the method by which such payment was made, 
the amount of such payment, and a phone number 
or website portal for the appropriate contact at the 
Internal Revenue Service to report any failure to re-
ceive such payment. 
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(4) TREATMENT OF POSSESSIONS.—Rules simi-
lar to the rules of subsection (c) of section 2201 of 
the CARES Act (Public Law 116–136) shall apply 
for the purposes of section 37A of such Code (as 
added by subsection (a)). 
(5) EXCEPTION
FROM
REDUCTION
OR
OFF-
SET.—Any credit or refund allowed or made to any 
individual by reason of section 37A of the Internal 
Revenue Code of 1986 (as added by subsection (a)) 
or by reason of paragraph (1) of this subsection 
shall not be— 
(A) subject to reduction or offset pursuant 
to section 3716 or 3720A of title 31, United 
States Code; 
(B) subject to reduction or offset pursuant 
to subsection (c), (d), (e), or (f) of section 6402 
of the Internal Revenue Code of 1986; or 
(C) reduced or offset by other assessed 
Federal taxes that would otherwise be subject 
to levy or collection. 
(6) PROHIBITION ON GARNISHMENT.— 
(A) DEFINITIONS.—In this paragraph, the 
terms ‘‘financial institution’’, ‘‘freeze’’, ‘‘gar-
nish’’, and ‘‘garnishment order’’ have the mean-
ings given the terms in section 212.3 of title 
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31, Code of Federal Regulations, as in effect on 
the date of enactment of this Act. 
(B) PROHIBITION.—No financial institu-
tion may garnish or freeze any portion of a re-
fund made by any debtor by reason of section 
37A of the Internal Revenue Code of 1986 (as 
added by subsection (a)) or by reason of para-
graph (1) pursuant to a garnishment order. 
(7) WAIVER OF FEES BY INSURED DEPOSITORY 
INSTITUTIONS.—No insured depository institution, 
as defined in section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813), may impose a fee on a 
person for cashing any check for a refund payable 
under section 37A of the Internal Revenue Code of 
1986 (as added by subsection (a)). 
(8) PUBLIC
AWARENESS
CAMPAIGN.—Rules 
similar to the rules of subsection (e) of section 2201 
of the CARES Act shall apply for the purposes of 
section 37A of such Code (as added by subsection 
(a)). 
(9) REGULATIONS.—The Secretary shall pre-
scribe such regulations or other guidance as may be 
necessary to carry out the purposes of this section, 
including any such measures are deemed appropriate 
to avoid allowing duplicative payments to a taxpayer. 
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(d) CONFORMING AMENDMENTS.— 
(1) Section 6211(b)(4)(A) of the Internal Rev-
enue Code of 1986 is amended by inserting ‘‘37A,’’ 
after ‘‘36B,’’. 
(2) Section 6213(g)(2) of such Code is amend-
ed— 
(A) in subparagraph (F), by inserting ‘‘or 
section 37A’’ after ‘‘credit)’’; 
(B) in subparagraph (G), by inserting ‘‘or 
37A’’ after ‘‘section 32’’; 
(C) by amending subparagraph (K) to read 
as follows: 
‘‘(K) an omission of information required 
by section 32(k)(2) or 36(e) or an entry on the 
return claiming— 
‘‘(i) the credit under section 32 for a 
taxable year for which the credit is dis-
allowed under subsection (k)(1) thereof, or 
‘‘(ii) the credit under section 37A for 
a taxable year for which the credit is dis-
allowed under subsection (d) thereof,’’; and 
(D) in subparagraph (L), by ‘‘37A,’’ after 
‘‘32,’’. 
(3) The table of sections for subpart C of part 
IV of subchapter A of chapter 1 of such Code is 
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amended by inserting after the item relating to sec-
tion 37 the following: 
‘‘Sec. 37A. Guaranteed income tax credit.’’. 
(4) The table of sections for chapter 77 of such 
Code is amended by inserting after the item relating 
to section 7527A the following: 
‘‘Sec. 7527B. Advance payment of guaranteed income tax credit.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to the taxable years beginning after 
January 1, 2027. 
TITLE III—FEDACCOUNTS 
SEC. 301. CREATION AND INTEGRATION OF FEDACCOUNTS. 
(a) DEFINITIONS.—In this section: 
(1) DIGITAL DOLLARS.—The term ‘‘digital dol-
lars’’ means dollar balances consisting of digital 
ledger entries recorded as liabilities in the accounts 
of any Federal Reserve bank. 
(2) FEDACCOUNT.—The term ‘‘FedAccount’’ 
means a personal, no-fee central bank account sup-
ported by a Federal Reserve bank for any eligible in-
dividuals or on behalf of any person for the purpose 
of holding digital dollar balances. 
(3) MEMBER BANK.—The term ‘‘member bank’’ 
means any national bank, State bank, or bank or 
trust company that is a member of a Federal Re-
serve bank. 
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(4) PASS-THROUGH
FEDACCOUNT.—The term 
‘‘pass-through FedAccount’’ means a FedAccount 
maintained by a member bank on behalf of any per-
son, entitling that person to a pro rata share of a 
pooled reserve balance that the member bank main-
tains at any Federal Reserve bank. 
(5) POSTAL
RETAIL
FACILITY.—The term 
‘‘postal retail facility’’— 
(A) means a post office, post office branch, 
post office classified station, or other facility 
that is operated by the Postal Service, the pri-
mary function of which is to provide retail post-
al services; and 
(B) does not include a contractor-operated 
facility offering postal services. 
(6) POSTAL SERVICE.—The term ‘‘Postal Serv-
ice’’ means the United States Postal Service. 
(b) AUTHORITY AND MANDATE FOR FEDERAL RE-
SERVE
BANKS
TO
ESTABLISH
AND
MAINTAIN 
FEDACCOUNTS FOR THE GENERAL PUBLIC.— 
(1) AUTHORIZATION.—Subject to restrictions, 
limitations, and regulations that may be imposed by 
the Board of Governors of the Federal Reserve Sys-
tem, a Federal Reserve bank shall maintain Fed-
Accounts. 
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(2) MANDATE.—Not later than January 1, 
2027, a Federal Reserve bank shall make available 
FedAccounts to— 
(A) residents of the United States; and 
(B) businesses domiciled in the United 
States. 
(3) TERMS OF FEDACCOUNTS.—FedAccounts— 
(A) 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 re-
serves and the rate of interest on excess re-
serves; 
(B) shall provide debit cards, online ac-
count access, automatic bill-pay, mobile bank-
ing, customer service and other such services as 
the Board of Governors of the Federal Reserve 
System determines appropriate in the public in-
terest, provided that FedAccounts shall not in-
clude overdraft coverage; 
(C) shall provide access to automatic teller 
machines to be maintained on behalf of the 
Board of Governors of the Postal Service at 
postal retail facilities; 
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(D) shall be branded in all account state-
ments, marketing materials, and other commu-
nications as ‘‘FedAccounts’’ maintained by the 
Federal Reserve bank on behalf of the United 
States of America; 
(E) may not be closed or restricted on the 
basis of profitability considerations; and 
(F) shall provide account holders with rea-
sonable protections against losses caused by 
fraud or security breaches. 
(4) BANK SECRECY ACT.—In establishing and 
maintaining FedAccounts, each Federal Reserve 
shall comply with— 
(A) section 21 of the Federal Deposit In-
surance Act (12 U.S.C. 1829b); 
(B) chapter 2 of title I of Public Law 91– 
508 (12 U.S.C. 1951 et seq.); and 
(C) subchapter II of chapter 53 of title 31, 
United States Code. 
(5) PRIVACY.— 
(A) FEDACCOUNTS.—Section 552a of title 
5, United States Code (commonly known as the 
Privacy Act of 1974), shall apply to Fed-
Accounts. 
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(B) FEDERAL RESERVE BANKS.—The pri-
vacy obligations applicable to each Federal Re-
serve bank and its employees, including with re-
spect to criminal and civil penalties, shall mir-
ror those applicable to Federal tax returns 
under sections 6103, 7213(a)(1), 7213A, and 
7431 of the Internal Revenue Code of 1986. 
(6) REGULATIONS.—The Board of Governors of 
the Federal Reserve, in consultation with the Sec-
retary, shall promulgate regulations in order to 
carry out this subsection. 
(c) AUTHORITY
AND
MANDATE
FOR
MEMBER 
BANKS, STATE
NONMEMBER
BANKS
AND
CREDIT 
UNIONS
TO
OFFER
AND
MAINTAIN
PASS-THROUGH 
FEDACCOUNTS.— 
(1) OBLIGATIONS OF MEMBER BANKS.— 
(A) IN
GENERAL.—Member banks shall 
open and maintain pass-through FedAccounts 
for all interested persons who elect to deposit 
funds into pass-through FedAccounts, including 
persons eligible to receive guaranteed income 
tax credit payments from the United States 
pursuant to section 301 of this Act. 
(B) MAINTENANCE OF ASSETS.— 
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(i) IN GENERAL.—Each member bank 
shall establish and maintain a separate 
legal entity for the exclusive purpose of 
holding all assets and maintaining all li-
abilities associated with pass-through Fed-
Accounts. 
(ii) CONTENTS.—The assets of any 
entity described in clause (i) shall consist 
exclusively of a balance maintained in a 
master account at a Federal Reserve bank, 
and the liabilities or obligations of the enti-
ty shall consist exclusively of an equal 
quantity of balances maintained by holders 
of pass-through FedAccounts. 
(iii) CAPITAL OR LIQUIDITY REGULA-
TION.—The assets and liabilities of any 
legal entity described in clause (i) shall not 
be deemed assets or liabilities of the mem-
ber bank or its affiliates for the purposes 
of any capital or liquidity regulation pro-
mulgated by Federal or State banking au-
thorities. 
(iv) ONLINE
APPLICATION
REQUIRE-
MENT FOR LARGE BANKS.—Member banks 
with total consolidated assets greater than 
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$10,000,000,000 shall promptly offer ap-
plication, through online or telephonic 
means, for pass-through FedAccounts. 
(2) 
TERMS
OF
PASS-THROUGH 
FEDACCOUNTS.—Pass-through FedAccounts offered 
by member banks— 
(A) 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 re-
serves and the rate of interest on excess re-
serves; 
(B) shall provide functionality and service 
levels no less favorable than those that the 
member bank offers for its existing transaction 
accounts, including with respect to debit cards, 
automated teller machines, online account ac-
cess, automatic bill pay, mobile banking, cus-
tomer service and such other services as the 
Board of Governors of the Federal Reserve Sys-
tem determines appropriate in the public inter-
est, provided that FedAccounts shall not in-
clude overdraft coverage; 
(C) shall be prominently branded in all ac-
count statements, marketing materials, and 
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other communications as ‘‘pass-through Fed-
Accounts’’ maintained by the member bank on 
behalf of the Federal Reserve; 
(D) may not be closed or restricted by the 
bank on the basis of profitability considerations; 
and 
(E) shall provide account holders with rea-
sonable protection against losses caused by 
fraud or security breaches. 
(3) REIMBURSEMENT FOR COSTS AT MEMBER 
BANKS.— 
(A) IN
GENERAL.—Each member bank 
with total consolidated assets of not greater 
than $10,000,000,000 shall be reimbursed each 
calendar quarter by the relevant Federal Re-
serve bank for the operational costs incurred by 
the member bank in offering pass-through 
FedAccounts. 
(B) REGULATIONS.—The Board of Gov-
ernors of the Federal Reserve System shall pro-
mulgate such regulations as necessary to carry 
out this subsection. 
(4) OBLIGATIONS
OF
STATE
NONMEMBER 
BANKS AND CREDIT UNIONS.— 
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(A) IN
GENERAL.—The Federal Reserve 
banks shall permit State nonmember banks and 
credit unions to open master accounts for the 
exclusive purpose of offering pass-through 
FedAccounts with the separate entity structure 
described in paragraph (1), if the pass-through 
FedAccount complies with the terms set forth 
in paragraph (2). 
(B) REIMBURSEMENT.—Each State non-
member bank or credit union electing to offer 
pass-through FedAccounts shall be entitled to 
cost reimbursement in accordance with para-
graph (3). 
(5) AUTHORITY
OF
THE
BOARD.—Member 
banks shall be subject to such regulations and obli-
gations as may be imposed by the Board of Gov-
ernors of the Federal Reserve System in connection 
with maintaining pass-through FedAccounts. 
(d) LIMITED BRANCHES.—In areas where access to 
physical member bank branches is limited, including in 
low- or moderate-income geographies, designated disaster 
areas, distressed or underserved non-metropolitan middle- 
income geographies, as designated by the Federal Finan-
cial Institutions Examination Council, Federal Reserve 
banks may partner with postal retail facilities to ensure 
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access and availability to application and account services 
for all residents and citizens of the United States and to 
businesses domiciled in the United States. 
(e) COORDINATION OF FEDACCOUNTS AND POSTAL 
BANKING.—The Board of Governors of the Federal Re-
serve System, after consultation with the Postermaster 
General, shall work to improve public banking options to 
all individuals, and specifically making sure that payments 
from the guaranteed income tax credit are able to reach 
the most people in a timely manner by expanding such 
financial services to the unbanked and underbanked. 
(f) ANNUAL REPORTING.—The Comptroller General 
of the United States, in consultation with the Secretary, 
shall submit to Congress an annual report that includes 
the demographics, number of participants, and average 
balances and uses for all the new products and services 
established under this section. 
Æ 
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