This bill establishes programs and requirements related to minority banks, Black banks, community banks, women's banks, and low-income credit unions.
The bill establishes the Office of Black and Community Banks in the Office of the Comptroller of the Currency (OCC) to oversee Black and community banks. The OCC and the Securities and Exchange Commission must exempt these banks from specified securities and federal banking regulations in certain circumstances.
The bill also establishes the Minority Bank Deposit Program. The Department of the Treasury must certify a depository institution or credit union upon successful application as a minority bank, a women's bank, or a low-income credit union. Every federal department and agency is directed to implement standards and procedures to ensure the use of such institutions to serve the financial needs of the department or agency.
The Government Accountability Office must study the use of the new markets tax credit, lower-value home mortgages, and blockchain investments.
This bill creates the Boost Communities Program to provide monthly aid during and after the COVID-19 (i.e., coronavirus disease 2019) emergency. Specifically, the bill provides $2,000 a month to individuals until the COVID-19 emergency declaration is terminated, or the national unemployment rate meets specified criteria, whichever is later. Furthermore, the bill provides $1,000 a month to individuals during the following year. The program also provides targeted supplemental assistance for at-risk populations.
The bill provides for the distribution of these funds through direct deposit, debit cards, and the establishment of digital dollar wallets.
The Department of the Treasury is directed to mint and issue two $1 trillion platinum coins and additional coins as needed to fund the program. The Federal Reserve is directed to purchase the coins.