Bill Summary
This legislation aims to establish the Boost Communities Program in response to the COVID-19 emergency. It defines key terms and outlines the payment period and amount. Eligibility criteria and methods of payment are also specified, including the use of platinum coins to cover expenses. Additionally, the legislation calls for an independent commission to address potential income and wealth inequality resulting from emergency relief measures, proposing solutions such as progressive tax reform and new federal programs.
Possible Impacts
1. The Boost Communities Program will provide monthly payments to eligible individuals, helping to alleviate financial strain and provide necessary support during the COVID-19 emergency.
2. Eligibility criteria for the Program will ensure that those most in need will receive assistance, potentially reducing income and wealth inequality in the United States.
3. The establishment of an independent commission to propose solutions for addressing potential impacts on income and wealth inequality could lead to long-term changes and improvements in emergency relief measures.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6553 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6553
To direct the Secretary of the Treasury to establish the Boost
Communities Program to provide monthly payments to America's consumers
during the COVID-19 emergency to recover from the emergency, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 17, 2020
Ms. Tlaib (for herself, Ms. Jayapal, Mr. Hastings, Ms. Norton, Ms.
Ocasio-Cortez, Ms. Omar, Ms. Pressley, Mr. Rush, Ms. Schakowsky, Ms.
Velazquez, Ms. Castor of Florida, and Mr. Garcia of Illinois)
introduced the following bill; which was referred to the Committee on
Ways and Means, and in addition to the Committee on Financial Services,
for a period to be subsequently determined by the Speaker, in each case
for consideration of such provisions as fall within the jurisdiction of
the committee concerned
_______________________________________________________________________
A BILL
To direct the Secretary of the Treasury to establish the Boost
Communities Program to provide monthly payments to America's consumers
during the COVID-19 emergency to recover from the emergency, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Automatic Boost to Communities
Act''.
SEC. 2. DEFINITIONS.
For purposes of this Act:
(1) Program.--The term ``Program'' means the Boost
Communities Program as set forth in section 3.
(2) Interim boost card.--The term ``interim BOOST card''
means a prepaid debit card issued pursuant to section 3.
(3) Payment period.--The term ``payment period'' means the
period--
(A) beginning on the first day of the first month
beginning after the date of the enactment of this Act;
and
(B) ending on the later of--
(i) 1 year after the termination of the
emergency declared on March 13, 2020, by the
President under section 501(b) of the Robert
Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 5191(b)) with respect
to the COVID-19 pandemic; or
(ii) 1 year after--
(I) the national unemployment rate
(as determined by the Bureau of Labor
Statistics) is within 2 percentage
points of the national unemployment
rate on the moving average of December
2019 through February 2020; and
(II) the 3-month average of the
national unemployment rate has declined
for two consecutive months.
(4) Digital dollars.--The term ``digital dollars'' means
dollar balances consisting of digital ledger entries recorded
as liabilities in the accounts of any Federal reserve bank and
digital coins or currency instruments issued by the United
States Treasury as legal tender, and held as bearer instruments
in any digital dollar cash wallet approved by the United States
Treasury.
(5) Digital dollar account wallets.--The term ``digital
dollar account wallet'' means a digital dollar account,
maintained by a Federal reserve bank on behalf of any person,
for the purpose of holding digital dollar balances.
(6) Digital dollar cash wallets.--The term ``digital dollar
cash wallet'' means any software program, whose standards,
specifications, and functions are authorized and regulated by
the United States Treasury, which stores, sends, and receives
digital coins or currency instruments issued by the United
States Treasury as legal tender, and which are considered
bearer instruments in the possession of the individual or
entity on whose behalf the wallet is managed and administered.
(7) At-risk populations.--The term ``at-risk population''
means a population that is experiencing, or reasonably may be
expected to experience, unique direct or indirect financial or
personal hardship as a result of or during the Coronavirus
crisis, including the elderly, homeless, physically disabled,
and those in remote areas, as well as any other population as
identified by the Secretary.
(8) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
SEC. 3. BOOST COMMUNITIES PROGRAM.
(a) In General.--The Secretary shall establish a program to be
known as the ``Boost Communities Program''. Under the Program, the
Secretary shall make payments to eligible individuals for each month in
the payment period. Such payments shall consist of a general assistance
component and a targeted supplemental assistance component.
(b) Payments.--For purposes of this section--
(1) Amount of payments.--The amount of payments under the
Program shall be--
(A) for general assistance--
(i) $2,000 per month to each eligible
individual thereafter during the payment
period; and
(ii) $1,000 per month to each eligible
individual a year after the payment period; and
(B) for targeted supplemental assistance, such
additional amounts and sums as determined by the
Secretary to be necessary and appropriate to meet the
specific needs of eligible individuals who are members
of at-risk populations, as identified by the Secretary.
(2) Methods of payment.--
(A) Direct deposit.--As regards recipients who have
previously provided bank account information to the
Secretary, the Secretary shall directly deposit Program
payments into these accounts, unless recipients
indicate a preference to receive an Interim BOOST Card
instead, in which case that preference shall be
honored, and all subsequent Program payments shall be
made exclusively via the BOOST card.
(B) Interim boost cards.--In any case in which
subparagraph (A) does not apply, the Secretary shall
contract with banking institutions that includes
minority deposit institutions, community development
financial institutions, credit unions, national banking
association, and any licensed money transmitter as
deemed necessary or appropriate by the Secretary to
issue an interim BOOST card.
(3) Interim boost cards.--
(A) Rules relating to interim boost cards.--The
interim BOOST card shall--
(i) have all the functionality and service
levels currently available to certain
recipients of public benefits through the
Treasury Department's Direct Express program;
and
(ii) not be subject to any fees or penalty
charges, usage restrictions, or data collection
practices other than those explicitly
authorized by this Act.
(B) Availability of full balance.--The full balance
of the interim BOOST card shall be made available for
immediate withdrawal into physical currency at any
automated teller machine in the country, at any time,
and not be subject to any usage or withdrawal fees.
(C) Distribution.--
(i) In general.--The Secretary shall
distribute interim BOOST cards using the Postal
Service to all eligible individuals with an
active address on file with any government
agency, and shall be delivered by certified
mail wherever possible, using the fastest
service available, with any associated costs to
the Postal Service reimbursed directly by the
Treasury of the United States.
(ii) In person pick-up.--Any eligible
individual who does not have an active address
on file with any government agency, or who
otherwise is not able to or does not receive a
prepaid card pursuant to clause (i) may obtain
an interim or replacement BOOST card through
any card distribution station set up under the
Program, including through any bank (as defined
in section 581 of the Internal Revenue Code of
1986), insured credit union (within the meaning
of section 101(7) of the Federal Credit Union
Act (12 U.S.C. 1752(7)) located in the United
States, post office, United States diplomatic
missions or any other Federal, State, or local
government agency or private contracting
entity, as determined by the Secretary to be
necessary or appropriate.
(iii) Web-based access.--The Secretary
shall establish a website for the purposes of
allowing eligible recipients to update their
current mailing address and direct deposit
information, to indicate their preference to
receive an Interim BOOST card instead of
receiving payments via direct deposit, and for
providing account information to users,
including information pertaining to the account
number, status of delivery and receipt of their
allocated funds, and the amount of the funds
still available on their card and to obtain a
check in the amount of the funds in the
account.
(iv) Telephone access.--The Secretary shall
establish a dedicated telephone information and
assistance number for the purposes of allowing
eligible recipients to update their current
mailing address and direct deposit information,
to indicate their preference to receive an
Interim BOOST card instead of receiving
payments via direct deposit, and for providing
account or card information to users, including
information pertaining to the status of
delivery and receipt of their allocated funds,
and the amount of the funds still available on
their card.
(v) At-risk outreach.--The Secretary shall
establish a dedicated Emergency Responder
Corps, and where necessary or appropriate, as
determined by the Secretary, shall contract
with existing Federal, State, and local
government agencies and private entities, to
perform outreach to at-risk populations,
including the elderly, homeless, physically
disabled, or in remote areas, to ensure that
these populations receive their interim BOOST
card as well as to perform a general wellness
check in case of needed targeted supplemental
assistance, which shall then be provided in
such sums and amounts as determined to be
necessary and appropriate by the Secretary via
any payments mechanism otherwise authorized by
this Act and deemed appropriate for the
circumstances by the Secretary.
(4) Regulatory treatment of payment.--The Secretary shall
apply the ``XX'' code specified in section 212.3 of title 31,
Code of Federal Regulations, to designate all Program payments
as benefit payments. The Secretary shall further issue such
rules or guidance as needed to protect Program payments from
garnishment. In addition, the Secretary shall issue such rules
or guidance as needed to ensure that any funds distributed
through the Program do not render recipients ineligible for any
other Federal, State, or local benefits or income that they
would otherwise have been entitled to receive in the absence of
the Program, including excluding any general assistance or
targeted supplemental assistance received via the Program from
calculation of reportable annual income for the purpose of
calculating eligibility for benefits subject to an income-cap
threshold.
(c) Eligible Individual.--
(1) In general.--The term ``eligible individual'' means--
(A) a citizen or resident (as such terms are used
in section 7701(a)(30)(A) of the Internal Revenue Code
of 1986) of the United States; and
(B) any nonresident alien (as defined in section
7701(b)(1)(B) of such Code) who has been in the United
States for more than the 3-month period beginning on
December 13, 2019.
(2) United states.--The term ``United States'' includes the
50 States, the District of Columbia, and the possessions of the
United States, incorporated territories and citizens abroad.
(d) Rules Relating to Program.--
(1) Coordination.--To ensure that the Program is as
universal and comprehensive as possible, the Secretary shall
develop a list of eligible individuals through coordination
with the Internal Revenue Service, the Social Security
Administration, the Federal Election Commission, and every
other relevant Federal, State, and local government agency,
including State Departments of Motor Vehicles. Any expenses
incurred by any entity as a result of compliance with the
gathering of this information and construction of this database
shall be reimbursed directly by the United States Treasury.
(2) Database of recipients.--The Secretary shall establish
a database of recipients, identified by name and, where
available, employer identification number, individual tax
identification number, student identification, or swear in an
affidavit where you are ineligible for a social security number
and unable to submit satisfactory proof that your presence in
the United States is authorized by Federal law. This affidavit
will not be treated as public record and use solely for the
purposes of this program. The database established under this
paragraph shall not be shared with any other Federal, State, or
local agency, other entity, or Immigration Customs Enforcement
and related enforcement agencies, or used for any purpose other
than to administer the program, provided that the Secretary may
share identifying information with the Board of Governors of
the Federal Reserve System and the United States Postal Office
for the purpose of developing banking accounts maintained at
the Federal Reserve Board or for the purposes of maintain
accounts at the United State Postal Office, upon receipt of
written consent of recipients for such information to be shared
for this purpose.
(e) Public Awareness Program.--Not later than the date of the
enactment of this Act, the Secretary shall establish an awareness
program to inform the public of the availability of the existence of
the Program and eligibility of recipients to receive general and
targeted supplemental assistance, as well as the various payment and
distribution options available to receive this assistance. The
Secretary shall use appropriate means of communication to carry out the
provisions of this section.
(f) Funding.--
(1) Directive to mint and issue platinum coins.--The
Secretary shall, under section 5112(k) of title 31, United
States Code, mint and issue two $1 trillion platinum coins and
shall further mint and issue any additional $1 trillion coins
on an as-needed basis to cover any direct and indirect expenses
related to the Program for the duration of the program.
(2) Transfer of funds to the general fund.--The Secretary
shall direct the United States Mint to sweep all funds received
from the sale of the coins under paragraph (2) into the general
fund of the Treasury.
(g) Preserving Federal Reserve Independence and Efficacy of
Monetary Policy.--To ensure that the Program does not unintentionally
or unduly interfere with or limit the efficacy of the Federal Reserve
System in achieving its statutory obligations, including in particular
with respect to implementation of its monetary policy objectives, the
Board of Governors of the Federal Reserve shall be authorized:
(1) Supplemental financing securities.--To issue as Federal
reserve notes under section 248(d) of title 12, United States
Code, digital securities, including bills, notes, and bonds, of
whatever maturity, denomination, and yield, as is deemed
appropriate and necessary by the Board of Governors to achieve
its statutory objectives under the Federal Reserve Act, in
quantities up to an amount equivalent to the total face value
of all platinum coins issued by the United States Treasury and
held as assets by the Federal Reserve System. Notes issued
under this paragraph shall be sold on the open market in a
manner similar to the sale of Treasury securities, and, like
Federal reserve notes, shall be considered direct obligations
of the United States under section 8 of title 18, United States
Code, but shall be recorded for accounting purposes as direct
liabilities of the Federal Reserve System, and accordingly
shall not be included in calculations of public debt subject to
limit under section 3101 of title 31, United States Code.
(2) Establish a dedicated special treasury monetary
financing account.--The Federal Reserve Bank of New York shall
establish an account titled the ``Special Treasury Monetary
Financing Account'', in which shall be recorded any expenses
associated with payment of interest on settlement balances or
Federal reserve securities up to a total principal amount
equivalent to the total principal value of all platinum coins
issued by the United States Treasury and held as assets by the
Federal Reserve System, plus any additional liabilities
incurred as a result of prior interest payments made on
liabilities issued against coin assets purchased under the
Program. Any ongoing losses incurred by this account shall be
recorded as a negative liability, and shall be maintained
separately from the rest of the balance sheet of both the
Federal Reserve Bank of New York and the Federal Reserve
System, so as not to reduce or impact the calculation of total
income or revenue generated by the Federal Reserve System, or
otherwise reduce the total amount of net operating profits to
be made available for remittance to the Treasury on an ongoing
basis.
(h) Regulations.--The Secretary and the Board of Governors of the
Federal Reserve System shall issue such regulations or other guidance
as may be necessary or appropriate to carry out this section.
(i) Sense of Congress Regarding Establishment of FedAccounts and
Treasury-Administered ECash Wallets.--
(1) Digital dollar account wallets.--
(A) Establishment.--It is a sense of Congress that
at the end of the payment period, the Board of
Governors of the Federal Reserve System shall develop
and administer a system of Digital Dollar Account
Wallets, which shall be branded as ``FedAccounts'', and
made available to all United States citizens, United
States residents, and domestically domiciled
businesses, along with associated services, including
debit cards, online account access, automatic bill-pay,
mobile banking, and automatic teller machines
maintained in conjunction with the United States Postal
Services at its physical locations.
(B) Boost payments via digital dollar account
wallets.--No later than January 1, 2021, the Secretary
shall offer all recipients of BOOST payments the option
to receive their payments in digital dollar wallets.
BOOST recipients receiving their payments through
interim BOOST cards shall instead receive a Federal
Reserve Account for debit cards and be given the option
to sign up online for fully operational digital dollar
account wallets.
(C) Authorization for each federal reserve bank to
maintain digital account.--Subject to such
restrictions, limitations, and regulations as may be
imposed by the Board of Governors of the Federal
Reserve System, each Federal reserve bank may maintain
digital dollar account wallets.
(D) Digital dollar account wallets shall not be
subject to any account fees, minimum balances, or
maximum balances, and shall not be closed or restricted
on the basis of profitability.
(E) Digital dollar account wallets shall partner
with Post Office branches to ensure access and
availability to application and account services for
all United States citizens and United States residents
and domestically domiciled businesses in areas where
access to physical member bank branches is limited, in
low- or moderate-income geographies; designated
disaster areas; distressed or underserved non-
metropolitan middle-income geographies as designated by
the Federal Financial Institutions Examination Council,
Federal Reserve banks.
(F) Digital dollar account wallets shall provide
account holders with reasonable protection against
losses caused by fraud or security breaches but shall
not include overdraft coverage.
(G) Digital dollar account wallets shall comply
with the relevant portions of the Bank Secrecy Act in
establishing and maintaining digital dollar account
wallets and shall impose privacy obligations on
providers under the Privacy Act of 1974 that mirror
those applicable to Federal tax returns under sections
6103, 7213(a)(1), 7213A, and 7431 of the Internal
Revenue Code of 1986.
(2) Terms of dollar cash wallet system.--At the end of the
payment period, the Treasury shall develop and administer a
system of digital dollar cash wallets, which shall be branded
as ``eCash Wallets'' and made available to any eligible
individual to store, send, and receive digital coins or other
digital currency instruments issued by the United States
Treasury as legal tender.
(3) Additional sense of congress.--It is the additional
sense of Congress that--
(A) digital dollar cash wallet hosting services
shall be offered directly by the Treasury, in
coordination with the Federal Reserve and licensed
depository and money transmitter entities, to promote
integration with and interoperability between digital
dollar cash wallets and digital dollar account wallets
managed by the Federal Reserve, and shall not be
subject to any associated administrative fees or
minimum or maximum balances, and shall not be closed on
the basis of profitability considerations;
(B) digital dollar cash wallets shall also be
capable of being self-hosted on widely available,
inexpensive digital devices, including mobile phones,
with any necessary software or hardware licensed under
an appropriate open source license; and
(C) a Digital Financial Privacy Board shall be--
(i) established by the Secretary to
oversee, monitor, and report on the design and
implementation of the digital dollar cash
wallet system;
(ii) maintained thereafter to provide
ongoing oversight over its administration; and
(iii) designed in such a way as to
replicate the privacy and anonymity-respecting
features of physical currency transactions as
closely as possible, including prohibition of
surveillance or censorship-enabling backdoor
features.
(4) Regulation.--The Board of Governors of the Federal
Reserve System shall promulgate regulations carrying out this
section.
SEC. 4. ADDRESSING IMPACT ON INEQUALITY.
After the termination of the emergency declared on March 13, 2020,
by the President under section 501(b) of the Robert Stafford Disaster
Relief and Emergency Assistance Act (42 U.S.C. 5191(b)) with respect to
the COVID-19 pandemic, the Secretary shall establish an independent
Commission to--
(1) investigate and ascertain the short-term and long-term
impact of emergency relief measures, including those included
in this Act, on overall levels and rates of increase of income
and wealth inequality in the United States; and
(2) identify and propose a comprehensive set of legislative
and policy responses to address such impacts, including
progressive tax reform as well as the enactment of new Federal
programs and emergency response practices to preemptively
prevent such outcomes from occurring in the event of future
similar crises or emergencies.
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