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Code · BILL · 118th Congress · H.R. 6775 (Introduced in House) — To provide for the Federal charter of certain public banks, and for other purposes. · Sec. 502

Sec. 502. Public bank incubator program

119 words·~1 min read·/bill/118/hr/6775/ih/section-502·

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The Board of Governors shall establish an incubator program to provide technical and technological assistance to persons seeking to be chartered by the Board of Governors under section 101 or to obtain a certificate of Federal recognition under section 102. The Board of Governors, in coordination with the Secretary, the Corporation, and the Commission, shall establish a single application and review process for persons seeking to— be federally chartered under section 101; obtain a certificate of Federal recognition under section 102; become a public member bank; obtain a license to issue federally-recognized public securities under section 201; obtain public deposit insurance pursuant to section 301 or from a Corporation-approved alternative provider; and apply for a grant under section 401.
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