S.Amdt. 6019

SA 6019. Mr. TOOMEY submitted an amendment intended to be proposed to amendment SA 5499 submitted by Mr. Reed (for himself and Mr. Inhofe) and intended to be proposed to the bill H.R. 7900, to authorize appropriations for fiscal year 2023 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. _____. MASTER ACCOUNT DATABASE.

The Federal Reserve Act is amended by inserting after section 11B (12 U.S.C. 248b et seq.) the following:

“SEC. 11C. MASTER ACCOUNT DATABASE.

“(a) Definitions.--In this section:

“(1) Application.--The term ‘application' means an application for a master account, including an application under Operating Circular 1 of the Board and any successive operating circulars or similar forms.

“(2) Master account.--The term ‘master account' means an account for--

“(A) any service offered under section 11A(b); or

“(B) any deposit received under the first undesignated paragraph of section 13.

“(b) Publishing Master Account Information.--

“(1) Online database.--The Board shall create and maintain a public, online, and searchable database that contains--

“(A) a list of every entity that currently holds a master account, including the date on which the master account was granted;

“(B) a list of every entity that held a master account in the 10 years prior to the date of enactment of this section but no longer holds that master account, including the dates on which the master account was granted and terminated;

“(C) a list of every entity that has applied for a master account in the 10 years prior to the date of enactment of this section, including whether, and the dates on which, the application was approved, rejected, pending, or withdrawn;

“(D) a list of every entity that applies for a master account after enactment of this section, including whether, and the dates on which, the application was approved, rejected, pending, or withdrawn; and

“(E) for each list described in subparagraphs (A) through (D)--

“(i) a description of the type of entity that holds or applied for a master account, including whether such entity is an insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813), or a depository institution that is not an insured depository institution; and

“(ii) the provision of law authorizing each entity to hold the master account.

“(2) Database updates.--Not less frequently than once every month, the Board shall update the database to add any new information required under paragraph (1).

“(3) Deadline.--Not later than 90 days after the date of enactment of this section, the Board shall publish on the database the information required under paragraph (1).

“(c) Explanations of Application Rejections.--Not later than 90 days after the Board rejects an application or after an application is submitted but not approved by the Board, the Board shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that includes an explanation of that rejection or failure to approve that application.”.