***BREAKING***
I am thrilled to announce that the full legislative text of the #ABCAct bill to #MintTheCoin is now public:
tlaib.house.gov/sites/tlaib.ho…
More details are available in the press release here:
tlaib.house.gov/media/press-re…
I am thrilled to announce that the full legislative text of the #ABCAct bill to #MintTheCoin is now public:
tlaib.house.gov/sites/tlaib.ho…
More details are available in the press release here:
tlaib.house.gov/media/press-re…
I'll discuss details below, but 1st, a huge shout out to @RepRashida (@RashidaTlaib) & her brilliant staff for their vision, courage & leadership.
It's been thrilling to watch the bill take form, and I look forward to it being passed into law & providing urgent relief to all.
It's been thrilling to watch the bill take form, and I look forward to it being passed into law & providing urgent relief to all.
Special thanks to @PramilaJayapal, as well as @RepChuyGarcia, @RepHastingsFL, @EleanorNorton, @AOC, @IlhanMN, @AyannaPressley, @RepBobbyRush, @janschakowsky, & @NydiaVelazquez, for cosponsoring the bill.
Solidarity between progressive leaders is a beautiful thing to see.
Solidarity between progressive leaders is a beautiful thing to see.
Additionally, a big thanks to the @EconomicSecProj, @WeAreUnidosUS, @strongforall, @RealBankReform, @demandprogress, and the @jainfamilyinst for their endorsement of the bill, and to @DataProgress & @Justice_Collab for their polling work.
Okay, now onto the details of the bill itself.
Most elements are identical to the original #ABCAct proposal that was released on March 21:
tlaib.house.gov/sites/tlaib.ho…
However, some have been expanded, and others have been filled in with additional details and wrinkles.
Most elements are identical to the original #ABCAct proposal that was released on March 21:
tlaib.house.gov/sites/tlaib.ho…
However, some have been expanded, and others have been filled in with additional details and wrinkles.
Some major changes:
First, the original proposal was to give every person - adult, child, citizen, non-citizen - an initial grant of $2000, plus an additional $1000 per month for up to one year after the crisis.
However, it also stated that in the process of distributing
First, the original proposal was to give every person - adult, child, citizen, non-citizen - an initial grant of $2000, plus an additional $1000 per month for up to one year after the crisis.
However, it also stated that in the process of distributing
these funds, an "Emergency Responder Corps" would perform a wellness check on at-risk populations (ie elderly, homeless, physically disabled, those in remote areas) in order to assess whether they needed additional targeted assistance.
In the updated proposal, this element has
In the updated proposal, this element has
fleshed out and formalized as a "targeted supplementary assistance" program, and the Treasury Secretary granted the power to authorize additional grants under this program to any at-risk population he deems necessary and appropriate:
Second, whereas the original proposal was to provide every person with a pre-paid debit card, the updated version (in light of the CARES Act being passed) now gives people the option to receive the funds via a pre-paid card *or* direct deposit, depending on their preference.
Third, the updated version sets forth detailed user protections, including prohibitions against user data-mining, cash withdrawal restrictions, transaction/interchange fees, as well as protections against garnishment or income-cap threshold triggering for other benefits.
Fourth, the updated proposal establishes clear guidelines for creating the eligible recipient database, including prohibitions on use of data gathered for other law enforcement purposes, or sharing with other agencies (ie ICE), & requiring consent to convert to FedAccounts.
Fifth, the updated version authorizes Fed to issue 'Supplementary Financing Securities' on an as-needed basis to implement monetary policy & establishes a 'Tsy Monetary Financing Account' to ringfence any losses that Fed may incur on coin assets if it later raises interest rates.
Sixth, the updated version directs the Fed to take over administration of the pre-paid card system by January 1, 2021, and at the end of the payment period, offer a universal system of FedAccounts, administered in conjunction with the Postal Service.
Seventh, the updated version directs the Treasury to, at the end of the payment period, establish a system of digital 'eCash Wallets', which shall store digital coins or other digital legal tender currency instruments as a bearer-instrument of the wallet-owner.
eCash wallet hosting services should be offered by the Tsy, in coordination with the FedAccount system, but should also be capable of being self-hosted on cheap devices (ie cell phones) using open source hardware and software, & administration overseen by a Digital Privacy Board.
Eighth, the original proposal's requirement that the program be accompanied by progressive tax reform has been expanded to establish a commission to investigate and propose a comprehensive set of reforms to address adverse impacts of crisis & response on wealth/income inequality.
Overall, I am extremely proud of this bill & hope it plays a positive role in the government's future response to this crisis.
No legislation is perfect, but there's a lot here for everyone & in my opinion it's an incredibly welcome - and necessary - step in the right direction.
No legislation is perfect, but there's a lot here for everyone & in my opinion it's an incredibly welcome - and necessary - step in the right direction.
I'd also like to take this moment to plug the @mintthecoin handle, as well as the accompanying informative website, which will - going forward - provide news and updates about the #ABCAct and #MintTheCoin proposal:
mintthecoin.org
mintthecoin.org
Finally, a link to this earlier thread of resources and discussions, for the record:
