The Public Banking Act with Rohan Grey

"It's long past time to open doors for people who have been systematically shut out and provide a better option for those grappling with the costs of simply trying to participate in an economy they have every right to—but has been rigged against them," Tlaib said in a statement. "The COVID-19 pandemic has also plunged city and state governments into a financial crisis unlike any other they've ever experienced—and public banks could offer a much more tenable option for dealing with their debts at a time when they need it most.” -- Newsweek 

First, some big picture comments about the bill
 
a) It does *not* create any new public banks. Rather, it *enables & encourages* the creation of public banks by establishing a comprehensive federal regulatory framework, grant programs, & supporting financial infrastructure.
 
b) It is designed to foster *state & local public banks*, not establish a federal public bank. In contrast to the federal govt, which issues the $US dollar, state & local govts face unique financial & monetary constraints that public banks can help alleviate.
 
c) It *complements, rather than competes with,* other progressive financial reforms, such as postal banking, FedAccounts, & eCash (on latter, see @RashidaTlaib’s #ABCAct). Together, they envision a new financial system that serves the people & promotes public purpose.
 
d) It does not make the mistake of treating public banks as an alternative to/substitute for federal spending & investment. Rather, it provides “top-down” support for “bottom-up” local initiatives, even while recognizing the critical need for more direct federal action.
 
e) Finally, it does not take a one-size-fits-all approach to the kinds of public banks eligible for federal support. Rather, it accommodates a wide variety of institutional structures and activities, from basic payments to consumer lending to public investment.
 
Okay, now let’s look at what the bill says...