To require the Board of Governors of the Federal Reserve System to provide access to FedNow to affordable remittance providers, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To require the Board of Governors of the Federal Reserve System to provide access to FedNow to affordable remittance providers, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Foreign Policy, Government Operations.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H602089EF8D524F549FCDF6D546FFD5F4: 1. Short title This Act may be cited as the Affordable Remittance Act.
- Section H2AD846F6E6E9488E8F822D8BE00B4AF7: 2. Findings Congress finds the following: According to the Migration Data Portal, remittance payments support families across the globe and amount to...
- Section H4664FBD3BBCC4E1E8F26D8CBC0A598B0: 3. FedNow Access The Board of Governors of the Federal Reserve System shall, beginning on the date that is 90 days after the date of the enactment of this...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To require the Board of Governors of the Federal Reserve System to provide access to FedNow to affordable remittance providers, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Foreign Policy, Government Operations
Primary Purpose
This bill, To require the Board of Governors of the Federal Reserve System to provide access to FedNow to affordable remittance providers, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Legislative Progress
IntroducedMr. Torres of New York introduced the following bill; which …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology