Outreach events must be held yearly and an exclusion process set up
What the document says“The Secretary shall hold outreach events to promote the participation of financial agents, large financial institutions, and small financial institutions in the Program at least once a year.”
The new subsection requires the Secretary of the Treasury to hold outreach events at least once a year promoting participation in the program, and to issue guidance or regulations setting up a process by which a financial agent, large institution, or small institution may be excluded from it.
What the document actually says“The Secretary shall hold outreach events to promote the participation of financial agents, large financial institutions, and small financial institutions in the Program at least once a year.”
The Treasury must hold outreach events. It must do so at least once a year. The point is to get banks of all sizes to take part.
The Treasury must also set a way to shut a body out. That comes through guidance or a rule. Any of the three kinds of bank can be excluded.
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