Yes it's possible to have a second personal passport, and the process is documented here: https://travel.state.gov/content/tra...port-book.html

Keeping a valid passport in-hand while the other one has been confiscated and/or cancelled during a renewal isn't an accepted reason. Even if you're a US citizen living abroad and your local consulate insists on leaving you with no valid passport while they process your renewal.

Pretty much the only case they're issued for these days is when one can show a recurring need to have one's passport out of one's possession for visa processing needed for business travel.