[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6381 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 6381
To require the Board of Governors of the Federal Reserve System to
provide zero-interest loans to minority depository institutions and
community development financial institutions to combat COVID-19, and
for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
March 24, 2020
Mr. Green of Texas (for himself, Ms. Garcia of Texas, Mr. Meeks, Mr.
Cleaver, and Mrs. Beatty) introduced the following bill; which was
referred to the Committee on Financial Services
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A BILL
To require the Board of Governors of the Federal Reserve System to
provide zero-interest loans to minority depository institutions and
community development financial institutions to combat COVID-19, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. LOANS TO MDIS AND CDFIS.
(a) In General.--During the COVID-19 emergency period, the Board of
Governors of the Federal Reserve System shall provide zero-interest
loans to minority depository institutions and community development
financial institutions to help mitigate the economic impact of COVID-19
in low-income, underserved communities.
(b) Asset Limitation.--Subsection (a) shall only apply to minority
depository institutions and community development financial
institutions with less than $1,000,000,000 in assets.
(c) Interest To Resume 18 Months After Pandemic.--Notwithstanding
subsection (a), the Board of Governors shall charge interest on loans
made pursuant to subsection (a) after the end of the 18-month period
beginning at the end of the COVID-19 emergency period, at a rate to be
determined by the Board of Governors based on the interest amount
charged under the discount window lending programs.
(d) COVID-19 Pandemic Defined.--In this section, the term ``COVID-
19 emergency period'' means the period that begins upon the date of the
enactment of this Act and ends upon the date of the termination by the
Federal Emergency Management Administration of the emergency declared
on March 13, 2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et seq.)
relating to the Coronavirus Disease 2019 (COVID-19) pandemic.
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To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID-19, and for other purposes.
#6381 | HR Congress #116
Policy Area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capitalCardiovascular and respiratory healthEconomic performance and conditionsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesInterest, dividends, interest ratesMinority and disadvantaged businessesPoverty and welfare assistance
Last Action: Referred to the House Committee on Financial Services. (3/24/2020)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text