Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 7498
116th Congress(2019-2020)
Uplifting Our Local Communities Act
Introduced
Introduced
Introduced in House on Jul 6, 2020
Overview
Text
Introduced
Jul 6, 2020
Latest Action
Jul 6, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7498
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Rashida Tlaib
Michigan
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Uplifting Our Local Communities Act

This bill allows the Federal Reserve Board in unusual and exigent circumstances to authorize Federal Reserve banks to buy and sell municipal bonds and other specified financial instruments issued by a state, the District of Columbia, a U.S. territory or possession, or a federally recognized Indian Tribe.

The Federal Reserve Board must revise the terms of operation of the Municipal Liquidity Facility through which the board purchases state and municipal debt. Specifically, the board must

  • extend the operation of the facility to December 31, 2021,
  • extend the maturity of eligible debt from three years to ten,
  • ensure that purchases are made at an interest rate equal to the federal funds rate,
  • allow for the purchase of the debt of U.S. territories and possessions, and
  • reduce the minimum eligible population size for a municipality to 50,000.

The bill also establishes a long-term municipal borrowing facility to provide capital for the duration of the economic disruption caused by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Additionally, the bill removes the prohibition on loan forgiveness for states and municipalities receiving specified COVID-19 aid.

Text (1)
Introduced in House
July 6, 2020
Related Bills (1)
Jul 21, 2020
Introduced in House
16
Sponsorship
House Bill 7717
Uplifting Our Local Communities Act
Introduced
Type
Identical Bill
Identical Bill
A bill that is word-for-word identical to another bill. Bills are characterized as identical to each other at the introduced stage only, even though a later (e.g., reported or passed) version of a bill might meet the same criteria for text similarity. Companion measures, procedurally-related measures, and legislation with text similarities are other related bill types.
Identified By
CRS
Actions (2)
07/06/2020
Referred to the House Committee on Financial Services.
07/06/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:46:01 PM
Copyright © 2024 Civic Bits LLC
Privacy Policy
Terms of Service
What's New
About