Bill Sponsor
Senate Bill 4255
116th Congress(2019-2020)
Jobs and Neighborhood Investment Act
Introduced
Introduced
Introduced in Senate on Jul 21, 2020
Overview
Text
Introduced
Jul 21, 2020
Latest Action
Jul 21, 2020
Origin Chamber
Senate
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
4255
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
Virginia
Democrat
Alabama
Republican
Arkansas
Democrat
California
Republican
Louisiana
Democrat
Minnesota
Republican
Mississippi
Republican
Mississippi
Democrat
New Jersey
Democrat
New Jersey
Republican
North Carolina
Republican
South Carolina
Republican
South Carolina
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Jobs and Neighborhood Investment Act

This bill establishes investment programs and generally revises provisions related to community development financial institutions and minority depository institutions.

The Department of the Treasury must establish a Neighborhood Capital Investment Program to facilitate direct capital investments in low- and moderate-income community financial institutions. To qualify for the program, these institutions must, among other things, (1) demonstrate specified lending history regarding low-and moderate-income borrowers and other targeted populations, and (2) provide details regarding plans to expand or maintain lending to certain minority communities and historically disadvantaged borrowers.

The bill also establishes the Neighborhood Loan Program through the Federal Reserve Board's emergency powers to create a credit facility for small business loans, specifically targeting low- and moderate-income community financial institutions serving low- and moderate-income and minority communities. The bill requires certain amounts available through existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to be set aside for the Community Development Financial Institutions Fund.

Regarding minority depository institutions, the bill

  • establishes the Minority Bank Deposit Program to expand the use of minority depository institutions to hold the deposits of federal departments and agencies,
  • allows new minority depository institutions to take three years to meet initial capital requirements, and
  • establishes a program allowing minority depository institutions to apply to receive deposits from certain Treasury accounts.
Text (1)
Actions (2)
07/21/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
07/21/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:45:37 PM