3.0.0 7498 2023-01-11T13:46:01Z 2023-01-11T13:46:01Z House HR 2020-07-06 116 [Congressional Record Volume 166, Number 123 (Monday, July 6, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. TLAIB:H.R. 7498.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, clause and Article I, Section 8,clause 3[Page H3068]]]> hsba00 Financial Services Committee House Standing Referred to 2020-07-06T18:01:45Z Uplifting Our Local Communities Act 116 7717 HR 2020-07-21 Referred to the House Committee on Financial Services. Identical bill CRS 2020-07-06 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-07-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-07-06 Introduced in House IntroReferral 1000 9 Library of Congress T000481 Rep. Tlaib, Rashida [D-MI-13] Rashida Tlaib D MI 13 N Finance and Financial Sector Appropriations Cardiovascular and respiratory health Credit and credit markets Economic performance and conditions Emergency medical services and trauma care Federal Reserve System Infectious and parasitic diseases Interest, dividends, interest rates Securities State and local finance U.S. territories and protectorates Finance and Financial Sector 00 2020-07-06 Introduced in House 2021-02-10T17:35:17Z 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.

]]> Uplifting Our Local Communities Act Display Title Uplifting Our Local Communities Act Official Title as Introduced To authorize Federal reserve banks to purchase COVID-19 related municipal issuances, and for other purposes. Introduced in House IH Short Title(s) as Introduced Uplifting Our Local Communities Act Introduced in House IH Introduced in House 2020-07-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7498ih/xml/BILLS-116hr7498ih.xml 2020-07-06 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.