3.0.0 4255 2023-01-11T13:45:37Z 2023-01-11T13:45:37Z Senate S 2020-07-21 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-07-21T22:21:08Z Jobs and Neighborhood Investment Act 116 7709 HR 2020-07-21 Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2020-07-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-07-21 Introduced in Senate IntroReferral 10000 9 Library of Congress W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. N B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2020-07-21 True H001075 Sen. Harris, Kamala D. [D-CA] Kamala Harris D CA D. 2020-07-21 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2020-07-21 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2020-08-06 False V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2020-08-06 False J000300 Sen. Jones, Doug [D-AL] Doug Jones D AL 2020-08-06 False T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2020-08-06 False C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2020-08-06 False B001236 Sen. Boozman, John [R-AR] John Boozman R AR 2020-08-06 False K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA Neely 2020-08-06 False S001184 Sen. Scott, Tim [R-SC] Tim Scott R SC 2020-08-06 False G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC 2020-08-06 False W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2020-08-06 False S001203 Sen. Smith, Tina [D-MN] Tina Smith D MN 2020-09-14 False D000618 Sen. Daines, Steve [R-MT] Steve Daines R MT 2020-09-17 False H001079 Sen. Hyde-Smith, Cindy [R-MS] Cindy Hyde-Smith R MS 2020-10-20 False Finance and Financial Sector Administrative law and regulatory procedures Appropriations Bank accounts, deposits, capital Banking and financial institutions regulation Business investment and capital Cardiovascular and respiratory health Community life and organization Congressional oversight Consumer credit Credit and credit markets Department of the Treasury Economic development Emergency medical services and trauma care Federal Reserve System Financial literacy Government studies and investigations Housing and community development funding Housing supply and affordability Infectious and parasitic diseases Low- and moderate-income housing Minority and disadvantaged businesses Minority employment Poverty and welfare assistance Real estate business Rural conditions and development Securities Small business Social work, volunteer service, charitable organizations Urban and suburban affairs and development Finance and Financial Sector 00 2020-07-21 Introduced in Senate 2020-11-13T19:07:54Z 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.
]]> Jobs and Neighborhood Investment Act Display Title Jobs and Neighborhood Investment Act Short Title(s) as Introduced Jobs and Neighborhood Investment Act Introduced in Senate IS Official Title as Introduced A bill to amend the CARES Act to establish community investment programs, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-07-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4255is/xml/BILLS-116s4255is.xml 2020-07-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.