[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3952 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 3952

    To amend the Community Reinvestment Act of 1977 to increase the 
  aggregate asset size limitation of the small bank regulatory relief 
    provision, to provide for future adjustments of such amount for 
                   inflation, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 11, 2004

  Mr. Hensarling (for himself and Mr. Baker) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Community Reinvestment Act of 1977 to increase the 
  aggregate asset size limitation of the small bank regulatory relief 
    provision, to provide for future adjustments of such amount for 
                   inflation, 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. SHORT TITLE.

    This Act may be cited as the ``Promoting Community Investment Act 
of 2004''.

SEC. 2. INCREASE IN AGGREGATE ASSET SIZE LIMITATION OF THE SMALL BANK 
              REGULATORY RELIEF PROVISION.

    (a) In General.--Section 809(a) of the Community Reinvestment Act 
of 1977 (12 U.S.C. 2908(a)) is amended by striking ``$250,000,000'' and 
inserting ``$1,000,000,000''.
    (b) Future Adjustment of Asset Size Limitation for Inflation.--
Section 809 of the Community Reinvestment Act of 1977 (12 U.S.C. 2908) 
is amended by adding at the end the following new subsection:
    ``(d) Adjustment for Inflation.--
            ``(1) In general.--By January 31 of 2006, and the 1st day 
        of each subsequent 1-year period, the Federal financial 
        supervisory agencies shall jointly prescribe the amount by 
        which the aggregate asset size limit described in subsection 
        (a) shall be increased by calculating the product of--
                    ``(A) $1,000,000,000; and
                    ``(B) the ratio of the value of the Personal 
                Consumption Expenditures Chain-Type Index (or any 
                successor index thereto) published by the Department of 
                Commerce, as of December 31 of the year preceding the 
                year in which the adjustment is calculated under this 
                paragraph, to the value of such index as of the date 
                this subsection takes effect.
            ``(2) Rounding.--If the amount determined under paragraph 
        (1) for any period is not a multiple of $50,000,000 the amount 
        so determined shall be rounded to the nearest $50,000,000.
            ``(3) Publication and report to the congress.--Not later 
        than February 15 of any calendar year in which an adjustment is 
        required to be calculated under paragraph (1), the Federal 
        financial supervisory agencies shall jointly--
                    ``(A) publish in the Federal Register the amount 
                calculated under such paragraph; and
                    ``(B) jointly submit a report to the Congress 
                containing the amount described in subparagraph (A).''.
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