[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2391 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 2391

To amend the Federal Home Loan Bank Act to provide investment authority 
  to support rural infrastructure development, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 29, 2019

 Mr. David Scott of Georgia (for himself and Mr. Riggleman) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

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                                 A BILL


 
To amend the Federal Home Loan Bank Act to provide investment authority 
  to support rural infrastructure development, 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 ``Improving Rural Access to Power Act 
of 2019''.

SEC. 2. COOPERATIVE ASSOCIATIONS THAT SUPPORT RURAL INFRASTRUCTURE 
              DEVELOPMENT.

    Section 11 of the Federal Home Loan Bank Act (12 U.S.C. 1431) is 
amended by adding at the end the following:
    ``(m) Cooperative Associations That Support Rural Infrastructure 
Development.--Each Federal Home Loan Bank is authorized to purchase 
investment-grade securities from nonmember lenders that are organized 
as cooperatives and that have received financing from the Federal 
Financing Bank and that have demonstrated experience in making loans to 
cooperatives that are eligible to receive loans or commitments for 
loans from the Rural Utilities Service (or any successor agency). Such 
securities shall be secured investments collateralized by loans of the 
cooperative lender. The purchase of such securities shall be at the 
sole discretion of each Federal Home Loan Bank, consistent with such 
regulations, restrictions, and limitations as may be prescribed by the 
Agency.''.
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