[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 619 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 619

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 SENATE OF THE UNITED STATES

                           February 28, 2019

 Mr. Tester (for himself and Mr. Moran) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

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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.--
            ``(1) In general.--Each Federal Home Loan Bank is 
        authorized to purchase investment-grade securities from 
        nonmember lenders that--
                    ``(A) are organized as cooperatives;
                    ``(B) have received financing from the Federal 
                Financing Bank; and
                    ``(C) 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).
            ``(2) Secured investments.--The securities described in 
        paragraph (1) shall be secured investments collateralized by 
        loans of the cooperative lender.
            ``(3) Discretion.--The purchase of the securities described 
        in paragraph (1) 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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