[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Pages S4698-S4699]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2361. Mr. CRAPO (for himself and Mr. Warner) submitted an 
amendment intended to be proposed by him to the bill S. 4638, to 
authorize appropriations for fiscal year 2025 for military activities 
of the Department of Defense, for military construction, and for 
defense activities of the Department of Energy, to prescribe military 
personnel strengths for such fiscal year, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. CAPITALIZATION ASSISTANCE TO ENHANCE LIQUIDITY.

       (a) In General.--Section 113 of the Community Development 
     Banking and Financial Institutions Act of 1994 (12 U.S.C. 
     4712) is amended--
       (1) by striking subsection (a) and inserting the following:
       ``(a) Assistance.--
       ``(1) In general.--The Fund may provide funds to 
     organizations for the purpose of--
       ``(A) purchasing loans, loan participations, or interests 
     therein from community development financial institutions;
       ``(B) providing guarantees, loan loss reserves, or other 
     forms of credit enhancement to promote liquidity for 
     community development financial institutions; and
       ``(C) otherwise enhancing the liquidity of community 
     development financial institutions.
       ``(2) Construction of federal government funds.--For 
     purposes of this subsection, notwithstanding section 
     105(a)(9) of the Housing and Community Development Act of 
     1974 (42 U.S.C. 5305(a)(9)), funds provided pursuant to such 
     Act shall be considered to be Federal Government funds.'';
       (2) by striking subsection (b) and inserting the following:
       ``(b) Selection.--
       ``(1) In general.--The selection of organizations to 
     receive assistance and the amount of assistance to be 
     provided to any organization under this section shall be at 
     the discretion of the Fund and in accordance with criteria 
     established by the Fund.
       ``(2) Eligibility.--Organizations eligible to receive 
     assistance under this section--
       ``(A) shall have a primary purpose of promoting community 
     development; and
       ``(B) are not required to be community development 
     financial institutions.
       ``(3) Prioritization.--For the purpose of making an award 
     of funds under this section, the Fund shall prioritize the 
     selection of organizations that--
       ``(A) demonstrate relevant experience or an ability to 
     carry out the activities under this section, including 
     experience leading or participating in loan purchase 
     structures or purchasing or participating in the purchase of, 
     assigning, or otherwise transferring, assets from community 
     development financial institutions;
       ``(B) demonstrate the capacity to increase the number or 
     dollar volume of loan originations or expand the products or 
     services of community development financial institutions, 
     including by leveraging the award with private capital; and
       ``(C) will use the funds to support community development 
     financial institutions that represent broad geographic 
     coverage or that serve borrowers that have experienced 
     significant unmet capital or financial services needs.'';
       (3) in subsection (c), in the first sentence--
       (A) by striking ``$5,000,000'' and inserting 
     ``$20,000,000''; and
       (B) by striking ``during any 3-year period''; and
       (4) by adding at the end the following:
       ``(g) Regulations.--The Secretary may promulgate such 
     regulations as may be necessary or appropriate to carry out 
     the authorities or purposes of this section.
       ``(h) Authorization of Appropriations.--There are 
     authorized to be appropriated to the Secretary $100,000,000 
     to carry out this section, including to carry out a study on 
     the options to increase community development financial 
     institution liquidity and secondary market opportunities.''.
       (b) Emergency Capital Investment Funds.--Section 104A of 
     the Community Development Banking and Financial Institutions 
     Act of 1994 (12 U.S.C. 4703a) is amended by striking 
     subsection (l) and inserting the following:
       ``(l) Deposit of Funds.--All funds received by the 
     Secretary in connection with purchases made pursuant this 
     section, including interest payments, dividend payments, and 
     proceeds from the sale of any financial instrument, shall be 
     deposited into the Fund and used--
       ``(1) to provide financial assistance to organizations 
     pursuant to section 113; and
       ``(2) to provide financial and technical assistance 
     pursuant to section 108, except that subsection (e) of that 
     section shall be waived.''.

[[Page S4699]]

       (c) Annual Reports.--
       (1) Definitions.--In this subsection, the terms ``community 
     development financial institution'' and ``Fund'' have the 
     meanings given the terms in section 103 of the Community 
     Development Banking and Financial Institutions Act of 1994 
     (12 U.S.C. 4702).
       (2) Requirements.--Not later than 1 year after the date on 
     which assistance is first provided under section 113 of the 
     Community Development Banking and Financial Institutions Act 
     of 1994 (12 U.S.C. 4712) pursuant to the amendments made by 
     subsection (a) of this section, and annually thereafter 
     through 2028, the Secretary of the Treasury shall submit to 
     Congress a written report describing the use of the Fund for 
     the 1-year period preceding the submission of the report for 
     the purposes described in subsection (a)(1) of such section 
     113, as amended by subsection (a) of this section, which 
     shall include, with respect to the period covered by the 
     report--
       (A) the total amount of--
       (i) loans, loan participations, and interests therein 
     purchased from community development financial institutions; 
     and
       (ii) guarantees, loan loss reserves, and other forms of 
     credit enhancement provided to community development 
     financial institutions;
       (B) the effect of the purchases and guarantees made by the 
     Fund on the overall competitiveness of community development 
     financial institutions; and
       (C) the impact of the purchases and guarantees made by the 
     Fund on the liquidity of community development financial 
     institutions.
                                 ______