[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.
______