United States 116th Congress Status: Died 1 D cosponsors

HR 7709 — Jobs and Neighborhood Investment Act

Last action — Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Establishes investment programs and generally revises provisions related to community development financial institutions and minority depository institutions. The Department of the Treasury must establish a Neighborhood Capital Investment Program to facilitate direct capital investments in low- and moderate-income community financial institutions. To qualify for the program, these institutions must, among other things, (1) demonstrate specified lending history regarding low-and moderate-income borrowers and other targeted populations, and (2) provide details regarding plans to expand or maintain lending to certain minority communities and historically disadvantaged borrowers. The bill also establishes the Neighborhood Loan Program through the Federal Reserve Board's emergency powers to create a credit facility for small business loans, specifically targeting low- and moderate-income community financial institutions serving low- and moderate-income and minority communities. The bill requires certain amounts available through existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to be set aside for the Community Development Financial Institutions Fund. Regarding minority depository institutions, the bill establishes the Minority Bank Deposit Program to expand the use of minority depository institutions to hold the deposits of federal departments and agencies, allows new minority depository institutions to take three years to meet initial capital requirements, and establishes a program allowing minority depository institutions to apply to receive deposits from certain Treasury accounts.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 7709 on the official United States source →

Action History

  1. Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  2. Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  3. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

Finance and financial sector Administrative law and regulatory procedures Appropriations Bank accounts, deposits, capital Banking and financial institutions regulation Business investment and capital Cardiovascular and respiratory health Community life and organization Congressional oversight Consumer credit Credit and credit markets Department of the Treasury Economic development Emergency medical services and trauma care Federal Reserve System Financial literacy Government studies and investigations Housing and community development funding Housing supply and affordability Infectious and parasitic diseases Low- and moderate-income housing Minority and disadvantaged businesses Minority employment Poverty and welfare assistance Real estate business Rural conditions and development Securities Small business Social work, volunteer service, charitable organizations Urban and suburban affairs and development
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 7709 do?
Establishes investment programs and generally revises provisions related to community development financial institutions and minority depository institutions. The Department of the Treasury must establish a Neighborhood Capital Investment Program to facilitate direct capital investments in low- and moderate-income community financial institutions. To qualify for the program, these institutions must, among other things, (1) demonstrate specified lending history regarding low-and moderate-income borrowers and other targeted populations, and (2) provide details regarding plans to expand or maintain lending to certain minority communities and historically disadvantaged borrowers. The bill also establishes the Neighborhood Loan Program through the Federal Reserve Board's emergency powers to create a credit facility for small business loans, specifically targeting low- and moderate-income community financial institutions serving low- and moderate-income and minority communities. The bill requires certain amounts available through existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to be set aside for the Community Development Financial Institutions Fund. Regarding minority depository institutions, the bill establishes the Minority Bank Deposit Program to expand the use of minority depository institutions to hold the deposits of federal departments and agencies, allows new minority depository institutions to take three years to meet initial capital requirements, and establishes a program allowing minority depository institutions to apply to receive deposits from certain Treasury accounts.
Who sponsors HR 7709?
HR 7709 is sponsored by Gregory Meeks (D).
What is the current status of HR 7709?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 7709?
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