H.R. 41 · 116th Congress
RESCUE Act for Black and Community Banks
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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RushSponsor23 cosponsors · 23 D
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Jackson Lee
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Cárdenas0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Reenergized Economic Sustainability for Community and Urban Entities Act for Black and Community Banks or the RESCUE Act for Black and Community Banks
What it does: CRS summary · Introduced in House · Jan 3, 2019
Reenergized Economic Sustainability for Community and Urban Entities Act for Black and Community Banks or the RESCUE Act for Black and Community Banks
This bill establishes programs and requirements related to minority banks, black banks, community banks, women's banks, and low-income credit unions.
The bill establishes the Office of Black and Community Banks in the Office of the Comptroller of the Currency (OCC) to oversee black and community banks. The OCC and the Securities and Exchange Commission must exempt these banks from specified securities and federal banking regulations in certain circumstances.
The bill also establishes the Minority Bank Deposit Program. The Department of the Treasury must certify a depository institution or credit union upon successful application as a minority bank, a women's bank, or a low-income credit union. Every federal department and agency is directed to implement standards and procedures to ensure the use of such institutions to serve the financial needs of the department or agency.
The Government Accountability Office must study the use of the new markets tax credit, lower-value home mortgages, and blockchain investments.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: RESCUE Act for Black and Community Banks
Also known as: Reenergized Economic Sustainability for Community and Urban Entities Act for Black and Community Banks
Latest action (Jan 3, 2019): Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, 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.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 3, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.