S. 4255 · 116th Congress
Jobs and Neighborhood Investment Act
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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.
D
WarnerSponsor16 cosponsors · 7 D, 9 R
D
Booker
KH
D
Harris
CS
D
Schumer
JB
R
Boozman
MC
R
Crapo
LG
R
Graham
DJ
D
Jones
JK
R
Kennedy
BM
D
Menendez
TS
R
Scott
TT
R
Tillis
CV
D
Van Hollen
RW
R
Wicker
TS
D
Smith
SD
R
Daines
CH
R
Hyde-Smith3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes investment programs and generally revises provisions related to community development financial institutions and minority depository institutions.
What it does: CRS summary · Introduced in Senate · Jul 21, 2020
Jobs and Neighborhood Investment Act
This bill 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Jobs and Neighborhood Investment Act
Latest action (Jul 21, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 21, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.