S. 978 · 117th Congress
Flexible Financing for Rural America Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SmithSponsor31 cosponsors · 12 D, 19 R
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Baldwin
JB
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Boozman
SC
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Capito
JC
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Cornyn
KC
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Cramer
SD
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Daines
JE
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Ernst
MH
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Hirono
JH
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Hoeven
JI
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Inhofe
AK
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Klobuchar
MK
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Kelly
JM
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Moran
RM
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Marshall
GP
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Peters
MR
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Rounds
TS
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Scott
KS
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Sinema
BS
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Schatz
JT
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Tester
TT
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Tillis
JB
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Barrasso
BL
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Luján
LG
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Graham
CH
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Hyde-Smith
TT
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Tuberville
BC
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Cardin
RD
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Durbin
RW
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Warnock
RS
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Scott
CL
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Lummis21 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
What it does: CRS summary · Introduced in Senate · Mar 25, 2021
Flexible Financing for Rural America Act of 2021
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
Specifically, on receipt of a request, USDA or the Department of the Treasury (in the case of a loan owned by the Federal Financing Bank) must
- adjust the interest rate on the loan to match certain interest rates for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
- make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 public health emergency and to promote the financial sustainability of the borrower.
In carrying out the adjustments or modifications, USDA or Treasury shall not impose or collect any fee from, or impose any penalty on, a borrower.
The bill also provides funding to implement the adjustments and modifications and for the liquidation of residual intragovernmental amounts owed by the Federal Financing Bank in connection with certain loans.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Flexible Financing for Rural America Act of 2021
Latest action (Mar 25, 2021): Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Policy area: Agriculture and Food · Origin: Senate · Introduced: Mar 25, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.