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United States · Bill · HR

H.R. 41 (116th)

RESCUE Act for Black and Community Banks

referredUnited States· United States Congress· EN

Introduced

3 January 2019

Last action

3 January 2019 · Introduced

Status

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.

Sponsors

Rep. Rush, Bobby L. [D-IL-1], Rep. Clarke, Yvette D. [D-NY-9], Rep. Johnson, Henry C. "Hank" [D-GA-4], Rep. Ocasio-Cortez, Alexandria [D-NY-14], Rep. Thompson, Bennie G. [D-MS-2], Rep. Jackson Lee, Sheila [D-TX-18], Rep. Omar, Ilhan [D-MN-5], Rep. Tlaib, Rashida [D-MI-12], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Cohen, Steve [D-TN-9], Rep. Hastings, Alcee L. [D-FL-20], Rep. Lee, Barbara [D-CA-12], Rep. Fudge, Marcia L. [D-OH-11], Rep. Wilson, Frederica S. [D-FL-24], Rep. Kaptur, Marcy [D-OH-9], Rep. Jayapal, Pramila [D-WA-7], Rep. Cooper, Jim [D-TN-5], Rep. Carson, André [D-IN-7], Rep. Davis, Danny K. [D-IL-7], Michael San Nicolas, Rep. Khanna, Ro [D-CA-17], Rep. Payne, Donald M., Jr. [D-NJ-10], Rep. Soto, Darren [D-FL-9], Rep. Cárdenas, Tony [D-CA-29]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 3 January 2019

    Introduced

    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.

    Source: IntroReferral

  2. 3 January 2019

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 3 January 2019

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 3 January 2019

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 3 January 2019

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 3 January 2019

    Open at official source

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Sponsors

Related records

Sources

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