Investing in Rural America Act

Summary

Investing in Rural America Act This bill allows Farm Credit System (FCS) institutions to provide financing and technical assistance for essential community facility projects as part of the Department of Agriculture's Community Facilities Direct Loan & Grant Program. (This program provides funding to develop essential community facilities in rural areas.) The FCS financing and technical assistance may be provided in order to make capital available to develop, build, maintain, improve, or provide other support for essential community facilities in rural communities (e.g., certain facilities that provide healthcare, community support, public safety, educational, or utility services).  Under the bill, the financing provided by an FCS institution may not exceed 15% of the institution’s total assets unless the FCS institution offers at least one non-FCS lending institution an interest in the financing under reasonable terms and conditions acceptable to the borrower. The FCS institution must also report the offer to the Farm Credit Administration (FCA). The FCA must submit an annual report to Congress on the activities undertaken by FCS institutions under this bill, including through the partnerships between FCS institutions and other lending institutions. The FCA must post the report on the agency's website. 

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Timeline

1. 19 July 2023

   Introduced

   Referred to the House Committee on Agriculture.

   Source: IntroReferral

2. 19 July 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 July 2023

   Introduced

   Introduced in House

   Source: IntroReferral

4. 24 August 2023

   Referred

   Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 July 2023 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 July 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 July 2023

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 July 2023

  Open at official source

Sponsors

• Rep. Fischbach, Michelle [R-MN-7] · R · Sponsor
• Rep. Davis, Donald G. [D-NC-1] · D · Sponsor
• Rep. Finstad, Brad [R-MN-1] · R · Sponsor
• Yadira Caraveo · D · Sponsor
• Rep. Miller, Mary E. [R-IL-15] · R · Cosponsor
• Rep. Budzinski, Nikki [D-IL-13] · D · Cosponsor
• Tracey Mann · R · Cosponsor
• Rep. Sorensen, Eric [D-IL-17] · D · Cosponsor
• Zachary Nunn · R · Cosponsor
• Rep. Salinas, Andrea [D-OR-6] · D · Cosponsor
• Lloyd Smucker · R · Cosponsor
• Rep. Craig, Angie [D-MN-2] · D · Cosponsor
• David Valadao · R · Cosponsor
• Rep. Tokuda, Jill N. [D-HI-2] · D · Cosponsor
• Rep. Cammack, Kat [R-FL-3] · R · Cosponsor
• Rep. Bishop, Sanford D. [D-GA-2] · D · Cosponsor
• Rep. Stauber, Pete [R-MN-8] · R · Cosponsor
• Rep. Crockett, Jasmine [D-TX-30] · D · Cosponsor
• Derrick Van Orden · R · Cosponsor
• Josh Harder · D · Cosponsor
• David Trone · D · Cosponsor
• Nicholas Langworthy · R · Cosponsor
• Lori Chavez-DeRemer · R · Cosponsor
• · hsag00 · Standing

Related records

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