Uplifting Our Local Communities Act

Summary

Uplifting Our Local Communities Act This bill allows the Federal Reserve Board in unusual and exigent circumstances to authorize Federal Reserve banks to buy and sell municipal bonds and other specified financial instruments issued by a state, the District of Columbia, a U.S. territory or possession, or a federally recognized Indian Tribe. The Federal Reserve Board must revise the terms of operation of the Municipal Liquidity Facility through which the board purchases state and municipal debt. Specifically, the board must extend the operation of the facility to December 31, 2021, extend the maturity of eligible debt from three years to ten, ensure that purchases are made at an interest rate equal to the federal funds rate, allow for the purchase of the debt of U.S. territories and possessions, and reduce the minimum eligible population size for a municipality to 50,000. The bill also establishes a long-term municipal borrowing facility to provide capital for the duration of the economic disruption caused by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Additionally, the bill removes the prohibition on loan forgiveness for states and municipalities receiving specified COVID-19 aid.

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Timeline

1. 21 July 2020

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 21 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 21 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 July 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 July 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 July 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 July 2020

  Open at official source

Sponsors

• Rep. Tlaib, Rashida [D-MI-12] · D · Sponsor
• Rep. Neguse, Joe [D-CO-2] · D · Sponsor
• Jesús García · D · Sponsor
• Al Green · D · Sponsor
• ALCEE HASTINGS · D · Sponsor
• Marcy Kaptur · D · Sponsor
• CAROLYN MALONEY · D · Sponsor
• Rep. Nadler, Jerrold [D-NY-12] · D · Sponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Sponsor
• Alexandria Ocasio-Cortez · D · Sponsor
• Rep. Pressley, Ayanna [D-MA-7] · D · Sponsor
• Michael San Nicolas · D · Sponsor
• Rep. Smith, Adam [D-WA-9] · D · Sponsor
• Mark Takano · D · Sponsor
• Maxine Waters · D · Sponsor
• Jared Huffman · D · Sponsor
• · hsba00 · Standing

Related records

• related to → Uplifting Our Local Communities Act