Jobs and Neighborhood Investment Act

Summary

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.

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Timeline

1. 21 July 2020

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 21 July 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 21 July 2020 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 July 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 July 2020

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 21 July 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Warner, Mark R. [D-VA] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Harris, Kamala D. [D-CA] · D · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Cosponsor
• Sen. Van Hollen, Chris [D-MD] · D · Cosponsor
• Sen. Jones, Doug [D-AL] · D · Cosponsor
• Sen. Tillis, Thomas [R-NC] · R · Cosponsor
• Sen. Crapo, Mike [R-ID] · R · Cosponsor
• Sen. Boozman, John [R-AR] · R · Cosponsor
• Sen. Kennedy, John [R-LA] · R · Cosponsor
• Sen. Scott, Tim [R-SC] · R · Cosponsor
• Sen. Graham, Lindsey [R-SC] · R · Cosponsor
• Sen. Wicker, Roger F. [R-MS] · R · Cosponsor
• Sen. Smith, Tina [D-MN] · D · Cosponsor
• Sen. Daines, Steve [R-MT] · R · Cosponsor
• Sen. Hyde-Smith, Cindy [R-MS] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to ← Jobs and Neighborhood Investment Act