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     Federal Home Loan Banks' Mission Implementation Act
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     &lt;p&gt;&lt;strong&gt;Federal Home Loan Banks' Mission Implementation Act &lt;/strong&gt;&lt;/p&gt; &lt;p&gt;This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans. &lt;/p&gt; &lt;p&gt;Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government. &lt;/p&gt; &lt;p&gt;The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify. &lt;/p&gt; &lt;p&gt;Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB. &lt;/p&gt; &lt;p&gt;The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.&lt;/p&gt;
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   Federal Home Loan Banks’ Mission Implementation Act
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     To strengthen the ability of the Federal Home Loan Bank system to provide critical financing to address the economic crisis caused by the COVID-19 and to meet the short- and long-term housing and community economic development needs of low-income communities, including Tribal communities, and for other purposes.
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H11100
2021-05-18
Small Business Committee
hssm00
2
House floor actions
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
IntroReferral
H11100
2021-05-18
Ways and Means Committee
hswm00
2
House floor actions
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
IntroReferral
H11100
2021-05-18
Financial Services Committee
hsba00
2
House floor actions
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
IntroReferral
Intro-H
2021-05-18
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-05-18
9
Library of Congress
Introduced in House
IntroReferral
2021-05-18T14:03:45Z
Referred to
House
Small Business Committee
hssm00
Standing
2021-05-18T14:03:40Z
Referred to
House
Ways and Means Committee
hswm00
Standing
2021-05-18T14:03:35Z
Referred to
House
Financial Services Committee
hsba00
Standing
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-05-18
2021-05-18
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
House
Finance and Financial Sector
2021-05-18
Read twice and referred to the Committee on Finance.
CRS
Identical bill
Federal Home Loan Banks' Mission Implementation Act
S
T000486
15
Ritchie
Rep. Torres, Ritchie [D-NY-15]
N
Torres
D
NY
Cardiovascular and respiratory health Child care and development Community life and organization Correctional facilities and imprisonment Economic development Emergency medical services and trauma care Government corporations and government-sponsored enterprises Government lending and loan guarantees Housing and community development funding Housing finance and home ownership Housing supply and affordability Infectious and parasitic diseases Infrastructure development Low- and moderate-income housing Rural conditions and development Securities Small business
2021-05-18
Introduced in House
 <p><strong>Federal Home Loan Banks' Mission Implementation Act </strong></p> <p>This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans. </p> <p>Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government. </p> <p>The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify. </p> <p>Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB. </p> <p>The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.</p>
2021-10-21T15:02:29Z
00
2021-05-18T04:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr3323ih/xml/BILLS-117hr3323ih.xml
Federal Home Loan Banks’ Mission Implementation Act
Federal Home Loan Banks’ Mission Implementation Act
Display Title
IH
Introduced in House
To strengthen the ability of the Federal Home Loan Bank system to provide critical financing to address the economic crisis caused by the COVID-19 and to meet the short- and long-term housing and community economic development needs of low-income communities, including Tribal communities, and for other purposes.
Official Title as Introduced
IH
Introduced in House
Federal Home Loan Banks’ Mission Implementation Act
Short Title(s) as Introduced
HR
2023-03-08T19:58:39Z
2023-03-08T19:58:39Z
3.0.0
2021-05-18
Read twice and referred to the Committee on Finance.
CRS
Identical bill
Federal Home Loan Banks' Mission Implementation Act
S
H11100
2021-05-18
Small Business Committee
hssm00
2
House floor actions
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
IntroReferral
H11100
2021-05-18
Ways and Means Committee
hswm00
2
House floor actions
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
IntroReferral
H11100
2021-05-18
Financial Services Committee
hsba00
2
House floor actions
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
IntroReferral
Intro-H
2021-05-18
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-05-18
9
Library of Congress
Introduced in House
IntroReferral
T000486
15
Ritchie
Rep. Torres, Ritchie [D-NY-15]
N
Torres
D
NY
Cardiovascular and respiratory health Child care and development Community life and organization Correctional facilities and imprisonment Economic development Emergency medical services and trauma care Government corporations and government-sponsored enterprises Government lending and loan guarantees Housing and community development funding Housing finance and home ownership Housing supply and affordability Infectious and parasitic diseases Infrastructure development Low- and moderate-income housing Rural conditions and development Securities Small business
2021-05-18
Introduced in House
 <p><strong>Federal Home Loan Banks' Mission Implementation Act </strong></p> <p>This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans. </p> <p>Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government. </p> <p>The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify. </p> <p>Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB. </p> <p>The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.</p>
2021-10-21T15:02:29Z
00
Federal Home Loan Banks’ Mission Implementation Act
Federal Home Loan Banks’ Mission Implementation Act
Display Title
IH
Introduced in House
To strengthen the ability of the Federal Home Loan Bank system to provide critical financing to address the economic crisis caused by the COVID-19 and to meet the short- and long-term housing and community economic development needs of low-income communities, including Tribal communities, and for other purposes.
Official Title as Introduced
IH
Introduced in House
Federal Home Loan Banks’ Mission Implementation Act
Short Title(s) as Introduced
2021-05-18
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.