To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID-19, and for other purposes.
Latest action · Mar 24, 2020 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 24, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill requires the Federal Reserve Board to provide interest-free loans to small minority depository institutions and small community development financial institutions during the COVID-19 (i.e., coronavirus disease 2019) emergency period. The board must charge interest on these loans beginning 18 months after the end of the emergency period.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Mar 24, 2020 to May 5, 2020; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MO | Emanuel Cleaver | Original | Mar 24, 2020 |
| D-NY | Gregory W. Meeks | Original | Mar 24, 2020 |
| D-OH | Joyce Beatty | Original | Mar 24, 2020 |
| D-TX | Sylvia R. Garcia | Original | Mar 24, 2020 |
| D-CA | Maxine Waters | May 5, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 24, 2020 |
Actions 2
Everything that happened, newest first.
- Mar 24, 2020Introduced in House
- Mar 24, 2020Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 58, March 24, 2020, page H1722.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6321 | Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act | Related bill | Mar 23, 2020 |
| HR 6379 | Workforce Emergency Response Act of 2020 | Related bill | Mar 23, 2020 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID-19, and for other purposes.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Bank accounts, deposits, capital
- Cardiovascular and respiratory health
- Economic performance and conditions
- Emergency medical services and trauma care
- Finance and Financial Sector
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Minority and disadvantaged businesses
- Poverty and welfare assistance
Text 1
Each version as it was printed, newest first.
- Mar 24, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
