Uplifting Our Local Communities Act
Latest action · Jul 21, 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.
- IntroducedJul 21, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 15
Members who signed on, in the order they did. All signed on Jul 21, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WA | Adam Smith | Original | Jul 21, 2020 |
| D-TX | Al Green | Original | Jul 21, 2020 |
| D-FL | Alcee L. Hastings | Original | Jul 21, 2020 |
| D-NY | Alexandria Ocasio-Cortez | Original | Jul 21, 2020 |
| D-MA | Ayanna Pressley | Original | Jul 21, 2020 |
| D-NY | Carolyn B. Maloney | Original | Jul 21, 2020 |
| D-DC | Eleanor Holmes Norton | Original | Jul 21, 2020 |
| D-CA | Jared Huffman | Original | Jul 21, 2020 |
| D-NY | Jerrold Nadler | Original | Jul 21, 2020 |
| D-IL | Jesús G. "Chuy" García | Original | Jul 21, 2020 |
| D-CO | Joe Neguse | Original | Jul 21, 2020 |
| D-OH | Marcy Kaptur | Original | Jul 21, 2020 |
| D-CA | Mark Takano | Original | Jul 21, 2020 |
| D-CA | Maxine Waters | Original | Jul 21, 2020 |
| D-GU | Michael F. Q. San Nicolas | Original | Jul 21, 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 Jul 21, 2020 |
Actions 2
Everything that happened, newest first.
- Jul 21, 2020Introduced in House
- Jul 21, 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. 128, July 21, 2020, page H3612.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 7498 | Uplifting Our Local Communities Act | Identical bill | Jul 6, 2020 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To authorize Federal reserve banks to purchase COVID-19 related municipal issuances, and for other purposes.
- Short Title(s) as Introduced
- Uplifting Our Local Communities Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Appropriations
- Cardiovascular and respiratory health
- Credit and credit markets
- Economic performance and conditions
- Emergency medical services and trauma care
- Federal Reserve System
- Finance and Financial Sector
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Securities
- State and local finance
- U.S. territories and protectorates
Text 1
Each version as it was printed, newest first.
- Jul 21, 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.
