HR 7809 · 116th Congress 2019–2021, ended

HOPE Act of 2020

Introduced Jul 29, 2020 Originated House Sponsor Van Taylor R-TX

Latest action · Jul 29, 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 29, 2020
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Helping Open Properties Endeavor Act of 2020 or the HOPE Act of 2020

This bill establishes an equity facility in the Department of the Treasury to assist commercial mortgage borrowers. Specifically, Treasury must guarantee the purchase by financial institutions of certain equity instruments backed by a commercial mortgage. The bill defines commercial mortgage as a mortgage loan secured by an interest in real property owned for rental income. Borrowers with reduced revenues from their commercial property may qualify for an amount not to exceed 10% of the outstanding amount owed on their commercial mortgage.

The bill sets forth eligibility requirements for borrowers, as well as requirements for the equity instruments, including rates, fees, repayment, and the rights of purchasers.

Cosponsors 78

Members who signed on, in the order they did. Signatures ran from Jul 29, 2020 to Dec 2, 2020; 2 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-FL	Al Lawson, Jr.	Original	Jul 29, 2020
R-KY	Andy Barr	Original	Jul 29, 2020
R-TN	David Kustoff		Jul 31, 2020
R-MN	Jim Hagedorn		Jul 31, 2020
R-WI	Glenn Grothman		Aug 4, 2020
D-CA	Harley Rouda		Aug 4, 2020
D-TX	Vicente Gonzalez		Aug 4, 2020
R-PA	Brian K. Fitzpatrick		Aug 7, 2020
R-WA	Cathy McMorris Rodgers		Aug 7, 2020
R-IN	Greg Pence		Aug 7, 2020
R-MS	Michael Guest		Aug 7, 2020
R-NC	David Rouzer		Aug 11, 2020
D-HI	Ed Case		Aug 11, 2020
R-FL	Bill Posey		Aug 21, 2020
R-AR	Bruce Westerman		Aug 21, 2020
R-NC	Dan Bishop		Aug 21, 2020
R-PA	Guy Reschenthaler		Aug 21, 2020
D-NJ	Jefferson Van Drew		Aug 21, 2020
R-SC	Ralph Norman		Aug 21, 2020
R-NC	Richard Hudson		Aug 21, 2020
R-NY	Tom Reed		Aug 21, 2020
D-FL	Charlie Crist		Aug 22, 2020
D-MN	Dean Phillips		Aug 22, 2020
R-NE	Don Bacon		Aug 25, 2020
R-MI	Jack Bergman		Aug 25, 2020
R-OH	Steve Stivers		Aug 25, 2020
R-NC	Ted Budd		Aug 25, 2020
R-OH	Anthony Gonzalez		Sep 4, 2020
R-MI	John R. Moolenaar		Sep 4, 2020
R-AZ	David Schweikert		Sep 11, 2020
R-MI	Fred Upton		Sep 11, 2020
D-SC	Joe Cunningham		Sep 11, 2020
R-NY	John Katko		Sep 11, 2020
R-TX	John R. Carter		Sep 11, 2020
D-CA	Josh Harder		Sep 11, 2020
D-AZ	Raúl M. Grijalva		Sep 11, 2020
R-OH	Robert E. Latta		Sep 11, 2020
R-MI	Tim Walberg		Sep 11, 2020
R-AZ	Debbie Lesko		Sep 14, 2020
R-IN	James R. Baird		Sep 14, 2020
D-OK	Kendra S. Horn		Sep 14, 2020
R-AL	Bradley Byrne		Sep 15, 2020
R-OK	Kevin Hern		Sep 15, 2020
D-FL	Alcee L. Hastings		Sep 16, 2020
R-WV	Alexander X. Mooney		Sep 16, 2020
R-MI	Bill Huizenga		Sep 16, 2020
R-FL	Daniel Webster		Sep 16, 2020
R-SC	Joe Wilson		Sep 16, 2020
R-TX	Lance Gooden		Sep 16, 2020
R-IN	Larry Bucshon		Sep 17, 2020
R-GA	Tom Graves		Sep 17, 2020
R-VA	Denver Riggleman		Sep 22, 2020
D-MI	Elissa Slotkin		Sep 22, 2020
R-IN	Jackie Walorski		Sep 22, 2020
R-UT	John R. Curtis		Sep 22, 2020
D-CA	Norma J. Torres		Sep 22, 2020
R-MO	Jason Smith		Sep 23, 2020
R-MN	Pete Stauber		Sep 23, 2020
D-CA	Raul Ruiz		Sep 24, 2020
R-MO	Ann Wagner		Sep 29, 2020
D-IL	Bill Foster		Sep 29, 2020
R-PA	Fred Keller		Sep 29, 2020
R-WI	Thomas P. Tiffany		Sep 29, 2020
R-GA	Barry Loudermilk		Sep 30, 2020
R-FL	Francis Rooney		Sep 30, 2020
D-CA	Ami Bera		Oct 1, 2020
R-IL	Darin LaHood		Oct 1, 2020
D-IL	Mike Quigley		Oct 1, 2020
D-IL	Raja Krishnamoorthi		Oct 1, 2020
D-MD	David J. Trone		Oct 9, 2020
R-KY	James Comer		Oct 9, 2020
D-MI	Haley M. Stevens		Oct 16, 2020
R-OK	Tom Cole		Oct 16, 2020
D-TX	Henry Cuellar		Oct 20, 2020
D-CA	Grace F. Napolitano		Oct 23, 2020
D-FL	Stephanie N. Murphy		Oct 23, 2020
R-OH	David P. Joyce		Nov 2, 2020
R-MN	Tom Emmer		Dec 2, 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 29, 2020

Actions 2

Everything that happened, newest first.

Jul 29, 2020Introduced in House
Jul 29, 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

Congress has the power to enact this legislation pursuant to the following: Article I, Section 8, Clause 18 of the United States Constitution: ``To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.''

The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 134, July 29, 2020, page H3980.

CRS reports 1

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 1

Products on other subjects that cite it, usually among other measures.

Product	Title	Kind	Published
R46572	COVID-19 and the Future of Commercial Real Estate Finance Archived	Report	Oct 19, 2020

Titles 3

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To require the Secretary of the Treasury to establish a HOPE Preferred Equity Facility to guarantee certain financial investments of commercial borrowers affected by COVID-19, and for other purposes.
Short Title(s) as Introduced: HOPE Act of 2020; Helping Open Properties Endeavor Act of 2020

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

Jul 29, 2020Introduced in House

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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.