Jobs and Neighborhood Investment Act

Bill: 116-hr-7709
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Introduced: 2020-07-21 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Appropriations
Bank accounts, deposits, capital
Banking and financial institutions regulation
Business investment and capital
Cardiovascular and respiratory health
Community life and organization
Congressional oversight
Consumer credit
Credit and credit markets
Department of the Treasury
Economic development
Emergency medical services and trauma care
Federal Reserve System
Financial literacy
Government studies and investigations
Housing and community development funding
Housing supply and affordability
Infectious and parasitic diseases
Low- and moderate-income housing
Minority and disadvantaged businesses
Minority employment
Poverty and welfare assistance
Real estate business
Rural conditions and development
Securities
Small business
Social work, volunteer service, charitable organizations
Urban and suburban affairs and development

Summary:
action_date: 2020-07-21
text: 

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. 
 


Legislative actions:
action_date: 2020-07-21
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, 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.
action_date: 2020-07-21
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, 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.
action_date: 2020-07-21
text: Introduced in House
action_date: 2020-07-21
text: Introduced in House