Flexible Financing for Rural America Act

Bill: 117-hr-2244
Sponsor: Rep. O'Halleran, Tom [D-AZ-1]
Introduced: 2021-03-26 in the House
Policy area: Agriculture and Food
Subjects: Agricultural prices, subsidies, credit
Appropriations
Cardiovascular and respiratory health
Department of Agriculture
Electric power generation and transmission
Emergency medical services and trauma care
Executive agency funding and structure
Government lending and loan guarantees
Infectious and parasitic diseases
Interest, dividends, interest rates
Internet and video services
Internet, web applications, social media
Public utilities and utility rates
Rural conditions and development
Telephone and wireless communication

Summary:
action_date: 2021-03-26
text: 

Flexible Financing for Rural America Act 

 
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
 
Specifically, on receipt of a request, USDA or the Department of the Treasury (in the case of a loan owned by the Federal Financing Bank) must 
 
 
adjust the interest rate on the loan to match certain interest rates for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and 
 
make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 public health emergency and to promote the financial sustainability of the borrower.
 
 
In carrying out the adjustments or modifications, USDA or Treasury shall not impose or collect any fee from, or impose any penalty on, a borrower.
 
The bill also provides funding to implement the adjustments and modifications and for the liquidation of residual intragovernmental amounts owed by the Federal Financing Bank in connection with certain loans.


Legislative actions:
action_date: 2021-06-15
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
action_date: 2021-03-29
text: Referred to the Subcommittee on Communications and Technology.
action_date: 2021-03-26
text: Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and 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: 2021-03-26
text: Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and 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: 2021-03-26
text: Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and 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: 2021-03-26
text: Introduced in House
action_date: 2021-03-26
text: Introduced in House