To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure development, and for other purposes.

Bill: 115-hr-2963
Sponsor: full_name: Rep. Poliquin, Bruce [R-ME-2]
Introduced: 2017-06-20
Policy area: Housing and Community Development
Subjects: Credit and credit markets

Government lending and loan guarantees

Housing and community development funding

Infrastructure development

Rural conditions and development

Securities
Latest action: action_date: 2017-06-20
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-06-20
action_desc: Introduced in House
text: <p>This bill amends the Federal Home Loan Bank Act to authorize Federal Home Loan Banks to make investments related to rural infrastructure development. Federal Home Loan Banks may purchase investment-grade securities from nonmember lenders that are organized as cooperatives, have received financing from the Federal Financing Bank, and have experience providing loans to cooperatives eligible to receive loans from the Department of Agriculture's Rural Utilities Service.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 2963 IN THE HOUSE OF REPRESENTATIVES June 20, 2017 Mr. Poliquin (for himself and Mr. David Scott of Georgia ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure development, and for other purposes.

1. Cooperative associations that support rural infrastructure development Section 11 of the Federal Home Loan Bank Act ( 12 U.S.C. 1431 ) is amended by adding at the end the following: (m) Cooperative associations that support rural infrastructure development Each Federal Home Loan Bank is authorized to purchase investment-grade securities from nonmember lenders that are organized as cooperatives and that have received financing from the Federal Financing Bank and that have demonstrated experience in making loans to cooperatives that are eligible to receive loans or commitments for loans from the Rural Utilities Service (or any successor agency). Such securities shall be secured investments collateralized by loans of the cooperative lender. The purchase of such securities shall be at the sole discretion of each Federal Home Loan Bank, consistent with such regulations, restrictions, and limitations as may be prescribed by the Agency. .