Microenterprise Opportunity Expansion Act
Microenterprise Opportunity Expansion Act - Amends the Social Security Act to exclude, for purposes of determining eligibility for public assistance benefits, any resources and income used primarily for a small-sized business (microenterprise) owned by an individual otherwise eligible for such assistance.
Amends the Internal Revenue Code to prescribe guidelines under which individuals starting microenterprises are entitled to unemployment compensation. Permits the use of funds in a State unemployment fund to assist eligible individuals in starting microenterprises.
Amends the Community Reinvestment Act of 1977 to treat grants and loans made to certain microenterprises by a regulated financial institution as community reinvestments.
Amends the Home Owners' Loan Act to treat as a qualified thrift investment the aggregate amount of microenterprise loans held by a savings association.
Amends the Housing and Community Development Act of 1974 to permit the use of Federal community development funds for the administrative and operating costs of entities providing support for microenterprises.
Requires each Federal banking agency to establish a division to promote microenterprises to be known as the Microenterprise Technical and Operations Office.
Directs the Financial Institutions Examination Council to study and report to the Congress on: (1) the administration of the microenterprise loan provisions of this Act; and (2) the credit needs of certain small businesses ineligible for microenterprise loans.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.