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HR 1121 105th Congress House

Financial Freedom Act of 1997

Official title: To amend the Federal Credit Union Act to clarify existing law and ratify the longstanding policy of the National Credit Union Administration Board with regard … Show full official titleShow less

Official title: To amend the Federal Credit Union Act to clarify existing law and ratify the longstanding policy of the National Credit Union Administration Board with regard to field of membership of Federal credit unions and to repeal the Community Reinvestment Act of 1977, and to provide for a reduced tax rate for qualified community lenders.

Introduced: March 19, 1997 See on congress.gov
Finance and Financial Sector Bank loansBusiness income taxCommerceCommunity development banking
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Corporation taxesCost of living adjustmentsCredit unionsEconomics and Public FinanceIncome taxIndexing (Economic policy)Tax ratesTaxation
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 28, 1997
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mar 19, 1997
Referred to House Ways and Means
Mar 19, 1997
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, 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.
Mar 19, 1997
Referred to House Banking and Financial Services
Mar 19, 1997
Introduced in House
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 Latest action March 28, 1997

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Plain-English summary Congressional Research Service

Financial Freedom Act of 1997 - Amends the Federal Credit Union Act to limit Federal credit union membership to one or more groups each of which has a common bond within such group.

Repeals the Community Reinvestment Act of 1977.

Amends the Internal Revenue Code to reduce the corporate tax rate for qualified community lenders.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Republican 1
R
Graham, Lindsey
South Carolina · Nov 7, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1121: Financial Freedom Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-1121/
MLA
"H.R. 1121: Financial Freedom Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-1121/.
Bluebook (legal)
H.R. 1121, 105th Cong. (2026), https://openamerica.io/bill/105-HR-1121/.
Markdown link
[H.R. 1121: Financial Freedom Act of 1997](https://openamerica.io/bill/105-HR-1121/)
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