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HR 7498 116th Congress House Finance and Financial Sector Appropriations Cardiovascular and respiratory health Credit and credit markets Economic performance and conditions Emergency medical services and trauma care Federal Reserve System Infectious and parasitic diseases Interest, dividends, interest rates Securities State and local finance U.S. territories and protectorates

Uplifting Our Local Communities Act

Introduced: July 6, 2020 Introduced by: Tlaib, Rashida Democratic · Michigan See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 6, 2020
Referred to the House Committee on Financial Services.
Jul 6, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Uplifting Our Local Communities Act

This bill allows the Federal Reserve Board in unusual and exigent circumstances to authorize Federal Reserve banks to buy and sell municipal bonds and other specified financial instruments issued by a state, the District of Columbia, a U.S. territory or possession, or a federally recognized Indian Tribe.

The Federal Reserve Board must revise the terms of operation of the Municipal Liquidity Facility through which the board purchases state and municipal debt. Specifically, the board must

  • extend the operation of the facility to December 31, 2021,
  • extend the maturity of eligible debt from three years to ten,
  • ensure that purchases are made at an interest rate equal to the federal funds rate,
  • allow for the purchase of the debt of U.S. territories and possessions, and
  • reduce the minimum eligible population size for a municipality to 50,000.

The bill also establishes a long-term municipal borrowing facility to provide capital for the duration of the economic disruption caused by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Additionally, the bill removes the prohibition on loan forgiveness for states and municipalities receiving specified COVID-19 aid.

What's happening now July 6, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1