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H.R. 7709 116th Congress House

Jobs and Neighborhood Investment Act

Official title: To amend the CARES Act to establish community investment programs, and for other purposes.

Introduced: July 21, 2020 Introduced by: Gregory W. Meeks Democratic · New York See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresAppropriationsBank accounts, deposits, capitalBanking and financial institutions regulation
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Business investment and capitalCardiovascular and respiratory healthCommunity life and organizationCongressional oversightConsumer creditCredit and credit marketsDepartment of the TreasuryEconomic developmentEmergency medical services and trauma careFederal Reserve SystemFinancial literacyGovernment studies and investigationsHousing and community development fundingHousing supply and affordabilityInfectious and parasitic diseasesLow- and moderate-income housingMinority and disadvantaged businessesMinority employmentPoverty and welfare assistanceReal estate businessRural conditions and developmentSecuritiesSmall businessSocial work, volunteer service, charitable organizationsUrban and suburban affairs and development
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 21, 2020
Referred to the Committee on Financial Services, and in addition to the Committee on 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.
Jul 21, 2020
Introduced in House
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 Latest action July 21, 2020

Referred to the Committee on Financial Services, and in addition to the Committee on 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.

 Plain-English summary Congressional Research Service

Jobs and Neighborhood Investment Act

This bill establishes investment programs and generally revises provisions related to community development financial institutions and minority depository institutions.

The Department of the Treasury must establish a Neighborhood Capital Investment Program to facilitate direct capital investments in low- and moderate-income community financial institutions. To qualify for the program, these institutions must, among other things, (1) demonstrate specified lending history regarding low-and moderate-income borrowers and other targeted populations, and (2) provide details regarding plans to expand or maintain lending to certain minority communities and historically disadvantaged borrowers.

The bill also establishes the Neighborhood Loan Program through the Federal Reserve Board's emergency powers to create a credit facility for small business loans, specifically targeting low- and moderate-income community financial institutions serving low- and moderate-income and minority communities. The bill requires certain amounts available through existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to be set aside for the Community Development Financial Institutions Fund.

Regarding minority depository institutions, the bill

  • establishes the Minority Bank Deposit Program to expand the use of minority depository institutions to hold the deposits of federal departments and agencies,
  • allows new minority depository institutions to take three years to meet initial capital requirements, and
  • establishes a program allowing minority depository institutions to apply to receive deposits from certain Treasury accounts.
 Related & companion bills 1
  • S 4255 Identical bill Jobs and Neighborhood Investment Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 9
All 9 Democratic 5
MALONEY, CAROLYN
· Aug 18, 2020
 D
Beatty, Joyce
Ohio · Jul 21, 2020
CLAY, WM.
· Jul 21, 2020
 D
Cleaver, Emanuel
Missouri · Jul 21, 2020
 D
Green, Al
Texas · Jul 21, 2020
 D
Pressley, Ayanna
Massachusetts · Jul 21, 2020
 D
Scott, David
Georgia · Jul 21, 2020
 D
Tlaib, Rashida
Michigan · Jul 21, 2020
Trone, David
· Jul 21, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7709: Jobs and Neighborhood Investment Act. 116th Congress. Open America. https://openamerica.io/bill/116-HR-7709/
MLA
"H.R. 7709: Jobs and Neighborhood Investment Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-7709/.
Bluebook (legal)
H.R. 7709, 116th Cong. (2026), https://openamerica.io/bill/116-HR-7709/.
Markdown link
[H.R. 7709: Jobs and Neighborhood Investment Act](https://openamerica.io/bill/116-HR-7709/)
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