HR 2244 117th Congress House Agriculture and Food Agricultural prices, subsidies, credit Appropriations Cardiovascular and respiratory health Department of Agriculture Electric power generation and transmission Emergency medical services and trauma care Executive agency funding and structure Government lending and loan guarantees Infectious and parasitic diseases Interest, dividends, interest rates Internet and video services Internet, web applications, social media Public utilities and utility rates Rural conditions and development Telephone and wireless communication

Flexible Financing for Rural America Act

Introduced: March 26, 2021 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 15, 2021

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Mar 29, 2021

Referred to the Subcommittee on Communications and Technology.

Mar 26, 2021

Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and 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.

Mar 26, 2021

Introduced in House

Plain-English summary Congressional Research Service

Flexible Financing for Rural America Act

This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.

Specifically, on receipt of a request, USDA or the Department of the Treasury (in the case of a loan owned by the Federal Financing Bank) must

adjust the interest rate on the loan to match certain interest rates for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 public health emergency and to promote the financial sustainability of the borrower.

In carrying out the adjustments or modifications, USDA or Treasury shall not impose or collect any fee from, or impose any penalty on, a borrower.

The bill also provides funding to implement the adjustments and modifications and for the liquidation of residual intragovernmental amounts owed by the Federal Financing Bank in connection with certain loans.

What's happening now June 15, 2021

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Committees of jurisdiction 5