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H.R. 3323 117th Congress House

Federal Home Loan Banks’ Mission Implementation Act

Official title: To strengthen the ability of the Federal Home Loan Bank system to provide critical financing to address the economic crisis caused by the COVID-19 and to meet … Show full official titleShow less

Official title: To strengthen the ability of the Federal Home Loan Bank system to provide critical financing to address the economic crisis caused by the COVID-19 and to meet the short- and long-term housing and community economic development needs of low-income communities, including Tribal communities, and for other purposes.

Introduced: May 18, 2021 Introduced by: Ritchie Torres Democratic · New York See on congress.gov
Finance and Financial Sector Cardiovascular and respiratory healthChild care and developmentCommunity life and organizationCorrectional facilities and imprisonment
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Economic developmentEmergency medical services and trauma careGovernment corporations and government-sponsored enterprisesGovernment lending and loan guaranteesHousing and community development fundingHousing finance and home ownershipHousing supply and affordabilityInfectious and parasitic diseasesInfrastructure developmentLow- and moderate-income housingRural conditions and developmentSecuritiesSmall business
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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
May 18, 2021
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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.
May 18, 2021
Introduced in House
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 Latest action May 18, 2021

Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, 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

Federal Home Loan Banks' Mission Implementation Act

This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans.

Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government.

The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify.

Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB.

The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.

 Related & companion bills 1
  • S 1684 Identical bill Federal Home Loan Banks' Mission Implementation Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
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APA
U.S. Congress. (2026). H.R. 3323: Federal Home Loan Banks’ Mission Implementation Act. 117th Congress. Open America. https://openamerica.io/bill/117-HR-3323/
MLA
"H.R. 3323: Federal Home Loan Banks’ Mission Implementation Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-3323/.
Bluebook (legal)
H.R. 3323, 117th Cong. (2026), https://openamerica.io/bill/117-HR-3323/.
Markdown link
[H.R. 3323: Federal Home Loan Banks’ Mission Implementation Act](https://openamerica.io/bill/117-HR-3323/)
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