Improving Rural Access to Power Act of 2019

II 116TH CONGRESS 1ST SESSION S. 619 To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure development, and for other purposes. IN THE SENATE OF THE UNITED STATES FEBRUARY 28, 2019 Mr. TESTER (for himself and Mr. MORAN) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure de- velopment, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Improving Rural Ac- 4 cess to Power Act of 2019’’. 5 VerDate Sep 11 2014 03:04 Mar 07, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S619.IS S619 kjohnson on DSK79L0C42 with BILLS 2 •S 619 IS SEC. 2. COOPERATIVE ASSOCIATIONS THAT SUPPORT 1 RURAL INFRASTRUCTURE DEVELOPMENT. 2 Section 11 of the Federal Home Loan Bank Act (12 3 U.S.C. 1431) is amended by adding at the end the fol- 4 lowing: 5 ‘‘(m) COOPERATIVE ASSOCIATIONS THAT SUPPORT 6 RURAL INFRASTRUCTURE DEVELOPMENT.— 7 ‘‘(1) IN GENERAL.—Each Federal Home Loan 8 Bank is authorized to purchase investment-grade se- 9 curities from nonmember lenders that— 10 ‘‘(A) are organized as cooperatives; 11 ‘‘(B) have received financing from the Fed- 12 eral Financing Bank; and 13 ‘‘(C) have demonstrated experience in 14 making loans to cooperatives that are eligible to 15 receive loans or commitments for loans from 16 the Rural Utilities Service (or any successor 17 agency). 18 ‘‘(2) SECURED INVESTMENTS.—The securities 19 described in paragraph (1) shall be secured invest- 20 ments collateralized by loans of the cooperative lend- 21 er. 22 ‘‘(3) DISCRETION.—The purchase of the securi- 23 ties described in paragraph (1) shall be at the sole 24 discretion of each Federal Home Loan Bank, con- 25 VerDate Sep 11 2014 03:04 Mar 07, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S619.IS S619 kjohnson on DSK79L0C42 with BILLS 3 •S 619 IS sistent with such regulations, restrictions, and limi- 1 tations as may be prescribed by the Agency.’’. 2 Æ VerDate Sep 11 2014 03:04 Mar 07, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S619.IS S619 kjohnson on DSK79L0C42 with BILLS