Improving Rural Access to Power Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 2391 To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure development, and for other purposes. IN THE HOUSE OF REPRESENTATIVES APRIL 29, 2019 Mr. DAVID SCOTT of Georgia (for himself and Mr. RIGGLEMAN) introduced the following bill; which was referred to the Committee on Financial Services 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 SEC. 2. COOPERATIVE ASSOCIATIONS THAT SUPPORT 6 RURAL INFRASTRUCTURE DEVELOPMENT. 7 Section 11 of the Federal Home Loan Bank Act (12 8 U.S.C. 1431) is amended by adding at the end the fol- 9 lowing: 10 VerDate Sep 11 2014 03:44 May 01, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2391.IH H2391 kjohnson on DSK79L0C42 with BILLS 2 •HR 2391 IH ‘‘(m) COOPERATIVE ASSOCIATIONS THAT SUPPORT 1 RURAL INFRASTRUCTURE DEVELOPMENT.—Each Fed- 2 eral Home Loan Bank is authorized to purchase invest- 3 ment-grade securities from nonmember lenders that are 4 organized as cooperatives and that have received financing 5 from the Federal Financing Bank and that have dem- 6 onstrated experience in making loans to cooperatives that 7 are eligible to receive loans or commitments for loans from 8 the Rural Utilities Service (or any successor agency). Such 9 securities shall be secured investments collateralized by 10 loans of the cooperative lender. The purchase of such secu- 11 rities shall be at the sole discretion of each Federal Home 12 Loan Bank, consistent with such regulations, restrictions, 13 and limitations as may be prescribed by the Agency.’’. 14 Æ VerDate Sep 11 2014 03:44 May 01, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2391.IH H2391 kjohnson on DSK79L0C42 with BILLS