To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID-19, and for other purposes.

I 116TH CONGRESS 2D SESSION H. R. 6381 To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID–19, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 24, 2020 Mr. GREEN of Texas (for himself, Ms. GARCIA of Texas, Mr. MEEKS, Mr. CLEAVER, and Mrs. BEATTY) introduced the following bill; which was re- ferred to the Committee on Financial Services A BILL To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority deposi- tory institutions and community development financial institutions to combat COVID–19, and for other pur- poses. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. LOANS TO MDIS AND CDFIS. 3 (a) IN GENERAL.—During the COVID–19 emergency 4 period, the Board of Governors of the Federal Reserve 5 System shall provide zero-interest loans to minority depos- 6 itory institutions and community development financial in- 7 VerDate Sep 11 2014 18:25 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6381.IH H6381 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6381 IH stitutions to help mitigate the economic impact of 1 COVID–19 in low-income, underserved communities. 2 (b) ASSET LIMITATION.—Subsection (a) shall only 3 apply to minority depository institutions and community 4 development financial institutions with less than 5 $1,000,000,000 in assets. 6 (c) INTEREST TO RESUME 18 MONTHS AFTER PAN- 7 DEMIC.—Notwithstanding subsection (a), the Board of 8 Governors shall charge interest on loans made pursuant 9 to subsection (a) after the end of the 18-month period be- 10 ginning at the end of the COVID–19 emergency period, 11 at a rate to be determined by the Board of Governors 12 based on the interest amount charged under the discount 13 window lending programs. 14 (d) COVID–19 PANDEMIC DEFINED.—In this sec- 15 tion, the term ‘‘COVID–19 emergency period’’ means the 16 period that begins upon the date of the enactment of this 17 Act and ends upon the date of the termination by the Fed- 18 eral Emergency Management Administration of the emer- 19 gency declared on March 13, 2020, by the President under 20 the Robert T. Stafford Disaster Relief and Emergency As- 21 sistance Act (42 U.S.C. 4121 et seq.) relating to the 22 Coronavirus Disease 2019 (COVID-19) pandemic. 23 Æ VerDate Sep 11 2014 18:25 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H6381.IH H6381 pamtmann on DSKBC07HB2PROD with BILLS