Text: H.R.7121 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (06/08/2020)

 
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7121 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7121

  To authorize appropriations for the Community Development Financial 
    Institutions Fund providing financial assistance and technical 
  assistance for the benefit of certain minority communities, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 8, 2020

  Ms. Adams introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To authorize appropriations for the Community Development Financial 
    Institutions Fund providing financial assistance and technical 
  assistance for the benefit of certain minority communities, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND.

    (a) In General.--There is authorized to be appropriated to the 
Community Development Financial Institutions Fund, out of amounts in 
the general fund not otherwise appropriated, $5,000,000,000 for fiscal 
year 2020, for providing financial assistance and technical assistance 
under subparagraphs (A) and (B) of section 108(a)(1) of the Community 
Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 
4707(a)(1)), except that subsections (d) and (e) of such section 108 
shall not apply to the provision of such assistance, for the Bank 
Enterprise Award program, and for financial assistance, technical 
assistance, training, and outreach programs designed to benefit Native 
American, Native Hawaiian, and Alaska Native communities and provided 
primarily through qualified community development lender organizations 
with experience and expertise in community development banking and 
lending in Indian country, Native American organizations, Tribes and 
Tribal organizations, and other suitable providers. Of the amount 
appropriated pursuant to this heading, not less than $2,000,000,000 
shall be for providing financial assistance, technical assistance, 
awards, training, and outreach programs described above to recipients 
that are minority lending institutions.
    (b) Definitions.--For purposes of this section:
            (1) Minority lending institution.--The term ``minority 
        lending institution'' means any depository institution, loan 
        fund, or other financial institution that--
                    (A) if a privately owned institution, 51 percent is 
                owned by one or more socially and economically 
                disadvantaged individuals;
                    (B) if publicly owned, 51 percent of the stock is 
                owned by one or more socially and economically 
                disadvantaged individuals; and
                    (C) in the case of a mutual institution, where the 
                majority of the Board of Directors, account holders, 
                and the community which it services is predominantly 
                minority.
            (2) Minority.--The term ``minority'' means any black 
        American, Native American, Hispanic American, or Asian 
        American.
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