Bill > HR41

Introduced Session

RESCUE Act for Black and Community Banks Reenergized Economic Sustainability for Community and Urban Entities Act for Black and Community Banks This bill establishes programs and requirements related to minority banks, black banks, community banks, women's banks, and low-income credit unions. The bill establishes the Office of Black and Community Banks in the Office of the Comptroller of the Currency (OCC) to oversee black and community banks. The OCC and the Securities and Exchange Commission must exempt these banks from specified securities and federal banking regulations in certain circumstances. The bill also establishes the Minority Bank Deposit Program. The Department of the Treasury must certify a depository institution or credit union upon successful application as a minority bank, a women's bank, or a low-income credit union. Every federal department and agency is directed to implement standards and procedures to ensure the use of such institutions to serve the financial needs of the department or agency. The Government Accountability Office must study the use of the new markets tax credit, lower-value home mortgages, and blockchain investments.

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Committee Categories

Bobby Rush (D)*,  Tony Cárdenas (D),  André Carson (D),  Yvette Clarke (D),  Steve Cohen (D),  Jim Cooper (D),  Danny Davis (D),  Marcia Fudge (D),  Raúl Grijalva (D),  Alcee Hastings (D),  Sheila Jackson-Lee (D),  Pramila Jayapal (D),  Hank Johnson (D),  Marcy Kaptur (D),  Ro Khanna (D),  Barbara Lee (D),  Alexandria Ocasio-Cortez (D),  Ilhan Omar (D),  Donald Payne (D),  Michael San Nicolas (D),  Darren Soto (D),  Bennie Thompson (D),  Rashida Tlaib (D),  Frederica Wilson (D), 

Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, 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. (on 01/03/2019)

Official Document