US HR6328

Bill

Emergency Relief for State, Territorial and Local Governments Act of 2020

Introduced
03/23/2020

In Committee
03/23/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To authorize Federal reserve banks to purchase COVID-19 related municipal issuances, and for other purposes. This bill requires the Federal Reserve Board to purchase municipal bonds issued in response to the COVID-19 (i.e., coronavirus disease 2019) emergency and otherwise modifies the terms under which the board may generally purchase municipal bonds.

AI Summary

This bill authorizes the Federal Reserve Board to purchase municipal bonds issued in response to the COVID-19 pandemic between March 1, 2020, and July 1, 2021, in order to fund public health or public service responses, such as the purchase of medical equipment and facilities, delivery of basic living supports, and maintenance of basic public services. The bill requires the Federal Reserve Board to establish policies and procedures to directly purchase these municipal bonds at an interest cost that does not exceed the federal funds rate target for short-term interbank lending, and to review such purchases over the following three-year period to ensure the funds were used for legitimate pandemic-related purposes.

Committee Categories

Business and Industry

Sponsors (24)

Rashida Tlaib (D)*, Alma Adams (D), André Carson (D), Danny Davis (D), Sylvia Garcia (D), Chuy García (D), Al Green (D), Debra Haaland (D), Pramila Jayapal (D), Andy Levin (D), Carolyn Maloney (D), Jerry Nadler (D), Joe Neguse (D), Eleanor Holmes Norton (D), Alexandria Ocasio-Cortez (D), Ilhan Omar (D), Mark Pocan (D), Ayanna Pressley (D), Jamie Raskin (D), Harley Rouda (D), Michael San Nicolas (D), Darren Soto (D), Nydia Velázquez (D), Bonnie Watson Coleman (D),

Last Action

Referred to the House Committee on Financial Services. (on 03/23/2020)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/6328/all-info

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/6328/all-info
BillText	https://www.congress.gov/116/bills/hr6328/BILLS-116hr6328ih.pdf
Bill	https://www.congress.gov/116/bills/hr6328/BILLS-116hr6328ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR6321	Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act	Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Labor, Small Business, the Judiciary, and Agriculture, 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.	Related
HR6379	Take Responsibility for Workers and Families Act Workforce Emergency Response Act of 2020	Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and 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.	Related

Bill > HR6328

US HR6328

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (24)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary