Bill > S2464

This bill, known as the Community Investment and Prosperity Act, aims to increase the amount of investments that national banks and state member banks can make to promote public welfare. Specifically, the bill modifies two existing statutes by changing the percentage limit on such investments from 15% to 20%. This means that national banking associations and state member banks will now be allowed to invest a larger portion of their resources into projects or initiatives that are deemed to benefit the public good, such as community development, affordable housing, or economic revitalization efforts. The modifications are made to two key pieces of financial legislation: the Revised Statutes of the United States and the Federal Reserve Act. By raising the investment threshold, the bill seeks to provide these financial institutions with more flexibility to support community-oriented projects and potentially stimulate economic development in underserved areas.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2464/all-info