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Financial Support for Communities and Small Businesses Post-COVID-19

This act aims to strengthen the Federal Home Loan Bank system to better support economic recovery after the COVID-19 pandemic. It facilitates access to financing for small businesses, community development financial institutions, and increases funds for housing programs and economic development in low-income areas, including Tribal communities. Citizens may experience improved access to affordable housing and support for local businesses.
Key points
Increased loan availability for small businesses: Home Loan Banks can now more easily accept small business loans as collateral, making it easier for them to obtain financing.
Support for low-income communities: Funds for affordable housing programs have been increased, with a dedicated portion for Native American communities, and investment programs for economic development in distressed areas have been created.
Facilitation for financial institutions: Community development financial institutions and credit unions can more easily obtain support, leading to better access to financial services for citizens.
Support for local governments: Banks can issue letters of credit to support the financial liquidity of local and state government entities, aiding in the financing of public projects.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_1684
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2021-05-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Home Loan Banks' Mission Implementation Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1684.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-05-18.

What are the main provisions?

Key points include:

  • Increased loan availability for small businesses: Home Loan Banks can now more easily accept small business loans as collateral, making it easier for them to obtain financing.
  • Support for low-income communities: Funds for affordable housing programs have been increased, with a dedicated portion for Native American communities, and investment programs for economic development in distressed areas have been created.
  • Facilitation for financial institutions: Community development financial institutions and credit unions can more easily obtain support, leading to better access to financial services for citizens.
  • Support for local governments: Banks can issue letters of credit to support the financial liquidity of local and state government entities, aiding in the financing of public projects.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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