Electing a certain Member to a certain standing committee of the House of Representatives.
- Last Action
- 2/24/2021
Actions
- 2021-01-04Referred 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.
- 2021-01-04Referred 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.
- 2021-01-04Introduced in House
- 2021-01-04Introduced in House
CRS Summary
As of 2021-01-04 (00)
Reenergized Economic Sustainability for Community and Urban Entities Act for Black and Community Banks or the RESCUE 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.
Cosponsors (7)
- André Carson (D-IN)
- Yvette Clarke (D-NY)
- JAMES COOPER (D-TN)
- Ro Khanna (D-CA)
- Peter Welch (D-VT)
- BARBARA LEE (D-CA)
- Ilhan Omar (D-MN)
Subjects
- Administrative law and regulatory procedures
- Administrative remedies
- Advanced technology and technological innovations
- Banking and financial institutions regulation
- Computers and information technology
- Department of the Treasury
- Government Accountability Office (GAO)
- Government information and archives
- Government studies and investigations
- Housing finance and home ownership
- Income tax credits
- Minority and disadvantaged businesses
- Racial and ethnic relations
- Securities and Exchange Commission (SEC)
- Women in business
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.