Flexible Financing for Rural America Act
- Last Action
- 6/15/2021
Actions
- 2021-06-15Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- 2021-03-29Referred to the Subcommittee on Communications and Technology.
- 2021-03-26Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, 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.
- 2021-03-26Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, 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.
- 2021-03-26Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, 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.
- 2021-03-26Introduced in House
- 2021-03-26Introduced in House
CRS Summary
As of 2021-03-26 (00)
Flexible Financing for Rural America Act
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
Specifically, on receipt of a request, USDA or the Department of the Treasury (in the case of a loan owned by the Federal Financing Bank) must
- adjust the interest rate on the loan to match certain interest rates for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
- make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 public health emergency and to promote the financial sustainability of the borrower.
In carrying out the adjustments or modifications, USDA or Treasury shall not impose or collect any fee from, or impose any penalty on, a borrower.
The bill also provides funding to implement the adjustments and modifications and for the liquidation of residual intragovernmental amounts owed by the Federal Financing Bank in connection with certain loans.
Cosponsors (20)
- Vicky Hartzler (R-MO)
- John Garamendi (D-CA)
- Brian Fitzpatrick (R-PA)
- FRANK LUCAS (R-OK)
- Matt Gaetz (R-FL)
- Tom Rice (R-SC)
- Trent Kelly (R-MS)
- Carol Miller (R-WV)
- Jody Hice (R-GA)
- Austin Scott (R-GA)
- Rodney Davis (R-IL)
- Greg Stanton (D-AZ)
- Donald Payne (D-NJ)
- Rick Allen (R-GA)
- Elaine Luria (D-VA)
- Neal Dunn (R-FL)
- Antonio Delgado (D-NY)
- Thomas Tiffany (R-WI)
- Michelle Fischbach (R-MN)
- Kaiali'i Kahele (D-HI)
Subjects
- Agricultural prices, subsidies, credit
- Appropriations
- Cardiovascular and respiratory health
- Department of Agriculture
- Electric power generation and transmission
- Emergency medical services and trauma care
- Executive agency funding and structure
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Internet and video services
- Internet, web applications, social media
- Public utilities and utility rates
- Rural conditions and development
- Telephone and wireless communication
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.