{"@context":"https://schema.org","@type":"Legislation","name":"Jobs and Neighborhood Investment Act","description":"

Jobs and Neighborhood Investment Act

This bill establishes investment programs and generally revises provisions related to community development financial institutions and minority depository institutions.

The Department of the Treasury must establish a Neighborhood Capital Investment Program to facilitate direct capital investments in low- and moderate-income community financial institutions. To qualify for the program, these institutions must, among other things, (1) demonstrate specified lending history regarding low-and moderate-income borrowers and other targeted populations, and (2) provide details regarding plans to expand or maintain lending to certain minority communities and historically disadvantaged borrowers.

The bill also establishes the Neighborhood Loan Program through the Federal Reserve Board's emergency powers to create a credit facility for small business loans, specifically targeting low- and moderate-income community financial institutions serving low- and moderate-income and minority communities. The bill requires certain amounts available through existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to be set aside for the Community Development Financial Institutions Fund.

Regarding minority depository institutions, the bill

establishes the Minority Bank Deposit Program to expand the use of minority depository institutions to hold the deposits of federal departments and agencies,
allows new minority depository institutions to take three years to meet initial capital requirements, and
establishes a program allowing minority depository institutions to apply to receive deposits from certain Treasury accounts.

","legislationIdentifier":"HR 7709","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Gregory W. Meeks","url":"https://legisdaily.com/mp/gregoryw-meeks-us"}],"about":{"@type":"Thing","name":"Finance and Financial Sector"},"keywords":"Administrative law and regulatory procedures, Appropriations, Bank accounts, deposits, capital, Banking and financial institutions regulation, Business investment and capital, Cardiovascular and respiratory health, Community life and organization, Congressional oversight, Consumer credit, Credit and credit markets, Department of the Treasury, Economic development, Emergency medical services and trauma care, Federal Reserve System, Financial literacy, Government studies and investigations, Housing and community development funding, Housing supply and affordability, Infectious and parasitic diseases, Low- and moderate-income housing, Minority and disadvantaged businesses, Minority employment, Poverty and welfare assistance, Real estate business, Rural conditions and development, Securities, Small business, Social work, volunteer service, charitable organizations, Urban and suburban affairs and development","dateModified":"2025-06-07T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-116-HR-7709"}

Gregory W. Meeks

Gregory W. Meeks

Financial Services Committee, Budget Committee