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RESCUE Act for Black and Community Banks

USA117th CongressHR-154| House 
| Updated: 1/4/2021
Bobby L. Rush

Bobby L. Rush

Democratic Representative

Illinois

Cosponsors (7)
Barbara Lee (Democratic)Ilhan Omar (Democratic)Ro Khanna (Democratic)André Carson (Democratic)Jim Cooper (Democratic)Yvette D. Clarke (Democratic)Peter Welch (Democratic)

Ways and Means Committee, Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

HR 116-41
RESCUE Act for Black and Community Banks
Jan 4, 2021
Introduced in House
Jan 4, 2021
Referred 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.
  • Bill from Previous Congress

    HR 116-41
    RESCUE Act for Black and Community Banks


  • January 4, 2021
    Introduced in House


  • January 4, 2021
    Referred 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.

Finance and Financial Sector

Administrative law and regulatory proceduresAdministrative remediesAdvanced technology and technological innovationsBanking and financial institutions regulationComputers and information technologyDepartment of the TreasuryGovernment Accountability Office (GAO)Government information and archivesGovernment studies and investigationsHousing finance and home ownershipIncome tax creditsMinority and disadvantaged businessesRacial and ethnic relationsSecurities and Exchange Commission (SEC)Women in business

RESCUE Act for Black and Community Banks

USA117th CongressHR-154| House 
| Updated: 1/4/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-41
RESCUE Act for Black and Community Banks
Jan 4, 2021
Introduced in House
Jan 4, 2021
Referred 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.
  • Bill from Previous Congress

    HR 116-41
    RESCUE Act for Black and Community Banks


  • January 4, 2021
    Introduced in House


  • January 4, 2021
    Referred 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.
Bobby L. Rush

Bobby L. Rush

Democratic Representative

Illinois

Cosponsors (7)
Barbara Lee (Democratic)Ilhan Omar (Democratic)Ro Khanna (Democratic)André Carson (Democratic)Jim Cooper (Democratic)Yvette D. Clarke (Democratic)Peter Welch (Democratic)

Ways and Means Committee, Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresAdministrative remediesAdvanced technology and technological innovationsBanking and financial institutions regulationComputers and information technologyDepartment of the TreasuryGovernment Accountability Office (GAO)Government information and archivesGovernment studies and investigationsHousing finance and home ownershipIncome tax creditsMinority and disadvantaged businessesRacial and ethnic relationsSecurities and Exchange Commission (SEC)Women in business