SB 26.18 Reinvestment in our Communities Act

[Dr. MB]

AN ACT
To reduce financial burdens upon minority communities and to promote small businesses

Be it ordained by the HOUSE OF REPRESENTATIVES

Section 1. Title

a. The title of this legislation shall be the Reinvestment in our Communities Act

Section 2. Purpose
The purpose of this Act is to—

a. Hereby establish programs to revitalize and provide long-term financial products and service availability for, and provide investments in, low- and moderate-income and minority communities;
b. respond to the unprecedented loss of Black-owned businesses and unemployment; and
c. otherwise enhance the stability, safety and soundness of community financial institutions that support low- and moderate-income and minority communities.

Section 3. Considerations

a. Increasing the availability of affordable credit for consumers, small businesses, and nonprofit organizations, including for projects supporting affordable housing, community-serving real estate, and other projects, that provide direct benefits to low- and moderate-income communities, low-income and underserved individuals, and minorities;
b. Providing funding to minority-owned or minority-led eligible institutions and other eligible institutions that have a strong track record of serving minority small businesses;
c. Increasing the opportunity for small business, affordable housing and community development in geographic areas and demographic segments with poverty and high unemployment rates that exceed the average in Atlasia.
e. Ensuring that all low- and moderate-income community financial institutions may apply to participate in the programs established under this Act and the amendments made by this Act, without discrimination based on geography
f. Providing transparency with respect to use of funds provided under this Act and the amendments made by this Act.

Section 4. Guidelines

a. It is the sense of Congress that the investments made under this Act and the amendments made by this Act should be designed to maximize the benefit to low- and moderate-income and minority communities and contemplate losses to capital of the Treasury.

Section 5. Neighborhood Investment Programs

A. A community neighborhood investment program shall be established.

B. Establishment
a. A Neighborhood Capital Investment Program shall be established to support low- and moderate-income community financial institutions to provide loans and forbearance to borrowers in low- and moderate-income communities, especially for borrowers who are historically disadvantaged, including minorities, and borrowers in rural and urban low-income and underserved communities.

C. Investments
Under the Program, a fund will be created to facilitate direct capital investments, including purchases and modifications of those purchases.

People's House of Representatives
Passed 4-3-1-1 in the House of Representatives

Sponsor needed

[Mike Thick]

I share the concerns that SevenEleven raised in the House thread. Can't support unless some details on appropriations + the program are added

[Southern Senator North Carolina Yankee]

I am surprised this passed the House with these issues not being addressed.

[Mike Thick]

Anything going on here, guys?

[Blair]

There's no funding for this bill & it's unclear what it actually aims to achieve; if we could wave a wand & fix these problems this easily we would have done so.

I'm happy for this to be amended & fixed to go back to the House but I wouldn't support it in it's current form.

[Southern Senator North Carolina Yankee]

There's no funding for this bill & it's unclear what it actually aims to achieve; if we could wave a wand & fix these problems this easily we would have done so.

I'm happy for this to be amended & fixed to go back to the House but I wouldn't support it in it's current form.

So how should we fund it then?

[Blair]

There's no funding for this bill & it's unclear what it actually aims to achieve; if we could wave a wand & fix these problems this easily we would have done so.

I'm happy for this to be amended & fixed to go back to the House but I wouldn't support it in it's current form.

So how should we fund it then?

I'm not sure; this bill doesn't have any specific spending commitments & seems to be a mix of some welcome regulatory changes but some vague funding commitments.

[Mike Thick]

Y'all. It's been like three weeks and we don't even have a sponsor. I'm allowed to table this if someone doesn't assume sponsorship within 36 hours.

Going to give you all an extra 24 hours to be nice, but I wouldn't mind if we just let this one go away quietly.

[Blair]

I'm happy for this to be tabled.

[Mike Thick]

Alright, folks. As nobody has claimed sponsorship, the bill is tabled.