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H.R. 2391: Improving Rural Access to Power Act of 2019


The text of the bill below is as of Apr 29, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 2391

IN THE HOUSE OF REPRESENTATIVES

April 29, 2019

(for himself and Mr. Riggleman) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure development, and for other purposes.

1.

Short title

This Act may be cited as the Improving Rural Access to Power Act of 2019.

2.

Cooperative associations that support rural infrastructure development

Section 11 of the Federal Home Loan Bank Act (12 U.S.C. 1431) is amended by adding at the end the following:

(m)

Cooperative associations that support rural infrastructure development

Each Federal Home Loan Bank is authorized to purchase investment-grade securities from nonmember lenders that are organized as cooperatives and that have received financing from the Federal Financing Bank and that have demonstrated experience in making loans to cooperatives that are eligible to receive loans or commitments for loans from the Rural Utilities Service (or any successor agency). Such securities shall be secured investments collateralized by loans of the cooperative lender. The purchase of such securities shall be at the sole discretion of each Federal Home Loan Bank, consistent with such regulations, restrictions, and limitations as may be prescribed by the Agency.

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