Community Investment and Prosperity Act
House Bill Would Let Banks Boost Community Investment Caps From 15% to 20%
Stalled
No legislative action in over 90 days.
Legislative Progress
Key Points
- This bill would let bank regulators raise the cap on certain community-focused investments by banks.
- It changes the limit from 15 to 20 (as written in federal banking law) for national banks and for state banks that are members of the Federal Reserve.
- If regulators use this authority, banks could put more money into projects meant to benefit the public, like local development efforts.
- Everyday impact could show up as more financing for community projects, but only if regulators approve higher limits and banks choose to participate.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesSenate Banking introduces bipartisan bill to increase private investments in affordable housing
The Community Investment and Prosperity Act would raise the statutory cap limiting the amount of money banks are able to invest in community projects from 15 percent to 20 percent. Senate Banking Chair Tim Scott noted the bill aims to unlock capital and boost housing supply.
What's in the Housing for the 21st Century Act?
Section 303 of the bill, titled 'Community Investment and Prosperity,' raises the cap on bank public welfare investments from 15% to 20%. It also requires federal regulators to report every two years on how these investments are supporting local communities.
House of Representatives Passes Affordable Housing Package
The House passed H.R. 6644, which contains the Community Investment and Prosperity Act. This provision would raise the cap on banks' public welfare investments, a category that includes critical investments in the Low-Income Housing Tax Credit (LIHTC) program.
Source Information
Document Type
Congressional Bill
Official Title
Community Investment and Prosperity Act
Data Sources
Sponsor
Cosponsors
(7)Analysis generated by AI. Always verify with official sources.