PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Congressional Research Service
Version 00 · Introduced in House · Jul 19, 2023
Investing in Rural America Act
This bill allows Farm Credit System (FCS) institutions to provide financing and technical assistance for essential community facility projects as part of the Department of Agriculture's Community Facilities Direct Loan & Grant Program. (This program provides funding to develop essential community facilities in rural areas.)
The FCS financing and technical assistance may be provided in order to make capital available to develop, build, maintain, improve, or provide other support for essential community facilities in rural communities (e.g., certain facilities that provide healthcare, community support, public safety, educational, or utility services).
Showing the opening paragraphs of the official summary.
Under the bill, the financing provided by an FCS institution may not exceed 15% of the institution’s total assets unless the FCS institution offers at least one non-FCS lending institution an interest in the financing under reasonable terms and conditions acceptable to the borrower. The FCS institution must also report the offer to the Farm Credit Administration (FCA).
The FCA must submit an annual report to Congress on the activities undertaken by FCS institutions under this bill, including through the partnerships between FCS institutions and other lending institutions. The FCA must post the report on the agency's website.
People & committees
Rep. Fischbach, Michelle [R-MN-7] · R–MN
Legislative record
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Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Referred to the House Committee on Agriculture.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jul 23, 2024. Consult Congress.gov for the current record.
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