wlm4 at cornell.edu (Will
02-12-1995, 06:40 PM
I just ran across a WWW site that keeps all the federal legislation
(introduced and passed) for the past two years:
http://thomas.loc.gov/
Here is a funding bill recently introducced for the Community Development
Financial Institutions Act.
FILE h722.ih
104th CONGRESS
1st Session
To authorize the Secretary of the Treasury to issue guarantee commitments
for debt securities issued by the Community Development Financial
Institutions Fund, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
January 27, 1995
Ms. Waters introduced the following bill; which was referred to the
Committee on Banking and Financial Service
A BILL
To authorize the Secretary of the Treasury to issue guarantee commitments
for debt securities issued by the Community Development Financial
Institutions Fund, and for other purposes. Be it enacted by the Senate
and House of Representatives of the United States of America in Congress
assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Community Development Financial
Institutions Fund Securities Guarantee Act of 1995'.
SEC. 2. DEBT SECURITIES GUARANTEES AUTHORIZED.
(a) In General: Section 104 of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4703(h)) is amended--
(1) by redesignating subsections (i), (j), and (k) as subsections (j),
(k), and (l), respectively; and (2) by inserting after subsection (h) the
following new subsection:
`(i) Guarantees for Debt Securities Issued by Fund:
`(1) In general: Subject to paragraph (2) and under such terms and
conditions as the Secretary of the Treasury may determine to be
appropriate, the Secretary may issue, in fiscal years 1996, 1997, and
1998, guarantees assuring against losses of principal, interest, or
principal and interest incurred in connection with debt securities issued
by the Fund in support of the financial assistance provided by the Fund
pursuant to section 108.
`(2) Maximum amount limitations: The total amount of principal of debt
securities for which guarantees may be issued under paragraph (1) shall not
exceed the following amount with respect to each of the following fiscal
years:
Maximum
`Fiscal year: amount:
1996
$2,000,000,000
1997
$2,000,000,000
1998
$2,000,000,000.
`(3) Maximum term to maturity limitation: No guarantee issued under this
subsection may be effective for a period exceeding 20 years.
`(4) Full faith and credit: Guarantees issued under this section shall
constitute obligations, in accordance with the terms of such guarantees, of
the United States of America and the full faith and credit of the United
States of America is hereby pledged for the full payment and performance of
such obligations.
`(5) Provisions relating to budget act requirement:
`(A) Credit authority: Guarantees may be issued under this subsection for
any fiscal year only to such extent and in such amounts as are provided in
advance in appropriation Acts.
`(B) Budget authority to cover cost: Guarantees may be issued under this
subsection for any fiscal year only to the extent that appropriations of
budget authority to cover the costs (as defined in section 502(5) of the
Congressional Budget Act of 1974) of such guarantees are made in advance.'.
(b) Exception to Prohibition on Issuance of Debt Securities for
Guaranteed Securities: Subsection (h) of section 104 of the Community
Development Banking and Financial Institutions Act of 1994 (12 U.S.C.
4703(h)) is amended to read as follows:
`(h) Prohibition on Issuance of Securities:
`(1) In general: Except as provided in paragraph (2), the Fund may not
issue stocks, bonds, debentures, notes or other securities.
`(2) Exception for guaranteed debt instruments: Paragraph (1) shall not
apply with respect to any debt instrument issued by the Fund--
`(A) for which a guarantee has been issued by the Secretary of the
Treasury in accordance with subsection (i) so long as such guarantee remains
in effect for such debt instrument; and
`(B) the period to maturity of which does not exceed the effective period
of such guarantee.'.
(c) Limitation on Uses of Proceeds of Guaranteed Debt Securities:
Section 108(a) of the Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4707(a)) is amended by adding at the
end the following new paragraph:
`(5) Limitation on uses of proceeds of guaranteed debt securities: In the
case of any debt security issued by the Fund for which a guarantee has been
issued by the Secretary of the Treasury under section 104(i), the proceeds
from the issuance of such security may not be used by the Fund to provide
financial assistance under this section, including equity investment, with
respect to any community development financial institution which has total
assets of more than $50,000,000.'.
This post transferred from the cdb-l mailing list
(introduced and passed) for the past two years:
http://thomas.loc.gov/
Here is a funding bill recently introducced for the Community Development
Financial Institutions Act.
FILE h722.ih
104th CONGRESS
1st Session
To authorize the Secretary of the Treasury to issue guarantee commitments
for debt securities issued by the Community Development Financial
Institutions Fund, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
January 27, 1995
Ms. Waters introduced the following bill; which was referred to the
Committee on Banking and Financial Service
A BILL
To authorize the Secretary of the Treasury to issue guarantee commitments
for debt securities issued by the Community Development Financial
Institutions Fund, and for other purposes. Be it enacted by the Senate
and House of Representatives of the United States of America in Congress
assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Community Development Financial
Institutions Fund Securities Guarantee Act of 1995'.
SEC. 2. DEBT SECURITIES GUARANTEES AUTHORIZED.
(a) In General: Section 104 of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4703(h)) is amended--
(1) by redesignating subsections (i), (j), and (k) as subsections (j),
(k), and (l), respectively; and (2) by inserting after subsection (h) the
following new subsection:
`(i) Guarantees for Debt Securities Issued by Fund:
`(1) In general: Subject to paragraph (2) and under such terms and
conditions as the Secretary of the Treasury may determine to be
appropriate, the Secretary may issue, in fiscal years 1996, 1997, and
1998, guarantees assuring against losses of principal, interest, or
principal and interest incurred in connection with debt securities issued
by the Fund in support of the financial assistance provided by the Fund
pursuant to section 108.
`(2) Maximum amount limitations: The total amount of principal of debt
securities for which guarantees may be issued under paragraph (1) shall not
exceed the following amount with respect to each of the following fiscal
years:
Maximum
`Fiscal year: amount:
1996
$2,000,000,000
1997
$2,000,000,000
1998
$2,000,000,000.
`(3) Maximum term to maturity limitation: No guarantee issued under this
subsection may be effective for a period exceeding 20 years.
`(4) Full faith and credit: Guarantees issued under this section shall
constitute obligations, in accordance with the terms of such guarantees, of
the United States of America and the full faith and credit of the United
States of America is hereby pledged for the full payment and performance of
such obligations.
`(5) Provisions relating to budget act requirement:
`(A) Credit authority: Guarantees may be issued under this subsection for
any fiscal year only to such extent and in such amounts as are provided in
advance in appropriation Acts.
`(B) Budget authority to cover cost: Guarantees may be issued under this
subsection for any fiscal year only to the extent that appropriations of
budget authority to cover the costs (as defined in section 502(5) of the
Congressional Budget Act of 1974) of such guarantees are made in advance.'.
(b) Exception to Prohibition on Issuance of Debt Securities for
Guaranteed Securities: Subsection (h) of section 104 of the Community
Development Banking and Financial Institutions Act of 1994 (12 U.S.C.
4703(h)) is amended to read as follows:
`(h) Prohibition on Issuance of Securities:
`(1) In general: Except as provided in paragraph (2), the Fund may not
issue stocks, bonds, debentures, notes or other securities.
`(2) Exception for guaranteed debt instruments: Paragraph (1) shall not
apply with respect to any debt instrument issued by the Fund--
`(A) for which a guarantee has been issued by the Secretary of the
Treasury in accordance with subsection (i) so long as such guarantee remains
in effect for such debt instrument; and
`(B) the period to maturity of which does not exceed the effective period
of such guarantee.'.
(c) Limitation on Uses of Proceeds of Guaranteed Debt Securities:
Section 108(a) of the Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4707(a)) is amended by adding at the
end the following new paragraph:
`(5) Limitation on uses of proceeds of guaranteed debt securities: In the
case of any debt security issued by the Fund for which a guarantee has been
issued by the Secretary of the Treasury under section 104(i), the proceeds
from the issuance of such security may not be used by the Fund to provide
financial assistance under this section, including equity investment, with
respect to any community development financial institution which has total
assets of more than $50,000,000.'.
This post transferred from the cdb-l mailing list