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S. 3285 - Improving Rural Access to Power Act of 2018

Sponsor: Jon Tester (D)
Introduced: 2018-07-26
Bill Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
 
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Full Text


115th CONGRESS
2d Session
S. 3285


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


IN THE SENATE OF THE UNITED STATES

July 26, 2018

    Mr. Tester (for himself and Mr. Moran) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

    To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure development, 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 “Improving Rural Access to Power Act of 2018”.

SEC. 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.—

“(1) IN GENERAL.—Each Federal Home Loan Bank is authorized to purchase investment-grade securities from nonmember lenders that—

“(A) are organized as cooperatives;

“(B) have received financing from the Federal Financing Bank; and

“(C) 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).

“(2) SECURED INVESTMENTS.—The securities described in paragraph (1) shall be secured investments collateralized by loans of the cooperative lender.

“(3) DISCRETION.—The purchase of the securities described in paragraph (1) 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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