To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID-19, and for other purposes.

2/9/2022, 2:12 AM

Congressional Summary of HR 6381

This bill requires the Federal Reserve Board to provide interest-free loans to small minority depository institutions and small community development financial institutions during the COVID-19 (i.e., coronavirus disease 2019) emergency period. The board must charge interest on these loans beginning 18 months after the end of the emergency period.

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Current Status of Bill HR 6381

Bill HR 6381 is currently in the status of Bill Introduced since March 24, 2020. Bill HR 6381 was introduced during Congress 116 and was introduced to the House on March 24, 2020. Bill HR 6381's most recent activity was Referred to the House Committee on Financial Services. as of March 24, 2020

Bipartisan Support of Bill HR 6381

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6381

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Bank accounts, deposits, capital

- Cardiovascular and respiratory health

- Economic performance and conditions

- Emergency medical services and trauma care

- Government lending and loan guarantees

- Infectious and parasitic diseases

- Interest, dividends, interest rates

- Minority and disadvantaged businesses

- Poverty and welfare assistance

Alternate Title(s) of Bill HR 6381

To require the Board of Governors of the Federal Reserve System to provide zero-interest loans to minority depository institutions and community development financial institutions to combat COVID-19, and for other purposes.