Community Investment and Prosperity Act

Summary#

This bill changes two federal banking statutes by replacing the number "15" with "20" in the sentences that limit the aggregate amount of investments a bank may make "to promote the public welfare." The two places changed are the Eleventh paragraph of section 5136 of the Revised Statutes (12 U.S.C. 24) and the 23rd paragraph of section 9 of the Federal Reserve Act (12 U.S.C. 338a). The bill says the Comptroller of the Currency and the Board of Governors of the Federal Reserve System may increase those aggregate amounts.

What it means for you#

• For national banking associations and state member banks: the bill would allow a higher aggregate amount of investments described as being "to promote the public welfare."
• For regulators: the Comptroller of the Currency and the Federal Reserve are named in the bill as the agencies that may increase those amounts.
• For communities and organizations seeking investment: the change could affect how much banks are allowed to invest under these statutes, but the bill text does not describe specific projects or rules.

Expenses#

No publicly available information on budgetary effects, costs to the federal government, or estimated fiscal impact is included in the bill text or metadata provided.

Proponents' View#

No publicly available information on supporters' arguments, statements, or claimed benefits is included in the bill text or metadata provided.

Opponents' View#

No publicly available information on opponents' arguments, statements, or claimed drawbacks is included in the bill text or metadata provided.