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Union Calendar No. 104
106th CONGRESS
1st Session
H. R. 629
[Report No. 106-183]
_______________________________________________________________________
A BILL
To amend the Community Development Banking and Financial Institutions
Act of 1994 to reauthorize the Community Development Financial
Institutions Fund and to more efficiently and effectively promote
economic revitalization, community development, and community
development financial institutions, and for other purposes.
_______________________________________________________________________
June 14, 1999
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed
Union Calendar No. 104
106th CONGRESS
1st Session
H. R. 629
[Report No. 106-183]
To amend the Community Development Banking and Financial Institutions
Act of 1994 to reauthorize the Community Development Financial
Institutions Fund and to more efficiently and effectively promote
economic revitalization, community development, and community
development financial institutions, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 8, 1999
Mr. Vento (for himself and Mrs. Roukema) introduced the following bill;
which was referred to the Committee on Banking and Financial Services
June 14, 1999
Additional sponsors: Mr. LaFalce, Mr. Walsh, Mr. Frost, Mr. Olver, Mrs.
Jones of Ohio, Ms. Schakowsky, Mr. McGovern, Mr. Hinchey, Mr. Bentsen,
Mr. Farr of California, Mr. Jefferson, Mr. Sandlin, Mr. Frank of
Massachusetts, Mr. Barrett of Wisconsin, Ms. DeGette, Mr. Brown of
California, Mr. Rush, Mr. Castle, Mr. Fattah, Ms. Kilpatrick, and Mr.
Gutierrez
June 14, 1999
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed
_______________________________________________________________________
A BILL
To amend the Community Development Banking and Financial Institutions
Act of 1994 to reauthorize the Community Development Financial
Institutions Fund and to more efficiently and effectively promote
economic revitalization, community development, and community
development financial institutions, 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; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Community
Development Financial Institutions Fund Amendments Act of 1999''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Change of status of the Fund; miscellaneous technical
corrections.
Sec. 3. Amendments to programs administered by the Fund and the
Bank Enterprise Act of 1991.
Sec. 4. Extension of authorization.
Sec. 5. Amendments to Small Business Capital Enhancement Program.
Sec. 6. Additional safeguards.
SEC. 2. CHANGE OF STATUS OF THE FUND; MISCELLANEOUS TECHNICAL
CORRECTIONS.
(a) Purpose.--Section 102(b) of the Community Development Banking
and Financial Institutions Act of 1994 (12 U.S.C. 4701(b)) is amended
to read as follows:
``(b) Purpose.--The purpose of this subtitle is to create a
Community Development Financial Institutions Fund to promote economic
revitalization and community development through investment in and
assistance to community development financial institutions, including
enhancing the liquidity of community development financial
institutions, and through incentives to insured depository institutions
that increase lending and other assistance and investment in both
economically distressed communities and community development financial
institutions.''.
(b) Definitions.--
(1) Section 103 of the Community Development Banking and
Financial Institutions Act of 1994 is amended--
(A) by striking paragraph (1);
(B) by redesignating paragraphs (2) through (17) as
paragraphs (1) through (16), respectively; and
(C) by inserting after paragraph (16), as so
redesignated, the following new paragraph:
``(17) Secretary.--Except in the case of section 104(d)(2),
the term `Secretary' means the Secretary of the Treasury.''.
(2) The Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4701 et seq.) is amended
(other than in section 118) by striking ``Administrator'' each
place such term appears and inserting ``Secretary''.
(c) Establishment of Fund Within the Department of the Treasury.--
(1) In general.--Section 104(a) of the Community
Development Banking and Financial Institutions Act of 1994 (12
U.S.C. 4703(a)) is amended to read as follows:
``(a) Establishment.--
``(1) In general.--There is established in the Department
of the Treasury a Community Development Financial Institutions
Fund that shall have the functions specified by this subtitle
and subtitle B of Title II. The offices of the Fund shall be in
Washington, D.C. The Fund shall not be affiliated with any
other agency or department of the Federal Government.
``(2) Wholly owned government corporation.--The Fund shall
be a wholly owned government corporation within the Department
of the Treasury and shall be treated in all respects as an
agency of the United States, except as otherwise provided in
this subtitle.''.
(2) Authority of the secretary of the treasury.--Section
104(b) of the Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4703(b)) is amended to read
as follows:
``(b) Management of Fund.--
``(1) Authority of secretary of the treasury.--All
functions of the Fund shall be performed by or under the
supervision of the Secretary.
``(2) Appointment of officers and employees.--The Secretary
may appoint such officers and employees of the Fund,
including a Director, as the Secretary deems necessary or
appropriate.''.
(3) Inspector general.--
(A) In general.--Section 118 of the Community
Development Banking and Financial Institutions Act of
1994 is amended to read as follows:
``SEC. 118. INSPECTOR GENERAL.
``The Inspector General of the Department of the Treasury shall be
the Inspector General of the Fund.''.
(B) Technical and conforming amendment.--Section 11
of the Inspector General Act of 1978 (5 U.S.C. App. 3)
is amended--
(i) in paragraph (1), by striking ``; the
Administrator of the Community Development
Financial Institutions Fund;''; and
(ii) in paragraph (2), by striking ``the
Community Development Financial Institutions
Fund,''.
(4) Technical correction to rulemaking authority.--Section
119(a)(1) of the Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4717(a)(1)) is amended to
read as follows:
``(1) In general.--The Secretary may prescribe such
regulations and procedures as may be necessary to carry out
this subtitle.''.
SEC. 3. AMENDMENTS TO PROGRAMS ADMINISTERED BY THE FUND AND THE BANK
ENTERPRISE ACT OF 1991.
(a) Amendments to Community Development Financial Institutions
Program.--
(1) Form of assistance provided.--Section 108(a)(1)(B)(iii)
of the Community Development Banking and Financial Institutions
Act of 1994 (12 U.S.C. 4707(a)(1)(B)(iii)) is amended by
inserting ``through cooperative agreements or'' before ``by
contracting''.
(2) Training programs.--Section 109(d) of the Community
Development Banking and Financial Institutions Act of 1994 (12
U.S.C. 4708(d)) is amended to read as follows:
``(d) Form of Training.--The Fund may offer the training program
described in this section--
``(1) directly; or
``(2) through grants, contracts, or cooperative agreements
with other organizations that possess special expertise in
community development, without regard to whether the
organizations receive or are eligible to receive assistance
under this subtitle.''.
(b) Amendments to the Bank Enterprise Act Awards Program.--
(1) Awards for assistance to community development
financial institutions.--Paragraph (2) of section 233(a) of the
Bank Enterprise Act (12 U.S.C. 1834a(a)) is amended--
(A) in that portion of such paragraph which
precedes subparagraph (A), by striking ``for for'' and
inserting ``for'';
(B) in subparagraph (A), by striking ``for low- and
moderate-income persons'' and inserting ``to community
development financial institutions, low- and moderate-
income persons''; and
(C) in subparagraph (B)--
(i) by inserting ``of the increase'' after
``the amount''; and
(ii) by striking ``financial'' each place
such term appears.
(2) Increase in award amounts for certain activities.--
Section 114(b)(2) of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4713(b)(2)) is
amended by amending the substitute text used to apply section
233(a)(3) of the Bank Enterprise Act of 1991--
(A) in subparagraph (A), by inserting ``or (2)(B)''
after ``paragraph (2)(A)'';
(B) in subparagraph (A)(i), by inserting ``each''
before ``such subparagraph''; and
(C) in subparagraph (A)(ii), by inserting ``each''
before ``such subparagraph''.
(3) Awarding credit for additional qualified activities.--
Paragraph (4) of section 233(a) of the Bank Enterprise Act (12
U.S.C. 1834a(a)(4)) is amended--
(A) in the portion of such paragraph which precedes
subparagraph (A), by inserting ``and (2)(B)'' after
``paragraph (2)(A)''; and
(B) by adding at the end the following new
subparagraph:
``(P) Other forms of assistance that the Board
determines to be appropriate.
(4) Evaluation of technical assistance provided.--Section
233(a)(7) of the Bank Enterprise Act (12 U.S.C. 1834a(a)(7)) is
amended--
(A) by inserting ``and other'' after ``technical'';
and
(B) by striking ``and (O)'' and inserting instead
``(O), and (P)''.
(5) Establishing alternative criteria in defining certain
distressed communities.--Section 233(b)(4)(C) of the Bank
Enterprise Act (12 U.S.C. 1834a(b)(4)(C)) is amended by
inserting ``or alternative'' before ``eligibility
requirements''.
SEC. 4. EXTENSION OF AUTHORIZATION.
Paragraph (1) of section 121(a) of the Community Development
Banking and Financial Institutions Act of 1994 (12 U.S.C. 4718(a)) is
amended to read as follows:
``(1) In general.--To carry out this subtitle and subtitle
B of title II, there are authorized to be appropriated to the
Fund, to remain available until expended--
``(A) $95,000,000 for fiscal year 2000;
``(B) $100,000,000 for fiscal year 2001;
``(C) $105,000,000 for fiscal year 2002; and
``(D) $110,000,000 for fiscal year 2003.''.
SEC. 5. AMENDMENTS TO SMALL BUSINESS CAPITAL ENHANCEMENT PROGRAM.
(a) Definition of Financial Institution.--Section 252(5) of the
Riegle Community Development and Regulatory Improvement Act of 1994 (12
U.S.C. 4742(5)) is amended by inserting ``any community development
financial institution (as defined in section 103(5) of this Act) and,''
before ``any federally chartered''.
(b) Elimination of Threshold Appropriation.--Section 253 of the
Riegle Community Development and Regulatory Improvement Act of 1994 (12
U.S.C. 4743) is amended by striking subsection (d) and redesignating
subsection (e) as subsection (d).
(c) Conforming Amendment.--Section 254(a) of the Riegle Community
Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4744(a))
is amended by inserting ``(if any)'' after ``appropriate Federal
banking agency''.
(d) Amendments to Reimbursement Authority.--Section 257(a) of the
Riegle Community Development and Regulatory Improvement Act of 1994 (12
U.S.C. 4747(a)) is amended to read as follows--
``(a) Reimbursements.--
``(1) In general.--The Fund shall reimburse participating
States according to criteria established by the Fund.
``(2) Examples of criteria.--Criteria established under
paragraph (1) may include whether a participating State is
creating a new program, is expanding in scope or scale an
existing State program, the need for Fund reimbursement, the
availability of Fund resources, and other criteria established
by the Fund.
``(3) Timing and amount of reimbursement.--Not later than
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