Rural Equal Aid Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jan 28, 2021)
Rural Equal Aid Act
This bill requires the Department of Agriculture (USDA) to pay the principal, interest, and any associated fees owed on loans made under certain rural development loan programs for a nine-month period.
A single monthly payment of principal, interest, and associated fees with respect to a loan in the last three months of the nine-month period must not exceed $9,000.
USDA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by USDA. USDA must waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.
What just happenedFeb 24, 2021
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Who’s behind it
- Introduced in HouseJan 28, 2021
- Feb 24, 2021Committee
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Jan 28, 2021IntroReferralH11100
Referred to the House Committee on Agriculture.
Agriculture Committee - Jan 28, 2021IntroReferralIntro-H
Introduced in House
- Jan 28, 2021IntroReferral1000
Introduced in House