H.R. 41: RESCUE Act for Black and Community Banks

116th Congress · introduced 2019-01-03 · Finance and Financial Sector · Latest: Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

federal

Follow this bill, step by step

Where it came from: introduced 2019-01-03 · official record
Who proposed it: Rep. Rush, Bobby L. [D-IL-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

RESCUE Act for Black and Community Banks

Plain summary

Reenergized Economic Sustainability for Community and Urban Entities Act for Black and Community Banks or the RESCUE Act for Black and Community Banks This bill establishes programs and requirements related to minority banks, black banks, community banks, women's banks, and low-income credit unions. The bill establishes the Office of Black and Community Banks in the Office of the Comptroller of the Currency (OCC) to oversee black and community banks. The OCC and the Securities and Exchange Commission must exempt these banks from specified securities and federal banking regulations in certain circumstances. The bill also establishes the Minority Bank Deposit Program. The Department of the Treasury must certify a depository institution or credit union upon successful application as a minority bank, a women's bank, or a low-income credit union. Every federal department and agency is directed to implement standards and procedures to ensure the use of such institutions to serve the financial needs of the department or agency. The Government Accountability Office must study the use of the new markets tax credit, lower-value home mortgages, and blockchain investments.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

RESCUE Act for Black and Community Banks

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Rush, Bobby L. [D-IL-1] · 23 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Yvette D. Clarke (D-NY), Henry C. "Hank" Johnson, Jr. (D-GA), Alexandria Ocasio-Cortez (D-NY), Bennie G. Thompson (D-MS), Ilhan Omar (D-MN), Rashida Tlaib (D-MI), Steve Cohen (D-TN), Frederica S. Wilson (D-FL), Marcy Kaptur (D-OH), Pramila Jayapal (D-WA), André Carson (D-IN), Danny K. Davis (D-IL), Ro Khanna (D-CA), Darren Soto (D-FL)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116hr41.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr41 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116