H.R. 7498: Uplifting Our Local Communities Act

116th Congress · introduced 2020-07-06 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2020-07-06 · official record
Who proposed it: Rep. Tlaib, Rashida [D-MI-13] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. 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

Uplifting Our Local Communities Act

Plain summary

Uplifting Our Local Communities Act This bill allows the Federal Reserve Board in unusual and exigent circumstances to authorize Federal Reserve banks to buy and sell municipal bonds and other specified financial instruments issued by a state, the District of Columbia, a U.S. territory or possession, or a federally recognized Indian Tribe. The Federal Reserve Board must revise the terms of operation of the Municipal Liquidity Facility through which the board purchases state and municipal debt. Specifically, the board must extend the operation of the facility to December 31, 2021, extend the maturity of eligible debt from three years to ten, ensure that purchases are made at an interest rate equal to the federal funds rate, allow for the purchase of the debt of U.S. territories and possessions, and reduce the minimum eligible population size for a municipality to 50,000. The bill also establishes a long-term municipal borrowing facility to provide capital for the duration of the economic disruption caused by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Additionally, the bill removes the prohibition on loan forgiveness for states and municipalities receiving specified COVID-19 aid.

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

Uplifting Our Local Communities Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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

Officials and money

Sponsor: Rep. Tlaib, Rashida [D-MI-13] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Rep. Tlaib, Rashida [D-MI-13] reported raising $3.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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 (3)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
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).
Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.

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-116hr7498.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr7498 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116