H.R. 7993: Promoting and Advancing Communities of Color through Inclusive Lending Act

116th Congress · introduced 2020-08-07 · Finance and Financial Sector · Latest: Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, 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 2020-08-07 · official record
Who proposed it: Rep. Waters, Maxine [D-CA-43] · 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 Small Business, 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

Promoting and Advancing Communities of Color through Inclusive Lending Act

Plain summary

Promoting and Advancing Communities of Color through Inclusive Lending Act This bill revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs. The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks and MDIs regarding investments, technical assistance, and federal government deposits. Finally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, MDIs, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020 and to $50 million for fiscal years thereafter.

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

Promoting and Advancing Communities of Color through Inclusive Lending 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. Waters, Maxine [D-CA-43] · 19 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Al Green (D-TX), Vicente Gonzalez (D-TX), Ayanna Pressley (D-MA), Rashida Tlaib (D-MI), Alma S. Adams (D-NC), Sylvia R. Garcia (D-TX), Emanuel Cleaver (D-MO), Joyce Beatty (D-OH), Jesús G. "Chuy" García (D-IL), Josh Gottheimer (D-NJ), Gregory W. Meeks (D-NY), Bill Foster (D-IL), Stephen F. Lynch (D-MA), Juan Vargas (D-CA), Madeleine Dean (D-PA)

Sponsor's campaign money: Rep. Waters, Maxine [D-CA-43] reported raising $1.1 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)

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.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.

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-116hr7993.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr7993 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116