H.R. 3323: Federal Home Loan Banks’ Mission Implementation Act

117th Congress · introduced 2021-05-18 · Finance and Financial Sector · Latest: Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and 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.

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Follow this bill, step by step

Where it came from: introduced 2021-05-18 · official record
Who proposed it: Rep. Torres, Ritchie [D-NY-15] · 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 Committees on Ways and Means, and 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

Federal Home Loan Banks’ Mission Implementation Act

Plain summary

Federal Home Loan Banks' Mission Implementation Act This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans. Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government. The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify. Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB. The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.

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

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What does this mean? (plain words)

Official text

Federal Home Loan Banks’ Mission Implementation Act

Source: Congressional Research Service summary (Introduced in House)

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

Officials and money

Sponsor: Rep. Torres, Ritchie [D-NY-15] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Rep. Torres, Ritchie [D-NY-15] reported raising $7.2 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 (2)

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-117hr3323.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/hr>

Record fed-us-cong117-hr3323 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117