S. 978: Flexible Financing for Rural America Act of 2021

117th Congress · introduced 2021-03-25 · Agriculture and Food · Latest: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

federal

Follow this bill, step by step

Where it came from: introduced 2021-03-25 · official record
Who proposed it: Sen. Smith, Tina [D-MN] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. 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

Flexible Financing for Rural America Act of 2021

Plain summary

Flexible Financing for Rural America Act of 202 1 This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community. Specifically, on receipt of a request, USDA or the Department of the Treasury (in the case of a loan owned by the Federal Financing Bank) must adjust the interest rate on the loan to match certain interest rates for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 public health emergency and to promote the financial sustainability of the borrower. In carrying out the adjustments or modifications, USDA or Treasury shall not impose or collect any fee from, or impose any penalty on, a borrower. The bill also provides funding to implement the adjustments and modifications and for the liquidation of residual intragovernmental amounts owed by the Federal Financing Bank in connection with certain loans.

Congressional Research Service summary (Introduced in Senate), 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

Flexible Financing for Rural America Act of 2021

Source: Congressional Research Service summary (Introduced in Senate)

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

Officials and money

Sponsor: Sen. Smith, Tina [D-MN] · 31 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Hoeven (R-ND), John Boozman (R-AR), Shelley Moore Capito (R-WV), Brian Schatz (D-HI), John Cornyn (R-TX), Mark Kelly (D-AZ), Kevin Cramer (R-ND), Mazie K. Hirono (D-HI), Steve Daines (R-MT), Amy Klobuchar (D-MN), Joni Ernst (R-IA), Gary C. Peters (D-MI), Jerry Moran (R-KS), Mike Rounds (R-SD), Tim Scott (R-SC), Thom Tillis (R-NC), Roger Marshall (R-KS), Tammy Baldwin (D-WI), Ben Ray Luján (D-NM), John Barrasso (R-WY), Cindy Hyde-Smith (R-MS), Tommy Tuberville (R-AL), Richard J. Durbin (D-IL), Raphael G. Warnock (D-GA), Rick Scott (R-FL), Cynthia M. Lummis (R-WY)

Sponsor's campaign money: Sen. Smith, Tina [D-MN] reported raising $48,878 (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).
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117s978.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/s>

Record fed-us-cong117-s978 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117