H.R.1066 - Depository Institution Community Development Investments Enhancement Act Sponsor: Barney Frank / 110th Congress

Title
110th Congress - To increase community development investments by depository institutions, and for other purposes.
Summary
To increase community development investments by depository institutions, and for other purposes. (by CRS)
Status
The bill was voted on in the House on February 27, 2007
Bill status:
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced:
2/15/2007
Sponsor:
Barney Frank

Contribution data provided by the Center for Responsive Politics (OpenSecrets.org)

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HR 1066 expands banks' powers to invest in low-income communities by Angela Xu, Jun 5, 2008 (1:18pm)

HR 1066 revises certain aspects of the Regulatory Relief Act of 2006. The Regulatory Relief Act authorized banks to make investments which benefited low and moderate-income families by providing housing, services, or jobs. HR 1066 expands the scope of banks’ power to promote public welfare by allowing banks to make direct investments (whereas under the Regulatory Relief Act, they could only invest through intermediaries such as funds). The bill will also authorize public investments for up to 15% of a bank’s capital and surplus.

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