# 116-hr-7498: Uplifting Our Local Communities Act

116-hr-7498, Uplifting Our Local Communities Act, is a 116th Congress bill sponsored by Rep. Tlaib, Rashida [D-MI-12] (D-MI); status Referred to the House Committee on Financial Services. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/116-hr-7498
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 116-hr-7498
- Congress: 116
- Title: Uplifting Our Local Communities Act
- Status: Referred to the House Committee on Financial Services.
- Introduced: 2020-07-06
- Sponsor: Rep. Tlaib, Rashida [D-MI-12] (D-MI)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## 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.

## Related bills

- 116-hr-9050: To amend the Internal Revenue Code of 1986 to provide for additional recovery rebates for individuals, and for other purposes.
- 116-hr-8924: Our Homes, Our Votes Act
- 116-hr-8827: Stablecoin Classification and Regulation Act of 2020
- 116-hr-8820: PASS Act
- 116-hr-8806: RISE Act of 2020
- 116-hr-8772: Missing Persons and Unidentified Remains Act of 2020

## Sources
- [116-hr-7498 on Congress.gov](https://www.congress.gov/bill/116th-congress/house-bill/7498)

## Related
- [116-hr-9050: To amend the Internal Revenue Code of 1986 to provide for additional recovery r…](https://policyrisk.com/legislation/116-hr-9050)
- [116-hr-8924: Our Homes, Our Votes Act](https://policyrisk.com/legislation/116-hr-8924)
- [116-hr-8827: Stablecoin Classification and Regulation Act of 2020](https://policyrisk.com/legislation/116-hr-8827)
- [116-hr-8820: PASS Act](https://policyrisk.com/legislation/116-hr-8820)
- [116-hr-8806: RISE Act of 2020](https://policyrisk.com/legislation/116-hr-8806)
- [116-hr-8772: Missing Persons and Unidentified Remains Act of 2020](https://policyrisk.com/legislation/116-hr-8772)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/116-hr-7498 (as of 2025-11-18).