# 116-hr-7993: Promoting and Advancing Communities of Color through Inclusive Lending Act

116-hr-7993, Promoting and Advancing Communities of Color through Inclusive Lending Act, is a 116th Congress bill sponsored by Rep. Waters, Maxine [D-CA-43] (D-CA); status 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. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/116-hr-7993
- 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-7993
- Congress: 116
- Title: Promoting and Advancing Communities of Color through Inclusive Lending Act
- Status: 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.
- Introduced: 2020-08-07
- Sponsor: Rep. Waters, Maxine [D-CA-43] (D-CA)
- Cosponsors: 19
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## 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.

## Cosponsors (19)

- WM. CLAY (D-MO), 2020-08-07T00:00:00.000Z
- Rep. Green, Al [D-TX-9] (D-TX), 2020-08-07T00:00:00.000Z
- Rep. Gonzalez, Vicente [D-TX-34] (D-TX), 2020-08-07T00:00:00.000Z
- Rep. Lawson, Al, Jr. [D-FL-5] (D-FL), 2020-08-07T00:00:00.000Z
- Rep. Pressley, Ayanna [D-MA-7] (D-MA), 2020-08-07T00:00:00.000Z
- Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2020-08-07T00:00:00.000Z
- Rep. Adams, Alma S. [D-NC-12] (D-NC), 2020-08-07T00:00:00.000Z
- Rep. Phillips, Dean [D-MN-3] (D-MN), 2020-08-07T00:00:00.000Z
- Rep. Garcia, Sylvia R. [D-TX-29] (D-TX), 2020-08-07T00:00:00.000Z
- Rep. Cleaver, Emanuel [D-MO-5] (D-MO), 2020-08-07T00:00:00.000Z
- Rep. Beatty, Joyce [D-OH-3] (D-OH), 2020-08-07T00:00:00.000Z
- Rep. García, Jesús G. "Chuy" [D-IL-4] (D-IL), 2020-08-07T00:00:00.000Z
- Rep. Scott, David [D-GA-13] (D-GA), 2020-08-07T00:00:00.000Z
- Rep. Gottheimer, Josh [D-NJ-5] (D-NJ), 2020-08-07T00:00:00.000Z
- Rep. Meeks, Gregory W. [D-NY-5] (D-NY), 2020-08-07T00:00:00.000Z
- Rep. Foster, Bill [D-IL-11] (D-IL), 2020-09-04T00:00:00.000Z
- Rep. Lynch, Stephen F. [D-MA-8] (D-MA), 2020-09-04T00:00:00.000Z
- Rep. Vargas, Juan [D-CA-52] (D-CA), 2020-09-04T00:00:00.000Z
- Rep. Dean, Madeleine [D-PA-4] (D-PA), 2020-10-27T00:00:00.000Z

## Related bills

- 116-hr-7120: George Floyd Justice in Policing Act of 2020
- 116-hr-2382: USPS Fairness Act
- 116-hr-2214: NO BAN Act
- 116-hr-4: Voting Rights Advancement Act of 2019
- 116-hr-1309: Workplace Violence Prevention for Health Care and Social Service Workers Act
- 116-hr-1140: Rights for Transportation Security Officers Act of 2020

## Sources
- [116-hr-7993 on Congress.gov](https://www.congress.gov/bill/116th-congress/house-bill/7993)

## Related
- [116-hr-7120: George Floyd Justice in Policing Act of 2020](https://policyrisk.com/legislation/116-hr-7120)
- [116-hr-2382: USPS Fairness Act](https://policyrisk.com/legislation/116-hr-2382)
- [116-hr-2214: NO BAN Act](https://policyrisk.com/legislation/116-hr-2214)
- [116-hr-4: Voting Rights Advancement Act of 2019](https://policyrisk.com/legislation/116-hr-4)
- [116-hr-1309: Workplace Violence Prevention for Health Care and Social Service Workers Act](https://policyrisk.com/legislation/116-hr-1309)
- [116-hr-1140: Rights for Transportation Security Officers Act of 2020](https://policyrisk.com/legislation/116-hr-1140)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/116-hr-7993 (as of 2025-11-18).