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116-hr-7996116th Congress

Rural Equal Aid Act

Sponsored By: Representative Axne, Cynthia [D-IA-3]

Unknown

Summary

Rural Equal Aid Act This bill requires the Department of Agriculture (USDA) to pay the principal, interest, and any associated fees owed on loans made under certain rural development loan programs for a six-month period. USDA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by USDA. USDA must waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Axne, Cynthia [D-IA-3]

IA • D

Cosponsors

  • Rep. Tipton, Scott R. [R-CO-3]

    CO • R

    Sponsored 8/11/2020

  • Rep. Scott, Austin [R-GA-8]

    GA • R

    Sponsored 8/11/2020

  • Rep. Balderson, Troy [R-OH-12]

    OH • R

    Sponsored 8/11/2020

  • Sen. Blunt Rochester, Lisa [D-DE]

    DE • D

    Sponsored 8/11/2020

  • Rep. Golden, Jared F. [D-ME-2]

    ME • D

    Sponsored 8/11/2020

Roll Call Votes

No roll call votes available for this bill.

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