Federal RuleAug 21
62
DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-7769119th CongressWALLET
MINT Act
Sponsored By: Representative McClain, Lisa C. [R-MI-9]
Introduced
Summary
Restores permanent tax-exempt treatment for state and local bonds guaranteed by Federal Home Loan Bank letters of credit. It also moves safety and soundness standards to the Director of the Federal Housing Finance Agency and applies only to guarantees made after enactment.
Show full summary
- State and local issuers: Removes the old December 31, 2010 cutoff so guarantees from Federal Home Loan Bank letters of credit can qualify bonds for tax-exempt status going forward.
- Federal Home Loan Banks and FHFA: Puts the safety and soundness test under the FHFA Director, allowing the agency to set and update the standards over time.
- Investors and municipal bond buyers: Clarifies that bonds backed by FHLB letters of credit are treated as not federally guaranteed when determining tax-exempt status, which affects how those bonds are taxed.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
More tax-free municipal bonds backed by FHLBs
If enacted, this bill would let more state and local bonds backed by Federal Home Loan Bank (FHLB) letters of credit be treated as not federally guaranteed for tax-exempt status. It would remove a prior rule that limited that treatment to bonds issued before December 31, 2010. It would replace fixed minimum safety language with standards set by the Director of the Federal Housing Finance Agency. The change would apply only to guarantees made after the date of enactment, so issuers and investors could see more FHLB-backed municipal bonds get favorable tax treatment.
Sponsors & CoSponsors
Sponsor
McClain, Lisa C. [R-MI-9]
MI • R
Cosponsors
Rep. Liccardo, Sam T. [D-CA-16]
CA • D
Sponsored 3/3/2026
Rep. Tenney, Claudia [R-NY-24]
NY • R
Sponsored 3/3/2026
Rep. Horsford, Steven [D-NV-4]
NV • D
Sponsored 3/3/2026
Rep. LaHood, Darin [R-IL-16]
IL • R
Sponsored 3/3/2026
Rep. Perez, Marie Gluesenkamp [D-WA-3]
WA • D
Sponsored 3/3/2026
Rep. Salazar, Maria Elvira [R-FL-27]
FL • R
Sponsored 5/13/2026
Rep. Beatty, Joyce [D-OH-3]
OH • D
Sponsored 5/13/2026
Rep. Williams, Nikema [D-GA-5]
GA • D
Sponsored 6/8/2026
Rep. Stutzman, Marlin A. [R-IN-3]
IN • R
Sponsored 6/8/2026
Rep. Kim, Young [R-CA-40]
CA • R
Sponsored 7/21/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov