,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #gdih  ,,in ,,the ,,house ,,of  
,,representatives  ,july #f1 #bjbj,ms4  
,tlaib introduced the following bill2   
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
authorize ,federal reserve banks to     
purchase ,,covid-#ai related municipal  
issuances1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,uplifting ,our ,local ,communities 
,act4  #b4 ,emergency relief for ,state1
 territorial1 ,tribal1 and local        
governments  7a7 ,purchase of           
,,covid-#ai related municipal issuances 
7#a7 ,amendment to authority to buy and 
sell bonds and notes ,section #ad7;b7 of
 the ,federal ,reserve ,act 7#ab        
,u4,s4,c4 #cee7 is amended by adding at 
the end the following new paragraph3    
7#c7 ,unusual and exigent circumstances 
,under unusual and exigent              
circumstances1 to buy any bills1 notes1 
revenue bonds1 and warrants issued by   
any ,state1 county1 district1 political 

subdivision1 municipality1 or entity    
that is a combination of any of the     
several ,states1 the ,district of       
,columbia1 or any of the territories and
 possessions of the ,united ,states4 ,in
 this paragraph1 the term ,state means  
each of the several ,states1 the        
,district of ,columbia1 each territory  
and possession of the ,united ,states1  
and each federally recognized ,indian   
,tribe4  4  7#b7 ,federal ,reserve      
authorization to purchase ,,covid-#ai   
related municipal issuances  7,a7       
,authority ,within #g days after the    
date of the enactment of this           
subsection1 the ,board of ,governors of 
the ,federal ,reserve ,system shall     
modify the ,municipal ,liquidity        
,facility 7established on ,april #i1    
#bjbj1 pursuant to section #ac7c7 of the
 ,federal ,reserve ,act 7#ab ,u4,s4,c4  
#cdc7c777 to-- 7i7 ensure such facility 
is operational until ,december #ca1     
#bjba2  7ii7 allow for the purchase of  
bills1 notes1 bonds1 and warrants with  

maximum maturity of #aj years from the  
date of such purchase2  7iii7 ensure    
that any purchases made are at an       
interest rate equal to the discount     
window primary credit interest rate most
 recently published on the ,federal     
,reserve ,statistical ,release on       
selected interest rates 7daily or       
weekly71 commonly referred to as the    
,h4#ae release or the ,federal funds    
rate2  7iv7 ensure that an eligible     
issuer does not need to attest to an    
inability to secure credit elsewhere2   
and  7v7 include in the list of eligible
 issuers for such purchases-- 7,i7 any  
of the territories and possessions of   
the ,united ,states2  7,,ii7 a political
 subdivision of a ,state with a         
population of more than #ej1jjj         
residents2 and  7,,iii7 an entity that  
is a combination of any of the several  
,states1 the ,district of ,columbia1 or 
any of the territories and possessions  
of the ,united ,states4  7b7            
,establishment of a long-,term municipal

 borrowing facility  7#a7 ,in general   
,of amounts appropriated under section  
#djbg7;a7 of the ,,cares ,act 7,public  
,law #aaf-acf7 that remain unobligated  
or unexpended1 the ,board of ,governors 
and the ,secretary of the ,treasury     
shall provide support for long-term     
municipal borrowing markets in addition 
to support provided for such markets    
through the ,municipal ,liquidity       
,facility4  7#b7 ,goal ,the purpose of  
support for long-term municipal         
borrowing markets shall be to ensure    
that each ,state1 county1 district1     
political subdivision1 or municipality  
in the ,united ,states can access       
capital for long-term capital           
expenditures1 infrastructure projects1  
and other long-term general obligations 
at low and stable prices for the entire 
duration of any economic disruption     
caused by the ,,covid-#ai pandemic4  7c7
 ,applicability of the limitation on    
loan forgiveness ,section #djjc7;d77#c7 
of the ,,cares ,act 7,public ,law       

#aaf-acf7 is amended by striking 1      
,state1 or municipality4