,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #ggag  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #ba1 #bjbj,ms4  
,tlaib 7= h]self1 ,mr4 ,neguse1 ,mr4    
,g>ca ( ,ill9ois1 ,mr4 ,gre5 ( ,texas1  
,mr4 ,ha/+s1 ,ms4 ,kaptur1 ,mrs4 ,c>olyn
 ,b4 ,maloney ( ,new ,york1 ,mr4 ,nadl]1
 ,ms4 ,norton1 ,ms4 ,ocasio-,cortez1    
,ms4 ,pressley1 ,mr4 ,san ,nicolas1 ,mr4
 ,smi? ( ,wa%+ton1 ,mr4 ,takano1 ,ms4   
,wat]s1 & ,mr4 ,huffman7 introduc$ !    
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to au?orize ,f$]al res]ve banks
 to pur*ase ,,covid-#ai relat$ municipal
 issuances1 & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z !        
,uplift+ ,our ,local ,communities ,act4 
#b4 ,em]g5cy relief = ,/ate1 t]ritorial1
 ,tribal1 & local gov]nm5ts  7a7        
,pur*ase ( ,,covid-#ai relat$ municipal 
issuances  7#a7 ,am5dm5t to au?ority to 
buy & sell bonds & notes ,section       
#ad7;b7 ( ! ,f$]al ,res]ve ,act 7#ab    
,u4,s4,c4 #cee7 is am5d$ by add+ at !   

end ! foll[+ new p>agraph3  7#c7        
,unusual & exig5t circum/ances ,"u      
unusual & exig5t circum/ances1 to buy   
any bills1 notes1 rev5ue bonds1 &       
w>rants issu$ by any ,/ate1 c\nty1      
di/rict1 political subdivision1         
municipality1 or entity t is a          
comb9ation ( any ( ! sev]al ,/ates1 !   
,di/rict ( ,columbia1 or any ( !        
t]ritories & possessions ( ! ,unit$     
,/ates4 ,9 ?is p>agraph1 ! t]m ,/ate    
means ea* ( ! sev]al ,/ates1 ! ,di/rict 
( ,columbia1 ea* t]ritory & possession (
 ! ,unit$ ,/ates1 & ea* f$]ally         
recogniz$ ,indian ,tribe4  4  7#b7      
,f$]al ,res]ve au?orization to pur*ase  
,,covid-#ai relat$ municipal issuances  
7,a7 ,au?ority ,)9 #g days aft] ! date (
 ! enactm5t ( ?is subsection1 ! ,bo>d ( 
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 modify ! ,municipal ,liquidity         
,facility 7e/abli%$ on ,april #i1 #bjbj1
 pursuant to section #ac7c7 ( ! ,f$]al  
,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c777   
to-- 7i7 ensure su* facility is         

op]ational until ,decemb] #ca1 #bjba2   
7ii7 all[ = ! pur*ase ( bills1 notes1   
bonds1 & w>rants ) maximum maturity (   
#aj ye>s f ! date ( su* pur*ase2  7iii7 
ensure t any pur*ases made are at an    
int]e/ rate equal to ! disc\nt w9d[     
prim>y cr$it int]e/ rate mo/ rec5tly    
publi%$ on ! ,f$]al ,res]ve ,/ati/ical  
,release on select$ int]e/ rates 7daily 
or weekly71 commonly ref]r$ to z !      
,h4#ae release or ! ,f$]al funds rate2  
7iv7 ensure t an eligible issu] does n  
ne$ to atte/ to an inability to secure  
cr$it else:]e2 &  7v7 include 9 ! li/ ( 
eligible issu]s = su* pur*ases-- 7,i7   
any ( ! t]ritories & possessions ( !    
,unit$ ,/ates2  7,,ii7 a political      
subdivision ( a ,/ate ) a population ( m
 ?an #ej1jjj resid5ts2 &  7,,iii7 an    
entity t is a comb9ation ( any ( !      
sev]al ,/ates1 ! ,di/rict ( ,columbia1  
or any ( ! t]ritories & possessions ( ! 
,unit$ ,/ates4  7b7 ,e/abli%m5t ( a     
long-,t]m municipal borr[+ facility     
7#a7 ,9 g5]al ,( am\nts appropriat$ "u  

section #djbg7;a7 ( ! ,,c>es ,act       
7,public ,law #aaf-acf7 t rema9         
unobligat$ or unexp5d$1 ! ,bo>d (       
,gov]nors & ! ,secret>y ( ! ,treasury   
%all provide support = long-t]m         
municipal borr[+ m>kets 9 addition to   
support provid$ = su* m>kets ?r\gh !    
,municipal ,liquidity ,facility4  7#b7  
,goal ,! purpose ( support = long-t]m   
municipal borr[+ m>kets %all be to      
ensure t ea* ,/ate1 c\nty1 di/rict1     
political subdivision1 or municipality 9
 ! ,unit$ ,/ates c access capital =     
long-t]m capital exp5ditures1           
infra/ructure projects1 & o!r long-t]m  
g5]al obligations at l[ & /able prices =
 ! entire duration ( any economic       
disruption caus$ by ! ,,covid-#ai       
p&emic4  7c7 ,applicability ( !         
limitation on loan =giv5ess ,section    
#djjc7;d77#c7 ( ! ,,c>es ,act 7,public  
,law #aaf-acf7 is am5d$ by /rik+ 1      
,/ate1 or municipality4