S. 619 — Introduced in Senate

II 116th CONGRESS 1st Session S. 619 IN THE SENATE OF THE UNITED STATES February 28, 2019Mr. Tester (for himself and Mr. Moran) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Home Loan Bank Act to provide investment authority to support rural infrastructure development, and for other purposes. 1. Short title This Act may be cited as the Improving Rural Access to Power Act of 2019. 2. Cooperative associations that support rural infrastructure development Section 11 of the Federal Home Loan Bank Act (12 U.S.C. 1431) is amended by adding at the end the following: (m) Cooperative associations that support rural infrastructure development (1) In general Each Federal Home Loan Bank is authorized to purchase investment-grade securities from nonmember lenders that— (A) are organized as cooperatives; (B) have received financing from the Federal Financing Bank; and (C) have demonstrated experience in making loans to cooperatives that are eligible to receive loans or commitments for loans from the Rural Utilities Service (or any successor agency). (2) Secured investments The securities described in paragraph (1) shall be secured investments collateralized by loans of the cooperative lender. (3) Discretion The purchase of the securities described in paragraph (1) shall be at the sole discretion of each Federal Home Loan Bank, consistent with such regulations, restrictions, and limitations as may be prescribed by the Agency. .