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Increase the supply of housing in America › Section 203

Community Investment and Prosperity Act

Section 203 · Sec. 203 ·

What this chapter is about

This part changes two older banking laws. A number in each is raised from 15 to 20. Two bank regulators must then study the investments banks make for public good. They must report to Congress every two years.

3 proposals indexed from this chapter.

The figure 15 becomes 20 in the Revised Statutes

The document says “is amended”Who acts: CongressHow: statuteSec. 203 in the PDF
What the document says

“The paragraph designated as the ``Eleventh'' of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24) is amended, in the fifth sentence, by striking ``15'' each place the term appears and inserting ``20''.”

To increase the supply of housing in America, and for other purposes, Sec. 203

The section amends the paragraph designated Eleventh of section 5136 of the Revised Statutes of the United States, replacing the figure 15 with 20 wherever it appears in the fifth sentence.

What the document actually says

“The paragraph designated as the ``Eleventh'' of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24) is amended, in the fifth sentence, by striking ``15'' each place the term appears and inserting ``20''.”

To increase the supply of housing in America, and for other purposes, Sec. 203
That sentence, in plain words

One old sentence has the number 15 in it. Every time it shows up, it is taken out. The number 20 goes in instead.

What this is about

The Revised Statutes are a very old set of federal laws. This one deals with what a national bank may do. Only the number changes here.

No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.

The same change is made in the Federal Reserve Act

The document says “is amended”Who acts: CongressHow: statuteSec. 203 in the PDF
What the document says

“Section 9(23) of the Federal Reserve Act (12 U.S.C. 338a) is amended, in the fifth sentence, by striking ``15'' each place the term appears and inserting ``20''.”

To increase the supply of housing in America, and for other purposes, Sec. 203

The section makes the matching amendment to section 9(23) of the Federal Reserve Act, replacing 15 with 20 wherever it appears in the fifth sentence.

What the document actually says

“Section 9(23) of the Federal Reserve Act (12 U.S.C. 338a) is amended, in the fifth sentence, by striking ``15'' each place the term appears and inserting ``20''.”

To increase the supply of housing in America, and for other purposes, Sec. 203
That sentence, in plain words

The same swap is made in a second law. The number 15 comes out. The number 20 goes in.

What this is about

The first change covers one kind of bank. This one covers another kind. Both rules now use the same number.

No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.

Two regulators must report on public welfare investments every two years

The document says “shall”Who acts: Comptroller of the Currency, Board of Governors of the Federal Reserve SystemHow: statuteSec. 203 in the PDF
What the document says

“Not later than 2 years after the date of enactment of this section, and every 2 years thereafter, the Comptroller of the Currency and the Board of Governors of the Federal Reserve System shall each submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report”

To increase the supply of housing in America, and for other purposes, Sec. 203

The section requires the Comptroller of the Currency and the Board of Governors of the Federal Reserve System each to report to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs every two years, after consulting each other, about public welfare investments made by the institutions they oversee in the two previous calendar years. Each report must give the number and the dollar amount of those investments broken down by purpose, type, size of the institution using at least four asset categories, and location, and must describe the requirements that apply to each type of investment.

What the document actually says

“Not later than 2 years after the date of enactment of this section, and every 2 years thereafter, the Comptroller of the Currency and the Board of Governors of the Federal Reserve System shall each submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report”

To increase the supply of housing in America, and for other purposes, Sec. 203
That sentence, in plain words

Two bank watchdogs must each write a report. The first is due in two years. After that one is due every two years. Both go to the same two committees in Congress.

What this is about

A public welfare investment is money a bank puts into helping a community. The reports count them and add up the dollars. They also break the numbers down by place and by bank size.

No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.

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What This Page Covers, and What It Leaves Out

The three things the section does: the change to the Revised Statutes, the matching change to the Federal Reserve Act, and the biennial study and report.

Nothing the section does is left out.

The section works by amending section 5136 of the Revised Statutes and section 9(23) of the Federal Reserve Act, neither of which is indexed here, so nothing is recorded about what the figure of 15 governed or what the figure of 20 now governs.