Housing Financial Literacy Act of 2021 This bill modifies the discount given by the Federal Housing Administration (FHA) on single-family mortgage-insurance premium payments for first-time homebuyers who complete a financial-management counseling program. Under current law, the maximum premium amount for such homebuyers is 2.75% of the original insured principal obligation of the mortgage (compared to 3% for other homebuyers). The bill instead requires that the premium amount for such homebuyers be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA. The bill also specifies that first-time homebuyers must complete the financial-management counseling program prior to applying for a mortgage or entering into a sales agreement.
Sponsored bills
Withstanding Attempts to Encroach on our Resources Act of 2021 or the WATER Act This bill specifies which bodies of water fall under the scope of the Clean Water Act and are thereby under federal jurisdiction. Specifically, the bill provides statutory authority for the definition of waters of the United States , commonly known as WOTUS, included in the 2020 Navigable Waters Protection Rule: Definition of "Waters of the United States." The 2020 rule replaced a 2015 rule that included a more expansive definition of WOTUS.
Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021 This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business. Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws. Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business. The bill also provides that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism. Finally, the bill decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
This resolution expresses the sense of the House of Representatives that (1) clean water is a national priority, and (2) the 2020 final rule titled The Navigable Waters Protection Rule: Definition of "Waters of the United States" should not be withdrawn or vacated.
PPP Revenue Adjustment Calculation To Increase Capital Accessibility Long-term Act of 2021 or the PRACTICAL Act of 2021 This bill modifies eligibility for second draw loans under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill provides for a period of 90 consecutive days to determine whether a borrower experienced a loss in revenue from 2019 to 2020 that qualifies them for a second draw loan. Currently, this qualification period must align with a corresponding calendar quarter from the previous year.
Gluten in Medicine Disclosure Act of 2021 This bill prohibits the sale of any drug intended for human use that contains an ingredient derived from a gluten-containing grain unless the drug's label (1)states that the drug contains such an ingredient, and (2)identifies the type of grain from which the ingredient is derived.
This resolution supports the goals and ideals of Financial Literacy Month.
This resolution urges the Department of State to take action on unpaid Peruvian agrarian reform bonds by encouraging Peru to negotiate in good faith with U.S. bondholders regarding payment of these bonds.
Investing in Our Communities Act This bill reinstates the exclusion from gross income for interest on certain bonds issued to advance the refunding of a prior bond issue. The exclusion was repealed for bonds issued after 2017.
Willie O'Ree Congressional Gold Medal Act This bill provides for the award of a Congressional Gold Medal to Willie O'Ree or, if unavailable, to a member of his family, in recognition of his contributions and commitment to hockey, inclusion, and recreational opportunity.