S2464Referred to Committee

Community Investment and Prosperity Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-07-24
Introduced
9
Cosponsors
S
ⓘ
Type

Sponsor

Tim Scott
Tim Scott
Republican · SC · Senator
Votes with party: 77.4% (863 recorded votes)

Full profile: /officials/S001184

Source: Congress.gov · FEC

Cosponsors (9)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2025-07-24

Source: Congress.gov

Plain-English Summary

The bill aims to direct financial resources and investment toward underserved communities, likely through programs that encourage banks and financial institutions to lend money for small businesses, housing, and economic development in lower-income neighborhoods. It would probably affect community banks, small business owners, and residents in economically disadvantaged areas by making it easier to access credit and funding for local projects. The specific mechanisms for how this investment would work are still being developed in the Banking Committee.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Finance and Financial Sector

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2464 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 2464 To allow the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to increase the aggregate amount of investments that a national banking association and a State member bank may make to promote the public welfare, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 24, 2025 Mr. Scott of South Carolina (for himself, Ms. Blunt Rochester, Mr. Moreno, Mr. Kim, Mr. McCormick, Ms. Alsobrooks, Mr. Cramer, and Mr. Warnock) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To allow the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to increase the aggregate amount of investments that a national banking association and a State member bank may make to promote the public welfare, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Community Investment and Prosperity Act''. SEC. 2. INVESTMENTS TO PROMOTE THE PUBLIC WELFARE. (a) Revised Statutes.--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''. (b) Federal Reserve Act.--The 23rd paragraph of section 9 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''. <all>
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