U.S. Sens. Mark Warner (D-VA), Cory Booker (D-NJ), Kamala Harris (D-CA) and Democratic Leader Chuck Schumer (D-NY) are introducing the Jobs and Neighborhood Investment Act.
The legislation would make a new, $17.9 billion investment in low-income and minority communities that have been especially hard-hit by the COVID-19 crisis.
Rep. Gregory Meeks (D-NY) will introduce companion legislation in the House.
The legislation would provide eligible community development financial institutions (CDFIs) and Minority Depository Institutions (MDIs) with capital, liquidity, and operational capacity, to expand the flow of credit into underserved, minority, and historically disadvantaged communities, helping small businesses stay afloat and expand operations, while providing affordable access to credit for lower income borrowers. The Senators are seeking to include the Jobs and Neighborhood Investment Act in any upcoming COVID-19 relief legislation to help hard-hit communities weather and recover from the economic blow of the pandemic.