A bill to amend the Rural Electrification Act of 1936 to promote the economic vitality of rural America by directing the resources of the Rural Electrification Administration toward rural consumers, and for other purposes.

Amends the Rural Electrification Act of 1936 to limit guaranteed and insured loans under such Act to borrowers who: (1) provide electric or telephone service to specified low-density rural areas or will use the loan proceeds for such purposes; and (2) are unable to obtain credit at reasonable terms elsewhere.

Authorizes a waiver of such requirements where an applicant is serving a rural area and such services would not otherwise be available.