To amend the Federal Credit Union Act to clarify existing law and ratify the longstanding policy of the National Credit Union Administration Board with regard to field of membership of Federal credit unions and to repeal the Community Reinvestment Act of 1977, and to provide for a reduced tax rate for qualified community lenders.
Financial Freedom Act of 1997 - Amends the Federal Credit Union Act to limit Federal credit union membership to one or more groups each of which has a common bond within such group.
Repeals the Community Reinvestment Act of 1977.
Amends the Internal Revenue Code to reduce the corporate tax rate for qualified community lenders.
Introduced in House
Introduced in House
Referred to House Banking and Financial Services
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Ways and Means
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line