Purpose

The purpose of this Act is to reaffirm and improve the participation of members of the Federal Home Loan Bank System in financing that meets the short- and long-term housing, including affordable housing, agricultural, and small business lending and community economic development financing needs of the communities they serve, including rural, urban, low-income and Tribal communities, by— (1) expanding the ability of the Federal Home Loan Banks to support the housing, including affordable housing, small business, agricultural and economic development activities of the members of the Federal Home Loan Banks, including credit unions, community development financial institutions, insurance companies, and housing finance agencies; (2) clarifying that the Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) permits a broad range of activities that enable the Federal Home Loan Banks to support the housing and community development activities of their members, including providing grants, subsidized financing and advances, and credit enhancement; and (3) simplifying executive compensation and aligning it with mission achievements.