S.Amdt. 1471

SA 1471. Mr. MORAN (for himself and Mr. Tester) submitted an
amendment intended to be proposed to amendment SA 1407 submitted by Ms.
Murkowski

[[Page S1441]]

and intended to be proposed to the bill S. 2657, to support innovation
in advanced geothermal research and development, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. _____. COOPERATIVE ASSOCIATIONS THAT SUPPORT RURAL
INFRASTRUCTURE DEVELOPMENT.

Section 11 of the Federal Home Loan Bank Act (12 U.S.C.
1431) is amended by adding at the end the following:
``(m) Cooperative Associations That Support Rural
Infrastructure Development.--
``(1) In general.--Each Federal Home Loan Bank is
authorized to purchase investment-grade securities from
nonmember lenders that--
``(A) are organized as cooperatives;
``(B) have received financing from the Federal Financing
Bank; and
``(C) have demonstrated experience in making loans to
cooperatives that are eligible to receive loans or
commitments for loans from the Rural Utilities Service (or
any successor agency).
``(2) Secured investments.--The securities described in
paragraph (1) shall be secured investments collateralized by
loans of the cooperative lender.
``(3) Discretion.--The purchase of the securities described
in paragraph (1) shall be at the sole discretion of each
Federal Home Loan Bank, consistent with such regulations,
restrictions, and limitations as may be prescribed by the
Agency.''.
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