The capital markets subcommittee of the House Banking Committee unanimously approved the Enterprise Resource Bank Act March 28, a bill to modernize the Federal Home Loan Bank System. A summary of the major provisions follows.
Mission. The Federal Home Loan Banks would be renamed "Enterprise Resource Banks" to account for a broadening of the system's mission. In addition to providing funds for mortgages, the 12 district banks would be able to provide long-term credit for inner-city and rural development loans.