H.R. 4586 · On the floor · International Affairs

AIDA

What it does

• Directs the CEO of the US International Development Finance Corporation to support investments by African and Caribbean diaspora members through matching funds up to $5,000 per taxpayer in ventures meeting development goals in health, education, agriculture, clean energy, or youth employment.
• Instructs the Securities and Exchange Commission to treat non-accredited African diaspora investors as accredited investors for securities offerings by issuers in which a qualified development finance institution holds an investment, subject to a 25 percent cap on diaspora purchases and public disclosure requirements.
• Authorizes the Treasury Secretary and the US International Development Finance Corporation to support diaspora bond issuances by African and Caribbean nations through credit enhancement, technical assistance, and co-marketing.
• Directs the Treasury Secretary to issue rules removing undue regulatory barriers for fintech-driven remittance providers owned by African diaspora members and to establish a Remittance Innovation Fund for technical support and seed funding.
• Creates a tax deduction for remittances used for qualified purposes, as detailed in Part VII of subchapter B.

Latest action

Sep 2, 2026: ASSUMING FIRST SPONSORSHIP - Mr. Jackson (IL) asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 4586, a bill originally introduced by Representative Cherfilus-McCormick for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.

Committee: House Financial Services