1. Short title This Act may be cited as the Uplifting Our Local Communities Act . 2. Emergency relief for State, territorial, Tribal, and local governments (a) Purchase of COVID–19 related municipal issuances (1) Amendment to authority to buy and sell bonds and notes Section 14(b) of the Federal Reserve Act ( 12 U.S.C. 355 ) is amended by adding at the end the following new paragraph: (3) Unusual and exigent circumstances Under unusual and exigent circumstances, to buy any bills, notes, revenue bonds, and warrants issued by any State, county, district, political subdivision, municipality, or entity that is a combination of any of the several States, the District of Columbia, or any of the territories and possessions of the United States. In this paragraph, the term State means each of the several States, the District of Columbia, each territory and possession of the United States, and each federally recognized Indian Tribe. . (2) Federal Reserve authorization to purchase COVID–19 related municipal issuances (A) Authority Within 7 days after the date of the enactment of this subsection, the Board of Governors of the Federal Reserve System shall modify the Municipal Liquidity Facility (established on April 9, 2020, pursuant to section 13(3) of the Federal Reserve Act ( 12 U.S.C. 343(3) )) to— (i) ensure such facility is operational until December 31, 2021; (ii) allow for the purchase of bills, notes, bonds, and warrants with maximum maturity of 10 years from the date of such purchase; (iii) ensure that any purchases made are at an interest rate equal to the discount window primary credit interest rate most recently published on the Federal Reserve Statistical Release on selected interest rates (daily or weekly), commonly referred to as the H.15 release or the Federal funds rate ; (iv) ensure that an eligible issuer does not need to attest to an inability to secure credit elsewhere; and (v) include in the list of eligible issuers for such purchases— (I) any of the territories and possessions of the United States