[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7388 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 7388
To amend the Public Works and Economic Development Act of 1965 to
provide for the release of certain Federal interests in connection with
certain grants under that Act, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
June 26, 2020
Mr. Peterson (for himself and Mr. Katko) introduced the following bill;
which was referred to the Committee on Transportation and
Infrastructure, and in addition to the Committee on Financial Services,
for a period to be subsequently determined by the Speaker, in each case
for consideration of such provisions as fall within the jurisdiction of
the committee concerned
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A BILL
To amend the Public Works and Economic Development Act of 1965 to
provide for the release of certain Federal interests in connection with
certain grants under that Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Reinvigorating Lending for the
Future Act'' or the ``RLF Act''.
SEC. 2. RELEASE OF CERTAIN INTERESTS.
Section 601(d)(2) of the Public Works and Economic Development Act
of 1965 (42 U.S.C. 3211(d)(2)) is amended--
(1) by striking the paragraph designation and heading and
all that follows through ``The Secretary may'' and inserting
the following:
``(2) Release.--
``(A) In general.--Except as provided in
subparagraph (B), the Secretary may''; and
(2) by adding at the end the following:
``(B) Certain releases.--
``(i) In general.--On written request from
a recipient of a grant under section 209(d),
the Secretary shall release, in accordance with
this subparagraph, any Federal interest in
connection with the grant, if--
``(I) the request is made not less
than 7 years after the final
disbursement of the original grant;
``(II) the recipient has complied
with the terms and conditions of the
grant to the satisfaction of the
Secretary;
``(III) any proceeds realized from
the grant will be used for one or more
activities that continue to carry out
the economic development purposes of
this Act; and
``(IV) the recipient includes in
the written request a description of
how the recipient will use the proceeds
of the grant in accordance with
subclause (III).
``(ii) Deadline.--
``(I) In general.--Except as
provided in subclause (II), the
Secretary shall complete all closeout
actions for the grant by not later than
180 days after receipt and acceptance
of the written request under clause
(i).
``(II) Extension.--The Secretary
may extend a deadline under subclause
(I) by an additional 180 days if the
Secretary determines the extension to
be necessary.
``(iii) Savings provision.--Section 602
shall continue to apply to a project assisted
with a grant under section 209(d) regardless of
whether the Secretary releases a Federal
interest under clause (i).''.
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