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[Page S5346]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
REINVIGORATING LENDING FOR THE FUTURE ACT
Mr. McCONNELL. Mr. President, I ask unanimous consent that the
Committee on Environment and Public Works be discharged from further
consideration of S. 4075 and the Senate proceed to its immediate
consideration.
The PRESIDING OFFICER. Without objection, it is so ordered.
The clerk will report the bill by title.
The legislative clerk read as follows:
A bill (S. 4075) 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.
There being no objection, the committee was discharged, and the
Senate proceeded to consider the bill.
Mr. McCONNELL. Mr. President, I ask unanimous consent that the bill
be considered read a third time and passed and the motion to reconsider
be considered made and laid upon the table.
The PRESIDING OFFICER. Without objection, it is so ordered.
The bill (S. 4075) was ordered to be engrossed for a third reading,
was read the third time, and passed as follows
S. 4075
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 1 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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