II 

117TH CONGRESS 

2D SESSION S. 4183 

To establish the National Energy Transition Endowment and Community 

Revitalization Corporation, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 11 (legislative day, MAY 10), 2022 

Mr. BENNET introduced the following bill; which was read twice and referred 

to the Committee on the Judiciary 

A BILL 

To establish the National Energy Transition Endowment and 

Community Revitalization Corporation, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Energy Com5 munity Transition Act of 2022’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act: 

8 (1) AVERAGE ENDING BALANCE.—The term 

9 ‘‘average ending balance’’, with respect to an ac10 count in the Endowment, means— 


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1 (A) for the first fiscal year during which 

2 the Endowment is in operation, the actual end3 ing balance of the account; 

4 (B) for the second fiscal year during which 

5 the Endowment is in operation, the average of 

6 the fiscal year ending balances of the account 

7 for that fiscal year and the preceding fiscal 

8 year; 

9 (C) for the third fiscal year during which 

10 the Endowment is in operation, the average of 

11 the fiscal year ending balances of the account 

12 for the 2-preceding-fiscal-year period; and 

13 (D) for the fourth fiscal year during which 

14 the Endowment is in operation, and for each 

15 fiscal year thereafter, the average of the fiscal 

16 year ending balances of the account for the 3- 

17 preceding-fiscal-year period. 

18 (2) BOARD.—The term ‘‘Board’’ means the 

19 Board of Directors of the Corporation. 

20 (3) COMMUNITY DEVELOPMENT FINANCIAL IN21 STITUTION.—The term ‘‘community development fi22 nancial institution’’ has the meaning given the term 

23 in section 103 of the Community Development 

24 Banking and Financial Institutions Act of 1994 (12 

25 U.S.C. 4702). 


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1 (4) CORPORATION.—The term ‘‘Corporation’’ 

2 means the Community Revitalization Corporation es3 tablished by section 3(a). 

4 (5) ELIGIBLE COMMUNITY.—The term ‘‘eligible 

5 community’’ means— 

6 (A) a community experiencing or likely to 

7 experience an economic or workforce transition 

8 relating to changes in applicable— 

9 (i) fossil fuel electricity generation; or 

10 (ii) fossil fuel extraction, development, 

11 or demand; and 

12 (B) a community experiencing or likely to 

13 experience a decline in fossil fuel-related rev14 enue. 

15 (6) ENDOWMENT.—The term ‘‘Endowment’’ 

16 means the National Energy Transition Endowment 

17 Fund established by section 4(a)(1). 

18 (7) ENERGY COMMUNITY HUB.—The term ‘‘en19 ergy community hub’’ means a place-based organiza20 tion (including a nonprofit entity, community devel21 opment financial institution, regional economic de22 velopment authority, or other community-based or23 ganization, as determined to be appropriate by the 

24 Corporation) that— 


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1 (A) facilitates economic and community de2 velopment in an eligible community; and 

3 (B) provides necessary capacity and experi4 ence to implement a transition program for 1 or 

5 more eligible communities. 

6 (8) TRANSITION PROGRAM.—The term ‘‘transi7 tion program’’ means a program described in section 

8 5(a)(2) or paragraph (3) or (4) of section 5(b). 

9 SEC. 3. ESTABLISHMENT OF THE COMMUNITY REVITALIZA10 TION CORPORATION. 

11 (a) IN GENERAL.—There is established a federally 

12 chartered, nonprofit corporation, to be known as the 

13 ‘‘Community Revitalization Corporation’’. 

14 (b) STATUS AND APPLICABLE LAWS.— 

15 (1) NON-FEDERAL ENTITY.—The Corporation 

16 is not a department, agency, or instrumentality of 

17 the United States Government. 

18 (2) LIABILITY.—The United States Govern19 ment shall not be liable for the actions or inactions 

20 of the Corporation. 

21 (3) NONPROFIT CORPORATION.—The Corpora22 tion shall have and maintain the status of the Cor23 poration as a nonprofit corporation exempt from 

24 taxation under the Internal Revenue Code of 1986. 

25 (c) BOARD OF DIRECTORS.— 


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1 (1) AUTHORITY.—The powers of the Corpora2 tion shall be vested in a Board of Directors that gov3 erns the Corporation. 

4 (2) MEMBERSHIP.— 

5 (A) IN GENERAL.—The Board shall be 

6 composed of not fewer than 7 but not more 

7 than 11 members, who shall be appointed by 

8 the President, not later than 90 days after the 

9 date of enactment of this Act, by and with the 

10 advice and consent of the Senate. 

11 (B) QUALIFICATIONS OF MEMBERS.— 

12 (i) IN GENERAL.—Subject to clauses 

13 (ii) and (iii), in making appointments 

14 under subparagraph (A), the President 

15 shall ensure that the membership of the 

16 Board— 

17 (I) includes— 

18 (aa) members from eligible 

19 communities; 

20 (bb) members with relevant 

21 economic development experi22 ences with— 

23 (AA) eligible commu24 nities; 


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1 (BB) underserved rural 

2 communities in economic 

3 distress; and 

4 (CC) underrepresented 

5 minority communities, such 

6 as indigenous communities, 

7 Tribal communities, or com8 munities of color; and 

9 (cc) members representing a 

10 recognized State labor organiza11 tion or central labor council or 

12 other labor representatives, as 

13 appropriate; and 

14 (II) has not more than a 1-mem15 ber majority from any political party. 

16 (ii) PROHIBITION.—A member of the 

17 Board shall not hold an office, position, or 

18 employment in any political party. 

19 (iii) INITIAL MEMBERS.—The Presi20 dent shall ensure that the initial member21 ship of the Board includes a representative 

22 of each of the Northern Rocky Mountain 

23 region, the Four Corners region, the Mid24 Continental Gulf Coast region, the Illinois 

25 Basin region, the Appalachian region, and 


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1 the Alaska region, as described in the re2 port prepared by the Interagency Working 

3 Group on Coal and Power Plant Commu4 nities and Economic Revitalization entitled 

5 ‘‘Initial Report to the President on Em6 powering Workers Through Revitalizing 

7 Energy Communities’’ and dated April 

8 2021. 

9 (C) TERMS.— 

10 (i) IN GENERAL.—A member of the 

11 Board shall be appointed for a term of 4 

12 years, except that the President shall des13 ignate staggered terms for the members 

14 first appointed to the Board. 

15 (ii) REAPPOINTMENT.—A member of 

16 the Board may be reappointed to serve an 

17 additional term, subject to the condition 

18 that the member may serve for not more 

19 than 2 consecutive terms. 

20 (D) VACANCIES.— 

21 (i) IN GENERAL.—A vacancy on the 

22 Board shall be— 

23 (I) filled in the manner in which 

24 the original appointment was made; 

25 and 


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1 (II) subject to any conditions 

2 that applied with respect to the origi3 nal appointment. 

4 (ii) FILLING UNEXPIRED TERM.—An 

5 individual chosen to fill a vacancy shall be 

6 appointed for the unexpired term of the 

7 member replaced. 

8 (E) EXPIRATION OF TERMS.—Any member 

9 of the Board may continue to serve after the 

10 expiration of the term for which the member 

11 was appointed until a qualified successor has 

12 been appointed. 

13 (3) CHAIRPERSON.— 

14 (A) IN GENERAL.—The Chairperson of the 

15 Board shall be selected from among the mem16 bers of the Board by a majority vote of the 

17 members. 

18 (B) TERM OF SERVICE.—The Chairperson 

19 of the Board— 

20 (i) shall serve for a term of not longer 

21 than 4 years; and 

22 (ii) may be reelected to serve an addi23 tional term, subject to the condition that 

24 the Chairperson may serve for not more 

25 than 2 consecutive terms. 


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1 (4) CONSULTATION.—To the maximum extent 

2 practicable, in carrying out the duties of the Cor3 poration under subsection (d)(3), the Board shall 

4 engage regional economic development entities and 

5 energy community hubs to solicit and consider input 

6 and feedback relating to decisions impacting the 1 or 

7 more regions the entity represents. 

8 (d) BYLAWS AND DUTIES.— 

9 (1) IN GENERAL.—The Board shall adopt, and 

10 may amend, the bylaws of the Corporation. 

11 (2) BYLAWS.—The bylaws of the Corporation 

12 shall include, at a minimum— 

13 (A) the duties and responsibilities of the 

14 Board; and 

15 (B) the operational procedures of the Cor16 poration. 

17 (3) DUTIES AND RESPONSIBILITIES OF

18 BOARD.—The Board shall be responsible for actions 

19 of the Corporation, including— 

20 (A) hiring staff to carry out the functions 

21 of the Corporation; 

22 (B) entering into contracts with fund man23 agement and investment professionals to man24 age the Endowment; 


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1 (C) making formula payments under sec2 tion 5(a)(2); 

3 (D) making grants in accordance with sec4 tion 5(b)(3); 

5 (E) monitoring Federal and State policies 

6 relevant to rural and transitioning communities; 

7 (F) coordinating (including through enter8 ing into contracts), as appropriate, with rel9 evant agencies, institutions, energy community 

10 hubs, and other entities that provide economic, 

11 training, and capacity assistance to eligible 

12 communities consistent with the duties under 

13 subparagraphs (C), (D), (H), and (I); 

14 (G) creating and maintaining accessible 

15 electronic materials targeted towards eligible 

16 communities, including up-to-date, user-friendly 

17 information on— 

18 (i) the programs and activities carried 

19 out by the Corporation; and 

20 (ii) other relevant Federal programs 

21 that provide economic assistance to eligible 

22 communities or other similar transitioning 

23 communities; 

24 (H) making public investments in accord25 ance with section 5(b)(4); and 


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1 (I) monitoring, assessing, and reporting on 

2 outcomes of— 

3 (i) any financial assistance provided 

4 under a transition program; and 

5 (ii) any public investment made under 

6 section 5(b)(4). 

7 (4) CHIEF EXECUTIVE OFFICER.—The Board 

8 shall select and hire a Chief Executive Officer, who 

9 shall report directly to the Board. 

10 SEC. 4. ESTABLISHMENT OF ENDOWMENT AND INVEST11 MENT STRATEGY. 

12 (a) ENDOWMENT FUND.— 

13 (1) IN GENERAL.—There is established within 

14 the Corporation an endowment, to be known as the 

15 ‘‘National Energy Transition Endowment Fund’’, 

16 consisting of— 

17 (A) amounts deposited in the Endowment 

18 under paragraph (3) and subsection (b)(3)(B); 

19 (B) income from investments of amounts 

20 in the Endowment under paragraph (4); and 

21 (C) amounts transferred to the Endow22 ment under subsection (c). 

23 (2) ACCOUNTS.—Within the Endowment, there 

24 are established the following accounts: 


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1 (A) The Transitioning Communities Per2 manent Account, consisting of the amounts de3 scribed in subparagraphs (A) and (B) of para4 graph (1). 

5 (B) The Transitioning Communities Ben6 efit Account, consisting of the amounts de7 scribed in paragraph (1)(C). 

8 (3) DEPOSIT.—Not later than 180 days after 

9 the date of enactment of this Act, the Secretary of 

10 the Treasury shall deposit in the Endowment, out of 

11 amounts in the Treasury not otherwise appropriated, 

12 $20,000,000,000. 

13 (4) INVESTMENTS.—In accordance with the in14 vestment strategy developed under subsection (b)(1), 

15 the Board shall invest the principal balance of the 

16 Endowment. 

17 (b) INVESTMENTS.— 

18 (1) IN GENERAL.—Not later than 180 days 

19 after the date of enactment of this Act, the Board 

20 shall establish an investment strategy for amounts in 

21 the Endowment that— 

22 (A) protects the principal balance of the 

23 Endowment from inflation through such meas24 ures as the Board determines to be necessary to 

25 maintain in perpetuity the inflation-adjusted 


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1 value of all deposits into the Endowment under 

2 subparagraphs (A) and (C) of subsection (a)(1); 

3 and 

4 (B) to the maximum extent practicable, 

5 achieves a return on investment of 5 percent 

6 (net of inflation) to finance— 

7 (i) disbursements to eligible entities 

8 under section 5(a)(2); and 

9 (ii) the administration of the Corpora10 tion under paragraph (3)(A). 

11 (2) INVESTMENT OF PRINCIPAL BALANCE.—Of 

12 the principal balance of the Endowment, the Board 

13 shall invest— 

14 (A) an amount equal to not less than 85 

15 percent, and not more than 90 percent, in a di16 versified portfolio of stocks and bonds; and 

17 (B) an amount equal to not less than 10 

18 percent, and not more than 15 percent, in in19 vestments that leverage the purposes of dis20 bursements from the Endowment authorized 

21 under section 5. 

22 (3) ADMINISTRATIVE FUNDS.— 

23 (A) IN GENERAL.—For each fiscal year, 

24 the Board may disburse to the Corporation 

25 from the Transitioning Communities PermaVerDate Sep 11 2014 05:35 May 12, 2022 Jkt 000000 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\S4183.IS S4183

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1 nent Account, for the administrative expenses 

2 of the Corporation, not more than the amount 

3 equal to the product obtained by multiplying— 

4 (i) the average ending balance of the 

5 Transitioning Communities Permanent Ac6 count with respect to that fiscal year; and 

7 (ii) 0.5 percent. 

8 (B) EXCESS FUNDS.—If the amount of the 

9 actual administrative expenses of the Corpora10 tion for a fiscal year is less than the amount 

11 disbursed to the Corporation for the fiscal year 

12 under subparagraph (A), an amount equal to 

13 the difference between those amounts shall be 

14 deposited in the Endowment. 

15 (c) TRANSFERS TO ENDOWMENT FROM ENERGY AND

16 NATURAL RESOURCES LEASING.—Each fiscal year, the 

17 Secretary of the Treasury shall transfer to the Endow18 ment an amount equal to 33 percent of amounts in the 

19 Treasury received from fossil fuel extraction and produc20 tion leasing and renewable energy resource leasing on Fed21 eral land for that fiscal year and not otherwise obligated. 

22 (d) REPORTS.—The Corporation shall submit to Con23 gress, and make available to the public (including any eli24 gible entities that receive financial assistance under a 

25 transition program)— 


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1 (1) a quarterly report on Endowment invest2 ment outcomes; and 

3 (2) an annual report describing disbursements 

4 from the Endowment, including how amounts were 

5 allocated under the transition programs. 

6 (e) OVERSIGHT.—Annually, the Inspectors General of 

7 the Department of the Interior and the Department of the 

8 Treasury shall conduct a review of the management of the 

9 Endowment by the Corporation. 

10 SEC. 5. DISBURSEMENTS FROM ENDOWMENT. 

11 (a) TRANSITIONING COMMUNITIES PERMANENT AC12 COUNT.— 

13 (1) AVAILABILITY OF AMOUNTS.—Not later 

14 than September 30 of each fiscal year, in accordance 

15 with paragraph (2), the Board shall make available 

16 from the Transitioning Communities Permanent Ac17 count an amount equal to the product obtained by 

18 multiplying— 

19 (A) the average ending balance of the 

20 Transitioning Communities Permanent Account 

21 with respect to that fiscal year; and 

22 (B) 4.5 percent. 

23 (2) FORMULA DISTRIBUTION.— 

24 (A) DEFINITION OF ELIGIBLE ENTITY.—In 

25 this paragraph, the term ‘‘eligible entity’’ 


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1 means a municipal, county, or Tribal govern2 ment that represents an eligible community. 

3 (B) ALLOCATION.—The Corporation shall 

4 allocate the amount made available from the 

5 Transitioning Communities Permanent Account 

6 under paragraph (1) each fiscal year to eligible 

7 entities pursuant to subparagraph (C). 

8 (C) FORMULA.— 

9 (i) IN GENERAL.—The Corporation 

10 shall establish a formula to allocate 

11 amounts made available from the 

12 Transitioning Communities Permanent Ac13 count each fiscal year under subparagraph 

14 (B) directly to eligible entities. 

15 (ii) REQUIREMENT.—To the max16 imum extent practicable, in establishing 

17 the formula under clause (i), the Corpora18 tion shall use as a model existing formulas 

19 established by the Treasury, if available 

20 and as applicable. 

21 (D) REVIEW AND PUBLIC COMMENT.— 

22 (i) IN GENERAL.—The Board shall re23 view the formula established under sub24 paragraph (C) not less frequently than 

25 once every 3 years. 


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1 (ii) PUBLIC COMMENT.—The results 

2 of the review conducted under clause (i), 

3 including any recommended changes to the 

4 formula made by the Board, shall be sub5 ject to a period of public comment of not 

6 less than 30 days. 

7 (E) FORMULA CRITERIA.—The formula es8 tablished under subparagraph (C) or modified 

9 under subparagraph (D) shall— 

10 (i) be designed to reflect eligible com11 munities; and 

12 (ii) take into account revenue declines 

13 that— 

14 (I) have occurred during the 20- 

15 year period ending on, as applicable— 

16 (aa) the date of enactment 

17 of this Act; or 

18 (bb) the date of the applica19 ble review under subparagraph 

20 (D)(i); and 

21 (II) are projected to occur during 

22 the 10-year period beginning on, as 

23 applicable— 

24 (aa) the date of enactment 

25 of this Act; or 


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1 (bb) the date of the applica2 ble review under subparagraph 

3 (D)(i). 

4 (F) PRIORITY.— 

5 (i) DEFINITION OF OFFICIALLY AN6 NOUNCED CLOSURE.—In this subpara7 graph, the term ‘‘officially announced clo8 sure’’ means— 

9 (I) in the case of the closure of 

10 a fossil fuel energy-generating unit or 

11 facility, a notice of closure filed 

12 with— 

13 (aa) the Energy Information 

14 Administration; or 

15 (bb) a relevant regional reli16 ability regulator, including a Re17 gional Transmission Organiza18 tion, Independent System Oper19 ator, or State public utility com20 mission; and 

21 (II) in the case of the closure of 

22 a coal mine that provides coal for an 

23 electric power plant for which a notice 

24 of closure has been filed under sub25 clause (I), a notice of closure that inVerDate Sep 11 2014 05:35 May 12, 2022 Jkt 000000 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\S4183.IS S4183

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1 cludes supporting documentation from 

2 form 923 of the Energy Information 

3 Administration (or a successor form). 

4 (ii) PRIORITY.—In establishing the 

5 formula under subparagraph (C), the Cor6 poration shall prioritize eligible entities lo7 cated in eligible communities experiencing 

8 or likely to experience an acute fiscal crisis 

9 associated with the loss of revenue result10 ing from— 

11 (I) the closure or officially an12 nounced closure of 1 or more fossil 

13 fuel energy-generating units or facili14 ties; or 

15 (II) the decline or cessation of 

16 fossil fuel extraction activities. 

17 (G) CONSIDERATIONS.—In establishing the 

18 formula under subparagraph (C), the Corpora19 tion shall consider community characteristics, 

20 including social and economic measures of in21 come, poverty, education, geographic isolation, 

22 and other characteristics identified by the Cor23 poration. 


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1 (H) USE OF FUNDS.—An eligible entity 

2 may use amounts received under this paragraph 

3 for any governmental purpose. 

4 (b) TRANSITIONING COMMUNITIES PERMANENT AC5 COUNT.— 

6 (1) AVAILABILITY OF AMOUNTS.—Not later 

7 than September 30 of each fiscal year, in accordance 

8 with paragraphs (2) through (4), the Board shall 

9 make available from the Transitioning Communities 

10 Benefit Account an amount equal to the product ob11 tained by multiplying— 

12 (A) the average ending balance of the 

13 Transitioning Communities Benefit Account 

14 with respect to that fiscal year; and 

15 (B) 4.5 percent. 

16 (2) ALLOCATION.—The Corporation shall allo17 cate the amount made available from the 

18 Transitioning Communities Benefit Account under 

19 paragraph (1) each fiscal year— 

20 (A) to provide grants to eligible entities 

21 pursuant to the transition program described in 

22 paragraph (3); and 

23 (B) for public investment pursuant to the 

24 transition program described in paragraph (4). 


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1 (3) CAPACITY BUILDING; PLANNING AND IM2 PLEMENTATION GRANTS.— 

3 (A) DEFINITION OF ELIGIBLE ENTITY.—In 

4 this paragraph, the term ‘‘eligible entity’’ in5 cludes— 

6 (i) a municipal, county, or Tribal gov7 ernment; 

8 (ii) an energy community hub; and 

9 (iii) any other entity that represents 

10 eligible communities, as determined to be 

11 appropriate by the Corporation. 

12 (B) PRIORITY; LIMITATION.— 

13 (i) PRIORITY.—Priority for grants 

14 under this paragraph shall be given to eli15 gible entities carrying out activities in eligi16 ble communities that have limited capacity 

17 to apply for or otherwise access Federal 

18 funding, as determined by the Corporation. 

19 (ii) LIMITATION.—In the case of an 

20 eligible entity described in clause (ii) or 

21 (iii) of subparagraph (A), a grant under 

22 this paragraph may only be provided to the 

23 eligible entity if the applicable municipal, 

24 county, or Tribal government submits to 

25 the Corporation, in writing, a statement 


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1 that the applicable municipal, county, or 

2 Tribal government supports the grant for 

3 the eligible entity. 

4 (C) TRAINING AND TECHNICAL ASSIST5 ANCE.—Each fiscal year, out of amounts made 

6 available from the Transitioning Communities 

7 Benefit Account under paragraph (2)(A), the 

8 Corporation shall provide to eligible entities 

9 technical assistance to apply for or otherwise 

10 access Federal funding, including capacity11 building grants under subparagraph (D) and 

12 planning and implementation grants under sub13 paragraph (E). 

14 (D) CAPACITY-BUILDING GRANTS.—Each 

15 fiscal year, out of amounts made available from 

16 the Transitioning Communities Benefit Account 

17 under paragraph (2)(A), the Corporation shall 

18 make noncompetitive capacity-building grants 

19 to each eligible entity to assist with developing 

20 strategic transition plans necessary to receive 

21 additional competitive grants and financing op22 portunities. 

23 (E) PLANNING AND IMPLEMENTATION

24 GRANTS.— 


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1 (i) GRANTS.—Each fiscal year, out of 

2 amounts made available from the 

3 Transitioning Communities Benefit Ac4 count under paragraph (2)(A), the Cor5 poration shall make competitive, multiyear 

6 grants to eligible entities to fund— 

7 (I) strategic transition planning 

8 activities in eligible communities; 

9 (II) the implementation of transi10 tion plans in eligible communities; and 

11 (III) transition projects in eligi12 ble communities, including workforce 

13 retraining and community develop14 ment projects. 

15 (ii) STRATEGY FOR DATA COLLEC16 TION, MONITORING, AND REPORTING.—In 

17 carrying out this subparagraph, the Cor18 poration shall develop a strategy to assist 

19 eligible entities receiving grants under this 

20 subparagraph with any applicable data col21 lection, monitoring, and reporting require22 ments. 

23 (iii) ASSESSMENT BY CORPORA24 TION.—To ensure transparency and im25 prove the transfer and understanding of 


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1 transition planning and implementation 

2 outcomes, the Corporation shall compile, 

3 conduct assessments of, and report on data 

4 provided by eligible entities provided 

5 grants under this subparagraph, in accord6 ance with section 3(d)(3)(I). 

7 (4) PUBLIC INVESTMENT.— 

8 (A) IN GENERAL.—Each fiscal year, out of 

9 amounts made available from the Transitioning 

10 Communities Benefit Account under paragraph 

11 (2)(B), the Corporation shall make public in12 vestments in public or private projects carried 

13 out in eligible communities that leverage transi14 tion programs funded under paragraph (3). 

15 (B) CONSULTATION.—The Corporation 

16 may carry out subparagraph (A) in consultation 

17 with the staff of the Corporation, community 

18 development financial institutions, public ben19 efit corporations, entities that provide philan20 thropic funding, energy community hubs, and 

21 other partners to invest capital in businesses 

22 and infrastructure in eligible communities. 

23 (C) REQUIREMENT FOR RETURN ON IN24 VESTMENT.—To the maximum extent prac25 ticable, the Corporation shall ensure that the 


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1 entire portfolio of transition investments under 

2 subparagraph (A) contributes to a return to the 

3 Endowment that achieves the target described 

4 in section 4(b)(1)(B). 

Æ 


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