I 
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. 
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 Infrastruc-
ture, and in addition to the Committee on Financial Services, for a period 
to be subsequently determined by the Speaker, in each case for consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Reinvigorating Lend-
ing for the Future Act’’ or the ‘‘RLF Act’’. 
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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 re-
quest 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 disburse-
ment of the original grant; 
‘‘(II) the recipient has complied 
with the terms and conditions of the 
grant to the satisfaction of the Sec-
retary; 
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‘‘(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 sub-
clause (III). 
‘‘(ii) DEADLINE.— 
‘‘(I) IN
GENERAL.—Except as 
provided in subclause (II), the Sec-
retary shall complete all closeout ac-
tions for the grant by not later than 
180 days after receipt and acceptance 
of the written request under clause 
(i). 
‘‘(II) 
EXTENSION.—The 
Sec-
retary 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 as-
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sisted with a grant under section 209(d) 
regardless of whether the Secretary re-
leases a Federal interest under clause (i).’’. 
Æ 
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