and strengthening venture capital investment in dis-
tressed communities. 
(3) AGENCY CONTACT DUTIES.—Each official 
designated pursuant to paragraph (2), when so re-
quested, shall keep the Secretary of Commerce in-
formed of all proposed budgets, plans, and programs 
of the agency of that official related to promoting, 
establishing, and strengthening venture capital in-
vestment in distressed communities. 
(4) CONTINUING
ROLE
OF
AGENCIES.—Each 
agency shall continue all efforts to promote, estab-
lish, and strengthen venture capital investment in 
distressed communities, and shall cooperate with the 
Secretary of Commerce in increasing the total Fed-
eral effort. 
(e) REPORTS.— 
(1) REPORTS REQUIRED BY SATELLITE CEN-
TERS.—Not later than September 30 of each year, 
each satellite center shall submit to the Secretary of 
Commerce a report on the activities of the center, 
including the following: 
(A) The center’s performance in imple-
menting the plans and meeting the specific pro-
gram goals set for the prior fiscal year. 
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(B) The plans and specific program goals 
of the center for the next fiscal year. 
(C) Completed and ongoing joint and col-
laborative undertakings with the groups de-
scribed in subsection (b)(2). 
(D) The services most used by the center. 
(E) Recommendations for improving the 
quality, utility, and delivery of services offered 
by the Distressed Community Investment Agen-
cy. 
(F) Any other information requested by 
the Secretary of Commerce. 
(2) REPORTS
BY
THE
SECRETARY
OF
COM-
MERCE.—Not later than one year after the date of 
the enactment of this title and every March 31 
thereafter, the Secretary of Commerce shall submit 
to Congress a report on the following: 
(A) The activities of the Distressed Com-
munity Investment Agency. 
(B) The location of new and existing sat-
ellite centers. 
(C) The performance of the Distressed 
Community Investment Agency in implementing 
the plans and meeting the specific program 
goals set for the prior fiscal year. 
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(D) The plans and specific program goals 
for the next fiscal year. 
(E) Expenses of grants, contracts, and 
other agreements with public or private entities. 
(F) Completed and ongoing joint or col-
laborative undertakings with agencies and the 
groups described in subsection (b)(2). 
(G) Meetings convened by the Secretary 
with heads of agencies, representatives of the 
private sector, or officials of State and local 
governments. 
(H) A review and evaluation of the impact 
of Federal support in achieving the objectives 
established by this title. 
(I) Recommendations for legislation or 
other action determined to be desirable to pro-
mote the purposes of this title. 
(3) REPORTS BY OTHER AGENCIES.—The head 
of each agency shall— 
(A) develop and implement systematic data 
collection processes to provide the Distressed 
Community Investment Agency current data 
helpful in evaluating efforts to promote, estab-
lish, and strengthen venture capital investment 
in distressed communities; and 
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(B) not later than September 30 of each 
year, submit to the Secretary of Commerce a 
report on efforts to promote, establish, and 
strengthen venture capital investment in dis-
tressed communities through workforce develop-
ment and retention, attracting businesses and 
industries, fostering innovation, accelerating en-
trepreneurship and business growth, and mar-
keting local, State, and regional ecosystems. 
(f) TECHNICAL AND CONFORMING AMENDMENT.— 
Section 12 of the Act of February 14, 1903 (15 U.S.C. 
1511), is amended— 
(1) in paragraph (4), by inserting a semicolon 
at the end; 
(2) in paragraph (5), by striking ‘‘; and’’ and 
inserting a semicolon; 
(3) by redesignating paragraph (6) as para-
graph (7); and 
(4) by inserting after paragraph (5) the fol-
lowing new paragraph: 
‘‘(6) Distressed Community Investment Agency; 
and’’. 
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SEC. 303. REDESIGNATION OF DEPARTMENT OF COM-
MERCE TO DEPARTMENT OF INNOVATION 
AND INVESTMENT. 
(a) IN GENERAL.—The Department of Commerce is 
hereby redesignated the Department of Innovation and In-
vestment. 
(b) REFERENCES.—Any reference to the Department 
of Commerce in any law, rule, regulation, certificate, di-
rective, instruction, or other official paper in force on the 
date of the enactment of this title shall be considered to 
refer and apply to the Department of Innovation and In-
vestment. 
SEC. 304. REDESIGNATION OF SECRETARY OF COMMERCE 
TO SECRETARY OF INNOVATION AND INVEST-
MENT. 
(a) IN GENERAL.—The Secretary of Commerce is 
hereby redesignated the Secretary of Innovation and In-
vestment. 
(b) REFERENCES.—Any reference to the Secretary of 
Commerce in any law, rule, regulation, certificate, direc-
tive, instruction, or other official paper in force on the 
date of the enactment of this title shall be considered to 
refer and apply to the Secretary of Innovation and Invest-
ment. 
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