I 
115TH CONGRESS 
2D SESSION 
H. R. 6104 
To require the sale of distressed notes and other obligations, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 14, 2018 
Mr. KELLY of Pennsylvania (for himself, Mr. CLAY, and Mr. BUDD) intro-
duced the following bill; which was referred to the Committee on Agri-
culture, and in addition to the Committee on Transportation and Infra-
structure, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To require the sale of distressed notes and other obligations, 
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 ‘‘Generating American 
Income and Infrastructure Now Act’’. 
SEC. 2. REQUIRED SALE OF DISTRESSED NOTES AND 
OTHER OBLIGATIONS. 
(a) IN GENERAL.— 
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(1) COORDINATION OF SALE OF DISTRESSED 
NOTES.—The Secretary of Agriculture shall sell, 
under terms established by the Secretary of the 
Treasury, distressed notes and other obligations held 
by the Department of Agriculture. 
(2) DEPOSIT OF PROCEEDS.—Of the proceeds 
from the sale of the notes and obligations pursuant 
to paragraph (1)— 
(A) 50 percent shall be deposited in an ac-
count specifically designated for purposes of 
carrying out infrastructure projects in low-in-
come communities (as defined in section 45D(e) 
of the Internal Revenue Code of 1986); and 
(B) 50 percent shall be retained in the 
Treasury for purposes of deficit reduction. 
(b) TERMS AND PROCEDURES OF SALES.— 
(1) FAIR MARKET VALUATION.—The Secretary 
of the Treasury shall consult with the Secretary of 
Agriculture to establish a fair market valuation for 
the sale of the distressed notes or other obligations 
pursuant to this section. 
(2) NO RECOURSE OR LIABILITY.—The sale of 
distressed notes or other obligations pursuant to this 
section shall be on a nonrecourse basis. The Sec-
retary of Agriculture and any subsequent purchaser 
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of such notes or other obligations sold on a non-
recourse basis shall be relieved of any responsibilities 
that might have been imposed had the borrower re-
mained indebted to the Secretary of Agriculture. 
(3) CONTRACT PROVISIONS.—The sale of dis-
tressed notes or other obligations pursuant to this 
section shall not alter the terms specified in the note 
or other obligation. 
(4) NOTIFICATION; NOTICE AND COMMENT.— 
Not less than 60 days before the sale of a distressed 
note or other obligation pursuant to this section, the 
Secretary of Agriculture shall notify the borrower 
that the Department of Agriculture intends to sell 
such note or other obligation. 
(5) NOTICE AND COMMENT.—During the 60- 
day period before the sale of a distressed note or 
other obligation under this section, the Secretary of 
Agriculture shall provide an opportunity for notice 
and public comment in a manner that protects the 
personally identifiable information relating to the 
borrower. 
(6) 
BORROWER
OPPORTUNITY
TO
REFI-
NANCE.—A borrower may pay off a distressed note 
or other obligation at a discount to par value ena-
bling the borrower to refinance the note or other ob-
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ligation through a private market loan within 30 
days after the borrower receives notification of the 
intent to sell such note or other obligation pursuant 
to paragraph (4). 
(7) BEST PRICE.—The Secretary of Agriculture 
shall obtain the highest possible return from the 
sales of distressed notes or other obligations under 
this section and may conduct sales on a competitive 
bidding or negotiated process, in amounts suffi-
ciently large to assure market interest. 
(8) FINANCIAL ADVISOR.—In order to assure 
the highest possible return, the Secretary of Agri-
culture may employ public finance advisors from 
micro-, woman-, and minority-owned businesses, as 
defined by the Small Business Administration. 
(9) LOAN SERVICING.—Before selling any dis-
tressed note or other obligation under this section, 
the Secretary of Agriculture shall require persons of-
fering to purchase the note or other obligation to 
demonstrate— 
(A) an ability or resources to provide such 
servicing, with respect to the distressed note or 
other obligation, that the Secretary of the 
Treasury determines to be necessary to ensure 
the continued performance on the loan; and 
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(B) the ability to generate capital to pro-
vide the borrowers of the distressed notes or 
other obligations such additional credit as may 
be necessary in proper servicing of such notes 
or other obligations. 
(c) GAO REPORT.—Not later than one year after the 
date of the enactment of this Act, the Comptroller General 
of the United States shall submit to Congress a report 
on the sale of distressed notes or other obligations of the 
Department of Agriculture under this section. Such report 
shall include the recommendation of the Comptroller Gen-
eral of the United States with respect to whether such a 
sale should be undertaken by other Federal agencies. 
Æ 
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