2204 
(2) According to the IMF, ‘‘These level and 
time-based surcharges are intended to help mitigate 
credit risk by providing members with incentives to 
limit their demand for Fund assistance and encour-
age timely repurchases while at the same time gen-
erating income for the Fund to accumulate pre-
cautionary balances.’’. 
(3) According to a 2021 report by the Euro-
pean Network on Debt and Development, surcharges 
increase the average cost of borrowing from the IMF 
by over 64 percent for surcharged countries. Sur-
charges increased Ukraine’s borrowing costs on its 
IMF lending program by nearly 27 percent, Jor-
dan’s by 72 percent, and Egypt’s by over 104 per-
cent. 
(4) As a result of Russia’s invasion, the World 
Bank predicts that Ukraine will experience an eco-
nomic contraction of 45 percent in 2022. Yet 
Ukraine is expected to pay the IMF an estimated 
$483,000,000 in surcharges from 2021 through 
2027. 
(5) The Ukraine Comprehensive Debt Payment 
Relief Act of 2022 (H.R.7081), which requires the 
Department of Treasury to make efforts to secure 
debt relief for Ukraine, was passed by the House of
2205 
Representatives on May 11, 2022, with over-
whelming bipartisan support, by a vote of 362 Yeas 
to 56 Nays. 
(6) As a result of the war in Ukraine and other 
factors, the World Bank predicted that global 
growth rates will slow to 2.9 percent in 2022, down 
nearly half from 2021. External public debt of devel-
oping economies is at record levels, and the World 
Bank, IMF, and United Nations have all warned of 
coming defaults and a potential global debt crisis. As 
food and energy prices rise, the World Food Pro-
gram has estimated that 750,000 people are at im-
mediate 
risk 
of 
starvation 
or 
death, 
and 
323,000,000 people may experience acute food inse-
curity before the end of the year. 
(7) Since 2020, the number of countries paying 
surcharges to the IMF has increased from 9 to 16. 
A December 2021 IMF policy paper, notes that 
under the IMF’s model-based World Economic Out-
look scenario ‘‘the number of surcharge-paying 
members would increase to 38 in FY 2024 and FY 
2025’’ and that under the Fund’s ‘‘adverse scenario, 
the number of surcharge-paying members and the 
amount of surcharge income would increase even 
more sharply’’.
2206 
(8) An April 2022 brief from the United Na-
tions Global Crisis Response Group on Food, Energy 
and Finance on the impacts of the war in Ukraine 
on developing countries called for the immediate sus-
pension of surcharge payments for a minimum of 2 
years, because ‘‘[s]urcharges do not make sense dur-
ing a global crisis since the need for more financing 
does not stem from national conditions but from the 
global economy shock’’. 
(b) REVIEW OF SURCHARGE POLICY AT THE INTER-
NATIONAL MONETARY FUND.—The Secretary of the 
Treasury shall instruct the United States Executive Direc-
tor at the International Monetary Fund to use the voice 
and vote of the United States to— 
(1) initiate an immediate review by the IMF of 
the surcharge policy of the IMF to be completed, 
and its results and underlying data published, within 
365 days; and 
(2) suspend and waive surcharge payments dur-
ing the pendency of the review. 
(c) COMPONENTS OF THE REVIEW OF SURCHARGE 
POLICY.—The review referred to in subsection (b) shall 
include the following: 
(1) A borrower-by-borrower analysis of sur-
charges in terms of cost and as a percentage of na-
2207 
tional spending on debt service on IMF loans, food 
security, and health for the 5-year period beginning 
at the start of the COVID-19 pandemic. 
(2) Evaluation of the policy’s direct impact 
on— 
(A) disincentivizing large and prolonged re-
liance on Fund credit; 
(B) mitigating the credit risks taken by 
the IMF; 
(C) improving borrower balance of pay-
ments and debt sustainability, particularly dur-
ing periods of contraction, unrest, and pan-
demic; 
(D) promoting fiscally responsible policy 
reforms; 
(E) disincentivizing borrowers from seek-
ing opaque and potentially predatory bilateral 
loans; and 
(F) improving the ability of borrowers to 
repay private creditors and access the private 
credit market. 
(3) Recommendations for— 
(A) Identifying alternative sources of fund-
ing for the IMF’s precautionary balances that
2208 
prioritize stable funding sources and equitable 
burden-sharing among IMF members; 
(B) Determining whether the Fund should 
maintain, reform, temporarily suspend or elimi-
nate the use of surcharges. 
(4) The review process must incorporate exten-
sive consultation with relevant experts, particularly 
those from countries that are currently paying or 
have recently paid surcharges. These experts should 
include government officials responsible for over-
seeing economic development, social services, and de-
fense, United Nations officials, economic research 
institutes, academics, and civil society organizations. 
SEC. 5448. GRANTS TO ELIGIBLE ENTITIES FOR ENHANCED 
PROTECTION OF SENIOR INVESTORS AND 
SENIOR POLICYHOLDERS. 
(a) IN GENERAL.—Section 989A of the Investor Pro-
tection and Securities Reform Act of 2010 (15 U.S.C. 
5537) is amended to read as follows: 
‘‘SEC. 989A. GRANTS TO ELIGIBLE ENTITIES FOR EN-
HANCED PROTECTION OF SENIOR INVES-
TORS AND SENIOR POLICYHOLDERS. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) ELIGIBLE ENTITY.—The term ‘eligible en-
tity’ means—
2209 
‘‘(A) the securities commission (or any 
agency or office performing like functions) of 
any State; and 
‘‘(B) the insurance department (or any 
agency or office performing like functions) of 
any State. 
‘‘(2) SENIOR.—The term ‘senior’ means any in-
dividual who has attained the age of 62 years or 
older. 
‘‘(3) SENIOR
FINANCIAL
FRAUD.—The term 
‘senior financial fraud’ means a fraudulent or other-
wise illegal, unauthorized, or improper act or process 
of an individual, including a caregiver or a fiduciary, 
that— 
‘‘(A) uses the resources of a senior for 
monetary or personal benefit, profit, or gain; 
‘‘(B) results in depriving a senior of right-
ful access to or use of benefits, resources, be-
longings, or assets; or 
‘‘(C) is an action described in section 1348 
of title 18, United States Code, that is taken 
against a senior. 
‘‘(4) TASK
FORCE.—The term ‘task force’ 
means the task force established under subsection 
(b)(1).
2210 
‘‘(b) GRANT PROGRAM.— 
‘‘(1) TASK FORCE.— 
‘‘(A) IN GENERAL.—The Commission shall 
establish a task force to carry out the grant 
program under paragraph (2). 
‘‘(B) MEMBERSHIP.—The task force shall 
consist of the following members: 
‘‘(i) A Chair of the task force, who— 
‘‘(I) shall be appointed by the 
Chairman of the Commission, in con-
sultation with the Commissioners of 
the Commission; and 
‘‘(II) may be a representative of 
the Office of the Investor Advocate of 
the Commission, the Division of En-
forcement of the Commission, or such 
other representative as the Commis-
sion determines appropriate. 
‘‘(ii) If the Chair is not a representa-
tive of the Office of the Investor Advocate 
of the Commission, a representative of 
such Office. 
‘‘(iii) If the Chair is not a representa-
tive of the Division of Enforcement of the
2211 
Commission, a representative of such Divi-
sion. 
‘‘(iv) Such other representatives as 
the Commission determines appropriate. 
‘‘(C) DETAIL OF EXECUTIVE AGENCY EM-
PLOYEES.—Upon the request of the Commis-
sion, the head of any Federal agency may de-
tail, on a reimbursable basis, any of the per-
sonnel of that Federal agency to the Commis-
sion to assist it in carrying out its functions 
under this section. The detail of any such per-
sonnel shall be without interruption or loss of 
civil service status or privilege. 
‘‘(2) GRANTS.—The task force shall carry out 
a program under which the task force shall make 
grants, on a competitive basis, to eligible entities, 
which— 
‘‘(A) may use the grant funds— 
‘‘(i) to hire staff to identify, inves-
tigate, and prosecute (through civil, admin-
istrative, or criminal enforcement actions) 
cases involving senior financial fraud; 
‘‘(ii) to fund technology, equipment, 
and training for regulators, prosecutors, 
and law enforcement officers, in order to
2212 
identify, investigate, and prosecute cases 
involving senior financial fraud; 
‘‘(iii) to provide educational materials 
and training to seniors to increase aware-
ness and understanding of senior financial 
fraud; 
‘‘(iv) to develop comprehensive plans 
to combat senior financial fraud; and 
‘‘(v) to enhance provisions of State 
law to provide protection from senior fi-
nancial fraud; and 
‘‘(B) may not use the grant funds for any 
indirect expense, such as rent, utilities, or any 
other general administrative cost that is not di-
rectly related to the purpose of the grant pro-
gram. 
‘‘(3) AUTHORITY OF TASK FORCE.—In carrying 
out paragraph (2), the task force— 
‘‘(A) may consult with staff of the Com-
mission; and 
‘‘(B) shall make public all actions of the 
task force relating to carrying out that para-
graph. 
‘‘(c) APPLICATIONS.—An eligible entity desiring a 
grant under this section shall submit an application to the
2213 
task force, in such form and in such a manner as the task 
force may determine, that includes— 
‘‘(1) a proposal for activities to protect seniors 
from senior financial fraud that are proposed to be 
funded using a grant under this section, including— 
‘‘(A) an identification of the scope of the 
problem of senior financial fraud in the applica-
ble State; 
‘‘(B) a description of how the proposed ac-
tivities would— 
‘‘(i) protect seniors from senior finan-
cial fraud, including by proactively identi-
fying victims of senior financial fraud; 
‘‘(ii) assist in the investigation and 
prosecution of those committing senior fi-
nancial fraud; and 
‘‘(iii) discourage and reduce cases of 
senior financial fraud; and 
‘‘(C) a description of how the proposed ac-
tivities would be coordinated with other State 
efforts; and 
‘‘(2) any other information that the task force 
determines appropriate. 
‘‘(d) PERFORMANCE OBJECTIVES; REPORTING RE-
QUIREMENTS; AUDITS.—
2214 
‘‘(1) IN GENERAL.—The task force— 
‘‘(A) may establish such performance ob-
jectives and reporting requirements for eligible 
entities receiving a grant under this section as 
the task force determines are necessary to carry 
out and assess the effectiveness of the program 
under this section; and 
‘‘(B) shall require each eligible entity that 
receives a grant under this section to submit to 
the task force a detailed accounting of the use 
of grant funds, which shall be submitted at 
such time, in such form, and containing such 
information as the task force may require. 
‘‘(2) REPORT.—Not later than 2 years, and 
again not later than 5 years, after the date of the 
enactment of the Empowering States to Protect Sen-
iors from Bad Actors Act, the task force shall sub-
mit to the Committee on Financial Services of the 
House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate 
a report that— 
‘‘(A) specifies each recipient of a grant 
under this section;
2216 
‘‘(g) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this section 
$10,000,000 for each of fiscal years 2023 through 2028.’’. 
(b) CONFORMING AMENDMENT.—The table of con-
tents in section 1(b) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act is amended by striking 
the item relating to section 989A and inserting the fol-
lowing: 
‘‘Sec. 989A. Grants to eligible entities for enhanced protection of senior inves-
tors and senior policyholders.’’. 
SEC. 5449. BANKING TRANSPARENCY FOR SANCTIONED 
PERSONS. 
(a) REPORT ON FINANCIAL SERVICES BENEFITTING 
STATE SPONSORS OF TERRORISM, HUMAN RIGHTS ABUS-
ERS, AND CORRUPT OFFICIALS.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, and 
every 180 days thereafter, the Secretary of the 
Treasury shall issue a report to the Committees on 
Financial Services and Foreign Affairs of the House 
of Representatives and the Committees on Banking, 
Housing, and Urban Affairs and Foreign Relations 
of the Senate that includes— 
(A) a copy of any license issued by the 
Secretary in the preceding 180 days that au-
thorizes a financial institution to provide finan-
2217 
cial services benefitting a state sponsor of ter-
rorism; and 
(B) a list of any foreign financial institu-
tions that, in the preceding 180 days, know-
ingly conducted a significant transaction or 
transactions, directly or indirectly, for a sanc-
tioned person included on the Department of 
the Treasury’s Specially Designated Nationals 
And Blocked Persons List who— 
(i) is owned or controlled by, or acts 
on behalf of, the government of a state 
sponsor of terrorism; or 
(ii) is designated pursuant to any of 
the following: 
(I) Section 404 of the Russia and 
Moldova Jackson-Vanik Repeal and 
Sergei Magnitsky Rule of Law Ac-
countability Act of 2012 (Public Law 
112208). 
(II) Subtitle F of title XII of the 
National Defense Authorization Act 
for Fiscal Year 2017 (Public Law 
114–328, 
the 
Global 
Magnitsky 
Human Rights Accountability Act). 
(III) Executive Order No. 13818.
2218 
(2) FORM
OF
REPORT.—The report required 
under paragraph (1) shall be submitted in unclassi-
fied form but may contain a classified annex. 
(b) WAIVER.—The Secretary of the Treasury may 
waive the requirements of subsection (a) with respect to 
a foreign financial institution described in paragraph 
(1)(B) of such subsection— 
(1) upon receiving credible assurances that the 
foreign financial institution has ceased, or will immi-
nently cease, to knowingly conduct any significant 
transaction or transactions, directly or indirectly, for 
a person described in clause (i) or (ii) of such sub-
paragraph (B); or 
(2) upon certifying to the Committees on Fi-
nancial Services and Foreign Affairs of the House of 
Representatives and the Committees on Banking, 
Housing, and Urban Affairs and Foreign Relations 
of the Senate that the waiver is important to the na-
tional interest of the United States, with an expla-
nation of the reasons therefor. 
(c) DEFINITIONS.—For purposes of this section: 
(1) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means a United States financial 
institution or a foreign financial institution.
2219 
(2) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
given that term under section 561.308 of title 31, 
Code of Federal Regulations. 
(3) KNOWINGLY.—The term ‘‘knowingly’’ with 
respect to conduct, a circumstance, or a result, 
means that a person has actual knowledge, or should 
have known, of the conduct, the circumstance, or the 
result. 
(4) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ has 
the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of 
Federal Regulations. 
(d) SUNSET.—The reporting requirement under this 
section shall terminate on the date that is the end of the 
7-year period beginning on the date of the enactment of 
this Act. 
SEC. 5450. BUREAU SERVICEMEMBER AND VETERAN CRED-
IT REPORTING OMBUDSPERSON. 
(a) IN GENERAL.—Section 611(a) of the Fair Credit 
Reporting Act (15 U.S.C. 1681i(a)) is amended by adding 
at the end the following: 
‘‘(9) BUREAU SERVICEMEMBER AND VETERAN 
CREDIT REPORTING OMBUDSPERSON.—
2220 
‘‘(A) IN
GENERAL.—Not later than 180 
days after the date of enactment of this para-
graph, the Bureau shall establish the position 
of servicemember and veteran credit reporting 
ombudsperson, who shall carry out the Bu-
reau’s responsibilities with respect to— 
‘‘(i) resolving persistent errors that 
are not resolved in a timely manner by a 
consumer reporting agency in connection 
with servicemembers and veterans; and 
‘‘(ii) enhancing oversight of consumer 
reporting agencies by— 
‘‘(I) advising the Director of the 
Bureau, in consultation with the Of-
fice of Enforcement and the Office of 
Supervision of the Bureau, on any po-
tential violations of paragraph (5) or 
any other applicable law by a con-
sumer reporting agency in connection 
with servicemembers and veterans, in-
cluding appropriate corrective action 
for such a violation; and 
‘‘(II) making referrals to the Of-
fice of Supervision for supervisory ac-
tion or the Office of Enforcement for
2221 
enforcement action, as appropriate, in 
response to violations of paragraph 
(5) or any other applicable law by a 
consumer reporting agency in connec-
tion with servicemembers and vet-
erans. 
‘‘(B) CONSULTATION
WITH
VETERANS 
SERVICE ORGANIZATIONS.—The servicemember 
and veteran credit reporting ombudsperson 
shall consult with veterans service organizations 
in carrying out the duties of the ombudsperson. 
‘‘(C) REPORT.—The ombudsperson shall 
submit to the Committees on Financial Services 
and Veterans’ Affairs of the House of Rep-
resentatives and the Committees on Banking, 
Housing, and Urban Affairs and Veterans’ Af-
fairs of the Senate an annual report including 
statistics and analysis on consumer complaints 
the Bureau receives relating to consumer re-
ports in connection with servicemembers and 
veterans, as well as a summary of the super-
visory actions and enforcement actions taken 
with respect to consumer reporting agencies in 
connection with servicemembers and veterans 
during the year covered by the report.’’.
2222 
(b) DISCRETIONARY SURPLUS FUNDS.— 
(1) IN GENERAL.—The dollar amount specified 
under section 7(a)(3)(A) of the Federal Reserve Act 
(12 
U.S.C. 
289(a)(3)(A)) 
is 
reduced 
by 
$18,000,000. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on September 30, 
2032. 
SEC. 5451. SENIOR INVESTOR TASKFORCE. 
(a) IN GENERAL.—Section 4 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78d) is amended by adding 
at the end the following: 
‘‘(k) SENIOR INVESTOR TASKFORCE.— 
‘‘(1) ESTABLISHMENT.—There is established 
within 
the 
Commission 
the 
Senior 
Investor 
Taskforce (in this subsection referred to as the 
‘Taskforce’). 
‘‘(2) DIRECTOR
OF
THE
TASKFORCE.—The 
head of the Taskforce shall be the Director, who 
shall— 
‘‘(A) report directly to the Chairman; and 
‘‘(B) be appointed by the Chairman, in 
consultation with the Commission, from among 
individuals—
2223 
‘‘(i) currently employed by the Com-
mission or from outside of the Commis-
sion; and 
‘‘(ii) having experience in advocating 
for the interests of senior investors. 
‘‘(3) STAFFING.—The Chairman shall ensure 
that— 
‘‘(A) the Taskforce is staffed sufficiently to 
carry out fully the requirements of this sub-
section; and 
‘‘(B) such staff shall include individuals 
from the Division of Enforcement, Office of 
Compliance Inspections and Examinations, and 
Office of Investor Education and Advocacy. 
‘‘(4) NO
COMPENSATION
FOR
MEMBERS
OF 
TASKFORCE.—All members of the Taskforce ap-
pointed under paragraph (2) or (3) shall serve with-
out compensation in addition to that received for 
their services as officers or employees of the United 
States. 
‘‘(5) MINIMIZING DUPLICATION OF EFFORTS.— 
In organizing and staffing the Taskforce, the Chair-
man shall take such actions as may be necessary to 
minimize the duplication of efforts within the divi-
sions and offices described under paragraph (3)(B)
2224 
and any other divisions, offices, or taskforces of the 
Commission. 
‘‘(6) FUNCTIONS
OF
THE
TASKFORCE.—The 
Taskforce shall— 
‘‘(A) identify challenges that senior inves-
tors encounter, including problems associated 
with financial exploitation and cognitive decline; 
‘‘(B) identify areas in which senior inves-
tors would benefit from changes in the regula-
tions of the Commission or the rules of self-reg-
ulatory organizations; 
‘‘(C) coordinate, as appropriate, with other 
offices within the Commission, other taskforces 
that may be established within the Commission, 
self-regulatory organizations, and the Elder 
Justice Coordinating Council; and 
‘‘(D) consult, as appropriate, with State 
securities and law enforcement authorities, 
State insurance regulators, and other Federal 
agencies. 
‘‘(7) REPORT.—The Taskforce, in coordination, 
as appropriate, with the Office of the Investor Advo-
cate and self-regulatory organizations, and in con-
sultation, as appropriate, with State securities and 
law enforcement authorities, State insurance regu-
2225 
lators, and Federal agencies, shall issue a report 
every 2 years to the Committee on Banking, Hous-
ing, and Urban Affairs and the Special Committee 
on Aging of the Senate and the Committee on Fi-
nancial Services of the House of Representatives, the 
first of which shall not be issued until after the re-
port described in section 5403(b) of the National 
Defense Authorization Act for Fiscal Year 2023 has 
been issued and considered by the Taskforce, con-
taining— 
‘‘(A) appropriate statistical information 
and full and substantive analysis; 
‘‘(B) a summary of recent trends and inno-
vations that have impacted the investment land-
scape for senior investors; 
‘‘(C) a summary of regulatory initiatives 
that have concentrated on senior investors and 
industry practices related to senior investors; 
‘‘(D) key observations, best practices, and 
areas needing improvement, involving senior in-
vestors identified during examinations, enforce-
ment actions, and investor education outreach; 
‘‘(E) a summary of the most serious issues 
encountered by senior investors, including 
issues involving financial products and services;
2226 
‘‘(F) an analysis with regard to existing 
policies and procedures of brokers, dealers, in-
vestment advisers, and other market partici-
pants related to senior investors and senior in-
vestor-related topics and whether these policies 
and procedures need to be further developed or 
refined; 
‘‘(G) recommendations for such changes to 
the regulations, guidance, and orders of the 
Commission and self-regulatory organizations 
and such legislative actions as may be appro-
priate to resolve problems encountered by senior 
investors; and 
‘‘(H) any other information, as determined 
appropriate by the Director of the Taskforce. 
‘‘(8) REQUEST FOR REPORTS.—The Taskforce 
shall make any report issued under paragraph (7) 
available to a Member of Congress who requests 
such a report. 
‘‘(9) SUNSET.—The Taskforce shall terminate 
after the end of the 10-year period beginning on the 
date of the enactment of this subsection. 
‘‘(10) SENIOR INVESTOR DEFINED.—For pur-
poses of this subsection, the term ‘senior investor’ 
means an investor over the age of 65.
2227 
‘‘(11) USE OF EXISTING FUNDS.—The Commis-
sion shall use existing funds to carry out this sub-
section.’’. 
(b) GAO STUDY.— 
(1) IN GENERAL.—Not later than 2 years after 
the date of enactment of this Act, the Comptroller 
General of the United States shall submit to Con-
gress and the Senior Investor Taskforce the results 
of a study of financial exploitation of senior citizens. 
(2) CONTENTS.—The study required under 
paragraph (1) shall include information with respect 
to— 
(A) economic costs of the financial exploi-
tation of senior citizens— 
(i) associated with losses by victims 
that were incurred as a result of the finan-
cial exploitation of senior citizens; 
(ii) incurred by State and Federal 
agencies, law enforcement and investiga-
tory agencies, public benefit programs, 
public health programs, and other public 
programs as a result of the financial ex-
ploitation of senior citizens;
2228 
(iii) incurred by the private sector as 
a result of the financial exploitation of sen-
ior citizens; and 
(iv) any other relevant costs that— 
(I) result from the financial ex-
ploitation of senior citizens; and 
(II) the Comptroller General de-
termines are necessary and appro-
priate to include in order to provide 
Congress and the public with a full 
and accurate understanding of the 
economic costs resulting from the fi-
nancial exploitation of senior citizens 
in the United States; 
(B) frequency of senior financial exploi-
tation and correlated or contributing factors— 
(i) information about percentage of 
senior citizens financially exploited each 
year; and 
(ii) information about factors contrib-
uting to increased risk of exploitation, in-
cluding such factors as race, social isola-
tion, income, net worth, religion, region, 
occupation, education, home-ownership, ill-
ness, and loss of spouse; and
2229 
(C) policy responses and reporting of sen-
ior financial exploitation— 
(i) the degree to which financial ex-
ploitation of senior citizens unreported to 
authorities; 
(ii) the reasons that financial exploi-
tation may be unreported to authorities; 
(iii) to the extent that suspected elder 
financial exploitation is currently being re-
ported— 
(I) information regarding which 
Federal, State, and local agencies are 
receiving reports, including adult pro-
tective services, law enforcement, in-
dustry, regulators, and professional li-
censing boards; 
(II) information regarding what 
information is being collected by such 
agencies; and 
(III) information regarding the 
actions that are taken by such agen-
cies upon receipt of the report and 
any limits on the agencies’ ability to 
prevent exploitation, such as jurisdic-
tional limits, a lack of expertise, re-
2230 
source challenges, or limiting criteria 
with regard to the types of victims 
they are permitted to serve; 
(iv) an analysis of gaps that may exist 
in empowering Federal, State, and local 
agencies to prevent senior exploitation or 
respond effectively to suspected senior fi-
nancial exploitation; and 
(v) an analysis of the legal hurdles 
that prevent Federal, State, and local 
agencies from effectively partnering with 
each other and private professionals to ef-
fectively respond to senior financial exploi-
tation. 
(3) SENIOR CITIZEN DEFINED.—For purposes 
of this subsection, the term ‘‘senior citizen’’ means 
an individual over the age of 65. 
SEC. 5452. MILITARY SERVICE QUESTION. 
(a) IN GENERAL.—Subpart A of part 2 of subtitle 
A of title VIII of the Housing and Community Develop-
ment Act of 1992 (12 U.S.C. 4541 et seq.) is amended 
by adding at the end the following:
2231 
‘‘SEC. 1329. UNIFORM RESIDENTIAL LOAN APPLICATION. 
‘‘The Director shall, not later than 6 months after 
the date of the enactment of this section, require each en-
terprise to— 
‘‘(1) include a military service question on the 
form known as the Uniform Residential Loan Appli-
cation; and 
‘‘(2) position such question above the signature 
line of the Uniform Residential Loan Application.’’. 
(b) RULEMAKING.—The Director of the Federal 
Housing Finance Agency shall, not later than 6 months 
after the date of the enactment of this section, issue a 
rule to carry out the amendment made by this section. 
SEC. 5453. PROHIBITION ON TRADING AHEAD BY MARKET 
MAKERS. 
(a) IN GENERAL.—Section 15 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o) is amended by adding 
at the end the following: 
‘‘(p) PROHIBITION ON TRADING AHEAD BY MARKET 
MAKERS.— 
‘‘(1) IN GENERAL.—With respect to a person 
acting in the capacity of a market maker, if the per-
son accepts an order with respect to a security from 
a customer, including a broker or dealer—
2232 
‘‘(A) the market maker has a duty of trust 
and loyalty to the customer arising from the re-
ceipt of such order; and 
‘‘(B) the information in such order is ma-
terial, non-public information that may be used 
only in furtherance of executing such cus-
tomer’s order. 
‘‘(2) ANNUAL CEO CERTIFICATION.—The Chief 
Executive Officer of each person that acts in the ca-
pacity of a market maker shall issue an annual cer-
tification to the Commission, in such form and man-
ner as the Commission may prescribe by rule, that 
certifies that— 
‘‘(A) the person has performed reasonable 
due diligence during the reporting period to en-
sure that the person has not violated the duty 
of trust and loyalty described under paragraph 
(1)(A) or used the information described under 
paragraph (1)(B) in a prohibited fashion; and 
‘‘(B) the person has not violated the duty 
of trust and loyalty described under paragraph 
(1)(A) or used the information described under 
paragraph (1)(B) in a prohibited fashion during 
the reporting period. 
‘‘(3) PERSONAL LIABILITY.—
2233 
‘‘(A) 
FINE
FOR
INDIVIDUAL
VIOLA-
TIONS.—Any associated person of a market 
maker who knowingly and willfully causes the 
market maker to violate paragraph (1) (or who 
directs another agent or associated person of 
the market maker to commit such a violation or 
engage in such acts that result in the associated 
person being personally unjustly enriched) shall 
be fined in an amount equal to the greater of— 
‘‘(i) two times the amount of profit 
realized by reason of such violation; or 
‘‘(ii) $50,000. 
‘‘(B) COURSE OF CONDUCT.—Any associ-
ated person of a market maker who knowingly 
and willfully causes the market maker to en-
gage in a course of conduct of knowingly and 
willfully violating paragraph (1) (or who directs 
another agent or associated person of the mar-
ket maker to commit such a violation or engage 
in such acts that result in the associated person 
being personally unjustly enriched) shall be— 
‘‘(i) fined in an amount not to exceed 
200 percent of the compensation (including 
stock options awarded as compensation)
2234 
received by such associated person from 
the market maker— 
‘‘(I) during the time period in 
which the violations occurred; or 
‘‘(II) in the one- to three-year 
time period preceding the date on 
which the violations were discovered; 
and 
‘‘(ii) imprisoned for not more than 5 
years. 
‘‘(C) ASSOCIATED PERSON DEFINED.—The 
term ‘associated person’ means an associated 
person of a broker or dealer. 
‘‘(4) RULEMAKING.—Not later than the end of 
the 90-day period beginning on the date of enact-
ment of this subsection, the Commission— 
‘‘(A) shall issue rules to carry out this sub-
section; and 
‘‘(B) may provide exemptions from the re-
quirements of this subsection, by rule, if the 
Commission determines that such exemptions 
would promote market integrity and are nec-
essary or appropriate in the public interest or 
for the protection of investors.’’.
2235 
(b) SENSE OF CONGRESS.—It is the sense of the 
Congress that the prohibitions added by this section 
should complement, and not replace, existing rules of self- 
regulatory organizations applicable to their members, in-
cluding brokers and dealers. 
(c) EFFECTIVE DATE.—Section 15(p) of the Securi-
ties Exchange Act of 1934, as added by subsection (a), 
shall take effect after the end of the 180-day period begin-
ning on the date of enactment of this Act. 
SEC. 5454. SECURING AMERICA’S VACCINES FOR EMER-
GENCIES. 
(a) SECURING ESSENTIAL MEDICAL MATERIALS.— 
(1) STATEMENT OF POLICY.—Section 2(b) of 
the Defense Production Act of 1950 (50 U.S.C. 
4502) is amended— 
(A) 
by 
redesignating 
paragraphs 
(3) 
through (8) as paragraphs (4) through (9), re-
spectively; and 
(B) by inserting after paragraph (2) the 
following: 
‘‘(3) authorities under this Act should be used 
when appropriate to ensure the availability of med-
ical materials essential to national defense, including 
through measures designed to secure the drug sup-
ply chain, and taking into consideration the impor-
2236 
tance of United States competitiveness, scientific 
leadership and cooperation, and innovative capac-
ity;’’. 
(2) STRENGTHENING DOMESTIC CAPABILITY.— 
Section 107 of the Defense Production Act of 1950 
(50 U.S.C. 4517) is amended— 
(A) in subsection (a), by inserting ‘‘(in-
cluding medical materials)’’ after ‘‘materials’’; 
and 
(B) in subsection (b)(1), by inserting ‘‘(in-
cluding medical materials such as drugs, de-
vices, and biological products to diagnose, cure, 
mitigate, treat, or prevent disease that are es-
sential to national defense)’’ after ‘‘essential 
materials’’. 
(3) STRATEGY ON SECURING SUPPLY CHAINS 
FOR MEDICAL MATERIALS.—Title I of the Defense 
Production Act of 1950 (50 U.S.C. 4511 et seq.) is 
amended by adding at the end the following: 
‘‘SEC. 109. STRATEGY ON SECURING SUPPLY CHAINS FOR 
MEDICAL MATERIALS. 
‘‘(a) IN GENERAL.—Not later than 180 days after 
the date of the enactment of this section, the President, 
in consultation with the Secretary of Health and Human 
Services, the Secretary of Commerce, the Secretary of
2237 
Homeland Security, and the Secretary of Defense, shall 
transmit a strategy to the appropriate Members of Con-
gress that includes the following: 
‘‘(1) A detailed plan to use the authorities 
under this title and title III, or any other provision 
of law, to ensure the supply of medical materials (in-
cluding drugs, devices, and biological products (as 
that term is defined in section 351 of the Public 
Health Service Act (42 U.S.C. 262)) to diagnose, 
cure, mitigate, treat, or prevent disease) essential to 
national defense, to the extent necessary for the pur-
poses of this Act. 
‘‘(2) An analysis of vulnerabilities to existing 
supply chains for such medical materials, and rec-
ommendations to address the vulnerabilities. 
‘‘(3) Measures to be undertaken by the Presi-
dent to diversify such supply chains, as appropriate 
and as required for national defense. 
‘‘(4) A discussion of— 
‘‘(A) any significant effects resulting from 
the plan and measures described in this sub-
section on the production, cost, or distribution 
of biological products (as that term is defined 
in section 351 of the Public Health Service Act 
(42 U.S.C. 262)) or any other devices or drugs
2238 
(as defined under the Federal Food, Drug, and 
Cosmetic Act (21 U.S.C. 301 et seq.)); 
‘‘(B) a timeline to ensure that essential 
components of the supply chain for medical ma-
terials are not under the exclusive control of a 
foreign government in a manner that the Presi-
dent determines could threaten the national de-
fense of the United States; and 
‘‘(C) efforts to mitigate any risks resulting 
from the plan and measures described in this 
subsection to United States competitiveness, 
scientific leadership, and innovative capacity, 
including efforts to cooperate and proactively 
engage with United States allies. 
‘‘(b) PROGRESS REPORT.—Following submission of 
the strategy under subsection (a), the President shall sub-
mit to the appropriate Members of Congress an annual 
progress report until September 30, 2025, evaluating the 
implementation of the strategy, and may include updates 
to the strategy as appropriate. The strategy and progress 
reports shall be submitted in unclassified form but may 
contain a classified annex. 
‘‘(c) APPROPRIATE MEMBERS OF CONGRESS.—The 
term ‘appropriate Members of Congress’ means the 
Speaker, majority leader, and minority leader of the
2239 
House of Representatives, the majority leader and minor-
ity leader of the Senate, the Chairman and Ranking Mem-
ber of the Committee on Energy and Commerce of the 
House of Representatives, the Chairman and Ranking 
Member of the Committee on Financial Services of the 
House of Representatives, the Chairman and Ranking 
Member of the Committee on Banking, Housing, and 
Urban Affairs of the Senate, and the Chairman and Rank-
ing Member of the Committee on Health, Education, 
Labor, and Pensions of the Senate.’’. 
(b) INVESTMENT IN SUPPLY CHAIN SECURITY.— 
(1) IN GENERAL.—Section 303 of the Defense 
Production Act of 1950 (50 U.S.C. 4533) is amend-
ed by adding at the end the following: 
‘‘(h) INVESTMENT IN SUPPLY CHAIN SECURITY.— 
‘‘(1) IN GENERAL.—In addition to other au-
thorities in this title, the President may make avail-
able to an eligible entity described in paragraph (2) 
payments to increase the security of supply chains 
and supply chain activities, if the President certifies 
to Congress not less than 30 days before making 
such a payment that the payment is critical to meet 
national defense requirements of the United States. 
‘‘(2) ELIGIBLE ENTITY.—An eligible entity de-
scribed in this paragraph is an entity that—
2241 
(I) the organization, people, ac-
tivities, information, and resources in-
volved in the delivery and operation of 
a product or service used by the Gov-
ernment; or 
(II) critical infrastructure as de-
fined in Presidential Policy Directive 
21 (February 12, 2013; relating to 
critical infrastructure security and re-
silience); and 
(ii) may include variations as deter-
mined necessary and appropriate by the 
President for purposes of national defense. 
SEC. 5455. SPECIAL DRAWING RIGHTS EXCHANGE PROHIBI-
TION. 
(a) IN GENERAL.—The Secretary of the Treasury 
may not engage in any transaction involving the exchange 
of Special Drawing Rights issued by the International 
Monetary Fund that are held by the Russian Federation 
or Belarus. 
(b) ADVOCACY.—The Secretary of the Treasury 
shall— 
(1) vigorously advocate that the governments of 
the member countries of the International Monetary 
Fund, to the extent that the member countries issue
2242 
freely usable currencies, prohibit transactions involv-
ing the exchange of Special Drawing Rights held by 
the Russian Federation or Belarus; and 
(2) direct the United States Executive Director 
at each international financial institution (as defined 
in section 1701(c)(2) of the International Financial 
Institutions Act) to use the voice and vote of the 
United States to oppose the provision of financial 
assistance to the Russian Federation and Belarus, 
except to address basic human needs of the civilian 
population. 
(c) TERMINATION.—The preceding provisions of this 
section shall have no force or effect on the earlier of— 
(1) the date that is 5 years after the date of the 
enactment of this Act; or 
(2) 30 days after the date that the President 
reports to the Congress that the governments of the 
Russian Federation and Belarus have ceased desta-
bilizing activities with respect to the sovereignty and 
territorial integrity of Ukraine. 
(d) WAIVER.—The President may waive the applica-
tion of this section if the President reports to the Congress 
that the waiver is in the national interest of the United 
States and includes an explanation of the reasons therefor.
2243 
SEC. 5456. PROHIBITION ON INSIDER TRADING. 
(a) IN GENERAL.—The Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.) is amended by inserting after 
section 16 (15 U.S.C. 78p) the following: 
‘‘SEC. 16A. PROHIBITION ON INSIDER TRADING. 
‘‘(a) PROHIBITION AGAINST TRADING SECURITIES 
WHILE AWARE
OF MATERIAL, NONPUBLIC INFORMA-
TION.—It shall be unlawful for any person, directly or in-
directly, to purchase, sell, or enter into, or cause the pur-
chase or sale of, or entry into, any security, security-based 
swap, or security-based swap agreement if that person, at 
the time the person takes such an action— 
‘‘(1) has access to information relating to such 
security, security-based swap, or security-based swap 
agreement that is material and nonpublic and is 
aware (including if the person consciously avoids 
being aware), or recklessly disregards, that such in-
formation is material and nonpublic; and 
‘‘(2) is aware (including if the person con-
sciously avoids being aware), or recklessly dis-
regards, that— 
‘‘(A) the information described in para-
graph (1) has been obtained wrongfully; or 
‘‘(B) the purchase, sale, or entry would 
constitute wrongful trading on the information 
described in paragraph (1).
2244 
‘‘(b) PROHIBITION AGAINST THE WRONGFUL COM-
MUNICATION OF CERTAIN MATERIAL, NONPUBLIC INFOR-
MATION.—It shall be unlawful for any person, the pur-
chase or sale of a security or security-based swap (or entry 
into a security-based swap agreement) by which would vio-
late subsection (a), to wrongfully communicate material, 
nonpublic information relating to that security, security- 
based swap, or security-based swap agreement to any 
other person, if— 
‘‘(1) the person communicating the information, 
at the time the person communicates the informa-
tion, is aware (including if the person consciously 
avoids being aware), or recklessly disregards, that 
such communication would result in such a pur-
chase, sale, or entry; and 
‘‘(2) any recipient of the wrongfully commu-
nicated information purchases, sells, or causes the 
purchase or sale of any security or security-based 
swap, or enters into (or causes the entry into) any 
security-based swap agreement, based on that com-
munication. 
‘‘(c) STANDARD AND KNOWLEDGE REQUIREMENT.— 
‘‘(1) STANDARD.—For purposes of this section, 
trading while aware of material, nonpublic informa-
tion under subsection (a), or communicating mate-
2245 
rial, nonpublic information under subsection (b), is 
wrongful only if the information has been obtained 
by, or the communication or trading on the informa-
tion would constitute, directly or indirectly— 
‘‘(A) theft, conversion, bribery, misrepre-
sentation, espionage (through electronic or 
other means), or other unauthorized access of 
the information; 
‘‘(B) a violation of any Federal law pro-
tecting— 
‘‘(i) computer data; or 
‘‘(ii) the intellectual property or pri-
vacy of computer users; 
‘‘(C) misappropriation from a source of the 
information; or 
‘‘(D) a breach of any fiduciary duty to 
shareholders of an issuer for a direct or indirect 
personal benefit, including— 
‘‘(i) an existing or future pecuniary 
gain or reputational benefit; or 
‘‘(ii) a gift of confidential information 
to a relative or friend. 
‘‘(2) KNOWLEDGE REQUIREMENT.—It shall not 
be necessary that a person trading while aware of 
information in violation of subsection (a), or making
2246 
a communication in violation of subsection (b), 
knows the specific means by which the information 
was obtained or communicated or traded on, or the 
specific benefit described in paragraph (1)(D) that 
was received, paid, or promised by or to any person 
in the chain of communication, if the person trading 
while aware of the information or making the com-
munication, as applicable, at the time the person 
makes the trade or communicates the information, is 
aware (including if the person consciously avoids 
being aware), or recklessly disregards, that the in-
formation was wrongfully obtained, wrongfully trad-
ed on, or wrongfully communicated. 
‘‘(d) AFFIRMATIVE DEFENSES.— 
‘‘(1) IN GENERAL.—The Commission may, by 
rule or by order, exempt any person, security, or 
transaction, or any class of persons, securities, or 
transactions, from any or all of the provisions of this 
section, upon such terms and conditions as the Com-
mission considers necessary or appropriate in fur-
therance of the purposes of this title. 
‘‘(2) 
RULE
10B5–1
COMPLIANT
TRANS-
ACTIONS.—The prohibitions of this section shall not 
apply to any transaction that satisfies the require-
2247 
ments of section 240.10b5–1 of title 17, Code of 
Federal Regulations, or any successor regulation. 
‘‘(e) RULE OF CONSTRUCTION.—The rights and rem-
edies provided by this section shall be in addition to any 
and all other rights and remedies that may exist at law 
or in equity (without regard to whether such a right or 
remedy is provided under this Act) with respect to an ac-
tion by a person to— 
‘‘(1) purchase, sell, or enter into a security, se-
curity-based swap, or security-based swap agreement 
while aware of material, nonpublic information; or 
‘‘(2) communicate material, nonpublic informa-
tion relating to a security, security-based swap, or 
security-based swap agreement.’’. 
(b) CONFORMING
AMENDMENTS.—The Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amend-
ed— 
(1) 
in 
section 
3(a)(78)(A) 
(15 
U.S.C. 
78c(a)(78)(A)), by inserting ‘‘16A,’’ after ‘‘16,’’; 
(2) in section 21(d)(2) (15 U.S.C. 78u(d)(2)), 
by striking ‘‘or the rules or regulations thereunder’’ 
and inserting ‘‘, section 16A of this title, or the 
rules or regulations under either such section’’; 
(3) in section 21A (15 U.S.C. 78u–1)—
2248 
(A) in subsection (g)(1), by striking ‘‘sec-
tion 10(b) and Rule 10b–5 thereunder’’ and in-
serting ‘‘section 10(b), Rule 10b–5 thereunder, 
and section 16A’’; and 
(B) in subsection (h)(1), by striking ‘‘sec-
tion 10(b), and Rule 10b–5 thereunder’’ and in-
serting ‘‘section 10(b), Rule 10b–5 thereunder, 
and section 16A’’; and 
(4) in section 21C(f) (15 U.S.C. 78u–3(f)), by 
striking ‘‘or the rules or regulations thereunder’’ and 
inserting ‘‘, section 16A, or the rules or regulations 
under either such section’’. 
SEC. 5457. COMMUNITY DEVELOPMENT BLOCK GRANT DIS-
ASTER RECOVERY PROGRAM. 
(a) IN GENERAL.—Title I of the Housing and Com-
munity Development Act of 1974 is amended— 
(1) in section 101(c) (42 U.S.C. 5301(c))— 
(A) in paragraph (8), by striking ‘‘and’’ at 
the end; 
(B) in paragraph (9), by striking the pe-
riod at the end and inserting ‘‘; and’’; and 
(C) by inserting after paragraph (9) and 
before the undesignated matter at the end the 
following:
2249 
‘‘(10) in the case of grants awarded under sec-
tion 123, the recovery from disasters and efforts to 
mitigate the effects of future disasters.’’; 
(2) in section 102(a) (42 U.S.C. 5302(a))— 
(A) in paragraph (20)(A), by inserting be-
fore the last sentence the following: ‘‘The term 
‘persons of middle income’ means families and 
individuals whose incomes exceed 80 percent, 
but do not exceed 120 percent, of the median 
income of the area involved, as determined by 
the Secretary with adjustments for smaller and 
larger families.’’; and 
(B) by adding at the end the following new 
paragraph: 
‘‘(25) The term ‘major disaster’ has the mean-
ing given such term in section 102 of the Robert T. 
Stafford Disaster Relief and Emergency Assistance 
Act (42 U.S.C. 5122).’’; 
(3) 
in 
section 
106(c)(4) 
(42 
U.S.C. 
5306(c)(4))— 
(A) in subparagraph (A)— 
(i) by striking ‘‘declared by the Presi-
dent under the Robert T. Stafford Disaster 
Relief and Emergency Assistance Act’’; 
and
2250 
(ii) by inserting ‘‘major’’ before ‘‘dis-
aster, any amounts’’; 
(B) in subparagraph (C), by inserting 
‘‘major’’ before ‘‘disaster’’; and 
(C) in subparagraph (F), by inserting 
‘‘major’’ before ‘‘disaster’’; 
(4) in section 122 (42 U.S.C. 5321)), by strik-
ing ‘‘disaster under title IV of the Robert T. Staf-
ford Disaster Relief and Emergency Assistance Act’’ 
and inserting ‘‘major disaster’’; and 
(5) by adding at the end the following new sec-
tions: 
‘‘SEC. 123. CDBG-DISASTER RECOVERY ASSISTANCE. 
‘‘(a) AUTHORITY; USE.— 
‘‘(1) IN GENERAL.—The Secretary may provide 
assistance under this section to States, including 
Puerto Rico, units of general local government, and 
Indian tribes for necessary expenses for activities 
authorized under this title related to disaster relief, 
resiliency, long-term recovery, restoration of infra-
structure and housing, mitigation, and economic re-
vitalization in the most impacted and distressed 
areas (as such term shall be defined by the Sec-
retary by regulation) resulting from a major disaster 
declared pursuant to the Robert T. Stafford Dis-
2251 
aster Relief and Emergency Assistance Act (42 
U.S.C. 5121 et seq.). 
‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
For purposes of assistance under this section, there 
are authorized to be appropriated and made avail-
able in the Community Development Block Grant 
Declared Disaster Recovery Fund established under 
section 124, such sums as are necessary to respond 
to current or future disasters, which shall remain 
available until expended. 
‘‘(b) ALLOCATION; COORDINATION.— 
‘‘(1) ALLOCATION
AMOUNTS.—The Secretary 
shall annually establish and publish on its website 
an unmet needs threshold for most impacted and 
distressed areas resulting from a major disaster that 
shall result in a grant under this section. In deter-
mining the amount allocated under this section for 
any grantee, the Secretary shall make allocations 
based on the best available data on unmet recover 
needs and include an additional amount, as deter-
mined by the Secretary, for mitigation, based on the 
best available research, the type of disaster, and 
such amounts awarded for mitigation for similar 
types of disasters in prior years. Such data may in-
clude information from the Federal Emergency Man-
2252 
agement Agency, the Small business Administration, 
and any other relevant Federal, State, or local agen-
cy, and data from the Bureau of the Census to as-
sess the unmet needs of both homeowners and rent-
ers. 
‘‘(2) DEADLINES FOR ALLOCATION.—Except as 
provided in paragraph (3), for any major disaster 
meeting the most impacted and distressed unmet 
need threshold requirements in paragraph (1), the 
Secretary shall allocate funds available to a grantee 
for assistance under this section within 60 days of 
the date of a major disaster declaration or 60 days 
from when sufficient funds become available to make 
the allocation. 
‘‘(3) INAPPLICABILITY
OF
DEADLINES
BASED 
ON
INSUFFICIENT
INFORMATION.—The deadlines 
under paragraph (2) for allocation of funds shall not 
apply in the case of funds made available for assist-
ance under this section if Federal Emergency Man-
agement Agency has not made sufficient information 
available to the Secretary regarding relevant unmet 
recovery needs to make allocations in accordance 
with such deadlines. The Secretary shall notify the 
Congress of progress on or delay in receiving the 
necessary information within 60 days following dec-
2253 
laration of such a major disaster and monthly there-
after until all necessary information is received. 
‘‘(4) OBLIGATION OF AMOUNTS BY THE SEC-
RETARY.—Subject to subsection (c)(1), the Sec-
retary shall provide for the disbursement of the 
amounts allocated for a grantee, but shall require 
the grantee to be in substantial compliance with the 
requirements of this section before each such dis-
bursement. 
‘‘(5) COORDINATION
OF
DISASTER
BENEFITS 
AND DATA WITH OTHER FEDERAL AGENCIES.— 
‘‘(A) COORDINATION OF DATA.—The Sec-
retary shall coordinate with other agencies to 
obtain data on recovery needs, including the 
Administrator of the Federal Emergency Man-
agement Agency and the Administrator of the 
Small Business Administration, and other agen-
cies when necessary regarding disaster benefits. 
‘‘(B) COORDINATION
WITH
FEMA.—The 
Secretary shall share with the Administrator of 
the Federal Emergency Management Agency, 
and 
make 
publicly 
available 
(with 
such 
redactions necessary to protect personally iden-
tifiable information), all data collected, pos-
sessed, or analyzed during the course of a dis-
2254 
aster recovery for which assistance is provided 
under this section. Notwithstanding section 
552a of title 5, U.S.C., or any other law, the 
Secretary may make data transfers pertaining 
to grants under this section with the FEMA 
Administrator, grantees, and academic and re-
search 
institutions 
described 
in 
section 
123(l)(3), which transfers may disclose infor-
mation about an individual without the individ-
ual’s written consent, including the use and re-
tention of this data for computer matching pro-
grams to assess disaster recovery needs and to 
prevent the duplication of benefits and other 
waste, fraud, and abuse; provided, that the Sec-
retary shall enter a data sharing agreement be-
fore sharing or receiving any information under 
transfers authorized by this section. The data 
sharing agreements must, in the determination 
of the Secretary, include measures adequate to 
safeguard the privacy and personally identifying 
information of individuals. The data the Sec-
retary shares with the Administrator shall in-
clude— 
‘‘(i) all data on damage caused by the 
disaster;
2255 
‘‘(ii) information on how any Federal 
assistance provided in connection with the 
disaster is expended; and 
‘‘(iii) information regarding the effect 
of the disaster on education, transportation 
capabilities 
and 
dependence, 
housing 
needs, health care capacity, and displace-
ment of persons. 
‘‘(C) REQUIREMENTS
REGARDING
ELIGI-
BILITY FOR DIRECT ASSISTANCE AND DUPLICA-
TION OF BENEFITS.— 
‘‘(i) 
COMPLIANCE.—Funds 
made 
available under this subsection shall be 
used in accordance with section 312 of the 
Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 
5155), as amended by section 1210 of the 
Disaster Recovery Reform Act of 2018 (di-
vision D, Public Law 115–254), and such 
rules as may be prescribed under such sec-
tion. 
‘‘(ii) PRIORITY.—Households having 
the lowest incomes shall be prioritized for 
direct assistance under this subsection 
until all unmet needs are satisfied for fam-
2256 
ilies having an income up to 120 percent 
of the median for the area. 
‘‘(D) TREATMENT OF DUPLICATIVE BENE-
FITS.—In any case in which a grantee provides 
assistance that duplicates benefits available to a 
person for the same purpose from another 
source, the grantee itself shall either (i) be sub-
ject to remedies for noncompliance under sec-
tion 111, or (ii) bear responsibility for absorb-
ing such cost of duplicative benefits and return-
ing an amount equal to any duplicative benefits 
paid to the grantee’s funds available for use 
under this section or to the Community Devel-
opment Block Grant Declared Disaster Recov-
ery Fund under section 124, unless the Sec-
retary issues a public determination by publica-
tion in the Federal Register that it is not in the 
best interest of the Federal Government to pur-
sue such remedies based on hardships identified 
in subparagraph (E) or other reasons. 
‘‘(E) WAIVER OF RECOUPMENT.—A grant-
ee of assistance from funds made available for 
use under this section may request a waiver 
from the Secretary of any recoupment by the 
Secretary of such funds for amounts owed by
2257 
persons who have received such assistance from 
such funds and who have been defrauded, or 
after receiving assistance, have filed for bank-
ruptcy, gone through a foreclosure procedure on 
property that received such assistance, or are 
deceased. If the grantee self-certifies to the Sec-
retary in such request that it has verified that 
the individual conditions of each person it is re-
questing a waiver for meets one of the condi-
tions specified in the preceding sentence, the 
Secretary may grant such waivers on the basis 
of grantee self-certification, issue a public de-
termination by publication in the Federal Reg-
ister that it is not in the best interest of the 
Federal 
Government 
to 
pursue 
such 
recoupment, and may conduct oversight to 
verify grantee self-certification and subject the 
grantee to remedies for noncompliance for any 
amounts that have not met such requirements. 
‘‘(F) PROTECTION OF PERSONALLY IDEN-
TIFIABLE INFORMATION.—In carrying out this 
paragraph, the Secretary and the grantee shall 
take such actions as may be necessary to ensure 
that personally identifiable information regard-
ing recipients of assistance provided from funds
2258 
made available under this section is not made 
publicly available by the Department of Hous-
ing and Urban Development or any agency with 
which information is shared pursuant to this 
paragraph. 
‘‘(c) PLAN FOR USE OF ASSISTANCE.— 
‘‘(1) REQUIREMENT.—Not later than 90 days 
after the allocation pursuant to subsection (b)(1) of 
all of the funds made available by an appropriations 
Act for assistance under this section and before the 
Secretary obligates any of such funds for a grantee, 
the grantee shall submit a plan to the Secretary for 
approval detailing the proposed use of all funds, 
which shall include, at a minimum— 
‘‘(A) criteria for eligibility for each pro-
posed use of funds, including eligibility limits 
on income and geography, and a description of 
how each proposed use of such funds will com-
ply with all civil rights and fair housing laws 
and will address disaster relief, resiliency, long- 
term recovery, restoration of infrastructure and 
housing, hazard mitigation, and economic revi-
talization in the most impacted and distressed 
areas, including, as appropriate, assistance for 
the benefit of impacted households experiencing
2259 
homelessness as defined by section 103 of the 
McKinney-Vento Homeless Assistance Act (42 
U.S.C. 11302) or at risk of homelessness as de-
fined by section 401 of such Act (42 U.S.C. 
11360); 
‘‘(B) 
an 
agreement 
to 
share 
data, 
disaggregated by the smallest census tract, 
block group, or block possible for the data set, 
with Federal agencies and other providers of 
disaster relief, which shall include information 
the grantee has regarding the matters described 
in subsection (b)(4)(B); 
‘‘(C) identification of officials and offices 
responsible for administering such funds and 
processes and procedures for identifying and re-
covering duplicate benefits; 
‘‘(D) for grantees other than Indian tribes, 
a plan for compliance with the Fair Housing 
Act, which may include, at the election of the 
grantee, providing for partnerships with local 
fair housing organizations and funding set-aside 
for local fair housing organizations to handle 
complaints relating to assistance with amounts 
made available for use under this section; and
2263 
provided under this section is used in compli-
ance with the Fair Housing Act; 
‘‘(D) the plan or substantial amendment 
does not adequately address, as determined by 
the Secretary in regulation, the unmet needs for 
replacement or rehabilitation of certain dis-
aster-damaged housing units, with cost adjust-
ment where appropriate, including damaged 
dwelling units in public housing, as such term 
is defined in section 3(b) of the United States 
Housing Act of 1937 (42 U.S.C. 1437a(b)), 
projects receiving tax credits pursuant to sec-
tion 42 of the Internal Revenue Code of 1986, 
or for projects assisted under section 8 of the 
Housing Act of 1937 (42 U.S.C. 1437f), under 
section 202 of the Housing Act of 1959 (12 
U.S.C. 1701q), under section 811 of the Cran-
ston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 8013), under the HOME Invest-
ment Partnerships Act (42 U.S.C. 12721 et 
seq.), under the community development block 
grant program under this title, or by the Hous-
ing Trust Fund under section 1338 of the Fed-
eral Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4568) or
2264 
any low and moderate income dwelling units de-
molished or converted to a use other than for 
housing for low and moderate income persons, 
as defined in section 104(d) of this Act (42 
U.S.C. 5304(d)); 
‘‘(E) the plan or substantial amendment 
does not use a percentage of the grant, as de-
termined by the Secretary in regulation, for ac-
quisition, rehabilitation, reconstruction, or other 
activities permitted by the Secretary to provide 
affordable rental housing to benefit persons of 
low and moderate income, which rental housing 
will, upon completion, be occupied by such per-
sons; or 
‘‘(F) the plan or substantial amendment 
does not provide a process to provide appli-
cants— 
‘‘(i) notice by grantee of applicant’s 
right to administrative appeal of any ad-
verse action on the applicant’s application; 
and 
‘‘(ii) right to full discovery of appli-
cant’s entire application file.
2265 
‘‘(5) PUBLIC
CONSULTATION.—In developing 
the plan required under paragraph (1), a grantee 
shall, at a minimum— 
‘‘(A) consult with affected residents, stake-
holders, local governments, and public housing 
authorities to assess needs; 
‘‘(B) publish the plan in accordance with 
the requirements set forth by the Secretary, in-
cluding a requirement to prominently post the 
plan on the website of the grantee for not less 
than 14 days; 
‘‘(C) ensure equal access for individuals 
with disabilities and individuals with limited 
English proficiency; and 
‘‘(D) publish the plan in a manner that af-
fords citizens, affected local governments, and 
other interested parties a reasonable oppor-
tunity to examine the contents of the plan and 
provide feedback. 
‘‘(6) RESUBMISSION.—The Secretary shall per-
mit a grantee to revise and resubmit a disapproved 
plan or plan amendment. 
‘‘(7) TIMING.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
approve or disapprove a plan not later than 60
2266 
days after submission of the plan to the Sec-
retary. The Secretary shall immediately notify 
the State, unit of general local government, or 
Indian tribe that submitted the plan or sub-
stantial amendment of the Secretary’s decision. 
‘‘(B) DISAPPROVAL.—If the Secretary dis-
approves a plan or a substantial amendment, 
not later than 15 days after such disapproval 
the Secretary shall inform the State, unit of 
general local government, or Indian tribe in 
writing of (i) the reasons for disapproval, and 
(ii) actions that the State, unit of general local 
government, or Indian tribe could take to meet 
the criteria for approval. 
‘‘(C) SUBSTANTIAL AMENDMENTS; RESUB-
MISSION.—The Secretary shall, for a period of 
not less than 45 days following the date of dis-
approval, permit the revision and resubmission 
of any plan or substantial amendment that is 
disapproved. The Secretary shall approve or 
disapprove a resubmission of any plan or sub-
stantial amendment not less than 30 days after 
receipt of such substantial amendments or re-
submission.
2267 
‘‘(D) GRANT
AGREEMENTS.—Subject to 
subsection (b)(3), the Secretary shall ensure 
that all grant agreements necessary for prompt 
disbursement of funds allocated to a grantee 
are signed by the Secretary within 60 days of 
approval of grantee’s plan describing the use of 
such funds. 
‘‘(d) FINANCIAL CONTROLS.— 
‘‘(1) COMPLIANCE
SYSTEM.—The Secretary 
shall develop and maintain a system to ensure that 
each grantee has and will maintain for the life of the 
grant— 
‘‘(A) proficient financial controls and pro-
curement processes; 
‘‘(B) adequate procedures to ensure that 
eligible applicants are approved for assistance 
with amounts made available for use under this 
section and that recipients are provided the full 
amount of assistance for which they are eligible, 
subject to funding availability; 
‘‘(C) adequate procedures to prevent any 
duplication of benefits, as defined by section 
312 of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 
5155), to ensure timely expenditure of funds,
2268 
and to detect and prevent waste, fraud, and 
abuse of funds; and 
‘‘(D) adequate procedures to ensure the 
grantee will maintain comprehensive and pub-
licly accessible websites that make available in-
formation regarding all disaster recovery activi-
ties assisted with such funds, which information 
shall include common reporting criteria estab-
lished by the Secretary that permits individuals 
and entities awaiting assistance and the general 
public to see how all grant funds are used, in-
cluding copies of all relevant, unredacted pro-
curement documents, grantee administrative 
contracts and details of ongoing procurement 
processes, as determined by the Secretary. 
‘‘(2) EVALUATION OF COMPLIANCE.—The Sec-
retary shall provide, by regulation or guideline, a 
method for qualitatively and quantitatively evalu-
ating compliance with the requirements under para-
graph (1). 
‘‘(3) CERTIFICATION.—Before making a grant, 
the Secretary shall certify in advance that the grant-
ee has in place the processes and procedures re-
quired under subparagraphs (A) through (D) of 
paragraph (1), as determined by the Secretary. No
2269 
additional certification is necessary if the Secretary 
has recently certified that the grantee has the re-
quired processes and procedures. The Secretary may 
permit a State, unit of general local government, or 
Indian tribe to demonstrate compliance with require-
ments for adequate financial controls before disas-
ters occur and before receiving an allocation for a 
grant under this section. 
‘‘(e) USE OF FUNDS.— 
‘‘(1) ADMINISTRATIVE COSTS.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
establish by regulation the maximum grant 
amounts a State, unit of general local govern-
ment, or Indian tribe may use for administra-
tive costs, and for technical assistance and 
planning activities, taking into consideration 
size of grant, complexity of recovery, and other 
factors 
as 
determined 
by 
the 
Secretary. 
Amounts available for administrative costs for a 
grant under this section shall be available for 
eligible administrative costs of the grantee for 
any grant made under this section, without re-
gard to a particular disaster. 
‘‘(B) DISCRETION TO ESTABLISH SLIDING 
SCALE.—The Secretary may establish a series
2270 
of percentage limitations on the amount of 
grant funds received that may be used by a 
grantee for administrative costs, but only if— 
‘‘(i) such percentage limitations are 
based on the amount of grant funds re-
ceived by a grantee; 
‘‘(ii) such series provides that the per-
centage that may be so used is lower for 
grantees receiving a greater amount of 
grant funds and such percentage that may 
be so used is higher for grantees receiving 
a lesser amount of grant funds; and 
‘‘(iii) in no case may a grantee so use 
more than 10 percent of grant funds re-
ceived. 
‘‘(2) LIMITATIONS ON USE.—Amounts from a 
grant under this section may not be used for activi-
ties— 
‘‘(A) that are reimbursable, or for which 
funds are made available, by the Federal Emer-
gency Management Agency, including under the 
Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act or the National Flood In-
surance Program; or
2271 
‘‘(B) for which funds are made available 
by the Army Corps of Engineers. 
‘‘(3) HUD ADMINISTRATIVE COSTS.— 
‘‘(A) LIMITATION.—Of any funds made 
available to the Community Development Block 
Grant Declared Disaster Recovery Fund estab-
lished under section 124 or otherwise made 
available for use under this section by any sin-
gle appropriations Act, the Secretary may use 1 
percent of any such amount for necessary costs, 
including information technology costs, of ad-
ministering and overseeing the obligation and 
expenditure of amounts made available for use 
under this section. 
‘‘(B) TRANSFER OF FUNDS.—Any amounts 
made available for use in accordance with sub-
paragraph (A)— 
‘‘(i) shall be transferred to the appro-
priate salaries and expenses account in the 
Community Development Block Grant De-
clared Disaster Recovery Fund established 
under section 124 for use by the Office of 
Disaster Recovery and Resilient Commu-
nities;
2272 
‘‘(ii) shall remain available until ex-
pended; and 
‘‘(iii) may be used for administering 
any funds appropriated for the same pur-
poses described in section 123(a) to the 
Community Development fund or Commu-
nity Development Block Grant Declared 
Disaster Recovery Fund established under 
section 124 in any prior or future Act, not-
withstanding the disaster for which such 
funds were appropriated. 
‘‘(4) INSPECTOR
GENERAL.—Of any funds 
made available for use in accordance with paragraph 
(3)(A), 15 percent shall be transferred to the Office 
of the Inspector General for necessary costs of au-
dits, reviews, oversight, evaluation, and investiga-
tions relating to amounts made available for use 
under this section. 
‘‘(5) CAPACITY BUILDING.—Of any funds made 
available for use under this section, not more than 
0.1 percent or $15,000,000, whichever is less, shall 
be made available to the Secretary for capacity 
building and technical assistance, including assist-
ance regarding contracting and procurement proc-
2273 
esses, to support grantees and subgrantees receiving 
funds under this section. 
‘‘(6) MITIGATION PLANNING.— 
‘‘(A) REQUIREMENT.—The Secretary shall 
require each grantee to use a fixed percentage 
of any allocation for mitigation for comprehen-
sive mitigation planning, subject to the limita-
tions on funds in paragraph (2). 
‘‘(B) AMOUNT.—The Secretary may estab-
lish such fixed percentage by regulation and 
may establish a lower percentage for grantees 
receiving a grant exceeding $1,000,000,000. 
‘‘(C) COORDINATION.—Each grantee shall 
ensure that such comprehensive mitigation 
planning is coordinated and aligned with exist-
ing comprehensive, land use, transportation, 
and economic development plans, and specifi-
cally analyze multiple types of hazard exposures 
and risks. Each grantee shall coordinate and 
align such mitigation planning with other miti-
gation projects funded by the Federal Emer-
gency Management Agency, the Army Corps of 
Engineers, the Forest Service, and other agen-
cies as appropriate.
2274 
‘‘(D) USE OF FUNDS.—Such funds may be 
used for the purchase of data and development 
or updating of risk mapping for all relevant 
hazards. 
‘‘(E) PRIORITY.—Grantees shall prioritize 
the expenditure of grant funds to support haz-
ard mitigation and resiliency funds for activities 
primarily benefitting persons of low and mod-
erate income with the greatest risk of harm 
from natural hazards. 
‘‘(7) BUILDING SAFETY.— 
‘‘(A) IN GENERAL.—In consultation with 
the Administrator of the Federal Emergency 
Management Agency, the Secretary shall pro-
vide that no funds made available under this 
section shall be used for installation, substantial 
rehabilitation, reconstruction, or new construc-
tion of infrastructure or residential, commercial, 
or public buildings in hazard-prone areas, un-
less construction complies with paragraph (8) 
and with the latest published editions of rel-
evant national consensus-based codes, and spec-
ifications and standards referenced therein, ex-
cept that nothing in this section shall be con-
2275 
strued to prohibit a grantee from requiring 
higher standards. 
‘‘(B) SAVINGS
PROVISION.—Nothing in 
subparagraph (A) shall be construed as a re-
quirement for a grantee to adopt the latest pub-
lished editions of relevant national consensus- 
based codes, specifications, and standards. 
‘‘(C) COMPLIANCE.—Compliance with this 
paragraph may be certified by a suitable design 
professional. 
‘‘(D) DEFINITIONS.—For purposes of this 
paragraph, the following definitions shall apply: 
‘‘(i) 
HAZARD-PRONE
AREAS.—The 
term ‘hazard-prone areas’ means areas 
identified by the Secretary, in consultation 
with the Administrator, at risk from nat-
ural hazards that threaten property dam-
age or health, safety, and welfare, such as 
floods (including special flood hazard 
areas), wildfires (including Wildland-Urban 
Interface areas), earthquakes, tornados, 
and high winds. The Secretary may con-
sider future risks and the likelihood such 
risks may pose to protecting property and 
health, safety, and general welfare when
2276 
making the determination of or modifica-
tion to hazard-prone areas. 
‘‘(ii) LATEST PUBLISHED EDITIONS.— 
The term ‘latest published editions’ means, 
with respect to relevant national con-
sensus-based codes, and specifications and 
standards referenced therein, the two most 
recent published editions, including, if any, 
amendments made by States, units of gen-
eral local government, or Indian tribes dur-
ing the adoption process, that incorporate 
the latest natural hazard-resistant designs 
and establish criteria for the design, con-
struction, and maintenance of structures 
and facilities that may be eligible for as-
sistance under this section for the purposes 
of protecting the health, safety, and gen-
eral welfare of a structure’s or facility’s 
users against disasters. 
‘‘(8) FLOOD RISK MITIGATION.— 
‘‘(A) REQUIREMENTS.—Subject to sub-
paragraph (B), the Secretary shall require that 
any structure that is located in an area having 
special flood hazards and that is newly con-
structed, for which substantial damage is re-
2277 
paired, or that is substantially improved, using 
amounts made available under this section, 
shall be elevated with the lowest floor, including 
the basement, at least two feet above the base 
flood level, or to a future flood protection 
standard that provides equivalent protection 
and is developed in conjunction with the Admin-
istrator of the Federal Emergency Management 
Agency, except that critical facilities, including 
hospitals, nursing homes, and other public fa-
cilities providing social and economic lifelines, 
as defined by the Secretary, shall be elevated at 
least 3 feet above the base flood elevation (or 
higher if required under paragraph (7)). 
‘‘(B) ALTERNATIVE
MITIGATION.—In the 
case of existing structures consisting of multi-
family housing and row houses, and other 
structures, as determined by the Secretary, the 
Secretary shall seek consultation with the Ad-
ministrator of the Federal Emergency Manage-
ment Agency, shall provide for alternative forms 
of mitigation (apart from elevation), and shall 
exempt from the requirement under subpara-
graph (A) any such structure that meets the
2278 
standards for such an alternative form of miti-
gation. 
‘‘(C) DEFINITIONS.—For purposes of sub-
paragraph (A), the terms ‘area having special 
flood hazards’, ‘newly constructed’, ‘substantial 
damage’, ‘substantial improvement’, and ‘base 
flood level’ have the same meanings as under 
the Flood Disaster Protection Act of 1973 and 
the National Flood Insurance Act of 1968 (42 
U.S.C. 4001 et seq.). 
‘‘(f) 
ADMINISTRATION.—In 
administering 
any 
amounts made available for assistance under this section, 
the Secretary— 
‘‘(1) may not allow a grantee to use any such 
amounts for any purpose other than the purpose ap-
proved by the Secretary in the plan or amended plan 
submitted under subsection (c) to the Secretary for 
use of such amounts; and 
‘‘(2) shall prohibit a grantee from delegating, 
by contract or otherwise, the responsibility for inher-
ent government functions. 
‘‘(g) TRAINING FOR GRANT MANAGEMENT FOR SUB-
GRANTEES.—The Secretary shall require each grantee to 
provide ongoing training to all staff and subgrantees.
2279 
‘‘(h) PROCUREMENT PROCESSES AND PROCEDURES 
FOR GRANTEES.— 
‘‘(1) 
GRANTEE
PROCESSES
AND
PROCE-
DURES.—In procuring property or services to be 
paid for in whole or in part with amounts from a 
grant under this section, a grantee shall— 
‘‘(A) follow its own procurement processes 
and procedures, but only if the Secretary makes 
a determination that such processes and proce-
dures comply with the requirements under 
paragraph (2); or 
‘‘(B) comply with such processes and pro-
cedures as the Secretary shall, by regulation, 
establish for purposes of this section. 
‘‘(2) REQUIREMENTS.—The requirements under 
this paragraph with respect to such processes and 
procedures shall— 
‘‘(A) provide for full and open competition 
and compliance with applicable statutory re-
quirements on the use of Federal funds, and re-
quire cost or price analysis; 
‘‘(B) include requirements for procurement 
policies and procedures for subgrantees; 
‘‘(C) specify methods of procurement and 
their applicability, but not allow cost-plus-a-per-
2280 
centage-of cost or percentage-of-construction- 
cost methods of procurement; 
‘‘(D) include standards of conduct gov-
erning employees engaged in the award or ad-
ministration of contracts; and 
‘‘(E) ensure that all purchase orders and 
contracts include any clauses required by Fed-
eral statute, Executive order, or implementing 
regulation. 
‘‘(i) 
TREATMENT
OF
CDBG 
ALLOCATIONS.— 
Amounts made available for use under this section shall 
not be considered relevant to the non-disaster formula al-
locations made pursuant to section 106 of this title (42 
U.S.C. 5306). 
‘‘(j) WAIVERS.— 
‘‘(1) AUTHORITY.—Subject to the other provi-
sions of this section, in administering amounts made 
available for use under this section, the Secretary 
may waive, or specify alternative requirements for, 
any provision of any statute or regulation that the 
Secretary administers in connection with the obliga-
tion by the Secretary or the use by the recipient of 
such funds (except for requirements related to fair 
housing, nondiscrimination, labor standards, and the 
environment and except for the requirements of this
2281 
section), if the Secretary makes a public finding that 
good cause exists for the waiver or alternative re-
quirement and such waiver or alternative require-
ment would not be inconsistent with the overall pur-
poses of this title. 
‘‘(2) NOTICE AND PUBLICATION.—Any waiver 
of or alternative requirement pursuant to paragraph 
(1) shall not take effect before the expiration of the 
5-day period beginning upon the publication of no-
tice in the Federal Register of such waiver or alter-
native requirement. 
‘‘(3) APPLICABLE
REQUIREMENTS
AND
BEN-
EFIT TO LOW- AND MODERATE-INCOME PERSONS.— 
‘‘(A) IN GENERAL.—The requirements in 
this Act that apply to grants made under sec-
tion 106 of this title (except those related to the 
allocation) apply equally to grants under this 
section unless modified by a waiver or alter-
native requirement pursuant to paragraph (1). 
‘‘(B) LIMITATION.—Notwithstanding sub-
paragraph (A), the Secretary may not grant a 
waiver or alternative requirement to reduce the 
percentage of funds that must be used for ac-
tivities that benefit persons of low and mod-
erate income to less than 70 percent, unless the
2282 
Secretary specifically finds that there is compel-
ling need to further reduce the percentage re-
quirement and that funds are not necessary to 
address the housing needs of low- and mod-
erate-income residents. 
‘‘(4) PROHIBITION.—The Secretary may not 
use the authority under paragraph (1) to waive any 
provision of this section. 
‘‘(k) ENVIRONMENTAL REVIEW.— 
‘‘(1) ADOPTION.—Notwithstanding subsection 
(j)(1), recipients of funds provided under this section 
that use such funds to supplement Federal assist-
ance provided under section 402, 403, 404, 406, 
407, 408(c)(4), 428, or 502 of the Robert T. Staf-
ford Disaster Relief and Emergency Assistance Act 
(42 U.S.C. 5121 et seq.) may adopt, without review 
or public comment, any environmental review, ap-
proval, or permit performed by a Federal agency, 
and such adoption shall satisfy the responsibilities of 
the recipient with respect to such environmental re-
view, approval, or permit under section 104(g)(1) of 
this title (42 U.S.C. 5304(g)(1)). 
‘‘(2) RELEASE
OF
FUNDS.—Notwithstanding 
section 
104(g)(2) 
of 
this 
title 
(42 
U.S.C. 
5304(g)(2)), the Secretary may, upon receipt of a
2283 
request for release of funds and certification, imme-
diately approve the release of funds for an activity 
or project assisted with amounts made available for 
use under this section if the recipient has adopted 
an environmental review, approval or permit under 
paragraph (1) or the activity or project is categori-
cally excluded from review under the National Envi-
ronmental Policy Act of 1969 (42 U.S.C. 4321 et 
seq.). 
‘‘(3) STATE
ACTIONS.—The requirements of 
section 104(g)(4) shall apply to assistance under 
this section that a State distributes to a unit of gen-
eral local government. 
‘‘(l) COLLECTION
OF INFORMATION; AUDITS
AND 
OVERSIGHT.— 
‘‘(1) COLLECTION OF INFORMATION.—For each 
major disaster for which assistance is made available 
under this section, the Secretary shall collect infor-
mation from grantees regarding all recovery activi-
ties so assisted, including information on applicants 
and recipients of assistance, and shall make such in-
formation available to the public and to the Inspec-
tor General for the Department of Housing and 
Urban Development on a monthly basis using uni-
form data collection practices, and shall provide a
2284 
quarterly update to the Congress regarding compli-
ance with this section. Information collected and re-
ported by grantees and the Secretary shall be 
disaggregated by program, race, income, geography, 
and all protected classes of individuals under the 
Americans with Disabilities Act of 1990, the Fair 
Housing Act, the Civil Rights Act of 1964, and 
other civil rights and nondiscrimination protections, 
with respect to the smallest census tract, block 
group, or block possible for the data set. 
‘‘(2) AVAILABILITY OF INFORMATION.—In car-
rying out this paragraph, the Secretary may make 
full and unredacted information available to aca-
demic and research institutions for the purpose of 
research into the equitable distribution of recovery 
funds, adherence to civil rights protections, and 
other areas. 
‘‘(3) PROTECTION OF INFORMATION.—The Sec-
retary shall take such actions and make such 
redactions as may be necessary to ensure that per-
sonally identifiable information regarding recipients 
of assistance provided from funds made available 
under this section shall not made publicly available. 
‘‘(4) AUDITS AND OVERSIGHT.—In conducting 
audits, reviews, oversight, evaluation, and investiga-
2285 
tions, in addition to activities designed to prevent 
and detect waste, fraud, and abuse, the Inspector 
General shall review activities carried out by grant-
ees under this section to ensure such programs fulfill 
their authorized purposes, as identified in the grant-
ee’s action plan. 
‘‘(m) PLAN PRE-CERTIFICATION FOR STATES AND 
UNITS OF GENERAL LOCAL GOVERNMENT.— 
‘‘(1) IN GENERAL.—The Secretary shall carry 
out a program under this subsection to provide for 
States and units of general local government to pre- 
certify as eligible grantees for assistance under this 
section. The objective of such program shall be to— 
‘‘(A) allow grantees that have consistently 
demonstrated the ability to administer funds re-
sponsibly and equitably in similar disasters to 
utilize in subsequent years plans which are sub-
stantially similar to those the Department has 
previously approved; and 
‘‘(B) facilitate the re-use of a plan or its 
substantially similar equivalent by a pre-cer-
tified grantee for whom the plan has previously 
been approved and executed upon. 
‘‘(2) REQUIREMENTS.—To be eligible for pre- 
certification under the program under this sub-
2286 
section a State or unit of general local government 
shall— 
‘‘(A) demonstrate to the satisfaction of the 
Secretary compliance with the requirements of 
this section; and 
‘‘(B) have previously submitted a plan or 
its substantially similar equivalent and received 
assistance thereunder as a grantee or sub-
grantee under this section, or with amounts 
made available for the Community Development 
Block Grant—Disaster Recovery account, in 
connection with two or more major disasters de-
clared pursuant to the Robert T. Stafford Dis-
aster Relief and Emergency Assistance Act (42 
U.S.C. 5121 et seq.). 
‘‘(3) APPROVAL OF PLANS.— 
‘‘(A) EXPEDITED APPROVAL PROCESSES.— 
The Secretary shall establish and maintain 
processes for expediting approval of plans for 
States and units of general local government 
that are pre-certified under this subsection. 
‘‘(B) EFFECT
OF
PRE-CERTIFICATION.— 
Pre-certification pursuant to this subsection 
shall not—
2287 
‘‘(i) establish any entitlement to, or 
priority or preference for, allocation of 
funds made available under this section; or 
‘‘(ii) exempt any grantee from com-
plying with any of the requirements under, 
or established pursuant to, subsection (c) 
or (d). 
‘‘(4) DURATION.—Pre-certification under this 
subsection shall be effective for a term of 5 years. 
‘‘(n) DEPOSIT OF UNUSED AMOUNTS IN FUND.— 
‘‘(1) UNMET
NEEDS.—If any amounts made 
available for assistance for unmet needs under this 
section to grantees remain unexpended upon the ear-
lier of— 
‘‘(A) the date that the grantee of such 
amounts notifies the Secretary that the grantee 
has completed all activities identified in the 
grantee’s plan for use of such amounts that was 
approved by the Secretary in connection with 
such grant; or 
‘‘(B) the expiration of the 6-year period 
beginning upon the Secretary obligating such 
amounts to the grantee, as such period may be 
extended pursuant to paragraph (3);
2288 
the Secretary may, subject to authority provided in 
advance by appropriations Acts, transfer such unex-
pended amounts to the Secretary of the Treasury for 
deposit into the Community Development Block 
Grant Declared Disaster Recovery Fund established 
under section 124, except that the Secretary may, by 
regulation, permit the grantee to retain amounts 
needed to close out the grant. 
‘‘(2) MITIGATION.—If any amounts made avail-
able for assistance for mitigation under this section 
to grantees remain unexpended upon the earlier of— 
‘‘(A) the date that the grantee of such 
amounts notifies the Secretary that the grantee 
has completed all activities identified in the 
grantee’s plan for use of such amounts that was 
approved by the Secretary in connection with 
such grant; or 
‘‘(B) the expiration of the 12-year period 
beginning upon the Secretary obligating such 
amounts to the grantee, as such period may be 
extended pursuant to paragraph (3); 
the Secretary may, subject to authority provided in 
advance by appropriations Acts, transfer such unex-
pended amounts to the Secretary of the Treasury for 
deposit into the Community Development Block
2289 
Grant Declared Disaster Recovery Fund established 
under section 124, except that the Secretary may, by 
regulation, permit the grantee to retain amounts 
needed to close out the grant. 
‘‘(3) EXTENSION
OF
PERIOD
OF
PERFORM-
ANCE.— 
‘‘(A) UNMET NEEDS.— 
‘‘(i) IN GENERAL.—The period of per-
formance under paragraph (1)(B) shall be 
extended by not more than 4 years if, be-
fore the expiration of such 6-year period, 
the Secretary waives this requirement and 
submits a written justification for such 
waiver to the Committees on Appropria-
tions of the House of Representatives and 
the Senate that specifies the amended pe-
riod of performance under the waiver. 
‘‘(ii) 
INSULAR
AREAS.—For 
any 
amounts made available for unmet needs 
under this section to a grantee that is an 
insular area as defined in section 102, the 
Secretary may extend the period of per-
formance under clause (i) by not more 
than an additional 4 years, and shall pro-
vide additional technical assistance to help
2290 
increase capacity within the insular area 
receiving such extension. If the Secretary 
extends the period of performance pursu-
ant to this subparagraph, the Secretary 
shall submit a written justification for such 
extension to the Committees on Appropria-
tions of the House of Representatives and 
the Senate that specifies the period of such 
extension. 
‘‘(B) 
MITIGATION.—The 
period 
under 
paragraph (2)(B) shall be extended to a date 
determined by the Secretary if, before the expi-
ration of such 12-year period, the Secretary 
issues a waiver to amend the period of perform-
ance and submits a written justification for 
such waiver to the Committees on Appropria-
tions of the House of Representatives and the 
Senate that specifies the amended period of 
performance under the waiver. 
‘‘(o) BEST PRACTICES.— 
‘‘(1) STUDY.—The Secretary, in consultation 
with the Administrator of the Federal Emergency 
Management Agency, shall identify best practices for 
grantees on issues including developing the action 
plan and substantial amendments under subsection
2291 
(c) and substantive amendments, establishing finan-
cial controls, building grantee technical and adminis-
trative capacity, procurement, compliance with Fair 
Housing Act statute and regulations, and use of 
grant funds as local match for other sources of Fed-
eral funding. The Secretary shall publish a compila-
tion of such identified best practices and share with 
all relevant grantees, including States, units of gen-
eral local government, and Indian tribes to facilitate 
a more efficient and effective disaster recovery proc-
ess. The compilation shall include— 
‘‘(A) guidelines for housing and economic 
revitalization programs, including mitigation, 
with sufficient model language on program de-
sign for grantees to incorporate into action 
plans; and 
‘‘(B) standards for at least form of appli-
cation, determining unmet need, and income eli-
gibility. 
‘‘(2) EXPEDITED REVIEW.— 
‘‘(A) REQUIREMENTS.—After publication 
of the final compilation required by paragraph 
(1), the Secretary shall issue either Federal reg-
ulations, as part of the final rule required 
under section 5403(b) of the National Defense
2292 
Authorization Act for Fiscal Year 2023 or as a 
separate rule, or a Federal Register notice solic-
iting public comment for at least 60 days, that 
establishes grant requirements, including the 
requirements that grantees must follow in order 
to qualify for expedited review and approval of 
a plan or substantial amendment required by 
subsection (c) of this section. 
‘‘(B) APPROVAL; DISAPPROVAL.—The Sec-
retary shall approve or disapprove plans or sub-
stantial amendments of grantees that comply 
with the requirements for such expedited review 
within 45 days. 
‘‘(C) STANDARDIZATION.——The require-
ments for expedited review shall establish 
standard language for inclusion in action plans 
and substantial amendments under subsection 
(c) of this section and for establishing stand-
ardized programs and activities recognized by 
the Secretary. 
‘‘(D) APPLICABILITY OF GRANT REQUIRE-
MENTS.—Compliance with the requirements for 
expedited review shall not exempt grantees from 
complying with grant requirements, including 
requirements for public comment, community
2293 
citizen participation, and establishing and main-
taining a public website. 
‘‘(E) REVISION.—The Secretary may re-
vise the requirements for expedited review at 
any time after a public comment period of at 
least 60 days. 
‘‘(p) DEFINITIONS.—For purposes of this section: 
‘‘(1) GRANTEE.—The term ‘grantee’ means a 
recipient of funds made available under this section 
after its enactment. 
‘‘(2) SUBSTANTIALLY SIMILAR.—The term ‘sub-
stantially similar’ means, with respect to a plan, a 
plan previously approved by the Department, admin-
istered successfully by the grantee, and relating to 
disasters of the same type. 
‘‘SEC. 124. COMMUNITY DEVELOPMENT BLOCK GRANT DE-
CLARED DISASTER RECOVERY FUND. 
‘‘(a) ESTABLISHMENT.—There is established in the 
Treasury of the United States an account to be known 
as the Community Development Block Grant Declared 
Disaster Recovery Fund (in this section referred to as the 
‘Fund’). 
‘‘(b) AMOUNTS.—The Fund shall consist of any 
amounts appropriated to or deposited into the Fund, in-
2294 
cluding amounts deposited into the Fund pursuant to sec-
tion 123. 
‘‘(c) USE.—Amounts in the Fund shall be available, 
pursuant to the occurrence of a major disaster declared 
under the Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act, only for providing technical assist-
ance and capacity building in connection with section 123 
for grantees under such section that have been allocated 
assistance under such section in connection with such dis-
aster to facilitate planning required under such section 
and increase capacity to administer assistance provided 
under such section, including for technical assistance and 
training building and fire officials, builders, contractors 
and subcontractors, architects, and other design and con-
struction professionals regarding the latest published edi-
tions of national consensus-based codes, specifications, 
and standards (as such term is defined in section 
123(e)(7)).’’. 
(b) REGULATIONS.— 
(1) PROPOSED RULE.—Not later than the expi-
ration of the 12-month period beginning on the date 
of the enactment of this Act, the Secretary of Hous-
ing and Urban Development shall issue proposed 
rules to carry out sections 123 and 124 of the Hous-
ing and Community Development Act of 1974, as
2295 
added by the amendment made by subsection (a) of 
this section, and shall provide a 60-day period for 
submission of public comments on such proposed 
rule. 
(2) FINAL RULE.—Not later than the expira-
tion of the 24-month period beginning on the date 
of the enactment of this Act, the Secretary of Hous-
ing and Urban Development, in consultation with 
the Administrator of the Federal Emergency Man-
agement Agency, shall issue final regulations to 
carry out sections 123 and 124 of the Housing and 
Community Development Act of 1974, as added by 
the amendment made by subsection (a) of this sec-
tion. 
Subtitle B—SAFE Banking 
SEC. 5461. SHORT TITLE; TABLE OF CONTENTS; PURPOSE. 
(a) SHORT TITLE.—This subtitle may be cited as the 
‘‘Secure And Fair Enforcement Banking Act of 2022’’ or 
the ‘‘SAFE Banking Act of 2022’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this subtitle is as follows: 
Subtitle B—SAFE Banking 
Sec. 5461. Short title; table of contents; purpose. 
Sec. 5462. Safe harbor for depository institutions. 
Sec. 5463. Protections for ancillary businesses. 
Sec. 5464. Protections under Federal law. 
Sec. 5465. Rules of construction. 
Sec. 5466. Requirements for filing suspicious activity reports. 
Sec. 5467. Guidance and examination procedures. 
Sec. 5468. Annual diversity and inclusion report.
2296 
Sec. 5469. GAO study on diversity and inclusion. 
Sec. 5470. GAO study on effectiveness of certain reports on finding certain per-
sons. 
Sec. 5471. Application of this subtitle with respect to hemp-related legitimate 
businesses and hemp-related service providers. 
Sec. 5472. Banking services for hemp-related legitimate businesses and hemp- 
related service providers. 
Sec. 5473. Requirements for deposit account termination requests and orders. 
Sec. 5474. Definitions. 
Sec. 5475. Discretionary surplus funds. 
(c) PURPOSE.—The purpose of this subtitle is to in-
crease public safety by ensuring access to financial serv-
ices to cannabis-related legitimate businesses and service 
providers and reducing the amount of cash at such busi-
nesses. 
SEC. 5462. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS. 
(a) IN GENERAL.—A Federal banking regulator may 
not— 
(1) terminate or limit the deposit insur-
ance or share insurance of a depository institu-
tion under the Federal Deposit Insurance Act 
(12 U.S.C. 1811 et seq.), the Federal Credit 
Union Act (12 U.S.C. 1751 et seq.), or take 
any other adverse action against a depository 
institution under section 8 of the Federal De-
posit Insurance Act (12 U.S.C. 1818) solely be-
cause the depository institution provides or has 
provided financial services to a cannabis-related 
legitimate business or service provider;
2297 
(2) prohibit, penalize, or otherwise discour-
age a depository institution from providing fi-
nancial services to a cannabis-related legitimate 
business or service provider or to a State, polit-
ical subdivision of a State, or Indian Tribe that 
exercises jurisdiction over cannabis-related le-
gitimate businesses; 
(3) recommend, incentivize, or encourage a 
depository institution not to offer financial serv-
ices to an account holder, or to downgrade or 
cancel the financial services offered to an ac-
count holder solely because— 
(A) the account holder is a cannabis- 
related legitimate business or service pro-
vider, or is an employee, owner, or oper-
ator of a cannabis-related legitimate busi-
ness or service provider; 
(B) the account holder later becomes 
an employee, owner, or operator of a can-
nabis-related legitimate business or service 
provider; or 
(C) the depository institution was not 
aware that the account holder is an em-
ployee, owner, or operator of a cannabis-re-
2298 
lated legitimate business or service pro-
vider; 
(4) take any adverse or corrective super-
visory action on a loan made to— 
(A) a cannabis-related legitimate busi-
ness or service provider, solely because the 
business is a cannabis-related legitimate 
business or service provider; 
(B) an employee, owner, or operator 
of a cannabis-related legitimate business or 
service provider, solely because the em-
ployee, owner, or operator is employed by, 
owns, or operates a cannabis-related legiti-
mate business or service provider, as appli-
cable; or 
(C) an owner or operator of real es-
tate or equipment that is leased to a can-
nabis-related legitimate business or service 
provider, solely because the owner or oper-
ator of the real estate or equipment leased 
the equipment or real estate to a cannabis- 
related legitimate business or service pro-
vider, as applicable; or 
(5) prohibit or penalize a depository insti-
tution (or entity performing a financial service
2300 
(B) 
activities 
described 
in 
section 
5474(13)(A) conducted by a service provider. 
SEC. 5464. PROTECTIONS UNDER FEDERAL LAW. 
(a) IN GENERAL.—With respect to providing a finan-
cial service to a cannabis-related legitimate business 
(where such cannabis-related legitimate business operates 
within a State, political subdivision of a State, or Indian 
country that allows the cultivation, production, manufac-
ture, sale, transportation, display, dispensing, distribution, 
or purchase of cannabis pursuant to a law or regulation 
of such State, political subdivision, or Indian Tribe that 
has jurisdiction over the Indian country, as applicable) or 
a service provider (wherever located), a depository institu-
tion, entity performing a financial service for or in associa-
tion with a depository institution, or insurer that provides 
a financial service to a cannabis-related legitimate busi-
ness or service provider, and the officers, directors, and 
employees of that depository institution, entity, or insurer 
may not be held liable pursuant to any Federal law or 
regulation— 
(1) solely for providing such a financial service; 
or 
(2) for further investing any income derived 
from such a financial service.
2301 
(b) PROTECTIONS FOR FEDERAL RESERVE BANKS 
AND FEDERAL HOME LOAN BANKS.—With respect to 
providing a service to a depository institution that pro-
vides a financial service to a cannabis-related legitimate 
business (where such cannabis-related legitimate business 
operates within a State, political subdivision of a State, 
or Indian country that allows the cultivation, production, 
manufacture, sale, transportation, display, dispensing, dis-
tribution, or purchase of cannabis pursuant to a law or 
regulation of such State, political subdivision, or Indian 
Tribe that has jurisdiction over the Indian country, as ap-
plicable) or service provider (wherever located), a Federal 
reserve bank or Federal Home Loan Bank, and the offi-
cers, directors, and employees of the Federal reserve bank 
or Federal Home Loan Bank, may not be held liable pur-
suant to any Federal law or regulation— 
(1) solely for providing such a service; or 
(2) for further investing any income derived 
from such a service. 
(c) PROTECTIONS FOR INSURERS.—With respect to 
engaging in the business of insurance within a State, polit-
ical subdivision of a State, or Indian country that allows 
the cultivation, production, manufacture, sale, transpor-
tation, display, dispensing, distribution, or purchase of 
cannabis pursuant to a law or regulation of such State,
2302 
political subdivision, or Indian Tribe that has jurisdiction 
over the Indian country, as applicable, an insurer that en-
gages in the business of insurance with a cannabis-related 
legitimate business or service provider or who otherwise 
engages with a person in a transaction permissible under 
State law related to cannabis, and the officers, directors, 
and employees of that insurer may not be held liable pur-
suant to any Federal law or regulation— 
(1) solely for engaging in the business of insur-
ance; or 
(2) for further investing any income derived 
from the business of insurance. 
(d) FORFEITURE.— 
(1) DEPOSITORY INSTITUTIONS.—A depository 
institution that has a legal interest in the collateral 
for a loan or another financial service provided to an 
owner, employee, or operator of a cannabis-related 
legitimate business or service provider, or to an 
owner or operator of real estate or equipment that 
is leased or sold to a cannabis-related legitimate 
business or service provider, shall not be subject to 
criminal, civil, or administrative forfeiture of that 
legal interest pursuant to any Federal law for pro-
viding such loan or other financial service.
2303 
(2) FEDERAL RESERVE BANKS AND FEDERAL 
HOME
LOAN
BANKS.—A Federal reserve bank or 
Federal Home Loan Bank that has a legal interest 
in the collateral for a loan or another financial serv-
ice provided to a depository institution that provides 
a financial service to a cannabis-related legitimate 
business or service provider, or to an owner or oper-
ator of real estate or equipment that is leased or 
sold to a cannabis-related legitimate business or 
service provider, shall not be subject to criminal, 
civil, or administrative forfeiture of that legal inter-
est pursuant to any Federal law for providing such 
loan or other financial service. 
SEC. 5465. RULES OF CONSTRUCTION. 
(a) NO REQUIREMENT
TO PROVIDE FINANCIAL 
SERVICES.—Nothing in this subtitle shall require a depos-
itory institution, entity performing a financial service for 
or in association with a depository institution, or insurer 
to provide financial services to a cannabis-related legiti-
mate business, service provider, or any other business. 
(b) GENERAL EXAMINATION, SUPERVISORY, AND 
ENFORCEMENT AUTHORITY.—Nothing in this subtitle 
may be construed in any way as limiting or otherwise re-
stricting the general examination, supervisory, and en-
forcement authority of the Federal banking regulators,
2304 
provided that the basis for any supervisory or enforcement 
action is not the provision of financial services to a can-
nabis-related legitimate business or service provider. 
(c) BUSINESS OF INSURANCE.—Nothing in this sub-
title shall interfere with the regulation of the business of 
insurance in accordance with the Act of March 9, 1945 
(59 Stat. 33, chapter 20; 15 U.S.C. 1011 et seq.) (com-
monly known as the ‘‘McCarran-Ferguson Act’’) and the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act (12 U.S.C. 5301 et seq.). 
SEC. 5466. REQUIREMENTS FOR FILING SUSPICIOUS ACTIV-
ITY REPORTS. 
Section 5318(g) of title 31, United States Code, is 
amended by adding at the end the following: 
‘‘(5) REQUIREMENTS FOR CANNABIS-RELATED 
LEGITIMATE BUSINESSES.— 
‘‘(A) IN GENERAL.—With respect to a fi-
nancial institution or any director, officer, em-
ployee, or agent of a financial institution that 
reports a suspicious transaction pursuant to 
this subsection, if the reason for the report re-
lates to a cannabis-related legitimate business 
or service provider, the report shall comply with 
appropriate guidance issued by the Financial 
Crimes Enforcement Network. Not later than
2305 
the end of the 180-day period beginning on the 
date of enactment of this paragraph, the Sec-
retary shall update the February 14, 2014, 
guidance titled ‘BSA Expectations Regarding 
Marijuana-Related 
Businesses’ 
(FIN–2014– 
G001) to ensure that the guidance is consistent 
with the purpose and intent of the SAFE 
Banking Act of 2022 and does not significantly 
inhibit the provision of financial services to a 
cannabis-related legitimate business or service 
provider in a State, political subdivision of a 
State, or Indian country that has allowed the 
cultivation, production, manufacture, transpor-
tation, display, dispensing, distribution, sale, or 
purchase of cannabis pursuant to law or regula-
tion of such State, political subdivision, or In-
dian Tribe that has jurisdiction over the Indian 
country. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph: 
‘‘(i) CANNABIS.—The term ‘cannabis’ 
has the meaning given the term ‘mari-
huana’ in section 102 of the Controlled 
Substances Act (21 U.S.C. 802).
2306 
‘‘(ii) CANNABIS-RELATED LEGITIMATE 
BUSINESS.—The term ‘cannabis-related le-
gitimate business’ has the meaning given 
that term in section 5474 of the SAFE 
Banking Act of 2022. 
‘‘(iii) INDIAN
COUNTRY.—The term 
‘Indian country’ has the meaning given 
that term in section 1151 of title 18. 
‘‘(iv) INDIAN TRIBE.—The term ‘In-
dian Tribe’ has the meaning given that 
term in section 102 of the Federally Rec-
ognized Indian Tribe List Act of 1994 (25 
U.S.C. 479a). 
‘‘(v) FINANCIAL SERVICE.—The term 
‘financial service’ has the meaning given 
that term in section 5474 of the SAFE 
Banking Act of 2022. 
‘‘(vi) SERVICE PROVIDER.—The term 
‘service provider’ has the meaning given 
that term in section 5474 of the SAFE 
Banking Act of 2022. 
‘‘(vii) 
STATE.—The 
term 
‘State’ 
means each of the several States, the Dis-
trict of Columbia, the Commonwealth of
2307 
Puerto Rico, and any territory or posses-
sion of the United States.’’. 
SEC. 5467. GUIDANCE AND EXAMINATION PROCEDURES. 
Not later than 180 days after the date of enactment 
of this Act, the Financial Institutions Examination Coun-
cil shall develop uniform guidance and examination proce-
dures for depository institutions that provide financial 
services to cannabis-related legitimate businesses and 
service providers. 
SEC. 5468. ANNUAL DIVERSITY AND INCLUSION REPORT. 
The Federal banking regulators shall issue an annual 
report to Congress containing— 
(1) information and data on the availability of 
access to financial services for minority-owned and 
women-owned cannabis-related legitimate businesses; 
and 
(2) any regulatory or legislative recommenda-
tions for expanding access to financial services for 
minority-owned and women-owned cannabis-related 
legitimate businesses. 
SEC. 5469. GAO STUDY ON DIVERSITY AND INCLUSION. 
(a) STUDY.—The Comptroller General of the United 
States shall carry out a study on the barriers to market-
place entry, including in the licensing process, and the ac-
cess to financial services for potential and existing minor-
2308 
ity-owned and women-owned cannabis-related legitimate 
businesses. 
(b) REPORT.—The Comptroller General shall issue a 
report to the Congress— 
(1) containing all findings and determinations 
made in carrying out the study required under sub-
section (a); and 
(2) containing any regulatory or legislative rec-
ommendations for removing barriers to marketplace 
entry, including in the licensing process, and ex-
panding access to financial services for potential and 
existing minority-owned and women-owned cannabis- 
related legitimate businesses. 
SEC. 5470. GAO STUDY ON EFFECTIVENESS OF CERTAIN RE-
PORTS ON FINDING CERTAIN PERSONS. 
Not later than 2 years after the date of the enact-
ment of this Act, the Comptroller General of the United 
States shall carry out a study on the effectiveness of re-
ports on suspicious transactions filed pursuant to section 
5318(g) of title 31, United States Code, at finding individ-
uals or organizations suspected or known to be engaged 
with transnational criminal organizations and whether any 
such engagement exists in a State, political subdivision, 
or Indian Tribe that has jurisdiction over Indian country 
that allows the cultivation, production, manufacture, sale,
2309 
transportation, display, dispensing, distribution, or pur-
chase of cannabis. The study shall examine reports on sus-
picious transactions as follows: 
(1) During the period of 2014 until the date of 
the enactment of this Act, reports relating to mari-
juana-related businesses. 
(2) During the 1-year period after date of the 
enactment of this Act, reports relating to cannabis- 
related legitimate businesses. 
SEC. 5471. APPLICATION OF THIS SUBTITLE WITH RESPECT 
TO HEMP-RELATED LEGITIMATE BUSINESSES 
AND HEMP-RELATED SERVICE PROVIDERS. 
(a) IN GENERAL.—The provisions of this subtitle 
(other than sections 5466 and 5470) shall apply with re-
spect to hemp-related legitimate businesses and hemp-re-
lated service providers in the same manner as such provi-
sions apply with respect to cannabis-related legitimate 
businesses and service providers. 
(b) DEFINITIONS.—In this section: 
(1) 
CBD.—The 
term 
‘‘CBD’’ 
means 
cannabidiol. 
(2) HEMP.—The term ‘‘hemp’’ has the meaning 
given that term under section 297A of the Agricul-
tural Marketing Act of 1946 (7 U.S.C. 1639o).
2310 
(3) HEMP-RELATED LEGITIMATE BUSINESS.— 
The term ‘‘hemp-related legitimate business’’ means 
a manufacturer, producer, or any person or company 
that— 
(A) engages in any activity described in 
subparagraph (B) in conformity with the Agri-
cultural Improvement Act of 2018 (Public Law 
115–334) and the regulations issued to imple-
ment such Act by the Department of Agri-
culture, where applicable, and the law of a 
State or political subdivision thereof or Indian 
Tribe; and 
(B) participates in any business or orga-
nized activity that involves handling hemp, 
hemp-derived CBD products, and other hemp- 
derived cannabinoid products, including culti-
vating, producing, extracting, manufacturing, 
selling, transporting, displaying, dispensing, dis-
tributing, or purchasing hemp, hemp-derived 
CBD 
products, 
and 
other 
hemp-derived 
cannabinoid products. 
(4) HEMP-RELATED SERVICE PROVIDER.—The 
term ‘‘hemp-related service provider’’— 
(A) means a business, organization, or 
other person that—
2311 
(i) sells goods or services to a hemp- 
related legitimate business; or 
(ii) provides any business services, in-
cluding the sale or lease of real or any 
other property, legal or other licensed serv-
ices, or any other ancillary service, relating 
to hemp, hemp-derived CBD products, or 
other hemp-derived cannabinoid products; 
and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling hemp, hemp-derived CBD products, or 
other hemp-derived cannabinoid products, in-
cluding cultivating, producing, manufacturing, 
selling, transporting, displaying, dispensing, dis-
tributing, or purchasing hemp, hemp-derived 
CBD 
products, 
and 
other 
hemp-derived 
cannabinoid products. 
SEC. 5472. BANKING SERVICES FOR HEMP-RELATED LE-
GITIMATE BUSINESSES AND HEMP-RELATED 
SERVICE PROVIDERS. 
(a) FINDINGS.—The Congress finds that— 
(1) the Agriculture Improvement Act of 2018 
(Public Law 115–334) legalized hemp by removing
2312 
it from the definition of ‘‘marihuana’’ under the 
Controlled Substances Act; 
(2) despite the legalization of hemp, some hemp 
businesses (including producers, manufacturers, and 
retailers) continue to have difficulty gaining access 
to banking products and services; and 
(3) businesses involved in the sale of hemp-de-
rived CBD products are particularly affected, due to 
confusion about the legal status of such products. 
(b) FEDERAL BANKING REGULATORS’ HEMP BANK-
ING GUIDANCE.—Not later than the end of the 90-day pe-
riod beginning on the date of enactment of this Act, the 
Federal banking regulators shall update their existing 
guidance, as applicable, regarding the provision of finan-
cial services to hemp-related legitimate businesses and 
hemp-related service providers to address— 
(1) compliance with financial institutions’ exist-
ing obligations under Federal laws and imple-
menting regulations determined relevant by the Fed-
eral banking regulators, including subchapter II of 
chapter 53 of title 31, United States Code, and its 
implementing regulation in conformity with this sub-
title and the Department of Agriculture’s rules regu-
lating domestic hemp production (7 CFR 990); and
2313 
(2) best practices for financial institutions to 
follow when providing financial services, including 
processing payments, to hemp-related legitimate 
businesses and hemp-related service providers. 
(c) DEFINITIONS.—In this section: 
(1) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’— 
(A) has the meaning given that term under 
section 5312(a) of title 31, United States Code; 
and 
(B) includes a bank holding company, as 
defined under section 2(a) of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1841(a)). 
(2) 
HEMP
TERMS.—The 
terms 
‘‘CBD’’, 
‘‘hemp’’, ‘‘hemp-related legitimate business’’, and 
‘‘hemp-related service provider’’ have the meaning 
given those terms, respectively, under section 5471. 
SEC. 5473. REQUIREMENTS FOR DEPOSIT ACCOUNT TERMI-
NATION REQUESTS AND ORDERS. 
(a) TERMINATION REQUESTS OR ORDERS MUST BE 
VALID.— 
(1) IN
GENERAL.—An appropriate Federal 
banking agency may not formally or informally re-
quest or order a depository institution to terminate 
a specific customer account or group of customer ac-
2314 
counts or to otherwise restrict or discourage a de-
pository institution from entering into or maintain-
ing a banking relationship with a specific customer 
or group of customers unless— 
(A) the agency has a valid reason for such 
request or order; and 
(B) such reason is not based solely on rep-
utation risk. 
(2) 
TREATMENT
OF
NATIONAL
SECURITY 
THREATS.—If an appropriate Federal banking agen-
cy believes a specific customer or group of customers 
is, or is acting as a conduit for, an entity which— 
(A) poses a threat to national security; 
(B) is involved in terrorist financing; 
(C) is an agency of the Government of 
Iran, North Korea, Syria, or any country listed 
from time to time on the State Sponsors of 
Terrorism list; 
(D) is located in, or is subject to the juris-
diction of, any country specified in subpara-
graph (C); or 
(E) does business with any entity described 
in subparagraph (C) or (D), unless the appro-
priate Federal banking agency determines that 
the customer or group of customers has used
2315 
due diligence to avoid doing business with any 
entity described in subparagraph (C) or (D), 
such belief shall satisfy the requirement under para-
graph (1). 
(b) NOTICE REQUIREMENT.— 
(1) IN GENERAL.—If an appropriate Federal 
banking agency formally or informally requests or 
orders a depository institution to terminate a spe-
cific customer account or a group of customer ac-
counts, the agency shall— 
(A) provide such request or order to the 
institution in writing; and 
(B) accompany such request or order with 
a written justification for why such termination 
is needed, including any specific laws or regula-
tions the agency believes are being violated by 
the customer or group of customers, if any. 
(2) JUSTIFICATION
REQUIREMENT.—A jus-
tification described under paragraph (1)(B) may not 
be based solely on the reputation risk to the deposi-
tory institution. 
(c) CUSTOMER NOTICE.— 
(1) NOTICE
REQUIRED.—Except as provided 
under paragraph (2) or as otherwise prohibited from 
being disclosed by law, if an appropriate Federal
2316 
banking agency orders a depository institution to 
terminate a specific customer account or a group of 
customer accounts, the depository institution shall 
inform the specific customer or group of customers 
of the justification for the customer’s account termi-
nation described under subsection (b). 
(2) NOTICE PROHIBITED.— 
(A) NOTICE PROHIBITED IN CASES OF NA-
TIONAL SECURITY.—If an appropriate Federal 
banking agency requests or orders a depository 
institution to terminate a specific customer ac-
count or a group of customer accounts based on 
a belief that the customer or customers pose a 
threat to national security, or are otherwise de-
scribed under subsection (a)(2), neither the de-
pository institution nor the appropriate Federal 
banking agency may inform the customer or 
customers of the justification for the customer’s 
account termination. 
(B) 
NOTICE
PROHIBITED
IN
OTHER 
CASES.—If an appropriate Federal banking 
agency determines that the notice required 
under paragraph (1) may interfere with an au-
thorized criminal investigation, neither the de-
pository institution nor the appropriate Federal
2317 
banking agency may inform the specific cus-
tomer or group of customers of the justification 
for the customer’s account termination. 
(d) REPORTING REQUIREMENT.—Each appropriate 
Federal banking agency shall issue an annual report to 
the Congress stating— 
(1) the aggregate number of specific customer 
accounts that the agency requested or ordered a de-
pository institution to terminate during the previous 
year; and 
(2) the legal authority on which the agency re-
lied in making such requests and orders and the fre-
quency on which the agency relied on each such au-
thority. 
(e) DEFINITIONS.—For purposes of this section: 
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ means— 
(A) the appropriate Federal banking agen-
cy, as defined under section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813); and 
(B) the National Credit Union Administra-
tion, in the case of an insured credit union. 
(2) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means—
2318 
(A) a depository institution, as defined 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
(B) an insured credit union. 
SEC. 5474. DEFINITIONS. 
In this subtitle: 
(1) BUSINESS
OF
INSURANCE.—The term 
‘‘business of insurance’’ has the meaning given such 
term in section 1002 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 
5481). 
(2) CANNABIS.—The term ‘‘cannabis’’ has the 
meaning given the term ‘‘marihuana’’ in section 102 
of the Controlled Substances Act (21 U.S.C. 802). 
(3) CANNABIS PRODUCT.—The term ‘‘cannabis 
product’’ means any article which contains cannabis, 
including an article which is a concentrate, an edi-
ble, a tincture, a cannabis-infused product, or a top-
ical. 
(4) CANNABIS-RELATED
LEGITIMATE
BUSI-
NESS.—The term ‘‘cannabis-related legitimate busi-
ness’’ means a manufacturer, producer, or any per-
son or company that— 
(A) engages in any activity described in 
subparagraph (B) pursuant to a law established
2319 
by a State or a political subdivision of a State, 
as determined by such State or political subdivi-
sion; and 
(B) participates in any business or orga-
nized activity that involves handling cannabis or 
cannabis products, including cultivating, pro-
ducing, manufacturing, selling, transporting, 
displaying, dispensing, distributing, or pur-
chasing cannabis or cannabis products. 
(5) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means— 
(A) a depository institution as defined in 
section 3(c) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(c)); 
(B) a Federal credit union as defined in 
section 101 of the Federal Credit Union Act 
(12 U.S.C. 1752); or 
(C) a State credit union as defined in sec-
tion 101 of the Federal Credit Union Act (12 
U.S.C. 1752). 
(6) 
FEDERAL
BANKING
REGULATOR.—The 
term ‘‘Federal banking regulator’’ means each of the 
Board of Governors of the Federal Reserve System, 
the Bureau of Consumer Financial Protection, the 
Federal Deposit Insurance Corporation, the Federal
2320 
Housing Finance Agency, the Financial Crimes En-
forcement Network, the Office of Foreign Asset 
Control, the Office of the Comptroller of the Cur-
rency, the National Credit Union Administration, 
the Department of the Treasury, or any Federal 
agency or department that regulates banking or fi-
nancial services, as determined by the Secretary of 
the Treasury. 
(7) FINANCIAL SERVICE.—The term ‘‘financial 
service’’— 
(A) means a financial product or service, 
as defined in section 1002 of the Dodd-Frank 
Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5481), regardless if the cus-
tomer receiving the product or service is a con-
sumer or commercial entity; 
(B) means a financial product or service, 
or any combination of products and services, 
permitted to be provided by— 
(i) a national bank or a financial sub-
sidiary pursuant to the authority provided 
under— 
(I) 
the 
provision 
designated 
‘‘Seventh’’ of section 5136 of the Re-
2321 
vised Statutes of the United States 
(12 U.S.C. 24); or 
(II) section 5136A of the Revised 
Statutes of the United States (12 
U.S.C. 24a); and 
(ii) a Federal credit union, pursuant 
to the authority provided under the Fed-
eral Credit Union Act; 
(C) includes the business of insurance; 
(D) includes, whether performed directly or 
indirectly, the authorizing, processing, clearing, 
settling, billing, transferring for deposit, trans-
mitting, delivering, instructing to be delivered, 
reconciling, collecting, or otherwise effectuating 
or facilitating of payments or funds, where such 
payments or funds are made or transferred by 
any means, including by the use of credit cards, 
debit cards, other payment cards, or other ac-
cess devices, accounts, original or substitute 
checks, or electronic funds transfers; 
(E) includes acting as a money transmit-
ting business which directly or indirectly makes 
use of a depository institution in connection 
with effectuating or facilitating a payment for 
a cannabis-related legitimate business or service
2322 
provider in compliance with section 5330 of 
title 31, United States Code, and any applicable 
State law; and 
(F) includes acting as an armored car 
service for processing and depositing with a de-
pository institution or a Federal reserve bank 
with respect to any monetary instruments (as 
defined under section 1956(c)(5) of title 18, 
United States Code. 
(8) INDIAN COUNTRY.—The term ‘‘Indian coun-
try’’ has the meaning given that term in section 
1151 of title 18. 
(9) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given that term in section 102 of 
the Federally Recognized Indian Tribe List Act of 
1994 (25 U.S.C. 479a). 
(10) INSURER.—The term ‘‘insurer’’ has the 
meaning given that term under section 313(r) of 
title 31, United States Code. 
(11) MANUFACTURER.—The term ‘‘manufac-
turer’’ means a person who manufactures, com-
pounds, converts, processes, prepares, or packages 
cannabis or cannabis products.
2323 
(12) PRODUCER.—The term ‘‘producer’’ means 
a person who plants, cultivates, harvests, or in any 
way facilitates the natural growth of cannabis. 
(13) SERVICE PROVIDER.—The term ‘‘service 
provider’’— 
(A) means a business, organization, or 
other person that— 
(i) sells goods or services to a can-
nabis-related legitimate business; or 
(ii) provides any business services, in-
cluding the sale or lease of real or any 
other property, legal or other licensed serv-
ices, or any other ancillary service, relating 
to cannabis; and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling cannabis or cannabis products, including 
cultivating, producing, manufacturing, selling, 
transporting, displaying, dispensing, distrib-
uting, or purchasing cannabis or cannabis prod-
ucts. 
(14) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, the
2324 
Commonwealth of Puerto Rico, and any territory or 
possession of the United States. 
SEC. 5475. DISCRETIONARY SURPLUS FUNDS. 
Section 7(a)(3)(A) of the Federal Reserve Act (12 
U.S.C. 289(a)(3)(A)) is amended by reducing the dollar 
figure by $6,000,000. 
TITLE LV—NATURAL 
RESOURCES MATTERS 
SEC. 5501. YSLETA DEL SUR PUEBLO AND ALABAMA- 
COUSHATTA TRIBES OF TEXAS EQUAL AND 
FAIR OPPORTUNITY AMENDMENT. 
The Ysleta del Sur Pueblo and Alabama and 
Coushatta Indian Tribes of Texas Restoration Act (Public 
Law 100–89; 101 Stat. 666) is amended by adding at the 
end the following: 
‘‘SEC. 301. RULE OF CONSTRUCTION. 
‘‘Nothing in this Act shall be construed to preclude 
or limit the applicability of the Indian Gaming Regulatory 
Act (25 U.S.C. 2701 et seq.).’’. 
SEC. 
5502. 
INCLUSION 
OF 
COMMONWEALTH 
OF 
THE 
NORTHERN MARIANA ISLANDS AND AMER-
ICAN SAMOA. 
The Wagner-Peyser Act is amended—
2325 
(1) in section 2(5) (29 U.S.C. 49a(5)), by in-
serting ‘‘the Commonwealth of the Northern Mar-
iana Islands, American Samoa,’’ after ‘‘Guam,’’; 
(2) in section 5(b)(1) (29 U.S.C. 49d(b)(1)), by 
inserting ‘‘the Commonwealth of the Northern Mar-
iana Islands, and American Samoa,’’ after ‘‘Guam,’’; 
(3) in section 6(a) (29 U.S.C. 49e(a))— 
(A) by inserting ‘‘, the Commonwealth of 
the Northern Mariana Islands, and American 
Samoa’’ after ‘‘except for Guam’’; 
(B) by striking ‘‘allot to Guam’’ and in-
serting the following: ‘‘allot to— 
‘‘(1) Guam’’; 
(C) by striking the period at the end and 
inserting ‘‘; and’’; and 
(D) by adding at the end the following: 
‘‘(2) the Commonwealth of the Northern Mar-
iana Islands and American Samoa an amount which, 
in relation to the total amount available for the fis-
cal year, is equal to the allotment percentage that 
Guam received of amounts available under this Act 
in fiscal year 1983.’’; and 
(4) in section 6(b)(1) (29 U.S.C. 49e(b)(1)), in 
the matter following subparagraph (B), by inserting 
‘‘, the Commonwealth of the Northern Mariana Is-
2326 
lands, American Samoa,’’ after ‘‘does not include 
Guam’’. 
SEC. 5503. AMENDMENTS TO SIKES ACT. 
(a) 
USE
OF
NATURAL
FEATURES.—Section 
101(a)(3)(A) of the Sikes Act (16 U.S.C. 670a(a)(3)(A)) 
is amended— 
(1) by redesignating clauses (ii) and (iii) as 
clauses (iii) and (iv), respectively; and 
(2) by inserting after clause (i) the following: 
‘‘(ii) the use of natural and nature- 
based features to maintain or improve mili-
tary installation resilience;’’. 
(b) EXPANDING AND MAKING PERMANENT THE PRO-
GRAM FOR INVASIVE SPECIES MANAGEMENT FOR MILI-
TARY INSTALLATIONS.—Section 101(g) of the Sikes Act 
(16 U.S.C. 670a(g)) is amended— 
(1) by striking the header and inserting ‘‘PRO-
GRAM FOR INVASIVE SPECIES MANAGEMENT FOR 
MILITARY INSTALLATIONS’’; and 
(2) in paragraph (1)— 
(A) by striking ‘‘During fiscal years 2009 
through 2014, the’’ and inserting ‘‘The’’; and 
(B) by striking ‘‘in Guam’’.
2327 
SEC. 5504. BRENNAN REEF. 
(a) DESIGNATION.—The reef described in subsection 
(b) shall be known and designated as ‘‘Brennan Reef’’, 
in honor of the late Rear Admiral Richard T. Brennan 
of the National Oceanic and Atmospheric Administration. 
(b) REEF DESCRIBED.—The reef referred to in sub-
section (a) is— 
(1) between San Miguel and Santa Rosa Is-
lands on the north side of the San Miguel Passage 
in the Channel Island National Marine Sanctuary; 
and 
(2) centered at 34 degrees 03.12 minutes 
North, 120 degrees 15.95 minutes West. 
(c) REFERENCES.—Any reference in any law, regula-
tion, document, record, map, or other paper of the United 
States to the reef described in subsection (b) is deemed 
to be a reference to Brennan Reef. 
SEC. 5505. ESTABLISHMENT OF FUND. 
(a) ESTABLISHMENT.—Not later than 180 days after 
the date of enactment of this section, the Secretary shall 
enter into a cooperative agreement with the Foundation 
to establish the Community Resilience and Restoration 
Fund at the Foundation to— 
(1) improve community safety in the face of cli-
mactic extremes through conservation and protection 
of restoration and resilience lands;
2328 
(2) to protect, conserve, and restore restoration 
and resilience lands in order to help communities re-
spond and adapt to natural threats, including wild-
fire, drought, extreme heat, and other threats posed 
or exacerbated by the impacts of global climate; 
(3) to build the resilience of restoration and re-
silience lands to adapt to, recover from, and with-
stand natural threats, including wildfire, drought, 
extreme heat, and other threats posed or exacer-
bated by the impacts of global climate change; 
(4) to protect and enhance the biodiversity of 
wildlife populations across restoration and resilience 
lands; 
(5) to support the health of restoration and re-
silience lands for the benefit of present and future 
generations; 
(6) to foster innovative, nature-based solutions 
that help meet the goals of this section; and 
(7) to enhance the nation’s natural carbon se-
questration 
capabilities 
and 
help 
communities 
strengthen natural carbon sequestration capacity 
where applicable. 
(b) MANAGEMENT OF THE FUND.—The Foundation 
shall manage the Fund—
2329 
(1) pursuant to the National Fish and Wildlife 
Foundation Establishment Act (16 U.S.C. 3701 et 
seq.); and 
(2) in such a manner that, to the greatest ex-
tent practicable and consistent with the purposes for 
which the Fund is established— 
(A) ensures that amounts made available 
through the Fund are accessible to historically 
underserved communities, including Tribal com-
munities, communities of color, and rural com-
munities; and 
(B) avoids project selection and funding 
overlap with those projects and activities that 
could otherwise receive funding under— 
(i) the National Oceans and Coastal 
Security Fund, established under the Na-
tional Oceans and Coastal Security Act (16 
U.S.C. 7501); or 
(ii) other coastal management focused 
programs. 
(c) COMPETITIVE GRANTS.— 
(1) IN GENERAL.—To the extent amounts are 
available in the Fund, the Foundation shall award 
grants to eligible entities through a competitive 
grant process in accordance with procedures estab-
2330 
lished pursuant to the National Fish and Wildlife 
Foundation Establishment Act (16 U.S.C. 3701 et 
seq.) to carry out eligible projects and activities, in-
cluding planning eligible projects and activities. 
(2) PROPOSALS.—The Foundation, in coordina-
tion with the Secretary, shall establish requirements 
for proposals for competitive grants under this sec-
tion. 
(d) USE OF AMOUNTS IN THE FUND.— 
(1) PLANNING.—Not less than 8 percent of 
amounts appropriated annually to the Fund may be 
used to plan eligible projects and activities, including 
capacity building. 
(2) ADMINISTRATIVE COSTS.—Not more than 4 
percent of amounts appropriated annually to the 
Fund may be used by the Foundation for adminis-
trative expenses of the Fund or administration of 
competitive grants offered under the Fund. 
(3) PRIORITY.—Not less than $10,000,000 
shall be awarded annually to support eligible 
projects and activities for Indian Tribes. 
(4) COORDINATION.—The Secretary and Foun-
dation shall ensure, to the greatest extent prac-
ticable and through meaningful consultation, that 
input from Indian Tribes, including traditional eco-
2331 
logical knowledge, is incorporated in the planning 
and execution of eligible projects and activities. 
(e) REPORTS.— 
(1) ANNUAL REPORTS.—Beginning at the end 
the first full fiscal year after the date of enactment 
of this section, and not later than 60 days after the 
end of each fiscal year in which amounts are depos-
ited into the Fund, the Foundation shall submit to 
the Secretary a report on the operation of the Fund 
including— 
(A) an accounting of expenditures made 
under the Fund, including leverage and match 
where applicable; 
(B) an accounting of any grants made 
under the Fund, including a list of recipients 
and a brief description of each project and its 
purposes and goals; and 
(C) measures and metrics to track benefits 
created by grants administered under the Fund, 
including enhanced biodiversity, water quality, 
natural carbon sequestration, and resilience. 
(2) 5–YEAR REPORTS.—Not later than 90 days 
after the end of the fifth full fiscal year after the 
date of enactment of this section, and not later than 
90 days after the end every fifth fiscal year there-
2332 
after, the Foundation shall submit to the Secretary 
a report containing— 
(A) a description of any socioeconomic, 
biodiversity, community resilience, or climate 
resilience or mitigation (including natural car-
bon 
sequestration), 
impacts 
generated 
by 
projects funded by grants awarded by the 
Fund, including measures and metrics illus-
trating these impacts; 
(B) a description of land health benefits 
derived from projects funded by grants awarded 
by the Fund, including an accounting of— 
(i) lands treated for invasive species; 
(ii) lands treated for wildfire threat 
reduction, including those treated with 
controlled burning or other natural fire- 
management techniques; and 
(iii) lands restored either from wildfire 
or other forms or degradation, including 
over-grazing and sedimentation; 
(C) key findings for Congress, including 
any recommended changes to the authorization 
or purposes of the Fund;
2333 
(D) best practices for other Federal agen-
cies in the administration of funds intended for 
land and habitat restoration; 
(E) information on the use and outcome of 
funds specifically set aside for planning and ca-
pacity building pursuant to section 6; and 
(F) any other information that the Foun-
dation considers relevant. 
(3) SUBMISSION OF REPORTS TO CONGRESS.— 
Not later than 10 days after receiving a report 
under this section, the Secretary shall submit the re-
port to the Committee on Natural Resources of the 
House of Representatives and the Committee on En-
vironment and Public Works of the Senate. 
(4) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is hereby authorized to be appropriated to the 
Fund $100,000,000 for each of fiscal years 2023 
through 2028 to carry out this section. 
(f) DEFINITIONS.—For purposes of this section: 
(1) The term ‘‘eligible entity’’ means a Federal 
agency, State, the District of Columbia, a territory 
of the United States, a unit of local government, an 
Indian Tribe, a non-profit organization, or an ac-
credited institution of higher education.
2334 
(2) The term ‘‘eligible projects and activities’’ 
means projects and activities carried out by an eligi-
ble entity on public lands, tribal lands, or private 
land, or any combination thereof, to further the pur-
poses for which the Fund is established, including 
planning and capacity building and projects and ac-
tivities carried out in coordination with Federal, 
State, or tribal departments or agencies, or any de-
partment or agency of a subdivision of a State. 
(3) The term ‘‘Foundation’’ means the National 
Fish and Wildlife Foundation established under the 
National Fish and Wildlife Foundation Establish-
ment Act (16 U.S.C. 3701 et seq.). 
(4) The term ‘‘Fund’’ means the Community 
Resilience and Restoration Fund established under 
subsection (a). 
(5) The term ‘‘Indian Tribe’’ means the gov-
erning body of any individually identified and feder-
ally recognized Indian or Alaska Native Tribe, band, 
nation, pueblo, village, community, affiliated Tribal 
group, or component reservation in the list published 
pursuant to section 104(a) of the Federally Recog-
nized Indian Tribe List Act of 1994 (25 U.S.C. 
5131(a)).
2335 
(6) The term ‘‘restoration and resilience lands’’ 
means fish, wildlife, and plant habitats, and other 
important natural areas in the United States, on 
public lands, private land (after obtaining proper 
consent from the landowner), or land of Indian 
Tribes, including grasslands, shrublands, prairies, 
chapparal lands, forest lands, deserts, and riparian 
or wetland areas within or adjacent to these eco-
systems. 
(7) The term ‘‘public lands’’ means lands 
owned or controlled by the United States. 
(8) The term ‘‘Secretary’’ means the Secretary 
of the Interior, acting through the Director of the 
United States Fish and Wildlife Service. 
(9) The term ‘‘State’’ means a State of the 
United States, the District of Columbia, any Indian 
Tribe, and any commonwealth, territory, or posses-
sion of the United States. 
SEC. 5506. LEASING ON THE OUTER CONTINENTAL SHELF. 
(a) LEASING AUTHORIZED.—Notwithstanding the 
Presidential Memorandum entitled ‘‘Memorandum on the 
Withdrawal of Certain Areas of the United States Outer 
Continental Shelf from Leasing Disposition’’ (issued Sep-
tember 8, 2020) and the Presidential Memorandum enti-
tled ‘‘Presidential Determination on the Withdrawal of
2336 
Certain Areas of the United States Outer Continental 
Shelf from Leasing Disposition’’ (issued September 25, 
2020), the Secretary of the Interior is authorized to grant 
leases pursuant to section 8(p)(1)(C) of the Outer Conti-
nental Shelf Lands Act (43 U.S.C. 1337(p)(1)(C)) in the 
South Atlantic Planning Area, the Straits of Florida Plan-
ning Area, and the Mid Atlantic Planning Area designated 
by the Bureau of Ocean Energy Management as of Sep-
tember 25, 2020. 
(b) WITHDRAWALS.—Any Presidential withdrawal of 
an area of the Outer Continental Shelf from leasing under 
section 12(a) of the Outer Continental Shelf Lands Act 
(43 U.S.C. 1341(a)) issued after the date of enactment 
of this section shall apply only to leasing authorized under 
subsections (a) and (i) of section 8 of the Outer Conti-
nental Shelf Lands Act (43 U.S.C. 1337(a) and 1337(i)), 
unless the withdrawal explicitly applies to other leasing 
authorized under such Act. 
SEC. 5507. CONTINENTAL DIVIDE NATIONAL SCENIC TRAIL. 
(a) COMPLETION OF TRAIL.— 
(1) IN
GENERAL.—Not later than November 
10, 2028, the Secretary and the Secretary of the In-
terior shall, to the maximum extent practicable, en-
sure the completion of the Continental Divide Na-
tional Scenic Trail as a contiguous route, consistent
2337 
with the following provisions of the National Trails 
System Act: 
(A) 
Section 
3(a)(2) 
(16 
U.S.C. 
1242(a)(2)). 
(B) 
Section 
5(a)(5) 
(16 
U.S.C. 
1244(a)(5)). 
(C) Section 7 (16 U.S.C. 1246). 
(2) PRIORITY OF ACTIONS.—The Secretary and 
the Secretary of the Interior shall, to the maximum 
extent practicable, take necessary actions to achieve 
this goal, including the following steps, listed in 
order of priority: 
(A) Complete the Continental Divide Na-
tional Scenic Trail by acquiring land or an in-
terest in land, or by encouraging States or local 
governments to enter into cooperative agree-
ments to acquire interests in land, to eliminate 
gaps between sections of the Trail while main-
taining the nature and purposes of the Trail. 
(B) Optimize the Trail by relocating in-
compatible existing portions of the Trail on 
Federal land as necessary to provide for max-
imum outdoor recreation potential and for the 
conservation and enjoyment of the nationally 
significant scenic, historic, natural, or cultural
2338 
qualities of the areas through which the Trail 
passes, consistent with the Trail’s nature and 
purposes. 
(C) Publish maps of the completed Trail 
corridor. 
(b) TRAIL COMPLETION TEAM.— 
(1) IN GENERAL.—In carrying out subsection 
(a), not later than 1 year after the date of the enact-
ment of this section, the Secretary, in coordination 
with the Secretary of the Interior, shall establish a 
joint Forest Service and Bureau of Land Manage-
ment trail completion team to work in coordination 
with the Trail Administrator to facilitate the comple-
tion and optimization of the Trail, pursuant to the 
purposes of section 3(a)(2) of the National Trails 
System Act (16 U.S.C. 1242(a)(2)) and the Trail’s 
nature and purposes. 
(2) DUTIES OF THE TEAM.—The Team shall: 
(A) Implement land and right-of-way ac-
quisitions, relocations, and trail construction 
consistent with any Optimal Location Review 
for the trail, giving priority to land that— 
(i) eliminates gaps between segments 
of the Trail;
2339 
(ii) may be acquired by the Secretary 
or the Secretary of the Interior by pur-
chase from a willing seller, donation, ex-
change, or by cooperative agreement; 
(iii) is best suited for inclusion in the 
Trail corridor in accordance with the pur-
poses, policies, and provisions of the Na-
tional Trails System Act (16 U.S.C. 1241 
et seq.); and 
(iv) has been identified as a segment 
of the Trail on Federal land that should be 
relocated to provide for maximum outdoor 
recreation potential and the conservation 
and enjoyment of the nationally significant 
scenic, historic, natural, or cultural quali-
ties of the areas through which the Trail 
passes. 
(B) Provide the necessary administrative 
and technical support to complete the Trail cor-
ridor under subsection (a). 
(C) As appropriate, consult with other 
Federal agencies, Governors of affected States, 
Indian 
Tribes, 
Land 
Grants-Mercedes, 
Acequias, relevant landowners or land users of 
an acequia or land grant-merced, the Conti-
2340 
nental Divide Trail Coalition, and other volun-
teer and nonprofit organizations that assist in, 
or whose members may be affected by, the de-
velopment, maintenance, and management of 
the Trail. 
(D) Support the Secretary in the develop-
ment of the acquisition and development plan 
under subsection (c) and annual reports under 
subsection (f). 
(c) COMPREHENSIVE ACQUISITION AND DEVELOP-
MENT PLAN.— 
(1) IN GENERAL.—Not later than 2 years after 
the establishment of the Team under subsection (b), 
the Secretary shall submit to the Committee on Nat-
ural Resources of the House of Representatives and 
the Committee on Energy and Natural Resources of 
the Senate a comprehensive acquisition and develop-
ment plan for the Trail. 
(2) CONTENTS OF PLAN.—The comprehensive 
acquisition and development plan should— 
(A) identify any gaps in the Trail where 
the Secretary and the Secretary of the Interior 
have not been able to acquire land or interests 
in land by purchase from a willing seller, by do-
2341 
nation, by exchange, or by cooperative agree-
ment; 
(B) include a plan for closing such gaps by 
acquiring lands or interests in land; and 
(C) include general and site-specific devel-
opment plans, including anticipated costs. 
(d) METHOD OF ACQUISITION.—In carrying out this 
section, the Secretary and the Secretary of the Interior— 
(1) may acquire land only by purchase from a 
willing seller with donated or appropriated funds, by 
donation, or by exchange; and 
(2) may not acquire land by eminent domain. 
(e) MAINTAINING
EXISTING
PARTNERSHIPS.—In 
carrying out this section, the Secretary, the Secretary of 
the Interior, and the Team shall continue to maintain and 
develop working relationships with volunteer and nonprofit 
organizations that assist in the development, maintenance, 
and management of the Trail. 
(f) REPORTS.—Not later than September 30, 2024, 
and at the close of each fiscal year until the acquisition 
and development plan is fully implemented, the Secretary 
shall report on the following, in writing, to the Committee 
on Natural Resources of the House of Representatives and 
the Committee on Energy and Natural Resources of the 
Senate:
2342 
(1) The progress in acquiring land or interests 
in land to complete the Trail consistent with this 
section. 
(2) The amount of land or interests in land ac-
quired during the fiscal year and the amount ex-
pended for such land or interests in land. 
(3) The amount of land or interests in land 
planned for acquisition in the ensuing fiscal year 
and the estimated cost of such land or interests in 
land. 
(4) The estimated amount of land or interests 
in land remaining to be acquired. 
(5) The amount of existing Trail miles on Fed-
eral lands that need to be relocated to provide for 
maximum outdoor recreation potential and for con-
servation and enjoyment of the nationally significant 
scenic, historic, natural, or cultural qualities of the 
areas through which the Trail passes. 
(g) DEFINITIONS.—In this section: 
(1) ACEQUIA.—The term ‘‘acequia’’ has the 
meaning of the term ‘‘community ditch’’ as such 
term is defined under section 73-2-27 of the New 
Mexico Statutes. 
(2) LAND
GRANT-MERCED.—The term ‘‘land 
grant-merced’’ means a community land grant
2343 
issued under the laws or customs of the Government 
of Spain or Mexico that is recognized under chapter 
49 of the New Mexico Statutes (or a successor stat-
ute). 
(3) OPTIMAL
LOCATION
REVIEW.—The term 
‘‘Optimal Location Review’’ means the procedures 
described in the Continental Divide National Scenic 
Trail Optimal Location Review Guide, dated Novem-
ber 2017. 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Agriculture, acting through the 
Chief of the Forest Service. 
(5) TEAM.—The term ‘‘Team’’ means the trail 
completion team established under subsection (b). 
(6) TRAIL.—The term ‘‘Trail’’ means the Con-
tinental Divide National Scenic Trail established by 
section 5 of the National Trails System Act (16 
U.S.C. 1244). 
SEC. 5508. SACRAMENTO-SAN JOAQUIN DELTA NATIONAL 
HERITAGE AREA. 
Section 6001(a)(4)(A) of the John D. Dingell, Jr. 
Conservation, Management, and Recreation Act (Public 
Law 116–9) is amended by adding at the end the fol-
lowing: ‘‘In addition, the Sacramento-San Joaquin Delta 
National Heritage Area shall include the area depicted as
2344 
‘Rio Vista/Expansion Area’ on the map entitled ‘Sac-
ramento-San Joaquin Delta National Heritage Area Pro-
posed Boundary Expansion’ and dated February 2021.’’. 
SEC. 5509. NEW YORK-NEW JERSEY WATERSHED PROTEC-
TION. 
(a) PROGRAM ESTABLISHMENT.— 
(1) ESTABLISHMENT.—Not later than 180 days 
after the date of the enactment of this Act, the Sec-
retary shall establish a nonregulatory program to be 
known as the ‘‘New York-New Jersey Watershed 
Restoration Program’’. 
(2) DUTIES.—In carrying out the program, the 
Secretary shall— 
(A) draw on existing and new approved 
plans for the Watershed, or portions of the Wa-
tershed, and work in consultation with applica-
ble management entities, including representa-
tives of the New York-New Jersey Harbor and 
Estuary Program (HEP), Hudson River Estu-
ary Program, Mohawk River Basin Program, 
Sustainable Raritan River Initiative, the Fed-
eral Government, and other State and local gov-
ernments, and regional and nonprofit organiza-
tions, as appropriate, to identify, prioritize, and