than the Corporation, shall be accounted for and reported 
as receipts and disbursements separate and distinct from 
Federal funds. 
(d) PREPARATION OF BUSINESS-TYPE BUDGET.— 
The executive director of the Corporation shall annually 
submit to the Director of the Office of Management and 
Budget a budget under such rules and regulations as the 
President may establish as to the date of submission, the 
form and content, the classifications of data, and the man-
ner in which such budget shall be prepared and presented. 
The budget of the Corporation as modified, amended, or 
revised by the President shall be transmitted to the Con-
gress as part of the annual budget required by chapter 
11 of title 31, United States Code. Amendments to the 
annual budget of the Corporation may be submitted annu-
ally from the Corporation to the congressional committees 
of jurisdiction. 
SEC. 9. REGULATIONS. 
(a) PROPOSED REGULATIONS.—Not later than 180 
days after the date of the enactment of this Act, the Sec-
retary of Commerce, in collaboration with the Secretary 
of Labor, the Secretary of Education, the Secretary of De-
fense, the Secretary of Energy, and the Secretary of the 
Treasury, as appropriate, shall develop and publish in the 
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Federal Register proposed regulations relating to the im-
plementation of this Act. 
(b) FINAL REGULATIONS.—Not later than 12 months 
after the date of the enactment of this Act, the Secretary 
of Commerce, in collaboration with the Secretary of 
Labor, the Secretary of Education, the Secretary of De-
fense, the Secretary of Energy, and the Secretary of the 
Treasury, as appropriate, shall develop and publish in the 
Federal Register final regulations relating to the transi-
tion to and implementation of this Act. 
SEC. 10. DEFINITIONS. 
In this Act: 
(1) ANCHOR INSTITUTION.—The term ‘‘anchor 
institution’’ means a place-based public or nonprofit 
organization that contributes to economic develop-
ment strategies with its commercial practices. 
(2) BOARD; BOARD OF DIRECTORS.—The terms 
‘‘Board’’ and ‘‘Board of Directors’’ means the Board 
of Directors described under section 5. 
(3) CONVENING ENTITY.—The term ‘‘convening 
entity’’ means the stakeholder organization that sub-
mits the bid on behalf of the local Manufacturing 
Renaissance Council and serves as the ongoing chief 
administrative entity for the programs. 
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(4) CORPORATION; MANUFACTURING REINVEST-
MENT
CORPORATION.—The terms ‘‘Corporation’’ 
and ‘‘Manufacturing Reinvestment Corporation’’ 
mean the corporate body established in section 3. 
(5) ESEA TERMS.—The terms ‘‘elementary 
school’’ and ‘‘secondary school’’ have the meanings 
given such terms in section 8101 of the Elementary 
and Secondary Education Act of 1965 (20 U.S.C. 
7801). 
(6) INSTITUTION OF HIGHER EDUCATION.—The 
term ‘‘institution of higher education’’ has the 
meaning given such term in section 101 of the High-
er Education Act of 1965 (20 U.S.C. 1001). 
(7) MANUFACTURING
RENAISSANCE
COUNCIL; 
MRC.—The 
terms 
‘‘Manufacturing 
Renaissance 
Council’’ and ‘‘MRC’’ mean the local multi-stake-
holder body responsible for designing and overseeing 
programs as part of the national manufacturing 
strategy described in section 4(b). 
(8) 
MINORITY-SERVING
INSTITUTION.—The 
term ‘‘minority-serving institution’’ means an insti-
tution listed in section 371(a) of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1067q(a)). 
(9) NATIONAL MANUFACTURING STRATEGY.— 
The term ‘‘national manufacturing strategy’’ means 
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the manufacturing strategy for the United States re-
quired pursuant to section 4(a)(1). 
(10) NONPROFIT
ORGANIZATION.—The term 
‘‘nonprofit organization’’ means an organization that 
is described in section 501(c)(3) of the Internal Rev-
enue Code of 1968 and exempt from taxation under 
section 501(a) of such Code. Suggest adding defini-
tion. 
Æ 
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