Manufacturing Reinvestment Corporation Act
Bill: H.R.5124 | Sponsor: Rep. Schakowsky, Janice D. (D-IL)
Policy area: Commerce

Summary:
Manufacturing Reinvestment Corporation Act
This bill establishes the Manufacturing Reinvestment Corporation within the Department of Commerce.
The corporation must set national strategic objectives for the manufacturing industry with an emphasis on equity and inclusion. Based on specified criteria, the corporation also must establish and make grants to 30 local Manufacturing Renaissance Councils to support the corporation's objectives. Each council must have a governing board comprised of at least nine members, which include community stakeholder organizations, local governments, educational institutions, and manufacturing companies. Each council must use grants from the corporation for economic development programs in the community, education and training, and wraparound services such as child care and mental health services.
Additionally, the bill provides for the composition of the corporation's board of directors as well as the appointment of an executive director and other employees. The corporation must report annually about its national strategy and finances. The bill requires financial audits of the corporation and of each grantee and contractor.

To establish a new Manufacturing Reinvestment Corporation in the 
Department of Commerce, to develop and monitor a national manufacturing 
  strategy, to identify and address supply chain weaknesses and align 
  manufacturing with strategic opportunities and imperatives through 
  local multi-stakeholder Manufacturing Renaissance Councils, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Manufacturing 
Reinvestment Corporation Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings; purpose.
Sec. 3. Establishment of Corporation.
Sec. 4. Duties and authority of Corporation.
Sec. 5. Board of Directors.
Sec. 6. Officers and employees.
Sec. 7. Reports and audits.
Sec. 8. Authorization of appropriations.
Sec. 9. Regulations.
Sec. 10. Definitions.

SEC. 2. FINDINGS; PURPOSE.

    The Congress finds the following:
            (1) Crisis in almost every sphere of life is now the 
        standard and is exacerbated through inequalities in the spheres 
        of race, sexuality, and gender. These stem from disparities in 
        society that have grown exponentially over the last 40 years 
        with the dramatic decline in manufacturing being a key 
        contributing factor.
            (2) A manufacturing renaissance is at the heart of our 
        ability to strategically and proactively address our 
        intersecting crises of racism, climate change, and economic 
        inequality.
            (3) Only a revitalized manufacturing sector can create the 
        products, processes, and transition opportunities that are 
        necessary to address the climate crisis, including the 
        strategic development of domestic supply chains that strengthen 
        economic resilience to future economic and environmental 
        shocks. Expanding our advanced manufacturing sector is central 
        for the march to zero emissions and the de-carbonization of our 
        society.
            (4) The goal of revitalization is not to return to the type 
        of manufacturing sector we had in the past, where Black, 
        Indigenous, and workers of color, as well as women, were last 
        hired and first fired, and where workers and communities were 
        excluded from the critical decisions in the productive process.
            (5) People who live, work, and play in America's most 
        polluted environments are commonly people of color and the 
        poor. Environmental justice advocates have shown that this is 
        no accident. Communities of color, which are often also low-
        income, are routinely targeted to host facilities that have 
        negative environmental impacts--say, a landfill, dirty 
        industrial plant, or truck depot. The statistics provide clear 
        evidence of what is commonly called ``environmental racism.'' 
        Communities of color have been battling this injustice for 
        decades. If we are to truly to ``Build Back Better'' we must 
        address this environmental imbalance with a coherent, inclusive 
        industrial policy, including providing funding for transitions 
        for workers and for companies.
            (6) Embracing inclusion and empowerment of non-traditional 
        manufacturing populations in all aspects of manufacturing is 
        not only a competitive advantage, but a moral imperative.

SEC. 3. ESTABLISHMENT OF CORPORATION.

    (a) Establishment.--There is established a Manufacturing 
Reinvestment Corporation as a body corporate in the Department of 
Commerce a nonprofit organization that shall be responsible for 
developing and monitoring a national manufacturing strategy by 
overseeing local multi-stakeholder Manufacturing Renaissance Councils.
    (b) Implementation and Expansion of Demonstration Activities.--The 
Corporation shall implement and expand the demonstration activities 
carried out by the Board of Directors through local multi-stakeholder 
Manufacturing Renaissance Councils.
    (c) Principal Office.--The Corporation shall maintain its principal 
office in the District of Columbia within the Department of Commerce or 
at such other place the Corporation may from time to time prescribe.
    (d) Nonprofit Nature of Corporation.--
            (1) Prohibition on stock issuance or dividend payment.--The 
        Corporation may not issue any shares of stocks or declare or 
        pay any dividends.
            (2) Prohibition on income and assets.--The income and 
        assets of the Corporation may not inure to the benefit of any 
        director, officer, or employee, except as reasonable 
        compensation for services or reimbursement for expenses.
            (3) Prohibition on political contributions.--The 
        Corporation may not contribute to or otherwise support any 
        political party or candidate for elective public office.
    (e) Operational Units.--The operational units of the Corporation 
are as follows:
            (1) Applied Research and Technology.
            (2) Public Outreach and Communication.
            (3) Technical Assistance and Strategic Coordination.
            (4) Additional units established by a majority vote at the 
        discretion of the Board of Directors as determined to be 
        necessary.

SEC. 4. DUTIES AND AUTHORITY OF CORPORATION.

    (a) Duties.--The Corporation shall have the following duties:
            (1) Not later than December 21, 2022, and every 4 years 
        thereafter, develop a national manufacturing strategy for the 
        United States.
            (2) Set national strategic objectives for the manufacturing 
        industry with an emphasis on equity and inclusion for the 
        manufacturing industry, including the following:
                    (A) Manufacturing representing 20 percent of gross 
                domestic product by 2035.
                    (B) Net-zero greenhouse gas emissions sector-wide 
                by 2030.
                    (C) Ensuring the diversity of owners in 
                manufacturing sectors is representative of the relevant 
                local areas by 2030.
                    (D) Balancing geographic diversity, community 
                stability, and racial equity for locating and planning 
                new manufacturing capacity.
                    (E) Support the growth of employee ownership across 
                the manufacturing sector.
                    (F) Closing identified skills gap in the 
                manufacturing sector to zero.
            (3) Review applications for and establish the Manufacturing 
        Renaissance Councils (``MRCs'').
            (4) After receipt of the annual report from the MRCs, 
        direct the MRCs to make relevant programmatic changes in order 
        to better achieve the national manufacturing strategy.
    (b) Manufacturing Renaissance Councils.--
            (1) Manufacturing renaissance councils.--Not later than 10 
        years after the date of the enactment of this Act, the 
        Corporation shall establish 30 Manufacturing Renaissance 
        Councils through a competitive bid process to carry out the 
        national manufacturing strategy.
            (2) MRC duties.--The duties of MRCs are as follows:
                    (A) Design and implement programs to achieve the 
                objectives of the national manufacturing strategy, 
                including programs to--
                            (i) conduct or update assessments to 
                        determine regional manufacturing needs;
                            (ii) develop or update goals and strategies 
                        to implement an existing comprehensive regional 
                        manufacturing plan;
                            (iii) facilitate coordinating the 
                        activities of local stakeholders;
                            (iv) research as needed to determine the 
                        use of funds in paragraph (6); and
                            (v) evaluate the activities and provide an 
                        annual report to the Board of Directors.
                    (B) Send annual reports to the Corporation on the 
                spending and programs of the MRC in line with the 
                national manufacturing strategy.
            (3) Technical assistance grants.--Not later than 60 days 
        after the date of the enactment of this Act, the Corporation 
        shall establish a grant program to provide technical assistance 
        to applicants for the MRC designation under paragraph (1), 
        including for assembling and training the consortium of 
        stakeholder organizations to develop the application to the 
        Corporation.
            (4) Governing board requirement.--
                    (A) In general.--Each MRC shall have a governing 
                board of at least 9 members. The board shall be 
                composed of each representation of the following:
                            (i) Community stakeholder organizations, 
                        including at least one labor union 
                        representative, workforce training 
                        organizations, faith and community-based 
                        organizations, and environmental organizations.
                            (ii) Public and educational organizations, 
                        including minority-serving institutions, local 
                        governments, other institutions of higher 
                        education, especially community colleges.
                            (iii) Industry, including manufacturing 
                        business associations or manufacturing 
                        companies, a majority of which have 100 
                        employees or less.
                    (B) Lead convener of mrc.--The members of the 
                governing board described in subparagraph (A) shall be 
                eligible to serve as the lead convener of the MRC, with 
                the following responsibilities:
                            (i) Submit the bid to establish the MRC to 
                        the Corporation.
                            (ii) Oversee the administration of the 
                        governance of the MRC.
                            (iii) Execute MRC programs, either directly 
                        or indirectly through subcontracting, abiding 
                        by rules and regulations governing convening 
                        entities as determined by the Corporation in 
                        the bylaws of the Corporation.
            (5) Application.--An application to be designated as an MRC 
        shall be assessed by the following criteria:
                    (A) The manufacturing community, measured by the 
                location quotient of manufacturing industry above the 
                national average and any history manufacturing capacity 
                and availability of educational and business resources 
                for expansion.
                    (B) Whether the applicant is located in a community 
                of color (any geographically distinct area where the 
                population of color of which is higher than the average 
                population of color of the State in which the community 
                is located).
                    (C) Whether the applicant is located in an 
                economically distressed community, as measured by a 
                geographic area whose job growth has been less than the 
                eighty percent of the national rate of growth over the 
                past forty years.
                    (D) Additional criteria determined to be relevant 
                by the Board of Directors.
            (6) Use of funds.--The Corporation shall make grants to 
        MRCs to design and implement the following programs:
                    (A) Anchor institutions.--Provide a program of 
                capacity building and technical assistance to 
                institutions of higher education and local government 
                to bring together diverse stakeholders who commit 
                sourcing to local companies whenever possible to 
                generate a predictable demand for local companies in 
                order to create community wealth building strategies.
                    (B) Early warning systems.--Proactive outreach to 
                companies facing closure risks to identify short and 
                long-term technical and financial needs. This outreach 
                would be designed to gather public data and information 
                from employees and service providers to identify 
                problems that can be solved before they constitute a 
                crisis. These activities may include:
                            (i) Providing assistance to employers in 
                        managing reductions in force, which may include 
                        early identification of firms at risk of 
                        layoffs, and an assessment of the needs of and 
                        options for at-risk firms.
                            (ii) Funding feasibility studies to 
                        determine if the operations of a company may be 
                        sustained through a buyout or other means to 
                        avoid or minimize layoffs.
                            (iii) Partnering or contracting with 
                        business-focused organizations to assess risks 
                        to companies, propose strategies to address 
                        those risks, implement services, and measure 
                        impacts of services delivered.
                            (iv) Conducting analyses of the suppliers 
                        of an affected company to assess their risks 
                        and vulnerabilities from a potential closing or 
                        shift in production of their major customer.
                            (v) Engaging in proactive measures to 
                        identify opportunities for potential economic 
                        transition in growing industry sectors or 
                        expanding businesses.
                    (C) Ownership succession.--Develop acquisition and 
                ownership succession strategies for aging firms, firms 
                that are scheduled to be sold or relocated, and 
                strategically or geographically important firms with a 
                focus on worker ownership, ownership by black, 
                Indigenous and people of color, and women ownership. 
                Such strategies may include the following:
                            (i) Technical and business assistance to 
                        employers facing succession risk and research 
                        and market analysis on businesses facing 
                        succession risk.
                            (ii) Recruitment of private investment 
                        capital and serving as a liaison between firms 
                        and potential buyers who commit to maintain 
                        production in the MRC jurisdiction.
                            (iii) Training of minority and women 
                        business entrepreneurs and employee ownership 
                        groups.
                            (iv) Providing financial assistance for 
                        employee ownership conversions.
                    (D) Capital access and economic development.--The 
                MRCs will facilitate the development of publicly owned 
                financial institutions, including publicly owned banks, 
                holding companies, investment and asset management 
                firms, revolving loan funds, and insurance pools that 
                share the objectives of the national manufacturing 
                strategy to support the growth of a robust local 
                manufacturing ecosystem, including the following:
                            (i) Providing funds for capitalization, 
                        start-up and operational financing, start-up 
                        technical and legal assistance and other 
                        services as needed to create, and others at the 
                        discretion of the MRC.
                            (ii) Working with community development 
                        financial institutions and other local lenders 
                        to provide financial products and services to 
                        small and medium manufacturers, for the 
                        purposes of facility development, purchase of 
                        new equipment and technology, and expansion to 
                        new markets.
                            (iii) Providing grants and loans for 
                        commercial real estate development for business 
                        incubators and industrial parks, including 
                        expenses for environmental remediation.
                    (E) Education infrastructure to close the skills 
                gap.--Education programs in public prekindergarten, 
                elementary schools, and secondary schools that focus on 
                creating pathways for people of color and women in 
                manufacturing preparing for careers at all levels with 
                the company, including production, engineering, product 
                development, management, financial management, and 
                ownership. Programs that integrate environmental 
                concerns into the curriculum and activities. Resources 
                and training for pedagogically, culturally, and 
                technologically competent instructors for career 
                education, pre-apprenticeship, skills training, and 
                community college programs in local public 
                prekindergarten, elementary schools, and secondary 
                schools.
                    (F) Training services.--Workforce pipeline 
                activities, developed in coordination with each local 
                workforce development board established in section 107 
                of the Workforce Innovation and Opportunity Act (29 
                U.S.C. 3122), that may include any of the following:
                            (i) Occupational skills training, including 
                        training for nontraditional employment.
                            (ii) Programs that combine workplace 
                        training with related instruction.
                            (iii) Skill upgrading and retraining.
                            (iv) Entrepreneurial training.
                            (v) Adult education and literacy 
                        activities, including activities of English 
                        language acquisition and integrated education 
                        and training programs, provided concurrently or 
                        in combination with services described in any 
                        of clauses (i) through (iv).
                            (vi) Customized training conducted with a 
                        commitment by an employer or group of employers 
                        to employ targeted populations.
                            (vii) Paid and unpaid work experiences that 
                        have as a component academic and occupational 
                        education, which may include--
                                    (I) summer employment opportunities 
                                and other employment opportunities 
                                available throughout the school year;
                                    (II) pre-apprenticeship programs;
                                    (III) internships and job 
                                shadowing; and
                                    (IV) youth apprenticeships.
                            (viii) Leadership development 
                        opportunities, which may include community 
                        service and peer-centered activities 
                        encouraging responsibility and other positive 
                        social and civic behaviors, as appropriate--
                                    (I) supportive services; and
                                    (II) adult mentoring.
                            (ix) Manufacturing awareness and stem 
                        programs targeting elementary schools and 
                        middle schools.
                    (G) Wraparound services.--Provide grants to local 
                governments and community-based organizations for 
                supportive services including--
                            (i) the provision of direct support 
                        services (such as childcare, transportation, 
                        mental health, and substance use disorder 
                        treatment), assistance in obtaining health 
                        insurance coverage, and assistance in accessing 
                        the supplemental nutrition assistance program 
                        established under the Food and Nutrition Act of 
                        2008 (7 U.S.C. 2011 et seq.), the special 
                        supplemental nutrition program for women, 
                        infants, and children established by section 17 
                        of the Child Nutrition Act of 1966 (42 U.S.C. 
                        1786), housing, and other benefits, as 
                        appropriate; and
                            (ii) offering career pathway navigation and 
                        case management services, including providing 
                        information and outreach to target populations 
                        to encourage individuals to take part in 
                        programs and service offerings.
                    (H) Diversity, equity, and inclusion.--Provide non-
                traditional manufacturing populations (such as women, 
                Black, Indigenous, and Latino entrepreneurs) leadership 
                development, mentoring, alongside diversity, equity, 
                and inclusion efforts within manufacturing 
                corporations, including through--
                            (i) leadership development programs for 
                        provide non-traditional manufacturing 
                        populations (such as women, Black, Indigenous, 
                        and Latino entrepreneurs) leadership 
                        development, including mentoring and affinity 
                        groups;
                            (ii) curriculum development for diversity, 
                        equity, and inclusion trainings;
                            (iii) delivery of free or low-cost 
                        diversity, equity, and inclusion trainings and 
                        planning for companies; and
                            (iv) performance of diversity audits for 
                        manufacturing firms.
            (7) Funding and technical assistance for mrcs.--The 
        Corporation shall provide grants and technical assistance to 
        MRCs in identifying, monitoring, evaluating, and implementing 
        activities that show promise towards the goals of the 
        Corporation and the national manufacturing strategy, as 
        determined by the Board.
    (c) General Administrative Authority.--To carry out the purposes of 
this Act and engage in the foregoing activities described in subsection 
(b), the Corporation is authorized--
            (1) to adopt, alter, and use a corporate seal;
            (2) to make and perform contracts, agreements, and 
        commitments;
            (3) to sue and be sued, complain and defend, in any State, 
        Federal, or other court;
            (4) to determine the necessary expenditures of the 
        Corporation and the manner in which those expenditures are 
        incurred, allowed, and paid, and appoint, employ, and fix and 
        provide for the compensation of consultants, without regard to 
        any other law, except as provided in section 608(d);
            (5) to settle, adjust, and compromise, and with or without 
        compensation or benefit to the Corporation to release or waive 
        in whole or in part, in advance or otherwise, any claim, 
        demand, or right of, by, or against the Corporation;
            (6) to invest such funds of the Corporation in such 
        investments as the Board of Directors may prescribe by majority 
        vote;
            (7) to acquire, take, hold, and own, and to deal with and 
        dispose of any property; and
            (8) to exercise all other powers that are necessary and 
        proper to carry out the purposes of this Act.

SEC. 5. BOARD OF DIRECTORS.

    (a) Membership.--The Corporation shall be under the direction of a 
Board of Directors composed of the following directors:
            (1) A Chief Manufacturing Officer, appointed by the 
        President, by and with the advice and consent of the Senate.
            (2) The Secretary of Commerce, or an appointee of the 
        Secretary.
            (3) The Secretary of Labor, or an appointee of the 
        Secretary.
            (4) The Secretary of Education, or an appointee of the 
        Secretary.
            (5) The Secretary of Energy, or an appointee of the 
        Secretary.
            (6) The Secretary of the Treasury, or an appointee of the 
        Secretary.
            (7) The National Climate Advisor, or an appointee of the 
        Advisor.
            (8) National Science Foundation Director, or an appointee 
        of the Director.
            (9) A manufacturing labor representative who within the 
        past five years served in elected leadership of a national or 
        regional labor union or federation, appointed by the President.
            (10) A representative who is a prekindergarten, elementary 
        school, or secondary school educator or who within the past 5 
        years served in elected leadership of a labor union, 
        association, or federation for educators, appointed by the 
        President.
            (11) A employee-owner representative who within the past 
        five years served in elected leadership of an employee-owned 
        manufacturing firm, appointed by the President.
            (12) A manufacturing business representative who within the 
        past five years served in a voluntary leadership position in a 
        manufacturing business association, appointed by the President.
            (13) A faith representative who within the past five years 
        served in a voluntary leadership position in a national or 
        regional faith-based community development association, 
        appointed by the President.
            (14) A racial justice representative who within the past 
        five years served in a voluntary leadership position in a 
        nonprofit organization that develops strategies toward Black, 
        Latino, Asian-American, or Indigenous advancement, appointed by 
        the President.
            (15) An environmental representative who within the past 
        five years served in a voluntary leadership position in a 
        nonprofit organization that develops strategies towards 
        addressing the climate crisis, appointed by the President.
            (16) The Director of the Domestic Policy Council, or an 
        appointee.
    (b) Chair of the Board.--The Board shall elect a Chair of the Board 
from the directors who shall serve for a term of 2 years, except that 
the Secretary of Commerce shall serve as Chair of the Board for the 
first 2-year term.
    (c) Terms of Office.--Each director of the Corporation shall serve 
at the pleasure of the President.
    (d) Compensation and Expenses.--The directors of the Corporation, 
as officers of the United States, shall serve without additional 
compensation but shall be reimbursed for travel, subsistence, and other 
necessary expenses incurred in the performance of the duties as 
directors of the Corporation.
    (e) Quorum.--The presence of a majority of the Board of Directors 
or a representative shall constitute a quorum.

SEC. 6. OFFICERS AND EMPLOYEES.

    (a) Appointment of Executive Director.--The Board of Directors 
shall appoint an executive director who shall serve as chief executive 
officer of the Corporation.
    (b) Appointment and Removal of Employees by Executive Director.--
The executive director of the Corporation, subject to approval by the 
Board, may appoint and remove such employees of the Corporation as the 
executive director determines necessary to carry out the purposes of 
the Corporation.
    (c) Prohibition of Political Tests and Qualifications in Selection 
of Personnel.--A political test and political qualification may not be 
used in selecting, appointing, promoting, or taking any other personnel 
action with respect to any officer, agent, or employee of the 
Corporation or of any recipient, or in selecting or monitoring any 
grantee, contractor, or person or entity receiving financial assistance 
under this Act.
    (d) Employee Status; Applicability of Administrative and Cost 
Standards of Office of Management and Budget.--Officers and employees 
of the Corporation shall not be considered officers or employees of the 
United States, and the Corporation shall not be considered a 
department, agency, or instrumentality of the Federal Government. The 
Corporation shall be subject to administrative and cost standards 
issued by the Office of Management and Budget similar to standards 
applicable to non-profit grantees.
    (e) Advisory Committee.--The Corporation shall be supported by an 
advisory committee established by the Board of Directors, consisting of 
academic and industry experts, public administrators, local community 
stakeholders, and others at the discretion of the Board of Directors.
    (f) National Advisory Council.--Each local MRC shall select three 
representatives of the local MRC, including a representative of a 
company with less than 100 employees, a representative of the labor 
movement, and a representative of a community based organization to 
serve on a national advisory council that shall advise the Corporation. 
Any representative shall--
            (1) be an active member in MRC work;
            (2) be a leader active in promoting and building the 
        partnerships with labor, manufacturers, government, and 
        environmental, and community organizations. and work of the 
        MRC; and
            (3) commit to participate in 2 national meetings of the 
        advisory council annually and participate in company, union, or 
        community-based organization subcommittees.

SEC. 7. REPORTS AND AUDITS.

    (a) Annual Report to President and Congress.--Not later than March 
1 of each year, the executive director of the Corporation shall publish 
and submit to the President and Congress an annual report that contains 
the following:
            (1) The national manufacturing strategy.
            (2) The activities being carried out by the Corporation and 
        local Manufacturing Renaissance Councils.
            (3) A statement of financial position and the use of 
        appropriated funds by the Corporation.
    (b) Annual Audit of Accounts.--The accounts of the Corporation 
shall be audited annually. Such audits shall be conducted in accordance 
with generally accepted auditing standards by independent certified 
public accountants who are certified by a regulatory authority of the 
jurisdiction in which the audit is undertaken.
    (c) GAO Audit.--The Government Accountability Office may audit the 
financial transactions of the Corporation for any fiscal year in which 
Federal funds are made available to the Corporation in accordance with 
such rules and regulations as may be prescribed by the Comptroller 
General of the United States.
    (d) Audit of Grantees and Contractors of Corporation.--For any 
fiscal year in which Federal funds are made available to finance any 
portion of grant or contract made by the Corporation, the Government 
Accountability Office, in accordance with such rules and regulations as 
may be prescribed by the Comptroller General of the United States, may 
audit the grantees or contractors of the Corporation.
    (e) Annual Financial Audit.--The Corporation shall conduct or 
require each grantee or contractor to provide for an annual financial 
audit. The report of each such audit shall be maintained for a period 
of at least five years at the principal office of the Corporation.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

    (a) Authorization.--
            (1) In general.--There is authorized to be appropriated to 
        the Corporation to carry out this Act the following:
                    (A) $5,000,000,000 for fiscal year 2022.
                    (B) $5,000,000,000 for fiscal year 2023.
                    (C) $5,000,000,000 for fiscal year 2024.
                    (D) $5,000,000,000 for fiscal year 2025.
            (2) Administrative expense limit.--Not more than 15 percent 
        of any amount authorized to be appropriated under paragraph (1) 
        for any fiscal year may be used for administrative expenses.
            (3) Grants and training funds.--Of the amounts authorized 
        to be appropriated under this subsection for any fiscal year, 
        amounts appropriated in excess of the amount necessary to 
        continue existing services of the Corporation in revitalizing 
        and reinvesting in manufacturing shall be available--
                    (A) to make grants under section 4(b)(3); and
                    (B) to establish a training and leadership 
                development institute within the Corporation to train 
                and develop leaders in the manufacturing sector.
    (b) Availability of Funds Until Expended.--Any funds authorized to 
be appropriated under this section shall remain available until 
expended.
    (c) Accounting and Reporting of Non-Federal Funds.--Non-Federal 
funds received by the Corporation, and funds received by any recipient 
from a source other 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 manner 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 Congress 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 annually 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 Secretary of Commerce, in 
collaboration with the Secretary of Labor, the Secretary of Education, 
the Secretary of Defense, the Secretary of Energy, and the Secretary of 
the Treasury, as appropriate, shall develop and publish in the Federal 
Register proposed regulations relating to the implementation 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 Defense, 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 transition 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 development 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 submits the bid on behalf of 
        the local Manufacturing Renaissance Council and serves as the 
        ongoing chief administrative entity for the programs.
            (4) Corporation; manufacturing reinvestment 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 Higher 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-stakeholder 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 institution listed in section 
        371(a) of the Higher Education Act of 1965 (20 U.S.C. 
        1067q(a)).
            (9) National manufacturing strategy.--The term ``national 
        manufacturing strategy'' means the manufacturing strategy for 
        the United States required 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 Revenue Code of 1968 and 
        exempt from taxation under section 501(a) of such Code. Suggest 
        adding definition.
                                 <all>