Title: Rural Investment Act of 2020
Policy area: Agriculture and Food

Summary:
Rural Investment Act of 2020
This bill directs the Department of Agriculture to enter into an interagency agreement with the Small Business Administration to carry out the day-to-day management and operation of the Rural Business Investment Program. It also provides funding for the program.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 5046 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 5046

 To amend the Consolidated Farm and Rural Development Act to authorize 
   the contracting of functions under the Rural Business Investment 
                    Program, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 17, 2020

 Mr. Barrasso (for Mrs. Fischer) introduced the following bill; which 
was read twice and referred to the Committee on Agriculture, Nutrition, 
                              and Forestry

_______________________________________________________________________

                                 A BILL


 
 To amend the Consolidated Farm and Rural Development Act to authorize 
   the contracting of functions under the Rural Business Investment 
                    Program, 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.

    This Act may be cited as the ``Rural Investment Act of 2020''.

SEC. 2. CONTRACTING OF FUNCTIONS.

    Subtitle H of the Consolidated Farm and Rural Development Act is 
amended by inserting after section 384P (7 U.S.C. 2009cc-15) the 
following:

``SEC. 384Q. CONTRACTING OF FUNCTIONS.

    ``(a) In General.--Notwithstanding any other provision of law, to 
carry out the day-to-day management and operation of the program 
authorized by this subtitle on behalf of the Secretary, the Secretary 
shall enter into an interagency agreement under section 1535 of title 
31, United States Code, with the Administrator of the Small Business 
Administration.
    ``(b) Funding.--The costs incurred by the Administrator of the 
Small Business Administration under an agreement entered into under 
subsection (a) shall be reimbursed in accordance with section 1535 of 
title 31, United States Code, from amounts made available under section 
384S.''.

SEC. 3. APPROPRIATION.

    (a) In General.--There is appropriated, from amounts in the 
Treasury not otherwise appropriated, $1,000,000,000 to carry out the 
Rural Business Investment Program established under subtitle H of the 
Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc et seq.).
    (b) Requirement.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of Agriculture, in coordination 
with the Administrator of the Small Business Administration, shall 
issue commitments to purchase, or to guarantee the timely payment of 
all principal and interest as scheduled on, debentures issued by rural 
business investment companies under subtitle H of the Consolidated Farm 
and Rural Development Act (7 U.S.C. 2009cc et seq.).
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