Title: Revolving Loan Fund Flexibility Act of 2020
Policy area: Transportation and Public Works

Summary:
Revolving Loan Fund Flexibility Act of 2020
This bill authorizes a grantee that provides revolving loans using funds from a Department of Commerce economic development grant to transfer funds repaid from such a loan to another eligible project, subject to various requirements.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7467 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7467

To amend the Public Works and Economic Development Act of 1965 to allow 
 a grantee of revolving loan funds to transfer certain funds to other 
                           eligible projects.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 1, 2020

 Mr. Panetta introduced the following bill; which was referred to the 
Committee on Transportation and Infrastructure, and in addition to the 
   Committee on Financial Services, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To amend the Public Works and Economic Development Act of 1965 to allow 
 a grantee of revolving loan funds to transfer certain funds to other 
                           eligible projects.

    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 ``Revolving Loan Fund Flexibility Act 
of 2020''.

SEC. 2. REVOLVING LOAN FUND FLEXIBILITY.

    Section 209(d) of the Public Works and Economic Development Act of 
1965 (42 U.S.C. 3149(d)) is amended--
            (1) by redesignating paragraphs (3) and (4) as paragraphs 
        (4) and (5); and
            (2) by inserting after paragraph (2) the following:
            ``(3) Revolving loan fund repurposing.--
                    ``(A) In general.--A grantee of revolving loan 
                funds may, upon request, transfer any funds that have 
                been repaid to a revolving loan fund under this section 
                to any other project eligible to receive funding under 
                this section.
                    ``(B) Eligibility.--To be eligible to transfer 
                revolving loan funds under this paragraph, a grantee 
                shall have more cash available for lending than the 
                average cash available for lending in the EDA region in 
                which such grantee is located.
                    ``(C) Discretion.--The Secretary shall retain the 
                discretion to approve or deny a transfer request under 
                this paragraph.
                    ``(D) Cash available for lending defined.--In this 
                paragraph, the term `cash available for lending' means 
                the revolving loan fund cash available for lending net 
                of the committed revolving loan fund cash.''.
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