RLF Act

Bill: 116-hr-7388
Sponsor: full_name: Rep. Peterson, Collin C. [D-MN-7]
Introduced: 2020-06-26
Policy area: Transportation and Public Works
Subjects: Economic development

Interest, dividends, interest rates
Latest action: action_date: 2020-06-29
text: Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

Summaries:
action_date: 2020-06-26
action_desc: Introduced in House
text: <p><b>Reinvigorating Lending for the Future Act or the RLF Act</b></p> <p>This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.</p> <p>Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant&#8212;thereby relieving the grantee of associated federal reporting requirements&#8212;if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7388 IN THE HOUSE OF REPRESENTATIVES June 26, 2020 Mr. Peterson (for himself and Mr. Katko ) 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 provide for the release of certain Federal interests in connection with certain grants under that Act, and for other purposes.

1. Short title This Act may be cited as the Reinvigorating Lending for the Future Act or the RLF Act . 2. Release of certain interests Section 601(d)(2) of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3211(d)(2) ) is amended— (1) by striking the paragraph designation and heading and all that follows through The Secretary may and inserting the following: (2) Release (A) In general Except as provided in subparagraph (B), the Secretary may ; and (2) by adding at the end the following: (B) Certain releases (i) In general On written request from a recipient of a grant under section 209(d), the Secretary shall release, in accordance with this subparagraph, any Federal interest in connection with the grant, if— (I) the request is made not less than 7 years after the final disbursement of the original grant; (II) the recipient has complied with the terms and conditions of the grant to the satisfaction of the Secretary; (III) any proceeds realized from the grant will be used for one or more activities that continue to carry out the economic development purposes of this Act; and (IV) the recipient includes in the written request a description of how the recipient will use the proceeds of the grant in accordance with subclause (III). (ii) Deadline (I) In general Except as provided in subclause (II), the Secretary shall complete all closeout actions for the grant by not later than 180 days after receipt and acceptance of the written request under clause (i). (II) Extension The Secretary may extend a deadline under subclause (I) by an additional 180 days if the Secretary determines the extension to be necessary. (iii) Savings provision Section 602 shall continue to apply to a project assisted with a grant under section 209(d) regardless of whether the Secretary releases a Federal interest under clause (i). .