Use Your Endowment Act

II 116TH CONGRESS 2D SESSION S. 3589 To amend the higher education emergency relief fund under the CARES Act to restrict eligibility to institutions of higher education that owned endowment assets whose average monthly value was equal to or less than $10,000,000,000 in 2019, unless the institution expends additional institutional funds on higher education emergency relief. IN THE SENATE OF THE UNITED STATES MAY 4, 2020 Mr. HAWLEY (for himself, Mrs. BLACKBURN, Ms. MCSALLY, Mr. RUBIO, and Mr. BRAUN) introduced the following bill; which was read twice and re- ferred to the Committee on Health, Education, Labor, and Pensions A BILL To amend the higher education emergency relief fund under the CARES Act to restrict eligibility to institutions of higher education that owned endowment assets whose average monthly value was equal to or less than $10,000,000,000 in 2019, unless the institution expends additional institutional funds on higher education emer- gency relief. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 23:21 May 04, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3589.IS S3589 pamtmann on DSKBC07HB2PROD with BILLS 2 •S 3589 IS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Use Your Endowment 2 Act’’. 3 SEC. 2. AMENDMENT TO THE HIGHER EDUCATION EMER- 4 GENCY RELIEF FUND. 5 Section 18004 of the CARES Act (Public Law 116– 6 136) is amended by adding at the end the following: 7 ‘‘(f) RESTRICTION ON ENDOWMENT SIZE.— 8 ‘‘(1) IN GENERAL.—Notwithstanding any other 9 provision of law, an institution of higher education 10 shall not be eligible to receive funds under this sec- 11 tion if the institution owned endowment assets 12 whose average monthly value was greater than 13 $10,000,000,000 in 2019, unless the institution pro- 14 vides documentation to the Secretary that the insti- 15 tution expended an amount equal to not less than 16 1000 percent of the amount of funds to be awarded 17 to the institution under this section for the purposes 18 described in subsection (c). 19 ‘‘(2) REPAYMENT OF FUNDS.—Notwithstanding 20 any other provision of law, an institution of higher 21 education that owned endowment assets whose aver- 22 age monthly value was greater than 23 $10,000,000,000 in 2019, and has not provided doc- 24 umentation to the Secretary that the institution ex- 25 pended an amount equal to not less than 1000 per- 26 VerDate Sep 11 2014 23:21 May 04, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3589.IS S3589 pamtmann on DSKBC07HB2PROD with BILLS 3 •S 3589 IS cent of the amount of funds awarded to the institu- 1 tion under this section for the purposes described in 2 subsection (c), and received funds under this section 3 before the date of enactment of this subsection, shall 4 repay such funds received to the Secretary.’’. 5 Æ VerDate Sep 11 2014 23:21 May 04, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S3589.IS S3589 pamtmann on DSKBC07HB2PROD with BILLS