RLF Act

I 116TH CONGRESS 2D SESSION H. R. 7388 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. 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 Infrastruc- ture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consider- ation 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Reinvigorating Lend- 4 ing for the Future Act’’ or the ‘‘RLF Act’’. 5 VerDate Sep 11 2014 00:14 Jul 22, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7388.IH H7388 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 7388 IH SEC. 2. RELEASE OF CERTAIN INTERESTS. 1 Section 601(d)(2) of the Public Works and Economic 2 Development Act of 1965 (42 U.S.C. 3211(d)(2)) is 3 amended— 4 (1) by striking the paragraph designation and 5 heading and all that follows through ‘‘The Secretary 6 may’’ and inserting the following: 7 ‘‘(2) RELEASE.— 8 ‘‘(A) IN GENERAL.—Except as provided in 9 subparagraph (B), the Secretary may’’; and 10 (2) by adding at the end the following: 11 ‘‘(B) CERTAIN RELEASES.— 12 ‘‘(i) IN GENERAL.—On written re- 13 quest from a recipient of a grant under 14 section 209(d), the Secretary shall release, 15 in accordance with this subparagraph, any 16 Federal interest in connection with the 17 grant, if— 18 ‘‘(I) the request is made not less 19 than 7 years after the final disburse- 20 ment of the original grant; 21 ‘‘(II) the recipient has complied 22 with the terms and conditions of the 23 grant to the satisfaction of the Sec- 24 retary; 25 VerDate Sep 11 2014 00:14 Jul 22, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7388.IH H7388 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 7388 IH ‘‘(III) any proceeds realized from 1 the grant will be used for one or more 2 activities that continue to carry out 3 the economic development purposes of 4 this Act; and 5 ‘‘(IV) the recipient includes in 6 the written request a description of 7 how the recipient will use the proceeds 8 of the grant in accordance with sub- 9 clause (III). 10 ‘‘(ii) DEADLINE.— 11 ‘‘(I) IN GENERAL.—Except as 12 provided in subclause (II), the Sec- 13 retary shall complete all closeout ac- 14 tions for the grant by not later than 15 180 days after receipt and acceptance 16 of the written request under clause 17 (i). 18 ‘‘(II) EXTENSION.—The Sec- 19 retary may extend a deadline under 20 subclause (I) by an additional 180 21 days if the Secretary determines the 22 extension to be necessary. 23 ‘‘(iii) SAVINGS PROVISION.—Section 24 602 shall continue to apply to a project as- 25 VerDate Sep 11 2014 00:14 Jul 22, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7388.IH H7388 pbinns on DSKJLVW7X2PROD with BILLS 4 •HR 7388 IH sisted with a grant under section 209(d) 1 regardless of whether the Secretary re- 2 leases a Federal interest under clause (i).’’. 3 Æ VerDate Sep 11 2014 00:14 Jul 22, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H7388.IH H7388 pbinns on DSKJLVW7X2PROD with BILLS