Revolving Loan Fund Flexibility Act of 2020

I 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 Com- mittee on Transportation and Infrastructure, and in addition to the Com- mittee 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 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 ‘‘Revolving Loan Fund 4 Flexibility Act of 2020’’. 5 VerDate Sep 11 2014 05:40 Jul 24, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7467.IH H7467 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 7467 IH SEC. 2. REVOLVING LOAN FUND FLEXIBILITY. 1 Section 209(d) of the Public Works and Economic 2 Development Act of 1965 (42 U.S.C. 3149(d)) is amend- 3 ed— 4 (1) by redesignating paragraphs (3) and (4) as 5 paragraphs (4) and (5); and 6 (2) by inserting after paragraph (2) the fol- 7 lowing: 8 ‘‘(3) REVOLVING LOAN FUND REPURPOSING.— 9 ‘‘(A) IN GENERAL.—A grantee of revolving 10 loan funds may, upon request, transfer any 11 funds that have been repaid to a revolving loan 12 fund under this section to any other project eli- 13 gible to receive funding under this section. 14 ‘‘(B) ELIGIBILITY.—To be eligible to 15 transfer revolving loan funds under this para- 16 graph, a grantee shall have more cash available 17 for lending than the average cash available for 18 lending in the EDA region in which such grant- 19 ee is located. 20 ‘‘(C) DISCRETION.—The Secretary shall 21 retain the discretion to approve or deny a trans- 22 fer request under this paragraph. 23 ‘‘(D) CASH AVAILABLE FOR LENDING DE- 24 FINED.—In this paragraph, the term ‘cash 25 available for lending’ means the revolving loan 26 VerDate Sep 11 2014 05:40 Jul 24, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7467.IH H7467 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 7467 IH fund cash available for lending net of the com- 1 mitted revolving loan fund cash.’’. 2 Æ VerDate Sep 11 2014 05:40 Jul 24, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H7467.IH H7467 pbinns on DSKJLVW7X2PROD with BILLS