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House Bill 7467
116th Congress(2019-2020)
Revolving Loan Fund Flexibility Act of 2020
Introduced
Introduced
Introduced in House on Jul 1, 2020
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Text
Introduced in House 
Jul 1, 2020
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Introduced in House(Jul 1, 2020)
Jul 1, 2020
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 7467 (Introduced-in-House)


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.”.