3.0.0 6651 2023-01-11T13:43:03Z 2023-01-11T13:43:03Z House HR 2020-05-01 116 [Congressional Record Volume 166, Number 82 (Friday, May 1, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CLINE:H.R. 6651.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution.[Page H1972]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2020-05-01T16:06:00Z Use Your Endowment Act 116 3589 S 2020-05-04 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Identical bill CRS 2020-05-01 Referred to the House Committee on Education and Labor. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2020-05-01 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-05-01 Introduced in House IntroReferral 1000 9 Library of Congress C001118 Rep. Cline, Ben [R-VA-6] Ben Cline R VA 6 N J000289 Rep. Jordan, Jim [R-OH-4] Jim Jordan R OH 4 2020-05-01 True G000579 Rep. Gallagher, Mike [R-WI-8] Mike Gallagher R WI 8 2020-05-01 True M001195 Rep. Mooney, Alexander X. [R-WV-2] Alexander Mooney R WV X. 2 2020-07-21 False Education Cardiovascular and respiratory health Education programs funding Emergency medical services and trauma care Higher education Infectious and parasitic diseases Student aid and college costs Education 00 2020-05-01 Introduced in House 2020-05-06T16:08:17Z Use Your Endowment Act

This bill deems certain institutions of higher education (IHEs) ineligible to receive certain emergency relief funds to address the coronavirus (i.e., the virus that causes COVID-19).

Specifically, an IHE with an endowment greater than $10 billion in 2019 is generally ineligible to receive such funds and must return any funds it received to the Department of Education (ED). However, such an IHE may receive and keep these funds if it provides documentation to ED that it expended 1,000% of the amount of the funds on emergency relief (e.g., financial-aid grants to students).

]]> Use Your Endowment Act Display Title Use Your Endowment Act Official Title as Introduced 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, and for other purposes. Introduced in House IH Short Title(s) as Introduced Use Your Endowment Act Introduced in House IH Introduced in House 2020-05-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr6651ih/xml/BILLS-116hr6651ih.xml 2020-05-01 Referred to the House Committee on Education and Labor. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.