[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 895 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 895

          To abolish the Economic Development Administration.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 16, 1993

Mr. Hefley introduced the following bill; which was referred jointly to 
      the Committees on Banking and Finance and Public Works and 
                             Transportation

_______________________________________________________________________

                                 A BILL


 
          To abolish the Economic Development Administration.

    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 ``Economic Development Administration 
Sunset Act''.

SEC. 2. ABOLISHMENT OF ECONOMIC DEVELOPMENT ADMINISTRATION AND ITS 
              PROGRAMS.

    (a) Abolishment of Economic Development Administration.--The 
Economic Development Administration is abolished.
    (b) Repeal of Acts.--The Public Works and Economic Development Act 
of 1965 (42 U.S.C. 3121 et seq.) and the Local Public Works Capital 
Development and Investment Act of 1976 (42 U.S.C. 6701 et seq.) are 
repealed.

SEC. 3. CONCLUSION OF BUSINESS OF ECONOMIC DEVELOPMENT ADMINISTRATION.

    (a) Authority of Secretary of Commerce to Conclude Business and 
Honor Contracts.--The Secretary of Commerce shall provide for the 
conclusion of any outstanding affairs of the Economic Development 
Administration, including matters affecting the disposition of 
personnel. The Secretary of Commerce may take any action that (if this 
Act had not been enacted) would have been authorized as of the 
effective date of this Act under the Acts repealed by section 2(b) and 
is necessary or appropriate to administer and fulfill the terms of any 
grant, contract, agreement, loan, obligation, debenture, or guarantee 
made by the Secretary pursuant to the Acts repealed by section 2(b).
    (b) Effect of Abolishment on Expenditure of Funds Already 
Received.--Section 2 may not be construed to prevent the expenditure of 
any funds received from a grant or loan under the Acts repealed by 
section 2(b). Any grant or loan made under such Acts before the 
effective date of this Act shall be subject to any laws and regulations 
that would have applied to the grant or loan if this Act had not been 
enacted.
    (c) Continuance of Economic Development Revolving Fund to Finish 
Business.--
            (1) Authorized purposes.--The Economic Development 
        Revolving fund established by section 203 of the Public Works 
        and Economic Development Act of 1965 (42 U.S.C. 3143) shall 
        continue in existence for the following purposes:
                    (A) Collections and repayments.--To receive 
                collections and repayments in connection with 
                assistance extended under the Acts repealed by section 
                2(b) that would have been required under the Acts 
                repealed by section 2(b) to be deposited in the 
                Economic Development Revolving Fund if this Act had not 
                been enacted.
                    (B) Payment of obligations.--To pay obligations and 
                make expenditures in connection with the Acts repealed 
                by section 2(b) that would have been required under the 
                Acts repealed by section 2(b) if this Act had not been 
                enacted.
            (2) Termination of fund.--
                    (A) Certification.--When, in the discretion of the 
                Secretary of Commerce, the Economic Development 
                Revolving Fund is no longer necessary to carry out the 
                activities under paragraph (1), the Secretary of 
                commerce shall certify to the Secretary of the Treasury 
                that the Economic Development Revolving Fund is no 
                longer necessary.
                    (B) Termination.--Upon receipt of the certification 
                under subparagraph (A), the Secretary of the Treasury 
                shall deposit into the general fund of the Treasury as 
                miscellaneous receipts any moneys remaining in the 
                Economic Development Revolving Fund. The Secretary of 
                the Treasury shall take any action necessary to 
                terminate the Economic Development Revolving Fund. The 
                Secretary of the Treasury shall deposit into the 
                general fund of the Treasury any collections and 
                repayments made after the termination of the Economic 
                Development Revolving Fund in connection with the Acts 
                repealed by section 2(b).

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this Act.

SEC. 5. EFFECTIVE DATE.

    This Act shall take effect on the 1st day of the 1st fiscal year 
that begins after the date of the enactment of this Act.

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