[Congressional Record Volume 166, Number 140 (Thursday, August 6, 2020)]
[Senate]
[Page S5346]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               REINVIGORATING LENDING FOR THE FUTURE ACT

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the 
Committee on Environment and Public Works be discharged from further 
consideration of S. 4075 and the Senate proceed to its immediate 
consideration.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 4075) 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.

  There being no objection, the committee was discharged, and the 
Senate proceeded to consider the bill.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the bill 
be considered read a third time and passed and the motion to reconsider 
be considered made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 4075) was ordered to be engrossed for a third reading, 
was read the third time, and passed as follows

                                S. 4075

       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 ``Reinvigorating Lending for 
     the Future Act'' or the ``RLF Act''.

     SEC. 2. RELEASE OF CERTAIN INTERESTS.

       Section 601(d)(2) of the Public Works and Economic 
     Development Act of 1965 (42 U.S.C. 3211(d)(2)) is amended--
       (1) by striking the paragraph designation and heading and 
     all that follows through ``The Secretary may'' and inserting 
     the following:
       ``(2) Release.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     the Secretary may''; and
       (2) by adding at the end the following:
       ``(B) Certain releases.--
       ``(i) In general.--On written request from a recipient of a 
     grant under section 209(d), the Secretary shall release, in 
     accordance with this subparagraph, any Federal interest in 
     connection with the grant, if--

       ``(I) the request is made not less than 7 years after the 
     final disbursement of the original grant;
       ``(II) the recipient has complied with the terms and 
     conditions of the grant to the satisfaction of the Secretary;
       ``(III) any proceeds realized from the grant will be used 
     for 1 or more activities that continue to carry out the 
     economic development purposes of this Act; and
       ``(IV) the recipient includes in the written request a 
     description of how the recipient will use the proceeds of the 
     grant in accordance with subclause (III).

       ``(ii) Deadline.--

       ``(I) In general.--Except as provided in subclause (II), 
     the Secretary shall complete all closeout actions for the 
     grant by not later than 180 days after receipt and acceptance 
     of the written request under clause (i).
       ``(II) Extension.--The Secretary may extend a deadline 
     under subclause (I) by an additional 180 days if the 
     Secretary determines the extension to be necessary.

       ``(iii) Savings provision.--Section 602 shall continue to 
     apply to a project assisted with a grant under section 209(d) 
     regardless of whether the Secretary releases a Federal 
     interest under clause (i).''.

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