RLF Act

Hozzl · 2022-08-10T23:36:00Z

Explore the details of House Bill 7388 RLF Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Transportation and Public Works. Stay informed on legislative developments.

8/10/2022, 11:36 PM

Congressional Summary of HR 7388

Reinvigorating Lending for the Future Act or the RLF Act

This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.

Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant—thereby relieving the grantee of associated federal reporting requirements—if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded.

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Current Status of Bill HR 7388

Bill HR 7388 is currently in the status of Bill Introduced since June 26, 2020. Bill HR 7388 was introduced during Congress 116 and was introduced to the House on June 26, 2020. Bill HR 7388's most recent activity was Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management. as of June 29, 2020

Bipartisan Support of Bill HR 7388

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7388

Primary Policy Focus

Transportation and Public Works

Potential Impact Areas

- Economic development

- Interest, dividends, interest rates

Alternate Title(s) of Bill HR 7388

RLF Act

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.

RLF Act

Reinvigorating Lending for the Future Act