S.Amdt. 4065

1. Adds TITLE XIV--EMERGENCY LIQUIDITY FUND at the end of the bill

   Adds a title

   Inserted: TITLE XIV--EMERGENCY LIQUIDITY FUND

   Inserted: SEC. 1401. SHORT TITLE.

   Inserted: This title may be cited as the "Emergency Liquidity Fund".

   Inserted: SEC. 1402. PURPOSES.

   Inserted: The purposes of this title are--

   Inserted: (1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity in the community development financial system of the United States;

   Inserted: (2) to ensure that such authority and such facilities are used in a manner that--

   Inserted: (A) promotes access to credit for small businesses;

   Inserted: (B) provides access to jobs, particularly for low and moderate income individuals;

   Inserted: (C) serves investment areas or targeted populations, as those terms are defined under the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4701 et seq.); and

   Inserted: (D) provides public accountability for the exercise of such authority; and

   Inserted: (3) to provide grants to eligible entities and the necessary authority to the Secretary of the Treasury to enter into cooperative agreements that--

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   Inserted: (A) support small business development;

   Inserted: (B) develop innovative local and regional programs to expand capital access for small businesses; and

   Inserted: (C) support local economic development and business diversification.

   Inserted: SEC. 1403. DEFINITIONS.

   Inserted: In this title, the following definitions shall apply:

   Inserted: (1) Eligible community or economic development purpose.--The term "eligible community or economic development purpose"--

   Inserted: (A) means any purpose described in section 108(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4701 et seq.); and

   Inserted: (B) includes the provision of community or economic development in low-income or underserved rural areas.

   Inserted: (2) Eligible entity.--

   Inserted: (A) In general.--The term "eligible entity" included community development financial institutions, as such institutions are described in section 1805.201 of title 12, Code of Federal Regulations, or any successor thereto.

   Inserted: (B) Additional authority of secretary.--The Secretary may further expand participation in any grant program established under this title to include entities other than community development financial institutions, if the Secretary, in his discretion, determines that such other entities meet eligible community or economic development purposes.

   Inserted: (3) Secretary.--The term "Secretary" means the Secretary of the Treasury.

   Inserted: SEC. 1404. AUTHORIZATION TO MAKE COMMITMENTS TO ASSIST ELIGIBLE ENTITIES.

   Inserted: (a) Special Liquidity Facility.--

   Inserted: (1) In general.--The Secretary is authorized to establish a special liquidity facility to make and fund commitments and to purchase assets related to eligible community or economic development purposes in accordance with--

   Inserted: (A) the purposes of this title; and

   Inserted: (B) the policies and procedures developed and published by the Secretary.

   Inserted: (2) Rule of construction.--Commitments made under paragraph (1) may include grants, loans, loan commitments, equity investments, agreements, and similar contracts or undertakings or a combination thereof.

   Inserted: (b) Applications for Assistance.--An application for assistance under this title shall be submitted in such form and in accordance with such procedures as the Secretary shall establish.

   Inserted: (c) Matching Requirement.--Assistance provided to an eligible entity under this title shall be matched with funds from sources other than the Federal Government on the basis of not less than 1 dollar for every 2 dollars provided by the Secretary.

   Inserted: (d) Limitations.--

   Inserted: (1) Annual number of awards.--The Secretary, acting through the special liquidity facility established under subsection (a), shall not issue more than 5 awards of assistance in any calendar year under the authorities established by this section.

   Inserted: (2) Award amount.--In carrying out the requirements of this section, the Secretary, acting through the special liquidity facility established under subsection (a), may not make an award to an eligible entity of less than $50,000,000.

   Inserted: (3) Implementation.--Not later than 1 year after the date of enactment of this title the Secretary shall issue rules and regulations implementing this section.

   Inserted: (e) Funding.--There are hereby appropriated to the Secretary, out of funds in the Treasury not otherwise appropriated, $250,000,000 to carry out this section, to remain available until expended, for fiscal years 2010 through 2014.

   Inserted: SEC. 1405. APPROVAL CRITERIA FOR ELIGIBLE ENTITIES.

   Inserted: (a) In General.--The Secretary shall approve an eligible entity for participation in the assistance program established under section 1404 in accordance with the requirements of this section, and such additional requirements as the Secretary may establish, by regulation.

   Inserted: (b) Terms and Qualifications.--Recipients of amounts under section 1404 shall--

   Inserted: (1) have appropriate expertise, capacity, and experience, or otherwise be qualified to make loans for eligible community or economic development purposes;

   Inserted: (2) provide to the Secretary--

   Inserted: (A) an acceptable statement of the proposed sources and uses of the funds; and

   Inserted: (B) a capital distribution plan for eligible community and economic development purposes that details the following:

   Inserted: (i) Management Capacity, by providing the following:

   Inserted: (I) Experience deploying capital.

   Inserted: (II) Experience raising capital.

   Inserted: (III) Financial capacity and asset management capabilities.

   Inserted: (IV) Program compliance track-record.

   Inserted: (V) Community accountability.

   Inserted: (ii) Capitalization Strategy, by providing the following:

   Inserted: (I) Capital raising experience and track-record.

   Inserted: (II) Experience deploying capital.

   Inserted: (III) Strategy for raising investor capital.

   Inserted: (IV) Relationships with investors.

   Inserted: (V) Prospective sources and uses of capital.

   Inserted: (iii) Business strategy, by providing the following:

   Inserted: (I) Products, services ,and investment criteria.

   Inserted: (II) Community and economic development investment track-record.

   Inserted: (III) Financial projections or projected business activity.

   Inserted: (iv) Community impact, by providing the following:

   Inserted: (I) Ability to target areas of high unemployment.

   Inserted: (II) Ability to support job creation or job retention.

   Inserted: (III) Ability to further community revitalization.

   Inserted: (IV) Ancillary community benefits.

   Inserted: (v) Capacity, by demonstrating the following:

   Inserted: (I) Ability to distribute and utilize 25 percent of amounts received under this title not later than 1 year after receipt of such amounts.

   Inserted: (II) Ability to distribute and utilize 50 percent of amounts received under this title not later than 2 years after receipt of such amounts.

   Inserted: (III) Ability to distribute and utilize 80 percent of amounts received under this title not later than 5 years after receipt of such amounts.

   Inserted: SEC. 1406. BUSINESS-TO-BUSINESS GRANTS AND COOPERATIVE AGREEMENTS.

   Inserted: (a) In General.--In accordance with this section, the Secretary may make grants to and enter into cooperative agreements with any coalition of private entities, public entities, or any combination of private and public entities--

   Inserted: (1) to expand business-to-business relationships between large and small businesses;

   Inserted: (2) to develop innovative local and regional programs to expand access to capital for small businesses;

   Inserted: (3) to provide businesses, directly or indirectly, with online information and a database of--

   Inserted: (A) public sector programs or private companies that are interested in mentor-protege programs or supplier diversity programs; and

   Inserted: (B) State-wide, local, or community-based business development programs;

   Inserted: (4) to collect, analyze, and publish data that tracks the impact of the coalition's programs on revenue and employment at participating businesses, including disadvantaged business enterprises;

   Inserted: (5) to foster communication and collaboration within and among the coalitions; and

   Inserted: (6) to support efforts to enhance the long-term financial stability of employees, the economic viability of communities, and business diversification within locales and regions.

   Inserted: (b) Matching Requirement.--The Secretary may make a grant to a coalition described under subsection (a) only if the grant shall be matched with funds from sources other than the Federal Government on the basis of not less than 1 dollar for each dollar provided by the Secretary under this section.

   Inserted: (c) Funding.--There are hereby appropriated to the Secretary, out of funds in the Treasury not otherwise appropriated, $50,000,000, to carry out this section, including to pay the reasonable costs of administering the grant program established under this section, for each of fiscal years 2010 through 2015.

   Inserted: SEC. 1407. IMPLEMENTATION AND ADMINISTRATION.

   Inserted: (a) General Authorities and Duties.--The Secretary shall--

   Inserted: (1) establish minimum standards for approved use of amounts made available under this title;

   Inserted: (2) provide technical assistance to eligible entities receiving amounts under this title;

   Inserted: (3) manage, administer, and perform necessary integrity functions for the grant programs established under this title; and

   Inserted: (4) ensure adequate oversight of the eligible entities that received amounts under this title.

   Inserted: (b) Administrative Funding.--There are hereby appropriated to the Secretary, out of funds in the Treasury not otherwise appropriated, $15,000,000 to carry out the administrative expenses associated with the grant programs established under title, including to pay reasonable costs of administering such programs. In administering this title and the grant programs established by this title, the Secretary is authorized to use the staff and resources of the Department of the Treasury.

   Inserted: (c) Expedited Contracting.--During the 1-year period beginning on the date of enactment of this title, the Secretary may enter into contracts without regard to any other provision of law regarding public contracts, for purposes of carrying out this title.

   Inserted: (d) Termination of Secretary's Program Administration Functions.--The authorities and duties of the Secretary to implement and administer this title shall terminate at the end of the 5-year period beginning on the date of enactment of this title.

   Inserted: SEC. 1408. REGULATIONS.

   Inserted: The Secretary may issue such regulations and other guidance as the Secretary determines necessary or appropriate to implement this title including, to define terms, to establish compliance and reporting requirements, and such other terms and conditions necessary to carry out the purposes of this title.

   Original wording

   At the end of the bill, add the following:

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As printed