Department of Energy Minority Economic Impact Revitalization Act - Title I: Minority Economic Impact Revitalization - Requires the Director of the Office of Minority Economic Impact of the Department of Energy (the Office) to establish a working capital program providing loans and venture capital to minority and women-owned business enterprises to commercialize technologies developed through the Department, provide start-up capital for enterprises in the energy technology fields, and strengthen businesses dealing with the Department. Prescribes the eligibility criteria for such businesses.
Requires the Director to select from among bids submitted to the Office an administrative financial institution (AFI) to administer the loan program component. Requires the AFI to establish a loan committee to oversee loan applications. Requires such committee and the Director to jointly establish a scheme for the participation of additional financial institutions. Authorizes a minority business enterprise (MBE) to request the participation of a specific financial institution with which it conducts business.
Outlines loan application procedures. Sets a five-year maximum loan term. Authorizes an MBE to request technical or managerial assistance through the central Energy Related Minority Business Enterprise Center of the Department.
Requires the Director to establish venture capital partnerships with venture capital organizations.
Amends the Department of Energy Organization Act to direct the Secretary of the Department of Energy to: (1) provide financial assistance in the form of grants to an MBE to assist its full participation in the Department's research, development, and contract activities; and (2) limit the use of such assistance to providing funds necessary for such MBEs to bid for and obtain contracts.
Directs the Secretary to hire a specified number of additional personnel to administer the working capital program.
Authorizes appropriations for FY 1990 to the Department for a working capital program and for an economic development program involving the establishment of a central energy-related minority business enterprise development center in the Office.
Directs the Office to coordinate and develop: (1) Department of Energy programs involving historically black colleges and universities; and (2) the Minority Financial Institution Deposit Program.
Title II: Nuclear Waste Fund - Amends the Nuclear Waste Policy Act of 1982 to authorize the Secretary of Energy to request the Secretary of the Treasury to invest excess Nuclear Waste Fund monies in the Minority Bank Deposit Program of the Department of the Treasury.
HR 3184 IH 101st CONGRESS 1st Session H. R. 3184 To establish within the Office of Minority Economic Impact of the Department of Energy programs involving loans and grants to enhance the development and operation of minority business enterprises with respect to energy-related business, to amend the Nuclear Waste Policy Act of 1982 to permit the investment of certain funds in the Minority Bank Deposit Program of the Department of the Treasury, and for other purposes. IN THE HOUSE OF REPRESENTATIVES August 4, 1989 Mr. LELAND introduced the following bill; which was referred to the Committee on Energy and Commerce A BILL To establish within the Office of Minority Economic Impact of the Department of Energy programs involving loans and grants to enhance the development and operation of minority business enterprises with respect to energy-related business, to amend the Nuclear Waste Policy Act of 1982 to permit the investment of certain funds in the Minority Bank Deposit Program of the Department of the Treasury, and for other purposes. 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 `Department of Energy Minority Economic Impact Revitalization Act'. TITLE I--MINORITY ECONOMIC IMPACT REVITALIZATION SEC. 101. WORKING CAPITAL PROGRAM. (a) ESTABLISHMENT OF PROGRAM- (1) The Director shall establish a working capital program to provide loans and venture capital to minority and women-owned business enterprises. The goals of the program shall be-- (A) to commercialize the technologies developed and proven through Department research and development efforts; (B) to increase the number of minority and women-owned business enterprises that enter into private and public sector energy-related contracts; (C) to strengthen the competitive and productive capabilities of minority and women-owned business enterprises that conduct business with the Department and its grantees, recipients, contractors, and subcontractors; and (D) to provide start-up capital for minority and women-owned enterprises in the energy technology fields. (2) The loan program component shall be administered under the terms of a cooperative agreement entered into by the Department and the administrative financial institution selected under subsection (c). (3) The venture capital component shall be designed and administered by the Office through the central energy-related minority business enterprise development center in conjunction with a venture capital partnership established under subsection (m). (b) ELIGIBILITY- A business entity is eligible for participation under this Act if-- (1) such entity is a minority-owned business enterprise or a women-owned business enterprise currently certified pursuant to standards promulgated by the Director and administered by-- (A) an agency, department, or office of the Federal Government or of any State or local government, or (B) an agent or contractor, if specifically designated to certify businesses as minority-owned or women-owned; and (2) such entity is commencing or is engaged in operations in an energy-related commercial or energy technology transfer enterprise, or is performing services under an energy-related contract. (c) ADMINISTRATIVE FINANCIAL INSTITUTION- (1) The Director shall select an administrative financial institution from among bids submitted to the Office for such selection. (2) The AFI shall, in the manner provided under this section, make loans to MBEs. (d) LOAN COMMITTEE- (1) The AFI shall establish a loan committee which shall be responsible for the review, approval, and denial of loan applications and for the provision of other administrative support for the loan program component described in this section. (2) The loan committee shall consist of 5 members, one of whom shall be appointed by the Director or the Director's designee. (3) The loan committee and the Director jointly shall establish policies and procedures governing its loan decisions consistent with the objectives of this section. (e) PARTICIPATING FINANCIAL INSTITUTIONS- The loan committee and the Director jointly shall establish policies and procedures providing for the participation of financial institutions under this section (in addition to the AFI). An MBE may request the participation of a specific financial institution which it conducts business. Minority financial institutions participating in the Minority Financial Institutions Deposit Program of the Office shall qualify as participating financial institutions. Other financial institutions may so qualify, in the discretion of the loan committee and the Director. (f) LOAN APPLICATION PACKAGES- To apply for a loan under this section, the MBE shall submit its loan application package to the AFI. Such package shall include any documentation required by the loan committee. If such package contains incomplete information to the extent that a proper evaluation of the MBE's credit history cannot be made by the loan committee, the AFI shall return the package to the MBE with instructions concerning the information necessary to complete the application package. The AFI shall forward completed application packages to the loan committee. (g) LOAN APPROVALS- A request for a loan commitment of less than $100,000 shall require the approval of a majority of the members of the loan committee. A request for a loan commitment of $100,000 or more shall require the approval of the majority of the loan committee and of the Director. (h) INTEREST RATE- The interest rate on any loan made under this section during any calendar month shall not exceed the New York prime rate of interest (as published in the Wall Street Journal) in effect on the first business day of such month and shall be determined by the loan committee. (i) LOAN TERMS- (1) Except as provided in paragraph (2), the term of any loan made under this section may not exceed 5 years. (2) The AFI may recommend to the loan committee that the term of a loan be for a period not to exceed 7 years if such bank determines that the financial soundness of the MBE warrants such longer term. (j) REPAYMENT- The loan committee shall require reasonable repayment terms in accordance with the objectives of this Act. (k) DEFAULT AND COLLECTION- The loan committee and the Director jointly shall prescribe regulations concerning default and collection of loans. (l) TECHNICAL AND ADVISORY ASSISTANCE- (1) In the event that an MBE needs technical or managerial assistance, it may request assistance through the central Energy Related Minority Business Enterprise Center of the Department. (2)(A) The Director may establish such advisory committee as the Director deems appropriate to assist in the performance of the Director's functions. (B) Members of such advisory committees, other than full-time employees of the Federal Government, may be allowed travel expenses, including a per diem allowance in lieu of subsistence (as authorized by section 5703 of title 5, United States Code, with respect to individuals serving in the Federal Government without pay) while attending meetings of such committees or while otherwise serving at the request of the Secretary while away from their residence or regular places of business. (C) The Federal Advisory Committee Act (Public Law 92-463) shall not apply with respect to such committees. (m) VENTURE PARTNERSHIPS- The Director shall establish venture capital partnerships with venture capital firms and organizations. (n) DEFINITIONS- For purposes of this section, the following terms have the following meanings: (1) The term `AFI' means the administrative financial institution selected under subsection (c). (2) The term `central Energy-Related Minority Business Enterprise Development Center' means the management development center established by the Office to create energy-related minority and women-owned businesses. (3) The term `Department' means the Department of Energy. (4) The term `Director' means the Director of the Office of Minority Economic Impact of the Department of Energy. (5) The term `energy-related' means related to-- (A) the production, distribution, or conservation of any of the Nation's energy reserves with any public or commercial provider of energy or any Federal, State, or local agency requiring energy-related goods or services, or (B) the commercialization of any research and development effort or technology defined by the central Energy-Related Minority Business Enterprise Center of the Department as energy-related. (6) The term `MBE' means a minority business enterprise. (7) The term `minority' means any black American, Native American, Hispanic American, Asian Pacific American, or Subcontinent Asian American. (8) The term `minority financial institution' means any depository institution described in clause (i), (ii), (iii), (v), or (vi) of section 19(b)(1)(A) of the Federal Reserve Act-- (A) more than 50 percent of the ownership or control of which is held by minority persons; and (B) more than 50 percent of the net profit or loss of which accrues to minority persons. (9) The term `minority business enterprise' means any business enterprise which is at least 51 percent owned by minority persons. (10) The term `Office' means the Office of Minority Economic Impact of the Department of Energy. (11) The term `participating financial institution' means an insured institution, as defined in section 3(h) of the Federal Deposit Insurance Act, that participates under this section in the provision of loans to MBE's that enter into energy-related contracts. (12) The term `venture capital firm or organization' means any financial institution established to provide venture capital funds and services. SEC. 102. CONVERSION OF BID OR PROPOSAL LOAN PROGRAM INTO GRANT PROGRAM. (a) IN GENERAL- Section 211 of the Department of Energy Organization Act (42 U.S.C. 7141) is amended-- (1) in subsection (c), by striking `shall' each place such term appears and inserting `may'; (2) in subsection (d), by striking `may' each place such term appears and inserting `shall'; and (3) by amending subsection (e) to read as follows: `(e)(1) The Secretary, acting through the Office, shall provide financial assistance in the form of grants to any minority business enterprise under such rules as the Secretary shall prescribe to assist such enterprises in participating fully in research, development, demonstration, and contract activities of the Department to the extent the Secretary considers appropriate. `(2) The Secretary shall limit the use of such financial assistance to providing funds necessary for such enterprises to bid for and obtain contracts or other agreements.'. (b) EFFECTIVE DATE- The amendments made by subsection (a) shall take effect on the date of the enactment of this Act. SEC. 103. ADDITIONAL PERSONNEL. The Secretary of Energy shall hire not less than 20 full-time officers and employees to administer the programs described in sections 102 and 103, by the end of fiscal year 1990. SEC. 104. AUTHORIZATIONS OF APPROPRIATIONS. (a) WORKING CAPITAL PROGRAMS- There are hereby authorized to be appropriated to the Department of Energy for fiscal year 1990-- (1) $5,000,000 for the loan component of the program established under section 102; and (2) $5,000,000 for the venture capital component of such program. (b) ECONOMIC DEVELOPMENT PROGRAM- There are hereby authorized to be appropriated for fiscal year 1990, $2,000,000 to carry out an economic development program within the Office involving, among other functions, the establishment and operation of a central energy-related minority business enterprise development center. SEC. 105. COORDINATION OF DEPARTMENT'S HISTORICALLY BLACK COLLEGES AND UNIVERSITIES PROGRAMS. The Office of Minority Economic Impact shall coordinate, consolidate, and develop the activities and programs of the Department of Energy involving historically black colleges and universities. SEC. 106. BANK DEPOSIT FINANCIAL ASSISTANCE PROGRAM. The Office of Minority Economic Impact shall coordinate and develop the Minority Financial Institution Deposit Program of the Department of Energy. TITLE II--NUCLEAR WASTE FUND SEC. 201. ADMINISTRATION OF NUCLEAR WASTE FUND. Section 302(e)(3) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222(e)(3)) is amended-- (1) by striking `in obligations of the United States--' and inserting `in-- `(A) obligations of the United States--' (2) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii); (3) by striking the period after `borrowings' and inserting `; and'; and (4) by adding at the end the following new subparagraph: `(B) the Minority Bank Deposit Program of the Department of the Treasury.'.
Introduced in House
Introduced in House
Referred to the House Committee on Energy and Commerce.
Referred to the Subcommittee on Energy and Power.
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