Reinvigorating Lending for the Future Act

Floor Speech

S. 4075, the RLF Act, would release the Federal interest in the Economic Development Administration's revolving loan funds after 7 years if requested by the recipient.

I thank Congressman Katko, the ranking member of the Subcommittee on Economic Development, Public Buildings, and Emergency Management, for his leadership and work on this issue.

This fix to reduce the administrative burden of RLF funds was requested by the administration, as well as by State and local economic development officials.

Even after the funds have turned over in these RLFs, local officials continue to be saddled with unnecessary paperwork. Releasing the Federal interest when the government's role is over will also release officials of the extra paperwork.

Mr. Speaker, I urge support of this legislation, and I reserve the balance of my time.

Mr. Speaker, S. 4075 will cut red tape and reduce paperwork for the communities that receive EDA grants for revolving loan funds.

Mr. Speaker, I urge support of this important legislation, and I yield back the balance of my time.

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