United States 116th Congress Status: Died 1 D cosponsors

HR 7388 — RLF Act Reinvigorating Lending for the Future Act

Last action — Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

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Read HR 7388 on the official United States source →

Action History

  1. Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

  2. Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  3. Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  4. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

Transportation and public works Economic development Interest, dividends, interest rates
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Frequently asked questions

What does HR 7388 do?
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.
Who sponsors HR 7388?
HR 7388 is sponsored by Collin Peterson (D).
What is the current status of HR 7388?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 7388?
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Last checked for changes about 13 hours ago · updated continuously

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