Sec. 3. Updating financial capability assessment guidance
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Not later than 15 months after the date of enactment of this Act, the Administrator shall update the financial capability assessment guidance published by the Administrator entitled Combined Sewer Overflows—Guidance for Financial Capability Assessment and Schedule Development (EPA 832–B–97–004), dated February 1997. In updating the financial capability assessment guidance developed under subparagraph (1), the Administrator shall ensure that the guidance may be used for assessing the financial capability of municipalities to implement effluent limitations and other control measures under the Federal Water Pollution Control Act.
In updating the financial capability assessment guidance under subsection (a), the Administrator shall— consult with, and solicit advice and recommendations from, representative municipal and State officials (including their representative regional or national organizations), stakeholders, and other interested parties regarding how to assess the financial capability of municipalities to implement effluent limitations and other control measures under the Federal Water Pollution Control Act; ensure transparency in the consultation process, including promptly making accessible to the public all communications, records, and other documents of all meetings that are part of the consultation process; ensure that the updated guidance takes into consideration relevant studies, reports, and other information related to assessing the financial capability of municipalities to implement effluent limitations and other control measures, including— the reports of recommendations to the Environmental Protection Agency from the Environmental Financial Advisory Board related to financial capability assessments of municipalities; and the memorandum of the Environmental Protection Agency entitled Financial Capability Assessment Framework for Municipal Clean Water Act Requirements , dated November 24, 2014, and the accompanying guidance entitled Financial Capability Assessment Framework , dated November 24, 2014; ensure the evaluations by the Administrator of financial capability assessment and schedule of compliance development under subsection
(s)of section 402 of the Federal Water Pollution Control Act reflect the economic affordability criteria described in subsection (s)(7) of that section; ensure the updated guidance provides a consistent reference point to aid parties in negotiating reasonable and effective schedules for implementing effluent limitations and other control measures under the Federal Water Pollution Control Act; publish in the Federal Register proposed updated financial capability assessment guidance under this section, and provide a period for public comment of not less than 60 days; prepare final updated financial capability assessment guidance, taking into account— the advice and recommendations obtained from the municipal and State officials (including their representative regional or national organizations), stakeholders, and other interested parties; and the public comments received during the public comment period; and publish in the Federal Register, and submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Environment and Public Works of the Senate, the final updated financial capability assessment guidance.