Sec. 401. Review of Federal investments
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Not later than 2 years after the date of enactment of this Act, and every 5 years thereafter, the head of the Office shall work with the head of each agency to determine which investments of the agency have an environmental or climate change nexus. Not later than 5 years after the date of enactment of this Act, for each investment of an agency identified under subsection (a), the Director of the agency and the head of the agency shall carry out a review of the investment to ensure that, to the extent allowable by law, frontline communities benefit from the investment. The review under paragraph
(1)shall include— an examination of the eligibility requirements for the investment to ensure that frontline communities can compete to receive the investment; an examination of the assistance or options for required non-Federal cost shares for applicants that are, or serve, frontline communities; an examination of whether priority for the investment may be given if the applicant is or primarily serves a frontline community; and an examination of the diversity of the historical recipients of the investment. Notwithstanding any other provision of law, a new investment with an environmental or climate change nexus shall undergo an assessment to ensure that— to the extent allowed by the laws governing the investment, frontline communities benefit from the investment; an examination of the eligibility requirements for the investment to ensure that frontline communities can compete to receive the investment; an examination of the assistance or options for required non-Federal cost shares for applicants that are, or serve, frontline communities; an examination of whether priority for the investment may be given if the applicant is or primarily serves a frontline community; and an examination of how to increase the diversity of recipients of the investment. Not less frequently than once every 10 years, the head of the Office shall work with the head of each agency and the Director of that agency to review the application and administration of any investment of the agency with an environmental or climate change nexus to ensure that the investment is serving frontline communities. After an agency carries out a review under subsection (b), (c), or (d), the head of the agency shall, in coordination with a review panel under section 402(b), if any, prepare a final report describing the results of the review. A final report under paragraph
(1)shall contain— a statement of the need for, and the objectives of, the investment; a statement of— the recommendations of the review panel under section 402(d)(2), if any; and any changes made in the implementation of the investment as a result of the recommendations described in clause (i), if any; and a description of the steps the agency has taken to ensure that frontline communities benefit from the investment, including a description of the factual, policy, and legal reasons why each of the recommendations described in subparagraph (B)(i), if any, was rejected or adopted. In preparing a final report under paragraph (1), the head of the agency with jurisdiction over an investment subject to additional review under section 402, in coordination with the head of the Office, shall give strong consideration to the findings and recommendations described in the report under section 402(d). The head of the agency preparing the final report under paragraph
(1)shall publish in the Federal Register— the final report; or a summary of the final report.