Sec. 302. Distressed Community Investment Agency
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There is established the Distressed Community Investment Agency within the Department of Commerce one year after the date of the enactment of this Act with the mission of promoting, establishing, and strengthening venture capital investment in distressed communities, including expenses of grants, contracts, and other agreements with public or private entities. The Distressed Community Investment Agency shall— coordinate the plans, programs, and operations of the Federal Government which affect or may contribute to the promotion, establishment, and strengthening of venture capital investment in distressed communities; promote the mobilization of activities and resources of State and local governments, businesses and trade associations, institutions of higher education, foundations, professional organizations, and volunteer and other groups towards the promotion, establishment, and strengthening of venture capital investment in distressed communities; facilitate the coordination of the efforts of groups described in paragraph
(2)with those of agencies; establish satellite centers in distressed communities across the United States for the development, collection, summarization, and dissemination of information helpful to persons, State and local governments, businesses and trade associations, institutions of higher education, foundations, professional organizations, and volunteer and other groups in undertaking or promoting venture capital investment in distressed communities; make grants, including contracts and cooperative agreements, to any State government or any agency thereof, any regional entity, any State-chartered development, any institution of higher education, or to any entity formed by two or more of the above entities to assist in establishing the satellite centers described in paragraph (4); provide technical and management assistance to public or private entities or organizations engaged in promoting, establishing, and strengthening venture capital investment in distressed communities through workforce development and retention, attracting businesses and industries, fostering innovation, accelerating entrepreneurship and business growth, and marketing local, State, and regional ecosystems; and defray all or part of the costs of pilot or demonstration projects conducted by public or private entities or organizations which are designed to overcome the unique challenge of promoting, establishing, and strengthening venture capital investment in distressed communities, or otherwise to further the purposes of this Act. The Secretary of Commerce, to enable the Distressed Community Investment Agency to better execute the functions described in this section and with the participation of the Economic Development Administration and other agencies, as appropriate, shall— develop comprehensive plans and specific program goals for the Distressed Community Investment Agency; establish regular performance monitoring and reporting systems to assure that goals are being achieved; evaluate the impact of Federal support in achieving the objectives established by this title; require a coordinated review of all proposed Federal training and technical assistance activities in support of promoting, establishing, and strengthening venture capital investment in distressed communities to assure consistency with the program goals of the Distressed Community Investment Agency and to avoid duplication; convene, for purposes of coordination, meetings of the heads of agencies, or their designees, whose programs and activities may affect or contribute to the purposes of this title; convene economic development organizations, venture capitalists, startup founders, entrepreneurs, chambers of commerce, and other representatives of the private sector who are engaged in growing venture capital investment in distressed communities or who could contribute to this growth to propose, evaluate, and coordinate governmental and private activities in furtherance of the objectives of this title; confer with and advise officials of State and local governments; provide the managerial and organizational framework through which joint or collaborative undertakings with agencies or private organizations can be planned and implemented; and recommend appropriate legislative or executive actions. The head of each agency, or a representative designated by such head, when and in the manner so requested by the Secretary of Commerce, shall furnish information, assistance, and reports to, and shall otherwise cooperate with, the Distressed Community Investment Agency. The head of each agency shall, when so requested by the Secretary of Commerce, designate the official to have primary and continuing responsibility for the participation and cooperation of that agency in matters related to promoting, establishing, and strengthening venture capital investment in distressed communities. Each official designated pursuant to paragraph (2), when so requested, shall keep the Secretary of Commerce informed of all proposed budgets, plans, and programs of the agency of that official related to promoting, establishing, and strengthening venture capital investment in distressed communities. Each agency shall continue all efforts to promote, establish, and strengthen venture capital investment in distressed communities, and shall cooperate with the Secretary of Commerce in increasing the total Federal effort. Not later than September 30 of each year, each satellite center shall submit to the Secretary of Commerce a report on the activities of the center, including the following: The center’s performance in implementing the plans and meeting the specific program goals set for the prior fiscal year. The plans and specific program goals of the center for the next fiscal year. Completed and ongoing joint and collaborative undertakings with the groups described in subsection (b)(2). The services most used by the center. Recommendations for improving the quality, utility, and delivery of services offered by the Distressed Community Investment Agency. Any other information requested by the Secretary of Commerce. Not later than one year after the date of the enactment of this title and every March 31 thereafter, the Secretary of Commerce shall submit to Congress a report on the following: The activities of the Distressed Community Investment Agency. The location of new and existing satellite centers. The performance of the Distressed Community Investment Agency in implementing the plans and meeting the specific program goals set for the prior fiscal year. The plans and specific program goals for the next fiscal year. Expenses of grants, contracts, and other agreements with public or private entities. Completed and ongoing joint or collaborative undertakings with agencies and the groups described in subsection (b)(2). Meetings convened by the Secretary with heads of agencies, representatives of the private sector, or officials of State and local governments. A review and evaluation of the impact of Federal support in achieving the objectives established by this title. Recommendations for legislation or other action determined to be desirable to promote the purposes of this title. The head of each agency shall— develop and implement systematic data collection processes to provide the Distressed Community Investment Agency current data helpful in evaluating efforts to promote, establish, and strengthen venture capital investment in distressed communities; and not later than September 30 of each year, submit to the Secretary of Commerce a report on efforts to promote, establish, and strengthen venture capital investment in distressed communities through workforce development and retention, attracting businesses and industries, fostering innovation, accelerating entrepreneurship and business growth, and marketing local, State, and regional ecosystems. Section 12 of the Act of February 14, 1903 ( 15 U.S.C. 1511 ), is amended— in paragraph (4), by inserting a semicolon at the end; in paragraph (5), by striking ; and and inserting a semicolon; by redesignating paragraph
(6)as paragraph (7); and by inserting after paragraph
(5)the following new paragraph: Distressed Community Investment Agency; and .
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Sec. 302
Distressed Community Investment Agency
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