Sec. 501. Limitations and preferences
273 words·~1 min read·
/bill/117/s/2662/is/section-501·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 1 year after the date of enactment of this Act, the Chief Executive Officer of the Corporation, in consultation with the Secretary of the Treasury, shall establish policies to ensure that, with respect to support provided to an entity under the activities of the Corporation under title II, the support— is contingent on the entity using the support to invest in manufacturing activity in the United States; retains public benefits in the United States after the date on which the support concludes according to binding commitments that, as determined by the Chief Executive Officer of the Corporation— are satisfactory; and remain in place for the longest feasible period of time, consistent with sound economics and the purposes of this Act; and contains safeguards to minimize the transfer of intellectual property from companies in the United States to foreign entities, especially to countries of concern, including the People’s Republic of China.
An entity receiving support from the Corporation under title II may not receive more than an amount that is equal to 5 percent of the maximum contingent liability of the Corporation authorized under section 303. The Corporation shall make efforts to ensure that the activities of the Corporation promote— regional diversity, such that businesses located in a diverse range of States receive investment support under title II; competition, such that target industries and sectors maintain a competitive environment and are not controlled by single entities; sustainability, such that raw materials sourcing and manufacturing practices minimize environmental harm; equity, such that businesses from historically marginalized communities receive business development support; and fair labor, such that businesses with unionized workforces are supported.