Sec. 9. Economic distress formula
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Not later than 180 days after the date of enactment of this Act, the Secretary of Commerce shall review the economic distress formula under section 301 of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3161 ) and submit to Congress a report that includes— recommendations for modifications to the formula to ensure that all areas, including distressed areas, are eligible to receive a higher percentage of Federal funding than those areas currently are eligible to receive; a recommendation on whether to reduce the non-Federal share for projects carried out with grants under that Act ( 42 U.S.C. 3121 et seq. ); and an analysis of the financial limitations of eligible recipients located within high-density public land counties (as defined in section 7(a)) in accessing Economic Development Administration funding opportunities.
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