To amend the Public Works and Economic Development Act of 1965 to update and expand Federal economic development investment in the economic recovery, resiliency, and competitiveness of communities, regions, and States across the United States, and for other purposes.
About This Bill
Introduced
Latest Action · March 12, 2024
Placed on Senate Legislative Calendar under General Orders. Calendar No. 345.
This bill reauthorizes and updates the Economic Development Administration's programs under the Public Works and Economic Development Act of 1965, along with several regional economic development commissions, for fiscal years 2025 through 2029. It expands eligibility criteria for distressed communities to include factors like low median household income and workforce participation rates, while creating new grant programs for coal and nuclear power plant communities facing economic transitions, workforce training, broadband deployment, and critical supply chain site development. The bill establishes two new regional bodies, the Mid-Atlantic Regional Commission and the Southern New England Regional Commission, and increases funding for existing regional commissions like the Denali Commission, Delta Regional Authority, and Northern Great Plains Regional Authority. It also creates new administrative offices focused on Tribal economic development and disaster recovery, raises the standard federal cost-share for projects from 50 to 60 percent, and adds new congressional notification and GAO reporting requirements. Overall funding authorized includes hundreds of millions of dollars annually across various programs, with amounts generally increasing each year through 2029, affecting states, tribes, local governments, and economically distressed rural and urban communities nationwide.
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