S. 3589 — Introduced in Senate

II 116th CONGRESS 2d Session S. 3589 IN THE SENATE OF THE UNITED STATES May 4, 2020Mr. Hawley (for himself, Mrs. Blackburn, Ms. McSally, Mr. Rubio, and Mr. Braun) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To amend the higher education emergency relief fund under the CARES Act to restrict eligibility to institutions of higher education that owned endowment assets whose average monthly value was equal to or less than $10,000,000,000 in 2019, unless the institution expends additional institutional funds on higher education emergency relief. 1. Short title This Act may be cited as the Use Your Endowment Act. 2. Amendment to the higher education emergency relief fund Section 18004 of the CARES Act (Public Law 116–136) is amended by adding at the end the following: (f) Restriction on endowment size (1) In general Notwithstanding any other provision of law, an institution of higher education shall not be eligible to receive funds under this section if the institution owned endowment assets whose average monthly value was greater than $10,000,000,000 in 2019, unless the institution provides documentation to the Secretary that the institution expended an amount equal to not less than 1000 percent of the amount of funds to be awarded to the institution under this section for the purposes described in subsection (c). (2) Repayment of funds Notwithstanding any other provision of law, an institution of higher education that owned endowment assets whose average monthly value was greater than $10,000,000,000 in 2019, and has not provided documentation to the Secretary that the institution expended an amount equal to not less than 1000 percent of the amount of funds awarded to the institution under this section for the purposes described in subsection (c), and received funds under this section before the date of enactment of this subsection, shall repay such funds received to the Secretary. .