,,ii #aagth ,,congress #b;d ,session ,s4 #dahc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #aa 7legislative day1 ,may #aj71 #bjbb,mr4 ,bennet introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to establish the ,national ,energy ,transition ,endowment and ,community ,revitalization ,corporation1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,national ,energy ,community ,transition ,act of #bjbb4 #b4 ,definitions ,in this ,act3 7#a7 ,average ending balance ,the term average ending balance1 with respect to an account in the ,endowment1 means-- 7,a7 for the first fiscal year during which the ,endowment is in operation1 the actual ending balance of the account2 7,b7 for the second fiscal year during which the ,endowment is in operation1 the average of the fiscal year ending balances of the account for that fiscal year and the preceding fiscal year2 7,c7 for the third fiscal year during which the ,endowment is in operation1 the average of the fiscal year ending balances of the account for the #b-preceding-fiscal-year period2 and 7,d7 for the fourth fiscal year during which the ,endowment is in operation1 and for each fiscal year thereafter1 the average of the fiscal year ending balances of the account for the #c-preceding-fiscal-year period4 7#b7 ,board ,the term ,board means the ,board of ,directors of the ,corporation4 7#c7 ,community development financial institution ,the term community development financial institution has the meaning given the term in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#d7 ,corporation ,the term ,corporation means the ,community ,revitalization ,corporation established by section #c7;a74 7#e7 ,eligible community ,the term eligible community means-- 7,a7 a community experiencing or likely to experience an economic or workforce transition relating to changes in applicable-- 7i7 fossil fuel electricity generation2 or 7ii7 fossil fuel extraction1 development1 or demand2 and 7,b7 a community experiencing or likely to experience a decline in fossil fuel-related revenue4 7#f7 ,endowment ,the term ,endowment means the ,national ,energy ,transition ,endowment ,fund established by section #d7;a77#a74 7#g7 ,energy community hub ,the term energy community hub means a place-based organization 7including a nonprofit entity1 community development financial institution1 regional economic development authority1 or other community-based organization1 as determined to be appropriate by the ,corporation7 that-- 7,a7 facilitates economic and community development in an eligible community2 and 7,b7 provides necessary capacity and experience to implement a transition program for #a or more eligible communities4 7#h7 ,transition program ,the term transition program means a program described in section #e7;a77#b7 or paragraph 7#c7 or 7#d7 of section #e7;b74 #c4 ,establishment of the community revitalization corporation 7a7 ,in general ,there is established a federally chartered1 nonprofit corporation1 to be known as the ,community ,revitalization ,corporation4 7b7 ,status and applicable laws 7#a7 ,non-,federal entity ,the ,corporation is not a department1 agency1 or instrumentality of the ,united ,states ,government4 7#b7 ,liability ,the ,united ,states ,government shall not be liable for the actions or inactions of the ,corporation4 7#c7 ,nonprofit corporation ,the ,corporation shall have and maintain the status of the ,corporation as a nonprofit corporation exempt from taxation under the ,internal ,revenue ,code of #aihf4 7c7 ,board of directors 7#a7 ,authority ,the powers of the ,corporation shall be vested in a ,board of ,directors that governs the ,corporation4 7#b7 ,membership 7,a7 ,in general ,the ,board shall be composed of not fewer than #g but not more than #aa members1 who shall be appointed by the ,president1 not later than #ij days after the date of enactment of this ,act1 by and with the advice and consent of the ,senate4 7,b7 ,qualifications of members 7i7 ,in general ,subject to clauses 7ii7 and 7iii71 in making appointments under subparagraph 7,a71 the ,president shall ensure that the membership of the ,board-- 7,i7 includes-- 7aa7 members from eligible communities2 7bb7 members with relevant economic development experiences with-- 7,,aa7 eligible communities2 7,,bb7 underserved rural communities in economic distress2 and 7,,cc7 underrepresented minority communities1 such as indigenous communities1 ,tribal communities1 or communities of color2 and 7cc7 members representing a recognized ,state labor organization or central labor council or other labor representatives1 as appropriate2 and 7,,ii7 has not more than a #a-member majority from any political party4 7ii7 ,prohibition ,a member of the ,board shall not hold an office1 position1 or employment in any political party4 7iii7 ,initial members ,the ,president shall ensure that the initial membership of the ,board includes a representative of each of the ,northern ,rocky ,mountain region1 the ,four ,corners region1 the ,mid-,continental ,gulf ,coast region1 the ,illinois ,basin region1 the ,appalachian region1 and the ,alaska region1 as described in the report prepared by the ,interagency ,working ,group on ,coal and ,power ,plant ,communities and ,economic ,revitalization entitled ,initial ,report to the ,president on ,empowering ,workers ,through ,revitalizing ,energy ,communities and dated ,april #bjba4 7,c7 ,terms 7i7 ,in general ,a member of the ,board shall be appointed for a term of #d years1 except that the ,president shall designate staggered terms for the members first appointed to the ,board4 7ii7 ,reappointment ,a member of the ,board may be reappointed to serve an additional term1 subject to the condition that the member may serve for not more than #b consecutive terms4 7,d7 ,vacancies 7i7 ,in general ,a vacancy on the ,board shall be-- 7,i7 filled in the manner in which the original appointment was made2 and 7,,ii7 subject to any conditions that applied with respect to the original appointment4 7ii7 ,filling unexpired term ,an individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced4 7,e7 ,expiration of terms ,any member of the ,board may continue to serve after the expiration of the term for which the member was appointed until a qualified successor has been appointed4 7#c7 ,chairperson 7,a7 ,in general ,the ,chairperson of the ,board shall be selected from among the members of the ,board by a majority vote of the members4 7,b7 ,term of service ,the ,chairperson of the ,board-- 7i7 shall serve for a term of not longer than #d years2 and 7ii7 may be reelected to serve an additional term1 subject to the condition that the ,chairperson may serve for not more than #b consecutive terms4 7#d7 ,consultation ,to the maximum extent practicable1 in carrying out the duties of the ,corporation under subsection 7d77#c71 the ,board shall engage regional economic development entities and energy community hubs to solicit and consider input and feedback relating to decisions impacting the #a or more regions the entity represents4 7d7 ,bylaws and duties 7#a7 ,in general ,the ,board shall adopt1 and may amend1 the bylaws of the ,corporation4 7#b7 ,bylaws ,the bylaws of the ,corporation shall include1 at a minimum-- 7,a7 the duties and responsibilities of the ,board2 and 7,b7 the operational procedures of the ,corporation4 7#c7 ,duties and responsibilities of board ,the ,board shall be responsible for actions of the ,corporation1 including-- 7,a7 hiring staff to carry out the functions of the ,corporation2 7,b7 entering into contracts with fund management and investment professionals to manage the ,endowment2 7,c7 making formula payments under section #e7;a77#b72 7,d7 making grants in accordance with section #e7;b77#c72 7,e7 monitoring ,federal and ,state policies relevant to rural and transitioning communities2 7,f7 coordinating 7including through entering into contracts71 as appropriate1 with relevant agencies1 institutions1 energy community hubs1 and other entities that provide economic1 training1 and capacity assistance to eligible communities consistent with the duties under subparagraphs 7,c71 7,d71 7,h71 and 7,i72 7,g7 creating and maintaining accessible electronic materials targeted towards eligible communities1 including up-to-date1 user-friendly information on-- 7i7 the programs and activities carried out by the ,corporation2 and 7ii7 other relevant ,federal programs that provide economic assistance to eligible communities or other similar transitioning communities2 7,h7 making public investments in accordance with section #e7;b77#d72 and 7,i7 monitoring1 assessing1 and reporting on outcomes of-- 7i7 any financial assistance provided under a transition program2 and 7ii7 any public investment made under section #e7;b77#d74 7#d7 ,chief ,executive ,officer ,the ,board shall select and hire a ,chief ,executive ,officer1 who shall report directly to the ,board4 #d4 ,establishment of endowment and investment strategy 7a7 ,endowment fund 7#a7 ,in general ,there is established within the ,corporation an endowment1 to be known as the ,national ,energy ,transition ,endowment ,fund1 consisting of-- 7,a7 amounts deposited in the ,endowment under paragraph 7#c7 and subsection 7b77#c77;,b72 7,b7 income from investments of amounts in the ,endowment under paragraph 7#d72 and 7,c7 amounts transferred to the ,endowment under subsection 7c74 7#b7 ,accounts ,within the ,endowment1 there are established the following accounts3 7,a7 ,the ,transitioning ,communities ,permanent ,account1 consisting of the amounts described in subparagraphs 7,a7 and 7,b7 of paragraph 7#a74 7,b7 ,the ,transitioning ,communities ,benefit ,account1 consisting of the amounts described in paragraph 7#a77;,c74 7#c7 ,deposit ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary of the ,treasury shall deposit in the ,endowment1 out of amounts in the ,treasury not otherwise appropriated1 #bj1jjj1jjj1jjj4 7#d7 ,investments ,in accordance with the investment strategy developed under subsection 7b77#a71 the ,board shall invest the principal balance of the ,endowment4 7b7 ,investments 7#a7 ,in general ,not later than #ahj days after the date of enactment of this ,act1 the ,board shall establish an investment strategy for amounts in the ,endowment that-- 7,a7 protects the principal balance of the ,endowment from inflation through such measures as the ,board determines to be necessary to maintain in perpetuity the inflation-adjusted value of all deposits into the ,endowment under subparagraphs 7,a7 and 7,c7 of subsection 7a77#a72 and 7,b7 to the maximum extent practicable1 achieves a return on investment of #e percent 7net of inflation7 to finance-- 7i7 disbursements to eligible entities under section #e7;a77#b72 and 7ii7 the administration of the ,corporation under paragraph 7#c77;,a74 7#b7 ,investment of principal balance ,of the principal balance of the ,endowment1 the ,board shall invest-- 7,a7 an amount equal to not less than #he percent1 and not more than #ij percent1 in a diversified portfolio of stocks and bonds2 and 7,b7 an amount equal to not less than #aj percent1 and not more than #ae percent1 in investments that leverage the purposes of disbursements from the ,endowment authorized under section #e4 7#c7 ,administrative funds 7,a7 ,in general ,for each fiscal year1 the ,board may disburse to the ,corporation from the ,transitioning ,communities ,permanent ,account1 for the administrative expenses of the ,corporation1 not more than the amount equal to the product obtained by multiplying-- 7i7 the average ending balance of the ,transitioning ,communities ,permanent ,account with respect to that fiscal year2 and 7ii7 #j4e percent4 7,b7 ,excess funds ,if the amount of the actual administrative expenses of the ,corporation for a fiscal year is less than the amount disbursed to the ,corporation for the fiscal year under subparagraph 7,a71 an amount equal to the difference between those amounts shall be deposited in the ,endowment4 7c7 ,transfers to endowment from energy and natural resources leasing ,each fiscal year1 the ,secretary of the ,treasury shall transfer to the ,endowment an amount equal to #cc percent of amounts in the ,treasury received from fossil fuel extraction and production leasing and renewable energy resource leasing on ,federal land for that fiscal year and not otherwise obligated4 7d7 ,reports ,the ,corporation shall submit to ,congress1 and make available to the public 7including any eligible entities that receive financial assistance under a transition program7-- 7#a7 a quarterly report on ,endowment investment outcomes2 and 7#b7 an annual report describing disbursements from the ,endowment1 including how amounts were allocated under the transition programs4 7e7 ,oversight ,annually1 the ,inspectors ,general of the ,department of the ,interior and the ,department of the ,treasury shall conduct a review of the management of the ,endowment by the ,corporation4 #e4 ,disbursements from ,endowment 7a7 ,transitioning ,communities ,permanent ,account 7#a7 ,availability of amounts ,not later than ,september #cj of each fiscal year1 in accordance with paragraph 7#b71 the ,board shall make available from the ,transitioning ,communities ,permanent ,account an amount equal to the product obtained by multiplying-- 7,a7 the average ending balance of the ,transitioning ,communities ,permanent ,account with respect to that fiscal year2 and 7,b7 #d4e percent4 7#b7 ,formula distribution 7,a7 ,definition of eligible entity ,in this paragraph1 the term eligible entity means a municipal1 county1 or ,tribal government that represents an eligible community4 7,b7 ,allocation ,the ,corporation shall allocate the amount made available from the ,transitioning ,communities ,permanent ,account under paragraph 7#a7 each fiscal year to eligible entities pursuant to subparagraph 7,c74 7,c7 ,formula 7i7 ,in general ,the ,corporation shall establish a formula to allocate amounts made available from the ,transitioning ,communities ,permanent ,account each fiscal year under subparagraph 7,b7 directly to eligible entities4 7ii7 ,requirement ,to the maximum extent practicable1 in establishing the formula under clause 7i71 the ,corporation shall use as a model existing formulas established by the ,treasury1 if available and as applicable4 7,d7 ,review and public comment 7i7 ,in general ,the ,board shall review the formula established under subparagraph 7,c7 not less frequently than once every #c years4 7ii7 ,public comment ,the results of the review conducted under clause 7i71 including any recommended changes to the formula made by the ,board1 shall be subject to a period of public comment of not less than #cj days4 7,e7 ,formula criteria ,the formula established under subparagraph 7,c7 or modified under subparagraph 7,d7 shall-- 7i7 be designed to reflect eligible communities2 and 7ii7 take into account revenue declines that-- 7,i7 have occurred during the #bj-year period ending on1 as applicable-- 7aa7 the date of enactment of this ,act2 or 7bb7 the date of the applicable review under subparagraph 7,d77i72 and 7,,ii7 are projected to occur during the #aj-year period beginning on1 as applicable-- 7aa7 the date of enactment of this ,act2 or 7bb7 the date of the applicable review under subparagraph 7,d77i74 7,f7 ,priority 7i7 ,definition of officially announced closure ,in this subparagraph1 the term officially announced closure means-- 7,i7 in the case of the closure of a fossil fuel energy-generating unit or facility1 a notice of closure filed with-- 7aa7 the ,energy ,information ,administration2 or 7bb7 a relevant regional reliability regulator1 including a ,regional ,transmission ,organization1 ,independent ,system ,operator1 or ,state public utility commission2 and 7,,ii7 in the case of the closure of a coal mine that provides coal for an electric power plant for which a notice of closure has been filed under subclause 7,i71 a notice of closure that includes supporting documentation from form #ibc of the ,energy ,information ,administration 7or a successor form74 7ii7 ,priority ,in establishing the formula under subparagraph 7,c71 the ,corporation shall prioritize eligible entities located in eligible communities experiencing or likely to experience an acute fiscal crisis associated with the loss of revenue resulting from-- 7,i7 the closure or officially announced closure of #a or more fossil fuel energy-generating units or facilities2 or 7,,ii7 the decline or cessation of fossil fuel extraction activities4 7,g7 ,considerations ,in establishing the formula under subparagraph 7,c71 the ,corporation shall consider community characteristics1 including social and economic measures of income1 poverty1 education1 geographic isolation1 and other characteristics identified by the ,corporation4 7,h7 ,use of funds ,an eligible entity may use amounts received under this paragraph for any governmental purpose4 7b7 ,transitioning ,communities ,permanent ,account 7#a7 ,availability of amounts ,not later than ,september #cj of each fiscal year1 in accordance with paragraphs 7#b7 through 7#d71 the ,board shall make available from the ,transitioning ,communities ,benefit ,account an amount equal to the product obtained by multiplying-- 7,a7 the average ending balance of the ,transitioning ,communities ,benefit ,account with respect to that fiscal year2 and 7,b7 #d4e percent4 7#b7 ,allocation ,the ,corporation shall allocate the amount made available from the ,transitioning ,communities ,benefit ,account under paragraph 7#a7 each fiscal year-- 7,a7 to provide grants to eligible entities pursuant to the transition program described in paragraph 7#c72 and 7,b7 for public investment pursuant to the transition program described in paragraph 7#d74 7#c7 ,capacity building2 planning and implementation grants 7,a7 ,definition of eligible entity ,in this paragraph1 the term eligible entity includes-- 7i7 a municipal1 county1 or ,tribal government2 7ii7 an energy community hub2 and 7iii7 any other entity that represents eligible communities1 as determined to be appropriate by the ,corporation4 7,b7 ,priority2 limitation 7i7 ,priority ,priority for grants under this paragraph shall be given to eligible entities carrying out activities in eligible communities that have limited capacity to apply for or otherwise access ,federal funding1 as determined by the ,corporation4 7ii7 ,limitation ,in the case of an eligible entity described in clause 7ii7 or 7iii7 of subparagraph 7,a71 a grant under this paragraph may only be provided to the eligible entity if the applicable municipal1 county1 or ,tribal government submits to the ,corporation1 in writing1 a statement that the applicable municipal1 county1 or ,tribal government supports the grant for the eligible entity4 7,c7 ,training and technical assistance ,each fiscal year1 out of amounts made available from the ,transitioning ,communities ,benefit ,account under paragraph 7#b77;,a71 the ,corporation shall provide to eligible entities technical assistance to apply for or otherwise access ,federal funding1 including capacity-building grants under subparagraph 7,d7 and planning and implementation grants under subparagraph 7,e74 7,d7 ,capacity-building grants ,each fiscal year1 out of amounts made available from the ,transitioning ,communities ,benefit ,account under paragraph 7#b77;,a71 the ,corporation shall make noncompetitive capacity-building grants to each eligible entity to assist with developing strategic transition plans necessary to receive additional competitive grants and financing opportunities4 7,e7 ,planning and implementation grants 7i7 ,grants ,each fiscal year1 out of amounts made available from the ,transitioning ,communities ,benefit ,account under paragraph 7#b77;,a71 the ,corporation shall make competitive1 multiyear grants to eligible entities to fund-- 7,i7 strategic transition planning activities in eligible communities2 7,,ii7 the implementation of transition plans in eligible communities2 and 7,,iii7 transition projects in eligible communities1 including workforce retraining and community development projects4 7ii7 ,strategy for data collection1 monitoring1 and reporting ,in carrying out this subparagraph1 the ,corporation shall develop a strategy to assist eligible entities receiving grants under this subparagraph with any applicable data collection1 monitoring1 and reporting requirements4 7iii7 ,assessment by ,corporation ,to ensure transparency and improve the transfer and understanding of transition planning and implementation outcomes1 the ,corporation shall compile1 conduct assessments of1 and report on data provided by eligible entities provided grants under this subparagraph1 in accordance with section #c7;d77#c77;,i74 7#d7 ,public investment 7,a7 ,in general ,each fiscal year1 out of amounts made available from the ,transitioning ,communities ,benefit ,account under paragraph 7#b77;,b71 the ,corporation shall make public investments in public or private projects carried out in eligible communities that leverage transition programs funded under paragraph 7#c74 7,b7 ,consultation ,the ,corporation may carry out subparagraph 7,a7 in consultation with the staff of the ,corporation1 community development financial institutions1 public benefit corporations1 entities that provide philanthropic funding1 energy community hubs1 and other partners to invest capital in businesses and infrastructure in eligible communities4 7,c7 ,requirement for return on investment ,to the maximum extent practicable1 the ,corporation shall ensure that the entire portfolio of transition investments under subparagraph 7,a7 contributes to a return to the ,endowment that achieves the target described in section #d7;b77#a77;,b74