View all text of Subchapter XXVIII [§ 290m - § 290m-8]
§ 290m–2. Community adjustment and investment program
(a) The President
(1) The President may enter into an agreement with the Bank that facilitates implementation by the President of a program for community adjustment and investment in support of the Agreement pursuant to chapter II of the Cooperation Agreement (hereafter in this section referred to as the “community adjustment and investment program”).
(2) The President may receive from the Bank 10 percent of the paid-in capital actually paid to the Bank by the United States for the President to carry out, without further appropriations, through Federal agencies and their loan and loan guarantee programs, the community adjustment and investment program, pursuant to an agreement between the President and the Bank.
(3) The President may select one or more Federal agencies that make loans or guarantee the repayment of loans to assist in carrying out the community adjustment and investment program, and may transfer the funds received from the Bank to such agency or agencies for the purpose of assisting in carrying out the community adjustment and investment program.
(4)
(A) Each Federal agency selected by the President to assist in carrying out the community adjustment and investment program shall use the funds transferred to it by the President from the Bank to pay for the costs of direct and guaranteed loans, as defined in section 661a of title 2, and, as appropriate, other costs associated with such loans, all subject to the restrictions and limitations that apply to such agency’s existing loan or loan guarantee program.
(B) Funds transferred to an agency under subparagraph (A) shall be in addition to the amount of funds authorized in any appropriations Act to be expended by that agency for its loan or loan guarantee program.
(5) The President shall—
(A) establish guidelines for the loans and loan guarantees to be made under the community adjustment and investment program;
(B) endorse the grants made by the Bank for the community adjustment and investment program, as provided in Article I, section 1(b), and Article III, section 11(a), of Chapter II of the Cooperation Agreement; and
(C) endorse any loans or guarantees made by the Bank for the community adjustment and investment program, as provided in Article I, section 1(b), and Article III, section 6(a) and (c) of Chapter II of the Cooperation Agreement.
(b) Advisory Committee
(1) Establishment
(2) Membership
(A) In generalThe Advisory Committee shall consist of 9 members of the public, appointed by the President, who, collectively, represent—
(i) community groups whose constituencies include low-income families;
(ii) any scientific, professional, business, nonprofit, or public interest organization or association which is neither affiliated with, nor under the direction of, a government;
(iii) for-profit business interests; and
(iv) other appropriate entities with relevant expertise.
(B) Representation
(3) FunctionIt shall be the function of the Advisory Committee—
(A) to provide advice to the President regarding the implementation of the community adjustment and investment program, including advice on the guidelines to be established by the President for the loans and loan guarantees to be made pursuant to subsection (a)(4), advice on identifying the needs for adjustment assistance and investment in support of the goals and objectives of the Agreement, taking into account economic and geographic considerations, and advice on such other matters as may be requested by the President; and
(B) to review on a regular basis the operation of the community adjustment and investment program and provide the President with the conclusions of its review.
(4) Terms of members
(A) In general
(B) Chairperson
(C) Meetings
(D) Reimbursement for expenses
(E) Staff and facilities
(c) OmbudsmanThe President shall appoint an ombudsman to provide the public with an opportunity to participate in the carrying out of the community adjustment and investment program.
(1) FunctionIt shall be the function of the ombudsman—
(A) to establish procedures for receiving comments from the general public on the operation of the community adjustment and investment program, to receive such comments, and to provide the President with summaries of the public comments; and
(B) to perform an independent inspection and programmatic audit of the operation of the community adjustment and investment program and to provide the President with the conclusions of its investigation and audit.
(2) Authorization of appropriations
(d) Reporting requirement
(Pub. L. 103–182, title V, § 543, Dec. 8, 1993, 107 Stat. 2167; Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149; Pub. L. 117–286, § 4(a)(163), Dec. 27, 2022, 136 Stat. 4323.)