Department of Energy Minority Economic Impact Revitalization Act

Summary

Department of Energy Minority Economic Impact Revitalization Act - Title I: Minority Economic Impact Revitalization - Requires the Director of the Office of Minority Economic Impact of the Department of Energy (the Office) to establish a working capital program providing loans and venture capital to minority and women-owned business enterprises to commercialize technologies developed through the Department, provide start-up capital for enterprises in the energy technology fields, and strengthen businesses dealing with the Department. Prescribes the eligibility criteria for such businesses. Requires the Director to select from among bids submitted to the Office an administrative financial institution (AFI) to administer the loan program component. Requires the AFI to establish a loan committee to oversee loan applications. Requires such committee and the Director to jointly establish a scheme for the participation of additional financial institutions. Authorizes a minority business enterprise (MBE) to request the participation of a specific financial institution with which it conducts business. Outlines loan application procedures. Sets a five-year maximum loan term. Authorizes an MBE to request technical or managerial assistance through the central Energy Related Minority Business Enterprise Center of the Department. Requires the Director to establish venture capital partnerships with venture capital organizations. Amends the Department of Energy Organization Act to direct the Secretary of the Department of Energy to: (1) provide financial assistance in the form of grants to an MBE to assist its full participation in the Department's research, development, and contract activities; and (2) limit the use of such assistance to providing funds necessary for such MBEs to bid for and obtain contracts. Directs the Secretary to hire a specified number of additional personnel to administer the working capital program. Authorizes appropriations for FY 1990 to the Department for a working capital program and for an economic development program involving the establishment of a central energy-related minority business enterprise development center in the Office. Directs the Office to coordinate and develop: (1) Department of Energy programs involving historically black colleges and universities; and (2) the Minority Financial Institution Deposit Program. Title II: Nuclear Waste Fund - Amends the Nuclear Waste Policy Act of 1982 to authorize the Secretary of Energy to request the Secretary of the Treasury to invest excess Nuclear Waste Fund monies in the Minority Bank Deposit Program of the Department of the Treasury.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 4 August 1989

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