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106th CONGRESS
2d Session
S. 3214
To amend the Assets for Independence Act (Title IV of the Community
Opportunities, Accountability, and Training and Educational Services
Act of 1998) to enhance program flexibility, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 18 (legislative day, September 22), 2000
Mr. Gregg (for himself, Mr. Harkin, and Mr. Kennedy) introduced the
following bill; which was read twice and referred to the Committee on
Health, Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To amend the Assets for Independence Act (Title IV of the Community
Opportunities, Accountability, and Training and Educational Services
Act of 1998) to enhance program flexibility, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
That this Act may be cited as the ``Assets for Independence Act
Amendments of 2000''.
SEC. 2. MATCHING CONTRIBUTIONS UNAVAILABLE FOR EMERGENCY WITHDRAWALS.
Section 404(5)(A)(v) of the Assets for Independence Act (42 U.S.C.
604 note) is amended by striking ``, or enabling the eligible
individual to make an emergency withdrawal''.
SEC. 3. ADDITIONAL QUALIFIED ENTITIES.
Section 404(7)(A) of the Assets for Independence Act (42 U.S.C. 604
note) is amended--
(1) in clause (i), by striking ``or'' at the end thereof;
(2) in clause (ii), by striking the period at the end and
inserting ``; or''; and
(3) by adding at the end the following new clause:
``(iii) an entity that--
``(I) is--
``(aa) a credit union
designated as a low-income
credit union by the National
Credit Union Administration
(NCUA); or
``(bb) an organization
designated as a community
development financial
institution by the Secretary of
the Treasury (or the Community
Development Financial
Institutions Fund); and
``(II) can demonstrate a
collaborative relationship with a local
community-based organization whose
activities are designed to address
poverty in the community and the needs
of community members for economic
independence and stability.''.
SEC. 4. HOME PURCHASE COSTS.
Section 404(8)(B)(i) of the Assets for Independence Act (42 U.S.C.
604 note) is amended by striking ``100'' and inserting ``120''.
SEC. 5. INCREASED SET-ASIDE FOR ECONOMIC LITERACY TRAINING AND
ADMINISTRATIVE COSTS.
Section 407(c)(3) of the Assets for Independence Act (42 U.S.C. 604
note) is amended--
(1) by striking ``9.5'' and inserting ``15''; and
(2) by inserting after the first sentence the following:
``Of the total amount specified in this paragraph, not more
than 7.5 percent shall be used for administrative functions
under paragraph (1)(C), including program management, reporting
requirements, recruitment and enrollment of individuals, and
monitoring. The remainder of the total amount specified in this
paragraph (not including the amount specified for use for the
purposes described in paragraph (1)(D)) shall be used for
nonadministrative functions described in paragraph (1)(A),
including case management, budgeting, economic literacy, and
credit counseling. If the cost of nonadministrative functions
described in paragraph (1)(A) is less than 5.5 percent of the
total amount specified in this paragraph, such excess funds may
be used for administrative functions.''.
SEC. 6. ALTERNATIVE ELIGIBILITY CRITERIA.
Section 408(a)(1) of the Assets for Independence Act (42 U.S.C. 604
note) is amended by striking ``does not exceed'' and inserting ``is
equal to or less than 200 percent of the poverty line (as determined by
the Office of Management and Budget) or''.
SEC. 7. REVISED ANNUAL PROGRESS REPORT DEADLINE.
(a) In General.--Section 412(c) of the Assets for Independence Act
(42 U.S.C. 604 note) is amended by striking ``calendar'' and inserting
``project''.
(b) Transitional Deadline.--Notwithstanding the amendment made by
subsection (a), the submission of the initial report of a qualified
entity under section 412(c) shall not be required prior to the date
that is 90 days after the date of enactment of this Act.
SEC. 8. REVISED INTERIM EVALUATION REPORT DEADLINE.
(a) In General.--Section 414(d)(1) of the Assets for Independence
Act (42 U.S.C. 604 note) is amended by striking ``calendar'' and
inserting ``project''.
(b) Transitional Deadline.--Notwithstanding the amendment made by
subsection (a), the submission of the initial interim report of the
Secretary under section 412(c) shall not be required prior to the date
that is 90 days after the date of enactment of this Act.
SEC. 9. INCREASED APPROPRIATIONS FOR EVALUATION EXPENSES.
Subsection (e) of section 414 of the Assets for Independence Act
(42 U.S.C. 604 note) is amended to read as follows:
``(e) Evaluation Expenses.--Of the amount appropriated under
section 416 for a fiscal year, the Secretary may expend not more than
$500,000 for such fiscal year to carry out the objectives of this
section.''.
SEC. 10. NO REDUCTION IN BENEFITS.
Section 415 of the Assets for Independence Act (42 U.S.C. 604 note)
is amended to read as follows:
``SEC. 415. NO REDUCTION IN BENEFITS.
``Notwithstanding any other provision of Federal law (other than
the Internal Revenue Code of 1986) that requires consideration of 1 or
more financial circumstances of an individual, for the purpose of
determining eligibility to receive, or the amount of, any assistance or
benefit authorized by such law to be provided to or for the benefit of
such individual, funds (including interest accruing) in an individual
development account under this Act shall be disregarded for such
purpose with respect to any period during which such individual
maintains or makes contributions into such an account.''.
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