S. 3589 · 116th Congress
Use Your Endowment Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HawleySponsor5 cosponsors · 5 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill deems certain institutions of higher education (IHEs) ineligible to receive certain emergency relief funds to address the coronavirus (i.e., the virus that causes COVID-19).
What it does: CRS summary · Introduced in Senate · May 4, 2020
Use Your Endowment Act
This bill deems certain institutions of higher education (IHEs) ineligible to receive certain emergency relief funds to address the coronavirus (i.e., the virus that causes COVID-19).
Specifically, an IHE with an endowment greater than $10 billion in 2019 is generally ineligible to receive such funds and must return any funds it received to the Department of Education (ED). However, such an IHE may receive and keep these funds if it provides documentation to ED that it expended 1,000% of the amount of the funds on emergency relief (e.g., financial-aid grants to students).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Use Your Endowment Act
Latest action (May 4, 2020): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: May 4, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.