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Full Text of this Amendment

SA 449. Mr. COBURN submitted an amendment intended to be proposed by him to the bill S. 782, to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, and for other purposes; which was ordered to lie on the table; as follows:

Strike all after the enacting clause and insert the following:
(a) Termination of Authority.--Effective October 1, 2011, the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121 et seq.) is repealed.
(b) Termination of Agency.--Effective beginning on October 1, 2011, the Economic Development Administration is terminated.
(c) Collection Authority.--The Secretary of the Treasury may collect any amounts owed to the Federal Government under any loan agreement entered into by the Economic Development Administration in effect on September 30, 2011--
(1) in accordance with the terms or conditions of that loan agreement; or
(2) as otherwise provided by law.

(As printed in the Congressional Record for the Senate on Jun 9, 2011.)