Economic Development Administration November 2016 – Federal Register Recent Federal Regulation Documents

The Economic Development Administration (``EDA''), U.S. Department of Commerce (``DOC''), will hold a webinar to discuss proposed updates to the agency's regulations implementing the Public Works and Economic Development Act of 1965, as amended (``PWEDA''). On October 3, 2016, EDA published a Notice of Proposed Rulemaking (``NPRM'') in the Federal Register at 81 FR 68186. Through this NPRM, EDA is proposing important changes to the regulations governing the Revolving Loan Fund (``RLF'') program that are intended to reflect current best practices and strengthen EDA's efforts to evaluate, monitor, and improve RLF performance by establishing the Risk Analysis System, a risk-based management framework, to evaluate and manage the RLF program. EDA also proposes to reorganize the RLF regulations to improve their readability and clarify the requirements that apply to the distinct phases of an RLF award. In addition, EDA proposes specific changes to RLF requirements to make RLF awards more efficient for Recipients to administer and for EDA to monitor. Through this NPRM EDA proposes important, but less comprehensive updates to other parts of its regulations, including revising definitions, replacing references to superseded regulations to reflect the promulgation of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements (2 CFR part 200) (``Uniform Guidance''), streamlining the provisions that outline EDA's application process, and clarifying EDA's property management regulations. Given the more comprehensive nature of the changes being proposed to the RLF program, EDA will use this webinar to focus on the proposed RLF changes and explain both the rationale behind those changes and their potential impact. All members of the public are invited to participate.