Senate Bill 3589
116th Congress(2019-2020)
Use Your Endowment Act
Introduced
Introduced
Introduced in Senate on May 4, 2020
Overview
Text
Introduced
May 4, 2020
Latest Action
May 4, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3589
Congress
116
Policy Area
Education
Education
Primary focus of measure is elementary, secondary, or higher education including special education and matters of academic performance, school administration, teaching, educational costs, and student aid.
Sponsorship by Party
No Senate votes have been held for this bill.
Summary

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).

Text (1)
Actions (2)
05/04/2020
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
05/04/2020
Introduced in Senate
Public Record
Created
May 5, 2020 4:27:14 AM
Updated
May 15, 2020 12:46:11 PM