S 3589
116th Congress
Senate
Education
Cardiovascular and respiratory health
Education programs funding
Emergency medical services and trauma care
Higher education
Infectious and parasitic diseases
Student aid and college costs
Use Your Endowment Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 4, 2020
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
May 4, 2020
Introduced in Senate
Plain-English 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).
What's happening now
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Committees of jurisdiction
1