Manufacturing Reinvestment Corporation Act
This bill establishes the Manufacturing Reinvestment Corporation within the Department of Commerce.
The corporation must set national strategic objectives for the manufacturing industry with an emphasis on equity and inclusion. Based on specified criteria, the corporation also must establish and make grants to 30 local Manufacturing Renaissance Councils to support the corporation's objectives. Each council must have a governing board comprised of at least nine members, which include community stakeholder organizations, local governments, educational institutions, and manufacturing companies. Each council must use grants from the corporation for economic development programs in the community, education and training, and wraparound services such as child care and mental health services.
Additionally, the bill provides for the composition of the corporation's board of directors as well as the appointment of an executive director and other employees. The corporation must report annually about its national strategy and finances. The bill requires financial audits of the corporation and of each grantee and contractor.