Targeted Federal Funding to Invest in Communities Act
This bill supports state, territorial, tribal, and local governments in providing resources to residents, especially those in historically underserved communities, to improve measurable outcomes for health, education, and quality of life.
States are eligible for support if they are in the bottom 10 of all 50 states in combined ranking of average life expectancy, infant mortality rate, poverty rate, and percentage of state population with a college degree. Also eligible for support are U.S. territories, tribal governments, and the District of Columbia. A local government in an eligible state may receive direct support if it is in a county with persistent poverty.
Recipients shall use the funds to cover only those costs that
The Office of Inspector General of the Department of the Treasury shall conduct monitoring and oversight of the receipt, disbursement, and use of funds.
To provide increased funding for States and communities in need, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Targeted Federal Funding to Invest 
in Communities Act''.

SEC. 2. PURPOSE.

    The purpose of this Act is to support State and local governments 
in providing resources so all residents, especially those in 
historically underserved communities, live healthy, equitable, and 
fulfilling lives by--
            (1) providing funding for programs that improve the quality 
        of life for all residents;
            (2) investing in communities to provide prosperity and 
        economic security for all people; and
            (3) ensuring that funding is directed at counteracting 
        systemic injustices and historic disinvestment.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Eligible state.--The term ``eligible State'' means any 
        State in the bottom 10 of all 50 States, excluding the District 
        of Columbia, the Commonwealth of Puerto Rico, the United States 
        Virgin Islands, Guam, the Commonwealth of the Northern Mariana 
        Islands, and American Samoa, in a combined ranking of average 
        life expectancy, infant mortality rate, poverty rate, and 
        percentage of State population with a college degree. The 
        average life expectancy shall be determined based on the most 
        recent year for which data are available from the Centers for 
        Disease Control and Prevention National Center for Health 
        Statistics. The infant mortality rate shall be determined based 
        on data from the Centers for Disease Control National Center 
        for Health Statistics for the most recent year for which the 
        data are available. The poverty rate shall be determined based 
        on the most recent year for which data are available from the 
        Bureau of the Census. The percentage of State population with a 
        college degree shall be determined based on the most recent 
        year for which data are available from the Bureau of the 
        Census.
            (2) Persistent poverty county.--The term ``persistent 
        poverty county'' means any county with a poverty rate of not 
        less than 20 percent, as determined in each of the 1990 and 
        2000 decennial censuses, and in the Small Area Income and 
        Poverty Estimates of the Bureau of the Census for the most 
        recent year for which the estimates are available.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.

SEC. 4. NEW RACE TO THE TOP FUND.

    (a) Authorization of Appropriations.--
            (1) In general.--Out of any money in the Treasury of the 
        United States not otherwise appropriated, there are authorized 
        to be appropriated for making payments to eligible States, 
        Tribal governments, and units of local government under this 
        section, $20,000,000,000 for each of fiscal years 2021 through 
        2026.
            (2) Reservation of funds.--Of the amount appropriated under 
        paragraph (1), the Secretary shall reserve--
                    (A) $2,000,000,000 of such amount for making 
                payments to the District of Columbia, the Commonwealth 
                of Puerto Rico, the United States Virgin Islands, Guam, 
                the Commonwealth of the Northern Mariana Islands, and 
                American Samoa;
                    (B) $3,000,000,000 of such amount for making 
                payments to Tribal governments; and
                    (C) $5,000,000,000 of such amount for making 
                payment to persistent poverty counties within eligible 
                States.
    (b) Authority To Make Payments.--
            (1) In general.--Subject to paragraph (2), not later than 
        90 days after the date of enactment of this section, and 
        annually thereafter, the Secretary shall pay each eligible 
        State, tribal and territorial government, and each unit of 
        local government that meets the condition described in 
        paragraph (2), the amount determined for the State, Tribal 
        government, or unit of local government, for fiscal year 2021 
        through 2026 under subsection (c).
            (2) Direct payments to units of local government.--If a 
        unit of local government of a State submits the certification 
        required by subsection (e) for purposes of receiving a direct 
        payment from the Secretary under the authority of this 
        paragraph, the Secretary shall reduce the amount allocated in 
        (a)(2)(C) by the relative unit of local government population 
        proportion amount described in subsection (c)(5) and pay such 
        amount directly to such unit of local government.
    (c) Payment Amounts.--
            (1) In general.--Subject to paragraph (2), the amount paid 
        under this section for each of fiscal years 2021 through 2026 
        to a State that is 1 of the 10 eligible States shall be the 
        amount equal to the relative population proportion amount 
        determined for the State under paragraph (3) for such fiscal 
        year.
            (2) Minimum payment.--
                    (A) In general.--No State that is 1 of the States 
                receiving payment shall receive a payment under this 
                section for any fiscal year that is less than 
                $1,000,000,000.
                    (B) Pro rata adjustments.--The Secretary shall 
                adjust on a pro rata basis the amount of the payments 
                for each of the eligible States determined under this 
                subsection without regard to this subparagraph to the 
                extent necessary to comply with the requirements of 
                subparagraph (A).
            (3) Relative population proportion amount.--For purposes of 
        paragraph (1), the relative population proportion amount 
        determined under this paragraph for a State for fiscal years 
        2021 through 2026 is the product of--
                    (A) the amount appropriated under paragraph (1) of 
                subsection (a) that remains after the application of 
                paragraph (2) of that subsection; and
                    (B) the relative State population proportion (as 
                defined in paragraph (4)).
            (4) Relative state population proportion defined.--For 
        purposes of paragraph (3)(B), the term ``relative State 
        population proportion'' means, with respect to a State, the 
        quotient of--
                    (A) the population of the State; and
                    (B) the total population of all eligible States 
                (excluding the District of Columbia and territories 
                specified in subsection (a)(2)(A)).
            (5) Relative unit of local government population proportion 
        amount.--For purposes of subsection (b)(2), the term ``relative 
        unit of local government population proportion amount'' means, 
        with respect to a unit of local government of a persistent 
        poverty county, the amount equal to the quotient of--
                    (A) the population of the unit of local government; 
                and
                    (B) the total population of all persistent poverty 
                counties in the eligible States.
            (6) District of columbia and territories.--The amount paid 
        under this section for fiscal year 2020 to a State that is the 
        District of Columbia or a territory specified in subsection 
        (a)(2)(A) shall be the amount equal to the product of--
                    (A) the amount set aside under subsection (a)(2)(A) 
                for such fiscal year; and
                    (B) each such District's and territory's share of 
                the combined total population of the District of 
                Columbia and all such territories, as determined by the 
                Secretary.
            (7) Tribal governments.--From the amount set aside under 
        subsection (a)(2)(B) for fiscal years 2021 through 2026, the 
        amount paid under this section for each fiscal year to a Tribal 
        government shall be the amount the Secretary shall determine, 
        in consultation with the Secretary of the Interior and Indian 
        Tribes, that is based on increased expenditures of each such 
        Tribal government (or a tribally owned entity of such Tribal 
        government) relative to aggregate expenditures in fiscal year 
        2019 by the Tribal government (or tribally owned entity) and 
        determined in such manner as the Secretary determines 
        appropriate to ensure that all amounts available under 
        subsection (a)(2)(B) for fiscal years 2021 through 2026 are 
        distributed to Tribal governments.
            (8) Data.--For purposes of this subsection, the population 
        of States and units of local governments shall be determined 
        based on the most recent year for which data are available from 
        the Bureau of the Census.
    (d) Use of Funds.--A State, Tribal government, and unit of local 
government shall use the funds provided under a payment made under this 
section to cover only those costs of the State, Tribal government, or 
unit of local government that--
            (1) are necessary expenditures to create or expand activity 
        or programs consistent with the purposes of this Act that will 
        improve measurable outcomes for health, education, and quality 
        of life for residents;
            (2) were not accounted for in the budget most recently 
        approved as of the date of enactment of this section for the 
        State or government; and
            (3) were incurred during the period that begins on the date 
        of enactment of this section, and ends five years from the date 
        of enactment of this section.
    (e) Certification.--In order to receive a payment under this 
section, a unit of local government shall provide the Secretary with a 
certification signed by the Chief Executive for the unit of local 
government that the local government's proposed uses of the funds are 
consistent with subsection (d) and the unit of government is located in 
a persistent poverty county.
    (f) Inspector General Oversight; Recoupment.--
            (1) Oversight authority.--The Inspector General of the 
        Department of the Treasury shall conduct monitoring and 
        oversight of the receipt, disbursement, and use of funds made 
        available under this section.
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Targeted Federal Funding to Invest in Communities Act
To provide increased funding for States and communities in need, and for other purposes.
Targeted Federal Funding to Invest in Communities Act
Rep. Richmond, Cedric L.