12 2 STA T . 1 950PUBLIC LA W 110 – 2 46—J U NE 1 8, 2008 theman a g ement ofF e d e r a l f u nd s to ser v easf i s c al man - ager of an y funds of the R egional B oard .‘ ‘ (b)URBANA R E A S . — A resident of an urban area may serve asane x -officio member of a Regional Board. ‘‘(c) DUTI ES.—A Regional Board shall— ‘‘( 1 ) create a collaborative p lanning process for public-pri- vate investment w ithin a region
‘‘( 2 ) develop , and submit to the S ecretary for approval, a regional investment strategy; ‘‘( 3 ) develop approaches that will create permanent resources for philanthropic giving in the region, to the max- imum extent practicable; ‘‘( 4 ) implement an approved strategy; and ‘‘( 5 ) provide annual reports to the Secretary and the N ational Board on progress made in achieving the strategy, including an annual financial statement. ‘ ‘ SEC.385 E. R E GIONAL IN V ES TM ENT STRATEG Y GRANTS. ‘‘(a) I N G ENERA L .— T he Secretary shall ma k e regional invest- ment strategy grants available to Regional Boards for use in devel- oping, implementing, and maintaining regional investment strate- gies. ‘‘(b) RE G I O NAL IN V EST M ENT STRATEG Y .—A regional investment strategy shall provide— ‘‘(1) an assessment of the competitive advantage of a region, including— ‘‘(A) an analysis of the economic conditions of the region; ‘‘(B) an assessment of the current economic perform- ance of the region; ‘‘( C ) an overview of the population, geography, workforce, transportation system, resources, environment, and infrastructure needs of the region; and ‘‘(D) such other pertinent information as the Secretary may re q uest; ‘‘(2) an analysis of regional economic and community development challenges and opportunities, including— ‘‘(A) incorporation of relevant material from other government-sponsored or supported plans and consistency with applicable State, regional, and local workforce invest- ment strategies or comprehensive economic development plans; and ‘‘(B) an identification of past, present, and pro j ected Federal and State economic and community development investments in the region; ‘‘(3) a section describing goals and objectives necessary to solve regional competitiveness challenges and meet the potential of the region; ‘‘(4) an overview of resources available in the region for use in— ‘‘(A) establishing regional goals and objectives; ‘‘(B) developing and implementing a regional action strategy; ‘‘(C) identifying investment priorities and funding sources; and ‘‘(D) identifying lead organi z ations to execute portions of the strategy; Reports.
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