Administration of funds

(a) Use of investment returns and payments The Enterprise Fund may use returns on the investments of the Enterprise Fund and payments to the Enterprise Fund to provide the investments described in section 7, without transferring such returns or payments to the Treasury and without further appropriation by Congress. (b) Ensuring ability To repay funds The Chief Executive Officer shall provide investments in a manner that ensures that the Enterprise Fund will be able to repay the Treasury as required by section 11. (c) Use of United States private venture capital (1) In general The Enterprise Fund may conduct public offerings or private placements for the purpose of soliciting and accepting United States venture capital, which may be used, separately or together with funds appropriated to the Enterprise Fund, for any lawful investment purpose that the Chief Executive Officer considers appropriate to carry out this Act. (2) No private investor oversight Acceptance of private venture capital does not authorize private investors to have a role in the oversight of the Enterprise Fund. (3) Distributions Financial returns on Enterprise Fund investments that include private venture capital may be distributed, at such times and in such amounts as the Chief Executive Officer considers appropriate, to the investors of such capital. (d) Limitations (1) Payments to Enterprise Fund personnel No funds of the Enterprise Fund shall inure to the benefit of any Oversight Panel member, officer, or employee of the Enterprise Fund, except as salary or reasonable compensation for services. (2) Use of Federal funds for grants Not more than 20 percent of Federal funds made available to the Enterprise Fund may be used for investments in the form of grants. (3) Use of appropriated funds for costs and feasibility studies Not more than 15 percent, in total, of funds appropriated to the Enterprise Fund may be used for operating costs and feasibility studies to assess commercial viability of activities and projects funded by the Enterprise Fund.