Use of remaining BEAD funds for deficit reduction

(a) In general Section 60102(e)(4) of the Infrastructure Investment and Jobs Act (47 U.S.C. 1702(e)(4)) is amended— (1) in subparagraph (D)(ii)(III), by striking, shall make available to the eligible entity the remainder of the grant funds allocated to the eligible entity under subsection (c); and inserting the following:, shall, with respect to the remainder of the grant funds allocated to the eligible entity under subsection (c)— (aa) make available to the eligible entity the portion of those remaining funds that have been designated for a specific purpose in the final proposal; and (bb) deposit in the general fund of the Treasury, for the sole purpose of deficit reduction, the portion of those remaining funds that have not been designated for a specific purpose in the final proposal;; and (2) in subparagraph (E)(ii)(III), by striking, shall make available to the eligible entity the remainder of the grant funds allocated to the eligible entity under subsection (c); and inserting the following:, shall, with respect to the remainder of the grant funds allocated to the eligible entity under subsection (c)— (aa) make available to the eligible entity the portion of those remaining funds that have been designated for a specific purpose in the final proposal; and (bb) deposit in the general fund of the Treasury, for the sole purpose of deficit reduction, the portion of those remaining funds that have not been designated for a specific purpose in the final proposal;. (b) Technical and conforming amendments Section 60102 of the Infrastructure Investment and Jobs Act (47 U.S.C. 1702) is amended— (1) in subsection (c)(5)(C)— (A) by striking clause (ii); (B) by striking Reallocation to other eligible entities.— and all that follows through The Assistant Secretary and inserting Reallocation to other eligible entities due to application failures.—The Assistant Secretary; (C) by redesignating subclauses (I) and (II) as clauses (i) and (ii), respectively, and adjusting the margins accordingly; and (D) in clause (ii), as so redesignated, by striking subclause (I) of this clause and inserting clause (i) of this subparagraph; and (2) in subsection (e)(4)(A)(i), in the matter preceding subclause (I), by striking approvals and inserting approves.