(A)

in paragraph (2)(A), by striking New England Interstate Water Pollution Control Commission and inserting fiscal agent; and

(B)

by adding at the end the following:

(3) Fiscal agent

(A) In general

The Steering Committee and the Administrator shall jointly select a qualified entity to serve as the fiscal agent for the Patrick Leahy Lake Champlain Basin Program.

(B) Assessment

(i) In general

Beginning as soon as practicable after the date of enactment of the LCBP Enhancements Act of 2026, and as necessary but not less frequently than once every 5 years thereafter, the Steering Committee and the Administrator shall jointly assess the effectiveness of the fiscal agent and, if appropriate, select a new qualified entity to serve as the fiscal agent through a competitive process.

(ii) Stakeholder engagement

In carrying out the assessments required under clause (i), the Steering Committee and the Administrator shall consult with, and incorporate feedback from, impacted stakeholders.

(iii) No competitive process after selection

On selection of a fiscal agent, the Administrator shall award funding to the fiscal agent without competition until such time as a new fiscal agent is selected.

(iv) New fiscal agent selection

If the Steering Committee and the Administrator jointly select a new fiscal agent pursuant to clause (i)—

(I)

the Administrator may de-obligate unobligated or unexpended funds from prior awards under clause (iii) and re-obligate those funds to the new fiscal agent;

(II)

the Steering Committee and the Administrator shall, to the maximum extent practicable, ensure the continuity of the staff, programming, funding awards, and other activities and administrative functions of the Patrick Leahy Lake Champlain Basin Program, as determined necessary by the Steering Committee and the Administrator; and

(III)

the Steering Committee and the Administrator shall, to the maximum extent practicable, ensure that the new fiscal agent—

(aa)

is headquartered in the Lake Champlain drainage basin;

(bb)

only if a suitable entity described in item (aa) is not identified, is headquartered in the State of New York or Vermont; or

(cc)

only if a suitable entity described in item (bb) is not identified, maintains a significant staffing presence, including staff that would have decisionmaking authority with respect to the Patrick Leahy Lake Champlain Basin Program, within the Lake Champlain drainage basin.

(v) Report to Congress

Not later than 90 days after the date on which an assessment under clause (i) is completed, the Administrator shall submit to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives a report that describes the findings of that assessment, including a description of the reasons for maintaining the current fiscal agent or selecting a new fiscal agent.

(C) Responsibilities

The responsibilities of the fiscal agent may include, as jointly determined appropriate by the Steering Committee and the Administrator, executing payroll, paying bills and fulfilling other obligations, developing and executing funding agreements, and acting as a fiduciary for the Patrick Leahy Lake Champlain Basin Program.;

(A)

by redesignating paragraphs (1), (2), and (3) as paragraphs (3), (2), and (4), respectively, and moving the paragraphs so as to appear in numerical order;

(B)

by inserting before paragraph (2) (as so redesignated) the following:

(1) Fiscal agent

The term fiscal agent means an organization, including a nonprofit organization, interstate commission, or other entity jointly determined appropriate by the Administrator and the Steering Committee, that provides fiscal and administrative management support for the Patrick Leahy Lake Champlain Basin Program under the direction of the Steering Committee and the Administrator.; and

(C)

by adding at the end the following:

(5) Steering Committee

The term Steering Committee means the Steering Committee established by the Lake Champlain Management Conference on October 9, 1996, to implement the Lake Champlain Management Plan and maintained under the most recent Memorandum of Understanding on Environmental Cooperation on the Management of Lake Champlain entered into between the State of New York, the State of Vermont, and, if the Province of Quebec elects to participate, the Province of Quebec.; and