Economic Development Program Consolidation Act

[AI summary unavailable — showing source text] Economic Development Program Consolidation Act - States that the intent of this Act is to address the problems of: (1) targeting economic development assistance to the most distressed areas of the country; (2) developing measures to stimulate private sector economic development in distressed local economies; and (3) improving and coordinating the delivery system for Federal programs to local governments. Authorizes the Secretary of Commerce to make grants to States to help finance the implementation of State economic development investment strategies (hereinafter referred to as "State strategies" or "strategies") approved in accordance with the provisions of this Act. Authorizes the Secretary to incur obligations on behalf of the United States in the form of grant agreements, to a total of $8,500,000,000. Requires the Governor of each State to prepare, in accordance with the planning process set forth in the Public Works and Economic Development Act of 1965, an overall five-year investment strategy and annual one-year strategies within the framework of the five-year plan. Requires each State plan to identify the distressed areas in the State for the purpose of targeting special ass…