1. Short title This Act may be cited as the Internet Exchange Act of 2019 . 2. Definitions In this Act: (1) Assistant Secretary The term Assistant Secretary means the Assistant Secretary of Commerce for Communications and Information. (2) Core based statistical area The term core based statistical area has the meaning given the term by the Office of Management and Budget in the Notice of Decision entitled 2010 Standards for Delineating Metropolitan and Micropolitan Statistical Areas , published in the Federal Register on June 28, 2010 (75 Fed. Reg. 37246), or any successor to that Notice. (3) Covered grant The term covered grant means a grant awarded under section 3(a). (4) Internet exchange facility The term internet exchange facility means physical infrastructure through which internet service providers and content delivery networks exchange internet traffic between their networks. 3. National Telecommunications and Information Administration grants (a) Grants On and after the first day of the first fiscal year beginning after the date on which the Assistant Secretary establishes rules and timelines under subsection (d), the Assistant Secretary shall award grants to entities to acquire real property and necessary equipment to— (1) establish a new internet exchange facility in a core based statistical area in which, at the time the grant is awarded, there are no existing internet exchange facilities