I 

116TH CONGRESS 

2D SESSION H. R. 7671 

To provide for the establishment of a COVID–19 Small Business Recovery 

Fund, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 20, 2020 

Mr. VELA (for himself and Mr. GOODEN) introduced the following bill; which 

was referred to the Committee on Financial Services 

A BILL 

To provide for the establishment of a COVID–19 Small 

Business Recovery Fund, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Small Business Come5 back Act’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act, the following definitions apply: 

8 (1) APPLICANT.—The term ‘‘applicant’’ means 

9 a business filing an application for recovery com10 pensation under this Act. 


pamtmann on DSKBC07HB2PROD with BILLS
2 

•HR 7671 IH

1 (2) BUSINESS.—The term ‘‘business’’ is in2 tended broadly to refer to any type of for-profit busi3 ness concern, nonprofit organization, veteran’s orga4 nization, or Tribal business concern, and shall in5 clude individuals who operate under a sole propri6 etorship or as an independent contractor, and eligi7 ble self-employed individuals. 

8 (3) COLLATERAL SOURCE.—The term ‘‘collat9 eral source’’ means all compensation received by the 

10 applicant as a result of the losses for which the ap11 plicant is seeking compensation under this Act, in12 cluding payments by Federal, State, or local govern13 ments, related to losses arising from the COVID–19 

14 pandemic. 

15 (4) COVID–19 PANDEMIC.—The term 

16 ‘‘COVID–19 pandemic’’ means the national emer17 gency proclaimed by the President on March 13, 

18 2020. 

19 (5) ELIGIBLE APPLICANTS.—The term ‘‘eligible 

20 applicants’’ means any type of for-profit business 

21 concern, nonprofit organization, veteran’s organiza22 tion, or Tribal business concern, and shall include 

23 individuals who operate under a sole proprietorship 

24 or as an independent contractor, and eligible self25 employed individuals. 


pamtmann on DSKBC07HB2PROD with BILLS
3 

•HR 7671 IH

1 (6) ELIGIBLE SELF-EMPLOYED INDIVIDUAL.— 

2 The term ‘‘eligible self-employed individual’’ has the 

3 meaning given the term in section 7002(b) of the 

4 Families First Coronavirus Response Act (Public 

5 Law 116–127). 

6 (7) FINANCIAL INSTITUTION.—The term ‘‘fi7 nancial institution’’ means any institution the busi8 ness of which is engaging in financial activities as 

9 described in section 4(k) of the Bank Holding Com10 pany Act (12 U.S.C. 1843(k)). 

11 (8) LOW-TO-MODERATE INCOME COMMUNITY.— 

12 The term ‘‘low-to-moderate income community’’ 

13 means a census tract where the annualized family 

14 income of the households or residents in the census 

15 tract are below 80 percent of the HUD median in16 come for the county where the census tract is lo17 cated. 

18 (9) MINORITY-OWNED BUSINESS.—The term 

19 ‘‘minority-owned business’’ shall have the same 

20 meaning given the term under section 342(g)(4) of 

21 the Dodd-Frank Wall Street Reform and Consumer 

22 Protection Act (12 U.S.C. 5452(g)(4)). 

23 (10) SECRETARY.—The term ‘‘Secretary’’ 

24 means the Secretary of the Treasury. 


pamtmann on DSKBC07HB2PROD with BILLS
4 

•HR 7671 IH

1 (11) SPECIAL ADMINISTRATOR.—The term 

2 ‘‘Special Administrator’’ means the Special Adminis3 trator appointed under this Act. 

4 (12) STATE.—The term ‘‘State’’ means any 

5 State of the United States, the Commonwealth of 

6 Puerto Rico, the District of Columbia, the Common7 wealth of the Northern Mariana Islands, American 

8 Samoa, Guam, each of the United States Virgin Is9 lands, and any territory or possession of the United 

10 States. 

11 (13) UNITED STATES.—The term ‘‘United 

12 States’’ means the several States and includes the 

13 territorial sea and the continental shelf of the 

14 United States, as those terms are defined in the Vio15 lent Crime Control and Law Enforcement Act of 

16 1994 (18 U.S.C. 2280, 2281). 

17 (14) WOMEN-OWNED BUSINESS.—The term 

18 ‘‘women-owned business’’ shall have the same mean19 ing given the term under section 342(g)(6) of the 

20 Dodd-Frank Wall Street Reform and Consumer Pro21 tection Act (12 U.S.C. 5452(g)(6)). 

22 SEC. 3. PURPOSE. 

23 (a) It is the purpose of this Act to ensure domestic 

24 economic recovery from the COVID–19 pandemic by en25 suring that businesses in impaired sectors can resume 


pamtmann on DSKBC07HB2PROD with BILLS
5 

•HR 7671 IH

1 their function as strong engines of the economy and em2 ployers by— 

3 (1) offsetting operating expenses for businesses 

4 that are partially or completely shut down as a re5 sult of COVID–19 related closures, and supporting 

6 employers’ ability to retain employees and rehire em7 ployees laid off as a result of the COVID–19 pan8 demic; 

9 (2) encourage businesses to reopen by providing 

10 them the necessary assistance and resources to sur11 vive the COVID–19 pandemic; 

12 (3) assisting employees of eligible employers 

13 who have contracted or have been exposed during 

14 their employment to COVID–19, who are unable to 

15 work and who would otherwise not be eligible for as16 sistance; 

17 (4) providing support for small businesses and 

18 women- and minority-owned businesses; and 

19 (5) providing assistance in a manner that com20 plements the assistance programs established under 

21 the Coronavirus Aid, Relief, and Economic Security 

22 Act (Public Law 116–136). 

23 (b) Any funds paid to an applicant under this Act 

24 shall be used exclusively for the purpose of domestic eco25 nomic recovery as set forth in subsection (a). 


pamtmann on DSKBC07HB2PROD with BILLS
6 

•HR 7671 IH

1 (c) PRIORITIZATION.—The Special Administrator 

2 shall prioritize compensation payments under this Act, 

3 based on— 

4 (1) the level of impairment a business is experi5 encing as a result of the COVID–19 pandemic; 

6 (2) whether the business operates in a rural or 

7 low-to-moderate income community, as determined 

8 by the Special Administrator; 

9 (3) whether the business is a women-owned 

10 business or a minority-owned business; and 

11 (4) whether the business is a small business, in12 cluding an independently owned franchise, as deter13 mined by the Special Administrator. 

14 SEC. 4. ADMINISTRATION. 

15 (a) IN GENERAL.—The Secretary shall appoint a 

16 Special Administrator on the basis of integrity and dem17 onstrated ability in accounting, auditing, financial anal18 ysis, law, management analysis, or public administration, 

19 and acting through such Special Administrator, shall— 

20 (1) administer the recovery compensation pro21 gram established under this Act; 

22 (2) promulgate all procedural and substantive 

23 rules for the administration of this Act; and 


pamtmann on DSKBC07HB2PROD with BILLS
7 

•HR 7671 IH

1 (3) employ and supervise hearing officers and 

2 other administrative personnel to perform the duties 

3 of the Special Administrator under this Act. 

4 (b) RECOVERY COMPENSATION SERVICES.—To the 

5 extent the Special Administrator determines is necessary 

6 to implement the provisions of this Act in a timely man7 ner, the Special Administrator is authorized to contract 

8 with third parties to review business applications, rec9 ommend compensation determinations, arrange payments, 

10 and perform audits on behalf of the Special Administrator. 

11 Any third party contracting to provide recovery compensa12 tion services pursuant to this subsection shall be com13 pensated on a cost basis pursuant to guidelines established 

14 by the Special Administrator in consultation with the 

15 Oversight Board. 

16 (c) LIMITATION OF LIABILITY.— 

17 (1) The provisions of this Act and the services 

18 provided under subsection (b) shall be enforced by 

19 the Secretary. Any party contracting with the Spe20 cial Administrator to assist in recovery compensation 

21 services pursuant to subsection (b) shall not bear 

22 any liability for the performance of such duties ex23 cept for gross negligence, willful misconduct, or 

24 fraud. 


pamtmann on DSKBC07HB2PROD with BILLS
8 

•HR 7671 IH

1 (2) There shall be no liability imposed on any 

2 party for not contracting with the Special Adminis3 trator as described in paragraph (1). Any financial 

4 institution not contracting with the Special Adminis5 trator that provides assistance or information to an 

6 applicant with respect to the compensation program 

7 established under this Act without receiving com8 pensation for providing such assistance or informa9 tion shall not bear any liability for the provision of 

10 such assistance or information except for gross neg11 ligence, willful misconduct, or fraud, provided that 

12 nothing in this subsection shall be construed to alter 

13 any duty or obligation owed by such party to an ap14 plicant under otherwise applicable State or Federal 

15 law or by agreement with the applicant. 

16 (3) State laws or regulations conflicting with 

17 the directions of the Special Administrator pursuant 

18 to subsection (b) are preempted to the extent of 

19 such actual or implied conflict. 

20 (4) GOVERNING LAW AND JURISDICTION.—The 

21 district courts of the United States shall have origi22 nal and exclusive jurisdiction over any action arising 

23 out of a contract described in subsection (b). 

24 (d) CONFIDENTIALITY.— 


pamtmann on DSKBC07HB2PROD with BILLS
9 

•HR 7671 IH

1 (1) RETENTION OF PRIVILEGE.—The submis2 sion of any nonpublicly available data and informa3 tion by an applicant to the Special Administrator 

4 under this Act shall not constitute a waiver of, or 

5 otherwise affect, any privilege arising under Federal 

6 or State law (including the rules of any Federal or 

7 State court) to which the data or information is oth8 erwise subject. 

9 (2) CONTINUED APPLICATION OF PRIOR CON10 FIDENTIALITY AGREEMENTS.—Any requirement 

11 under Federal or State law to the extent otherwise 

12 applicable, or any requirement pursuant to a written 

13 agreement in effect between an applicant and any 

14 third party which provides an applicant’s nonpublicly 

15 available data or information to the Special Adminis16 trator, regarding the privacy or confidentiality of 

17 any data or information in the possession of the 

18 third party, shall continue to apply to such data or 

19 information after the data or information has been 

20 provided to the Special Administrator under this 

21 Act. 

22 (3) The Special Administrator, and any third 

23 party which obtains an applicant’s nonpublicly avail24 able data or information, is prohibited from sharing 

25 or selling such information except as required by 


pamtmann on DSKBC07HB2PROD with BILLS
10 

•HR 7671 IH

1 law. The Special Administrator or third party may 

2 share information as necessary to meet the obliga3 tions under this Act, so long as the third party 

4 agrees in writing to maintain the confidentiality of 

5 the information. 

6 (e) AUDIT AUTHORITY.— 

7 (1) IN GENERAL.—The Secretary, and the Spe8 cial Inspector General established by this Act, shall 

9 have access, for purposes of audit, to the records 

10 and other pertinent documents of the Special Ad11 ministrator, any third party described in subsection 

12 (b), and any applicant, including with respect to col13 lateral source records and documents, used in car14 rying out this Act. 

15 (f) REPORTS.— 

16 (1) IN GENERAL.—The Special Administrator 

17 shall submit weekly reports to Congress that shall 

18 include— 

19 (A) a listing of the eligible businesses re20 ceiving recovery compensation under this Act; 

21 (B) a listing of each contract the Special 

22 Administrator made with third-party service 

23 providers under subsection (b), including infor24 mation with respect to the services being pro25 vided under such contracts; 


pamtmann on DSKBC07HB2PROD with BILLS
11 

•HR 7671 IH

1 (C) a listing of all outstanding appeals of 

2 compensation determinations; and 

3 (D) an estimate of the total amount of re4 covery compensation payments made under this 

5 Act that is current as of the date on which the 

6 report is submitted. 

7 (2) TIMING.—The reports required under this 

8 subsection shall be submitted not later than 7 cal9 endar days after the date that recovery compensa10 tion is first paid under this Act, and every 7 cal11 endar days thereafter. 

12 (g) SPECIAL ADMINISTRATOR.—The Special Admin13 istrator shall be subject to the prohibition on acts affecting 

14 personal financial interest under section 208 of title 18, 

15 United States Code, and shall be subject to limitations on 

16 outside employment and outside income pursuant to title 

17 V of the Ethics in Government Act of 1978 (5 U.S.C. 

18 App.). 

19 (h) AUTHORIZATION OF APPROPRIATIONS.—There 

20 are authorized to be appropriated such sums as may be 

21 necessary to pay the administrative and support costs for 

22 the Special Administrator (including the contracts de23 scribed in subsection (b)) in carrying out this Act. 


pamtmann on DSKBC07HB2PROD with BILLS
12 

•HR 7671 IH

1 SEC. 5. DETERMINATION OF ELIGIBILITY FOR RECOVERY 

2 COMPENSATION. 

3 (a) FILING OF APPLICATION FOR RECOVERY COM4 PENSATION CLAIM.— 

5 (1) IN GENERAL.—An applicant may file an ap6 plication for recovery compensation under this Act 

7 with the Special Administrator. Except as provided 

8 under paragraph (3), the application for recovery 

9 compensation shall be on the form developed under 

10 paragraph (2) and shall state the factual basis for 

11 eligibility for recovery compensation and the amount 

12 of recovery compensation sought. 

13 (2) APPLICATION FORM.— 

14 (A) IN GENERAL.— 

15 (i) The Special Administrator shall 

16 develop an application form that shall be 

17 simple to file and audit for fraud that ap18 plicants shall use when submitting applica19 tions under paragraph (1). 

20 (ii) The Special Administrator shall 

21 ensure that the form described in clause (i) 

22 can be filed electronically, if determined to 

23 be practicable. 

24 (B) MULTIPLE LANGUAGES.—The form 

25 developed under subparagraph (A) shall be 

26 made available in English and Spanish, and the 


pamtmann on DSKBC07HB2PROD with BILLS
13 

•HR 7671 IH

1 Special Administrator may prioritize translation 

2 of the form into additional languages in order 

3 to serve the broadest pool of applicants. 

4 (C) CONTENTS.—The form developed 

5 under subparagraph (A) shall require that an 

6 applicant disclose all known collateral com7 pensation, and shall request information on the 

8 applicant’s impairment that the Special Admin9 istrator deems necessary, including information 

10 relating to the applicant’s expenses, payroll, 

11 and loss of revenue due to the COVID–19 pan12 demic. 

13 (D) EXPENSES, PAYROLL, AND LOST REV14 ENUE.—In developing the contents of the form 

15 under subparagraph (C), the Special Adminis16 trator may consider requiring information on 

17 payroll, operating expenses, lost revenue, and 

18 payments to employees with potential COVID– 

19 19-related illness. Such information required 

20 may include— 

21 (i) the average total monthly pay22 ments by the applicant for payroll, payroll 

23 support (including paid sick, medical, or 

24 family leave, and costs related to the con25 tinuation of group health care benefits durVerDate Sep 11 2014 01:45 Aug 11, 2020 Jkt 099200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H7671.IH H7671

pamtmann on DSKBC07HB2PROD with BILLS
14 

•HR 7671 IH

1 ing those periods of leave) during the 18- 

2 month period before March 13, 2020, ex3 cept that, in the case of an applicant that 

4 is a seasonal employer, as determined by 

5 the Special Administrator, the average 

6 total monthly payments for payroll and 

7 payroll support shall be for the period be8 ginning March 1, 2019, and ending June 

9 30, 2019; 

10 (ii) the average total monthly pay11 ments by the applicant for mortgage pay12 ments, rent payments, utilities, insurance 

13 payments, and payments on any debt obli14 gations incurred prior to July 1, 2020, 

15 during the 18-month period before July 1, 

16 2020; 

17 (iii) to the extent that the Special Ad18 ministrator is making available recovery 

19 compensation for lost revenue, the average 

20 monthly revenue, including unpaid ac21 counts receivable, that does not include net 

22 profits for the applicant during the 18- 

23 month period before the date on which the 

24 application for recovery compensation is 

25 submitted; and 


pamtmann on DSKBC07HB2PROD with BILLS
15 

•HR 7671 IH

1 (iv) the wages, salary, or other pay2 ments made to employees who are unable 

3 to work because they tested positive for or 

4 were exposed to COVID–19. 

5 (E) CONFIDENTIAL BUSINESS INFORMA6 TION.—To the extent the information in the ap7 plication is non-public information, the contents 

8 shall be deemed Confidential Business Informa9 tion not subject to disclosure. 

10 (3) INTERIM APPLICATION FILING.—During the 

11 period beginning on the date of enactment of this 

12 Act and ending on the date on which regulations are 

13 promulgated under this Act, an applicant may file 

14 with the Special Administrator an interim applica15 tion for immediate relief without the use of an ap16 proved form, provided the application includes infor17 mation described in subparagraph (C) of paragraph 

18 (2) of this subsection. 

19 (4) LIMITATION.—No application may be filed 

20 under paragraph (1), or paid by the Special Admin21 istrator, with respect to losses accrued after the ter22 mination of the national emergency proclaimed by 

23 the President on March 13, 2020. Within a reason24 able time after such termination, and subject to the 

25 provisions of this Act, the Special Administrator 


pamtmann on DSKBC07HB2PROD with BILLS
16 

•HR 7671 IH

1 shall notify Congress of the expected closure of the 

2 program established under this Act, while ensuring 

3 that all applications filed prior to the termination of 

4 the national emergency receive due consideration. 

5 (5) NEW BUSINESSES.—The Special Adminis6 trator shall provide guidelines on how applicants 

7 that are operating new entities before March 13, 

8 2020, shall substantiate their Expenses, Payroll, and 

9 Lost Revenue. 

10 (b) REVIEW AND DETERMINATION.— 

11 (1) REVIEW.—The Special Administrator shall 

12 review an application submitted under subsection 

13 (a)(1) and determine— 

14 (A) whether the applicant is an eligible ap15 plicant under subsection (c); and 

16 (B) the amount of recovery compensation 

17 the eligible applicant shall receive, on a monthly 

18 basis, based on what is necessary to maintain 

19 continuity of operations for the applicant with 

20 respect to paying expenses and payroll and 

21 compensating for lost revenue as described in 

22 subparagraph (D) of subsection (a)(2); provided 

23 that— 

24 (i) the amount of recovery compensa25 tion the eligible applicant receives shall be 


pamtmann on DSKBC07HB2PROD with BILLS
17 

•HR 7671 IH

1 adjusted each month to take into account 

2 increases or decreases in such applicant’s 

3 revenue over the previous month; 

4 (ii) the total amount of recovery com5 pensation to which the applicant is entitled 

6 based on this subparagraph shall take into 

7 account the amount of any interim com8 pensation awarded to the applicant pursu9 ant to paragraph (2); and 

10 (iii) the maximum amount of recovery 

11 compensation to which an eligible applicant 

12 may be entitled shall be the lesser of— 

13 (I) the applicant’s average total 

14 monthly expense payments, as deter15 mined under subparagraph (C), for a 

16 period not to exceed 4 months in ag17 gregate; and 

18 (II) $50,000,000. 

19 (C) AVERAGE TOTAL MONTHLY EXPENSE

20 PAYMENTS.—For purposes of clause (iii) of 

21 subparagraph (B), an applicant’s average total 

22 monthly expense payments shall be the average 

23 monthly payments by the applicant during the 

24 1 year prior to the date on which an application 

25 is made (or in the case of a seasonal business 


pamtmann on DSKBC07HB2PROD with BILLS
18 

•HR 7671 IH

1 or new business, a period determined by the 

2 Special Administrator), for— 

3 (i) payroll costs; 

4 (ii) costs related to the continuation 

5 of group health care benefits during peri6 ods of paid sick, medical, or family leave; 

7 (iii) any insurance premiums; 

8 (iv) employee salaries, commissions, or 

9 similar compensations, except that recovery 

10 compensation may not be used for the 

11 compensation of an individual employee in 

12 excess of an annual salary of $100,000, as 

13 prorated for the relevant compensation pe14 riod; 

15 (v) payments of interest on any mort16 gage obligation (which shall not include 

17 any prepayment of or payment of principal 

18 on a mortgage obligation); 

19 (vi) rent (including rent under a lease 

20 agreement); 

21 (vii) utilities; 

22 (viii) loan repayment obligations in23 curred by the applicant pursuant to section 

24 1102 of the Coronavirus Aid, Relief, and 


pamtmann on DSKBC07HB2PROD with BILLS
19 

•HR 7671 IH

1 Economic Security Act (Public Law 116– 

2 136); 

3 (ix) loan repayment obligations in4 curred by the applicant pursuant to a dis5 aster loan authorized under section 7(b) of 

6 the Small Business Act (15 U.S.C. 

7 636(b)); 

8 (x) interest on any other debt obliga9 tions that were incurred before March 1, 

10 2020; and 

11 (xi) State and local tax obligations. 

12 (2) INTERIM APPLICATIONS REVIEW.—The Spe13 cial Administrator shall review an interim applica14 tion submitted under subsection (a)(3) and deter15 mine— 

16 (A) whether the applicant is an eligible ap17 plicant under subsection (c); and 

18 (B) with respect to an applicant deter19 mined to be an eligible applicant, the amount of 

20 interim compensation to which an eligible appli21 cant is entitled under subparagraph (C). 

22 (C) INTERIM COMPENSATION AMOUNT.— 

23 An eligible applicant under this paragraph shall 

24 be entitled to interim compensation in such 

25 amounts as determined by the Special AdminisVerDate Sep 11 2014 01:45 Aug 11, 2020 Jkt 099200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\H7671.IH H7671

pamtmann on DSKBC07HB2PROD with BILLS
20 

•HR 7671 IH

1 trator not to exceed, as calculated under sub2 paragraph (C) of paragraph (1)— 

3 (i) in the case of an applicant with av4 erage monthly payments in excess of 

5 $1,000,000, 25 percent of such payments; 

6 (ii) in the case of an applicant with 

7 average monthly payments in excess of 

8 $100,000 but less than $1,000,000, 50 

9 percent of such payments; and 

10 (iii) in the case of an applicant with 

11 average monthly payments of $100,000 or 

12 less, 75 percent of such payments. 

13 (3) DETERMINATIONS.—A determination under 

14 this subsection shall be final and not subject to judi15 cial review. 

16 (A) As soon as practicable, and for appli17 cations given priority by the Special Adminis18 trator under this Act, not later than 30 cal19 endar days after that date on which an applica20 tion is filed under subsection (a)(1), the Special 

21 Administrator shall either request more infor22 mation from the applicant or complete a review 

23 and make a determination pursuant to para24 graph (1) of this subsection, and provide writ25 ten notice to the applicant, with respect to the 


pamtmann on DSKBC07HB2PROD with BILLS
21 

•HR 7671 IH

1 matters that were the subject of the application 

2 for recovery compensation under review. If the 

3 Special Administrator requests additional infor4 mation pursuant to this subparagraph, the Spe5 cial Administrator shall absent exigent cir6 cumstances make its determination pursuant to 

7 paragraph (1) of this subsection within 30 cal8 endar days of receiving a response to its request 

9 for more information. 

10 (B) Not later than 15 calendar days after 

11 the date on which an interim application is filed 

12 under subsection (a)(3), the Special Adminis13 trator shall complete a review and make a de14 termination on interim compensation pursuant 

15 to paragraph (2) of this subsection, and provide 

16 written notice to the applicant with respect to 

17 that determination. 

18 (4) COLLATERAL SOURCES.—In determining 

19 the amount of recovery compensation to be paid to 

20 an applicant under paragraph (1)(B) the Special Ad21 ministrator shall consider the amount of the collat22 eral source compensation the applicant received or 

23 the value of collateral source compensation the appli24 cant is reasonably certain to receive as a result of 

25 the COVID–19 pandemic. 


pamtmann on DSKBC07HB2PROD with BILLS
22 

•HR 7671 IH

1 (5) APPEALS.—The Special Administrator shall 

2 promulgate regulations establishing a procedure by 

3 which an applicant may appeal directly to the Spe4 cial Administrator an eligibility or compensation de5 termination with respect to such applicant made 

6 under this Act. The United States Court of Federal 

7 Claims shall have exclusive jurisdiction of an appeal 

8 from a final determination by the Special Adminis9 trator under this Act. 

10 (6) RIGHTS OF AN APPLICANT.—In all matters 

11 related to its application, an applicant shall have the 

12 right to be represented by an attorney. Notwith13 standing any contract, a representative of an appli14 cant may not charge, for services rendered in con15 nection with an application under this Act, more 

16 than 10 percent of the difference between— 

17 (A) the initial amount of recovery com18 pensation awarded to such applicant as deter19 mined by the Special Administrator under para20 graph (3); and 

21 (B) the final amount of recovery com22 pensation awarded to such applicant after any 

23 appeal of such determination. 

24 (c) ELIGIBILITY.— 


pamtmann on DSKBC07HB2PROD with BILLS
23 

•HR 7671 IH

1 (1) IN GENERAL.—An applicant shall be deter2 mined to be an eligible applicant for purposes of this 

3 subsection if the Special Administrator determines 

4 that such applicant— 

5 (A) is a business or organization in an im6 paired sector as defined by the Special Adminis7 trator, including 501c(6) organizations; 

8 (B) is a business or organization that is 

9 created or organized in the United States or 

10 under the laws of the United States and has 

11 significant operations in, and a majority of its 

12 employees based in, the United States; 

13 (C) is not eligible for loans or loan guaran14 tees under subsection (b)(1), (b)(2), or (b)(3) of 

15 section 4003 of the Coronavirus Aid, Relief, 

16 and Economic Security Act (Public Law 116– 

17 136); 

18 (D) in the case of an applicant that has re19 ceived a loan under section 1102 of the 

20 Coronavirus Aid, Relief, and Economic Security 

21 Act (Public Law 116–136), has complied with 

22 all applicable borrower repayment obligations 

23 under such loan; 

24 (E) is not registered with the Securities 

25 and Exchange Commission as a Family Office 


pamtmann on DSKBC07HB2PROD with BILLS
24 

•HR 7671 IH

1 pursuant to section 275.202(a)(11)(G)–1 of 

2 title 17, Code of Federal Regulations; 

3 (F) to the extent not otherwise eligible 

4 under this paragraph, any business utilizing 

5 business format franchising as a franchisor or 

6 franchisee under part 436 of title 16, Code of 

7 Federal Regulations or a business concern oper8 ating as a franchisor or franchisee that is as9 signed a franchise identifier code by the Small 

10 Business Administration; and 

11 (G) meets the requirements of paragraph 

12 (2). 

13 (2) REQUIREMENTS.— 

14 (A) An applicant shall not be determined 

15 to be an eligible applicant by the Special Ad16 ministrator unless the applicant— 

17 (i) was in operation on March 1, 

18 2020; 

19 (ii) was not a debtor concerning which 

20 an active case under title 11, United 

21 States Code, had been commenced prior to 

22 March 1, 2020; and 

23 (iii) to the extent the applicant is 

24 seeking recovery compensation for payroll 

25 and payroll support as described in this 


pamtmann on DSKBC07HB2PROD with BILLS
25 

•HR 7671 IH

1 Act, had employees for whom the applicant 

2 paid salaries or wages, and payroll taxes. 

3 (B) An applicant requesting recovery com4 pensation for losses described under this Act 

5 shall not be eligible for such compensation un6 less the applicant continued to pay salaries or 

7 wages to such employees, or will otherwise pro8 vide relief received under subsection (a)(2)(D) 

9 to such employees, who— 

10 (i) tested positive for COVID–19; or 

11 (ii) were exposed to COVID–19 in the 

12 workplace. 

13 (C) SINGLE APPLICATION.—Not more than 

14 one application may be submitted under this 

15 Act by an applicant, except that, for purposes 

16 of this subparagraph— 

17 (i) an eligible applicant that submitted 

18 an interim application under subsection 

19 (a)(3) shall remain eligible to file an appli20 cation for recovery compensation under 

21 subsection (a)(1); 

22 (ii) in the event the Secretary notifies 

23 Congress of a renewed COVID–19 threat 

24 under this Act, an eligible applicant shall 

25 remain eligible to file a renewal or updated 


pamtmann on DSKBC07HB2PROD with BILLS
26 

•HR 7671 IH

1 version of a previously filed application; 

2 and 

3 (iii) pursuant to guidelines to be es4 tablished by the Special Administrator, re5 lated entities may submit a joint applica6 tion. 

7 SEC. 6. PAYMENTS TO ELIGIBLE APPLICANTS. 

8 (a) IN GENERAL.—As soon as practicable, but not 

9 later than 5 calendar days after the date on which a deter10 mination is made by the Special Administrator regarding 

11 the amount of recovery compensation or interim com12 pensation due to an applicant under this Act, the Special 

13 Administrator shall authorize payment to such applicant 

14 of the amount determined with respect to the applicant. 

15 (b) ALLOWABLE USES OF RECOVERY COMPENSA16 TION.— 

17 (1) IN GENERAL.—An eligible applicant may 

18 use recovery compensation proceeds only for— 

19 (A) payroll costs; 

20 (B) costs related to the continuation of 

21 group health care benefits during periods of 

22 paid sick, medical, or family leave; 

23 (C) any insurance premiums; 

24 (D) employee salaries, commissions, or 

25 similar compensations, except that recovery 


pamtmann on DSKBC07HB2PROD with BILLS
27 

•HR 7671 IH

1 compensation may not be used for the com2 pensation of an individual employee in excess of 

3 an annual salary of $100,000, as prorated for 

4 the relevant compensation period; 

5 (E) payments of interest on any mortgage 

6 obligation (which shall not include any prepay7 ment of or payment of principal on a mortgage 

8 obligation); 

9 (F) rent (including rent under a lease 

10 agreement); 

11 (G) utilities; 

12 (H) loan repayment obligations incurred by 

13 the applicant pursuant to section 1102 of the 

14 Coronavirus Aid, Relief, and Economic Security 

15 Act (Public Law 116–136); 

16 (I) loan repayment obligations incurred by 

17 the applicant pursuant to a disaster loan au18 thorized under section 7(b) of the Small Busi19 ness Act (15 U.S.C. 636(b)); 

20 (J) interest on any other debt obligations 

21 that were incurred before March 1, 2020; and 

22 (K) Federal, State, and local tax obliga23 tions. 

24 (2) CERTIFICATION ON USE OF FUNDS.—As a 

25 condition for receipt of recovery compensation under 


pamtmann on DSKBC07HB2PROD with BILLS
28 

•HR 7671 IH

1 this Act, an eligible applicant shall make a good2 faith certification that— 

3 (A) the uncertainty of economic conditions 

4 as of the date of the application makes nec5 essary the recovery compensation request to 

6 support the ongoing operations of the applicant; 

7 (B) the funds the applicant receives will be 

8 used to retain at least 90 percent of the appli9 cant’s workforce as of the date of application, 

10 at full compensation and benefits, for the period 

11 that they receive compensation; 

12 (C) the applicant intends to restore com13 pensation and benefits to not less than 75 per14 cent of the workforce of the applicant that ex15 isted as of March 1, 2020, no later than 4 

16 months after the termination date of the public 

17 health emergency declared by the Secretary of 

18 Health and Human Services on January 31, 

19 2020, under section 319 of the Public Health 

20 Service Act (42 U.S.C. 247d) in response to 

21 COVID–19; 

22 (D) the applicant is an entity or business 

23 that is created or organized in the United 

24 States or under the laws of the United States 

25 and has significant operations in, and a majorVerDate Sep 11 2014 01:45 Aug 11, 2020 Jkt 099200 PO 00000 Frm 00028 Fmt 6652 Sfmt 6201 E:\BILLS\H7671.IH H7671

pamtmann on DSKBC07HB2PROD with BILLS
29 

•HR 7671 IH

1 ity of its employees based in, the United States; 

2 and 

3 (E) the funds the applicant receives will 

4 not be used for a restricted purpose under sub5 section (c). 

6 (c) RESTRICTIONS.—The Special Administrator shall 

7 make a payment of recovery compensation to an applicant 

8 only if such applicant agrees— 

9 (1) until the date 12 months after the date on 

10 which the payment is made, not to repurchase an 

11 equity security that is listed on a national securities 

12 exchange of the applicant or any parent company of 

13 the applicant, except to the extent required under a 

14 contractual obligation that is in effect as of the date 

15 of enactment of this Act; 

16 (2) until the date 12 months after the date on 

17 which the payment is made, not to pay dividends or 

18 make other capital distributions with respect to the 

19 common stock of the applicant, during the eligible 

20 period a recipient that is an S corporation or pass21 through entity may provide a distribution to pay tax 

22 obligations; and 

23 (3) no funds received by the applicant may be 

24 used for payment of an expense to a foreign person 

25 which is a related party of the applicant to which a 


pamtmann on DSKBC07HB2PROD with BILLS
30 

•HR 7671 IH

1 deduction is allowable under chapter 1 of the Inter2 nal Revenue Code of 1986. 

3 (d) FINAL NETTING.— 

4 (1) IN GENERAL.—Not later than 6 months 

5 after the end of an eligible applicant’s covered pe6 riod, an eligible applicant shall report, pursuant to 

7 rules prescribed by the Special Administrator, a final 

8 accounting of all eligible operating costs incurred 

9 during the covered period, and all eligible revenue 

10 received during the covered period. 

11 (2) REVIEW.—The Special Administrator shall 

12 determine, based on a report submitted under para13 graph (1), whether an applicant received any excess 

14 recovery compensation under this title during the 

15 covered period. 

16 (3) OVERPAYMENTS.—To the extent an eligible 

17 applicant received excess recovery compensation as 

18 determined by the Special Administrator, an eligible 

19 applicant shall return such excess recovery com20 pensation to the Treasury in a manner prescribed by 

21 the Special Administrator. 

22 (e) PAYMENT AUTHORITY.—This Act constitutes 

23 budget authority in advance of appropriations Acts and 

24 represents the obligation of the Federal Government to 


pamtmann on DSKBC07HB2PROD with BILLS
31 

•HR 7671 IH

1 provide for the payment of amounts for compensation 

2 under this Act. 

3 SEC. 7. REGULATIONS. 

4 Not later than 30 calendar days after the date of en5 actment of this Act, the Secretary, in consultation with 

6 the Special Administrator, shall promulgate regulations to 

7 carry out this Act, including regulations with respect to— 

8 (1) forms to be used in submitting applications 

9 under this Act; 

10 (2) the information to be included in such 

11 forms; 

12 (3) procedures to assist an applicant in filing 

13 and pursuing applications under this Act; 

14 (4) the amount of the fee paid by the Special 

15 Administrator for services provided under this Act; 

16 and 

17 (5) other matters determined appropriate by 

18 the Secretary. 

19 SEC. 8. PROGRAM RENEWAL FOR RESURGENCE OF 

20 CORONAVIRUS THREAT. 

21 In the event that the Secretary determines that a re22 surgence of the COVID–19 threat has resulted in eco23 nomic conditions that warrant an extension or renewal of 

24 recovery compensation assistance to businesses under this 

25 Act, the Secretary shall— 


pamtmann on DSKBC07HB2PROD with BILLS
32 

•HR 7671 IH

1 (1) notify Congress of such determination no 

2 later than 2 calendar days after making such deter3 mination; and 

4 (2) direct the Special Administrator to accept 

5 new and updated applications for recovery com6 pensation under this Act. 

7 SEC. 9. SPECIAL INSPECTOR GENERAL FOR COVID–19 RE8 COVERY FUNDS. 

9 (a) OFFICE OF INSPECTOR GENERAL.—There is 

10 hereby established within the Department of the Treasury 

11 the Office of the Special Inspector General for COVID– 

12 19 Recovery Funds. 

13 (b) APPOINTMENT OF INSPECTOR GENERAL; RE14 MOVAL.— 

15 (1) IN GENERAL.—The head of the Office of 

16 the Special Inspector General for COVID–19 Recov17 ery Funds shall be the Special Inspector General for 

18 COVID–19 Recovery Funds (referred to in this sec19 tion as the ‘‘Special Inspector General’’), who shall 

20 be appointed by the President, by and with the ad21 vice and consent of the Senate. 

22 (2) NOMINATION.—The nomination of the Spe23 cial Inspector General shall be made on the basis of 

24 integrity and demonstrated ability in accounting, au25 diting, financial analysis, law, management analysis, 


pamtmann on DSKBC07HB2PROD with BILLS
33 

•HR 7671 IH

1 public administration, or investigations. The nomina2 tion of an individual as Special Inspector General 

3 shall be made within 30 calendar days of enactment 

4 of this Act. 

5 (3) REMOVAL.—The Special Inspector General 

6 shall be removable from office in accordance with 

7 the provisions of section 3(b) of the Inspector Gen8 eral Act of 1978 (5 U.S.C. App.), provided that such 

9 removal is made in concurrence with the Congres10 sional Oversight Board established under this Act. 

11 (4) POLITICAL ACTIVITY.—For purposes of sec12 tion 7324 of Act 5, United States Code, the Special 

13 Inspector General shall not be considered an em14 ployee who determines policies to be pursued by the 

15 United States in the nationwide administration of 

16 Federal law. 

17 (5) BASIC PAY.—The annual rate of basic pay 

18 of the Special Inspector General shall be the annual 

19 rate of basic pay for an Inspector General under sec20 tion 3(e) of the Inspector General Act of 1978 (5 

21 U.S.C. App.). 

22 (c) DUTIES.— 

23 (1) IN GENERAL.—It shall be the duty of the 

24 Special Inspector General to, in accordance with sec25 tion 4(b)(1) of the Inspector General Act of 1978 (5 


pamtmann on DSKBC07HB2PROD with BILLS
34 

•HR 7671 IH

1 U.S.C. App.), conduct, supervise, and coordinate au2 dits and investigations of the payment of recovery 

3 compensation by the Special Administrator under 

4 this Act, and the administration of the provisions of 

5 this Act by the Special Administrator, including by 

6 collecting and summarizing the following informa7 tion: 

8 (A) A listing of the eligible businesses re9 ceiving recovery compensation under this Act. 

10 (B) An explanation of the reasons the Spe11 cial Administrator determined it to be appro12 priate to make each recovery compensation de13 termination. 

14 (C) A listing of each contract the Special 

15 Administrator made with third-party service 

16 providers under this Act, including information 

17 with respect to the fees and the services being 

18 provided under such contracts. 

19 (D) A current, as of the date on which the 

20 information is collected, estimate of the total 

21 amount of recovery compensation payments 

22 made under this Act. 

23 (2) MAINTENANCE OF SYSTEMS.—The Special 

24 Inspector General shall establish, maintain, and 

25 oversee such systems, procedures, and controls as 


pamtmann on DSKBC07HB2PROD with BILLS
35 

•HR 7671 IH

1 the Special Inspector General considers appropriate 

2 to discharge the duties of the Special Inspector Gen3 eral under paragraph (1). 

4 (3) TESTIMONY.—The Special Inspector Gen5 eral shall make reasonable efforts to comply with 

6 any request to appear before a Committee of Con7 gress for purposes of providing testimony relating to 

8 the compensation program established under this 

9 Act. 

10 (4) ADDITIONAL DUTIES AND RESPONSIBIL11 ITIES.—In addition to the duties described, the Spe12 cial Inspector General shall also have the duties and 

13 responsibilities of inspectors general under the In14 spector General Act of 1978 (5 U.S.C. App.). 

15 (d) POWERS AND AUTHORITIES.— 

16 (1) IN GENERAL.—In carrying out the duties of 

17 the Special Inspector General under subsection (c), 

18 the Special Inspector General shall have the authori19 ties provided in section 6 of the Inspector General 

20 Act of 1978 (5 U.S.C. App.). 

21 (2) TREATMENT OF OFFICE.—The Office of the 

22 Special Inspector General for COVID Recovery 

23 Funds shall be considered to be an office described 

24 in section 6(f)(3) of the Inspector General Act of 

25 1978 (5 U.S.C. App.) and shall be exempt from an 


pamtmann on DSKBC07HB2PROD with BILLS
36 

•HR 7671 IH

1 initial determination by the Attorney General under 

2 section 6(f)(2) of that Act. 

3 (e) PERSONNEL, FACILITIES, AND OTHER RE4 SOURCES.— 

5 (1) APPOINTMENT OF OFFICERS AND EMPLOY6 EES.—The Special Inspector General may select, ap7 point, and employ such officers and employees as 

8 may be necessary for carrying out the duties of the 

9 Special Inspector General, subject to the provisions 

10 of title 5, United States Code, governing appoint11 ments in the competitive service, and the provisions 

12 of chapter 51 and subchapter III of chapter 53 of 

13 that title, relating to classification and General 

14 Schedule pay rates. 

15 (2) EXPERTS AND CONSULTANTS.—The Special 

16 Inspector General may obtain services as authorized 

17 under section 3109 of title 5, United States Code, 

18 at daily rates not to exceed the equivalent rate pre19 scribed for grade GS–15 of the General Schedule by 

20 section 5332 of that title. 

21 (3) CONTRACTS.—The Special Inspector Gen22 eral may enter into contracts and other arrange23 ments for audits, studies, analyses, and other serv24 ices with public agencies and with private persons 


pamtmann on DSKBC07HB2PROD with BILLS
37 

•HR 7671 IH

1 and make such payments as may be necessary to 

2 carry out the duties of the Inspector General. 

3 (4) REQUESTS FOR INFORMATION.— 

4 (A) IN GENERAL.—Upon request of the 

5 Special Inspector General for information or as6 sistance from any department, agency, or other 

7 entity of the Federal Government, the head of 

8 that department, agency, or entity shall, to the 

9 extent practicable and not in contravention of 

10 any existing law, furnish that information or 

11 assistance to the Special Inspector General, or 

12 an authorized designee. 

13 (B) REFUSAL TO PROVIDE REQUESTED IN14 FORMATION.—Whenever information or assist15 ance requested by the Special Inspector General 

16 is, in the judgment of the Special Inspector 

17 General, unreasonably refused or not provided, 

18 the Special Inspector General shall report the 

19 circumstances to the appropriate committees of 

20 Congress without delay. 

21 (f) REPORTS.— 

22 (1) QUARTERLY REPORTS.— 

23 (A) IN GENERAL.—Not later than 60 cal24 endar days after the date on which the Special 

25 Inspector General is confirmed, and once every 


pamtmann on DSKBC07HB2PROD with BILLS
38 

•HR 7671 IH

1 calendar quarter thereafter, the Special Inspec2 tor General shall submit to the appropriate 

3 committees of Congress a report summarizing 

4 the activities of the Special Inspector General 

5 during the 3-month period ending on the date 

6 on which the Special Inspector General submits 

7 the report. 

8 (B) CONTENTS.—Each report submitted 

9 under subparagraph (A) shall include, for the 

10 period covered by the report, a detailed state11 ment of all recovery compensation payments 

12 made under this Act, as well as the information 

13 collected under subsection (c)(1). 

14 (2) RULE OF CONSTRUCTION.—Nothing in this 

15 subsection may be construed to authorize the public 

16 disclosure of information that is— 

17 (A) specifically prohibited from disclosure 

18 by any other provision of law; 

19 (B) specifically required by Executive order 

20 to be protected from disclosure in the interest 

21 of national defense or national security or in 

22 the conduct of foreign affairs; or 

23 (C) a part of an ongoing criminal inves24 tigation. 


pamtmann on DSKBC07HB2PROD with BILLS
39 

•HR 7671 IH

1 (g) AUTHORIZATION OF APPROPRIATIONS.—There 

2 are authorized to be appropriated such sums as may be 

3 necessary to pay the administrative and support costs for 

4 the Special Inspector General to carry out this section. 

5 (h) TERMINATION.—The Office of the Special Inspec6 tor General shall terminate on the date that is 1 year after 

7 the closure of the Fund by the Special Administrator 

8 under this Act. 

9 (i) COUNCIL OF THE INSPECTORS GENERAL ON IN10 TEGRITY AND EFFICIENCY.—The Special Inspector Gen11 eral shall be a member of the Council of the Inspectors 

12 General on Integrity and Efficiency established under sec13 tion 11 of the Inspector General Act of 1978 (5 U.S.C. 

14 App.) until the date of termination of the Office of the 

15 Special Inspector General. 

16 (j) CORRECTIVE RESPONSES TO AUDIT PROB17 LEMS.—The Secretary shall— 

18 (1) take action to address deficiencies identified 

19 by a report or investigation of the Special Inspector 

20 General; or 

21 (2) with respect to a deficiency identified under 

22 paragraph (1), certify to the Committee on Banking, 

23 Housing, and Urban Affairs of the Senate, the Com24 mittee on Finance of the Senate, the Committee on 

25 Financial Services of the House of Representatives, 


pamtmann on DSKBC07HB2PROD with BILLS
40 

•HR 7671 IH

1 and the Committee on Ways and Means of the 

2 House of Representatives that no action is necessary 

3 or appropriate. 

4 SEC. 10. CONGRESSIONAL OVERSIGHT BOARD. 

5 (a) ESTABLISHMENT.—There is hereby established 

6 the Congressional Oversight Board (hereafter in this sec7 tion referred to as the ‘‘Oversight Board’’) as an establish8 ment in the legislative branch. 

9 (b) DUTIES.— 

10 (1) IN GENERAL.—The Oversight Board shall— 

11 (A) conduct oversight of the implementa12 tion of this Act by the Department of the 

13 Treasury, including efforts of the Special Ad14 ministrator to provide economic support for 

15 businesses as a result of the coronavirus disease 

16 2019 (COVID–19) pandemic of 2020; 

17 (B) submit to Congress reports under 

18 paragraph (2); and 

19 (C) review the implementation of this Act 

20 by the Federal Government. 

21 (2) REGULAR REPORTS.— 

22 (A) IN GENERAL.—Reports of the Over23 sight Board shall include the following: 

24 (i) The use by the Special Adminis25 trator of authority under this Act, includVerDate Sep 11 2014 01:45 Aug 11, 2020 Jkt 099200 PO 00000 Frm 00040 Fmt 6652 Sfmt 6201 E:\BILLS\H7671.IH H7671

pamtmann on DSKBC07HB2PROD with BILLS
41 

•HR 7671 IH

1 ing with respect to the use of contracting 

2 authority and administration of the provi3 sions of this Act. 

4 (ii) The impact of recovery compensa5 tion made under this Act on the financial 

6 well-being of the people of the United 

7 States and the United States economy. 

8 (iii) The extent to which the Special 

9 Administrator has prioritized compensation 

10 under this Act. 

11 (iv) The effectiveness of recovery com12 pensation made under this Act of mini13 mizing long-term costs to the taxpayers 

14 and maximizing the benefits for taxpayers. 

15 (B) TIMING.—The reports required under 

16 this paragraph shall be submitted not later 

17 than 30 calendar days after the appointment of 

18 the Special Administrator and every 30 cal19 endar days thereafter. 

20 (3) AUDITING.—The Oversight Board shall con21 tract with a public accounting firm registered by the 

22 Public Company Accounting Oversight Board under 

23 section 101(c) of the Sarbanes-Oxley Act (15 U.S.C. 

24 7211(c)) to conduct independent audits of the recovVerDate Sep 11 2014 01:45 Aug 11, 2020 Jkt 099200 PO 00000 Frm 00041 Fmt 6652 Sfmt 6201 E:\BILLS\H7671.IH H7671

pamtmann on DSKBC07HB2PROD with BILLS
42 

•HR 7671 IH

1 ery compensation program established under this 

2 Act. 

3 (c) MEMBERSHIP.— 

4 (1) IN GENERAL.—The Oversight Board shall 

5 consist of 5 members as follows: 

6 (A) One member appointed by the Speaker 

7 of the House of Representatives. 

8 (B) One member appointed by the minor9 ity leader of the House of Representatives. 

10 (C) One member appointed by the majority 

11 leader of the Senate. 

12 (D) One member appointed by the minor13 ity leader of the Senate. 

14 (E) One member appointed as Chairperson 

15 by the Speaker of the House of Representatives 

16 and the majority leader of the Senate, after 

17 consultation with the minority leader of the 

18 Senate and the minority leader of the House of 

19 Representatives. 

20 (2) PAY.—Each member of the Oversight 

21 Board shall be paid at a rate equal to the daily 

22 equivalent of the annual rate of basic pay for level 

23 I of the Executive Schedule for each day (including 

24 travel time) during which such member is engaged 

25 in the actual performance of duties vested in the 


pamtmann on DSKBC07HB2PROD with BILLS
43 

•HR 7671 IH

1 Oversight Board. Each member shall be subject to 

2 the prohibition on acts affecting personal financial 

3 interest under section 208 of title 18, United States 

4 Code, and shall be subject to limitations on outside 

5 employment and outside income pursuant to title V 

6 of the Ethics in Government Act of 1978 (5 U.S.C. 

7 App.). 

8 (3) PROHIBITION OF COMPENSATION OF FED9 ERAL EMPLOYEES.—Members of the Oversight 

10 Board who are full-time officers or employees of the 

11 United States may not receive additional pay, allow12 ances, or benefits by reason of their service on the 

13 Oversight Board. 

14 (4) TRAVEL EXPENSES.—Each member shall 

15 receive travel expenses, including per diem in lieu of 

16 subsistence, in accordance with applicable provisions 

17 under subchapter I of chapter 57 of title 5, United 

18 States Code. 

19 (5) QUORUM.—Four members of the Oversight 

20 Board shall constitute a quorum, but a lesser num21 ber may hold hearings. 

22 (6) VACANCIES.—A vacancy on the Oversight 

23 Board shall be filled in the manner in which the 

24 original appointment was made. 


pamtmann on DSKBC07HB2PROD with BILLS
44 

•HR 7671 IH

1 (7) MEETINGS.—The Oversight Board shall 

2 meet at the call of the Chairperson or a majority of 

3 its members. 

4 (d) STAFF.— 

5 (1) IN GENERAL.—The Oversight Board may 

6 appoint and fix the pay of any personnel as the 

7 Oversight Board considers appropriate. 

8 (2) EXPERTS AND CONSULTANTS.—The Over9 sight Board may procure temporary and intermit10 tent services under section 3109(b) of title 5, United 

11 States Code. 

12 (3) STAFF OF AGENCIES.—Upon request of the 

13 Oversight Board, the head of any Federal depart14 ment or agency may detail, on a reimbursable basis, 

15 any of the personnel of that department or agency 

16 to the Oversight Board to assist it in carrying out 

17 its duties under this Act. 

18 (e) POWERS.— 

19 (1) HEARINGS AND EVIDENCE.—The Oversight 

20 Board, or any subcommittee or member thereof, 

21 may, for the purpose of carrying out this section 

22 hold hearings, sit and act at times and places, take 

23 testimony, and receive evidence as the Oversight 

24 Board considers appropriate and may administer 


pamtmann on DSKBC07HB2PROD with BILLS
45 

•HR 7671 IH

1 oaths or affirmations to witnesses appearing before 

2 it. 

3 (2) CONTRACTING.—The Oversight Board may, 

4 to such extent and in such amounts as are provided 

5 in appropriation Acts, enter into contracts to enable 

6 the Oversight Board to discharge its duties under 

7 this section. 

8 (3) POWERS OF MEMBERS AND AGENTS.—Any 

9 member or agent of the Oversight Board may, if au10 thorized by the Oversight Board, take any action 

11 which the Oversight Board is authorized to take by 

12 this section. 

13 (4) OBTAINING OFFICIAL DATA.—The Over14 sight Board may secure directly from any depart15 ment or agency of the United States information 

16 necessary to enable it to carry out this section. Upon 

17 request of the Chairperson of the Oversight Board, 

18 the head of that department or agency shall furnish 

19 that information to the Oversight Board. 

20 (5) REPORTS.—The Oversight Board shall re21 ceive and consider all reports required to be sub22 mitted to the Oversight Board under this Act. 

23 (f) TERMINATION.—The Oversight Board shall ter24 minate on the date that is 1 year after the closure of the 


pamtmann on DSKBC07HB2PROD with BILLS
46 

•HR 7671 IH

1 Fund by the Special Administrator under subsection 

2 (a)(4) of this Act. 

3 (g) FUNDING FOR EXPENSES.— 

4 (1) AUTHORIZATION OF APPROPRIATIONS.— 

5 There is authorized to be appropriated to the Over6 sight Board such sums as may be necessary for any 

7 fiscal year, half of which shall be derived from the 

8 applicable account of the House of Representatives, 

9 and half of which shall be derived from the contin10 gent fund of the Senate. 

11 (2) REIMBURSEMENT OF AMOUNTS.—An 

12 amount equal to the expenses of the Oversight 

13 Board shall be promptly transferred by the Sec14 retary and the Board of Governors of the Federal 

15 Reserve System, from time to time upon the present16 ment of a statement of such expenses by the Chair17 person of the Oversight Board, from funds made 

18 available to the Secretary under this Act to the ap19 plicable fund of the House of Representatives and 

20 the contingent fund of the Senate, as appropriate, as 

21 reimbursement for amounts expended from such ac22 count and fund under paragraph (1). 

Æ 


pamtmann on DSKBC07HB2PROD with BILLS