705 
Robert T. Stafford Disaster Relief and Emergency Assist-
ance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID–19) pandemic. 
TITLE III—SUPPORTING STATE, 
TERRITORY, AND LOCAL GOV-
ERNMENTS 
SEC. 301. MUNI FACILITY. 
(a) AMENDMENT TO AUTHORITY TO BUY AND SELL 
BONDS AND NOTES.—Section 14(b) of the Federal Re-
serve Act (12 U.S.C. 355) is amended— 
(1) in paragraph (1)— 
(A) by inserting ‘‘and during unusual and 
exigent circumstances,’’ before ‘‘bonds issued’’; 
and 
(B) by striking ‘‘of 1933’’ and all that fol-
lows through ‘‘assured revenues’’; and 
(2) by adding at the end the following: 
‘‘(3) STATE
DEFINED.—In this section, the 
term ‘State’ means each of the several States, any 
bi-State agency, the District of Columbia, each terri-
tory and possession of the?United States, and each 
federally recognized Indian Tribe.’’. 
(b) FEDERAL RESERVE AUTHORIZATION TO PUR-
CHASE COVID–19 RELATED MUNICIPAL ISSUANCES.— 
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(1) AUTHORITY.—Within seven days after the 
date of enactment of this subsection, the Federal 
Reserve Board of Governors shall establish a facility 
to buy and sell, at home or abroad, bills, notes, 
bonds, and warrants that are issued by any State or 
political subdivision thereof between March 1, 2020, 
and July 1, 2021, in order to fund a public health 
or public service response to the COVID–19 pan-
demic. The Board of Governors of the Federal Re-
serve System may extend the authority under this 
subsection if the Board determines necessary. 
(2) REQUIRED
PURCHASES.—The Board of 
Governors of the Federal Reserve System shall es-
tablish policies and procedures to require the direct 
placement of bills, notes, bonds, and warrants de-
scribed in paragraph (1) with the Board at an inter-
est cost that does not exceed the Federal funds rate 
target for short-term interbank lending, within seven 
days after the date of enactment of this section. 
(3) REVIEW OF SPENDING.—During the 3-year 
period beginning on the date on which all purchases 
under this section are completed, relevant Federal 
authorities shall review such purchases to determine 
if funds were diverted from legitimate public health 
or public services responses to the COVID–19 pan-
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707 
demic to make such purchase. The relevant Federal 
authorities shall take appropriate action based on 
findings of such review. 
(4) DEFINITIONS.—In this subsection: 
(A) PUBLIC HEALTH OR PUBLIC SERVICE 
RESPONSE TO THE COVID–19 PANDEMIC.—The 
term ‘‘public health or public service response 
to the COVID–19 pandemic’’ means— 
(i) the purchase, manufacture, or de-
livery of medical equipment, facilities, or 
services— 
(I) 
to 
treat 
or 
quarantine 
COVID–19 patients; 
(II) to protect first responders 
interacting with such patients; or 
(III) to test for COVID–19 infec-
tions and track social contacts of pa-
tients who have tested positive for the 
virus; 
(ii) the purchase, manufacture, or de-
livery of basic living supports for individ-
uals who are not COVID–19 patients dur-
ing periods of voluntary or mandatory so-
cial distancing or quarantine designed to 
prevent the spread of COVID–19; or 
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708 
(iii) the maintenance and delivery of 
basic public services to communities re-
sponding to the public health or economic 
effects of the COVID–19 pandemic. 
(B) STATE.—The term ‘‘State’’ means 
each of the several States, any bi-State agency, 
the District of Columbia, each territory and 
possession of the United States, and each feder-
ally recognized Indian Tribe. 
SEC. 302. TEMPORARY WAIVER AND REPROGRAMMING AU-
THORITY. 
(a) WAIVER AUTHORITY.— 
(1) IN GENERAL.—With respect to a covered 
grant awarded to a State, territory, or local govern-
ment by a Federal financial regulator, the Federal 
financial regulator may, upon request, waive any 
matching or cost-sharing requirements with respect 
to such grant until January 1, 2023. 
(2) 
REQUIREMENTS
FOR
WAIVER
RECIPI-
ENTS.—A State, territory, or local government 
granted a waiver with respect to a grant under sub-
section (a) shall waive any matching or cost-sharing 
requirements that such government imposes on sub- 
grantees on such grant until January 1, 2023. 
(b) REPROGRAMMING AUTHORITY.— 
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709 
(1) IN GENERAL.—With respect to a covered 
grant awarded to a State, territory, or local govern-
ment by a Federal financial regulator, the Federal 
financial regulator may, upon request, permit the 
State, territory, or local government to reprogram 
awarded grant funds for purposes related to unem-
ployment, childcare, and healthcare, if the majority 
of normally funded activities under such grant are 
not in areas related to unemployment, childcare, and 
healthcare. 
(2) CONSIDERATION FOR FUTURE GRANTS.— 
Any grantee (or sub-grantee) with respect to which 
a Federal financial regulator allows to reprogram 
funds under paragraph (1) shall be given priority by 
such Federal financial regulator for future awards of 
the type reprogrammed. 
(c) DEFINITIONS.—In this section: 
(1) COVERED
GRANTS.—The term ‘‘covered 
award’’ means a grant— 
(A) that was awarded to a State, territory, 
or local government before the date of enact-
ment of this Act and under which the State, 
territory, or local government may still receive 
additional grant amounts; or 
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710 
(B) with respect to which the period of 
performance does not expire before January 1, 
2023. 
(2) FEDERAL
FINANCIAL
REGULATOR.—The 
term ‘‘Federal financial regulator’’ means the Board 
of Governors of the Federal Reserve System, the 
Bureau of Consumer Financial Protection, the De-
partment of Housing and Urban Development, the 
Department of the Treasury (other than the Inter-
nal Revenue Service), the Federal Deposit Insurance 
Corporation, the Office of the Comptroller of the 
Currency, the National Credit Union Administra-
tion, and the Securities and Exchange Commission. 
TITLE IV—PROMOTING FINAN-
CIAL STABILITY AND TRANS-
PARENT MARKETS 
SEC. 401. TEMPORARY HALT TO RULEMAKINGS UNRE-
LATED TO COVID–19. 
(a) IN GENERAL.—Until the end of the 30-day period 
following the end of the COVID–19 emergency period, the 
Federal financial regulators— 
(1) may not adopt or amend any rule, regula-
tion, guidance, or order unless such rule, regulation, 
guidance, or order is directly related to responding 
to the COVID–19 emergency; and 
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711 
(2) shall keep open and extend any ongoing 
public comment period related to a proposed or final 
rule, unless such rule is related to responding to the 
COVID–19 emergency. 
(b) NOTICE
AND SUNSET
OF EMERGENCY AC-
TIONS.—The Federal financial regulators shall— 
(1) provide the Committee on Financial Serv-
ices of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate with a notice of any regulatory actions 
taken during the COVID–19 emergency period, 
along with an explanation of how such action was 
necessary and appropriate in response to the 
COVID–19 emergency; and 
(2) limit the period of effectiveness of any ac-
tion taken in response to the COVID–19 emergency 
to be not longer than 12-months following the end 
of the COVID–19 emergency period. 
(c) VOTING BY REGULATORS.—Any action taken pur-
suant to this section by a Federal financial regulator head-
ed by a multi-person entity may only be taken by unani-
mous vote. 
(d) DEFINITIONS.—In this section: 
(1) COVID–19 EMERGENCY PERIOD.—For pur-
poses of this Act, the term ‘‘COVID–19 emergency 
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712 
period’’ means the period that begins upon the date 
of the enactment of this Act and ends upon the date 
of the termination by the Federal Emergency Man-
agement Agency of the emergency declared on 
March 13, 2020, by the President under the Robert 
T. Stafford Disaster Relief and Emergency Assist-
ance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID–19) pandemic. 
(2) FEDERAL FINANCIAL REGULATOR.—In this 
section, the term ‘‘Federal financial regulator’’ 
means the Board of Governors of the Federal Re-
serve System, the Bureau of Consumer Financial 
Protection, the Department of Housing and Urban 
Development, the Department of the Treasury 
(other than the Internal Revenue Service), the Fed-
eral Deposit Insurance Corporation, the Federal 
Housing Finance Agency, the Office of the Comp-
troller of the Currency, the National Credit Union 
Administration, and the Securities and Exchange 
Commission. 
SEC. 402. TEMPORARY BAN ON STOCK BUYBACKS. 
(a) IN GENERAL.—It shall be unlawful for any issuer, 
the securities of which are traded on a national securities 
exchange, to purchase securities of the issuer during the 
period beginning on the date of enactment of this section 
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713 
and ending 120 days after the end of the COVID–19 
emergency period. 
(b) EARLY TERMINATION.—The Securities and Ex-
change Commission may terminate the prohibition under 
subsection (a) after the end of the COVID–19 emergency 
period and before the end of the 120-day period described 
under subsection (a), if— 
(1) the Commission determines such termi-
nation is in the public interest; and 
(2) immediately notifies the Congress and the 
public of such determination and the reason for such 
determination, including on the website of the Com-
mission. 
(c) ENFORCEMENT; RULEMAKING.— 
(1) IN
GENERAL.—The Securities and Ex-
change Commission shall have the authority to en-
force this Act and may issue such rules as may be 
necessary to carry out this Act. 
(2) COMMISSION VOTING.—Any action taken by 
the Commission pursuant to this section may only be 
taken upon a unanimous vote of the commissioners. 
(d) DEFINITIONS.—In this section: 
(1) COVID–19 
EMERGENCY
PERIOD.—The 
term ‘‘COVID–19 emergency period’’ means the pe-
riod that begins upon the date of the enactment of 
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714 
this Act and ends upon the date of the termination 
by the Federal Emergency Management Agency of 
the emergency declared on March 13, 2020, by the 
President under the Robert T. Stafford Disaster Re-
lief and Emergency Assistance Act (42 U.S.C. 4121 
et seq.) relating to the Coronavirus Disease 2019 
(COVID–19) pandemic. 
(2) OTHER DEFINITIONS.—The terms ‘‘issuer’’, 
‘‘national securities exchange’’, and ‘‘security’’ have 
the meaning given those terms, respectively, under 
section 3 of the Securities Exchange Act of 1934. 
SEC. 403. DISCLOSURES RELATED TO SUPPLY CHAIN DIS-
RUPTION RISK. 
Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the 
following: 
‘‘(s) DISCLOSURES RELATED TO SUPPLY CHAIN DIS-
RUPTION RISK.— 
‘‘(1) IN GENERAL.—Each issuer required to file 
an annual report under subsection (a) shall disclose 
in that report— 
‘‘(A) an identification of— 
‘‘(i) the risks in the issuer’s sourcing 
of goods, labor, services, and other supply 
chain related matters, including— 
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‘‘(I) risks of dependency upon 
sole 
sourcing 
arrangements 
or 
sourcing concentrated in one geo-
graphic locality; 
‘‘(II) shipping risks; and 
‘‘(III) risks arising from natural 
disasters, pandemics, extreme weath-
er, armed conflicts, refugee and re-
lated disruptions, trade conflicts or 
disruptions, and labor wage, safety, 
and health care practices; and 
‘‘(ii) the impacts any risk or disrup-
tion identified in clause (i) would have on 
the issuer’s workforce, suppliers, and cus-
tomers; 
‘‘(B) the issuer’s business continuity or 
other contingency plans that will be imple-
mented in the case of a supply chain disruption 
in order to mitigate such risks and impacts; 
and 
‘‘(C) all other material information. 
‘‘(2) UPDATES.—Disclosures required under 
this subsection shall be updated when there are ma-
terial changes.’’. 
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716 
SEC. 404. DISCLOSURES RELATED TO GLOBAL PANDEMIC 
RISK. 
(a) IN GENERAL.—Section 13 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78m), as amended by sec-
tion 403, is further amended by adding at the end the 
following: 
‘‘(t) DISCLOSURES RELATED TO GLOBAL PANDEMIC 
RISK.— 
‘‘(1) IN GENERAL.—Each issuer required to file 
current reports under subsection (a) shall, in the 
event the World Health Organization declares a pan-
demic, file a report with the Commission containing 
a description of— 
‘‘(A) the risks and exposures to the issuer 
related to the pandemic, including risks to 
health and worker safety faced by the issuer’s 
employees and independent contractors; 
‘‘(B) the steps the issuer is taking to miti-
gate such risks and exposures, including meas-
ures to protect the workforce, including infor-
mation related to wages, healthcare, and leave; 
‘‘(C) a preliminary view on the effect the 
pandemic may have on the issuer’s business, 
solvency, and workforce; and 
‘‘(D) all other material information. 
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717 
‘‘(2) UPDATES.—Disclosures required under 
this subsection shall be updated when there are ma-
terial changes. 
‘‘(3) PUBLIC AVAILABILITY OF REPORTS.—The 
Commission shall make each report filed to the 
Commission under paragraph (1) available to the 
public, including on the website of the Commis-
sion.’’. 
(b) APPLICATION.—Section 13(t) of the Securities 
Exchange Act of 1934, as added by subsection (a), shall 
apply to a pandemic declared by the World Health Organi-
zation that is in existence on the date of enactment of 
this Act or that is declared after the date of enactment 
of this Act. 
SEC. 405. OVERSIGHT OF FEDERAL AID RELATED TO 
COVID–19. 
(a) CONGRESSIONAL COVID–19 AID OVERSIGHT 
PANEL.— 
(1) ESTABLISHMENT.—There is hereby estab-
lished the Congressional COVID–19 Aid Oversight 
Panel (hereafter in this subsection referred to as the 
‘‘Oversight Panel’’) as an establishment in the legis-
lative branch. 
(2) DUTIES.—The Oversight Panel shall review 
the current state of the financial markets and the 
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regulatory system and submit regular reports to 
Congress on the following: 
(A) The use of Federal aid provided during 
the COVID–19 emergency. 
(B) The impact of Federal aid related to 
COVID–19 on the financial markets and finan-
cial institutions. 
(3) MEMBERSHIP.— 
(A) IN
GENERAL.—The Oversight Panel 
shall consist of 5 members, as follows: 
(i) 1 member appointed by the Speak-
er of the House of Representatives. 
(ii) 1 member appointed by the minor-
ity leader of the House of Representatives. 
(iii) 1 member appointed by the ma-
jority leader of the Senate. 
(iv) 1 member appointed by the mi-
nority leader of the Senate. 
(v) 1 member appointed by the Speak-
er of the House of Representatives and the 
majority leader of the Senate, after con-
sultation with the minority leader of the 
Senate and the minority leader of the 
House of Representatives. 
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719 
(B) PAY.—Each member of the Oversight 
Panel shall each be paid at a rate equal to the 
daily equivalent of the annual rate of basic pay 
for level I of the Executive Schedule for each 
day (including travel time) during which such 
member is engaged in the actual performance of 
duties vested in the Commission. 
(C) PROHIBITION
OF
COMPENSATION
OF 
FEDERAL EMPLOYEES.—Members of the Over-
sight Panel who are full-time officers or em-
ployees of the United States or Members of 
Congress may not receive additional pay, allow-
ances, or benefits by reason of their service on 
the Oversight Panel. 
(D) TRAVEL
EXPENSES.—Each member 
shall receive travel expenses, including per diem 
in lieu of subsistence, in accordance with appli-
cable provisions under subchapter I of chapter 
57 of title 5, United States Code. 
(E) QUORUM.—Four members of the Over-
sight Panel shall constitute a quorum but a 
lesser number may hold hearings. 
(F) VACANCIES.—A vacancy on the Over-
sight Panel shall be filled in the manner in 
which the original appointment was made. 
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720 
(G) MEETINGS.—The Oversight Panel 
shall meet at the call of the Chairperson or a 
majority of its members. 
(4) STAFF.— 
(A) IN
GENERAL.—The Oversight Panel 
may appoint and fix the pay of any personnel 
as the Oversight Panel considers appropriate. 
(B) EXPERTS
AND
CONSULTANTS.—The 
Oversight Panel may procure temporary and 
intermittent services under section 3109(b) of 
title 5, United States Code. 
(C) STAFF OF AGENCIES.—Upon request 
of the Oversight Panel, the head of any Federal 
department or agency may detail, on a reim-
bursable basis, any of the personnel of that de-
partment or agency to the Oversight Panel to 
assist it in carrying out its duties under this 
section. 
(5) POWERS.— 
(A) HEARINGS AND SESSIONS.—The Over-
sight Panel may, for the purpose of carrying 
out this section, hold hearings, sit and act at 
times and places, take testimony, and receive 
evidence as the Panel considers appropriate and 
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may administer oaths or affirmations to wit-
nesses appearing before it. 
(B) POWERS OF MEMBERS AND AGENTS.— 
Any member or agent of the Oversight Panel 
may, if authorized by the Oversight Panel, take 
any action which the Oversight Panel is author-
ized to take by this section. 
(C) OBTAINING
OFFICIAL
DATA.—The 
Oversight Panel may secure directly from any 
department or agency of the United States in-
formation necessary to enable it to carry out 
this section. Upon request of the Chairperson of 
the Oversight Panel, the head of that depart-
ment or agency shall furnish that information 
to the Oversight Panel. 
(D) REPORTS.—The Oversight Panel shall 
receive and consider all reports required to be 
submitted to the Oversight Panel under this 
section. 
(6) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Over-
sight Panel such sums as may be necessary for any 
fiscal year, half of which shall be derived from the 
applicable account of the House of Representatives, 
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722 
and half of which shall be derived from the contin-
gent fund of the Senate. 
(7) SUNSET.—The Oversight Panel established 
by this subsection shall terminate on the date that 
is two years following the termination by the Federal 
Emergency Management Agency of the emergency 
declared on March 13, 2020, by the President under 
the Robert T. Stafford Disaster Relief and Emer-
gency Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID–19) pandemic. 
(8) DEFINITIONS.—In this subsection: 
(A) COVID–19 EMERGENCY.—The term 
‘‘COVID–19 emergency’’ means the period that 
begins upon the date of the enactment of this 
Act and ends one year after the termination by 
the Federal Emergency Management Agency of 
the emergency declared on March 13, 2020, by 
the President under the Robert T. Stafford Dis-
aster Relief and Emergency Act (42 U.S.C. 
4121 et seq.) relating to the Coronavirus Dis-
ease 2019 (COVID–19) pandemic. 
(B) FEDERAL
AID.—The term ‘‘Federal 
aid’’ means any emergency lending provided 
under section 13(3) of the Federal Reserve Act 
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723 
or any Federal financial support in the form of 
a grant, loan, or loan guarantee. 
(b) SPECIAL INSPECTOR GENERAL AUTHORITY OVER 
FEDERAL AID RELATED TO COVID–19.—Section 121 of 
the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5231) is amended— 
(1) in subsection (k)— 
(A) in paragraph (1), by striking ‘‘or’’ at 
the end; 
(B) in paragraph (2), by striking the pe-
riod at the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(3) the date on which all Federal aid related 
to the COVID–19 emergency is repaid.’’; and 
(2) by adding at the end the following: 
‘‘(l) RESPONSIBILITY WITH RESPECT TO FEDERAL 
AID RELATED TO COVID–19.— 
‘‘(1) IN GENERAL.—The Special Inspector Gen-
eral shall have the same authority and responsibil-
ities with respect to Federal aid provided during the 
COVID–19 emergency as the Special Inspector Gen-
eral has with respect to financial assistance (includ-
ing the purchase of troubled assets) provided under 
this title. 
‘‘(2) DEFINITIONS.—In this section: 
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724 
‘‘(A) COVID–19 EMERGENCY.—The term 
‘COVID–19 emergency’ means the period that 
begins upon the date of the enactment of this 
Act and ends one year after the termination by 
the Federal Emergency Management Agency of 
the emergency declared on March 13, 2020, by 
the President under the Robert T. Stafford Dis-
aster Relief and Emergency Act (42 U.S.C. 
4121 et seq.) relating to the Coronavirus Dis-
ease 2019 (COVID–19) pandemic. 
‘‘(B) FEDERAL AID.—The term ‘Federal 
aid’ means any emergency lending provided 
under section 13(3) of the Federal Reserve Act 
or any Federal financial support in the form of 
a grant, loan, or loan guarantee.’’. 
SEC. 406. INTERNATIONAL FINANCIAL INSTITUTIONS. 
(a) UNITED STATES PARTICIPATION IN, AND CON-
TRIBUTIONS TO, THE NINETEENTH REPLENISHMENT OF 
THE RESOURCES OF THE INTERNATIONAL DEVELOPMENT 
ASSOCIATION.— The International Development Associa-
tion Act (22 U.S.C. 284 et seq.) is amended by adding 
at the end the following: 
‘‘SEC. 31. NINETEENTH REPLENISHMENT. 
‘‘(a) The United States Governor of the International 
Development Association is authorized to contribute on 
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725 
behalf of the United States $3,004,200,000 to the nine-
teenth replenishment of the resources of the Association, 
subject to obtaining the necessary appropriations. 
‘‘(b) In order to pay for the United States contribu-
tion provided for in subsection (a), there are authorized 
to be appropriated, without fiscal year limitation, 
$3,004,200,000 for payment by the Secretary of the 
Treasury.’’. 
(b) UNITED STATES PARTICIPATION IN, AND CON-
TRIBUTIONS TO, THE FIFTEENTH REPLENISHMENT OF 
THE
RESOURCES
OF
THE
AFRICAN
DEVELOPMENT 
FUND.—The African Development Fund Act (22 U.S.C. 
290g et seq.) is amended by adding at the end the fol-
lowing: 
‘‘SEC. 226. FIFTEENTH REPLENISHMENT. 
‘‘(a) The United States Governor of the Fund is au-
thorized to contribute on behalf of the United States 
$513,900,000 to the fifteenth replenishment of the re-
sources of the Fund, subject to obtaining the necessary 
appropriations. 
‘‘(b) In order to pay for the United States contribu-
tion provided for in subsection (a), there are authorized 
to be appropriated, without fiscal year limitation, 
$513,900,000 for payment by the Secretary of the Treas-
ury.’’. 
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726 
(c) UNITED STATES PARTICIPATION IN, AND CON-
TRIBUTIONS TO, THE SEVENTH CAPITAL INCREASE FOR 
THE AFRICAN DEVELOPMENT BANK.— The African De-
velopment Bank Act (22 U.S.C. 290i et seq.) is amended 
by adding at the end the following: 
‘‘SEC. 1345. SEVENTH CAPITAL INCREASE. 
‘‘(a) SUBSCRIPTION AUTHORIZED.— 
‘‘(1) The United States Governor of the Bank 
may subscribe on behalf of the United States to 
532,023 additional shares of the capital stock of the 
Bank. 
‘‘(2) Any subscription by the United States to 
the capital stock of the Bank shall be effective only 
to such extent and in such amounts as are provided 
in advance in appropriations Acts. 
‘‘(b) LIMITATIONS ON AUTHORIZATION OF APPRO-
PRIATIONS.— 
‘‘(1) In order to pay for the increase in the 
United States subscription to the Bank under sub-
section (a), there are authorized to be appropriated, 
without fiscal year limitation, $7,286,587,008 for 
payment by the Secretary of the Treasury. 
‘‘(2) Of the amount authorized to be appro-
priated under paragraph (1)— 
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727 
‘‘(A) $437,190,016 shall be for paid in 
shares of the Bank; and 
‘‘(B) $6,849,396,992 shall be for callable 
shares of the Bank.’’. 
SEC. 407. CONDITIONS ON FEDERAL AID TO CORPORA-
TIONS. 
(a) REQUIREMENTS ON ALL CORPORATIONS UNTIL 
FEDERAL AID RELATED TO COVID–19 IS REPAID.—Any 
corporation that receives Federal aid related to COVID– 
19 shall, until the date on which all such Federal aid is 
repaid by the corporation to the Federal Government, 
comply with the following: 
(1) RESTRICTIONS ON EXECUTIVE BONUSES.— 
The corporation may not pay a bonus to any execu-
tive of the corporation. 
(2) BAN
ON
EXECUTIVE
GOLDEN
PARA-
CHUTES.—The corporation may not pay any type of 
compensation (whether present, deferred, or contin-
gent) to an executive of the corporation, if such com-
pensation is in connection with the termination of 
employment of the executive. 
(3) BAN ON STOCK BUYBACKS.—The corpora-
tion may not purchase securities of the corporation. 
(4) BAN ON DIVIDENDS.—The corporation may 
not pay dividends on securities of the corporation. 
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(5) BAN
ON
FEDERAL
LOBBYING.—The cor-
poration may not carry out any Federal lobbying ac-
tivities. 
(b) PERMANENT REQUIREMENTS ON ACCELERATED 
FILERS RECEIVING FEDERAL AID RELATED TO COVID– 
19.— 
(1) IN GENERAL.—An accelerated filer that re-
ceives Federal aid related to COVID–19 shall per-
manently comply with the following: 
(A) WORKER BOARD REPRESENTATION.— 
(i) IN GENERAL.—At least 1⁄3 of the 
members of the accelerated filer’s directors 
are chosen by the employees of the acceler-
ated filer in a one-employee-one-vote elec-
tion process. 
(ii) COMPLIANCE DATE.—An acceler-
ated filer shall comply with the require-
ments under clause (i) not later than the 
end of the 2-year period beginning on the 
date of enactment of this Act. 
(iii) DEFINITIONS.—In this subpara-
graph— 
(I) the term ‘‘director’’ has the 
meaning given the term in section 3 
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(2) POLITICAL SPENDING DISCLOSURES.— 
(A) IN GENERAL.—With respect to an ac-
celerated filer, the disclosures required under 
this paragraph are— 
(i) a description of any expenditure 
for political activities made during the pre-
ceding quarter; 
(ii) the date of each expenditure for 
political activities; 
(iii) the amount of each expenditure 
for political activities; 
(iv) if the expenditure for political ac-
tivities was made in support of or opposed 
to a candidate, the name of the candidate 
and the office sought by, and the political 
party affiliation of, the candidate; 
(v) the name or identity of trade asso-
ciations or organizations described in sec-
tion 501(c) of the Internal Revenue Code 
of 1986 and exempt from tax under sec-
tion 501(a) of such Code which receive 
dues or other payments as described in 
paragraph (1)(A)(i)(III); 
(vi) a summary of each expenditure 
for political activities made during the pre-
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ceding year in excess of $10,000, and each 
expenditure for political activities for a 
particular election if the total amount of 
such expenditures for that election is in ex-
cess of $10,000; 
(vii) a description of the specific na-
ture of any expenditure for political activi-
ties the corporation intends to make for 
the forthcoming fiscal year, to the extent 
the specific nature is known to the cor-
poration; and 
(viii) the total amount of expenditures 
for political activities intended to be made 
by the corporation for the forthcoming fis-
cal year. 
(B) DEFINITIONS.—In this paragraph: 
(i) EXPENDITURE FOR POLITICAL AC-
TIVITIES.—The term ‘‘expenditure for po-
litical activities’’— 
(I) means— 
(aa) an independent expend-
iture 
(as 
defined 
in 
section 
301(17) of the Federal Election 
Campaign Act of 1971 (52 
U.S.C. 30101(17))); 
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732 
(bb) an electioneering com-
munication (as defined in section 
304(f)(3) of that Act (52 U.S.C. 
30104(f)(3))) and any other pub-
lic communication (as defined in 
section 301(22) of that Act (52 
U.S.C. 30101(22))) that would 
be an electioneering communica-
tion if it were a broadcast, cable, 
or satellite communication; or 
(cc) dues or other payments 
to trade associations or organiza-
tions described in section 501(c) 
of the Internal Revenue Code of 
1986 and exempt from tax under 
section 501(a) of that Code that 
are, or could reasonably be an-
ticipated to be, used or trans-
ferred to another association or 
organization for the purposes de-
scribed in item (aa) or (bb); and 
(II) does not include— 
(aa) direct lobbying efforts 
through registered lobbyists em-
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733 
ployed or hired by the corpora-
tion; 
(bb) communications by a 
corporation to its shareholders 
and executive or administrative 
personnel and their families; or 
(cc) the establishment and 
administration of contributions to 
a separate segregated fund to be 
utilized for political purposes by 
a corporation. 
(ii) EXCEPTION.—The term ‘‘corpora-
tion’’ does not include an investment com-
pany registered under section 8 of the In-
vestment Company Act of 1940 (15 U.S.C. 
80a–8). 
(3) HUMAN
CAPITAL
MANAGEMENT
DISCLO-
SURES.—With respect to an accelerated filer, the 
disclosures required under this paragraph are the 
following: 
(A) Workforce demographic information, 
including the number of full-time employees, 
the number of part-time employees, the number 
of contingent workers (including temporary and 
contract workers), and any policies or practices 
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734 
relating to subcontracting, outsourcing, and 
insourcing. 
(B) Workforce stability information, in-
cluding information about the voluntary turn-
over or retention rate, the involuntary turnover 
rate, the internal hiring rate, and the internal 
promotion rate. 
(C) Workforce composition, including data 
on diversity (including racial and gender com-
position) and any policies and audits related to 
diversity. 
(D) Workforce skills and capabilities, in-
cluding information about training of employees 
(including the average number of hours of 
training and spending on training per employee 
per year), skills gaps, and alignment of skills 
and capabilities with business strategy. 
(E) Workforce culture and empowerment, 
including information about— 
(i) policies and practices of the cor-
poration relating to freedom of association 
and work-life balance initiatives; 
(ii) any incidents of verified workplace 
harassment in the previous 5 fiscal years 
of the corporation; 
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735 
(iii) policies and practices of the cor-
poration relating to employee engagement 
and 
psychological 
wellbeing, 
including 
management discussion regarding— 
(I) the creation of an autono-
mous work environment; 
(II) fostering a sense of purpose 
in the workforce; 
(III) trust in management; and 
(IV) a supportive, fair, and con-
structive workplace. 
(F) Workforce health and safety, including 
information about— 
(i) the frequency, severity, and lost 
time due to injuries, illness, and fatalities; 
(ii) the total dollar value of assessed 
fines under the Occupational Safety and 
Health Act of 1970; 
(iii) the total number of actions 
brought under section 13 of the Occupa-
tional Safety and Health Act of 1970 to 
prevent imminent dangers; and 
(iv) the total number of actions 
brought against the corporation under sec-
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tion 11(c) of the Occupational Safety and 
Health Act of 1970. 
(G) Workforce compensation and incen-
tives, including information about— 
(i) total workforce compensation, in-
cluding disaggregated information about 
compensation for full-time, part-time, and 
contingent workers; 
(ii) policies and practices about how 
performance, productivity, and sustain-
ability are considered when setting pay and 
making promotion decisions; and 
(iii) policies and practices relating to 
any incentives and bonuses provided to em-
ployees below the named executive level 
and any policies or practices designed to 
counter any risks create by such incentives 
and bonuses. 
(H) Workforce recruiting, including infor-
mation about the quality of hire, new hire en-
gagement rate, and new hire retention rate. 
(4) ENVIRONMENTAL, SOCIAL
AND
GOVERN-
ANCE DISCLOSURES.—With respect to an accelerated 
filer, the disclosures required under this paragraph 
are disclosures that satisfy the recommendations of 
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737 
the Task Force on Climate-related Financial Disclo-
sures of the Financial Stability Board as reported in 
June, 2017. 
(5) FEDERAL AID DISCLOSURES.—With respect 
to an accelerated filer, the disclosure required under 
this paragraph is a description of how the Federal 
aid related to COVID–19 received by the corporation 
is being used to support the corporation’s employees. 
(6) DISCLOSURES OF FINANCIAL PERFORMANCE 
ON A COUNTRY-BY-COUNTRY BASIS.— 
(A) IN GENERAL.—With respect to an ac-
celerated filer, the disclosures required under 
this paragraph are the following: 
(i) CONSTITUENT
ENTITY
INFORMA-
TION.—Information on any constituent en-
tity of the corporation, including the fol-
lowing: 
(I) The complete legal name of 
the constituent entity. 
(II) The tax jurisdiction, if any, 
in which the constituent entity is resi-
dent for tax purposes. 
(III) The tax jurisdiction in 
which the constituent entity is orga-
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nized or incorporated (if different 
from the tax jurisdiction of residence). 
(IV) The tax identification num-
ber, if any, used for the constituent 
entity by the tax administration of the 
constituent entity’s tax jurisdiction of 
residence. 
(V) The main business activity or 
activities of the constituent entity. 
(ii) TAX JURISDICTION.—Information 
on each tax jurisdiction in which one or 
more constituent entities is resident, pre-
sented as an aggregated or consolidated 
form of the information for the constituent 
entities resident in each tax jurisdiction, 
including the following: 
(I) Revenues generated from 
transactions with other constituent 
entities. 
(II) Revenues not generated from 
transactions with other constituent 
entities. 
(III) Profit or loss before income 
tax. 
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739 
(IV) Total income tax paid on a 
cash basis to all tax jurisdictions. 
(V) Total accrued tax expense re-
corded on taxable profits or losses. 
(VI) Stated capital. 
(VII) Total accumulated earn-
ings. 
(VIII) Total number of employ-
ees on a full-time equivalent basis. 
(IX) Net book value of tangible 
assets, which, for purposes of this sec-
tion, does not include cash or cash 
equivalents, intangibles, or financial 
assets. 
(iii) SPECIAL
RULES.—The informa-
tion listed in clause (ii) shall be provided, 
in aggregated or consolidated form, for any 
constituent entity or entities that have no 
tax jurisdiction of residence. In addition, if 
a constituent entity is an owner of a con-
stituent entity that does not have a juris-
diction of tax residence, then the owner’s 
share of such entity’s revenues and profits 
will be aggregated or consolidated with the 
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740 
information for the owner’s tax jurisdiction 
of residence. 
(B) DEFINITIONS.—In this paragraph— 
(i) the term ‘‘constituent entity’’ 
means, with respect to an accelerated filer, 
any separate business entity of the acceler-
ated filer; 
(ii) the term ‘‘tax jurisdiction’’— 
(I) means a country or a jurisdic-
tion that is not a country but that has 
fiscal autonomy; and 
(II) includes a territory or pos-
session of the United States that has 
fiscal autonomy. 
(c) PERMANENT REQUIREMENTS ON ALL CORPORA-
TIONS RECEIVING FEDERAL AID RELATED TO COVID– 
19.—Any corporation that receives Federal aid related to 
COVID–19 shall permanently comply with the following: 
(1) PAID LEAVE FOR WORKERS.—The corpora-
tion shall provide at least 14 days of paid leave to 
workers (employees and contractors, full-time and 
part-time) who— 
(A) are unable to telework; 
(B) need to be isolated or quarantined to 
prevent the spread of COVID–19; or 
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741 
(C) need time off to care for the needs of 
family members. 
(2) MINIMUM
WAGE.—The corporation shall 
pay each employee (full-time and part-time) of the 
corporation a wage of not less than $15 an hour, be-
ginning not later than January 1, 2021. 
(3) LIMITATION
ON
CEO
AND
EXECUTIVE 
PAY.—The corporation may not have a CEO to me-
dian worker pay ratio of greater than 50 to 1 and 
no officer or employee of the corporation may re-
ceived higher compensation than the chief executive 
officer (or any equivalent position). 
(d) REQUIREMENTS ON ALL CORPORATIONS RECEIV-
ING FEDERAL AID RELATED TO COVID–19 UNTIL THE 
END OF THE EMERGENCY.—Any corporation that receives 
Federal aid related to COVID–19 shall, until the COVID– 
19 emergency ends, comply with the following: 
(1) WORKFORCE LEVELS AND BENEFITS.—The 
corporation shall maintain at least the same work-
force levels and benefits that existed before the 
COVID–19 emergency. 
(2) MAINTENANCE OF WORKER PAY.—The cor-
poration shall maintain worker (employee or con-
tractor, full-time and part-time) pay throughout the 
entire duration of the COVID–19 emergency at or 
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742 
above the pay level the worker was earning before 
the emergency. 
(3) MAINTENANCE OF COLLECTIVE BARGAINING 
AGREEMENTS.—The corporation may not alter any 
collective bargaining agreement that was in place at 
the beginning of the COVID–19 emergency. 
(e) ENFORCEMENT; RULEMAKING.—The Securities 
and Exchange Commission and the Secretary of the 
Treasury shall have the authority to enforce this section 
and may issue such rules as may be necessary to carry 
out this section. 
(f) DEFINITIONS.—In this section: 
(1) ACCELERATED FILER.—The Securities and 
Exchange Commission shall define the term ‘‘accel-
erated filer’’ for purposes of this section. 
(2) CEO TO MEDIAN WORKER PAY RATIO.— 
With respect to an accelerated filer, the term ‘‘CEO 
to median worker pay ratio’’ means the ratio of— 
(A) the annual total compensation of the 
chief executive officer (or any equivalent posi-
tion) of the corporation; and 
(B) the median of the annual total com-
pensation of all employees of the corporation, 
except the chief executive officer (or any equiva-
lent position) of the corporation. 
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743 
(3) 
COVID–19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ means the period that be-
gins upon the date of the enactment of this Act and 
ends upon the termination by the Federal Emer-
gency Management Agency of the emergency de-
clared on March 13, 2020, by the President under 
the Robert T. Stafford Disaster Relief and Emer-
gency Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID–19). 
(4) FEDERAL
AID.—The term ‘‘Federal aid’’ 
means any emergency lending provided under section 
13(3) of the Federal Reserve Act or any Federal fi-
nancial support in the form of a grant, loan, or loan 
guarantee. 
(5) S CORPORATION.—The term ‘‘S corpora-
tion’’ has the meaning given that term under section 
1361(a) of the Internal Revenue Code of 1986. 
(6) SECURITIES TERMS.—The terms ‘‘national 
securities exchange’’ and ‘‘security’’ have the mean-
ing given those terms, respectively, under section 3 
of the Securities Exchange Act of 1934. 
SEC. 408. AUTHORITY FOR WARRANTS AND DEBT INSTRU-
MENTS. 
(a) DEFINITIONS.—In this section: 
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744 
(1) ASSET.—The term ‘‘asset’’ means any fi-
nancial instrument that the Secretary, after con-
sultation with the Chairman of the Board of Gov-
ernors of the Federal Reserve System, determines 
the purchase of which or the guarantee of which is 
necessary to promote economic stability. 
(2) COMPANY.—The term ‘‘company’’ means 
any entity that is not subject to the prohibitions in 
subsection (e). 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(b) WARRANT OR SENIOR DEBT INSTRUMENT.—The 
Secretary may not purchase, or make any commitment to 
purchase, or guarantee, or make any commitment to guar-
antee, any asset in response to the coronavirus disease 
(COVID–19) outbreak, unless the Secretary receives from 
the company from which such assets are to be purchased 
or are to be guaranteed— 
(1) in the case of a company, the securities of 
which are traded on a national securities exchange, 
a warrant giving the right to the Secretary to receive 
senior preferred voting stock; or 
(2) in the case of any company other than one 
described in paragraph (1), a warrant for senior pre-
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745 
ferred voting stock, or a senior debt instrument from 
such company. 
(c) TERMS AND CONDITIONS.—The terms and condi-
tions of any warrant or senior debt instrument required 
under subsection (b) shall meet the following require-
ments: 
(1) PURPOSES.—Such terms and conditions 
shall, at a minimum, be designed— 
(A) to provide for reasonable participation 
by the Secretary, for the benefit of taxpayers, 
in equity appreciation in the case of a warrant 
or other equity security, or a reasonable interest 
rate premium, in the case of a debt instrument; 
and 
(B) to provide additional protection for the 
taxpayer against losses from sale of assets by 
the Secretary and any associated administrative 
expenses. 
(2) TERMS
OF
SENIOR
PREFERRED
VOTING 
STOCK.—With respect to senior preferred voting 
stock received from a company, the Secretary 
shall— 
(A) have the right to vote on matters 
brought before the stockholders generally; and 
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752 
the regulations prescribed under section 
7874 of the Internal Revenue Code of 
1986, as in effect on January 18, 2017. 
(C) SIGNIFICANT DOMESTIC BUSINESS AC-
TIVITIES.— 
(i) IN
GENERAL.—For purposes of 
subparagraph (A)(ii)(II), an expanded af-
filiated group has significant domestic 
business activities if at least 25 percent 
of— 
(I) the employees of the group 
are based in the United States; 
(II) the employee compensation 
incurred by the group is incurred with 
respect to employees based in the 
United States; 
(III) the assets of the group are 
located in the United States; or 
(IV) the income of the group is 
derived in the United States. 
(ii) 
DETERMINATION.—Determina-
tions pursuant to clause (i) shall be made 
in the same manner as such determina-
tions are made for purposes of determining 
substantial business activities under regu-
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780 
institution has not returned assistance under title IV 
to the Secretary. 
(b) STUDENT WAIVER.—The Secretary shall waive 
the amounts that students are required to return under 
section 484B of the Higher Education Act of 1965 (20 
U.S.C. 1091b) with respect to Federal Pell Grants or 
other grant assistance if the withdrawals on which the re-
turns are based are withdrawals by students who withdrew 
from the institution of higher education as a result of a 
qualifying emergency. 
(c) 
CANCELING
LOAN
OBLIGATION.—Notwith-
standing any other provision of the Higher Education Act 
of 1965 (20 U.S.C. 1001 et seq.), the Secretary shall can-
cel the borrower’s obligation to repay the entire portion 
of a loan made under part D of title IV of such Act (20 
U.S.C. 1087a et seq.) associated with a payment period 
for a recipient of such loan who withdraws from the insti-
tution of higher education during the payment period as 
a result of a qualifying emergency. 
(d) APPROVED
LEAVE
OF
ABSENCE.—Notwith-
standing any other provision of the Higher Education Act 
of 1965 (20 U.S.C. 1001 et seq.), for purposes of receiving 
assistance under title IV of the Higher Education Act of 
1965 (20 U.S.C. 1070 et seq.), an institution of higher 
education may, as a result of a qualifying emergency, pro-
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