247 
(II) the management and control 
of the expanded affiliated group which 
includes the entity occurs, directly or 
indirectly, primarily within the United 
States, as determined pursuant to 
regulations prescribed by the Sec-
retary, and such expanded affiliated 
group has significant domestic busi-
ness activities. 
(B) EXCEPTION FOR CORPORATIONS WITH 
SUBSTANTIAL
BUSINESS
ACTIVITIES
IN
FOR-
EIGN COUNTRY OF ORGANIZATION.— 
(i) IN
GENERAL.—A foreign incor-
porated entity described in subparagraph 
(A) shall not be treated as an inverted do-
mestic corporation if after the acquisition 
the expanded affiliated group which in-
cludes the entity has substantial business 
activities in the foreign country in which or 
under the law of which the entity is cre-
ated or organized when compared to the 
total business activities of such expanded 
affiliated group. 
(ii) SUBSTANTIAL
BUSINESS
ACTIVI-
TIES.—The Secretary shall establish regu-
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lations for determining whether an affili-
ated group has substantial business activi-
ties for purposes of clause (i), except that 
such regulations may not treat any group 
as having substantial business activities if 
such group would not be considered to 
have substantial business activities under 
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 
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249 
(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-
lations referred to in subparagraph (B) as 
in effect on January 18, 2017, but applied 
by treating all references in such regula-
tions to ‘‘foreign country’’ and ‘‘relevant 
foreign country’’ as references to ‘‘the 
United States’’. The Secretary may issue 
regulations decreasing the threshold per-
cent in any of the tests under such regula-
tions for determining if business activities 
constitute significant domestic business ac-
tivities for purposes of this subparagraph. 
(3) WAIVER.— 
(A) IN
GENERAL.—The Secretary may 
waive paragraph (1) if the Secretary determines 
that the waiver is— 
(i) required in the interest of national 
security; or 
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PAMTMANN on DSKBC07HB2PROD with BILLS
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(ii) necessary for the efficient or effec-
tive administration of Federal or federally 
funded— 
(I) programs that provide health 
benefits to individuals; or 
(II) public health programs. 
(B) REPORT
TO
CONGRESS.—The Sec-
retary shall, not later than 14 days after 
issuing such waiver, submit a written notifica-
tion of the waiver to the relevant authorizing 
committees of Congress and the Committees on 
Appropriations of the Senate and the House of 
Representatives. 
(4) DEFINITIONS AND SPECIAL RULES.— 
(A) DEFINITIONS.—In this subsection, the 
terms ‘‘expanded affiliated group’’, ‘‘foreign in-
corporated entity’’, ‘‘domestic’’, and ‘‘foreign’’ 
have the meaning given those terms in section 
835(c) of the Homeland Security Act of 2002 
(6 U.S.C. 395(c)). 
(B) SPECIAL
RULES.—In applying para-
graph (2) of this subsection for purposes of 
paragraph (1) of this subsection, the rules de-
scribed under 835(c)(1) of the Homeland Secu-
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PAMTMANN on DSKBC07HB2PROD with BILLS
251 
rity Act of 2002 (6 U.S.C. 395(c)(1)) shall 
apply. 
(5) REGULATIONS
REGARDING
MANAGEMENT 
AND CONTROL.— 
(A) IN GENERAL.—The Secretary shall, for 
purposes of this subsection, prescribe regula-
tions for purposes of determining cases in which 
the management and control of an expanded af-
filiated group is to be treated as occurring, di-
rectly or indirectly, primarily within the United 
States. The regulations prescribed under the 
preceding sentence shall apply to periods after 
May 8, 2014. 
(B) EXECUTIVE
OFFICERS
AND
SENIOR 
MANAGEMENT.—The 
regulations 
prescribed 
under subparagraph (A) shall provide that the 
management and control of an expanded affili-
ated group shall be treated as occurring, di-
rectly or indirectly, primarily within the United 
States if substantially all of the executive offi-
cers and senior management of the expanded 
affiliated group who exercise day-to-day respon-
sibility for making decisions involving strategic, 
financial, and operational policies of the ex-
panded affiliated group are based or primarily 
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located within the United States. Individuals 
who in fact exercise such day-to-day responsibil-
ities shall be treated as executive officers and 
senior management regardless of their title. 
(f) PREEMPTION.—Any State or Federal laws that 
prohibit the transactions authorized by this statute, in-
cluding State or Federal laws that prohibit company direc-
tors from agreeing to the transactions authorized by this 
statute, are preempted and superseded by this statute. 
SEC. 409. AUTHORIZATION TO PARTICIPATE IN THE NEW 
ARRANGEMENTS TO BORROW OF THE INTER-
NATIONAL MONETARY FUND. 
Section 17 of the Bretton Woods Agreements Act (22 
U.S.C. 286e–2) is amended— 
(1) in subsection (a)— 
(A) 
by 
redesignating 
paragraphs 
(3) 
through (5) as paragraphs (4) through (6) and 
inserting after paragraph (2) the following: 
‘‘(3) In order to carry out the purposes of a 
one-time decision of the Executive Directors of the 
International Monetary Fund (the Fund) to expand 
the resources of the New Arrangements to Borrow, 
established pursuant to the decision of January 27, 
1997, referred to in paragraph (1) above, the Sec-
retary of the Treasury is authorized to make loans, 
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in an amount not to exceed the dollar equivalent of 
28,202,470,000 of Special Drawing Rights, in addi-
tion to any amounts previously authorized under this 
section; except that prior to activation of the New 
Arrangements to Borrow, the Secretary shall report 
to Congress on whether supplementary resources are 
needed to forestall or cope with an impairment of 
the international monetary system and whether the 
Fund has fully explored other means of funding to 
the Fund.’’; and 
(B) in paragraph (6) (as so redesignated 
by subparagraph (A) of this paragraph), by 
striking ‘‘December 16, 2022’’ and inserting 
‘‘December 31, 2025’’; and 
(2) in subsection (e)(1), by inserting ‘‘(a)(3),’’ 
after ‘‘(a)(2),’’. 
SEC. 410. INTERNATIONAL FINANCE CORPORATION. 
The International Finance Corporation Act (22 
U.S.C. 282 et seq.) is amended by adding at the end the 
following: 
‘‘SEC. 18. CAPITAL INCREASES AND AMENDMENT TO THE 
ARTICLES OF AGREEMENT. 
‘‘(a) VOTES AUTHORIZED.—The United States Gov-
ernor of the Corporation is authorized to vote in favor of— 
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PAMTMANN on DSKBC07HB2PROD with BILLS
254 
‘‘(1) a resolution to increase the authorized cap-
ital stock of the Corporation by 16,999,998 shares, 
to implement the conversion of a portion of the re-
tained earnings of the Corporation into paid-in cap-
ital, which will result in the United States being 
issued an additional 3,771,899 shares of capital 
stock, without any cash contribution; 
‘‘(2) a resolution to increase the authorized cap-
ital stock of the Corporation on a general basis by 
4,579,995 shares; and 
‘‘(3) a resolution to increase the authorized cap-
ital stock of the Corporation on a selective basis by 
919,998 shares. 
‘‘(b) AMENDMENT OF THE ARTICLES OF AGREE-
MENT.—The United States Governor of the Corporation 
is authorized to agree to and accept an amendment to Ar-
ticle II, Section 2(c)(ii) of the Articles of Agreement of 
the Corporation that would increase the vote by which the 
Board of Governors of the Corporation may increase the 
capital stock of the Corporation from a four-fifths major-
ity to an 85 percent majority.’’. 
SEC. 411. OVERSIGHT AND REPORTS. 
(a) OVERSIGHT.— 
(1) SIGTARP.—As provided for under section 
405, the Special Inspector General for the Troubled 
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PAMTMANN on DSKBC07HB2PROD with BILLS
255 
Asset Relief Program (SIGTARP) shall have over-
sight of the Secretary’s administration of the loans 
and loan guarantees provided under section 410, the 
use of the funds by eligible businesses, and compli-
ance with the requirements of section 407. 
(2) OVERSIGHT PANEL.—As provided for under 
section 405, the Congressional COVID–19 Aid Over-
sight Panel shall have oversight of the Secretary’s 
administration of the loans and loan guarantees pro-
vided under section 410, the use of the funds by eli-
gible businesses, and compliance with the require-
ments of section 407. 
(b) SECRETARY.—The Secretary shall, with respect 
to the loans and loan guarantees provided under section 
410, make such reports as are required under section 
5302 of title 31, United States Code. 
(c) GOVERNMENT ACCOUNTABILITY OFFICE.— 
(1) STUDY.—The Comptroller General of the 
United States shall conduct a study on the loans 
and loan guarantees provided under section 410. 
(2) REPORT.—Not later than 9 months after 
the date of enactment of this Act, and annually 
thereafter through the year succeeding the last year 
for which loans or loan guarantees provided under 
section 410 are in effect, the Comptroller General 
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shall submit to the Committee on Financial Services, 
the Committee on Appropriations, and the Com-
mittee on the Budget of the House of Representa-
tives and the Committee on Banking, Housing, and 
Urban Affairs, the Committee on Appropriations, 
and the Committee on the Budget of the Senate a 
report on the loans and loan guarantees provided 
under section 410. 
(d) 
DIVERSITY
REPORT.—The 
Congressional 
COVID–19 Aid Oversight Panel, in conjunction with the 
SIGTARP, shall collect diversity data from any corpora-
tion that receives Federal aid related to COVID–19, and 
issue a report that will be made publicly available no later 
than one year after the disbursement of funds. In addition 
to any other data, the report shall include the following: 
(1) EMPLOYEE
DEMOGRAPHICS.—The gender, 
race, and ethnic identity (and to the extent possible, 
results disaggregated by ethnic group) of the cor-
poration’s employees, as otherwise known or pro-
vided voluntarily for the total number of employees 
(full- and part-time) and the career level of employ-
ees (executive and manager versus employees in 
other roles). 
(2) SUPPLIER
DIVERSITY.—The number and 
dollar value invested with minority- and women- 
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PAMTMANN on DSKBC07HB2PROD with BILLS
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owned suppliers (and to the extent possible, results 
disaggregated by ethnic group), including profes-
sional services (legal and consulting) and asset man-
agers, and deposits and other accounts with minority 
depository institutions, as compared to all vendor in-
vestments. 
(3) PAY
EQUITY.—A comparison of pay 
amongst racial and ethnic minorities (and to the ex-
tent possible, results disaggregated by ethnic group) 
as compared to their White counterparts and com-
parison of pay between men and women for similar 
roles and assignments. 
(4) CORPORATE BOARD DIVERSITY.—Corporate 
board demographic data, including total number of 
board members, gender, race and ethnic identity of 
board members (and to the extent possible, results 
disaggregated by ethnic group), as otherwise known 
or provided voluntarily, board position titles, as well 
as any leadership and subcommittee assignments. 
(5) DIVERSITY AND INCLUSION OFFICES.—The 
reporting structure of lead diversity officials, number 
of staff and budget dedicated to diversity and inclu-
sion initiatives. 
(e) DIVERSITY AND INCLUSION INITIATIVES.—Any 
corporation that receives Federal aid related to COVID– 
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19 must maintain officials and budget dedicated to diver-
sity and inclusion initiatives for no less than 5 years after 
disbursement of funds. 
SEC. 412. TECHNICAL CORRECTIONS. 
(a) ENVIRONMENT
COOPERATION
COMMISSIONS; 
NORTH AMERICAN DEVELOPMENT BANK.—Section 601 
of the United States-Mexico-Canada Agreement Imple-
mentation Act (Public Law 116–113; 134 Stat. 78) is 
amended by inserting ‘‘, other than sections 532 and 533 
of such Act and part 2 of subtitle D of title V of such 
Act (as amended by section 831 of this Act),’’ before ‘‘is 
repealed’’. 
(b) PROTECTIVE
ORDERS.—Section 422 of the 
United States-Mexico-Canada Agreement Implementation 
Act (134 Stat. 64) is amended in subsection (a)(2)(A) by 
striking ‘‘all that follows through ‘, the administering au-
thority’ ’’ and inserting ‘‘all that follows through ‘Agree-
ment, the administering authority’ ’’. 
(c) DISPUTE SETTLEMENT.—Subsection (j) of sec-
tion 504 of the United States-Mexico-Canada Agreement 
Implementation Act (134 Stat. 76) is amended in the item 
proposed to be inserted into the table of contents of such 
Act relating to section 414 by striking ‘‘determination’’ 
and inserting ‘‘determinations’’. 
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(d) EFFECTIVE DATE.—Each amendment made by 
this section shall take effect as if included in the enact-
ment of the United States-Mexico-Canada Agreement Im-
plementation Act. 
(e) NORTH AMERICAN DEVELOPMENT BANK: LIMI-
TATION ON CALLABLE CAPITAL SUBSCRIPTIONS.—The 
Secretary of the Treasury may subscribe without fiscal 
year limitation to the callable capital portion of the United 
States share of capital stock of the North American Devel-
opment Bank in an amount not to exceed $1,020,000,000. 
The authority in the preceding sentence shall be in addi-
tion to any other authority provided by previous Acts. 
SEC. 413. DEFINITIONS. 
In this title: 
(1) COVERED LOSS.—The term ‘‘covered loss’’ 
includes losses, direct or incremental, incurred as a 
result of COVID–19, as determined by the Sec-
retary. 
(2) ELIGIBLE
BUSINESS.—The term ‘‘eligible 
business’’ means a United States business that has 
incurred covered losses such that the continued oper-
ations of the business are jeopardized, as determined 
by the Secretary, and that has not otherwise applied 
for or received economic relief in the form of loans 
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PAMTMANN on DSKBC07HB2PROD with BILLS
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or loan guarantees provided under any other provi-
sion of this Act. 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury, or the designee of the 
Secretary of the Treasury. 
SEC. 414. RULE OF CONSTRUCTION. 
Nothing in this title shall be construed to allow the 
Secretary to provide relief to eligible businesses except in 
the form of secured loans and loan guarantees as provided 
in this title and under terms and conditions that are in 
the interest of the Federal Government. 
TITLE V—PANDEMIC PLANNING 
AND 
GUIDANCE 
FOR 
CON-
SUMERS AND REGULATORS 
SEC. 501. FINANCIAL LITERACY EDUCATION COMMISSION 
EMERGENCY RESPONSE. 
(a) PURPOSE.—The purpose of this section is to pro-
vide financial literacy education, including information on 
access to banking services and other financial products, 
for individuals seeking information and resources as they 
recover from any financial distress caused by the 
coronavirus disease (COVID–19) outbreak and future 
major disasters. 
(b) FINANCIAL LITERACY AND EDUCATION COMMIS-
SION RESPONSE TO THE COVID–19 EMERGENCY.— 
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(1) SPECIAL MEETING.—Not later than the end 
of the 60-day period beginning on the date of enact-
ment of this section, the Financial Literacy and 
Education Commission (the ‘‘Commission’’) shall 
convene a special meeting to discuss and plan assist-
ance related to the financial impacts of the COVID– 
19 emergency. 
(2) UPDATE OF THE COMMISSION’S WEBSITE.— 
(A) IN GENERAL.—Not later than the end 
of the 60-day period beginning on the date of 
enactment of this section, the Commission shall 
update the website of the Commission with a 
full list of tools to help individuals recover from 
any financial hardship as a result of the 
COVID–19 emergency. 
(B) SPECIFIC
REQUIREMENTS.—In per-
forming the update required under subpara-
graph (A), the Commission shall— 
(i) place special emphasis on providing 
an additional set of tools geared towards 
women, racial and ethnic minorities, vet-
erans, disabled, and LGBTQ+ commu-
nities; and 
(ii) provide information in English 
and Spanish. 
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(C) INFORMATION FROM MEMBERS.—Not 
later than the end of the 60-day period begin-
ning on the date of enactment of this section, 
each Federal department or agency that is a 
member of the Commission shall provide an up-
date on the website of the Commission dis-
closing any tools that the department or agency 
is offering to individuals or to employees of the 
department or agency related to the COVID–19 
emergency. 
(3) IMPLEMENTATION REPORT TO CONGRESS.— 
The Secretary of the Treasury and the Director of 
the Bureau of Consumer Financial Protection shall, 
jointly and not later than the end of the 30-day pe-
riod following the date on which the meeting re-
quired under paragraph (1) is held and all updates 
required under paragraph (2) have been completed, 
report to Congress on the implementation of this 
section. 
(4) COVID–19 EMERGENCY DEFINED.—In this 
subsection, the term ‘‘COVID-19 emergency’’ means 
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 
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PAMTMANN on DSKBC07HB2PROD with BILLS
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et seq.) relating to the Coronavirus Disease 2019 
(COVID-19) pandemic. 
SEC. 502. INTERAGENCY PANDEMIC GUIDANCE FOR CON-
SUMERS. 
(a) INTERAGENCY PANDEMIC GUIDANCE.— 
(1) GUIDANCE.—Not later than the end of the 
60-day period beginning on the date of enactment of 
this section, the Federal financial regulators shall 
issue interagency regulatory guidance on prepared-
ness, flexibility, and relief options for consumers in 
pandemics and major disasters, such as deferment, 
forbearance, affordable payment plan options, and 
other options such as delays on debt collections and 
wage garnishments. 
(2) UPDATES.—The Federal financial regu-
lators shall update the guidance required under 
paragraph (1) as necessary to keep such guidance 
current. 
(b) PANDEMIC PREPAREDNESS TESTING.— 
(1) IN GENERAL.—Not later than the end of 
the 2-year period beginning on the date of enact-
ment of this section, and every 5 years thereafter, 
the Federal financial regulators shall carry out test-
ing along with the institutions regulated by the Fed-
eral financial regulators to determine how effectively 
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