264 
such institutions will be able to respond to a pan-
demic or major disaster. 
(2) REPORT.—After the end of each test re-
quired under paragraph (1), the Federal financial 
regulators shall, jointly, issue a report to Congress 
containing the results of such test and any regu-
latory or legislative recommendations the regulators 
may have to increase pandemic preparedness. 
(c) DEFINITIONS.—In this section: 
(1) FEDERAL
FINANCIAL
REGULATORS.—The 
term ‘‘Federal financial regulators’’ means the 
Board of Governors of the Federal Reserve System, 
the Bureau of Consumer Financial Protection, the 
Comptroller of the Currency, the Director of the 
Federal Housing Finance Agency, the Federal De-
posit Insurance Corporation, the National Credit 
Union Administration, the Secretary of Agriculture, 
and the Secretary of Housing and Urban Develop-
ment. 
(2) MAJOR DISASTER.—The term ‘‘major dis-
aster’’ means a major disaster declared by the Presi-
dent under section 401 of the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 
U.S.C. 5170),
under which assistance is authorized 
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under section 408 of such Act (42 U.S.C. 5174), or 
section 501 of such Act (42 U.S.C. 5191). 
SEC. 503. SEC PANDEMIC GUIDANCE FOR INVESTORS. 
(a) PANDEMIC GUIDANCE.— 
(1) GUIDANCE.—Not later than the end of the 
60-day period beginning on the date of enactment of 
this section, the Securities and Exchange Commis-
sion shall issue regulatory guidance on preparedness, 
flexibility, relief, and investor protection for inves-
tors in pandemics and major disasters, including rel-
evant disclosures. 
(2) UPDATES.—The Commission shall update 
the guidance required under paragraph (1) as nec-
essary to keep such guidance current. 
(b) PANDEMIC PREPAREDNESS TESTING.— 
(1) IN GENERAL.—Not later than the end of 
the 60-day period beginning on the date of enact-
ment of this Act, and every 5 years thereafter, the 
Securities and Exchange Commission shall carry out 
testing along with the entities regulated by the Com-
mission to determine how effectively such entities 
will be able to respond to a pandemic or major dis-
aster. 
(2) REPORT.—After the end of each test re-
quired under paragraph (1), the Commission shall 
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issue a report to Congress containing the results of 
such test and any regulatory or legislative rec-
ommendations the Commission may have to increase 
pandemic preparedness. 
(c) MAJOR DISASTER DEFINED.—In this section, the 
term ‘‘major disaster’’ means a major disaster declared 
by the President under section 401 of the Robert T. Staf-
ford Disaster Relief and Emergency Assistance Act (42 
U.S.C. 5170),
under which assistance is authorized 
under section 408 of such Act (42 U.S.C. 5174), or sec-
tion 501 of such Act (42 U.S.C. 5191). 
SEC. 504. UPDATES OF THE PANDEMIC INFLUENZA PLAN 
AND NATIONAL PLANNING FRAMEWORKS. 
(a) IN GENERAL.—Not later than one year following 
the end of the Declaration of the National Emergency, the 
President shall ensure that the Pandemic Influenza Plan 
(2017 Update) and the National Planning Frameworks 
are updated. The Secretary of the Treasury, in consulta-
tion with the Federal financial regulators, shall provide 
to the President the following: 
(1) An assessment of the effectiveness of cur-
rent plans and strategies to address the economic, fi-
nancial, and monetary issues arising from a pan-
demic or other disaster. 
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(2) A description of the most significant chal-
lenges to protecting the economy, the financial sys-
tem, and consumers, during a pandemic or other 
disaster, including the specific challenges experi-
enced by women, racial and ethnic minorities, di-
verse-owned businesses, veterans, and the disabled. 
(3) Actions that could be carried out in a crisis, 
as defined by the preparedness plans described in 
subsection (a), such as the following: 
(A) Significant increases of unemployment 
insurance benefits (including payment amounts) 
for all workers under a certain income thresh-
old, including freelancers and the self-employed, 
during the crisis. 
(B) Loan deference, modification, and for-
bearance mechanisms of all consumer and busi-
ness payments, allowing long-term repayment 
plans and excluding no industries, during the 
crisis. 
(C) Suspension of foreclosure and eviction 
proceedings taken against individuals or busi-
nesses during the crisis. 
(D) Suspension of all negative consumer 
credit reporting during the crisis. 
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(E) Prohibition of debt collection, reposses-
sion, and garnishment of wages during the cri-
sis. 
(F) Provision of emergency homeless as-
sistance during the crisis. 
(G) An increase in Community Develop-
ment Block Grants during the crisis and to im-
prove community response. 
(H) Reduction of hurdles in the form of 
waivers and authorities to modify existing hous-
ing and homelessness programs to facilitate re-
sponse to the crisis. 
(I) Expand the size standards for eligible 
businesses with access to no-interest or low-in-
terest loans through the Small Business Admin-
istration during the crisis. 
(J) Remove the size standard limits on eli-
gible businesses with access to no-interest or 
low-interest loans through the Small Business 
Administration during the crisis for businesses 
that agree to maintain their employment work-
force and preserve benefits during the crisis. 
(K) Support for additional no-interest or 
low-interest loans for small businesses through 
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the Small Business Administration during the 
crisis. 
(L) Utilization of the Community Develop-
ment Financial Institutions (CDFI) Fund to 
support small businesses as well as low-income 
communities during the crisis. 
(M) Support for State, territory, and local 
government financing during the crisis. 
(N) Waiver of matching requirements for 
municipal governments during the crisis. 
(O) Suspension of requirements relating to 
minimum distributions for retirement plans and 
individual retirement accounts for the calendar 
years of which the crisis is occurring. 
(b) SPECIAL CONSIDERATION FOR DIVERSITY.—In 
issuing the updates required under subsection (a), the 
President shall ensure that consideration is given as to 
how to minimize the economic impacts of a crisis on 
women, minorities, diverse-owned businesses, veterans, 
and the disabled. 
(c) MAKING PLANS PUBLIC.—The updated plans de-
scribed in subsection (a) shall be made publicly available, 
but may have classified information redacted. 
(d) DEFINITIONS.—In this section: 
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