dreamproit/uscode huggingface dataset:
15 U.S.C. § 9043 (COMMERCE AND TRADE)
§ 9043. Limitation on certain employee compensation
(a) In general
The Secretary may only enter into an agreement with an eligible business to make a loan or loan guarantee under paragraph (1), (2) or (3) of section 9042(b) of this title if such agreement provides that, during the period beginning on the date on which the agreement is executed and ending on the date that is 1 year after the date on which the loan or loan guarantee is no longer outstanding—
(1) no officer or employee of the eligible business whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 1, 2020)—
(A) will receive from the eligible business total compensation which exceeds, during any 12 consecutive months of such period, the total compensation received by the officer or employee from the eligible business in calendar year 2019; or
(B) will receive from the eligible business severance pay or other benefits upon termination of employment with the eligible business which exceeds twice the maximum total compensation received by the officer or employee from the eligible business in calendar year 2019; and
(2) no officer or employee of the eligible business whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of—
(A) $3,000,000; and
(B) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the eligible business in calendar year 2019.
(b) Total compensation defined
In this section, the term “total compensation” includes salary, bonuses, awards of stock, and other financial benefits provided by an eligible business to an officer or employee of the eligible business.
(Pub. L. 116–136, div. A, title IV, § 4004, Mar. 27, 2020, 134 Stat. 476.)
15 U.S.C. § 9044 (COMMERCE AND TRADE)
§ 9044. Continuation of certain air service
The Secretary of Transportation is authorized to require, to the extent reasonable and practicable, an air carrier receiving loans and loan guarantees under section 9042 of this title to maintain scheduled air transportation service as the Secretary of Transportation deems necessary to ensure services to any point served by that carrier before March 1, 2020. When considering whether to exercise the authority granted by this section, the Secretary of Transportation shall take into consideration the air transportation needs of small and remote communities and the need to maintain well-functioning health care and pharmaceutical supply chains, including for medical devices and supplies. The authority under this section, including any requirement issued by the Secretary under this section, shall terminate on March 1, 2022.
(Pub. L. 116–136, div. A, title IV, § 4005, Mar. 27, 2020, 134 Stat. 477.)
15 U.S.C. § 9045 (COMMERCE AND TRADE)
§ 9045. Coordination with Secretary of Transportation
In implementing this part with respect to air carriers, the Secretary shall coordinate with the Secretary of Transportation.
(Pub. L. 116–136, div. A, title IV, § 4006, Mar. 27, 2020, 134 Stat. 477.)
heading: References in Text
text: This part, referred to in text, was in the original “this subtitle”, meaning subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Tables.
15 U.S.C. § 9046 (COMMERCE AND TRADE)
§ 9046. Suspension of certain aviation excise taxes
(a) Transportation by air
In the case of any amount paid for transportation by air (including any amount treated as paid for transportation by air by reason of section 4261(e)(3) of title 26) during the excise tax holiday period, no tax shall be imposed under section 4261 or 4271 of such Code. The preceding sentence shall not apply to amounts paid on or before March 27, 2020.
(b) Use of Kerosene in commercial aviation
In the case of kerosene used in commercial aviation (as defined in section 4083 of title 26) during the excise tax holiday period—
(1) no tax shall be imposed on such kerosene under—
(A) section 4041(c) of title 26, or
(B) section 4081 of title 26 (other than at the rate provided in subsection (a)(2)(B) thereof), and
(2) section 6427(l) of title 26 shall be applied—
(A) by treating such use as a nontaxable use, and
(B) without regard to paragraph (4)(A)(ii) thereof.
(c) Excise tax holiday period
For purposes of this section, the term “excise tax holiday period” means the period beginning after March 27, 2020 and ending before January 1, 2021.
(Pub. L. 116–136, div. A, title IV, § 4007, Mar. 27, 2020, 134 Stat. 477.)
15 U.S.C. § 9047 (COMMERCE AND TRADE)
§ 9047. Federal credit union transaction account guarantees
Notwithstanding any other provision of law and in coordination with the Federal Deposit Insurance Corporation, the National Credit Union Administration Board may by a vote of the Board increase to unlimited, or such lower amount as the Board approves, the share insurance coverage provided by the National Credit Union Share Insurance Fund on any noninterest-bearing transaction account in any federally insured credit union without exception, provided that any such increase shall terminate not later than December 31, 2020.
(Pub. L. 116–136, div. A, title IV, § 4008(b), Mar. 27, 2020, 134 Stat. 478.)
15 U.S.C. § 9048 (COMMERCE AND TRADE)
§ 9048. Temporary government in the Sunshine Act Relief
(a) In general
Except as provided in subsection (b), notwithstanding any other provision of law, if the Chairman of the Board of Governors of the Federal Reserve System determines, in writing, that unusual and exigent circumstances exist, the Board may conduct meetings without regard to the requirements of section 552b of title 5 during the period beginning on March 27, 2020 and ending on the earlier of—
(1) the date on which the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates; or
(2) December 31, 2020.
(b) Records
The Board of Governors of the Federal Reserve System shall keep a record of all Board votes and the reasons for such votes during the period described in subsection (a).
(Pub. L. 116–136, div. A, title IV, § 4009, Mar. 27, 2020, 134 Stat. 478.)
heading: References in Text
text: The National Emergencies Act, referred to in subsec. (a)(1), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.
15 U.S.C. § 9049 (COMMERCE AND TRADE)
§ 9049. Temporary hiring flexibility
(a) Definition
In this section, the term “covered period” means the period beginning on March 27, 2020, and ending on the sooner of—
(1) the termination date of the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.); or
(2) December 31, 2020.
(b) Authority
During the covered period, the Secretary of Housing and Urban Development, the Securities and Exchange Commission, and the Commodity Futures Trading Commission may, without regard to sections 3309 through 3318 of title 5, recruit and appoint candidates to fill temporary and term appointments within their respective agencies upon a determination that those expedited procedures are necessary and appropriate to enable the respective agencies to prevent, prepare for, or respond to COVID–19.
(Pub. L. 116–136, div. A, title IV, § 4010, Mar. 27, 2020, 134 Stat. 478.)
heading: References in Text
text: The National Emergencies Act, referred to in subsec. (a)(1), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.
15 U.S.C. § 9050 (COMMERCE AND TRADE)
§ 9050. Temporary relief for community banks
(a) Definitions
In this section—
(1) the term “appropriate Federal banking agency” has the meaning given the term in section 2 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5365 note); and
(2) the terms “Community Bank Leverage Ratio” and “qualifying community bank” have the meanings given the terms in section 201(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5371 note).
(b) Interim rule
(1) In general
Notwithstanding any other provision of law or regulation, the appropriate Federal banking agencies shall issue an interim final rule that provides that, for the purposes of section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5371 note)—
(A) the Community Bank Leverage Ratio shall be 8 percent; and
(B) a qualifying community bank that falls below the Community Bank Leverage Ratio established under subparagraph (A) shall have a reasonable grace period to satisfy the Community Bank Leverage Ratio.
(2) Effective period
The interim rule issued under paragraph (1) shall be effective during the period beginning on the date on which the appropriate Federal banking agencies issue the rule and ending on the sooner of—
(A) the termination date of the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.); or
(B) December 31, 2020.
(c) Grace period
During a grace period described in subsection (b)(1)(B), a qualifying community bank to which the grace period applies may continue to be treated as a qualifying community bank and shall be presumed to satisfy the capital and leverage requirements described in section 201(c) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5371 note).
(Pub. L. 116–136, div. A, title IV, § 4012, Mar. 27, 2020, 134 Stat. 479.)
heading: References in Text
text: Section 2 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, referred to in subsec. (a)(1), is section 2 of Pub. L. 115–174, May 24, 2018, 132 Stat. 1297, which is classified as a note under section 5365 of Title 12, Banks and Banking.
Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, referred to in subsecs. (a)(2), (b)(1), and (c), is section 201 of Pub. L. 115–174, May 24, 2018, 132 Stat. 1306, which is classified as a note under section 5371 of Title 12, Banks and Banking.
The National Emergencies Act, referred to in subsec. (b)(2)(A), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.
15 U.S.C. § 9051 (COMMERCE AND TRADE)
§ 9051. Temporary relief from troubled debt restructurings
(a) Definitions
In this section:
(1) Applicable period
The term “applicable period” means the period beginning on March 1, 2020 and ending on the earlier of December 31, 2020, or the date that is 60 days after the date on which the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates.
(2) Appropriate federal banking agency
The term “appropriate Federal banking agency”—
(A) has the meaning given the term in section 1813 of title 12; and
(B) includes the National Credit Union Administration.
(b) Suspension
(1) In general
During the applicable period, a financial institution may elect to—
(A) suspend the requirements under United States generally accepted accounting principles for loan modifications related to the coronavirus disease 2019 (COVID–19) pandemic that would otherwise be categorized as a troubled debt restructuring; and
(B) suspend any determination of a loan modified as a result of the effects of the coronavirus disease 2019 (COVID–19) pandemic as being a troubled debt restructuring, including impairment for accounting purposes.
(2) Applicability
Any suspension under paragraph (1)—
(A) shall be applicable for the term of the loan modification, but solely with respect to any modification, including a forbearance arrangement, an interest rate modification, a repayment plan, and any other similar arrangement that defers or delays the payment of principal or interest, that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019; and
(B) shall not apply to any adverse impact on the credit of a borrower that is not related to the coronavirus disease 2019 (COVID–19) pandemic.
(c) Deference
The appropriate Federal banking agency of the financial institution shall defer to the determination of the financial institution to make a suspension under this section.
(d) Records
For modified loans for which suspensions under subsection (a) apply—
(1) financial institutions should continue to maintain records of the volume of loans involved; and
(2) the appropriate Federal banking agencies may collect data about such loans for supervisory purposes.
(Pub. L. 116–136, div. A, title IV, § 4013, Mar. 27, 2020, 134 Stat. 480.)
heading: References in Text
text: The National Emergencies Act, referred to in subsec. (a)(1), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.
15 U.S.C. § 9052 (COMMERCE AND TRADE)
§ 9052. Optional temporary relief from current expected credit losses
(a) Definitions
In this section:
(1) Appropriate Federal banking agency
The term “appropriate Federal banking agency”—
(A) has the meaning given the term in section 1813 of title 12; and
(B) includes the National Credit Union Administration.
(2) Insured depository institution
The term “insured depository institution”—
(A) has the meaning given the term in section 1813 of title 12; and
(B) includes a credit union.
(b) Temporary relief from CECL standards
Notwithstanding any other provision of law, no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting Standards Board Accounting Standards Update No. 2016–13 (“Measurement of Credit Losses on Financial Instruments”), including the current expected credit losses methodology for estimating allowances for credit losses, during the period beginning on March 27, 2020 and ending on the earlier of—
(1) the date on which the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates; or
(2) December 31, 2020.
(Pub. L. 116–136, div. A, title IV, § 4014, Mar. 27, 2020, 134 Stat. 480.)
heading: References in Text
text: The National Emergencies Act, referred to in subsec. (b)(1), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.
15 U.S.C. § 9054 (COMMERCE AND TRADE)
§ 9054. Conflicts of interest
(a) Definitions
In this section:
(1) Controlling interest
The term “controlling interest” means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in an entity.
(2) Covered entity
The term “covered entity” means an entity in which a covered individual directly or indirectly holds a controlling interest. For the purpose of determining whether an entity is a covered entity, the securities owned, controlled, or held by 2 or more individuals who are related as described in paragraph (3)(B) shall be aggregated.
(3) Covered individual
The term “covered individual” means—
(A) the President, the Vice President, the head of an Executive department, or a Member of Congress; and
(B) the spouse, child, son-in-law, or daughter-in-law, as determined under applicable common law, of an individual described in subparagraph (A).
(4) Executive department
The term “Executive department” has the meaning given the term in section 101 of title 5.
(5) Member of Congress
The term “member of Congress” means a member of the Senate or House of Representatives, a Delegate to the House of Representatives, and the Resident Commissioner from Puerto Rico.
(6) Equity interest
The term “equity interest” means—
(A) a share in an entity, without regard to whether the share is—
(i) transferable; or
(ii) classified as stock or anything similar;
(B) a capital or profit interest in a limited liability company or partnership; or
(C) a warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share or interest described in subparagraph (A) or (B), respectively.
(b) Prohibition
Notwithstanding any other provision of this part, no covered entity may be eligible for any transaction described in section 9042 of this title.
(c) Requirement
The principal executive officer and the principal financial officer, or individuals performing similar functions, of an entity seeking to enter a transaction under section 9042 of this title shall, before that transaction is approved, certify to the Secretary and the Board of Governors of the Federal Reserve System that the entity is eligible to engage in that transaction, including that the entity is not a covered entity.
(Pub. L. 116–136, div. A, title IV, § 4019, Mar. 27, 2020, 134 Stat. 485.)
heading: References in Text
text: This part, referred to in subsec. (b), was in the original “this subtitle”, meaning subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Tables.
15 U.S.C. § 9059 (COMMERCE AND TRADE)
§ 9059. Protection of collective bargaining agreement
(a) In general
Neither the Secretary, nor any other actor, department, or agency of the Federal Government, shall condition the issuance of a loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title on an air carrier’s or eligible business’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of the air carrier or eligible business under the Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment.
(b) Period of effect
With respect to an air carrier or eligible business to which the loan or loan guarantee is provided under this part, this section shall be in effect with respect to the air carrier or eligible business beginning on the date on which the air carrier or eligible business is first issued such loan or loan guarantee and ending on the date that is 1 year after the loan or loan guarantee is no longer outstanding.
(Pub. L. 116–136, div. A, title IV, § 4025, Mar. 27, 2020, 134 Stat. 494.)
heading: References in Text
text: The Railway Labor Act, referred to in subsec. (a), is act May 20, 1926, ch. 347, 44 Stat. 577, which is classified principally to chapter 8 (§ 151 et seq.) of Title 45, Railroads. For complete classification of this Act to the Code, see section 151 of Title 45 and Tables.
The National Labor Relations Act, referred to in subsec. (a), is act July 5, 1935, ch. 372, 49 Stat. 449, which is classified generally to subchapter II (§ 151 et seq.) of chapter 7 of Title 29, Labor. For complete classification of this Act to the Code, see section 167 of Title 29 and Tables.
This part, referred to in subsec. (b), was in the original “this subtitle”, meaning subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Tables.
15 U.S.C. § 9061 (COMMERCE AND TRADE)
§ 9061. Direct appropriation
(a) In general
Notwithstanding any other provision of law, there is appropriated, out of amounts in the Treasury not otherwise appropriated, to the fund established under section 5302(a)(1) of title 31, $500,000,000,000 to carry out this part.
(b) Omitted
(c) Clarification
(1) In general
On or after January 1, 2021, any remaining funds made available under section 9042(b) of this title may be used only for—
(A) modifications, restructurings, or other amendments of loans, loan guarantees, or other investments in accordance with section 9063(b)(1) of this title; and
(B) exercising any options, warrants, or other investments made prior to January 1, 2021; and
(C) paying costs and administrative expenses as provided in section 4092(f) of this title.
(2) Deficit reduction
On January 1, 2026, any funds described in paragraph (1) that are remaining shall be transferred to the general fund of the Treasury to be used for deficit reduction.
(Pub. L. 116–136, div. A, title IV, § 4027, Mar. 27, 2020, 134 Stat. 496.)
heading: References in Text
text: This part, referred to in subsec. (a), was in the original “this subtitle”, meaning subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Tables.
heading: Codification
text: Section is comprised of section 4027 of Pub. L. 116–136. Subsec. (b) of section 4027 of Pub. L. 116–136 amended section 5302 of Title 31, Money and Finance.
15 U.S.C. § 9062 (COMMERCE AND TRADE)
§ 9062. Rule of construction
Nothing in this part shall be construed to allow the Secretary to provide relief to eligible businesses, States, and municipalities except in the form of loans, loan guarantees, and other investments as provided in this part and under terms and conditions that are in the interest of the Federal Government.
(Pub. L. 116–136, div. A, title IV, § 4028, Mar. 27, 2020, 134 Stat. 497.)
heading: References in Text
text: This part, referred to in text, was in the original “this subtitle”, meaning subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Tables.