Title: ReWIND Act
Policy area: Energy

Summary:
Resources for Workforce Investments, Not Drilling Act or the ReWIND Act
This bill limits the financial assistance that fossil fuel companies may receive from programs that provide relief to businesses affected by the COVID-19 (i.e., coronavirus disease 2019) outbreak, the Department of Interior's authority with respect to fossil fuels, the types and amount of oil that may be placed in the Strategic Petroleum Reserve (SPR), and the issuance or modification of rules until the COVID-19 national emergency terminates.
Specifically, it prohibits fossil fuel businesses from receiving financial assistance, loans, and loan guarantees under specified provisions of the Defense Production Act of 1950 and the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. Further, certain financial institutions (e.g., banks) that receive funding under the CARES Act may not operate or invest in such businesses for two years.
In addition, Interior may not (1) conduct lease sales for oil or natural gas; (2) issue leases for oil, natural gas, or coal; (3) modify regulations related to fossil fuel; or (4) reduce or eliminate royalty rates for fossil fuel leases on federal lands and in federal waters.
The bill decreases the storage cap on the SPR and declares that privately-owned oil may not be stored in the SPR.
Finally, the bill suspends the issuance of new rules until the national emergency terminates unless the rules are specifically required to respond to, or recover from, COVID-19.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3611 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3611

To amend the Mineral Leasing Act and the Outer Continental Shelf Lands 
 Act to limit the authority of the Secretary of the Interior to reduce 
  certain royalties, to amend the CARES Act to limit the provision of 
assistance to certain businesses, to impose a moratorium on certain oil 
     and natural gas lease sales, the issuance of coal leases, and 
modifications to certain regulations, to extend certain public comment 
                    periods, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 5, 2020

   Mr. Merkley (for himself, Mr. Sanders, Mr. Markey, Mr. Wyden, Ms. 
 Harris, Mr. Booker, Mrs. Gillibrand, Mr. Blumenthal, and Ms. Warren) 
introduced the following bill; which was read twice and referred to the 
               Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL


 
To amend the Mineral Leasing Act and the Outer Continental Shelf Lands 
 Act to limit the authority of the Secretary of the Interior to reduce 
  certain royalties, to amend the CARES Act to limit the provision of 
assistance to certain businesses, to impose a moratorium on certain oil 
     and natural gas lease sales, the issuance of coal leases, and 
modifications to certain regulations, to extend certain public comment 
                    periods, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Resources for Workforce Investments, 
Not Drilling Act'' or the ``ReWIND Act''.

SEC. 2. LIMITATION ON CERTAIN FORMS OF ASSISTANCE UNDER THE CARES ACT.

    (a) Exclusion of Certain Businesses From Financial Assistance.--
            (1) Definition of eligible business.--Section 4002(4)(B) of 
        the CARES Act (Public Law 116-136; 134 Stat. 281) is amended by 
        inserting ``(other than a United States business for which not 
        less than 15 percent of the revenue is derived from the 
        extraction, transport, storage, export, or refining of oil, 
        natural gas, and coal)'' after ``United States business''.
            (2) Loans and loan guarantees for businesses critical to 
        maintaining national security.--Section 4003(b)(3) of the CARES 
        Act (Public Law 116-136; 134 Stat. 281) is amended by inserting 
        ``(other than a United States business for which not less than 
        15 percent of the revenue is derived from the extraction, 
        transport, storage, export, or refining of oil, natural gas, 
        and coal)'' after ``national security''.
    (b) Limitation on Acquisition of Federal Leases by Loan 
Recipients.--Section 4003(c)(1) of the CARES Act (Public Law 116-136; 
134 Stat. 281) is amended by adding at the end the following:
                    ``(C) Limitation on acquisition of federal leases 
                by loan recipients.--An eligible business that receives 
                a loan or loan guarantee under this section may not bid 
                on, purchase, or acquire any Federal lease or acquire a 
                Federal lease from a third party until the date on 
                which the Secretary certifies that any loans received 
                or guaranteed under this section have been repaid.''.
    (c) Limitation on Loans and Loan Guarantees to Certain Financial 
Institutions.--Section 4003 of the CARES Act (Public Law 116-136; 134 
Stat. 281) is amended by adding at the end the following:
    ``(i) Limitation on Loans and Loan Guarantees to Certain Financial 
Institutions.--The Secretary shall not make a loan or loan guarantee 
to, or other investment in, a financial institution under this section 
for the purpose of assisting any business for which not less than 15 
percent of the revenue is derived from the extraction, transport, 
storage, export, or refining of oil, natural gas, and coal.''.

SEC. 3. LIMITATIONS ON BANKS OPERATING FOSSIL FUEL COMPANIES.

    (a) Definitions.--In this section:
            (1) CARES act.--The term ``CARES Act'' means the 
        Coronavirus Aid, Relief, and Economic Security Act (Public Law 
        116-136).
            (2) Covered entity.--The term ``covered entity'' means--
                    (A) a solvent insured depository institution or 
                solvent depository institution holding company 
                (including any affiliate thereof) that issues debt that 
                is guaranteed under the program authorized by 
                subsection (h) of section 1105 of the Dodd-Frank Wall 
                Street Reform and Consumer Protection Act, as added by 
                section 4008 of the CARES Act;
                    (B) any entity issuing loans or extensions of 
                credit described in section 5200(c)(7) of the Revised 
                Statutes, as amended by section 4011 of the CARES Act;
                    (C) any bank sponsoring a money market mutual fund 
                that benefits from a guarantee as a result of the 
                application of section 4015(a) of the CARES Act;
                    (D) a qualifying community bank that is subject to 
                interim rule issued under section 4012(b)(1) of the 
                CARES Act; and
                    (E) an insured depository institution, bank holding 
                company, or any affiliate thereof that does not comply 
                with the current expected credit losses methodology for 
                estimating allowances for credit losses described in 
                section 4014(b) of the CARES Act.
            (3) Covered period.--The term ``covered period'' means the 
        period beginning on the date of enactment of this Act and 
        ending on the date that is 2 years after--
                    (A) with respect to a covered entity described in 
                subparagraph (A) of paragraph (2), the date on which 
                the program described in that subparagraph terminates;
                    (B) with respect to a covered entity described in 
                subparagraph (B) of paragraph (2), the date on which 
                the period described in section 4011(b) of the CARES 
                Act expires;
                    (C) with respect to a covered entity described in 
                subparagraph (C) of paragraph (2), the date on which 
                the guarantee described in that subparagraph 
                terminates;
                    (D) with respect to a covered entity described in 
                subparagraph (D) of paragraph (2), the date on which 
                the period described in section 4012(b)(2) of the CARES 
                Act expires; and
                    (E) with respect to a covered entity described in 
                subparagraph (E) of paragraph (2), the date on which 
                the period described in section 4014(b) of the CARES 
                Act expires.
    (b) Prohibition.--During the covered period, no covered entity, or 
subsidiary or affiliate of a covered entity, may take a new equity 
stake or otherwise own or operate, or sponsor or retain an ownership 
interest in any fund that takes an ownership stake in during the 
covered period, any business for which 15 percent or more of the 
revenue is derived from the extraction, transport, storage, export, and 
refining of oil, natural gas, and coal.

SEC. 4. MORATORIUM ON OIL AND NATURAL GAS LEASE SALES, NONCOMPETITIVE 
              LEASES FOR OIL OR NATURAL GAS, THE ISSUANCE OF COAL 
              LEASES, AND MODIFICATIONS TO CERTAIN REGULATIONS.

    Notwithstanding any other provision of law, during the period 
beginning on the date of enactment of this Act and ending on the 
termination date of the national emergency declared by the President 
under the National Emergencies Act (50 U.S.C. 1601 et seq.) with 
respect to the Coronavirus Disease 2019 (COVID-19), the Secretary of 
the Interior shall not--
            (1) conduct any lease sales for oil or natural gas;
            (2) issue any noncompetitive leases for oil or natural gas;
            (3) issue any coal leases; or
            (4) modify any regulations relating to oil, natural gas, or 
        coal.

SEC. 5. STRATEGIC PETROLEUM RESERVE.

    (a) Maximum Storage Capacity.--
            (1) In general.--Section 154(a) of the Energy Policy and 
        Conservation Act (42 U.S.C. 6234(a)) is amended by striking ``1 
        billion barrels'' and inserting ``714,500,000 barrels''.
            (2) Conforming amendments.--
                    (A) Section 301(e) of the Energy Policy Act of 2005 
                (42 U.S.C. 6240 note; Public Law 109-58) is amended by 
                striking paragraph (1).
                    (B) Section 159 of the Energy Policy and 
                Conservation Act (42 U.S.C. 6239) is amended by 
                striking subsection (j).
    (b) Development, Operation, and Maintenance of Reserve.--Section 
159 of the Energy Policy and Conservation Act (42 U.S.C. 6239) (as 
amended by subsection (a)(2)(B)) is amended--
            (1) by redesignating subsections (f), (g), (k), and (l) as 
        subsections (a), (b), (c), and (d), respectively; and
            (2) by inserting after subsection (d) (as so redesignated) 
        the following:
    ``(e) Prohibition of Storage of Petroleum Products Not Owned by the 
United States.--The Secretary may not store in a storage or related 
facility of the Strategic Petroleum Reserve owned by or leased to the 
United States any petroleum products that are not owned by the United 
States.''.
    (c) Repeal of Royalty-in-Kind Provision.--Title I of The Department 
of the Interior, Environment, and Related Agencies Appropriations Act, 
2006 (Public Law 109-54; 119 Stat. 512), is amended in the matter under 
the heading ``royalty and offshore minerals management'' under the 
heading ``Minerals Management Service'' under the heading ``DEPARTMENT 
OF THE INTERIOR'' by striking the fifth proviso (30 U.S.C. 1758).

SEC. 6. LIMITATION ON AVAILABILITY OF FUNDS UNDER THE DEFENSE 
              PRODUCTION ACT OF 1950.

    A fossil fuel company shall not be eligible for financial 
assistance made available in connection with the national emergency 
declared by the President under the National Emergencies Act (50 U.S.C. 
1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID-19) 
under title III of the Defense Production Act of 1950 (50 U.S.C. 4531 
et seq.), including through a loan guarantee, loan, direct investment, 
or price guarantee under that title.

SEC. 7. REPEAL OF ROYALTY RELIEF PROVISIONS.

    (a) Royalty Relief Under the Mineral Leasing Act.--
            (1) Repeal.--Section 39 of the Mineral Leasing Act (30 
        U.S.C. 209) is repealed.
            (2) Conforming amendments.--
                    (A) Section 8721(b) of title 10, United States 
                Code, is amended by striking ``202-209'' and inserting 
                ``202-208''.
                    (B) Section 8735(a) of title 10, United States 
                Code, is amended by striking ``202-209'' and inserting 
                ``202-208''.
                    (C) Section 31(h) of the Mineral Leasing Act (30 
                U.S.C. 188(h)) is amended by striking ``and the 
                provisions of section 39 of this Act''.
    (b) Royalty Relief for Deepwater Production.--Section 345 of the 
Energy Policy Act of 2005 (42 U.S.C. 15905) is repealed.

SEC. 8. LIMITATION ON THE AUTHORITY OF THE SECRETARY TO REDUCE OR 
              ELIMINATE CERTAIN ROYALTIES AND NET PROFIT SHARES UNDER 
              THE OUTER CONTINENTAL SHELF LANDS ACT.

    Section 8(a) of the Outer Continental Shelf Lands Act (43 U.S.C. 
1337(a)) is amended by striking paragraph (3) and inserting the 
following:
            ``(3) Limitation on authority of secretary to reduce or 
        eliminate certain royalties or net profit shares.--
        Notwithstanding any other provision of this Act, the Secretary 
        may not reduce or eliminate any royalty or net profit share 
        established under a lease.''.

SEC. 9. EXTENSION OF PUBLIC COMMENT PERIODS AND SUSPENSION OF 
              RULEMAKING.

    (a) Extension of Public Comment Periods.--Notwithstanding any other 
provision of law, the heads of Federal agencies shall keep open any 
public comment period that was open as of March 13, 2020, during the 
period beginning on the date of enactment of this Act and ending on a 
date, as designated by the head of the applicable Federal agency, that 
is not earlier than 30 days after the date on which the National 
Emergency declared by the President under the National Emergencies Act 
(50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 
(COVID-19) is terminated.
    (b) Suspension of Rulemaking.--Notwithstanding any other provision 
of law, unless the head of a Federal agency determines that a 
rulemaking is specifically required to respond to, or recover from, the 
Coronavirus Disease 2019 (COVID-19) pandemic, the head of a Federal 
agency shall not initiate any new administrative rulemaking during the 
period beginning on the date of enactment of this Act and ending on a 
date, as designated by the head of the applicable Federal agency, that 
is not earlier than the date 30 days after the date on which the 
National Emergency declared by the President under the National 
Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the 
Coronavirus Disease 2019 (COVID-19) is terminated.
                                 <all>