Title: To permit, due to the COVID-19 emergency, Federal financial regulators to allow for the temporary waiver of requirements that a State, territory, or local government provide matching or cost-sharing funds before receiving a grant from a Federal financial regulator, to allow for certain reprogramming of funds to support unemployment, childcare, and healthcare programs, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill temporarily allows financial regulators to waive cost-sharing and program requirements for certain state, territory, and local government grants. Financial regulators may permit these funds to be reprogrammed for purposes related to unemployment, childcare, or healthcare.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6366 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6366

To permit, due to the COVID-19 emergency, Federal financial regulators 
    to allow for the temporary waiver of requirements that a State, 
 territory, or local government provide matching or cost-sharing funds 
 before receiving a grant from a Federal financial regulator, to allow 
for certain reprogramming of funds to support unemployment, childcare, 
            and healthcare programs, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2020

 Mr. San Nicolas introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To permit, due to the COVID-19 emergency, Federal financial regulators 
    to allow for the temporary waiver of requirements that a State, 
 territory, or local government provide matching or cost-sharing funds 
 before receiving a grant from a Federal financial regulator, to allow 
for certain reprogramming of funds to support unemployment, childcare, 
            and healthcare programs, 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. TEMPORARY WAIVER AND REPROGRAMMING AUTHORITY.

    (a) Waiver Authority.--
            (1) In general.--With respect to a covered grant awarded to 
        a State, territory, or local government 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 recipients.--A State, 
        territory, or local government granted a waiver with respect to 
        a grant under subsection (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.--
            (1) In general.--With respect to a covered grant awarded to 
        a State, territory, or local government 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 unemployment, 
        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 enactment of this 
                Act and under which the State, territory, or local 
                government may still receive additional grant amounts; 
                or
                    (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 Department of Housing and Urban Development, 
        the Department of the Treasury (other than the Internal Revenue 
        Service), the Federal Deposit Insurance Corporation, the Office 
        of the Comptroller of the Currency, the National Credit Union 
        Administration, and the Securities and Exchange Commission.
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