To prohibit the Secretary of the Treasury and the Board of Governors of the Federal Reserve System from waiving provisions related to COVID-19 emergency relief and taxpayer protections related to such relief.

Bill: 116-hr-6852
Sponsor: full_name: Rep. Ocasio-Cortez, Alexandria [D-NY-14]
Introduced: 2020-05-13
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Cardiovascular and respiratory health

Corporate finance and management

Department of the Treasury

Emergency medical services and trauma care

Federal Reserve System

Government lending and loan guarantees

Infectious and parasitic diseases

Securities
Latest action: action_date: 2020-05-13
text: Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Summaries:
action_date: 2020-05-13
action_desc: Introduced in House
text: <p>This bill prohibits the Department of the Treasury and the Federal Reserve Board from waiving&nbsp;requirements related to COVID-19 (i.e., coronavirus disease 2019) economic aid. Businesses receiving this aid must comply with compensation limits, bans on stock buybacks, and prohibitions on payment of stock dividends, among other requirements. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6852 IN THE HOUSE OF REPRESENTATIVES May 13, 2020 Ms. Ocasio-Cortez introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on Ways and Means , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To prohibit the Secretary of the Treasury and the Board of Governors of the Federal Reserve System from waiving provisions related to COVID–19 emergency relief and taxpayer protections related to such relief.

1. Prohibition on waivers Section 4003(c)(3)(A)(iii) of the CARES Act ( 15 U.S.C. 9042(c)(3)(A)(iii) ) is amended to read as follows: (iii) Prohibition on waivers The Secretary and the Board of Governors of the Federal Reserve System may not waive any requirement under this section or of a rule issued to carry out this section. .