RICH Act

Bill: 116-s-3777
Sponsor: full_name: Sen. Ernst, Joni [R-IA]
Introduced: 2020-05-20
Policy area: Labor and Employment
Subjects: Accounting and auditing

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government information and archives

Government studies and investigations

Infectious and parasitic diseases

Unemployment
Latest action: action_date: 2020-05-20
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2020-05-20
action_desc: Introduced in Senate
text: <p><b>Returning Inappropriate Cash Handouts Act or the RICH Act</b></p> <p>This bill excludes individuals with adjusted gross income equal to or greater than $1 million from panedmic unemployment assistance and additional benefits under federal pandemic unemployment compensation.</p>

tv_txt: II 116th CONGRESS 2d Session S. 3777 IN THE SENATE OF THE UNITED STATES May 20, 2020 Ms. Ernst introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To prohibit payment of Pandemic Unemployment Assistance and Federal Pandemic Unemployment Compensation to millionaires.

1. Short title This Act may be cited as the Returning Inappropriate Cash Handouts Act or the RICH Act . 2. Prohibiting payment of Pandemic Unemployment Assistance and Federal Pandemic Unemployment Compensation to millionaires (a) Pandemic Unemployment Assistance Section 2102 of the Relief for Workers Affected by Coronavirus Act (contained in subtitle A of title II of division A of the CARES Act ( Public Law 116–136 )) is amended— (1) in subsection (a)(3)(B)— (A) in clause (i), by striking or at the end; (B) in clause (ii), by striking the period at the end and inserting ; or ; and (C) by adding at the end the following new clause: (iii) an individual whose adjusted gross income is equal to or greater than $1,000,000. ; and (2) by adding at the end the following new subsection: (i) Prohibition on assistance to millionaires (1) Compliance Any application for assistance authorized under subsection (b) shall include a form or procedure for an individual applicant to certify that such individual is not prohibited from receiving such assistance pursuant to subsection (a)(3)(B)(iii). (2) Audits The certifications required by paragraph (1) shall be auditable by the Department of Labor or the Government Accountability Office. . (b) Federal Pandemic Unemployment Compensation Section 2104(b) of the Relief for Workers Affected by Coronavirus Act (contained in subtitle A of title II of division A of the CARES Act ( Public Law 116–136 )) is amended by adding at the end the following new paragraph: (3) Prohibition on compensation to millionaires (A) In general Federal Pandemic Unemployment Compensation shall not be payable to any individual whose adjusted gross income is equal to or greater than $1,000,000. (B) Compliance Any application for regular compensation shall include a form or procedure for an individual applicant to certify that such individual is not prohibited from receiving Federal Pandemic Unemployment Compensation pursuant to subparagraph (A). (C) Audits The certifications required by subparagraph (B) shall be auditable by the Department of Labor or the Government Accountability Office. . (c) Rule of construction Nothing in this Act, or any amendment made by this Act, may be construed to apply to regular compensation or extended compensation (as such terms are defined by section 205 of the Federal-State Extended Unemployment Compensation Act ( 26 U.S.C. 3304 note)) to which an individual may be otherwise entitled. (d) Effective date The amendments made by this section shall apply to weeks of unemployment beginning on or after the date of the enactment of this Act.