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.

Bill: 116-hr-6366
Sponsor: full_name: Del. San Nicolas, Michael F. Q. [D-GU-At Large]
Introduced: 2020-03-23
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Child care and development

Economic performance and conditions

Financial crises and stabilization

Health programs administration and funding

State and local finance

U.S. territories and protectorates

Unemployment
Latest action: action_date: 2020-03-23
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-03-23
action_desc: Introduced in House
text: <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6366 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.

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.