Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act

I 116TH CONGRESS 2D SESSION H. R. 6321 To provide financial protections and assistance for America’s consumers, States, businesses, and vulnerable populations during the COVID-19 emergency and to recover from the emergency. IN THE HOUSE OF REPRESENTATIVES MARCH 23, 2020 Ms. WATERS introduced the following bill; which was referred to the Com- mittee on Financial Services, and in addition to the Committees on Ways and Means, Education and Labor, Small Business, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the juris- diction of the committee concerned A BILL To provide financial protections and assistance for America’s consumers, States, businesses, and vulnerable popu- lations during the COVID-19 emergency and to recover from the emergency. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 3 (a) SHORT TITLE.—This Act may be cited as the 4 ‘‘Financial Protections and Assistance for America’s Con- 5 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 2 •HR 6321 IH sumers, States, Businesses, and Vulnerable Populations 1 Act’’. 2 (b) TABLE OF CONTENTS.—The table of contents for 3 this Act is as follows: 4 Sec. 1. Short title; table of contents. Sec. 2. Severability. TITLE I—PROTECTING CONSUMERS, RENTERS, HOMEOWNERS, AND PEOPLE EXPERIENCING HOMELESSNESS Sec. 101. Direct stimulus payments for families. Sec. 102. Suspension of requirements regarding tenant contribution toward rent. Sec. 103. Temporary moratorium on eviction filings. Sec. 104. Suspension of other consumer loan payments. Sec. 105. Emergency rental assistance. Sec. 106. Emergency homeless assistance. Sec. 107. Participation of Indian Tribes and tribally designated housing entities in Continuum of Care Program. Sec. 108. Housing Assistance Fund. Sec. 109. Mortgage forbearance. Sec. 110. Bankruptcy protections. Sec. 111. Debt collection. Sec. 112. Disaste protection for workers’ credit. Sec. 113. Student loans. Sec. 114. Waiver of in-person appraisal requirements. Sec. 115. Supplemental funding for community development block grants. Sec. 116. COVID-19 Emergency Housing Relief. Sec. 117. Supplemental funding for service coordinators to assist elderly house- holds. Sec. 118. Fair housing. Sec. 119. HUD counseling program authorization. Sec. 120. Defense Production Act of 1950. TITLE II—ASSISTING SMALL BUSINESSES AND COMMUNITY FINANCIAL INSTITUTIONS Sec. 201. Small Business Credit Facility. Sec. 202. Small Business Financial Assistance Program. Sec. 203. Loan and obligation payment relief for affected small businesses and non-profits. Sec. 204. Reauthorization of the State Small Business Credit Initiative Act of 2010. Sec. 205. Funding of the Initiative to Build Growth Equity Funds for Minority Businesses. Sec. 206. Community Development Financial Institutions Fund supplemental appropriation authorization. Sec. 207. Minority depository institution. Sec. 208. Loans to MDIs and CDFIs. Sec. 209. Insurance of transaction accounts. VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6211 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 3 •HR 6321 IH TITLE III—SUPPORTING STATE, TERRITORY, AND LOCAL GOVERNMENTS Sec. 301. Muni Facility. Sec. 302. Temporary waiver and reprogramming authority. TITLE IV—PROMOTING FINANCIAL STABILITY AND TRANSPARENT MARKETS Sec. 401. Temporary halt to rulemakings unrelated to COVID–19. Sec. 402. Temporary ban on stock buybacks. Sec. 403. Disclosures related to supply chain disruption risk. Sec. 404. Disclosures related to global pandemic risk. Sec. 405. Oversight of Federal aid related to COVID–19. Sec. 406. International financial institutions. Sec. 407. Conditions on Federal aid to corporations. Sec. 408. Authority for warrants and debt instruments. Sec. 409. Authorization to participate in the New Arrangements to Borrow of the International Monetary Fund. Sec. 410. International Finance Corporation. Sec. 411. Oversight and Reports. Sec. 412. Technical corrections. Sec. 413. Definitions. Sec. 414. Rule of construction. TITLE V—PANDEMIC PLANNING AND GUIDANCE FOR CONSUMERS AND REGULATORS Sec. 501. Financial Literacy Education Commission Emergency Response. Sec. 502. Interagency pandemic guidance for consumers. Sec. 503. SEC pandemic guidance for investors. Sec. 504. Updates of the Pandemic Influenza Plan and National Planning Frameworks. SEC. 2. SEVERABILITY. 1 If any provision of this Act or the application of such 2 provision to any person or circumstance is held to be un- 3 constitutional, the remainder of this Act, and the applica- 4 tion of the provisions of this Act, to any person or cir- 5 cumstance shall not be affected thereby. 6 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 4 •HR 6321 IH TITLE I—PROTECTING CON- 1 SUMERS, RENTERS, HOME- 2 OWNERS, AND PEOPLE EXPE- 3 RIENCING HOMELESSNESS 4 SEC. 101. DIRECT STIMULUS PAYMENTS FOR FAMILIES. 5 (a) DEFINITIONS.—In this section: 6 (1) DIGITAL DOLLAR.—The term ‘‘digital dol- 7 lar’’ shall mean— 8 (A) a balance expressed as a dollar value 9 consisting of digital ledger entries that are re- 10 corded as liabilities in the accounts of any Fed- 11 eral reserve bank; or 12 (B) an electronic unit of value, redeemable 13 by an eligible financial institution (as deter- 14 mined by the Board of Governors of the Fed- 15 eral Reserve System). 16 (2) DIGITAL DOLLAR WALLET.—The term ‘‘dig- 17 ital dollar wallet’’ shall mean a digital wallet or ac- 18 count, maintained by a Federal reserve bank on be- 19 half of any person, that represents holdings in an 20 electronic device or service that is used to store dig- 21 ital dollars that may be tied to a digital or physical 22 identity. 23 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 5 •HR 6321 IH (3) MEMBER BANK.—The term ‘‘member bank’’ 1 means a member bank of the Board of Governors of 2 the Federal Reserve System. 3 (4) PASS-THROUGH DIGITAL DOLLAR WAL- 4 LET.—The term ‘‘pass-through digital dollar wallet’’ 5 means a digital wallet or account, maintained by a 6 member bank on behalf of a qualified individual, 7 where such qualified individual is entitled to a pro 8 rata share of a pooled reserve balance that the mem- 9 ber bank maintains at any Federal reserve bank. 10 (5) QUALIFIED INDIVIDUAL DEFINED.—The 11 term ‘‘qualified individual’’ means any individual 12 other than any nonresident alien individual. 13 (b) EMERGENCY STIMULUS CHECK IMPLEMENTA- 14 TION.— 15 (1) PAYMENTS.—The Secretary of the Treas- 16 ury, acting through the Commissioner of the Inter- 17 nal Revenue Service, shall make monthly emergency 18 payments to qualified individuals beginning on the 19 first day of the first month beginning after the date 20 of the enactment of this Act and ending on the later 21 of— 22 (A) the date of the termination by the 23 Federal Emergency Management Agency of the 24 emergency declared on March 13, 2020, by the 25 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 6 •HR 6321 IH President under section 501(b) of the Robert T. 1 Stafford Disaster Relief and Emergency Assist- 2 ance Act with respect to the COVID–19 pan- 3 demic; and 4 (B) the date on which— 5 (i) the national unemployment rate 6 (as determined by the Bureau of Labor 7 Statistics) is within 2 percentage points of 8 the national unemployment rate on the 9 date of enactment of this Act; and 10 (ii) the 3-month average of the na- 11 tional unemployment rate has declined for 12 two consecutive months. 13 (2) AMOUNT OF PAYMENTS.— 14 (A) IN GENERAL.—With respect to a quali- 15 fied individual, the amount of each monthly 16 payment under paragraph (1) shall be as fol- 17 lows: 18 (i) For a qualified individual age 18 19 or older, $2,000. 20 (ii) For a qualified individual under 21 age 18, $1,000. 22 (B) INCOME LIMITATION.—The amount of 23 a payment under subparagraph (A) shall be re- 24 duced (but not below zero) by 5 percent of so 25 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 7 •HR 6321 IH much of the individual’s adjusted gross income 1 as exceeds $75,000. The Secretary of the 2 Treasury shall adjust such amount as appro- 3 priate to account for individuals filing joint re- 4 turns. 5 (3) METHOD OF DELIVERY.— 6 (A) IN GENERAL.—The Secretary of the 7 Treasury, acting through the Commissioner of 8 the Internal Revenue Service, shall make the 9 payments required under paragraph (1)— 10 (i) first, by direct deposit (including 11 to a pass-through digital dollar wallet), if 12 the Commissioner has sufficient informa- 13 tion to make direct deposit payments to 14 the applicable individual; and 15 (ii) otherwise, by check. 16 (B) OUTREACH.—The Secretary of the 17 Treasury, acting through the Commissioner of 18 the Internal Revenue Service, shall establish a 19 system for a qualified individual to provide the 20 Internal Revenue Service with the individual’s 21 direct deposit information and shall perform 22 outreach to inform the public of such system. 23 (4) ACCESSING PAYMENTS.—If a payment is 24 deposited (by any method) into an account of a 25 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 8 •HR 6321 IH qualified individual at an insured depository institu- 1 tion (as defined in section 3 of the Federal Deposit 2 Insurance Act) or insured credit union (as defined in 3 section 101 of the Federal Credit Union Act), such 4 funds shall be available for withdrawal on the same 5 day, to the fullest extent possible. 6 (5) FUNDING.—The Secretary of the Treasury 7 shall, before each monthly payment required under 8 subsection (a), notify the Board of Governors of the 9 Federal Reserve System of the aggregate amount of 10 such payment, and the Board of Governors shall 11 issue notes in such amount and transfer such notes 12 to the Secretary of the Treasury for use in making 13 such payments. 14 (c) MANDATE FOR MEMBER BANKS TO MAINTAIN 15 PASS-THROUGH DIGITAL DOLLAR WALLETS.— 16 (1) OBLIGATIONS OF MEMBER BANKS.— 17 (A) IN GENERAL.—Member banks are 18 hereby directed to establish and maintain pass- 19 through digital dollar wallets for all persons eli- 20 gible to receive payments from the United 21 States pursuant to this Act who elect to deposit 22 such payments into a pass-through digital dol- 23 lar wallet. 24 (B) SEPARATE ENTITY.— 25 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 9 •HR 6321 IH (i) IN GENERAL.—Each member bank 1 shall establish and maintain a separate 2 legal entity for the exclusive purpose of 3 holding all assets and maintaining all li- 4 abilities associated with pass-through dig- 5 ital dollar wallets. 6 (ii) ASSETS.—The assets of any entity 7 described in this paragraph shall consist 8 exclusively of a balance maintained in a 9 master account at a Federal reserve bank, 10 and the liabilities or obligations of the enti- 11 ty shall consist exclusively of an equal 12 quantity of balances maintained by holders 13 of pass-through digital dollar wallets. 14 (iii) SEPARATE ASSETS AND LIABIL- 15 ITIES.—The assets and liabilities of any 16 legal entity described in this paragraph 17 shall not be deemed assets or liabilities of 18 the member bank or its affiliates for pur- 19 poses of any capital or liquidity regulation 20 promulgated by Federal or State banking 21 authorities. 22 (C) APPLICATION.—Member banks with 23 total consolidated assets in excess of 24 $10,000,000,000 shall promptly offer individ- 25 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 10 •HR 6321 IH uals the ability to apply, through online or tele- 1 phonic means, for a pass-through digital dollar 2 wallets. 3 (2) TERMS.—Member banks shall ensure that a 4 pass-through digital dollar wallet established under 5 this section— 6 (A) may not be subject to any account 7 fees, minimum balances, or maximum balances; 8 (B) shall pay interest at a rate not below 9 the greater of— 10 (i) the rate of interest on required re- 11 serves; and 12 (ii) the rate of interest on excess re- 13 serves; 14 (C) shall provide functionality and service 15 levels not less favorable than those that the 16 member bank offers for its existing transaction 17 accounts (including with respect to access to 18 debit cards and automated teller machines, on- 19 line account access, automatic bill-pay and mo- 20 bile banking services, customer service, and 21 such other services as the Board determines), 22 except that pass-through digital dollar wallet 23 shall not include overdraft coverage; 24 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 PAMTMANN on DSKBC07HB2PROD with BILLS 11 •HR 6321 IH (D) shall be prominently branded in all ac- 1 count statements, marketing materials, and 2 other communications of the member bank as a 3 ‘‘pass-through FedAccount’’ maintained by the 4 member bank on behalf of the Board of Gov- 5 ernors of the Federal Reserve System; 6 (E) may not be closed or restricted by the 7 member bank on the basis of profitability con- 8 siderations; and 9 (F) shall provide holders with reasonable 10 protection against losses caused by fraud or se- 11 curity breaches. 12 (3) REIMBURSEMENT FOR COSTS.— 13 (A) IN GENERAL.—Each member bank 14 with total consolidated assets not greater than 15 $10,000,000,000 shall be reimbursed each cal- 16 endar quarter by the relevant Federal reserve 17 bank for actual and reasonable operational 18 costs incurred by the member bank in offering 19 pass-through digital dollar wallets. 20 (B) RULEMAKING.—The Board of Gov- 21 ernors of the Federal Reserve System shall 22 issue rules to carry out subparagraph (A). 23 (4) AUTHORITY OF THE BOARD.—Member 24 banks shall be subject to such rules as may be im- 25 VerDate Sep 11 2014 00:10 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H6321.IH H6321 [Text truncated for display. 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