_______ Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 6778 To amend the Coronavirus Economic Stabilization Act of 2020 to place certain requirements on corporations receiving Federal aid related to COVID–19. IN THE HOUSE OF REPRESENTATIVES MAY 8, 2020 Ms. OCASIO-CORTEZ (for herself and Ms. WATERS) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Coronavirus Economic Stabilization Act of 2020 to place certain requirements on corporations re- ceiving Federal aid related to COVID–19. 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. 3 This Act may be cited as the ‘‘lllllll Act 4 of 2020’’. 5 VerDate Sep 11 2014 20:32 May 22, 2020 Jkt 099060 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6778.IH H6778 khammond on DSK30NT082PROD with BILLS 2 •HR 6778 IH SEC. 2. REQUIREMENTS ON ALL CORPORATIONS RECEIV- 1 ING FEDERAL AID RELATED TO COVID–19. 2 (a) IN GENERAL.—The CARES Act (Public Law 3 116–136) is amended by inserting after section 4029 the 4 following: 5 ‘‘SEC. 4030. REQUIREMENTS ON ALL CORPORATIONS RE- 6 CEIVING FEDERAL AID RELATED TO COVID– 7 19. 8 ‘‘(a) IN GENERAL.—Any corporation that receives 9 Federal aid related to COVID–19 shall, during the cov- 10 ered period, comply with the following: 11 ‘‘(1) WORKFORCE LEVELS AND BENEFITS.— 12 The corporation shall maintain at least the same 13 workforce levels and benefits that existed before the 14 COVID–19 emergency declaration. 15 ‘‘(2) MAINTENANCE OF WORKER PAY.—The 16 corporation shall maintain worker (either employee 17 or contractor, full-time or part-time) pay throughout 18 the entire duration of the covered period at or above 19 the pay level the worker was earning before the 20 emergency. 21 ‘‘(3) MAINTENANCE OF COLLECTIVE BAR- 22 GAINING AGREEMENTS.—The corporation may not 23 alter any collective bargaining agreement that was in 24 place on the date of the COVID–19 emergency dec- 25 laration. 26 VerDate Sep 11 2014 23:23 May 20, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6778.IH H6778 khammond on DSK30NT082PROD with BILLS 3 •HR 6778 IH ‘‘(b) ENFORCEMENT; RULEMAKING.—The Securities 1 and Exchange Commission shall have the authority to en- 2 force this section and may issue such rules as may be nec- 3 essary to carry out this section. 4 ‘‘(c) DEFINITIONS.—In this section: 5 ‘‘(1) COVERED PERIOD.—With respect to a re- 6 ceipt of Federal aid related to COVID–19, the term 7 ‘covered period’ means the period— 8 ‘‘(A) beginning on the date such Federal 9 aid is first received; and 10 ‘‘(B) ending after the 1-year period begin- 11 ning on the later of— 12 ‘‘(i) the termination date of the emer- 13 gency declared by the President on March 14 13, 2020, under section 501(b) of the Rob- 15 ert T. Stafford Disaster Relief and Emer- 16 gency Assistance Act (42 U.S.C. 5191(b)) 17 with respect to the coronavirus disease 18 2019 (COVID–19); or 19 ‘‘(ii) the date on which all such Fed- 20 eral aid has been repaid. 21 ‘‘(2) COVID–19 EMERGENCY DECLARATION.— 22 The term ‘COVID–19 emergency declaration’ means 23 emergency declared on March 13, 2020, by the 24 President under the Robert. T. Stafford Disaster 25 VerDate Sep 11 2014 23:23 May 20, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6778.IH H6778 khammond on DSK30NT082PROD with BILLS 4 •HR 6778 IH Relief and Emergency Assistance Act (42 U.S.C. 1 5121 et seq.) relating to the Coronavirus Disease 2 2019 (COVID-19) pandemic. 3 ‘‘(3) FEDERAL AID.—The term ‘Federal aid’ 4 means any emergency lending provided under section 5 13(3) of the Federal Reserve Act or any Federal fi- 6 nancial support in the form of a grant, loan, or loan 7 guarantee.’’. 8 (b) CLERICAL AMENDMENT.—The table of contents 9 in section 2 of the CARES Act is amended by inserting 10 after the item relating to section 4029 the following: 11 ‘‘Sec. 4030. Requirements on all corporations receiving Federal aid related to COVID–19.’’. Æ VerDate Sep 11 2014 23:23 May 20, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H6778.IH H6778 khammond on DSK30NT082PROD with BILLS