[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6778 Introduced in House (IH)]

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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 receiving Federal aid related to 
                               COVID-19.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``_______ Act of 2020''.

SEC. 2. REQUIREMENTS ON ALL CORPORATIONS RECEIVING FEDERAL AID RELATED 
              TO COVID-19.

    (a) In General.--The CARES Act (Public Law 116-136) is amended by 
inserting after section 4029 the following:

``SEC. 4030. REQUIREMENTS ON ALL CORPORATIONS RECEIVING FEDERAL AID 
              RELATED TO COVID-19.

    ``(a) In General.--Any corporation that receives Federal aid 
related to COVID-19 shall, during the covered period, comply with the 
following:
            ``(1) Workforce levels and benefits.--The corporation shall 
        maintain at least the same workforce levels and benefits that 
        existed before the COVID-19 emergency declaration.
            ``(2) Maintenance of worker pay.--The corporation shall 
        maintain worker (either employee or contractor, full-time or 
        part-time) pay throughout the entire duration of the covered 
        period at or above the pay level the worker was earning before 
        the emergency.
            ``(3) Maintenance of collective bargaining agreements.--The 
        corporation may not alter any collective bargaining agreement 
        that was in place on the date of the COVID-19 emergency 
        declaration.
    ``(b) Enforcement; Rulemaking.--The Securities and Exchange 
Commission shall have the authority to enforce this section and may 
issue such rules as may be necessary to carry out this section.
    ``(c) Definitions.--In this section:
            ``(1) Covered period.--With respect to a receipt of Federal 
        aid related to COVID-19, the term `covered period' means the 
        period--
                    ``(A) beginning on the date such Federal aid is 
                first received; and
                    ``(B) ending after the 1-year period beginning on 
                the later of--
                            ``(i) the termination date of the emergency 
                        declared by the President on March 13, 2020, 
                        under section 501(b) of the Robert T. Stafford 
                        Disaster Relief and Emergency Assistance Act 
                        (42 U.S.C. 5191(b)) with respect to the 
                        coronavirus disease 2019 (COVID-19); or
                            ``(ii) the date on which all such Federal 
                        aid has been repaid.
            ``(2) COVID-19 emergency declaration.--The term `COVID-19 
        emergency declaration' means emergency declared on March 13, 
        2020, by the President under the Robert. T. Stafford Disaster 
        Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.) 
        relating to the Coronavirus Disease 2019 (COVID-19) pandemic.
            ``(3) Federal aid.--The term `Federal aid' means any 
        emergency lending provided under section 13(3) of the Federal 
        Reserve Act or any Federal financial support in the form of a 
        grant, loan, or loan guarantee.''.
    (b) Clerical Amendment.--The table of contents in section 2 of the 
CARES Act is amended by inserting after the item relating to section 
4029 the following:

``Sec. 4030. Requirements on all corporations receiving Federal aid 
                            related to COVID-19.''.
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