Bill
Bill > HR6360
US HR6360
US HR6360To establish requirements on accelerated filers receiving Federal aid related to COVID-19, to establish requirements on all corporations until Federal aid related to COVID-19 is repaid, and for other purposes.
summary
Introduced
03/23/2020
03/23/2020
In Committee
03/23/2020
03/23/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To establish requirements on accelerated filers receiving Federal aid related to COVID-19, to establish requirements on all corporations until Federal aid related to COVID-19 is repaid, and for other purposes. This bill establishes requirements for issuers of securities receiving aid in response to the COVID-19 (i.e., coronavirus disease 2019) emergency. Issuers receiving aid must comply with specified requirements regarding paid leave, minimum wage, and limits on executive compensation. Until the end of the emergency period, issuers receiving aid must maintain preemergency workforce and compensation levels. Additionally, an issuer receiving aid may not provide executive bonuses, purchase its own company's stocks, pay out dividends to stockholders, or engage in lobbying until the issuer repays the aid. Certain issuers receiving aid must (1) have one-third of their board of directors be elected by employees; and (2) provide additional disclosures including those regarding political expenditures, workforce composition, employee benefits, environmental impacts, federal aid, and financial performance.
AI Summary
This bill establishes requirements for corporations that receive federal aid related to COVID-19. Until the federal aid is repaid, these corporations must comply with restrictions on executive bonuses, golden parachutes, stock buybacks, dividends, and federal lobbying. Corporations that are accelerated filers (as defined by the SEC) receiving federal aid must also permanently comply with additional requirements, including having at least one-third of their board of directors elected by employees and providing additional disclosures to the SEC on political spending, human capital management, environmental and social governance, federal aid usage, and financial performance on a country-by-country basis. The bill also sets permanent requirements for all corporations receiving federal aid, including providing at least 14 days of paid leave, paying a minimum wage of $15 per hour, and limiting CEO pay to no more than 50 times the median worker pay. Additionally, until the end of the COVID-19 emergency, corporations receiving federal aid must maintain their pre-emergency workforce levels and benefits, worker pay, and collective bargaining agreements.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Referred to the House Committee on Financial Services. (on 03/23/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6360/all-info |
| BillText | https://www.congress.gov/116/bills/hr6360/BILLS-116hr6360ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6360/BILLS-116hr6360ih.pdf.pdf |
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