You are on page 1of 8

SIL20D26 VKX S.L.C.

1 SEC. lllll. RESCISSIONS.

2 (a) EXCHANGE STABILIZATION FUND.—


3 (1) IMMEDIATE RESCISSION.—Of the unobli-
4 gated balances made available under section 4027 of
5 the CARES Act (15 U.S.C. 9061),
6 $429,000,000,000 shall be permanently rescinded on
7 the date of enactment of this Act.
8 (2) SUBSEQUENT RESCISSION OF REMAINING

9 FUNDS.—

10 (A) IN GENERAL.—Except as provided in


11 subparagraph (C), any remaining unobligated
12 balances made available under section 4027 of
13 the CARES Act (15 U.S.C. 9061) shall be per-
14 manently rescinded on January 9, 2021.
15 (B) APPLICABILITY.—Notwithstanding the
16 Federal Credit Reform Act of 1990 (2 U.S.C.
17 661 et seq.) or any other provision of law, the
18 rescission in subparagraph (A) shall apply to—
19 (i) the obligated but not disbursed
20 credit subsidy cost of all loans, loan guar-
21 antees, and other investments that the Sec-
22 retary of the Treasury has made or com-
23 mitted to make under section 4003(b)(4)
SIL20D26 VKX S.L.C.

2
1 of the CARES Act (15 U.S.C. 9042(b)(4));
2 and
3 (ii) the obligated and disbursed credit
4 subsidy cost of all loans, loan guarantees,
5 and other investments that—
6 (I) the Secretary of the Treasury
7 has made or committed to make
8 under section 4003(b)(4) of the
9 CARES Act (15 U.S.C. 9042(b)(4));
10 and
11 (II) are not needed to meet the
12 commitments, as of January 9, 2021,
13 of the programs and facilities estab-
14 lished under section 13(3) of the Fed-
15 eral Reserve Act (12 U.S.C. 343(3))
16 in which the Secretary of the Treas-
17 ury has made or committed to make
18 a loan, loan guarantee, or other in-
19 vestment using funds appropriated
20 under section 4027 of the CARES Act
21 (15 U.S.C. 9061).
22 (C) EXCEPTIONS.—
23 (i) ADMINISTRATIVE EXPENSES.—The

24 $100,000,000 made available under section


25 4003(f) of the CARES Act (15 U.S.C.
SIL20D26 VKX S.L.C.

3
1 9042(f)) to pay costs and administrative
2 expenses—
3 (I) shall not be rescinded under
4 this paragraph; and
5 (II) shall be used exclusively for
6 the specific purposes described in that
7 section.
8 (ii) SPECIAL INSPECTOR GENERAL

9 FOR PANDEMIC RECOVERY.—The

10 $25,000,000 made available under section


11 4018(g) of the CARES Act (15 U.S.C.
12 9053(g)) for the Special Inspector General
13 for Pandemic Recovery—
14 (I) shall not be rescinded under
15 this paragraph; and
16 (II) shall be used exclusively for
17 the specific purposes described in that
18 section.
19 (iii) CONGRESSIONAL OVERSIGHT

20 COMMISSION.—Of the amounts made avail-


21 able under section 4027 of the CARES Act
22 (15 U.S.C. 9061) for the Congressional
23 Oversight Commission established under
24 section 4020 of that Act (15 U.S.C. 9055),
25 $5,000,000—
SIL20D26 VKX S.L.C.

4
1 (I) shall not be rescinded under
2 this paragraph; and
3 (II) shall be used exclusively for
4 the expenses of the Congressional
5 Oversight Commission set forth in
6 section 4020(g)(2) of that Act.
7 (b) LOANS, LOAN GUARANTEES, AND OTHER IN-
8 VESTMENTS.—

9 (1) IN GENERAL.—Effective on January 9,


10 2021, section 4003 of the CARES Act (15 U.S.C.
11 9042) is amended—
12 (A) in subsection (a), by striking
13 ‘‘$500,000,000,000’’ and inserting ‘‘$0’’; and
14 (B) in subsection (b)—
15 (i) in paragraph (1), by striking
16 ‘‘25,000,000,000’’ and inserting ‘‘0’’;
17 (ii) in paragraph (2), by striking
18 ‘‘$4,000,000,000’’ and inserting ‘‘0’’;
19 (iii) in paragraph (3), by striking
20 ‘‘$17,000,000,000’’ and inserting ‘‘0’’; and
21 (iv) in paragraph (4), in the matter
22 preceding subparagraph (A), by striking
23 ‘‘$454,000,000,000’’ and inserting ‘‘$0’’.
24 (2) RULE OF CONSTRUCTION.—The amend-
25 ments made under paragraph (1) shall not be con-
SIL20D26 VKX S.L.C.

5
1 strued to affect obligations incurred by the Depart-
2 ment of the Treasury before January 1, 2021.
3 SEC. lllll. EMERGENCY RELIEF AND TAXPAYER PRO-

4 TECTIONS.

5 Section 4003(e) of the CARES Act (15 U.S.C.


6 9042(e)) is amended, in the matter preceding paragraph
7 (1), by striking ‘‘Amounts’’ and inserting ‘‘Notwith-
8 standing any other provision of law, amounts’’.
9 SEC. lllll. TERMINATION OF AUTHORITY.

10 Section 4029 of the CARES Act (15 U.S.C. 9063)


11 is amended—
12 (1) in subsection (a), by striking ‘‘new’’;
13 (2) in subsection (b)(1), in the matter pre-
14 ceding subparagraph (A), by striking ‘‘, loan guar-
15 antee, or other investment’’ and inserting ‘‘or loan
16 guarantee made under paragraph (1), (2), or (3) of
17 section 4003(b)’’; and
18 (3) by adding at the end the following:
19 ‘‘(c) FEDERAL RESERVE PROGRAMS OR FACILI-
20 TIES.—

21 ‘‘(1) IN GENERAL.—After December 31, 2020,


22 the Board of Governors of the Federal Reserve Sys-
23 tem and the Federal Reserve banks shall not make
24 any loan, purchase any obligation, asset, security, or
25 other interest, or make any extension of credit
SIL20D26 VKX S.L.C.

6
1 through any program or facility established under
2 section 13(3) of the Federal Reserve Act (12 U.S.C.
3 343(3)) in which the Secretary made a loan, loan
4 guarantee, or other investment pursuant to section
5 4003(b)(4), other than a loan submitted, on or be-
6 fore December 14, 2020, to the Main Street Lend-
7 ing Program’s lender portal for the sale of a partici-
8 pation interest in such loan, provided that the Main
9 Street Lending Program purchases a participation
10 interest in such loan on or before January 8, 2021
11 and under the terms and conditions of the Main
12 Street Lending Program as in effect on the date the
13 loan was submitted to the Main Street Lending Pro-
14 gram’s lender portal for the sale of a participation
15 interest in such loan.
16 ‘‘(2) NO MODIFICATION.—After December 31,
17 2020, the Board of Governors of the Federal Re-
18 serve System and the Federal Reserve banks—
19 ‘‘(A) shall not modify the terms and condi-
20 tions of any program or facility established
21 under section 13(3) of the Federal Reserve Act
22 (12 U.S.C. 343(3)) in which the Secretary
23 made a loan, loan guarantee, or other invest-
24 ment pursuant to section 4003(b)(4), including
25 by authorizing transfer of such funds to a new
SIL20D26 VKX S.L.C.

7
1 program or facility established under section
2 13(3) of the Federal Reserve Act (12 U.S.C.
3 343(3)); and
4 ‘‘(B) may modify or restructure a loan, ob-
5 ligation, asset, security, other interest, or exten-
6 sion of credit made or purchased through any
7 such program or facility provided that—
8 ‘‘(i) the loan, obligation, asset, secu-
9 rity, other interest, or extension of credit is
10 an eligible asset or for an eligible business,
11 including an eligible nonprofit organiza-
12 tion, each as defined by such program or
13 facility; and
14 ‘‘(ii) the modification or restructuring
15 relates to an eligible asset or single and
16 specific eligible business, including an eligi-
17 ble nonprofit organization, each as defined
18 by such program or facility; and
19 ‘‘(iii) the modification or restructuring
20 is necessary to minimize costs to taxpayers
21 that could arise from a default on the loan,
22 obligation, asset, security, other interest,
23 or extension of credit.
24 ‘‘(3) USE OF FUNDS.—
SIL20D26 VKX S.L.C.

8
1 ‘‘(A) IN GENERAL.—Except as provided in
2 subparagraph (B), the Secretary is permitted to
3 use the fund established under section 5302 of
4 title 31, United States Code, for any purpose
5 permitted under that section.
6 ‘‘(B) EXCEPTION.—The fund established
7 under section 5302 of title 31, United States
8 Code, shall not be available for any program or
9 facility established under section 13(3) of the
10 Federal Reserve Act (12 U.S.C. 343(3)) that is
11 the same as any such program or facility in
12 which the Secretary made an investment pursu-
13 ant to section 4003(b)(4), except the Term
14 Asset-Backed Securities Loan Facility.’’.
15 SEC. lllll. RULE OF CONSTRUCTION.

16 Except as expressly set forth in paragraphs (1) and


17 (2) of subsection (c) of section 4029 of the CARES Act,
18 as added by this Act, nothing in this Act shall be con-
19 strued to modify or limit the authority of the Board of
20 Governors of the Federal Reserve System under section
21 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)) as
22 of the day before the date of enactment of the CARES
23 Act (Public Law 116–136).