Podcasts about dodd frank wall street reform

Welcome to Supreme Court Opinions. In this episode, you'll hear the Court's opinion in Cantero v Bank of America. In this case, the court considered this issue: When are state laws that regulate national banks preempted under federal law? The case was decided on May 30, 2024. The Supreme Court held that under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, state laws are preempted only if they discriminate against national banks or “prevent or significantly interfere” with a national bank's exercise of its powers, as determined by the standard articulated in Barnett Bank v Nelson. Justice Brett Kavanaugh authored the unanimous opinion of the Court vacating the Second Circuit's judgment for failing to apply the proper preemption test. The Dodd-Frank Act, passed by Congress in 2010, establishes the controlling legal standard for determining when a state consumer financial law, like New York's interest-on-escrow law, is preempted with respect to national banks. Dodd-Frank expressly rejected the position that all state laws regulating national banks are automatically preempted. Rather, a state law is preempted by the National Bank Act only if: (1) the state law discriminates against national banks as compared to state banks; or (2) the state law "prevents or significantly interferes with the exercise by the national bank of its powers." In Barnett Bank v Nelson (1996), the Court explained the test for “prevents or significantly interferes with” requires courts to make a practical assessment of the nature and degree of interference caused by the state law, guided by the Court's precedents. Because the Second Circuit failed to conduct this nuanced analysis and instead employed a categorical test that would preempt virtually all state laws regulating national banks, the Court vacated its judgment and remanded the case for analysis in a manner consistent with the Barnett Bank standard. The opinion is presented here in its entirety, but with citations omitted. If you appreciate this episode, please subscribe. Thank you.  --- Support this podcast: https://podcasters.spotify.com/pod/show/scotus-opinions/support

What could possibly go wrong should a global systemically important banking organization fail? In this episode, we look how the FDIC would resolve such a ‘too big to fail' institution under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Learn how the recent Supreme Court ruling on the Consumer Financial Protection Bureau (CFPB) affects your finances. How does the CFPB protect consumers? Why does the recent CFPB court decision matter? Hosts Sean Pyles and Anna Helhoski discuss the recent Supreme Court decision that upheld the CFPB's funding structure, explaining its significance and what it means for consumer protections. They also explain the history and function of the CFPB, including its role in consumer finances, and provide actionable insights on how you can leverage its resources to resolve financial issues, including how to file a complaint with the CFPB. Plus: the broader implications of the Supreme Court ruling for other federal agencies.  Then, Sean and Anna cover the latest money headlines, including the Dow Jones hitting 40,000 for the first time, the current state of gas prices ahead of Memorial Day weekend, and new pricing transparency laws for cruises. In their conversation, the Nerds discuss: CFPB Supreme Court ruling, payday loans, financial regulation, consumer rights, financial protection, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, credit card regulations, overdraft fees, Federal Reserve funding, mortgage complaints, student loan complaints, CFPB investigations, consumer complaints, financial watchdog, financial industry regulation, CFPB funding, payday lending rule, consumer finance, financial laws, debt relief, financial accountability, credit card late fees, mortgage protection, loan regulations, financial crisis response, banking regulations, consumer advocacy, credit card complaints, loan complaints, financial enforcement, financial industry oversight, and consumer protection laws. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires financial institutions to collect and report data on small business lending to the Consumer Financial Protection Bureau (CFPB). The details of the CFPB 1071 rule are laid out in an extensive 888-page document, so it's no surprise that many financial institutions aren't sure where to start when it comes to preparing for compliance.In this episode, Abrigo Senior Consultant Paula King offers a comprehensive exploration of the rule's main elements, some first steps for compliance, and a brief overview of how it has been received, including the legal controversies following the rule. As financial institutions wait for finality on this regulatory shift, it's important for banks and credit unions of all sizes to understand the nuances of Section 1071. Listen in for insights into the future of small business lending.  Helpful links:Webinar: Understanding the impact of CFPB 1071 on small business lendingBlog: The CFPB section 1071 effective dateChecklist: CFPB 1071 Rule: Checklist for compliance successCheck out the series!Ahead of the curve: A banker's podcastLooking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We'll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform. We can help you navigate 1071 deadlines and compliance. In addition to our 1071 resource page for lenders, which has updated information to help prepare for the new requirements, Abrigo's Loan Origination Software will have all required data fields in a borrower-facing collection form, access to pre-built reports, and the ability to export for CFPB reporting. Your financial institution can comply with 1071 while streamlining the origination process and ongoing customer management while working with a trusted partner of 2,400 institutions. Talk to a specialist to learn more.

United States corporate law regulates the governance, finance and power of corporations in US law. Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act. The US Constitution was interpreted by the US Supreme Court to allow corporations to incorporate in the state of their choice, regardless of where their headquarters are. Over the 20th century, most major corporations incorporated under the Delaware General Corporation Law, which offered lower corporate taxes, fewer shareholder rights against directors, and developed a specialized court and legal profession. Nevada has attempted to do the same. Twenty-four states follow the Model Business Corporation Act, while New York and California are important due to their size. --- Send in a voice message: https://podcasters.spotify.com/pod/show/law-school/message Support this podcast: https://podcasters.spotify.com/pod/show/law-school/support

In this episode of the Real Estate Power Play Podcast, hosted by Mark Monroe, Ronald Walker, Marty Grizzanti, and Gabe Rodarte. Our guest, Max Bailey the owner and CEO of Call the Underwriter, LLC, provides valuable insights into the Dodd-Frank Wall Street Reform and Consumer Protection Act, specifically in relation to its impact on the real estate industry. He explains how this legislation has changed the way that real estate transactions are conducted, particularly in regard to mortgage lending and underwriting.In addition, the Real Estate Power Play Podcast, presented by Mark Monroe, Ronald Walker, Marty Grizzanti, and Gabe Rodarte. Max breaks down some of the key provisions of Dodd-Frank, including the ability-to-repay and qualified mortgage rules, and explains how they have influenced the real estate market. He also shares his thoughts on the future of the real estate industry under this legislation, and how real estate professionals can best navigate the changing landscape.In this episode of the Real Estate Power Play Podcast, hosted by Mark Monroe, Ronald Walker, Marty Grizzanti, and Gabe Rodarte. Throughout the episode, Max provides practical advice and examples to help listeners better understand the impact of Dodd-Frank on the real estate industry. Whether you're a real estate agent, lender, or homebuyer, this episode is a must-listen for anyone looking to stay informed on this critical legislation.On this episode of the Real Estate Power Play Podcast with Mark Monroe, Ronald Walker, Marty Grizzanti, and Gabe Rodarte talked about:Who Is Max Bailey?Real Estate's Dodd-Frank ImpactNote Selling ProcessBe sure to check the Real Estate Power Play Podcast on your favorite podcast sites listed below.  Enjoy the show!YouTube - https://bit.ly/2ZromuYGoogle Podcast - https://bit.ly/3nL1yyYSpotify - https://spoti.fi/3pLjv2IApple Podcast - https://apple.co/3jGYQJCAmazon Podcast - https://amzn.to/3o1cecHPodcast Addict - https://bit.ly/3nHVVSaPodchaser - https://bit.ly/3BhDIQ5Pocket Casts -https://pca.st/etbhktqrDeezer - https://bit.ly/2ZuryWyListen Notes - https://bit.ly/3jHV8z6Player FM - https://bit.ly/3nz12UpPodcast Index - https://bit.ly/3mkelbUTuneIn+Alexa - https://bit.ly/2ZuhjSNConnect with Real Estate Power Play Podcast Hosts:Facebook: https://bit.ly/3mMZcAiMark Monroe: https://linktr.ee/markmonroeRonald Walker: https://linktr.ee/RonniewalkerMarty Grizzanti: http://linktr.ee/MgrizzantiGabe Rodarte: https://linktr.ee/gaberodarte#GabeRodarte #MarkMonroe #MartyGrizzanti #RonnieWalker #MaxBailey #investmentproperty #realestate #investment #realtor #realestateagent #property #realestateinvesting #investing #propertyinvestment #realestateinvestor #investor #investments #propertymanagement #rentalproperty #realtorlife #industry 

Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau's (CFPB) recent policy statement on abusiveness. In Part 1 the panel discusses the background of the policy statement, the definition of abusiveness, when it exists and when it doesn't, and practical considerations for compliance.Stay tuned for Part 2 of this special series on the abusiveness statement for a deeper dive into some specific examples cited in the policy statement, as well as lessons learned about what constitutes abusiveness and what doesn't from the CFPB's perspective.CFS Partner Alan Wingfield focuses his practice on financial services litigation and consumer law compliance counseling. He helps businesses with the myriad federal and state consumer protection laws, as well as laws regulating financial services and other types of consumer-facing companies. Alan regularly represents businesses in class-action and individual consumer litigation in many national venues, particularly with the "alphabet soup" of consumer protection statutes, including Section 5 of the Federal Trade Commission Act; Dodd-Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank) Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) regulation; and state equivalents of the Unfair and Deceptive Act and Practices Act (UDAP).CFS Partner James Kim leads the firm's fintech industry group. He advises fintechs, banks, investors, and other clients on federal and state consumer financial laws and regulations, including UDAAP. He helps clients navigate examinations and investigations with the CFPB, Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, Federal Trade Commission (FTC), and various state agencies. As a former CFPB senior enforcement attorney, James provides the industry knowledge and expertise that fintechs and financial institutions require when launching new products or facing regulatory scrutiny.CFS Associate Taylor Gess provides regulatory advice on matters related to federal and state consumer protection, consumer finance, and payments laws, including those that apply to payment cards, lines of credit, installment loans, electronic payments, online banking, buy-now-pay-later transactions, retail installment contracts, rental-purchase transactions, and small business loans. Taylor represents a broad spectrum of clients, such as fintech companies, banks, payment card issuers, retail merchants, online lending platforms, and solar and home improvement finance companies. In addition to handling matters on various consumer protection statutes, she also advises on issues related to payment network rules, electronic contracting, telemarketing, UDAAP, and military lending, while also helping clients develop compliance management systems, review marketing materials, and structure new products.

On March 10, Silicon Valley Bank (SVB) collapsed after what many are calling a bank run, triggering the second largest bank failure in U.S. history. Since then, regulators and policymakers have searched for answers, mid-sized banks across the country have struggled to assuage fears over their stability, and Swiss investment firm Credit Suisse has been taken over by UBS as the SVB fallout has rippled through the economy.On this episode of What's at Stake, Bryan DeAngelis, a partner at Penta, and Ylan Mui, a managing director at the firm, are joined by Aaron Klein to discuss the impacts of SVB's collapse and–as Aaron sees it–the failure of our banking regulatory system. Aaron Klein is currently a senior fellow in Economic Studies at the Brookings Institution, focused on financial technology and regulation, payments, macroeconomics, and infrastructure finance and policy. Between 2009 and 2012, Klein served as the deputy assistant secretary for economic policy at the Department of Treasury, where he helped develop and secure the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.The group discusses how the Fed failed to implement proper oversight of SVB, Michael Barr's pre-written testimony, and if we should be allowing more banks to fail. They also answer the question: Was this the first bank run of the social media ageRead more from Aaron Klein here.

The Rich Zeoli Show- Full Episode (03/13/2023): 3:05pm- Following the collapse of Silicon Valley Bank and Signature Bank, the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation announced they will guarantee all customer deposits—even those exceeding the FDIC's standard $250,000 per depositor guarantee. According to The Wall Street Journal, “[a] senior Treasury official said the steps didn't constitute a bailout because stock and bondholders in SVB and Signature wouldn't be protected.” Silicon Valley Bank had been the 16th largest bank in America with an estimated $175 billion in deposits, but after losing billions investing in long-term assets, customers attempted to withdraw an estimated $42 billion in deposits resulting in the bank's ultimate collapse. Read more about SVB's collapse here: https://www.wsj.com/articles/federal-reserve-rolls-out-emergency-measures-to-prevent-banking-crisis-ba4d7f98 3:30pm- Reason's Elizabeth Nolan Brown critiques the U.S. government's decision to guarantee all deposits with no limit—writing, “[f]or one thing, banks are themselves taxpayers. And in situations like this, the many institutions who act responsibly must bear the burden of bank fees in order to inoculate less responsible actors. Besides, these fees assessed on banks don't exist in a vacuum that only burdens big businesses; banks pass on the costs of regulatory compliance to customers in a number of ways. So, the idea that the government's bailout funds come from some sort of magical pool of consequence-free money is silly.” You can read Brown's editorial here: https://reason.com/2023/03/13/everyone-is-learning-the-wrong-lessons-from-the-silicon-valley-bank-collapse/ 3:40pm- Who is to blame for the collapse of Silicon Valley Bank and Signature Bank? On Monday, President Joe Biden blamed the Trump Administration for “rolling back” the Dodd-Frank Wall Street Reform and Consumer Protection Act, a federal law designed to regulate the nation's financial services industry. However, The New York Post notes that Barney Frank—the former Congressman for whom the bill is named—was a member of the Board of Directors at Signature Bank when it collapsed over the weekend. 4:00pm- While appearing on Fox News with Maria Bartiromo, Congressman James Comer (R-KY) suggested that Silicon Valley Bank's “quest for ESG [Environment, Social, and Governance] policies” may have played a role in its collapse. 4:10pm- On Monday, President Joe Biden called the U.S. banking system “safe” and credited his administration's decisions—specifically guaranteeing all deposits at Silicon Valley Bank—for avoiding the contagion-like collapse of multiple banks. But didn't the Federal Reserve ultimately decide to bailout depositors? 4:30pm- During her acceptance speech at Sunday's 95th Annual Academy Awards, Best Actress in a Leading Role Michelle Yeoh took a shot at CNN's Don Lemon for his comments about women of a certain age being “past their prime.” 4:45pm- Dr. EJ Antoni—Research Fellow for Regional Economics in the Center for Data Analysis at The Heritage Foundation—joins The Rich Zeoli Show to explain the collapse of Silicon Valley Bank and Signature Bank. Dr. Antoni debunks the Biden Administration's narrative that the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation are not bailing out depositors with taxpayer dollars. Will the decision to bailout SVB's “gross fiscal mismanagement” encourage other banks to take on risky investments, operating under the assumption that if things go wrong the federal government will step in and save the day? 5:00pm- The Drive at 5: Dave McCormick—Veteran and former Republican candidate for U.S. Senate in Pennsylvania—joins The Rich Zeoli Show to discuss his new book, “Superpower in Peril: A Battle Plan to Renew America.” How do we decouple from China and assure American hegemony? PLUS is McCormick planning to challenge three-term Senator Bob Casey Jr. (D-PA) in 2024? McCormick's book releases March 14th: https://www.amazon.com/Superpower-Peril-Battle-Renew-America/dp/1546001956 5:20pm- During his acceptance speech at Sunday's 95th Annual Academy Awards, Best Supporting Actor Ke Huy Quan told his amazing life story—from refugee to Hollywood star, exclaiming, “This is the American Dream!” 5:40pm- WHYY reporter Cherri Gregg accused Fox 29 reporter Steve Keely's crime coverage in Philadelphia of being “very harmful” and claims it “scares people.” Is even reporting on unmitigated violence now problematic? And with over 500 homicides in Philadelphia in 2022, isn't the city inherently scary? Read more about Victor Fiorillo's editorial here:https://www.phillymag.com/news/2023/03/10/steve-keeley-fox-29/ 6:05pm- Andy Bloom—President of Andy Bloom Communications—joins The Rich Zeoli Show to discuss his latest editorial at Broad + Liberty, “Biden Plays the Blame Game.” Bloom documents the Biden Administration's instance to fault Donald Trump for everything that goes wrong. Bloom writes, “Biden has consistently blamed Trump for Covid deaths…Although largely ignored now, the Afghanistan withdrawal is one of Biden's biggest and deadliest disasters. At the time, Biden explained it was Trump's fault for making a deal with the Taliban. For some reason, THIS was the one Trump policy Biden was bound to and couldn't change. Although the last troops withdrew after the negotiated date, Biden still blamed Trump…When the Biden administration had to acknowledge that a Chinese spy balloon had penetrated U.S. airspace, they were quick to add that three prior incidents happened when Trump was president.” You can read Bloom's article here: https://broadandliberty.com/2023/03/09/andy-bloom-biden-plays-the-blame-game/ 6:30pm- While appearing on Fox News with Larry Kudlow, former Chairman of the Council of Economic Advisers Kevin Hassett revealed that buyers were willing to “step in” and purchase Silicon Valley Bank. 6:35pm- While speaking with Senator Mark Warner (D-VA) on ABC''s This Week, host Martha Raddatz baselessly claimed the Trump Administration was responsible for the collapse of Silicon Valley Bank.                          6:45pm- Rep. Eric Swalwell (D-CA), White House Press Secretary Karine Jean-Pierre, and MSNBC Commentator Jen Psaki have all publicly considered the idea of censoring Fox News.

The Rich Zeoli Show- Hour 1: Following the collapse of Silicon Valley Bank and Signature Bank, the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation announced they will guarantee all customer deposits—even those exceeding the FDIC's standard $250,000 per depositor guarantee. According to The Wall Street Journal, “[a] senior Treasury official said the steps didn't constitute a bailout because stock and bondholders in SVB and Signature wouldn't be protected.” Silicon Valley Bank had been the 16th largest bank in America with an estimated $175 billion in deposits, but after losing billions investing in long-term assets customers attempted to withdraw an estimated $42 billion in deposits resulting in the bank's ultimate collapse. Read more about SVB's collapse here: https://www.wsj.com/articles/federal-reserve-rolls-out-emergency-measures-to-prevent-banking-crisis-ba4d7f98 Reason's Elizabeth Nolan Brown critiques the U.S. government's decision to guarantee all deposits with no limit—writing, “[f]or one thing, banks are themselves taxpayers. And in situations like this, the many institutions who act responsibly must bear the burden of bank fees in order to inoculate less responsible actors. Besides, these fees assessed on banks don't exist in a vacuum that only burdens big businesses; banks pass on the costs of regulatory compliance to customers in a number of ways. So, the idea that the government's bailout funds come from some sort of magical pool of consequence-free money is silly.” You can read Brown's editorial here: https://reason.com/2023/03/13/everyone-is-learning-the-wrong-lessons-from-the-silicon-valley-bank-collapse/ Who is to blame for the collapse of Silicon Valley Bank and Signature Bank? On Monday, President Joe Biden blamed the Trump Administration for “rolling back” the Dodd-Frank Wall Street Reform and Consumer Protection Act, a federal law designed to regulate the nation's financial services industry. However, The New York Post notes that Barney Frank—the former Congressman for whom the bill is named—was a member of the Board of Directors at Signature Bank when it collapsed over the weekend.

Layman meets with the founding framer of The Reconstitution project, Ari Allen, to talk about the genesis and goals of The Reconstitution: a collective experiment in revising the United States' Constitution and drafting a series of amendments responsive to some of the deepest challenges confronting the country, its people, and its governing bodies: polarization and corruption, the influence of money in elections, limitations to meaningful participation in government and self-governance, imbalances in representation, the status of corporations and the need to address corporate influence on democratic process, the role of advertising in a free society, and much more. Ari reflects on the historical justification for such an experiment, what he has learned through convening this imaginal Constitutional Convention, and how the resulting document might be used going forward, to foster dialogue, stimulate creative thinking, and hopefully catalyze meaningful change. Ari Allen earned his JD from Georgetown Law and has worked at Sidley Austin, representing clients on Capitol Hill during the 2008 financial crisis and the subsequent Dodd-Frank Wall Street Reform. He holds a Masters in Psychology degree from the California Institute of Integral Studies, and currently works in the education technology industry. He is also a writer, philosopher, and a DJ. The Reconstitution Project https://www.thereconstitution.com/ Follow The Integral Stage on Fathom! https://hello.fathom.fm/ 2Subscribe, and support The Integral Stage on Patreon to make more of these conversations possible! https://www.patreon.com/theintegralstage Special thanks and big love to Shai Newman, Brandon LaChance, Mike McElroy, Brandon Norgaard, Brendan Graham Dempsey, Francesca, and all of our other Patreon supporters!

In this episode, we ask how the actions of various American financial institutions caused a global recession and destroyed the livelihoods and homeownership of millions of American people. Then we figure out what the federal government decided to do about it. This is the 2008 financial crisis as told by Amy Friend, Chief Counsel to the Senate Banking Committee as the Dodd-Frank Wall Street Reform and Consumer Protection Act was written.  

Barack Hussein Obama II (/bəˈrɑːk huːˈseɪn oʊˈbɑːmə/ (listen) bə-RAHK hoo-SAYN oh-BAH-mə; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. He was the first African-American president of the United States. A member of the Democratic Party, he previously served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004.Obama was born in Honolulu, Hawaii. After graduating from Columbia University in 1983, he worked as a community organizer in Chicago. In 1988, he enrolled in Harvard Law School, where he was the first black president of the Harvard Law Review. After graduating, he became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004. Turning to elective politics, he represented the 13th district in the Illinois Senate from 1997 until 2004, when he ran for the U.S. Senate. Obama received national attention in 2004 with his March Senate primary win, his well-received July Democratic National Convention keynote address, and his landslide November election to the Senate. In 2008, a year after beginning his campaign, and after a close primary campaign against Hillary Clinton, he was nominated by the Democratic Party for president. Obama was elected over Republican nominee John McCain in the general election and was inaugurated alongside his running mate Joe Biden, on January 20, 2009. Nine months later, he was named the 2009 Nobel Peace Prize laureate, a decision that drew a mixture of praise and criticism.Obama signed many landmark bills into law during his first two years in office. The main reforms include: the Affordable Care Act (ACA or "Obamacare"), although without a public health insurance option; the Dodd–Frank Wall Street Reform and Consumer Protection Act; and the Don't Ask, Don't Tell Repeal Act of 2010. The American Recovery and Reinvestment Act and Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act served as economic stimuli amidst the Great Recession. After a lengthy debate over the national debt limit, he signed the Budget Control and the American Taxpayer Relief Acts. In foreign policy, he increased U.S. troop levels in Afghanistan, reduced nuclear weapons with the United States–Russia New START treaty, and ended military involvement in the Iraq War. In 2011, Obama ordered the drone-strike killing of Anwar al-Awlaki, a US citizen and suspected al-Qaeda operative, leading to controversy. He ordered military involvement in Libya for the implementation of the UN Security Council Resolution 1973, contributing to the overthrow of Muammar Gaddafi. He also ordered the military operation that resulted in the death of Osama bin Laden.After winning re-election by defeating Republican opponent Mitt Romney, Obama was sworn in for a second term on January 20, 2013. During this term, he promoted inclusion for LGBT Americans. His administration filed briefs that urged the Supreme Court to strike down same-sex marriage bans as unconstitutional (United States v. Windsor and Obergefell v. Hodges); same-sex marriage was legalized nationwide in 2015 after the Court ruled so in Obergefell. He advocated for gun control in response to the Sandy Hook Elementary School shooting, indicating support for a ban on assault weapons, and issued wide-ranging executive actions concerning global warming and immigration. In foreign policy, he ordered military interventions in Iraq and Syria in response to gains made by ISIL after the 2011 withdrawal from Iraq, promoted discussions that led to the 2015 Paris Agreement on global climate change, oversaw the deadly Kunduz hospital airstrike, drew down U.S. troops in Afghanistan in 2016, initiated sanctions against Russia following the Annexation of Crimea and again after interference in the 2016 U.S. elections, brokered the Joint Comprehensive Plan of Action nuclear deal with Iran, and normalized U.S. relations with Cuba. Obama nominated three justices to the Supreme Court: Sonia Sotomayor and Elena Kagan were confirmed as justices, while Merrick Garland was denied hearings or a vote from the Republican-majority Senate. Obama left office on January 20, 2017, and continues to reside in Washington, D.C.During Obama's terms as president, the United States' reputation abroad, as well as the American economy, significantly improved. Scholars and historians rank him among the upper to mid tier of American presidents. Since leaving office, Obama has remained active in Democratic politics, including campaigning for candidates in the 2018 midterm elections, appearing at the 2020 Democratic National Convention and campaigning for Biden during the 2020 presidential election. Outside of politics, Obama has published three bestselling books: Dreams from My Father (1995), The Audacity of Hope (2006) and A Promised Land (2020).

It's taken ten years to get to the Notice of Proposed Rule Making (NPRM) for Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. What you need to know as the CFPB gets closer to its final rule.

Barack Hussein Obama II (/bəˈrɑːk huːˈseɪn oʊˈbɑːmə/ (listen) bə-RAHK hoo-SAYN oh-BAH-mə; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. He was the first African-American president of the United States. A member of the Democratic Party, he previously served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004.Obama was born in Honolulu, Hawaii. After graduating from Columbia University in 1983, he worked as a community organizer in Chicago. In 1988, he enrolled in Harvard Law School, where he was the first black president of the Harvard Law Review. After graduating, he became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004. Turning to elective politics, he represented the 13th district in the Illinois Senate from 1997 until 2004, when he ran for the U.S. Senate. Obama received national attention in 2004 with his March Senate primary win, his well-received July Democratic National Convention keynote address, and his landslide November election to the Senate. In 2008, a year after beginning his campaign, and after a close primary campaign against Hillary Clinton, he was nominated by the Democratic Party for president. Obama was elected over Republican nominee John McCain in the general election and was inaugurated alongside his running mate Joe Biden, on January 20, 2009. Nine months later, he was named the 2009 Nobel Peace Prize laureate, a decision that drew a mixture of praise and criticism.Obama signed many landmark bills into law during his first two years in office. The main reforms include: the Affordable Care Act (ACA or "Obamacare"), although without a public health insurance option; the Dodd–Frank Wall Street Reform and Consumer Protection Act; and the Don't Ask, Don't Tell Repeal Act of 2010. The American Recovery and Reinvestment Act and Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act served as economic stimuli amidst the Great Recession. After a lengthy debate over the national debt limit, he signed the Budget Control and the American Taxpayer Relief Acts. In foreign policy, he increased U.S. troop levels in Afghanistan, reduced nuclear weapons with the United States–Russia New START treaty, and ended military involvement in the Iraq War. In 2011, Obama ordered the drone-strike killing of Anwar al-Awlaki, a US citizen and suspected al-Qaeda operative, leading to controversy. He ordered military involvement in Libya for the implementation of the UN Security Council Resolution 1973, contributing to the overthrow of Muammar Gaddafi. He also ordered the military operation that resulted in the death of Osama bin Laden.After winning re-election by defeating Republican opponent Mitt Romney, Obama was sworn in for a second term on January 20, 2013. During this term, he promoted inclusion for LGBT Americans. His administration filed briefs that urged the Supreme Court to strike down same-sex marriage bans as unconstitutional (United States v. Windsor and Obergefell v. Hodges); same-sex marriage was legalized nationwide in 2015 after the Court ruled so in Obergefell. He advocated for gun control in response to the Sandy Hook Elementary School shooting, indicating support for a ban on assault weapons, and issued wide-ranging executive actions concerning global warming and immigration. In foreign policy, he ordered military interventions in Iraq and Syria in response to gains made by ISIL after the 2011 withdrawal from Iraq, promoted discussions that led to the 2015 Paris Agreement on global climate change, oversaw the deadly Kunduz hospital airstrike, drew down U.S. troops in Afghanistan in 2016, initiated sanctions against Russia following the Annexation of Crimea and again after interference in the 2016 U.S. elections, brokered the Joint Comprehensive Plan of Action nuclear deal with Iran, and normalized U.S. relations with Cuba. Obama nominated three justices to the Supreme Court: Sonia Sotomayor and Elena Kagan were confirmed as justices, while Merrick Garland was denied hearings or a vote from the Republican-majority Senate. Obama left office on January 20, 2017, and continues to reside in Washington, D.C.During Obama's terms as president, the United States' reputation abroad, as well as the American economy, significantly improved. Scholars and historians rank him among the upper to mid tier of American presidents. Since leaving office, Obama has remained active in Democratic politics, including campaigning for candidates in the 2018 midterm elections, appearing at the 2020 Democratic National Convention and campaigning for Biden during the 2020 presidential election. Outside of politics, Obama has published three bestselling books: Dreams from My Father (1995), The Audacity of Hope (2006) and A Promised Land (2020).

According to the U S Census Bureau, there are more than 5200 credit unions in the United States, with almost 114 million members The average credit union has about $1 billion in assets and 21,000 member https://mobile.creditunions.com/#/6922/blogs/industry-insights/members-by-the-numbers-1q18/ What's in store for the future? In the next five years, the total number of credit unions, their membership and assets will likely increase This may be due to the fact that many of the financial institutions that were deemed "too big to fail" are now in the process of being broken up, with the U Congress currently debating the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is intended to create a new banking system that is less prone to failure The Act will also affect the Us Treasury, which insures all deposits in credit unions up to $250,000 By creating a new system, there will be an opportunity to create a new type of banking institution that is more responsive to the needs of its customers This could give credit unions a competitive advantage over larger banks The bottom line is that the future of credit unions looks bright Credit unions continue to innovate and find new ways to attract members and increase their revenues The credit union system is in a unique position to respond to the needs of its members, and as long as it continues to do so, it will continue to grow and prosper --- Send in a voice message: https://anchor.fm/david-nishimoto/message

If data isn't managed, the repercussions spread throughout the organization, from reports to decisions. In this episode of the DATAcated on Air podcast, host Kate Strachnyi talks with George Firican, founder of LightsOnData. They touch on data quality, data storytelling, data stewardship, data governance, and surfing. George began in computer science by working for a start-up. That job spurred his career in interacting with data and working with databases. George loves educating people about data, so listen in to learn more! You will want to hear this episode if you are interested in... George's journey to data [03:33] What is LightsOnData? [09:44] The LightsOnData show [18:25] Latte's and LinkedIn [27:01] Tips for starting a podcast [29:15] The impact of poor data quality [35:08] Addressing the data issue [38:36] Why do we have poor data quality? [42:02] George's typical week [47:33] Resources & People Mentioned Courses | LightsOnData 111th Congress (2009-2010): Dodd-Frank Wall Street Reform and Consumer Protection Act Donabel Santos - Associate Director, Business Intelligence - The University of British Columbia | LinkedIn Mars Climate Orbiter - Mars Missions - NASA Jet Propulsion Laboratory Connect with George Firican On LinkedIn On Twitter LightsOnData Connect with DATAcated http://www.datacated.com/ DATAcated on LinkedIn: https://www.linkedin.com/company/datacated1/ Kate on LinkedIn: https://www.linkedin.com/in/kate-strachnyi-data/ DATAcated on Twitter: https://twitter.com/datacated_ DATAcated on YouTube: https://www.youtube.com/datacated Subscribe to the DATACATED On Air podcast --- Support this podcast: https://anchor.fm/datacated/support

Debates have raged for years of whether and to what extent Big Tech - often known as the Big Four (Amazon, Meta/Facebook, Google and Apple) - should be regulated. As Rob Cox, global editor for Reuters Breakingviews, says in this episode: “The horse has bolted on this one”. So the matter turns to what kind of regulations should be put in place and for what purpose. Will regulation only serve to shore up Big Tech interests like the Dodd–Frank Wall Street Reform and Consumer Protection Act did for Wall Street in 2010, or will it force greater accountability, transparency, and end user protection as legislation like GDPR hoped to in Europe?  Ailish Campbell, ambassador to the European Union with Global Affairs Canada and Christian Lanng, co-founder and CEO of supply chain startup Tradeshift, debated these issue as they spoke on Centre Stage at Web Summit 2021, moderated by Rob Cox.Use promo code 'TNS' for 10% off your #CollisionConf ticket now. Support the show

Aaron Klein is a senior fellow in Economic Studies at the Brookings Institution, focused on financial technology and regulation; payments; macroeconomics; and infrastructure finance and policy. Prior to joining Brookings in 2016, he directed the Bipartisan Policy Center's Financial Regulatory Reform Initiative.Between 2009 and 2012, Klein served as the deputy assistant secretary for economic policy at the Department of Treasury. He worked on financial regulatory reform issues including crafting and helping secure passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. He also played leading roles on responding to the economic crisis, housing finance reform, transportation and infrastructure policy, and Native American policy.Previously, Klein served as chief economist of the Senate Banking, Housing and Urban Affairs Committee for Chairmen Chris Dodd and Paul Sarbanes. He worked on numerous pieces of major legislation, including the Emergency Economic Stabilization Act (aka TARP), Housing and Economic Recovery Act, and the SAFETEA Act of 2005—re-writing America's surface transportation system.Klein teaches at the Wharton school of Business and serves as an external economist for the National Homebuyers Fund. Klein is a graduate of Dartmouth College and the Princeton School of Public and International Affairs.

United States corporate law regulates the governance, finance and power of corporations in U S law. Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act. The U S Constitution was interpreted by the U S Supreme Court to allow corporations to incorporate in the state of their choice, regardless of where their headquarters are. Over the 20th century, most major corporations incorporated under the Delaware General Corporation Law, which offered lower corporate taxes, fewer shareholder rights against directors, and developed a specialized court and legal profession. Nevada has done the same. Twenty-four states follow the Model Business Corporation Act, while New York and California are important due to their size. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support

Barack Obama, Last Speech as President, Farewell, January 20, 2017 You can also watch this speech on YouTube (foreign language subtitles available) here: https://youtu.be/3zK9N4Xz6Qg And the other best speeches from Barack Obama: https://youtu.be/YomJnbTi4yQ https://www.youtube.com/playlist?list=PL3hSWhVWtSrperVzosrBxa6cLNTMFBtrU Barack Obama, 44th U.S. President | Barack Hussein Obama II (born August 4, 1961) is an American politician and attorney who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the United States. He previously served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004. Obama was born in Honolulu, Hawaii. After graduating from Columbia University in 1983, he worked as a community organizer in Chicago. In 1988, he enrolled in Harvard Law School, where he was the first black person to be president of the Harvard Law Review. After graduating, he became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004. Turning to elective politics, he represented the 13th district from 1997 until 2004 in the Illinois Senate, when he ran for the U.S. Senate. Obama received national attention in 2004 with his March Senate primary win, his well-received July Democratic National Convention keynote address, and his landslide November election to the Senate. In 2008, he was nominated by the Democratic Party for president a year after beginning his campaign, and after a close primary campaign against Hillary Clinton. Obama was elected over Republican nominee John McCain in the general election and was inaugurated alongside his running mate, Joe Biden, on January 20, 2009. Nine months later, he was named the 2009 Nobel Peace Prize laureate. Obama signed many landmark bills into law during his first two years in office. The main reforms that were passed include the Affordable Care Act (commonly referred to as ACA or "Obamacare"), although without a public health insurance option, the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the Don't Ask, Don't Tell Repeal Act of 2010. The American Recovery and Reinvestment Act of 2009 and Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 served as economic stimuli amidst the Great Recession. https://en.wikipedia.org/wiki/Barack_Obama Foreign Languages: استمع إلى باراك أوباما বারাক ওবামার কথা শুনুন 听巴拉克·奥巴马（Barack Obama） Slušajte Baracka Obamu Poslechněte si Baracka Obamu Lyt til Barack Obama Kuuntele Barack Obama Écoutez Barack Obama Hören Sie Barack Obama Ακούστε τον Μπαράκ Ομπάμα બરાક ઓબામાને સાંભળો האזינו לברק אובמה बराक ओबामा की सुनो Hallgassa meg Barack Obamát Dengarkan Barack Obama Ascolta Barack Obama バラク・オバマに耳を傾ける 버락 오바마 듣기 Dengarkan Barack Obama ബരാക് ഒബാമ പറയുന്നത് ശ്രദ്ധിക്കുക बराक ओबामा यांचे ऐका Lytt til Barack Obama ବାରାକ ଓବାମାଙ୍କ କଥା ଶୁଣ | به باراک اوباما گوش فرا دهید Posłuchaj Baracka Obamy Ouça Barack Obama ਬਰਾਕ ਓਬਾਮਾ ਨੂੰ ਸੁਣੋ Ascultă-l pe Barack Obama Слушайте Барака Обаму Vypočujte si Baracka Obamu Poslušajte Baracka Obamo Dhageyso Barack Obama Escuche a Barack Obama Dangukeun Barack Obama Msikilize Barack Obama Lyssna på Barack Obama பராக் ஒபாமாவைக் கேளுங்கள் ฟังบารัคโอบามา Barack Obama'yı dinle Послухайте Барака Обаму باراک اوباما کی بات سنو Nghe Barack Obama --- Support this podcast: https://anchor.fm/henry-gindt/support

The big banks are asking the Federal Reserve to re-examine what companies should be subject to interchange caps on debit transactions imposed by the Durbin Amendment to the Dodd Frank Wall Street Reform and Consumer Protection Act. In a letter and meeting with the Fed, the Clearing House, a trade association and payments company owned by the biggest U.S. banks asked the Fed to examine whether certain business arrangements used by Fintechs mean that they should be subjects to the same interchange caps as banks with more than $10 billion in assets. If the Fed were to apply the Clearing House’s recommendations, it could affect the business model for Fintechs and for many prepaid programs that are designed to help low-income Americans. 

YouTube version: https://youtu.be/456cmCbmOsw References:   Warren Buffett Explains the 2008 Financial Crisis https://www.wsj.com/video/warren-buffett-explains-the-2008-financial-crisis/35156277-3523-4B2C-B783-3CA790CF20EC.html   Robert Shiller: https://som.yale.edu/faculty/robert-shiller Subprime Vs Conventional   https://marketbusinessnews.com/financial-glossary/subprime-mortgage/ https://www.investopedia.com/terms/s/subprime_mortgage.asp Dodd-Frank Wall Street Reform and Consumer Protection Act https://www.investopedia.com/terms/d/dodd-frank-financial-regulatory-reform-bill.asp

Former SEC Commissioner Robert Jackson, Co-Director of the Institute for Corporate Governance and Finance and Director of the Program on Corporate Law and Policy at the New York University School of Law, joins to discuss transparency, concentration, the perceived political power of business, and the strengths and weaknesses of US financial regulation a decade after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

10 years of Dodd-Frank.  On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The Act for the first-time regulated swaps in much the same manner as the futures industry has been regulated for decades.  In this episode, two major players of the Act are featured, CFTC Commissioners Dawn Stump and Dan Berkovitz.  Commissioner Stump was the lead staff member for the Republican side of the Senate Agriculture Committee, where the derivatives title originated. Commissioner Berkovitz was the General Counsel at the CFTC during the deliberations of the Act and the subsequent implementation by the agency. Both are now CFTC Commissioners whose job, in part, is tasked with the ongoing implementation of this historic law.  Commissioners Stump and Berkovitz share their recollections and opinions about this landmark law in an interview with FIA President and CEO Walt Lukken. The photo that accompanies this podcast was taken by now-Commissioner Berkovitz at the end of the Conference Committee that ironed out differences between the House and Senate versions. 

* Use coupon code PODCAST25 for 25% off this webcast * Webcast URL: https://www.theknowledgegroup.org/webcasts/ceo-pay-ratio-rule/ As the 2020 proxy season comes to a close, we reflect on the third year that CEO pay ratio disclosure under Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K has been required annual disclosure for public companies. Compliance should be easier for companies that have already made pay ratio disclosures in 2018, 2019 and 2020. However, companies that have been using the same median employee will need to dust off employee census data and identify a new median employee next year whose compensation will be the basis of comparison. The impact of COVID-19 on the corporate workforce may also necessitate identifying a new median employee for companies that have initiated a reduction in force. Listen as Shearman & Sterling's executive compensation experts Gillian Emmett Moldowan and Melisa Brower refresh the audience on the key provisions of the rule and discuss predictions about what's to come now that year-over-year data is available. Although little attention has been paid to CEO pay ratio by the SEC to date, we anticipate that pay ratio may gain attention due to the availability of data from the SEC and various stakeholders. For any more information please click on the webcast URL at the top of this description.

On today’s show we’re talking about whether markets really need a market maker. But first we need to define what a market maker is. The role of the market maker is to introduce liquidity into the market. The problem in many markets is that too much time passes between the buyer and the seller getting together. This passage of time means that the market price can fluctuate up and down depending on the number of buyers and sellers and the spread between the bid and the ask. Exactly what does the market maker do? They step in when there is no buyer and they buy, and they step in and sell first when there is no seller. The role of the market maker is to ensure that any time there is a sale, there is someone waiting to buy. Whenever there is a buyer, they step in and sell. In exchange for providing this service, the market maker makes a small profit margin. The market maker is not exposing themselves to undue risk because there is an expectation that the market will continue to operate in an orderly fashion. The major stock exchanges around the world work on this premise. When someone buys shares of Tesla on the NASDAQ at the market price, they are buying the shares from the market maker, not the seller of shares. The market maker ensures that when someone put shares for sale maybe two minutes ago, there would be someone available to make the trade without having to wait for the trade to be fulfilled when a buyer materializes. Markets of all types exist throughout the world without the role of a market maker. The real estate market in my local community has no market maker. When you bargain for a bushel of tomatoes at the farmers market, there is no market maker. The Federal Reserve said on June 15 that it will begin buying individual corporate bonds under its Secondary Market Corporate Credit Facility. Let me get this straight, I could be a captain of US industry with the need for additional debt. The banks won’t lend it because there isn’t sufficient collateral. The income isn’t consistent enough to sell the bonds because we have a global pandemic on our hands. So the Fed will step in and buy that debt that is too toxic for real investors to touch. All of this is being justified as providing market liquidity. The central bank also spelled out for the first time how it plans to implement its buying strategy, saying it would follow a diversified market index of U.S. corporate bonds created expressly for the facility. The Fed built the index internally, and a spokesman couldn’t immediately say whether its details would be made public. So here’s the rule that needs to be followed. It’s listed under section 13.3 of the Federal Reserve Act. An index assures the Fed complies with the spirit of the law under Section 13.3 of the Federal Reserve Act which says emergency lending facilities must be broad based, and provides a mechanism for the central bank to avoid industry concentration. A program or facility that is structured to remove assets from the balance sheet of a single and specific company, or that is established for the purpose of assisting a single and specific company avoid bankruptcy, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other Federal or State insolvency proceeding, shall not be considered a program or facility with broad-based eligibility. So here’s the deal. The Fed is going to make up an index that has a few companies in the index, or who knows, maybe even one company so they can stay in compliance with the letter of the rule in section 13.3 of the act. That explains why the stock market indices are at such crazy levels, despite the economic downturn. The Fed is going to buy corporate America’s bad debt, and they’re going to do it with printed money. That folks looks like a bailout, and definitely not like market maker activity.

The U.S. Treasury has been legally robbed! In this episode, discover the secret provisions in the multi-trillion dollar CARES Act that no one is talking about (like the new process for over the counter drug approvals) and discover the reasons behind problems that everyone is talking about (like why Mom & Pops can't get a small business loan approved but Fogo de Chao can.) The good news is that the problems are so obvious that they are easily fixed... If Congress ever comes back from vacation.  Please Support Congressional Dish – Quick Links Click here to contribute monthly or a lump sum via PayPal Click here to support Congressional Dish for each episode via Patreon Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank’s online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536 Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Recommended Congressional Dish Episodes CD160: Equifax Breach CD199: Surprise Medical Bills CD201: WTF is the Federal Reserve? CD212: The COVID-19 Response Laws Bills H.R.748 - CARES Act Text: H.R.748 - CARES Act Roll Call: H.R.748 - CARES Act House passed by voice vote at 1:25pm on March 27th Transcript: House debate Tom Massie demanded a recorded vote but an insufficient number of members supported him and the demand for a recorded vote was refused Signed by Trump on March 27 CARES Act Outline DIVISION A - Keeping Workers Paid and Employed, Health Care System Enhancements, and Economic Stabilization TITLE I - Keeping American Workers Paid and Employed Act Sec. 1102: "Paycheck Protection Program" (Small Business Loans) The Federal Government will guarantee 100% of the loans made under this authority between February 15, 2020 and June 30, 2020. The loans are allowed to be used by businesses to pay for their employees salaries, tips, sick and vacation time, health care, retirement benefits, and state and local taxes. Sole proprietors and independent contractors are eligible. All payments are capped at a salary rate of $100,000/yr per individual. Payments are not eligible for employees who live outside the United States, even if they are US citizens. A “small business” is defined as a business with fewer than 500 employees per physical location. Usually, franchises in a large corporate chain would be except from receiving these loans, but that exemption is waived. Nonprofits and veterans organizations are eligible as well. The maximum loan amount is $10 million. No personal guarantee or collateral can be required to get the loans between February 15, 2020 and June 30, 2020. There are no penalties allowed for prepayment of the loans. The Federal government will collect no administration fees. Interest rates are capped at 4% Fees for banks: The government will pay the bankers processing fees of 5% for loans under $350,000, 3% for loans between $350,000 and $2 million, and 1% of loans over $2 million. Loan payments must be allowed to be deferred - so no required payments of principal, interest, or fees - for at least 6 months and up to one year. The loans are allowed to be sold on the secondary market, but if the investor doesn’t want to abide by the deferment requirements, the government can buy the loan. Banks are going to be exempted from some disclosure requirements for these loans. The law authorizes $349 billion for this program. Sec. 1106: The loans from Section 1102 are eligible for forgiveness - as in you don’t have to pay them back - if the loan money was used for payroll costs, interest-only on mortgage payments (it specifically excludes payments towards the principal on a mortgage loan), rent payments, and/or utility payments. The government will pay the bankers for amount of the loan forgiven plus interest, capped at the amount of the principal on the loan. The amount of loan forgiveness will be reduced if the business employees fewer people during the COVID-19 crisis than they did before. The amount of forgiveness will be reduced by the amount of salary that employees who make less than $100,000/yr have their pay reduced beyond a 25% cut. Businesses can get loan forgiveness for extra money given to tipped employees. Businesses who re-hire their employees or re-instate employees salary to their pre-crisis level by June 30, 2020 will be eligible to have their loans forgiven. The banks will decide who will have their loans forgiven and banks are prohibited from being punished if the documentation submitted to them is wrong until June 30, 2020. Sec. 1110: From January 31, 2020 through December 31, 2020, businesses with fewer than 500 employees, sole proprietorships, and independent contractors can request a $10,000 advance to pay for employee sick leave, payroll, increased costs for materials, rent, or mortgage payments. The business can be approved using a credit score or self certification of the ability to repay. The advance can be up to $10,000 and must be paid within 3 days. If the applicant is approved for a loan, the advance will be reduced from the loan forgiveness amount. If the applicant isn’t approved, the advance doesn’t have to be repaid. $10 billion is appropriated for the advances. Sec. 1112: The government will pay the principal, interest, and fees for six months on some existing loans that are guaranteed by the government by the Small Business Act. $17 billion is appropriated for these payments. Sec. 1113: Until March 27, 2021, small businesses that want to declare bankruptcy and reorganize under Chapter 11 must have debts under $7.5 million instead of $2,725,625 as is usually the case, which increases the number of small businesses that will be eligible. TITLE II - Assistance for American Workers, Families, and Businesses SUBTITLE A: Unemployment Insurance Provisions Sec. 2102: Pandemic Unemployment Assistance Who qualifies: People who would qualify under existing State laws People who self-certify that are able to work except that the person has been diagnosed with COVID-19, someone in their home has been diagnosed with COVID-19, they are caring for someone with COVID-19, has a child whose daycare or school is closed due to COVID-19, can’t get to work because of a COVID-19 quarantine, their work is closed due to COVID-19, or they are self employed. People who do not qualify are people who have the ability to telework with pay or people who are receiving paid sick leave or other paid leave benefits Effective period: Beginning on or after January 27, 2020 and ending on or before December 31, 2020 Limits: No one can get unemployment benefits for more than 39 weeks, but this can be extended by the Secretary of Labor if needed Sec. 2104: Unemployment Amounts: It’s the amount determined by your state’s unemployment law plus $600 per week if the state chooses to enter into an agreement with the Secretary of Labor. The Federal government will pay for 100% of the costs of the extra unemployment payments and the administration costs. It’s an unlimited appropriation and it’s valid until July 31, 2020. SUBTITLE B: Rebates and Other Individual Provisions Sec. 2201: Issues a means tested “advanced refund" of $1,200 per adult and $500 per child. You only get the full amount as an adult if you make $75,000 per adult or less. People who make more than $75,000 per adult will have their check amount reduced based on their income up to about $100,000. People who make more than that will get nothing. The payment will be delivered via direct deposit to anyone who has authorized the IRS to do so since January 1, 2018 while everyone else will have to wait for checks. If we accidentally get overpaid, the IRS can’t charge us interest on that payment. The payments will be made for the 2019 tax year if you have already done your taxes for last year. If you haven’t, it’ll be based on 2018. They will send a notification in the mail to us about our payments to our last known address, which will tell us the amount and if it’s going to be delivered via direct deposit or by check. Sec. 2202: Waives rules that penalize removing money from your retirement accounts if you take the money out between January 1, 2020 and December 31, 2020.. You can take out up $100,000 in “coronavirus-related distributions”. You are allowed to pay it back in full for 3 years starting on the day you took the money out. To qualify, you have to self certify that you are someone who had COVID-19, is caring for a spouse or dependent who had COVID-19, or someone who was financially screwed in some way due to being quarantined, having work hours reduced, or having to care for a child. Sec. 2203: Waives the requirements that people over the age of 72, or their dependents who inherited their retirement accounts, to withdraw some money from the retirement accounts every year. The waiver is valid even for people who were not adversely affected by COVID-19. Sec. 2204: Allows people - even those that don’t itemize their deductions - to deduct $300 in donations in 2020 for cash payments given to charities, a government organization, educational organizations, veterans organizations… There’s a long list. Applies to taxable years starting with 2020. Sec. 2205: For people who do itemize their deductions, the current limit of cash contributions than can be written off (which is a maximum of 60% of the taxpayer’s tax bill for the year) is suspended. You can deduct up to your entire tax bill, although maybe even more because carry-overs are allowed. For corporations, the usual limit of cash contributions that can be written off (10% of the corporation’s income) is increased to 25% of the corporation’s income. The corporate limit increase is valid only in 2020. Sec. 2206: Allows employers to pay for some of an employee’s student loan - principal and/or interest - tax free if the payment is made by January 1, 2021. SUBTITLE C - Business provisions Sec. 2301: Employers with more than 100 employees will be able to get a tax credit for half of the wages they pay to their employee’s who can’t work, with a limit of $10,000 per employee per quarter. Employer with fewer than 100 employees can get the tax credit for all their employees. Employers who qualify are ones that had to close due to COVID-19 or whose gross receipts are less than 50% of what they were the same quarter last year. Employers who take out the small business loans created by this law can’t get this credit too. They will lose this tax credit in the quarter after their gross receipts are more than 80% of what they were in same quarter the prior year. This is predicted to save companies $54.6 billion. Sec. 2302: Allows employers to defer payroll taxes, with half the amount required to be paid by December 31, 2021 and the other half due by December 31, 2022. Businesses that have had loans forgiven using the provisions in this law are not eligible. Sec. 2303: The IRS code has, for many years, allowed business losses to be carried over to following years, so that the companies tax liability will be lower in the years to come. This law changes that so business losses from 2018, 2019, 2020, and 2021 can be carried backwards to each of the five years before the loss while also allowing the existing option to carry the losses forward too. The law also removes the limit that said that this couldn’t be done to offset more than 80% of taxable income for 2018, 2019, or 2020, which means this can be used to zero out their taxable income for years since 2013. This means that companies will be able to get refunds on taxes they paid on taxes going as far back as 2013. In those years, corporate tax rates were higher, so reducing their income levels retroactively lets them get more money back from those higher tax years. There’s no requirement that the businesses that get this tax gift be in any way negatively affected by COVID-19. This is estimated to provide $25.5 billion to corporations Sec. 2304: Prior to the 2017 tax cut law, individual taxpayers could deduct unlimited business losses against other kinds of income. The 2017 tax law changed that so that losses could only be used to shelter the first $250,000 or $500,000 of a married couple’s nonbusiness income, such as capital gains from stock market investments. This law retroactively removes new limits imposed by the 2017 tax law going back to 2018 and until 2021. This will allow individuals to submit amended returns and get refunds that weren’t allowed in 2018 and 2019. In reality, this will allow wealthy investors to use losses generated by depreciation in real estate to minimize their taxes on profits from things like investments in the stock market. No harm from COVID-19 needs to be proven in order to use and benefit from this provision. This is the second largest tax giveaway in this law. This is projected to cost almost $170 billion. Sec. 2305: Allows corporations expecting a refund due to the repeal of the alternative minimum tax in 2017 to get that refund faster. Sec. 2306: Increases the amount corporations can deduct on the interest expenses it pays on its loans from 30% of the company’s “adjusted taxable income” to 50%. Companies can do this regardless of any affect COVID-19 had on their business. This is projected to cost $13.4 billion. Sec. 2307: A tax credit for real estate owners, this changes a provision in the 2017 tax law to allow real estate owners to write off the costs of improvements to the interiors of their properties in the first year instead of spreading them out over many years. This is backdated to the enactment of the tax law, which will allow real estate owners to get tax refunds. Sec. 2308: Waives the federal excise tax on any alcohol used in hand sanitizer for calendar year 2020. TITLE III - Supporting America’s Health Care System in the Fight Against the Coronavirus Part 1 - Addressing Supply Shortages Subpart A - Medical Product Supplies Sec. 3101: Orders a report from the National Academies of Sciences, Engineering, and Medicine on the security of the United States medical product supply chain, specifically by evaluating the dependance of the United States and our private sector on critical drugs and devices sources or manufactured outside of the United States. Sec. 3103: Manufacturers of certain types of masks and ventilators are granted immunity from lawsuits during public health emergencies. Subpart B - Mitigating Emergency Drug Shortages Sec. 3112: Requires the manufacturers of drugs critical to the public health to report interruptions to the supply of the drug when the cause of the interruption is an interruption in the supply of the active pharmaceutical ingredient. They must also create and implement risk management plans. Is not effective until mid-September 2020. Subpart C - Preventing Medical Device Shortages Sec. 3121: Requires manufacturers of medical devices that are critical to public health to report to the government during or in advance of a public health emergency any interruptions in the manufacture of the devices that could lead to a meaningful disruption in the supply of that device in the United States. Unless it’s not possible, the government must get this notification at least 6 months prior to the date that the interruption or discontinuance is expected. The government must then distribute the information to appropriate health care industry officials. The government can keep the information from the public if disclosing it increases the likelihood of over-purchase of the product. Part II - Access to Health Care For COVID-19 Patients Subpart A - Coverage of Testing and Preventive Services Sec. 3201: Amends the Families First Coronavirus Response Act (the 2nd COVID-19 Response Law) so that coverage is only for COVID-19 tests that are “approved, cleared, or authorized” or that the developer has requested or intends to request emergency use authorization, is developed in and authorized by a State, or another test that HHS determines appropriate in writing. This provision did not change the language (loophole) that requires visits be covered only if they “result in the ordering or administration of a COVID-19 test.” Sec. 3202: Health care providers must publish on a public internet website the prices for COVID-19 testing. If health insurers have a negotiated rate with a providers, they are allowed to pay that rate if it is lower than the published rate. If there is no negotiated rate, the insurance companies must pay the amount listed on their public website. Sec. 3203: The health insurance companies “shall” be required to cover, without cost sharing, “any qualifying coronavirus preventive service” (which is “a service or immunization that is intended to prevent or mitigate coronavirus disease 2019) within 15 days of it’s official recommendation by the United States Preventive Services Task Force or the Advisory Committee on Immunization Practices of the Centers for Disease Control and Prevention. Subpart B - Support for Health Care Providers Sec. 3211: Provides $1.32 billion in extra funding for community health centers that are testing for COVID-19 Sec. 3215: Gives legal immunity in State and Federal courts to medical professionals who volunteer and provide services during the COVID-19 public health emergency declared on January 31, 2020, but the immunity is only valid for actions that took place after March 27th (the date of enactment). The immunity is not valid if the health care professional acted with willful or gross negligence or if the health professional was intoxicated by drugs or alcohol. Subpart C - Miscellaneous Provisions Sec. 3222: Elderly people who are homebound due to social distancing requirements during the COVID-19 emergency will be able to get government food deliveries as if they were homebound due to illness, as the law usually requires. Part III - Innovation Sec. 3301: Allows contracts created by BARDA (the Biomedical Advanced Research and Development Authority) during a public health emergency to continue past the end date of the public health emergency. Sec. 3302: Requires - no option - the Secretary of Health and Human Services to expedite the development and review of new animal drugs if preliminary clinical evidence indicates that the new drug might prevent or treat an animal disease that could cause serious or life-threatening diseases in humans, if the expedited process is requested by the organization creating the animal drug. Part IV - Health Care Workforce Sec. 3401: Appropriates $23.7 million per year through 2025 for grants to health professions schools and other public and nonprofit health or educational organizations, but with most of the grants being funded at significantly lower rates than they were during the Obama years. For example, for loan repayments and fellowships, they provided $5 million/yr during 2010-2014; that’s decreased to $1.2 million for 2021-2025. For educational assistance for people from disadvantaged backgrounds, they provided $60 million/yr during 2010-2014; that’s decreased to $15 million for 2021-2025. For grants to public and nonprofit private hospitals and medical schools, they provided $125 million/yr during 2010-2014; that’s decreased to under $49 million for 2021-2025. For health education center programs, they provided $125 million/yr during 2010-2014; that’s decreased to under $41.2 million for 2021-2025. For public health training centers, they provided at least $43 million/yr for 2012-2015; that’s decreased to $17 million for 2021-2025. The only category that gets significantly greater funding is a pediatric specialty loan repayment program that requires the student to work for at least 2 years in pediatric medicine to get the money. The funding level was $50 million/yr from 2010-2013, the funding is authorized to be unlimited from 2021 through 2025. All of these are authorizations for appropriations, they don’t provide any additional money. Sec. 3403: Requires grants and contracts be awarded for a Geriatrics Workforce Enhancement Program, that would train health professionals in geriatrics. The law authorizes about $40 million, but doesn’t appropriate it. This is a problem because Congress frequently will authorize programs they have no intention of funding, and without the funding, they don’t really exist. Sec. 3404: Authorizes appropriations, but does not appropriate, for nursing eduction programs about $138 million/yr for fiscal years 2021 through 2025, which is a decrease from the funding of $338 million that was valid from 2011-2016. Also authorizes, but does not appropriate, $117 million/yr from 2021-2015 for nursing student loans. Subtitle B - Education Provisions Sec. 3503: Through 2021, the requirement that all colleges match Federal funding for student work-study programs) is waived except for private for-profit organizations. Sec. 3504: Colleges will be allowed to use some of their federal Supplemental Educational Opportunity Grant money for students facing “unexpected expenses and unmet financial need”. The student can be given up to the maximum Federal Pell Grant for that year (which is currently $6,345). Sec. 3505: Allows colleges to pay student their work-study wages up to the full amount they would have been paid had there not been an emergency. They can make the payments in one-time grants or as multiple payments. Sec. 3506: The semester that students with loans couldn’t finish because of COVID-19 will not be counted towards their lifetime limits on subsidized loan eligibility. Sec. 3507: The semester that students with loans couldn’t finish because of COVID-19 will not be counted towards their lifetime limits on Pell Grant eligibility. Sec. 3508: Colleges, including for-profit colleges, that have students with loans withdraw from their schools due to COVID-19 will not have to repay the money they received from that student. The students will not have to return the money either and their loan obligation will be cancelled. The schools are allowed to let the student return after a leave of absence. Sec. 3511: Gives the Secretary of Education the option, at the request of a State, local, or tribal government, to waive statutory and regulatory requirements except for civli rights laws. The waivers may also be granted to charter schools. The waivers will not be valid past the 2019-2020 school year. Sec. 3512: During the COVID-19 emergency, the Secretary of Education can make payments - including on principal and interest - on loans issued to historically black colleges and universities through the HBCU Capital Financing Loan program, but the payments will have to be repaid to the Department of Education no sooner than one year after the COVID-19 emergency ends. The law appropriates $62 million. Sec. 3513: The Secretary of Education is required to suspend all payments due for student loans until September 30, 2020. Interest is not allowed to accrue during the suspension time. Each month during the suspicion must be treated as if the payments were made for the purpose of loan forgiveness programs. During the suspension period, student loan collections actions including wage garnishment and tax refund reductions must stop. People with student loans are allowed to keep making payments towards their principal. Sec. 3518: Allows the Secretary of Education to change the requirements, including matching requirements, for grant money given to colleges for the year of the emergency and the following fiscal year. Sec. 3519: Allows the Secretary of Education to excuse teachers from obligations they made to receive grants. The Secretary of Education is required to waive requirements that teaching service be consecutive for loan forgiveness as long as the teach completes a total of 5 years of required teaching service. Subtitle C - Labor Provisions Sec. 3606: Allows employers who will get a credit for the sick and family leave they are providing their employees to get that credit in advance. Sec. 3608: Required payments to employee pension plans can be postponed until January 1, 2021, but they must be paid with interest. Sec. 3610: Allows any government agency to change their contracts to allow the government to pay for up to 40 hours per week of paid leave that a contractor provides to its employees until September 30, 2020. This only applies to contractors who can’t work because the facilities where they work are closed and who can’t do their work remotely. Subtitle D - Finance Committee Sec. 3701: High deductible health insurance plans that do not include deductibles for telehealth services will still be considered high deductible plans. Sec. 3702: Starting on January 1, 2020, menstrual care products are considered medical products, which allows people to purchase them with Health Savings Accounts. Sec. 3703: Allows people on Medicare to be covered for telehealth visits to doctors they have not seen before. Sec. 3705: During the COVID-19 emergency, dialysis patients who receive their treatments at home do not need to meet face to face with their doctors, which allows the visit to be conducted via telehealth. Sec. 3706: The Secretary of Health and Human Services can allow hospice physicians or nurse practitioners to conduct patient visits via telehealth during the COVID-19 emergency Sec. 3709: Stops the 2% Medicare sequestration from May 1, 2020 through December 31, 2020, but extends sequestration for an extra year (to 2030 instead of 2029) Sec. 3710: Medicare will pay an extra 20% for people diagnosed with COVID-19, using “diagnosis codes, condition codes, or other such means as may be necessary” during the emergency period declared by the Secretary of Health and Human Services. Sec. 3713: Beginning on the day that a COVID-19 vaccine is licensed, Medicare will not charge a deductible for the the vaccine or its administration. Sec. 3714: Allows people on Medicare to get 90 day supplies of their drugs in a single refill for the during of the COVID-19 emergency declared by the HHS Secretary. Sec. 3719: During the emergency period, the Secretary of HHS can loan hospitals an advance of up to 6 months of Medicare payments. The payments can be made periodically or in a lump sum for up to 100% of the their usual payments, 125% for critical access hospitals. Hospitals will have to be given 120 days before any payments are decreased to offset the loans and must be given at least 1 year from the date of their first loan receipt to pay back the balance in full. Subtitle E: Health and Human Services Extenders Part I - Medicare Provisions Sec. 3803: Restores the funding levels of recently gutted low income programs. $13 billion to state health insurance programs, $7.5 billion to area agencies on aging, and $5 billion for aging and disability resources centers, and $12 billion for the National Center for Benefits and Outreach Enrollment. Part II - Medicaid Provisions Sec. 3813: Delays $4 billion in payment cuts to hospitals written into the Affordable Care Act which were supposed to begin in 2014. Hospitals were expected to be treating fewer uninsured individuals when the cuts were written into law. Part III - Human Services and Other Health Programs Sec. 3821: Extends the “Sexual Risk Avoidance Education Program” (abstinence eduction) from its scheduled end of May 22, 2020 to November 30, 2020. The program gives grants to states that agree to promote abstinence-only sex ed. Requirements and funding levels Sec. 3822: Extends the “Personal Responsibility Education Program” from its scheduled end of May 22, 2020 to November 30, 2020. Requirements and funding Part IV - Public Health Provisions Sec. 3831: Adds $1.5 billion to the funding for Community Health Centers to bring the funding to equal the 2019 funding, and funds them at the same rate through November 30, 2020. Adds $241 million to the funding for the National Health Service Corps, whose funding was allowed to lapse in December 2019, restoring its funding to equal the 2019 funding. Adds $45 million to teaching health centers that operate graduate medical programs to bring the funding to equal the 2019 funding, and funds them at the same rate through November 30, 2020. Subtitle F - Over the Counter Drugs Part 1 - OTC Drug Review Sec. 3851: Creates a new process for FDA approval of over the counter drug applications. Allows the Secretary of Health and Human Services to issue administrative orders to approve changes and new uses of over the counter drugs instead of requiring drug companies to go through the standard review process that takes longer. Companies whose applications are approved will get 18 month exclusivity on their drugs. Sec. 3854: Allows sunscreen companies with products affected by a pending FDA order to request that the HHS Secretary instead use the new, faster, less complete administrative order process created by Section 3851 for over the counter drugs. They must make this request by mid September 2020. Administrative orders issued by the HHS Secretary will be “deemed to be a final order”. As part of this process, the company may request and the HHS Secretary must conduct a “confidential meeting” with the company to discuss what data they should submit to show that their ingredients are safe and effective. Part II - User Fees Sec. 3862: Beginning in fiscal year 2021, to fund the new processes for over the counter drug approvals created by Section 3851, facilities that manufacture over the counter drugs will be assessed an annual fee and there will be either a $500,000 or $100,000 fee for requests to change drug monographs using the process created by Section 3851. Companies will not have to pay the fee if they are requesting changes to enhance warnings or instructions on the labels. TITLE IV - Economic Stabilization and Assistance to Severely Distressed Sectors of the United States Economy Subtitle A - Coronavirus Economic Stabilization Act of 2020 Sec. 4002: Defines a “covered loss” as “losses directly or indirectly as a result of coronavirus, as determined by the Secretary”, with “the Secretary” being Treasury Secretary Steven Mnuchin. “Eligible business” is an air carrier or “a United States business that has not otherwise received adequate economic relief in the form of loans or loan guarantees provided under this Act” Sec. 4003: Gives the Secretary of the Treasury the authorization to “make loans, loan guarantees and other investments” to "eligible businesses”, States, and local governments up to a total of $500 billion dollars. $46 billion must be directed at the airline industry and $454 billion will be loans, loan guarantees, and “other investments” determined by the Board of Governors of the Federal Reserve. Sec. 4004: Limits the amount of money that an employee of a business that gets a Treasury Department loan to $3 million plus half of whatever they got over $3 million in 2019 for the length of the loan plus one year. Sec. 4005: Until March 1, 2022, the Secretary of Transportation will have the authority to require any airline that takes loan money to maintain their flight schedules, as the Secretary of Transportation determines is needed. Sec. 4007: Suspends a 7.5% Federal excise tax on airlines from March 27, 2020 through the end of the year. Sec. 4008: Amends the Dodd Frank Wall Street Reform law to allow the FDIC to provide insurance for all accounts of banks that don’t accrue interest until December 31, 2020. Sec. 4009: Between March 13, 2020 and either the end of the COVID-19 emergency or December 31, 2020, the Board of Governors of the Federal Reserve is exempt from requirements that they give the public a day’s notice before their meetings and that they make public the minutes of their behind closed doors meetings. They must only keep a record of their votes and reasons for their votes which might be released to the public later (there’s no requirement that they be released). Sec. 4011: Allows unlimited lending to “nonbank financial institutions” such as insurance companies, venture capitalists, currency exchanges, and pawn shops until the end of the emergency declared on March 13 or until December 31, 2020. Sec. 4012: Lowers the amount of actual money that community banks must have in their possession from 9% to 8%, and gives the banks with less than that a “reasonable grace period” to get the money. This is valid until the end of the emergency declared on March 13 or until December 31, 2020. Sec. 4013: Allows banks to avoid counting troubled loans as troubled on their balance sheets from March 1, 2020 through December 31, 2020 or 60 days after the emergency declared on March 13th ends. Sec. 4014: Exempts banks from relatively new reporting requirements on their credit losses from March 27, 2020 through the end of the emergency declared on March 13 or December 31, 2020. Sec. 4015: Allows the Treasury Department to use its Exchange Stabilization Fund (which had $93.7 billion in it as of February 2020) to get around needing Congressional appropriations to cover any losses the Federal Reserve may need to absorb through its lending programs that allow unusual collateral to be offered like money market funds, corporate bonds, and securities. Sec. 4017: Increases the President’s power to use the Defense Production Act by waiving the requirement for Congressional authorization for projects that cost more than $50 million for two years and waives the requirement that Congress needs 30 days advanced notice before a Defense Production Act project can start for 1 year. Sec. 4018: Creates an Inspector General within the Treasury Department who will be appointed by the President. Says that when the Inspector General requests information, the agencies “shall, to the extent practicable” give him the information or else they will be reported to Congress. Sec. 4019: Prohibits loans or payments originating from the Treasury and Federal Reserve authorized by Section 4003 from going to any company in which the President, Vice President, an executive department head, member of Congress or their spouses, children, or son/daughter in laws own over 20% of the voting stock. Sec. 4020: Creates a Congressional Oversight Commission whose job is to conduct oversight of the implementation of this law by the Treasury Department and Federal Reserve. The commission will have five members: 1 appointed by the Speaker of the House (Nancy Pelosi), 1 appointed by the House minority leader (Kevin McCarthy), 1 appointed by the Senate majority leader (Mitch McConnell), 1 appointed by the Senate minority leader (Chuck Schumer), and 1 Chairperson co-appointed by the Speaker and Majority Leader (Pelosi and McConnell). Sec. 4021: Companies that allow customers to adjust their payment schedules have to report that the customer is current on their payments unless their accounts are already delinquent. This is valid from January 31, 2020 through either the end of July 2020 or 4 months after the emergency declared on March 13th ends Sec. 4022: People with Federally backed mortgages who have been affected by COVID-19 “directly or indirectly” can request and must be granted for a pause in loan payments for a maximum of about a year, but you have to request it twice (again after the first 180 days). Interest and fees will still accrue but they can’t charge any extra interest, penalties, or fees. Customers have to provide no proof of hardship. Prohibits the banks that manage Federally backed loans from moving forward with any foreclosure processes until mid-May 2020 (60 days after March 18, 2020). Sec. 4023: People/companies that own multifamily housing with 5 or more units with Federally backed mortgages who have been affected by COVID-19 “directly or indirectly” can request and must be granted for a pause in loan payments. The forbearance (pause) can be for a total of 90 days as long as the building owner requests it three times with at least 15 days notice. People who get this pause are not allowed to evict their tenants or charge them any late fees during the mortgage payment pause. Sec. 4024: Starting on March 27, 2020 and ending in late July 2020, landlords can not begin eviction proceedings for non-payment of rent or charge fees or penalties for not paying rent. Sec. 4025: Prohibits the government from attaching a string to a loan or loan guarantee that requires the business to negotiate with unions over worker pay or conditions of employment. This is valid starting on the day the business is first issued the loan and ending a year after the loan is paid off. Sec. 4026: Within 72 hours of each transaction, the Treasury Secretary must publish on the Treasury Department website a description of the transaction, the date, and the “identity of the counterparty”, the amount of the loan/guarantee/investment, how the price was determined, the interest rate, conditions, and a copy of the final term sheet. The Treasury Secretary also has to report any contracts entered into for the administration of loans or guarantees within 24 hours after the contract is entered into. The Federal Reserve has to issue reports to Congress that will have to be made public on their website within 7 days of the report being delivered to Congress. Sec. 4027: Appropriates $500 billion Sec. 4029: The authorities given to the Treasury Secretary and Board of Governors of the Federal Reserve to make loans, loan guarantees, and “investments” in businesses and banks will expire on December 31, 2020. Subtitle B - Air Carrier Worker Support Sec. 4112: The Secretary of the Treasury “shall” give money to airlines and the contractors that work with them which “shall exclusively be used for the continuation of payment of employee wages, salaries, and benefits”. Passenger air carriers will get $25 billion, cargo airlines $4 billion, and contractors will get $3 billion. Sec. 4113: The employees will have to be paid whatever rate they were paid from April 1, 2019 through September 30, 2019. Steven Mnuchin will decide all terms and conditions, other than the ones set by section 4114, 4115, and 4116. The payments have to start to be made within 10 days of enactment. The Inspector General of the Treasury Department will have to audit the certifications made by the companies about employee salary and benefit rates. Sec. 4114: Airlines or contractors that take the money can’t furlough their workers or reduce their wages or benefits until September 30, 2020, they can’t buy stock in their company or parent company, or pay out dividends. The Secretary of Transportation is also given authorization until March 1, 2022 to require only airlines or contractors that take the money to continue service to anywhere that they served as of March 1, 2020. Sec. 4115: Prohibits the government from attaching a string to a loan or loan guarantee that requires the airline or contractor to negotiate with unions over worker pay or conditions of employment. This is valid starting on the day the business is first issued the loan and ending on September 30, 2020. Sec. 4116: From March 24, 2020 through March 24, 2022, any airline or contractor that takes the money has to agree that no employee who made more than $425,000 in 2019 will be paid more than what they were paid in 2019, or will receive more than double their 2019 pay as a severance package. Employees that were paid more than $3 million can’t be paid more than $3 million plus half of the amount they were paid over $3 million in 2019. This includes salary, bonuses, stock awards and “other financial benefits”. Sec. 4117: The Treasury Secretary is allowed, but not required, to accept stock and securities and other “financial instruments” from the airlines and contractors. Sec. 4120: Appropriates $32 billion. TITLE V - Coronavirus Relief Funds Sec. 5001: Appropriates $150 billion for State, tribal and local governments. Amounts will be determined by population but each state will get at least $1.25 billion. Washington D.C. is treated as a territory and all territories will split $3 billion. Tribal governments will split $8 billion. Steven Mnuchin will decide how the tribal government money will be divided. The Inspector General of the Treasury must investigate the receipt, disbursement, and use of funds. TITLE VI - Miscellaneous Provisions Sec. 6001: Allows the Postal Service to borrow $10 billion from the Treasury Department. Division B - Emergency Appropriations for Coronavirus Health Response and Agency Operations Bureau of Prisons Sec. 12003: The Secretary of Health and Human Services “shall appropriately consider” distributing personal protective equipment and test kits to the Bureau of Prisons for use by inmates and staff. Sec. 12005: Authorizes and appropriates $300 million that the Secretary of Commerce can use for direct payments to subsistence, commercial, and charter fishery businesses. Department of Energy Sec. 14002: Extends the authority for the Secretary of Energy to sell oil from the strategic petroleum reserve and gives the Department of Energy the authority to sell $900 million worth of oil from the Strategic Petroleum Reserve, $450 million in 2021 and 2022, on top of the $450 million they can sell in 2020. The Judiciary Sec. 15002: Allows for criminal proceedings to be conducted via video teleconferencing until 30 days after the national emergency declaration terminates. It will only be allowed with the consent of the defendant or juvenile after they talk to a lawyer. Election Security Grants Provides $400 million to prepare for the 2020 Federal election cycle, domestically or internationally. The money must be given by the Election Assistance Commission to the states within 30 days. There is no direction on how the money is divided among states. The states have to submit reports on how they use the money. Money not used by December 31, 2020 has to be returned to the Treasury. Pandemic Response Accountability Committee Sec. 15010: Creates a Pandemic Response Accountability Committee that will investigate and report on the use of COVID-19 funds through September 2025. The committee will be operated by two full time paid employees and the other members will be inspectors generals from at least 9 federal agencies. The committee will have enforceable subpoena power. The committee is allowed, but not required, to hold public hearings. The committee will have a public website that is required to provide their findings, data, some contracting information, division of COVID-19 funds by state and congressional district, agency plans for use of funds, all recommendations made to the agencies, etc. Department of Homeland Security Sec. 16004: Prohibits the Department of Homeland Security from transferring War on Terror funds for the COVID-19 efforts. Sec. 16006: The Secretary of Homeland Security must extend the REAL-ID deadline until at least September 30, 2021. Department of Health and Human Services Public Health and Social Services Emergency Fund Provides an additional $27 billion for “developing necessary countermeasures and vaccines, prioritizing platform-based technologies with US based manufacturing capabilities, the purchase of vaccines, therapeutics, diagnostics, and necessary medical supplies”. Products purchased by the Federal government must be purchased in accordance with regulations on fair and reasonable pricing, ensuring affordability in the commercial market is optional. The HHS Secretary can not take any action that would slow down the development of the products. $16 billion can be spent on purchasing items for the Strategic National Stockpile. Funds can be used to construct or renovate “US based next generation manufacturing facilities, other than facilities owned by the United States government” in addition to the authority to construct or renovate private facilities that manufacture vaccines, therapeutics, and diagnostics. Adds an additional $100 billion to reimburse health care providers - public, private, and for profit - for COVID-19 expenses. Sec. 18115: Every lab that performs or analyzes a COVID-19 test must report the result of each test to the Secretary of Health and Human Services until the end of the HHS Secretary’s public health declaration with respect of COVID-19. State Department Sec. 21012: Provides $3 billion for the International Development Association (World Bank), $7.3 billion for the African Development Bank, and authorizes the Treasury “to make loans in an amount not to exceed the dollar equivalent 28,202,470,000 of Special Drawing Rights (which is approximately $38.5 billion as of April 21, 2020) OTC Drugs Bill Information Article: H.R.3443 - Over-the-Counter Monograph Safety, Innovation, and Reform Act of 2019, Congress.gov Article: S.2740 - Over-the-Counter Monograph Safety, Innovation, and Reform Act of 2019, Congress.gov Article: Roll Call Vote 116th Congress - 1st Session On Passage of the Bill (S. 2740), United States Senate, December 10, 2019 Bill Profile: H.R.3443: Clients Lobbying on H.R.3443: Over-the-Counter Monograph Safety, Innovation, and Reform Act of 2019, OpenSecrets.org Bill Profile: H.R.3443: Lobbyists lobbying on H.R.3443: Over-the-Counter Monograph Safety, Innovation, and Reform Act of 2019, OpenSecrets.org Sen. Johnny Isakson - Georgia: Top Industries 1995 - 2020, OpenSecrets.org Sen. Lamar Alexander - Tennessee: Top Industries 1995 - 2020, OpenSecrets.org Articles/Documents Update: Message from Jennifer Roberts, CEO of Chase Business Banking Chase Banking, April 23, 2020 Article: Hard-hit restaurants, gyms and other businesses are battling insurers over the coronavirus, sparking a new Washington lobbying war By Tom Hamburger and Tony Romm, The Washington Post, April 22, 2020 Article: Pelosi says Shall will stay on oversight commission after failure to disclose stock sales by Jeremy Herb and Lauren Fox, CNN, April 22, 2020.  Article: Vaccine Chief Says He Was Removed After Questioning Drug Trump Promoted The New York Times, April 22, 2020 Article: Highlights of the Nearly $500B Coronavirus Relief Bill The New York Times, April 21, 2020 Article: Publicly traded firms get $365M in small-business loans By REESE DUNKLIN, JUSTIN PRITCHARD, JUSTIN MYERS and KRYSTA FAURIA, Associated Press, April 21, 2020 Article: Restaurants’ bailout problem: Unemployment pays more By IAN KULLGREN, Politico, April 20, 2020 Article: Medical Staffing Companies Cut Doctors’ Pay While Spending Millions on Political Ads By Isaac Arnsdorf, ProPublica, April 20, 2020 Article: The coronavirus could force more doctors to sell — or shutter By Bob Herman, Axios, April 20, 2020 Article: Chase and other banks shuffled Paycheck Protection Program small business applications, lawsuit says By Dalvin Brown, USA Today, April 20, 2020 Article: Shake Shack returning $10 million government loan meant for small businesses By Stephanie Ruhle and Alex Johnson, NBC News, April 20, 2020 Article: WTI crude price goes negative for the first time in history By Cameron Wallace, World Oil, April 20, 2020 Article: In Race for Small-Business Loans, Winning Hinged on Where Firms Bank By Ruth Simon and Peter Rudegeair, The Wall Street Journal, April 20, 2020 Article: Zoom's Security Woes Were No Secret to Business Partners Like Dropbox By Natasha Singer and Nicole Perlroth, The New York Times, April 20, 2020 Article: A raw deal By Judd Legum, Popular Information, April 20, 2020 Article: The Trickle-Up Bailout By Matt Taibbi, Taibbi, April 17, 2020 Article: Donna Shalala Selection Makes a Mockery of Bailout Oversight Panel by David Dayen, The American Prospect, April 18, 2020.  Press Release: Pelosi Appoints Congresswoman Donna Shalala to Congressional Oversight Commission of the CARES Act, April 17, 2020.  Article: Ruth’s Chris Steak House Gets $20 Million From Coronavirus Aid Program By Charity L. Scott, The Wall Street Journal, April 17, 2020 Article: The COVID-19 Bailout That’s Left Every Hospital Unhappy In Its Own Way By Rachana Pradhan and Lauren Weber, Kaiser Health News, April 16, 2020 Article: I’m Overseeing the Coronavirus Relief Bill. The Strings Aren’t Attached. By Bharat Ramamurti, The New York Times, April 16, 2020 Article: House lawmakers indefinitely postpone return to Washington By Mike Lillis and Scott Wong, The Hill, April 16, 2020 Article: Paycheck Protection Program out of money: Thousands of small businesses shut out By Stephen Gandel, CBS News, April 16, 2020 Article: Here Are the Contracts Showing How $4.5 Trillion in Stimulus Was Outsourced to Wall Street By Pam Martens and Russ Martens, Wall Street on Parade, April 16, 2020 Article: Most Patients Undergoing Ground And Air Ambulance Transportation Receive Sizable Out-Of-Network Bills By Karan R. Chhabra, Keegan McGuire, Kyle H. Sheetz, John W. Scott, Ushapoorna Nuliyalu, and Andrew M. Ryan, HealthAffairs, April 15, 2020 Article: Renters Are Being Forced From Their Homes Despite Eviction Moratoriums Meant to Protect Them By Alana Semuels, Time, April 15, 2020 Article: One Person is Overseeing Congress's Bailout Loans. He Wants Answers. by Alan Rappeport, New York Times, April 15, 2020.  Article: Policy Memo: Federal Reserve Lending Facilities for Private Companies and Securitizations Americans for Financial Reform, April 15, 2020 Article: Hedge Fund Managers Claiming Bailouts as Small Businesses By Katherine Burton and Joshua Fineman, Bloomberg, April 14, 2020 Article: Rural hospitals shut out of stimulus loans face financial crisis By Rachel Roubein, Politico, April 14, 2020 Article: Tax change in coronavirus package overwhelmingly benefits millionaires, congressional body finds By Jeff Stein, The Washington Post, April 14, 2020 Article: WHITEHOUSE, DOGGETT RELEASE NEW ANALYSIS SHOWING GOP TAX PROVISIONS IN CARES ACT OVERWHELMINGLY BENEFIT MILLION-DOLLAR-PLUS EARNERS Sheldon Whitehouse, U.S. Senator for Rhode Island, April 14, 2020 Article: Your Coronavirus Check Is Coming. Your Bank Can Grab It. By David Dayen, American Prospect, April 14, 2020 Article: Tax change in coronavirus package overwhelmingly benefits millionaires, congressional body finds By Jeff Stein, The Washington Post, April 14, 2020 Article: How Some Rich Americans Are Getting Stimulus ‘Checks’ Averaging $1.7 Million By Shahar Ziv, Forbes, April 14, 2020 Article: Stimulus Oversight Panel Has One Person Trying to Watch $2.2 Trillion Alone By Joshua Green, Bloomberg, April 14, 2020 Article: Coronavirus antibody testing must be covered free of charge, feds say By Stefan Becket, CBS News, April 13, 2020 Article: Unsanitized: Meet The Corporate Bailout’s First Policeman By David Dayen, American Prospect, April 13, 2020 Article: Who's getting these hundreds of billions in government aid? For now, the public may be in the dark By Peter Whoriskey and Heather Long, The Washington Post, April 13, 2020 Article: CARES Act Package Ushers in Changes to OTC Drug Review Process Duane Morris, April 13, 2020 Article: Commission calls for review of election security standards By Tom Temin, Federal News Network, April 13, 2020 Article: Medical Staffing Companies Owned by Rich Investors Cut Doctor Pay and Now Want Bailout Money By Isaac Arnsdorf, ProPublica, April 10, 2020 Article: Furor Erupts: Billions Going To Hospitals Based On Medicare Billings, Not COVID-19 By Jay Hancock and Phil Galewitz and Elizabeth Lucas, Kaiser Health News, April 10, 2020 Article: Providers Begin Receiving $30B in Emergency Funding from HHS, Plus Newly Suspended State Regs Home Care Association of New York State Blog, April 10, 2020 Article: The Colleges Getting The Most Money From The Stimulus Bill By Wesley Whistle, Forbes, April 10, 2020 Article: It is Not All About the Coronavirus: The CARES Act Brings Long-Awaited Over-the-Counter (OTC) Monograph Reform By Genevieve Razick and Carolina Wirth, Arnall Golden Gregory LLP, JDSUPRA, April 10, 2020 Article: Unsanitized: Federal Reserve Rescue Is the Best Rescue By David Dayen, The American Prospect, April 10, 2020 Article: The Fed’s ‘Main Street’ Mistake Wall Street Journal, April 9, 2020 Article: Exclusive: These for-profit colleges could reap up to $1 billion in federal bailout money By Matt Smith, Market Watch, April 9, 2020 Article: Fed's balance sheet swells to record $6.13 trillion By Jonnelle Marte and Ann Saphir, Reuters, April 9, 2020 Article: 'Extremely Alarming': Coronavirus Stimulus Law Allows the Federal Reserve to Hold Secret Meetings on Corporate Bailouts By Jake Johnson, Common Dreams, April 9, 2020 Article: Congress Must Have Skipped the First Three Seasons of Trump Reality Show By Eleanor Eagan, The American Prospect, April 9, 2020 Alert: U.S. CARES ACT ENABLES LONG-AWAITED OTC DRUG REGULATORY MODERNIZATION: KEY HIGHLIGHTS By Brian Burgess and Julie Tibbets, Goodwin, April 8, 2020 Article: Coronavirus: CMS approves nearly $34 billion in accelerated/advance payments to healthcare providers By Keith A. Reynolds, Medical Economics, April 8, 2020 Article: Trump removes inspector general who was to oversee $2 trillion stimulus spending By Ellen Nakashima, The Washington Post, April 7, 2020 Article: Welfare for Wall Street By Nomi Prins, The Nation, April 7, 2020 Article: Congress fixed tax code “retail glitch” and gave real estate a tax windfall By Rich Bockmann and Kevin Sun, The Real Deal, April 7, 2020 Article: Trump removes inspector general who was to oversee $trillion stimulus spending By Ellen Nakashima, The Washington Post, April 7, 2020 Article: Big Restaurant, Hotel Chains Won Exemption to Get Small Business Loans By Bob Davis and Heather Haddon, The Wall Street Journal, April 6, 2020 Article: CARES Act Contains Significant New Over-The-Counter (OTC) Drug Provisions by Charles Andres, Wilson Sonsini, April 6, 2020 Article: Trump’s Aggressive Advocacy of Malaria Drug for Treating Coronavirus Divides Medical Community By Peter Baker, Katie Rogers, David Enrich and Maggie Haberman, The New York Times, April 6, 2020 Article: Private Flights Getting Cheaper Thanks to Stimulus Tax Relief By Katherine Chiglinsky and Tom Metcalf, Bloomberg, April 6, 2020 Article: 2020 CARES Act—FAQs for Nonprofit Organizations and Donors By James P. Joseph Bridget M. Weiss Dana O. Campos, Arnold & Porter, April 6, 2020 Article: What does the CARES Act mean for net operating losses and non-corporate business losses? By Douglas Charnas and Paul Leonard, JDSUPRA, April 3, 2020 Article: Trump announces intent to nominate White House lawyer Brian Miller as inspector general for $2 trillion coronavirus law by Jeff Stein, The Washington Post, April 3, 2020 Letter: Addressed to Secretary of Department of Health and Human Services, Alex Azar By Alexander Sammon, American College of Emergency Physicians, April 3, 2020 Article: Unsanitized: Why Banks Don’t Want to Help Small Businesses By David Dayen, The American Prospect, April 3, 2020 Article: Unsanitized: Aid Package Status Update By David Dayen, The American Prospect, April 2, 2020 Article: It’s Steve Mnuchin’s Economy Now By Alexander Sammon, American Prospect, April 1, 2020 Article: US aims to lease space in emergency oil stockpile, after buying plan canceled, sources say Reuters, April 1, 2020 Article: Trump may rent Strategic Petroleum Reserve storage to U.S. drillers By ARI NATTER, JENNIFER A. DLOUHY AND STEPHEN CUNNINGHAM, World Oil, April 1, 2020 Article: Temporary Waiver of Required Minimum Distribution Rules By Jean McDevitt Bullens, Baker Newman Noyes, April 1, 2020 Article: Unsanitized: It’s the First of the Month By David Dayen, The American Prospect, April 1, 2020 Article: Citigroup CEO Michael Corbat says bank is 'working around the clock' on small business relief program By Hugh Son, The CNBC, April 1, 2020 Article: Tax Savings Opportunities from the CARES Act By John Werlhof, CLA, March 31, 2020 Article: The Relief Package Ushers In Trump's Planned Economy By Matt Stoller, Wired, March 31, 2020 Article: Federal COVID-19 Economic Relief and Its Impact on the Energy Sector: An Overview Energy Alert, Akin Gump Strauss Hauer & Feld LLP, March 31, 2020 Article: Boeing Will Take Aid, Won’t Give Equity Banking Exchange, March 31, 2020 Article: Bailing Out the Bailout By Matt Taibbi, RollingStone, March 31, 2020 Article: US Banks Welcome $2trn Stimulus Package By David White and Zachary Kribs, Kidney News Online, March 30, 2020 Article: CARES Act to Improve Options for People on Home Dialysis By David White and Zachary Kribs, Kidney News Online, March 30, 2020 Statement: FDA on Signing of the COVID-19 Emergency Relief Bill, Including Landmark Over-the-Counter Drug Reform and User Fee Legislation Commissioner of Food and Drugs - Food and Drug Administration - Stephen M. Hahn M.D., U.S. Food & Drug Administration, March 30, 2020 Article: Key Provisions in the CARES Act for Health Care Providers By Health Law Practice - von Briesen & Roper, s.c., The National Law Review, March 30, 2020 Article: CARES On Campus: Stimulus Program & Higher Education By Anne Cartwright and Julie Miceli, JDSUPRA, March 30, 2020 Article: Inside the CARES Act: Changes to the Bankruptcy Code Under the CARES Act By Melissa Anne Peña, The National Law Review, March 29, 2020 Article: Lawmakers Pack Federal Stimulus Bill With Pet Provisions By Brody Mullins and Ted Mann, The Wall Street Journal, March 28, 2020 Press Release: Trump Suggests He Can Gag Inspector General for Stimulus Bailout Program By Charlie Savage, The New York Times, March 27, 2020 Press Release: Statement by the President The White House, March 27, 2020 Article: Unsanitized: The Federal Reserve Loads the Cannon By David Dayen, The American Prospect, March 27, 2020 Article: Inside the talks on the largest U.S. bailout: frantic negotiations, partisan tensions and a Trump tweet By Seung Min Kim, Mike DeBonis, Erica Werner and Paul Kane, The Washington Post, March 27, 2020 Article: Over-the-Counter (OTC) Drug Monograph Process U.S. Food & Drug Administration, March 27, 2020 Article: The Health Care Industry and the CARES Act: Insight and Next Steps Akin Gump Strauss Hauer & Feld LLP, March 27, 2020 Article: Bank Regulatory Provisions in the CARES Act By Robert Klinger, Bryan Cave Leighton Paisner, JDSUPRA, March 27, 2020 Article: Fed Releases Details of BlackRock Deal for Virus Response By Matthew Goldstein, The New York Times, March 27, 2020 Article: Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts By Pam Martens and Russ Martens, CounterPunch, March 27, 2020 Document: Terms of Assignment for BlackRock on Behalf of the Federal Reserve Bank of New York Regarding Secondary Market Corporate Credit Facility New York Fed, March 27, 2020 Press Release: Acting Secretary Chad Wolf Statement on the REAL ID Enforcement Deadline Homeland Security, March 26, 2020 Article: How the Fed’s Magic Money Machine Will Turn $454 Billion Into $4 Trillion By Jeanna Smialek, The New York Times, March 26, 2020 Article: Unsanitized: The Essential Imbalance of the 2020 Bailout By David Dayen, American Prospect, March 26, 2020 Article: Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package By Jesse Drucker, The New York Times, March 26, 2020 Article: Funding to refill U.S. Strategic Petroleum Reserve cut from stimulus plan By STEPHEN CUNNINGHAM, ARI NATTER AND JENNIFER A. DLOUHY, World Oil, March 25, 2020 Article: Stop the $6 Trillion Coronavirus Corporate Coup! By Matt Stoller, BIG by Matt Stoller, March 25, 2020 Article: Unsanitized: Bailouts, A Tradition Unlike Any Other By David Dayen, American Prospect, March 25, 2020 Article: Fed taps BlackRock to run emergency programs By Dawn Lim, Market Watch, March 25, 2020 Article: Avoid Taxes, Receive Federal Bailouts By Alexander Sammon, American Prospect, March 25, 2020 Document: INVESTMENT MANAGEMENT AGREEMENT New York Fed, March 25, 2020 Article: Fine Print of Stimulus Bill Contains Special Deals for Industries By Eric Lipton and Kenneth P. Vogel, The New York Times, March 25, 2020 Article: Congress to bail out firms that avoided taxes, safety regulations and spent billions boosting their stock By Jonathan O'Connell, The Washington Post, March 25, 2020 Article: 'Completely Dangerous and Unacceptable,' Ocasio-Cortez Says of Impending Senate Recess in Midst of Coronavirus Crisis By Eoin Higgins, Common Dreams, March 25, 2020 Article: Senate leaving DC until April 20 after coronavirus stimulus vote By Jordain Carney, The Hill, March 25, 2020 Article: Senate stimulus bill extends funding for abstinence education By Tyler Olson, Fox News, March 25, 2020 Article: Oil purchase to fill strategic reserve dropped from stimulus By Benjamin J. Hulac, Roll Call, March 25, 2020 Article: U.S. Fed hires BlackRock to help execute mortgage-backed securities purchases By Pete Schroeder and Michelle Price, Reuters, March 24, 2020 Article: What is the Exchange Stabilization Fund? And how is it being used in the coronavirus (COVID-19) crisis? By Sage Belz and David Wessel, Brookings, March 24, 2020 Press Release: Federal Reserve announces extensive new measures to support the economy Board of Governors of the Federal Reserve System, March 23, 2020 Article: COVID-19 Update: Federal Reserve Launches TALF (Again) By Scott A. Cammarn and Mark Chorazak, The National Law Review, March 23, 2020 Article: Trump's coronavirus eviction freeze won't keep a roof over our heads, advocates say By Tim Fitzsimons, NBC News, March 21, 2020 Article: Addressed to Speaker Pelosi, Leader McConnell, Leader McCarthy, and Leader Schumer By Ben Lane, America's Health Insurance Plans, BlueCross BlueShield Association, March 19, 2020 Article: Fannie Mae, Freddie Mac, HUD suspending all foreclosures and evictions By Ben Lane, Housing Wire, March 18, 2020 Press Release: Federal Reserve Board announces establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses Board of Governors of the Federal Reserve System, March 17, 2020 Article: Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program By Steve Liesman, CNBC, March 15, 2020 Article: How the drug industry got its way on the coronavirus By Sarah Karlin-Smith, Politico, March 5, 2020 Article: How Much Of Boeing’s Revenues Comes From The U.S. Government? By Trefis Team, Great Speculations, Forbes, January 2, 2020 Article: Funding Legislation Delays $4B in Medicaid DSH Payment Cuts By Jacqueline LaPointe, Revcycle Intelligence, December 20, 2019 Article: Southwest Airlines reaches confidential settlement with Boeing for some of its 737 Max losses By Lori Aratani, The Washington Post, December 13, 2019 Article: Boeing 737 Max Factory Was Plagued With Problems, Whistle-Blower Says By David Gelles, The New York Times, December 9, 2019 Article: How Much Income Puts You in the Top 1%, 5%, 10%? By Julia Kagan, Investopedia, November 21, 2019 Article: Senator Seeks Last Win In Over-the-Counter Drug Bill (Corrected) By Alex Roff, Bloomberg Law, October 31, 2019 Article: Boeing’s 737 Woes Aren’t Hurting Its Pursuit of Military Contracts, Exec Says BY Marcus Weisgerber, Defense One, October 15, 2019 Article: What Percentage of Americans Owns Stock? By Lydia Saad, Gallup, September 13, 2019 Article: FDA Chief of Staff Calls OTC Monograph Reform a Top Priority By Michael Mezher, Regulatory Affairs Professionals Society, May 21, 2019 Article: These 30 companies, including Boeing, get the most money from the federal government By Samuel Stebbins and Michael B. Sauter, USA Today, March 29, 2019 Article: Boeing Was ‘Go, Go, Go’ to Beat Airbus With the 737 Max By David Gelles, Natalie Kitroeff, Jack Nicas and Rebecca R. Ruiz, The New York Times, March 23, 2019 Article: Agencies reporting proposal for the implementation of Current Expected Credit Losses (CECL) Deloitte, January 22, 2019 Article: FDA Opens the Door for a Broader Range of Over-the-Counter (OTC) Drugs by Charles Andres, Wilson Sonsini, August 2, 2018 Article: Jared Kushner Paid No Income Tax for years By Jesse Drucker and Emily Flitter, The New York Times, October 13, 2018 Guidance for Industry: Innovative Approaches for Nonprescription Drug Products U.S. Department of Health and Human Services, Food and Drug Administration, Center for Drug Evaluation and Research (CDER), July 2018 Article: HISTORICALLY BLACK COLLEGES AND UNIVERSITIES: Action Needed to Improve Participation in Education's HBCU Capital Financing Program Office of Public Affairs, GAO, July 26, 2018 Article: 10 Things You Didn't Know About Alex Azar By Katelyn Newman, U.S. News, January 29, 2018 Article: The Richest 10% of Americans Now Own 84% of All Stocks Rob Wile, Money, December 19, 2017 Article: Why the newest sunscreens still haven't hit the U.S. market By Brady Dennis, The Washington Post, May 11, 2015 Article: Washington’s Skin Canc

In this episode we discuss the newly signed Cares Act aimed at providing aid to businesses and individuals that have been impacted by the Coronavirus and the resulting economic shut-down. The application process for the Cares Act loans will take the form of a modified 7a SBA loan and will be processed through SBA approved lenders. On this episode, we have bank representatives, employment attorney, FSU Economics professor and business leaders in the restaurant industry. A recent post re: the summary of the Cares Act:Senate Passes the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)26 March 2020  Coronavirus Resource Center  BlogAuthors: Frank S. Murray Jr Jared B. Rifis Leah R. Imbrogno Jamie N. Class Matthew E. Sierawski Julia Di Vito Kaitlyn M. Foley As the coronavirus outbreak continues to wreak havoc on markets and industries in the United States and around the world, businesses are now confronting significant and unique challenges. Successful navigation of these challenges will require thoughtful and comprehensive planning. Foley has created a multi-disciplinary and multi-jurisdictional team, which has prepared a wealth of topical client resources (see Foley’s Coronavirus Resource Center) and is prepared to help our clients meet the legal and business challenges that the coronavirus outbreak is creating for stakeholders across a range of industries, including manufacturing, technology, solar, hospitality and travel, healthcare, food, fashion and apparel, and sports and entertainment. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) – Summary of Bill Language and Key TakeawaysOn March 25, 2020, the Senate unanimously passed (96-0) the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), commonly known as “Phase Three” of coronavirus economic relief. The CARES Act provides much needed stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. The bill passed on March 25 is not yet law. Until the CARES Act is passed by the House of Representatives and signed into law by the President, it is subject to revisions. The bill will now go to the House, which is currently not in session. The House may reconvene to address the bill or pass the bill by unanimous consent agreement. The House is expected to pass the bill without changes on March 27, and it will then be presented to the President for his signature.Additional information, updates, and analysis regarding the CARES Act will be posted on Foley’s Coronavirus Resource Center. Please check back frequently for updates. Foley is available to assist in interpretation of the CARES Act for your business and can help you find ways to claim and/or use available funding for your company. The CARES ActTop 10 Takeaways:Provides stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic.Creates a $349 billion loan program for small businesses, including 501(c)(3) non-profits and physician practices. These loans can be forgiven through a process that incentivizes companies to retain employees.Allocates $500 billion for assistance to businesses, states, and municipalities, with no more than $25 billion designated for passenger air carriers, $4 billion for air cargo carriers, and $17 billion for businesses critical to maintaining national security. The remaining $454 billion may be used to support lending to eligible businesses, states, and municipalities.Allocates $130 billion in relief to the medical and hospital industries, including for medical supplies and drug and device shortages.Expands telehealth services in Medicare, including services unrelated to COVID-19 treatments.Provides $1,200 to Americans making $75,000 or less ($150,000 in the case of joint returns and $112,500 for head of household) and $500 for each child, to be paid “as rapidly as possible.”Expands eligibility for unemployment insurance and provides people with an additional $600 per week on top of the unemployment amount determined by each state.Expands the Defense Production Act, allowing for a period of two years when the government may correct any shortfall in resources without regard to the current expenditure limit of $50 million.Provides the Secretary of the Treasury with the authority to make loans or loan guarantees to states, municipalities, and eligible businesses and loosens a variety of regulations prior legislation imposed through the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Economic Stabilization Act of 2008, and others.Accompanied by supplemental appropriations to help the government respond to this pandemic.Summary of the CARES Act:Division A - Keeping American Workers Paid and Employed, Healthcare System Enhancements, and Economic Stabilization   Title I – Keeping American Workers Paid and Employed Act     Foley Title I Contacts: Jamie Class, Erin Toomey, Jessica Glatzer Mason, and Frank MurrayPaycheck Protection ProgramThe Paycheck Protection Loan Program, at a price tag of $349 billion, covers the period February 15, 2020 through June 30, 2020 and greatly expands SBA loan eligibility.  The loan program will allow businesses suffering due to the coronavirus outbreak to borrow money for a variety of qualified costs related to employee compensation and benefits, including (i) payroll costs, (ii) continuation of health care benefits, (iii) employee compensation (of those making less than $100K), (iv) mortgage interest obligations, (v) rent, (vi) utilities and (vii) interest on debt incurred before the covered period.The legislation greatly expands the number of businesses (including non-profits) that are eligible for SBA loans and raises the maximum amount for such a loan by 2.5 x the average total monthly payroll costs, or up to $10 million.  The interest rate may not to exceed 4%.Companies that employ no more than 500 employees are (or a greater number based on the size standard applicable to the industry) may be eligible.  Certain companies in the Accommodation and Food Services Industry (NAICS Code 72) may be eligible if they have no more than 500 employees per physical location. In most cases, the number of employees is counted together with all affiliates.Waives affiliation rules under 13 C.F.R.  121.103 for any business with less than 500 employees in the Accommodation and Food Services Industry, certain franchise businesses and small businesses that receive financing through the Small Business Investment Company Act.  Affiliation rules otherwise apply to determine eligibility.Waives the credit available elsewhere, personal guaranty and collateral requirements.For eligibility purposes, requires lenders to determine whether a business was operational on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor. (This is likely to be interpreted to replace the determination of repayment ability which is not possible during the crisis.)All or a portion of the loan may be forgivable and debt service payments may be deferred for up to 1 year.Entrepreneurial DevelopmentProvides funding to educate small businesses and their employees regarding (i) Federal resources available during this time, (ii) Hazards of COVID-19 and (iii) best practices around teleworking to prevent the spread of COVID-19.iii.  State Trade Expansion ProgramAllows for federal grant funds appropriated to support the State Trade Expansion Program (STEP) in FY 2018 and FY 2019 to remain available for use through FY 2021.Waiver of Matching Funds Requirement under the Women’s Business Center ProgramEliminates the non-federal match requirement for Women’s Business Centers for a period of three months. Loan Forgiveness Establishes that the borrower under the Paycheck Protection Program shall be eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the origination date on (i) rent, (ii) payroll costs for workers making less than $100K, (iii) interest on a mortgage, and (iv) utility payments. The amount forgiven may not exceed the principal of the loan. Incentivizes companies to retain employees by reducing the amount forgiven proportionally by any reduction in employees retained compared to the prior year.To encourage employers to rehire any employees who have already been laid off due to the COVID-19 crisis, borrowers that re-hire workers previously laid off will not be penalized for having a reduced payroll at the beginning of the period.Minority Business Development Agency Empowers the Department of Commerce, through the Minority Business Development Agency, to provide grants to minority business centers and minority chambers of commerce to provide education, training and advising related to accessing federal resources.vii. United States Treasury Program Management Authority The Department of the Treasury, consulting with the Small Business Administration and the Chairman of the Farm Credit Administration shall establish criteria to allow other lenders to participate in the Paycheck Protection Program, so long as such participation does not threaten the safety and soundness of the lender, as determined in consultation with the relevant federal banking agencies.viii.  Emergency Economic Injury Disaster Loans (“EIDLs”) For the period between January 31, 2020 and December 31, 2020 (the “covered period”) EIDL eligibility is greatly expanded to include any business with not more than 500 employees operating under a sole proprietorship or as an independent contractor, and any cooperative, ESOP and tribal small business concern with not more than 500 employees. The number of employees is determined together with affiliates.Furthermore, EIDLs may be approved solely on the bases of an applicant’s credit score or by use of alternative methods to gauge the applicant’s ability to repay. Additionally, applicants may request an advance of up to $10,000 within three days after the Administrator receives the application, subject to verification that the entity is eligible under this program. The advance may be used for any allowable purposes under §7(b)(2) of the Small Business Act and is not subject to repayment, even if the loan request is ultimately denied.Importantly, the CARES Act waives: (1) the requirement of personal guarantees for loans up to $200,000, (2) the requirement that the applicant must be in business for a year (but must be in operation on January 31, 2020), and (3) the credit elsewhere test.Establishes that an emergency involving Federal primary responsibility determined to exist by the President under Section 501(b) of the Stafford Disaster Relief and Emergency Assistance Act qualifies as a new trigger for EIDLs.Importantly, the CARES Act waives: (1) the requirement of personal guarantees for loans up to $200,000, (2) the requirement that the applicant must be in business for a year (but must be in operation on January 31, 2020), and (3) the credit elsewhere test.Subsidy for Certain Loan PaymentsFor loans under §7(a) of the Small Business Act, Title V of the Small Business Investment Act, and for loans made by an intermediary using §7(m) loans or grants, the Administrator shall pay the principal, interest, and fees owed for loans in regular servicing status for any such loans, whether on deferment or not, that were made before the enactment of the Act for the following 6-month period, and for any such loans that were made between the date of enactment of the Act and six months from such date. This does not apply to Payroll Protection loans or EIDL loans which have separate subsidy and repayment requirements.The payments shall be made not later than 30 days from when the first payment is due and shall be applied such that the borrower is relieved of any obligation to pay that amount. The Administrator shall coordinate with relevant banking agencies to request that lenders not be required to increase reserves because of these payments.The Administrator will waive limits on the maximum loan maturities for loans given deferral and extended maturity during the year following enactment. The Administrator will extend lender site visit requirement timelines as necessary because of COVID-19, to within 60 days of a non-default adverse event, and 90 days of a default. $17 billion is appropriated for the foregoing.BankruptcySection 1182(1) of Title 11 is amended to define “debtor” as persons engaged in commercial or business activities and their affiliates (excluding persons who primarily own single asset real estate) that have aggregate, noncontingent, liquidated secured and unsecured debts (at the date of petition filing or the order for relief) of $7,500,000 or less (excluding debts owed to affiliates or insiders), half or more of which arose from those activities.  Exempt from this new definition are any members of a group of affiliated debtors that has aggregate, noncontingent, liquidated secured and unsecured debts over $7,500,000 (excluding debt owed to affiliates or insiders); corporations subject to 1934 Act reporting requirements; and affiliates of an issuer under the 1934 Act.  National Emergency Act payments for COVID-19 by the President are exempted from “current monthly income” and “disposable income” when determining the power of courts to approve debtor plans rejected by trustees or claim holders. Debtors that have experienced material financial hardship due to COVID-19 can modify a plan confirmed prior to this Act’s enactment date if approved after notice and hearing, but only if that plan doesn’t provide payments more than seven years after the first payment was due under the original plan, and follows requirements of 1322(a)-(c) and 1325(a). This modification terminates one year after the enactment of this Act.Title II – Assistance for American Workers, Families, and Businesses      Foley Title II Contacts: Julie Lutfi, Ashley May, and Dick RileySubtitle A: Unemployment Insurance ProvisionsEligibilityThe law expands the scope of individuals who are eligible for unemployment benefits, including those who are furloughed or out of work as a direct result of COVID-19, self-employed or gig workers, and those who have exhausted existing state and federal unemployment benefit provisions.The only individuals expressly excluded from coverage are those who have the ability to telework with pay and those who are receiving paid sick leave or other paid benefits (even if they otherwise satisfy the criteria for unemployment under the new law).Administration of BenefitThe benefits are administered by each state and upon the state’s written agreement with the Secretary of Labor to provide the specific benefits.  States that enter into such an agreement with the Secretary of Labor will be reimbursed in whole or in part for the cost of the benefits plus administrative expensesTypes of Benefits ProvideThe law provides an increase of $600 per week in the amounts customarily available for unemployment under state law.  This increase applies for unemployment payments made from the date of the law’s enactment through July 31, 2020 (approximately four months).States can agree to provide pandemic emergency unemployment compensation to individuals who have either exhausted all of the benefits available to them under existing state and federal law or who are not otherwise eligible for benefits under existing state and federal law.  Individuals must be able and available to work and actively seeking work, unless they are unable to do so as a result of COVID-19 illness, quarantine, or movement restriction.States can agree to waive the waiting period for receipt of benefits so that individuals do not experience gaps in income.The federal government will temporarily fund short-time compensation under existing state plans.  States that do not yet have short-time compensation plans in place may agree to implement a plan, provided that employers who enter into short-time compensation plans must be required to pay to the state half of the short-time compensation paid under the planTime Periods for Expanded BenefitsThe law provides unemployment benefit assistance to covered individuals who are not otherwise entitled to benefits under existing state or federal law for weeks of unemployment, partial unemployment, or inability to work caused by COVID-19 during the period January 27, 2020 through December 31, 2020.  This includes any waiting periods for benefits under applicable state law.The total benefit may not extend beyond 39 weeks (including any unemployment benefits or extended benefits received under existing state or federal law), unless, after the law is enacted, the duration of extended benefits is extended, in which case the total benefit may extend beyond 39 weeks by that same additional period of extended benefits.The $600 weekly benefit increase will be applicable to weekly payments made through the end of July 2020.Protections Against Fraud and OverpaymentAny fraudulent intent or misrepresentations to obtain payments to which an individual is not entitled will result in ineligibility for any other unemployment compensation benefits under the new law as well as criminal prosecution. Overpayments may be clawed back by the state agencies.Social Security TreatmentThe additional unemployment compensation provided is not considered “income” for purposes of Medicaid and CHIP.Subtitle B: Rebates and Other Individual ProvisionsTax CreditsBeginning in 2020, "eligible individual" taxpayers can benefit from a tax credit equal to the sum of: (i) $1,200 for single filers ($2,400 for those filing a joint return) plus (ii) an amount equal to th eproduct of (a) $500 multiplied by (b) the number of qualifying children. However, the aforementioned tax credits will be “phased-out” by 5% (but not below 0) when such eligible taxpayer’s adjusted gross income exceeds: (i) $150,000 for joint-filers, (ii) $112,500 for heads of household, and (iii) $75,000 for all other types of filers.This means, for example, the tax credit will phase out entirely at $198,000 for joint-filers with no children.“Coronavirus-Related Distribution”A “coronavirus-related distribution,” as defined under the CARES Act, is generally defined as any distribution from an eligible retirement plan made: (i) on or after January 1, 2020 and before December 31, 2020, (ii) to an individual (a) who is diagnosed with COVID-19, (b) whose spouse or dependent is diagnosed with COVID-19, or (c) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, had hours reduced, or other factors as determined by the Secretary of the Treasury during the COVID-19 pandemic.Tax Treatment of Coronavirus-Related DistributionsIndividuals who elect to receive a “coronavirus-related distribution” will not be subject to the traditional 10% tax penalty imposed under the Internal Revenue Code of 1986, as amended (the “Code”) for early withdrawals from eligible retirement accounts,unless the aggregate amount of such distributions from all plans maintained by the employer (and any member of any “controlled group” which includes the employer) to such individual exceeds $100,000. Coronavirus-related distributions made from both traditional eligible employer sponsored retirement plans and individual retirement accounts (“IRAs”) may be excluded from gross income.Repayments of Coronavirus-Related DistributionsAny individual who receives a coronavirus-related distribution may generally, at any time during the three (3) year period beginning on the day after the date such coronavirus-related distribution was received, make one (1) or more contributions in an aggregate amount not to exceed the amount of such distribution to an eligible retirement plan of which such individual is a beneficiary . The aforementioned repayments of coronavirus-related distributions for eligible retirement plans, will, to the extent of the amount of the contribution, be treated as having received the coronavirus-related distribution in an eligible rollover distribution,” and as having transferred the amount to the eligible retirement plan in a direct trustee to trustee transfer within sixty (60) days of distribution.Effects on the Limits on Loans from Qualified Employer PlansThe limitation on loans from any qualified employer plan made to qualified individuals will be increased from $50,000 to $100,000, and should the due date of any such loan occur between the date of enactment of the CARES Act and December 31, 2020, it will be delayed for one (1) year.Effects on Minimum Distribution ThresholdThe CARES Act temporarily waives the minimum distribution requirements for all “eligible deferred compensation plans.” This includes: (i) certain contribution plans (e.g. an employer purchased annuity contract), (ii) deferred compensation plans that are maintained by an eligible employer, or (iii) IRAs.  This applies for all distributions made on or after January 1, 2020.However, if this section applies to any pension plan or contract amendments, such pension plan or contract amendments will not fail to be treated as being operated in accordance with the terms of the plan during such period, solely because the plan operates in accordance with the CARES Act, so long as the amendment or contract in question has been in effect from its effective date until December 31, 2020.Any plan or contract amendments to which Section 2203 of the CARES Act (the section on temporary waiver of required minimum distribution rules) applies will not fail to meet the requirements of either the Internal Revenue Code or the Employee Retirement Income Security Act as a result of making such an amendment. However, this provision only applies to those amendments which are in effect during the period beginning on the effective date of the amendment until December 31, 2020.Tax Treatment of Charitable DonationThe CARES Act allows taxpayers to take an above-the-line tax deduction for charitable contributions of up to $300 for the tax year beginning in 2020.Additionally, except for certain exclusions specified below, the percentage and excess carryover restrictions on charitable and other “qualified contributions” (e.g. a contribution to a corporation, trust, a state, or an organization of war veterans, etc.) are disregarded.Exceptions to the CARES Act General Disregard of the Percentage and Excess Carryover Restrictions on Qualified ContributionsThe CARES Act treats individuals and corporations differently regarding the aforementioned exceptions, and such different treatments are described below.Qualified contributions for individuals will be allowed as deductions to the extent that the combined contributions do not exceed (i) the excess of the taxpayer’s adjusted gross income over (ii) the amount of the charitable contributions made by the individual under certain other provisions of the CARES Act (e.g., donations to a church, educational organization, private foundation, etc.). If such contributions exceed the foregoing limitation, they will be added to the qualified contribution excess, which is eligible to be treated as charitable deductions for up to the next five (5) successive tax years. Any qualified contributions made by corporations will be allowed as deductions only if these contributions do not exceed 25% of the taxable income of the corporation over the amount of all other charitable contributions allowed under the CARES Act. To the extent a corporation exceeds this limit, it will carry over the excess which will be eligible to be applied as charitable contribution deductions for the subsequent five tax years. This is provided that the excess qualified contribution amounts in question meet certain other restrictions, specifically, they must not exceed the lesser of: (i) 10% of the corporation’s taxable income or the total charitable deductions taken by the corporation during the taxable year over the sum of the contributions made in such year plus the aggregate of the excess contributions which were made in taxable years before the contribution year and which are deductible under this subparagraph for such succeeding taxable year; or (ii) in the case of the first succeeding taxable year, the amount of such excess contribution, and in the case of the second, third, fourth, or fifth succeeding taxable year, the portion of such excess contribution not deductible under this subparagraph for any taxable year intervening between the contribution year and such succeeding taxable year.iii.  Subtitle C: Business ProvisionsEmployee Retention Credit for Employer Subject to Closure Due to COVID-19Eligible employers will receive a credit against applicable employment taxes for each calendar quarter in an amount equal to 50% of the qualified wages with respect to each employee. The amount of qualified wages taken into account for each eligible employee, however, will not exceed $10,000 per calendar quarter and the credit will not exceed the applicable employment taxes owed for such calendar quarter. The aforementioned credit is not applicable if the employer is alto taking advantage of the small business interruption loan. An eligible employer is defined as any employer: (i) which was carrying on a trade or business during calendar year 2020, and (ii) with respect to any calendar quarter for which, (a) the operation of their trade or business was fully or partially suspended due to governmental order as a result of COVID-19, or (b) the  calendar quarter is within the period beginning with (1) the calendar quarter after December 31, 2019 for which gross receipts for the calendar quarter are less than 50% of the gross receipts for the same calendar quarter of the prior year and the ending with (2) the calendar quarter following the first calendar quarter beginning after the calendar quarter described in (1) for which gross receipts of the employer are greater than 80% gross receipts for the same calendar quarter in the prior year.Delay of Payment of Employer Payroll TaxesThe CARES Act will allow for most employers to defer paying their share of applicable employment taxes from the time the CARES Act is signed into law through December 31, 2020. Half of this deferred amount would be due on December 31, 2021 and the other half by December 31, 2022.Modifications for Net Operating Losses (“NOL”)There will generally be a temporary repeal of taxable income limitation including (i) in the case of a taxable year beginning before January 1, 2021, the aggregate of the net operating loss (“NOL”) carryovers to such year, plus the NOL carrybacks to such year, and (ii) in the case of a taxable year beginning after December 31, 2020, the sum of (a) the aggregate amount of NOLs arising in taxable years beginning before January 1, 2018, carried to such taxable year, plus (b) the lesser of (1) the aggregate amount of NOLs beginning after December 31, 2017, carried to such taxable year, or (2) 80% of the excess of certain taxable income.In the case of any NOL arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, whereby (i) such NOL will be a net operating loss carryback to each of the five (5) taxable years preceding the taxable year of such loss and (ii) certain rules applicable to farming losses and insurance companies shall not apply.  There are additional rules that apply specifically to “real estate investment trusts” and life insurance companies.Modification of Limitation on Losses for Taxpayers Other Than CorporationsFor any taxpayer other than a corporation:For a taxable year beginning after December 31, 2017 and before January 1, 2026, subsection (j) (relating to a limitation on excess farm losses of certain taxpayers) would not apply; and ii.  For any taxable year beginning after December 31, 2020 and before January 1, 2026, any excess business loss of the taxpayer for the taxable year will not be allowed.In regard to treatment of capital gains and losses for purposes of calculating “excess business losses”: Deductions for losses from sales or exchanges of capital assets will not be taken into account.The amount of gains from sales or exchanges of capital assets taken into account will not exceed the lesser of (1) the capital gain net income determined by taking into account only gains and losses attributable to a trade or business, or (2) the capital gain net income.The amendments made in the aforementioned section shall apply to taxable years beginning after December 31, 2017.Modification of Credit for Prior Year Minimum Tax Liability of CorporationsThe corporate alternative minimum tax (AMT) was repealed as part of the Tax Cuts and Jobs Act, but corporate AMT credits were made available as refundable credits over several years, ending in 2021.  The CARE Act accelerates the ability of companies to recover those AMT credits, permitting companies to claim a refund now and obtain additional cash flow during the COVID-19 emergency.  Modification of Limitation on Business InterestThe CARES Act temporarily increases the amount of interest expense businesses are allowed to deduct on their tax returns, by increasing the 30-percent limitation (as imposed under the Tax Cuts and Jobs Act) to 50 percent of taxable income (with adjustments) for 2019 and 2020.  As businesses look to weather the storm of the current crisis, this provision will allow them to increase liquidity with a reduced cost of capital, so that they are able to continue operations and keep employees on payroll.Qualified Improvement PropertyThe CARES Act enables businesses, especially in the hospitality industry, to write off immediately costs associated with improving facilities instead of having to depreciate those improvements over the 39-year life of the building. The provision, which corrects an error in the Tax Cuts and Jobs Act, not only increases companies’ access to cash flow by allowing them to amend a prior year return, but also incentivizes them to continue to invest in improvements as the country recovers from the COVID-19 emergency. Temporary Exception from Excise Tax for Alcohol Used to Produce Hand SanitizerFor distilled spirits removed after December 31, 2019 and before January 1, 2021, such distilled spirits will be free of tax for use in or contained in hand sanitizer produced and distributed in a manner consistent with any guidance issued by the FDA related to the outbreak of COVID-19.Title III – Supporting America’s Health Care System in the Fight Against the Coronavirus      Foley Title III Contacts: Rachel O’Neil, Erin Horton, Anil Shankar, and Paul JosephSubtitle A, Part I:  Addressing Supply ShortagesProvides for the National Academies to examine and report on the security of the U.S. medical product supply chain in order to assess U.S. dependence on critical drugs and devices sourced outside of the U.S., and to develop recommendations to improve resiliency of the U.S. supply chain for critical drug and devices.Requires the Strategic National Stockpile to include certain types of medical supplies, including personal protective equipment (PPEs), and identifies respiratory protective devices as covered countermeasures for use during a public health emergency.Prioritizes the review of drug applications to mitigate emergency drug shortages.Creates additional reporting requirements for drug manufacturers to report a discontinuation and disruption of the sourcing of active pharmaceutical ingredients.Requires manufacturers of certain drugs and medical devices critical to public health during a public emergency to develop, maintain, and implement risk management plans related to shortages, creating an annual notification requirement of the same. Such manufacturers are also subject to shortage-related inspections by the Secretary of Health and Human Services (HHS).Subtitle A, Part II: Access to Health Care for COVID-19 Patients Permits group health plans and insurers to cover and reimburse providers of diagnostic testing relating to COVID-19 at pre-emergency-period negotiated rates, and sets reimbursement rates in instances without previously negotiated rates equal to the cash price for services listed on a publicly-available website or the plan or insurer can negotiate with a provider for a rate lower than such cash price. All providers of a diagnostic test for COVID-19 are required to publicize cash price for such tests. Failure to comply with these requirements could result in HHS assessing a civil monetary penalty of up to $300 per day.Requires health plans and issuers to provide for rapid coverage of “qualifying coronavirus preventative services” – an item, service, or immunization intended to prevent or mitigate coronavirus—and vaccines for coronavirus.Appropriates $1.3 billion for FY 2020 for supplemental awards to health care centers for the prevention, diagnosis, and treatment of COVID-19.Amends Section 330I of the Public Health Service Act, relating to Telehealth Network and Telehealth Resource Centers Grant Programs, and Section 330A of the Public Health Service Act, relating to the Rural Health Care Services Outreach, Rural Health Network Development, and Small Healthcare Provider Quality Improvement Grant Programs—an individual or entity affected by these grant programs should seek out an attorney to examine the effect of such amendments.Limits potential state and federal liability for volunteer health care professionals—who provide services without compensation or other thing of value—for harm caused to patients relating to the diagnosis, prevention, or treatment of COVID-19. This provision expressly preempts more restrictive state or local law.Amends certain federal regulations governing the confidentiality and disclosure of substance use disorder patient records (Part 2), including allowing certain re-disclosures to covered entities, business associates, or other programs subject to HIPAA after obtaining the patient’s prior written consent.Permits a state agency or area agency on aging to transfer, without prior approval, not more than 100% of the funds received by the agency to meet the needs of the state or area served, and provides that the same meaning shall be given to an individual unable to obtain nutrition due to social distancing as one who is homebound due to illness.Provides that within 180 days of the passage of the Act, the Secretary of HHS shall issue guidance on the sharing of patients’ protected health information (PHI) related to COVID-19, including guidance on compliance with HIPAA regulations and applicable policies.Provides that the Secretary of HHS shall carry out a national awareness campaign relating to the importance and safety of blood donation, and the need of for donations for the blood supply during a public health emergency.iii.  Subtitle A, Part III:  Innovation Provides for using competitive procedures to enter into transactions to carry out public-health emergency health related projects and prohibits canceling those contracts solely because the emergency ends.Includes new provisions to expedite the development and approval of drugs to prevent or treat diseases in animals that are could have significant adverse consequences for humans.Subtitle A, Part IV:  Health Care WorkforceApproves appropriations for a variety of health professions-related programs, with particular focus on programs serving medically underserved populations (rural and geriatric).Subtitle B:  Education ProvisionsWaives requirement for certain higher education institutions to match federal funding and allows certain institutions to transfer unexpended allotment.Permits certain higher education institutions to use their allocations of Supplemental Educational Opportunity Grants for emergency financial aid for students.Permits certain higher education loan borrowers flexibility in repaying loans or returning grants during a qualified emergency.Permits certain students to complete distance education and certain students of foreign institutions to take classes in the United States.Allows the Secretary of Education to issue waivers upon request relating to assessments, accountability, and related reporting requirements, and requirements for state and local educational agencies and Indian Tribes to receive funding.Allows the Secretary of Education to grant a deferment to an institution that received a loan under Part D of Title III of the Higher Education Act.Payments on student loans held by the Department of Education are suspended for 6 months, and the Secretary of Education shall suspend all involuntary collection activities during the period of payment suspension.The Corporation for National and Community Service can allow individuals to accrue service hours and may permit certain grants funds.Not more than 20% of the total amount allocated to a local area under 29 U.S.C. 3151 et seq. may be used for administrative costs.For the program year 2019, not more than 20% of the total amount allocated to a local area under 29 U.S.C. 3151 et seq., may be used for administrative costs of carrying out certain local workforce investment activities, if the portion of the total amount that exceeds 10% of the total amount is used to respond to qualifying emergency.  For the program year 2019, certain unobligated funds reserved by a governor for statewide activities under the Workforce Innovation Opportunity Act may be used for statewide rapid response activities, or in certain circumstances, released to local boards impacted by the coronavirus.Gives the Secretary of Education authority to waive certain eligibility requirements, wait periods, and allotment requirements under the Higher Education Act for a period of time.Authorizes the Secretary of Education to modify the required and allowable uses of funds for grants and to modify any federal share or other financial matching requirement for a grant awarded under certain provisions of the Higher Education Act to an institution of higher education or other grant recipient (not including an individual recipient of Federal student financial assistance) as a result of a qualifying emergency.Allows the Secretary of Education to modify the categories of extenuating circumstances under which a grant recipient may be excused from fulfilling a portion of a service obligation under title IV of the Higher Education Act and must consider teaching service that is part-time or temporarily interrupted due to the emergency to be full-time service.  Requires the Secretary of Education to waive certain years of teaching service requirements under the Higher Education Act in certain circumstances.Subtitle C: Labor ProvisionsPaid Public Health Emergency Leave MinimumsEmployers may, but are not required to, pay any more than $200 per day and $10,000 in the aggregate for each employee for public health emergency leave under section 110(b)(2)(B) of the Family & Medical Leave Act of 1993 as amended by the Emergency Family and Medical Leave Expansion Act.Rehire Eligibility for Paid Public Health Emergency Leave EmployersFor purposes of public health emergency leave under the Emergency Family and Medical Leave Expansion Act, an eligible employee is an employee who has been employed for at least 30 calendar days by an employer with respect to whom leave is requested. The employee must be employed for at least 30 calendar days, which includes an employee who was laid off by that employer on or after March 1, 2020, had worked for employer for not less than 30 of the last 60 calendar days prior to the employees layoff, and was rehired by the employer.Emergency Paid Sick Leave MinimumsEmployers may, but are not required to, pay any more than:$511 per day or $5,110 in the aggregate for each employee when taking emergency paid sick leave if the employee is subject to a federal, state or local quarantine or isolation order related to COVID-19, the employee has been advised by a health care provider to self-quarantine due to concerns related to COVID-19, or the employee is experiencing symptoms of COVID-19 and seeking medical diagnosis; or $200 per day or $2,000 in the aggregate for each employee when taking emergency paid sick leave if the employee is caring for an individual who is subject to a federal, state or local quarantine order, or is caring for an individual who has been advised to self-quarantine due to concerns related to COVID-19, the employee is caring for the employee's son or daughter, if the child’s school or childcare facility has been closed or the child’s care provider is unavailable due to COVID-19 precautions, or the employee is experiencing any other substantially similar condition specified by HHS in consultation with the Department of the Treasury and the Department of Labor.Advance Refunding of Payroll Credits for Required Paid Sick Leave and Required Paid Family LeaveEmployers can apply a credit in the amount calculated under subsection (a) of section 7001 or 7003 of the Family First Coronavirus Response Act, subject to the limitations placed by subsection (b) of section 7001 and 7003, both calculated through the end of the most recent payroll period in the quarter. In anticipation of a credit, the credit may be advanced according to forms and instructions to be provided by the Secretary of Labor. The Act ensures employers that the Secretary of Treasury shall waive any penalty under section 6656 of the Internal Revenue Code of 1986 for failure to make a deposit of the tax imposed under section 3111 (a) or 3221(a) of such Code if failure was due to anticipation of credit allowed.vii. Subtitle D: Finance CommitteeAn additional safe harbor provision is added to section 223(c)(2) of the Internal Revenue Code, providing that a plan shall not fail to be treated as a high deductible health plan (HDHP) by reason of failing to have a deductible for telehealth and other remote care services.  Section 223(c)(1)(B) of the Internal Revenue Code is adjusted to include “telehealth and other remote care.” This addition allows an individual to have an insurance plan (for plan years beginning on or before December 31, 2021) that includes telehealth and other remote care without disqualifying the individual from owning an HDHP.Inclusion of Certain Over-the-Counter Medical Products as Qualified Medical ExpensesMenstrual care products are now included under the term “qualified medical expenses.” Increasing Medicare Telehealth Flexibilities During Emergency Period The amendment removes some limiting qualifications to section 1320b-5(b)(8), which allows for the Secretary of HHS to temporarily waive or modify the application of portions of the Social Security Act in the case of a telehealth service furnished in any emergency area during an emergency period.  The provision that sets out the defined term “qualified provider,” which limited 1320b-5(b)(8), is removed in its entirety. Enhancing Medicare Telehealth Services for Federally Qualified Health Centers and Rural Health Clinics During Emergency PeriodA new provision is added under Section 1834(m) of the Social Security Act (42 USC 1395m(m)), enhancing payment for telehealth services furnished via a telecommunications system by a federally qualified health center (FQHC) or rural health clinic (RHC) during an “emergency period” notwithstanding that the FQHC or the RHC providing the telehealth service is not at the same location as the beneficiary.  Payment methods for FQHCs or RHCs that serve as distant sites shall be based on payment rates similar to the national average payment rates for comparable telehealth services under the physician fee schedule under section 1848.Temporary Waiver of Requirement for Face-to-Face Visits Between Home Dialysis Patients and PhysiciansAmended section 1395rr(b)(3)(B) to allow the Secretary of HHS to waive the requirement that individuals with end stage renal disease receiving home dialysis must receive certain periodic face-to-face (non-telehealth) clinical assessments in order to be eligible to receive end stage disease-related clinical assessments via telehealth. Use of Telehealth to Conduct Face-to-Face Encounter Prior to Recertification of Eligibility for Hospice Care During Emergency PeriodSection 1395f(a)(7)(D)(i) is amended to allow a hospice physician or hospice nurse practitioner during an “emergency period” to conduct a face-to-face encounter via telehealth to determine recertification for continued eligibility for hospice care.Encouraging Use of Telecommunications Systems for Home Health Services Furnished During Emergency PeriodDuring an emergency period, the Secretary of HHS shall consider ways to encourage the use of telecommunications systems.Improving Care Planning for Medicare Home Health ServicesCertain Medicare sections are expanded from being limited to the services of a physician to include services of nurse practitioners, clinical nurse specialists, and physician assistants that provide home health services.Adjustment of SequestrationA temporary suspension of Medicare sequestration put into effect during the period of May 1, 2020 through December 31, 2020. The Medicare programs under title XVIII of the Social Security Act shall be exempt from reduction under any sequestration order during the period.Medicare Hospital Inpatient Prospective Payment System Add-On Payment for COVID-19 Patients During Emergency PeriodThe Secretary of HHS will increase the weighting factor for coronavirus-diagnosed patients discharged during the emergency period. The weighting factor is used by the Secretary of HHS to reflect the relative hospital resources used with respect to discharges for a particular group compared to discharges within other groups.Increasing Access to Post-Acute Care During Emergency PeriodDuring the emergency period, the Secretary of HHS will waive the requirement that patients of inpatient rehabilitation facilities receive at least 15 hours of therapy per week.  For long-term care hospitals furnishing services during the emergency period, the Secretary of HHS will further waive discharge percent requirements and the general application of site neutral payment rates.Revising Payment Rates for Durable Medical Equipment Under the Medicare Program Through Duration of Emergency PeriodThe Secretary of HHS shall apply the transition rule, described in 42 C.F.R. § 414.210(g)(9)(iii), to items and services furnished in rural areas and noncontiguous areas as planned through December 31, 2020, and through the duration of the emergency period.  For areas other than rural and noncontiguous areas, the Secretary of HHS shall apply the transition rule described in 42 C.F.R. § 414.210(g)(9)(iv) through the remainder of the emergency period.Coverage of the COVID-19 Vaccine Under Part B of the Medicare Program Without Any Cost-SharingThe term “medical and other health services” is expanded to include “COVID-19 vaccine and administration.”  The deductible described in section 1395l(b) shall not apply with respect to a COVID-19 vaccine and its administration.Requiring Medicare Prescription Drug Plans and MA-PD Plans to Allow for Fills and Refills of Covered Part D Drugs for up to a 3-Month SupplyDuring the emergency period, a prescription drug plan or MA-PD plan shall permit a part D eligible individual reenrolled in such plan to obtain a single fill or refill the total day supply prescribed for such individual for a covered part D drug.Providing Home and Community-Based Services in Acute Care HospitalsThe prohibition that nothing in section 1395a allows the Secretary of HHS authorization to limit the amount of payment that may be made under a plan for home-and-community care is expanded to include home and community-based services, self-directed personal assistance services, or home and community-based attendant services.  The provision is also expanded to clarify that the section shall not be construed to prohibit receipt of any care or services specified in paragraph (1) in an acute care hospital, provided certain requirements are met.Clarification Regrading Uninsured Individuals The Families First Coronavirus Response Act, enacted last week, added subsection (ss) to section 1396a, which defined “uninsured individual” as those not described in section 1396a(a)(10)(A)(i) and not enrolled in certain health care programs. The CARES Act amends this definition to exclude subsection VIII if the individual is a resident of a state that does not furnish medical assistance as described.    Clarification Regarding Coverage of COVID-19 Testing ProductsThe Families First Coronavirus Response Act, enacted last week, added COVID-19 testing to section 1396d, which provides medical assistance payments under certain conditions. The CARES Act amends this section by removing the requirement that the in-vitro diagnostic products administered are approved, cleared, or authorized under sections 510(k), 513, 514, or 564 of the Federal Food, Drug, and Cosmetic Act.Amendment Relating to Reporting Requirements with Respect to Clinical Diagnostic Laboratory TestsThe CARES Act extends the dates by one year for the reporting periods in section 1395m-1(a)(1)(B).  The applicable prohibition that payment amounts determined under section 1395m-1 shall not result in a reduction in payments, as defined by the subsection, for a clinical diagnostic laboratory test is expanded to 2017 through 2024.   The applicable percentages used to determine the limits on reductions in payment defined in 1395m-1(b)(3)(A) are adjusted to include a new clause for 2021, which makes the new applicable percentage zero (0) for 2021.Expansion of Medicare Hospital Accelerated Payment Program During the COVID-19 Public Health EmergencyMandates that the Secretary of HHS expand the accelerated payment program to hospitals experiencing significant cash flow problems during the “emergency period.” Exception for Certain States from Enhanced FMAP Requirements Provides that states may receive the temporary increase of Medicaid Federal Medical Assistance Percentage (FMAP) (authorized under the Families First Act enacted last week) notwithstanding the requirement to not impose premiums on beneficiaries, for a period of 30 days.viii.  Subtitle E, Part I: Medicare ProvisionsExtension of Funding for Quality Measure Endorsement, Input, and SelectionThe Social Security Act is amended to increase the amount allotted for this fiscal year ending on October 1, 2020 from $4,830,000 to $20,000,000 and for the period beginning on October 1, 2020 and ending on November 30, 2020, the amount equal to the pro rata portion of $20,000,000. Extension of Funding Outreach and Assistance for Low-Income ProgramsThe amount allocated for state health insurance programs shall be $13,000,000 for this fiscal year. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $13,000,000.The amount allocated for area agencies on aging shall be $7,500,000 for the fiscal year of 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $7,500,000.The amount allocated for aging and disability resource centers shall be $5,000,000 for fiscal year 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $5,000,000.The amount allocated for grant or contract with national center for benefits and outreach enrollment is now $12,000,000 for the 2020 fiscal year ending on October 1, 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $12,000,000.Subtitle E, Part II: Medicaid ProvisionsExtension of the Money Follows the Person Rebalancing Demonstration ProgramThe Deficit Reduction Act of 2005 section 6071(h)(1)(G) is amended to allocate $337,500,000 for the period beginning on January 1, 2020 and ending on September 30, 2020. For the period beginning on October 1, 2020 and ending on November 30, 2020, the amount available will be equal to the pro rata portion of $337,500,000.Extension of Spousal Impoverishment ProtectionsExtends the protections through November 30, 2020.Allows the State to disregard the income of a spouse and conduct an analysis solely on an individual’s eligibility for medical assistance on the basis of reduction of income.Delay of DSH ReductionsThis section removes the $4 billion DSH reductions for federal fiscal year 2020 and delays the cuts from taking effect December 1, 2020. Extension and Expansion of Community Mental Health Services Demonstration ProgramExpands the Protecting Access to Medicare Act of 2014.According to this section not later than 6 months after the date of enactment, the Secretary shall select two states, in addition to the eight States already listed, to participate in two-year demonstration programs that meet the requirements of this subsection.The requirements are states that:Were awarded planning grants, Applied to participate in the demonstration programs under this subsection but were not selectedThe Secretary shall use the results of its evaluation of the state’s original application and shall not require the submission of any additional application.If a state is selected it is required to: Submit a plan to monitor certified community behavioral health clinics under the demonstration program to ensure compliance with certified community behavioral health criteria during the demonstration period; and Commit to collecting data, notifying the Secretary of any planned changes that would deviate from the prospective payment system methodology outlined in the state’s demonstration application, and obtaining approval from the Secretary of any such change before implementing change.The Federal matching percentage applicable to amounts expended by states participating in the demonstration program under this subsection shall apply to amounts expended by the state during the fiscal period that begins on January 1, 2020 if the state was participating in the demonstration program as of January 1, 2020 and shall apply to amount expensed by the state during the first fiscal period the state participates if the state was selected pursuant to the expansion. Subtitle E, Part III: Human Services and Other Health ProgramsExtension of Sexual Risk Avoidance Education ProgramSection 510 of the Social Security Act is amended to extend the time through 2020 instead of ending in May 22, 2020 and to change the fiscal year to 2021. Extension of Demonstration Projects to Address Health Professions Work-Force NeedsActivities authorized by section 2008 of the Social Security Act shall continue through November 30, 2020. Extension of the Temporary Assistance for Needy Families Program and Related ProgramsActivities authorized by part 1 of title IV and section 1108(b) of the Social Security Act shall continue through November 30, 2020. Subtitle E, Part IV: Public Health ProvisionsExtension for Community Health Centers, the National Health Service Corps, and Teaching Health Centers that Operate GME ProgramsThe amount allocated for community health centers under the Patient Protection and Affordable Care Act is increased to $4,000,000,000 for fiscal year 2020 and $668,493,151 for the period beginning on October 1, 2020 and ending on November 30, 2020.The amount allocated for the National Health Service Corps is now $310,000,000 for fiscal year 2020 and $51,808,219 for the period beginning on October 1, 2020 and ending in November 30, 2020.The amount allocated for teaching health centers that operate graduate medical education programs now extends through fiscal year 2020 and $21,141,096 is allocated for the period beginning on October 1, 2020 and ending on November 30, 2020.Diabetes ProgramsThe amount allocated under the Public Health Service Act for Type I will extend through the fiscal year of 2020 and $25,068,493 will be allocated for the period beginning on October 1, 2020 and ending on November 30, 2020.The amount allocated under the Public Health Services Act for Indians will extend through the 2020 fiscal year and $25,068,493 will be allocated for the period beginning on October 1, 2020 and ending on November 30, 2020.xii. Subtitle F, Part I: Over-the-Counter DrugsAmends Chapter V of the Federal Food, Drug, and Cosmetic Act (FD&C Act) to insert a new section regulating certain nonprescription drugs that are marketed without an approved drug application under section 505 of the FD&C Act.  This new section primarily achieves two goals: (1) reforms the regulatory process for over-the-counter (OTC) drug approvals permitting the FDA more flexibility to make changes administratively, rather than through the time-consuming full notice and comment rulemaking process; and (2) incentivizes pharmaceutical companies to research and manufacture innovative drug products by providing an 18-month market-exclusivity period to reward investments for new OTC drugs.Amends Section 502 of the FD&C Act, to clarify that an OTC drug which does not comply with the requirements of its OTC monograph, which is essentially an approved recipe for a drug product, is considered misbranded.  The FD&C Act prohibits the introduction of misbranded drugs into interstate commerce.Clarifies that nothing in the CARES Act will apply to drugs previously excluded by the FDA from the Over-the-Counter Drug Review under the original 1972 Federal Register document.Clarifies that sponsors of sunscreen ingredients with pending orders have the option to see review in accordance with the Sunscreen Innovation Act (SIA) or to see review under the new monograph review process.  The election must be made within 180 calendar days of the date of enactment of the CARES Act. Provides an annual procedure to update Congress on the appropriate pediatric indication for certain OTC cough and cold drugs for children under the age of six.  The evaluation consists of conditions under which nonprescription drugs are generally recognized as safe and effective.Makes technical corrections to the FDA Reauthorization Act of 2017 (Public Law 115-52).xiii. Subtitle F, Part II: User FeesDeclares that the fees paid pursuant to this section will be dedicated to FDA review of over-the-counter monograph drugs as set forth in the goals section and in letters from the Secretary of HHS to certain congressional committees.Establishes a new FDA user fee to allow the agency to hire additional staff members to ensure there is adequate agency oversight to approve changes to OTC drugs.Title IV – Economic Stabilization and Assistance to Severely Distressed Sectors of the United States Economy      Foley Title IV Contact: Christopher SwiftTitle IV of the Coronavirus Aid, Relief, and Economic Securities Act provides the Secretary of the Treasury with the authority to make loans or loan guarantees to states, municipalities, and eligible businesses and loosens a variety of regulations created in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Economic Stabilization Act of 2008, and others.ii.Subtitle A – Coronavirus Stabilization Act of 2020Emergency Relief and Taxpayer ProtectionsThe Act authorizes the Treasury Secretary to make up to $500 billion worth of loans and loan guarantees to eligible businesses, states, and municipalities. The term “eligible business” includes passenger air carriers or any other business that has not already received adequate economic relief in the form of loans or loan guarantees under other provisions of the Act. The Act reserves $46 billion to support passenger air carriers, air cargo carriers, and businesses important to maintaining national security. The Act establishes a $454 billion credit facility for Federal Reserve programs designed to support lending to eligible businesses, states, and municipalities. This program contemplates various loans and loan guarantees for distressed businesses.Businesses that receive loans through these Federal Reserve programs are prohibited from paying dividends or repurchasing stock (or other outstanding equity interests) while the loan or loan guarantee is outstanding, as well as for the 12 months following repayment. These businesses are subject to the same employee compensation restrictions as listed for air carriers, air cargo carriers, and businesses deemed important to maintaining national security. Although the Treasury Secretary can waive these restrictions, he must identify and explain the rationale for such waivers in testimony before Congress.Businesses that receive loans or loan guarantees through these Federal Reserve programs can only make loans (or other advances) to business that are incorporated in the United States. Transfers to subsidiaries and affiliates incorporated outside the United States are prohibited.The Act directs the Treasury Secretary to establish a program to provide low-interest loans for eligible businesses (including nonprofit organizations) with between 500 and 10,000 employees. Although these loans will require no repayment for at least six months, businesses and non-profit organizations seeking this support must provide a good-faith certification that they meet the following criteria:The company intends to maintain at least 90 percent of their current workforce;The company will not pay dividends or repurchase stock (or other equity securities);The company will not outsource or offshore jobs during the loan period or two years thereafter;The company will not abrogate existing collective bargaining agreements with labor unions; and The company will remain neutral regarding current or future union organizing activity.Limitation on Certain Employee CompensationThe Act also imposes certain compensation caps for officers and employees at companies  receiving loans or loan guarantees.  Under these caps, officers or employees that received $425,000 or more in total compensation in 2019 will have their future compensation capped at the amount they received that year.  This cap applies while the loan or loan guarantee is in effect, as well as to the 12 consecutive months after the loan or loan guarantee is no longer outstanding. The same restriction also applies to severance payments or other compensation received upon termination from businesses participating on the loan and loan guarantee programs.Additional caps apply for officers and employees whose total compensation exceeded $3,000,000 in 2019.  Under the Act, these individuals may receive compensation up to $3,000,000 plus 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee in 2019. For example, an officer or employee whose total 2019 compensation was $3,000,010 would be restricted to total compensation of $3,000,005 in subsequent years. Like the lower cap discussed above, this restriction applies while the loan or loan guarantee is in effect, as well as to the 12 consecutive months after the loan or loan guarantee is no longer outstanding.Continuation of Certain Air ServicesThe Secretary of Transportation may require any air carrier receiving loans or loan guarantees under Section 4003 to maintain scheduled air transportation services as the Secretary deems necessary to maintain service to any destination the carrier served before March 1, 2020. The Secretary of Transportation is to consider the needs of “small and remote communities” and “health care and pharmaceutical supply chains” when enforcing this portion of the Act.Suspension of Certain Aviation Excise TaxesThe Act suspends the imposition of aviation excise taxes as otherwise required under the Internal Revenue Code through December 31, 2020.Debt Guarantee AuthorityIn order to backstop solvent depository institutions, it appears that the CARES ACT allows the FDIC to establish a program to insure these institutions without regard to a maximum amount.  All such guarantees are to last at least until December 31, 2020.Temporary Government in the Sunshine Act ReliefIn the event that unusual and exigent circumstances continue to exist, the Board of Governors of the Federal Reserve System may conduct meetings with less restrictive and formal meeting notification and record-keeping requirements until December 31, 2020.  Temporary Hiring FlexibilityWithout regard to certain statutory hiring requirements, the Secretary of Housing and Urban Development and the Securities Exchange Commission are given flexibility to recruit and appoint candidates for temporary and term appointments as necessary to prevent, prepare for, or respond to COVID-19 during the “covered period” of the CARES Act.Temporary Lending Limit WaiverEnlarges exception to requirement on the maximum amount of loans and extensions of credit by a national banking association to include a nonbank financial company (as defined in Section 102 of the Financial Stability Act of 2010) and allows the Comptroller o

Nancy Pelosi is the current Speaker of the U.S. House of Representatives and Leader of the House Democratic Caucus. The first and only woman to be nominated Speaker, she is the highest-ranking elected woman in U.S. history and one of the most powerful leaders in American politics. Born and raised in Baltimore to a political family, Pelosi was involved in Democrats politics from an early age. Her father served as a Democratic Congressman from Maryland for nearly a decade and became Mayor of Baltimore when Nancy was seven years old. Growing up, she helped her father at his campaign events and supported her mother’s efforts to organize Democratic women. Upon moving to San Francisco after she graduated college, Pelosi started working her way up in the Democratic Party. She was elected as a Democratic National Committee member from California in 1976 and was selected to head the California Democratic Party only five years later in 1981. Pelosi was first elected to Congress in 1987 in a special election, narrowly defeating San Francisco Supervisor Harry Britt. She won reelection in the regular election in 1988 and has since been reelected 16 times with no substantive opposition, winning an average of 80 percent of the vote each election. In 2003, after Democratic House Leader Dick Gephardt of Missouri’s resignation, Pelosi took over as Minority Leader and became the first woman to lead a major party in the House. Following the 2006 midterm election, in which Democrats took control of the House, she became the first woman, the first Californian, and the first Italian American to hold the speakership. In President Bush’s second term, Pelosi distinguished herself as a major opponent of the Iraq War as well as the President’s attempt to reform Social Security. She strongly opposed the 2007 troop surge, joining with Senate Majority Leader Harry Reid to write a letter to Bush in which they claimed, “there is no purely military solution in Iraq. There is only a political solution. Adding more combat troops will only endanger more Americans and stretch our military to the breaking point for no strategic gain.” Pelosi also helped successfully defeat Bush’s Social Security plan, imposing intense party discipline to coordinate near-unanimous Democratic votes of opposition to the proposal. When President Obama took office in 2008, Pelosi played an instrumental role in passing many landmark bills. She spearheaded the passage of the Affordable Care Act in 2010 despite widespread concern from other Democratic leaders that the bill could not pass, leading President Obama to call her “one of the best speakers the House of Representatives has ever had.” Additionally, she provided key leadership in passing the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Don't Ask, Don't Tell Repeal Act, and the American Recovery and Reinvestment Act and 2010 Tax Relief Act. In the Trump era, Pelosi has led Congressional opposition to the President’s agenda. She thwarted his attempt to build a wall on the U.S./Mexico border during the 2018-2018 shutdown and has aggressively sought to expand federal gun control laws. Additionally, she has led efforts to investigate Russia’s interference in the 2016 election and Trump’s role in the scandal. While controversial among Republicans and Democrats alike—Republicans for having passed key progressive legislation and Democrats for having worked to rein in the progressive wing of her party—Pelosi is widely recognized as one of the most important and effective Congressional leaders in modern American history. As written in a well-known 2010 Christian Science Monitor article, “make no mistake: Nancy Pelosi is the most powerful woman in American politics and the most powerful House Speaker since Sam Rayburn a half-century ago.”

Today's Flash Back Friday comes from Episode 243, originally published in February 2012. Jason Hartman interviews author, former Wall Street senior banker, and best-selling investigative journalist, William (Bill) D. Cohan on the events that led up to the current economic crisis. Bill explains the choices that the big firms, such as Goldman Sachs, JP Morgan, etc, made regarding what type of institution they were going to be, the path of these firms that led up to the current crisis, and how they used the bailout money gifted to them. He said it was one big party on Wall Street, during which brokers were to bring in revenue using a lot of whacky products, until everything came crashing down. Huge bonuses were paid out from the revenue collected from unsuspecting clients. Bill and Jason also discuss the Occupy Wall Street Movement. Bill expressed disappointment in the message of the movement, saying it isn't clear and they need to learn how Wall Street really works so that they can be more effective in bringing about reform. Wall Street has been influencing what goes on in Washington and paying lobbyists and donating to congressional coffers so that they can get the regulations, or lack thereof, that they want, i.e. the Dodd-Frank Wall Street Reform and Consumer Protection Act. Bill talks about how the expansion of Wall Street into Middle Class America was not an accident, using the example of Merrill Lynch being a public company. This ultimately led to broken trust between Wall Street and Main Street, as people have now shied away from risk taking. To solve the problems, Bill suggests changing the incentive system on Wall Street, in that it can no longer be okay to take huge risks with people's money or get paid big bonuses whether they lose money for the firms or not, as well as going back to having to use their partner's capital to operate. William D. Cohan offers audiences a unique, close-up perspective of the greatest financial crisis since the Great Depression. He combines deep knowledge of the investment banking world with the fine storytelling skills of an award-winning investigative journalist. Website: www.WilliamCohan.com

Today's Flash Back Friday comes from Episode 243, originally published in February 2012. Jason Hartman interviews author, former Wall Street senior banker, and best-selling investigative journalist, William (Bill) D. Cohan on the events that led up to the current economic crisis. Bill explains the choices that the big firms, such as Goldman Sachs, JP Morgan, etc, made regarding what type of institution they were going to be, the path of these firms that led up to the current crisis, and how they used the bailout money gifted to them. He said it was one big party on Wall Street, during which brokers were to bring in revenue using a lot of whacky products, until everything came crashing down. Huge bonuses were paid out from the revenue collected from unsuspecting clients. Bill and Jason also discuss the Occupy Wall Street Movement. Bill expressed disappointment in the message of the movement, saying it isn’t clear and they need to learn how Wall Street really works so that they can be more effective in bringing about reform. Wall Street has been influencing what goes on in Washington and paying lobbyists and donating to congressional coffers so that they can get the regulations, or lack thereof, that they want, i.e. the Dodd-Frank Wall Street Reform and Consumer Protection Act. Bill talks about how the expansion of Wall Street into Middle Class America was not an accident, using the example of Merrill Lynch being a public company.  To solve the problems, Bill suggests changing the incentive system on Wall Street, in that it can no longer be okay to take huge risks with people’s money or get paid big bonuses whether they lose money for the firms or not, as well as going back to having to use their partner’s capital to operate. Website: www.WilliamCohan.com

EP 026: Dealing with Dodd-Frank in Real Estate Investing   When does Dodd-Frank affect you? How can you ensure that you are protected in case you're taken to court? Should you use trusts and mortgage loan originators?   Dodd-Frank is a Federal Act that affects real estate investors like you and me. But do you need to be worried about it? And how can you ensure that you don't get caught up in its 2000 pages of rules and regulations? Instead of trying to pour over thousands of pages of an act, I decided to invite our friend Bill Walston back onto the show. Bill has a CPA, a graduate degree in tax law combined with 30 years of experience in property investment.   Bill shares the steps you need to take to ensure that you've done your part to protect your real estate business. He also outlines how to ensure the burden of proof doesn't fall on you, as an investor or lender, if you're ever taken to court under the Dodd-Frank Act.           In this episode, we cover the following about the Dodd-Frank Wall Street Reform and Consumer Protection Act   Why the law exists and what it is trying to do.   How to know if you fall under the Act.   What steps to take if you do fall under the Act.   When and why buyers can take you to court, and how to be well prepared for this.       For more information on taxes and entity structure for your real estate business you can get in touch with Bill via the options below:   Email: Bill@billwalston.com   Facebook: Send Bill a private message   Website: https://billwalston.com/about-bill/   Join us on Facebook at the “Subject To Real Estate Forum with William Tingle” for more insights & information on subject to deals!   Subscribe and leave a review on Apple Podcasts to let us know how you're enjoying this podcast!      

Welcome to Finance and Fury Today – Want to start looking at what would likely survive another financial correction or worse, collapse Been thinking a lot recently about the structure of the modern economy – This episode is probably more like a FF ep, but this topic will have a massive impact on each of our lives at some point – where to have your money in preparation for the next crash Heavy topic - so a few things need to be explained before diving into what to look for in what will occur in the next collapse. If you listen regularly, you might have noticed a lot of topics have revolved around monetary policy lately – rate cuts, effects, etc. – Been looking for an answer to what the best investment would be in the event of a financial collapse As the current financial system of uncollateralised debt will be the cause This doesn’t mean that the Next Financial collapse is imminent and that you should rush and sell everything – but it is important to still pay attention to certain signals – Are people buying more or less luxury items, are they going on more or fewer holidays, what products are being marketed, how much are companies reinvesting profits, or paying it out as a dividend, and how much people are saving? These paint a thematic trend of the ‘mood’ of the economy – the economy collapsing is a financial collapse An economy can exist without money – i.e. barter – but two issues in modern economy without money Limited in wealth – people don’t have much in the way of physical goods – chickens, sheep, etc Very ineffective – imagine your own life – income from job in the form of food, you pay rent in tvs, which you get from trading away cookies you make The economy is a number of things, all bundled into one concept though – The invention of currency did revolutionise though – But at the core, the economy is between two players You have consumers – which are a major driver of growth – Demand Nobody to sell to – no companies If people can’t afford what you sell – no companies If people don’t want what you have – no companies You have producers – Those that provide the supply Nobody to buy from – you starve or have a low quality of life The cycle of the economy  There is a flow between consumers and producers – exchange of money for good or service All agree that the more that is being exchanged and if the growth of how much is being produced, consumed is going up, the economy would also grow Most people think of companies are producers – but they are also consumers Consumers can also be producers – I consume, but also produce at the company end – I am a bad consumer personally, but the company makes up a massive difference, and flow on effects of what people you receive an income from the company go on to consume. In the extreme example – this would be a ‘free market’ - system in which the prices for goods and services are determined by the open market and by consumers Producers are free to make what they want, sell at what they want and at the quality that they want – but what they want is what the consumer wants – the customer is always right – remember – company goes out of business if you have nobody buying your goods because someone else does it better. Individuals would be free to then dictate to the producers what they want with their wallet. Currency/money and the modern financial system allowed the economy to boom – connected billions of suppliers/consumers What gets in the way? Laws, taxes and regulations –to protect us, or provide growth in the government (expand capacity or revenues) I used to think that if we got rid of taxes, regulations, etc, we would have a free market Forgot the fact that the very cost of money is controlled (interest rates) – along with the supply of money At the higher level – this probably has more impact on the economy running inefficiently – a massive build-up of debt of nations and slowing growth There is no true free market - That was a quick overview of the nature of an economy and concept of the free market – Why is it important to know this? Looking at How to prepare crash revolves around looking at the interaction between these elements Goes beyond just human behaviours now with Government and regulators – as the outcome is based around what is allowed and what can be done – There is no way to be able to exactly call when where how on a crash – almost like predicting the weather – condition changes Start – most crashes are behaviour triggered, but system created Allows people to do what the system allows So behaviours create it in the system of the economy A much better idea about what would happen after based around looking at the system – Government – what can they do? Crashes of the past – panic selling - Most of crashes is behaviours – Governments step in to try to stop panics – showing action – Why govs banned short selling in GFC – otherwise it becomes a race to the bottom Also why the ‘bailouts’ occurred – action by gov to stop panic of banks/insurers going out of business The Gov has to show action – otherwise people may panic more making it worse – While action in the short term can reduce the panic – can lead to a massive problem down the road The actions the Government can take have to be legal though – laws/regulations tells us exactly how governments will act – just have to pay attention – so what can Governments do now that they couldn’t pre-2005? What if it blocked us from selling shares, or withdrawing money? Or take our deposits, or bank notes to bail out the economy? Take the cash out of your bank and freeze you selling any investments? Along with telling investment manager, stock exchanges, super funds to not trade a thing? It sounds like an impossibility, right? But sadly, Govs of the world think it can remove individual behaviours through similar policies nothing really new after all – just a massive increase in scope that they are slowly working towards Where to invest if the Gov can freeze bank accounts, convert or write off money invested/deposited with them?   What do the laws say is up for grabs in the next crash? Brings us to what are called Bail in laws – looking at these shows what to avoid investing in going forward Story to tell here – Cyprus, USA, Brisbane 2014, EU and AUS/NZ today – as bail in laws have been a decade in the making - There are one of the 3 alternative actions which can be taken in respect of a distressed bank Bankruptcy and liquidation of the bank, Bail-out, Bail-in Let a company fail, or find capital to provide liquidity (i.e. cash to pay off their debt obligations – debt>value) Why are bail in/outs needed? Economy is reliant on companies to run – producers – Letting them go bankrupt can be bad for the economy (which we are a part off) but sometimes one company gets so big that if one goes, they all go – house of cards - the concept of ‘too big to fail’ We saw bail outs in 2008 – large banks and insurance companies given funds as part of a securities purchase program of MBS or other debt instruments/derivatives – i.e. Given face value on an asset that’s prices are cents on the dollar injected $700 billion into some of the biggest financial institutions in the country Bank of America Corp. Citigroup, AIG But the government doesn't have its own money, so it must use taxpayer funds in such cases But that is limited to access based around the ire of the population   Enter Bail in (like a bailout) Still provides relief to a financial institution on the brink of failure through a resolution scheme used in distressed situations – list of what to do A bail-in is the opposite of a bailout – funds don’t come from external parties (i.e. governments using taxpayers’ money) With a bank bail-in - money of unsecured creditors (depositors and bondholders, hybrid securities, etc.) is used to restructure a banks capital to remain solvent – i.e. use certain liabilities on their book and convert them into worthless assets, essentially turning what was a debt into nothing - restructure the books Imagine that someone loaned you money to start a business – but the business is now bankrupt, so you tell your friend that you will give them some shares in your business to repay the loan bail-in and a bailout are both designed to prevent the complete collapse of a failing bank. The difference lies primarily in who bears the financial burden of rescuing the bank. Bailouts help to keep creditors from losses while bail-ins mandate creditors take losses   Bail-ins are becoming popular Bail-in schemes are being more broadly considered across the globe as a first phase resolution to help mitigate the number of taxpayers’ funds used in supporting distressed entities – Timeline – going back USA - The financial crisis of 2008 ushered in the term "too big to fail," Good phrasing for regulators and politicians – gives a rationale for rescuing some of the country's largest financial institutions with taxpayer-funded bailouts Public wasn’t happy – Occupy wallstreet - Congress passed the Dodd-Frank Wall Street Reform and Consumer Act of January 2010 eliminated the option of bank bailouts but opened the door for bank bail-ins modelled after a cross-border framework and requirements set forth in Basel III International Reforms 2 for the banking system of the European Union creates statutory bail-ins - Fed, the FDIC and SEC (alphabet soups) authority over companies in receivership But expanded the net of what companies fall under this legislation – now they can control non-banking institutions systemically important bank (SIB) - is a bank whose failure might trigger a financial crisis, or systemically important financial institution (SIFI) - insurance company, or other financial institution Insurances – Allianz, AIG, AXA, MetLife (few) Cyprus 2013 - uninsured depositors (defined in the EU as people with deposits larger than 100,000 euros) in the Bank of Cyprus lost a substantial portion of their deposits depositors received bank stock – but the value of the shares was at a fraction of the cashes Brisbane 2014 - Financial Stability Board (2009) and the International Organization of Securities Commissions mandate from the G20 and the Financial Stability board and the implementation of bail in regulations EU - In 2018 - incorporating bail-ins into its resolution framework the banking systems in EU distressed - low or negative interest rates, more bank bail-ins are a strong possibility. Today - Deposit Bail-In -overt example now in New Zealand under the Open Banking Resolution Australia – passed a mini version of this at start of 2018 - Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 Treasury and politicians say there is no intent to bail-in deposits to rescue a failing bank Can’t comment on their intent – but had a fun weekend diving into this legislation – true that doesn’t say they can But doesn’t say they can’t either –in conjunction with other legislation though – Banks T&C - not impossible Actually – relatively easy – banks just need to reclassify deposits, can do without your consent What is definitely in there at this stage? - certain instruments and unsecured debts (deposits are this to a bank) to convert into shares – cover this and more in another ep Cover Types of assets to watch out for further – at some point in time – economy will take another tumble – who knows what bit of white noise will eventually trigger it But what types to avoid investing in is a start to protect your financial security – Run through this in another ep Thanks for listening! Sorry it was a heavy topic – thought I would share it though as there hasn’t been much discussion on this topic – why? Cover this in this Friday’s ep – and the investments next week.   If you want to get in contact you can do so here

Richard Cordray, was the first Director of the Consumer Financial Protection Bureau, which was formed in the wake of the Great Recession as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In his five years leading the CFPB, Cordray was tasked with making sure consumers were no longer harmed by the actions of banks, lenders, and other financial institutions. In 2017, Cordray returned to his home state of Ohio where he had previously served as State Treasurer and Attorney General, to run for governor. Mr. Cordray was the Wharton PPI 2019 Public Policy Visiting Fellow and joined Dan Loney in the studio for a special interview. See acast.com/privacy for privacy and opt-out information.

Guest real estate and construction attorney Marc Supcoff shares the basics of how to effectively finance your home purchase. We go over the different types of financing, HUD-1, PMI and the effect of the Dodd-Frank Wall Street Reform. Host: Anna Zahova Email: anna.zahova@myproperty.nyc Website: www.myproperty.nyc Instagram: instagram.com/annazahova Guest: Marc Supcoff, Esq. Website: https://www.designandbuildlaw.com Email: info@designandbuildlaw.com

In the first of a two part interview, I speak with Stacia Weishaar of HomeStreet Bank about what she and her team do to create delightful refuge for their clients in the lending process. Stacia and I discuss the meltdown of the home mortgage market in 2008-2009, why it happened, and why it’s unlikely to happen with today’s new lending practices. Stacia and I also explore the ins and outs of what a home loan really is and how it works. We discuss the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was a result of the crash. Last, we discuss what’s new in home lending in 2018, including a Fannie Mae raise in the loan limits for conventional loans: from $592,250 to $667,000. You can reach Stacia at: Stacia Weishaar ‭(206) 849-0357‬ stacia.weishaar@homestreet.com

On February 21, 2018, the Supreme Court decided Digital Realty Trust v. Somers. Among other things, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) endeavors to protect “whistleblowers,” who are defined as persons who provide “information relating to a violation of the securities to the [U.S. Securities and Exchange] Commission.” Employers are liable for discharging, harassing, or otherwise discriminating against a whistleblower “because of any lawful act done by the whistleblower” with respect to (1) “providing information to the Commission in accordance with [securities laws],” (2) “initiating, testifying in, or assisting in any investigation or … action of the Commission based upon” information provided to the Commission in accordance with securities laws, or (3) “making disclosures that are required or protected under” various statutes and regulations.In 2014, then-Vice President of Digital Realty Trust, Inc. Paul Somers reported to his senior management that he suspected securities-law violations by the company. He was subsequently terminated. Prior to his termination, Somers had expressed his concerns internally only and not to the Securities and Exchange Commission. He sued Digital Realty Trust in federal district court, alleging unlawful whistleblower retaliation under Dodd-Frank. Digital Realty moved to dismiss the case, arguing that Somers did not qualify as a whistleblower because he had not reported his suspicions to the Commission. The district court rejected that argument and a divided panel of the U.S. Court of Appeals for the Ninth Circuit affirmed, concluding that whistleblower protection can extend to persons who have not actually reported suspected violations to the Commission. This decision aggravated a split in the federal circuit courts of appeals on the issue, and the Supreme Court granted certiorari to resolve the conflict.By a vote of 9-0 the Supreme Court reversed the judgment of the Ninth Circuit and remanded the case. In an opinion delivered by Justice Ginsburg, the Court held that Dodd-Frank’s anti-retaliation whistleblower protection does not extend to an individual who has not reported a violation of securities laws to the Securities and Exchange Commission. Justice Ginsburg’s majority opinion was joined by the Chief Justice and Justices Kennedy, Breyer, Sotomayor, and Kagan. Justice Sotomayor filed a concurring opinion, which was joined by Justice Breyer. Justice Thomas filed an opinion concurring in part and concurring in the judgment, which was joined by Justices Alito and Gorsuch. To discuss the case, we have Todd Braunstein, Global Head of Legal Investigations at Willis Towers Watson.

On February 21, 2018, the Supreme Court decided Digital Realty Trust v. Somers. Among other things, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) endeavors to protect “whistleblowers,” who are defined as persons who provide “information relating to a violation of the securities to the [U.S. Securities and Exchange] Commission.” Employers are liable for discharging, harassing, or otherwise discriminating against a whistleblower “because of any lawful act done by the whistleblower” with respect to (1) “providing information to the Commission in accordance with [securities laws],” (2) “initiating, testifying in, or assisting in any investigation or … action of the Commission based upon” information provided to the Commission in accordance with securities laws, or (3) “making disclosures that are required or protected under” various statutes and regulations.In 2014, then-Vice President of Digital Realty Trust, Inc. Paul Somers reported to his senior management that he suspected securities-law violations by the company. He was subsequently terminated. Prior to his termination, Somers had expressed his concerns internally only and not to the Securities and Exchange Commission. He sued Digital Realty Trust in federal district court, alleging unlawful whistleblower retaliation under Dodd-Frank. Digital Realty moved to dismiss the case, arguing that Somers did not qualify as a whistleblower because he had not reported his suspicions to the Commission. The district court rejected that argument and a divided panel of the U.S. Court of Appeals for the Ninth Circuit affirmed, concluding that whistleblower protection can extend to persons who have not actually reported suspected violations to the Commission. This decision aggravated a split in the federal circuit courts of appeals on the issue, and the Supreme Court granted certiorari to resolve the conflict.By a vote of 9-0 the Supreme Court reversed the judgment of the Ninth Circuit and remanded the case. In an opinion delivered by Justice Ginsburg, the Court held that Dodd-Frank’s anti-retaliation whistleblower protection does not extend to an individual who has not reported a violation of securities laws to the Securities and Exchange Commission. Justice Ginsburg’s majority opinion was joined by the Chief Justice and Justices Kennedy, Breyer, Sotomayor, and Kagan. Justice Sotomayor filed a concurring opinion, which was joined by Justice Breyer. Justice Thomas filed an opinion concurring in part and concurring in the judgment, which was joined by Justices Alito and Gorsuch. To discuss the case, we have Todd Braunstein, Global Head of Legal Investigations at Willis Towers Watson.

On today's episode of Loud & Clear, Brian Becker and John Kiriakou are joined by Dr. Alice Bonner, a docent at the newly opened National Museum of African American History and Culture and retired professor at the Philip Merrill College of Journalism at the University of Maryland, who wrote her dissertation on the Kerner Report, and Dr. Jared Ball a professor of communication studies at Morgan State University and the author of “I MiX What I Like: A MiXtape Manifesto” and you can find his writings at www.IMixWhatILike.org. Today marks the 50th anniversary of the release of the Kerner Commission report, a stunning acknowledgement of the oppression that the black community had been through and the causes of the rebellions in the recent years. President Lyndon Johnson established the commission, headed up by Illinois Governor Otto Kerner. The hosts talk about the Kerner Commission’s legacy and whether the horrific conditions and causes of the ‘60s rebellions have yet been addressed.“Criminal Injustice” continues today, about the most egregious conduct of our courts and prosecutors and how justice is denied to so many people in this country. Kevin Gosztola, a writer for Shadowproof.com and co-host of the podcast Unauthorized Disclosure, and Paul Wright, the founder and Executive Director of the Human Rights Defense Center and editor of Prison Legal News (PLN), join the show. At a meeting with U.S. industry officials at the White House, Trump vowed to rebuild American steel and aluminum industries, saying they had been treated unfairly by other countries for decades. Brian and John speak with Steve Keen, the author of “Debunking Economics” and the world’s first crowdfunded economist, whose work is at patreon.com/ProfSteveKeen. Wall Street bankers are pushing for a significant loosening of the Volcker Rule, a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act that restricts certain kinds of speculative investments that do not benefit customers. Brad Birkenfeld, a whistleblower who exposed billions of dollars of financial fraud committed by banking giant UBS and the author of “Lucifer’s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy,” with writings at lucifersbanker.com, joins the show. President Trump told a group of senators yesterday that he favored stronger background checks for gun purchasers and was open to the idea of raising to 21 the age necessary to buy a gun. The National Rifle Association, in the meantime, was lobbying hard on Capitol Hill to either kill or water down any new firearm legislation. Dr. Wilmer Leon, a political scientist, author, and host of a nationally broadcast talk radio show on Sirius/XM channel 126, and Robert Koehler, an award-winning journalist, nationally syndicated writer, and the author of the book “Courage Grows Strong at the Wound,” join Brian and John. Russian President Vladimir Putin today laid out his key policies ahead of a presidential election that he is expected to win in 17 days. He also made the bombshell announcement that Russia has developed a cruise missile that can reach anywhere in the world, can carry a nuclear warhead, and is impossible to shoot down. Alexander Mercouris, the editor in chief of The Duran, joins the show.White House Communications Director Hope Hicks resigned yesterday hours after testifying on Capitol Hill in the Russia investigation. Hicks is only one of more than two dozen senior White House officials who have resigned in the past year. Meanwhile, Attorney General Sessions responded tersely to President Trump’s angry tweet about his handling of the investigation and to Trump’s comparison of Sessions to the cartoon character Mr. Magoo.

While working for Digital Reality Trust, Paul Somers filed reports to senior management concerned about possible violations of securities fraud. Somers was subsequently fired from his position and sued under the anti-retaliation clause for whistleblowers of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The company said that because Somers was not reporting to the Securities and Exchange Commission, Somers was not protected by Dodd-Frank. The district court rejected this argument, citing a decision by the Second Circuit, which said that the protections extended to internal reporting as well. The Ninth Circuit affirmed the district court’s decision. However, the Fifth Circuit in the past has read Dodd-Frank more narrowly and stated that the protections only apply when the reporting was done to the SEC. The Supreme Court will decide whether the definition of whistleblower in the act is restricted to those who file with the SEC and therefore if Somers was entitled to anti-retaliation protection. Featuring: Todd Braunstein, Global Head of Legal Investigations, Willis Towers Watson Teleforum calls are open to all dues paying members of the Federalist Society. To become a member, sign up here. As a member, you should receive email announcements of upcoming Teleforum calls which contain the conference call phone number. If you are not receiving those email announcements, please contact us at 202-822-8138.

While working for Digital Reality Trust, Paul Somers filed reports to senior management concerned about possible violations of securities fraud. Somers was subsequently fired from his position and sued under the anti-retaliation clause for whistleblowers of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The company said that because Somers was not reporting to the Securities and Exchange Commission, Somers was not protected by Dodd-Frank. The district court rejected this argument, citing a decision by the Second Circuit, which said that the protections extended to internal reporting as well. The Ninth Circuit affirmed the district court’s decision. However, the Fifth Circuit in the past has read Dodd-Frank more narrowly and stated that the protections only apply when the reporting was done to the SEC. The Supreme Court will decide whether the definition of whistleblower in the act is restricted to those who file with the SEC and therefore if Somers was entitled to anti-retaliation protection. Featuring: Todd Braunstein, Global Head of Legal Investigations, Willis Towers Watson Teleforum calls are open to all dues paying members of the Federalist Society. To become a member, sign up here. As a member, you should receive email announcements of upcoming Teleforum calls which contain the conference call phone number. If you are not receiving those email announcements, please contact us at 202-822-8138.

Argued 11/28/2017. Description from Oyez.org: "A case in which the Court will resolve a circuit split as to whether the anti-retaliation provision for "whistleblowers" in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 applies only to individuals who fall within the act’s specific definition of "whistleblower," that is, those who disclose allegedly unlawful activity to the Securities and Exchange Commission."

JPMorgan Chase has been accused of creating a “racketeering enterprise” whose purpose was to evade legal duties owed to investors and borrowers and to appropriately service federally regulated mortgage loans. JPMorgan Chase failed to provide documentations to investors that purchased loans from them (likely because all documentation was intentionally destroyed). The loans are void and uncollectable without the proper documentation.  JPMorgan Chase also uses entities like Nationwide Title Clearing to create false title and paperwork necessary to foreclose (notes, assignments, reconveyances). This blockbuster lawsuit illuminates the fact that JPMorgan Chase was selling thousands of loans it didn't own including loans it had previously sold to other MBS trusts!  Chase likely transferred these defective “loans” in order to avoid non-reimbursable advances and expenses. JPMorgan Chase failed to service loans in a manner consistent with its legal obligations under: RESPA, TILA, FTC violations, the FDCPA, The Dodd Frank Wall Street Reform act, the Equal Credit Opportunity Act, the Fair Housing Act; and other applicable state and federal usury, consumer credit protection and privacy, predatory and abusive lending laws.  It is likely that this is not an isolated incident, but JPMorgan Chase's standard operating procedure. It is alleged that JPMC failed to comply with the costly and time consuming legal obligations it faced under the Acts, and instead warehoused loans in a database of charged-off loans known as RCV1 and intentionally and recklessly sold these liabilities to unaware buyers such as the Plaintiffs. For a copy of the lawsuit and additional information please go to LivingLies.

Mr. Rice discussion; are we asking the right questions, we should ask for full disclosure from our Nominees, ucc-11, how is the IRS getting funds out of our accounts,Dodd–Frank Wall Street Reform and Consumer Protection Act.

It's been about a year since the Securities and Exchange Commission began imposing its rule on the disclosure of conflict materials from the Democratic Republic of Congo in manufactured products. Are companies up to speed? Mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the rule applies to tin, tantalum, tungsten and gold sourced from mines in the DRC that are controlled by armed gangs. Companies are now required to reveal the presence of those commodities in their products, despite the difficulties of making that assessment in complex, multi-tier supply chains. On this episode, we speak with Paul Noel, senior vice president of procurement solutions with Ivalua, a vendor of software for procurement and spend management, about how far global businesses have come in complying with the rule. Noel also provides advice on what they must do to fall into line. While the rule lacks teeth – there are no monetary penalties for non-compliance – it nevertheless poses a substantial challenge to global supply chains. And it could get tougher in years to come. Consider it ''fair warning,'' says Noel.

First elected to Congress in 1980, Barney Frank represented Massachusetts’s 4th District for 32 years. He is known as a superb legislator and a pragmatic politician whose sharp intellect and sense of humor made him one of Washington’s most influential and colorful figures. While in Congress, Frank worked to adjust America’s spending priorities to reduce the deficit, provide less funding for the military and more for domestic programs. He argues here that the US could safely trim its military budget if American allies took more responsibility for their own defense. As chair of the House Financial Services Committee, Frank was a key author of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. In 1987, Frank became the first member of Congress to voluntarily come out as openly gay, and in 2012 he married his longtime partner, becoming the nation’s first congressman in a same-sex marriage while in office. Series: "Richard and Rhoda Goldman School of Public Policy at UC Berkeley" [Public Affairs] [Show ID: 29451]

First elected to Congress in 1980, Barney Frank represented Massachusetts’s 4th District for 32 years. He is known as a superb legislator and a pragmatic politician whose sharp intellect and sense of humor made him one of Washington’s most influential and colorful figures. While in Congress, Frank worked to adjust America’s spending priorities to reduce the deficit, provide less funding for the military and more for domestic programs. He argues here that the US could safely trim its military budget if American allies took more responsibility for their own defense. As chair of the House Financial Services Committee, Frank was a key author of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. In 1987, Frank became the first member of Congress to voluntarily come out as openly gay, and in 2012 he married his longtime partner, becoming the nation’s first congressman in a same-sex marriage while in office. Series: "Richard and Rhoda Goldman School of Public Policy at UC Berkeley" [Public Affairs] [Show ID: 29451]

First elected to Congress in 1980, Barney Frank represented Massachusetts’s 4th District for 32 years. He is known as a superb legislator and a pragmatic politician whose sharp intellect and sense of humor made him one of Washington’s most influential and colorful figures. While in Congress, Frank worked to adjust America’s spending priorities to reduce the deficit, provide less funding for the military and more for domestic programs. He argues here that the US could safely trim its military budget if American allies took more responsibility for their own defense. As chair of the House Financial Services Committee, Frank was a key author of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. In 1987, Frank became the first member of Congress to voluntarily come out as openly gay, and in 2012 he married his longtime partner, becoming the nation’s first congressman in a same-sex marriage while in office. Series: "Richard and Rhoda Goldman School of Public Policy at UC Berkeley" [Public Affairs] [Show ID: 29451]

First elected to Congress in 1980, Barney Frank represented Massachusetts’s 4th District for 32 years. He is known as a superb legislator and a pragmatic politician whose sharp intellect and sense of humor made him one of Washington’s most influential and colorful figures. While in Congress, Frank worked to adjust America’s spending priorities to reduce the deficit, provide less funding for the military and more for domestic programs. He argues here that the US could safely trim its military budget if American allies took more responsibility for their own defense. As chair of the House Financial Services Committee, Frank was a key author of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. In 1987, Frank became the first member of Congress to voluntarily come out as openly gay, and in 2012 he married his longtime partner, becoming the nation’s first congressman in a same-sex marriage while in office. Series: "Richard and Rhoda Goldman School of Public Policy at UC Berkeley" [Public Affairs] [Show ID: 29451]

By now, all manufacturers are fully up to speed on the Securities Exchange Commission's new rule about disclosing the presence of conflict minerals in their products … aren't they? Not exactly. A lot of companies have yet to determine their use of tin, tantalum, tungsten and gold from gang-controlled mines in the Democratic Republic of the Congo and neighboring regions. The complexity of global supply chains makes that a vexing challenge. Still, manufacturers are on their way to compliance. Our guest on this episode is Ryan Lynch, business development manager for the Information Insights division of Underwriters Laboratories (UL). He provides a report card on efforts to ferret out conflict-minerals content, while identifying the obstacles that stand in the way. He also offers a solution for companies that have yet to come up to speed, and speculates about how the SEC requirement, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, might be expanded in future to cover additional countries and raw materials.

The Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into law by earlier this year and is the most sweeping change to financial regulation in the United States since the Great Depression. So what, if anything, does it all mean to us? USLAW Member Jonathan Wegner is an attorney with the firm Baird Holm in Omaha Nebraska – he specializes in banking law and financial & securities law matters and stops by to help sort things out.  CLICK TO LISTEN

Jason Hartman interviews author, former Wall Street senior banker, and best-selling investigative journalist, William (Bill) D. Cohan on the events that led up to the current economic crisis. Bill explains the choices that the big firms, such as Goldman Sachs, JP Morgan, etc, made regarding what type of institution they were going to be, the path of these firms that led up to the current crisis, and how they used the bailout money gifted to them. He said it was one big party on Wall Street, during which brokers were to bring in revenue using a lot of whacky products, until everything came crashing down. Huge bonuses were paid out from the revenue collected from unsuspecting clients. For more details, listen at:  www.JasonHartman.com. Bill and Jason also discuss the Occupy Wall Street Movement. Bill expressed disappointment in the message of the movement, saying it isn't clear and they need to learn how Wall Street really works so that they can be more effective in bringing about reform. Wall Street has been influencing what goes on in Washington and paying lobbyists and donating to congressional coffers so that they can get the regulations, or lack thereof, that they want, i.e. the Dodd-Frank Wall Street Reform and Consumer Protection Act. Bill talks about how the expansion of Wall Street into Middle Class America was not an accident, using the example of Merrill Lynch being a public company. This ultimately led to broken trust between Wall Street and Main Street, as people have now shied away from risk taking. To solve the problems, Bill suggests changing the incentive system on Wall Street, in that it can no longer be okay to take huge risks with people's money or get paid big bonuses whether they lose money for the firms or not, as well as going back to having to use their partner's capital to operate. William D. Cohan offers audiences a unique, close-up perspective of the greatest financial crisis since the Great Depression. He combines deep knowledge of the investment banking world with the fine storytelling skills of an award-winning investigative journalist. Bill's new book is titled Money and Power: How Goldman Sachs Came To Rule The World, a revelatory history of Goldman Sachs. His previous book, House of Cards: A Tale of Hubris and Wretched Excess on Wall Street, lays out in gory detail how the financial crisis began with the collapses of Bear Stearns and Lehman Brothers. The Last Tycoons: The Secret History of Lazard Frères & Co. won the 2007 Financial Times/Goldman Sachs Business Book of the Year Award for its candid revelations about how Wall Street works. He should know; he spent six years at the firm. Bill Cohan has a long-time insider's in-depth knowledge of investment banking—he was a Wall Street banker for 17 years. In addition to his years as Associate and then Vice President at Lazard Frères, he was a Director in the Mergers & Acquisitions Group at Merrill Lynch and a Managing Director at JPMorgan Chase. He left JPMorgan to write The Last Tycoons, which appeared on the bestseller lists of The New York Times, The Wall Street Journal and USA Today. It edged out Alan Greenspan's Age of Turbulence to win the FT/Goldman Sachs award. Bloomberg.com and The Evening Standard named it Book of the Year. William D. Cohan writes regularly for The New York Times, Vanity Fair, Fortune, The Daily Beast, ArtNews, and The Financial Times. His columns have also appeared in The Washington Post. He is a contributing editor for Bloomberg TV and is a contributor to Bloomberg View. His series of articles on the controversy of the ‘recently discovered' Degas plaster casts in ARTNews won the Silurians 2011 Excellence in Journalism Award. Be sure to check out our prior shows with Richard Kiyosaki, G. Edward Griffin, Peter Schiff, Doug Casey, Chris Mayer, T. Harv Ecker, Denis Waitley, John Stapleford, Addison Wiggin, Thomas E. Woods, and many more.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was intended to “promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.” The law is extraordinarily complex, requiring almost a dozen federal agencies to complete 398 rulemaking requirements, plus about 145 studies that will affect rulemaking. With the rulemaking process underway, there are growing concerns about the Act’s constitutionality. In particular, the Act has implications for the separation of powers, the role of congressional oversight, vagueness and unfettered regulator discretion, and due process. Does Dodd-Frank provide effective oversight by any branch of government, and how can constitutional concerns about the law’s grants of regulatory power be resolved? See acast.com/privacy for privacy and opt-out information.

Jason Hartman interviews author, former Wall Street senior banker, and best-selling investigative journalist, William (Bill) D. Cohan on the events that led up to the current economic crisis. Bill explains the choices that the big firms, such as Goldman Sachs, JP Morgan, etc, made regarding what type of institution they were going to be, the path of these firms that led up to the current crisis, and how they used the bailout money gifted to them. He said it was one big party on Wall Street, during which brokers were to bring in revenue using a lot of whacky products, until everything came crashing down. Huge bonuses were paid out from the revenue collected from unsuspecting clients.Bill and Jason also discuss the Occupy Wall Street Movement. Bill expressed disappointment in the message of the movement, saying it isn't clear and they need to learn how Wall Street really works so that they can be more effective in bringing about reform. Wall Street has been influencing what goes on in Washington and paying lobbyists and donating to congressional coffers so that they can get the regulations, or lack thereof, that they want, i.e. the Dodd-Frank Wall Street Reform and Consumer Protection Act. Bill talks about how the expansion of Wall Street into Middle Class America was not an accident, using the example of Merrill Lynch being a public company. This ultimately led to broken trust between Wall Street and Main Street, as people have now shied away from risk taking.To solve the problems, Bill suggests changing the incentive system on Wall Street, in that it can no longer be okay to take huge risks with people's money or get paid big bonuses whether they lose money for the firms or not, as well as going back to having to use their partner's capital to operate. William D. Cohan offers audiences a unique, close-up perspective of the greatest financial crisis since the Great Depression. He combines deep knowledge of the investment banking world with the fine storytelling skills of an award-winning investigative journalist. Bill's new book is titled Money and Power: How Goldman Sachs Came To Rule The World, a revelatory history of Goldman Sachs. His previous book, House of Cards: A Tale of Hubris and Wretched Excess on Wall Street, lays out in gory detail how the financial crisis began with the collapses of Bear Stearns and Lehman Brothers. The Last Tycoons: The Secret History of Lazard Frères & Co. won the 2007 Financial Times/Goldman Sachs Business Book of the Year Award for its candid revelations about how Wall Street works.

The recent economic recession and the home mortgage foreclosure crisis have prompted renewed interest in consumer financial protection. The 2011 Public Service Conference will focus attention on consumer financial regulatory change, with a particular emphasis on the Dodd-Frank Wall Street Reform and Consumer Protection Act. Will new laws, regulations, and agencies effectively diminish the impact of predatory lending on vulnerable populations? What efforts are needed to ensure fair access to credit while preventing the abuses of the past? How will community education, economic development, and private enforcement play a role in the new consumer protection initiatives?

According to Wharton experts the Dodd-Frank Wall Street Reform and Consumer Protection Act is a good start toward future financial stability but they warn that significant concerns remain unaddressed and stress that the details of implementation must be handled carefully to avoid creating new problems. ”I don't think there's a full appreciation of the major transformation of the financial structure that is upon us ” one faculty member says. See acast.com/privacy for privacy and opt-out information.

In this edition of the BU Law podcast, host and media veteran, Dan Rea of WBZ-Radio 1030 welcomes Cornelius K. Hurley, Professor of the Practice of Banking Law at Boston University School of Law and Director of the Morin Center for Banking and Financial Law, to explore financial reform. Dan and Professor Hurley look at the Dodd-Frank Wall Street Reform and Consumer Protection Act, the "too big to fail" concept, the creation and function of the Consumer Financial Protection Bureau and the future of our economy.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, otherwise known as Financial Regulatory Reform, will impact your life and personal finances in the coming months and years. We'll help you understand the basics of how it affects everything from credit cards to mortgage with our guests: Kevin Zywna, a Certified Financial Planner with Bunting Capital Managerment and Joan Goldwasser, a financial writer with Kiplinger Personal Finance.