Results for

National Infrastructure Investment Corporation Act of 2019 This bill establishes the National Infrastructure Investment Corporation to finance infrastructure projects that are beyond the financing capabilities of states and cities, including to (1) prioritize projects in a fair and efficient manner, and (2) minimize financial costs to the federal government.

Corporate Management Accountability Act of 2019 This bill directs the Securities and Exchange Commission to promulgate final rules requiring certain issuers of securities to disclose whether the issuer has established procedures to recoup from compensation paid to its executive officers fines and penalties for illegal behavior. If the issuer has not established such procedures, it must explain why such procedures are not necessary for the benefit of its shareholders.

Corporate Management Accountability Act of 2019 This bill directs the Securities and Exchange Commission to promulgate final rules requiring certain issuers of securities to disclose whether the issuer has established procedures to recoup from compensation paid to its executive officers fines and penalties for illegal behavior. If the issuer has not established such procedures, it must explain why such procedures are not necessary for the benefit of its shareholders.

Stop Corporate Inversions Act of 2019 This bill amends the Internal Revenue Code to revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.

This bill generally addresses the disclosure of corporate ownership and the prevention of money laundering and the financing of terrorism. DIVISION A--CORPORATE TRANSPARENCY ACT OF 2019 Corporate Transparency Act of 2019 This division requires certain new and existing small corporations and limited liability companies to disclose information about their beneficial owners. A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company. Specifically, if certain entities apply to form a corporation or limited liability company, they must file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Furthermore, certain existing corporations and limited liability companies must file this information with FinCEN two years after the implementation of final regulations required under this division. The division imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information. The Government Accountability Office must study and report on (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this division. DIVISION B--COUNTER ACT OF 2019 Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019 This division generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws. Among other things, the division * establishes new offices within financial regulatory agencies related to privacy and civil liberties; * creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws; * allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and * revises whistleblower incentives related to actions brought by FinCEN. The division also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions. Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.

This bill requires a major corporation that receives federal aid related to COVID-19 (i.e., coronavirus disease 2019) to make an annual grant of equity to its employees until all such federal aid is repaid. A major corporation is a corporation that, among other things, has its securities traded on a national securities exchange, has to register its securities with the Securities and Exchange Commission, and has an aggregate market value of $75 million. The number of shares of stock such a corporation must grant to its employees shall be determined according to a specified formula. Such grant (1) shall be a grant of whole shares of stock; (2) may not be conditioned on the purchase of company stock or any employee performance evaluations; and (3) shall be equal, in terms of voting and dividend rights, to the class of securities otherwise issued by the corporation that carries the highest such rights.

Partnering and Leveraging Assistance to Stop Trash for International Cleaner Seas Act or the PLASTICS Act This bill authorizes the Department of State and the U.S. Agency for International Development (USAID) to prioritize and advance global efforts to prevent and reduce marine debris and plastic waste. The State Department and the USAID are authorized to work with private-sector and nongovernmental entities to complement such efforts. The bill also authorizes the U.S. International Development Finance Corporation to establish an initiative to pursue investment opportunities to address plastic waste pollution and support improved waste management systems in developing countries.

Broadband Infrastructure Finance and Innovation Act of 2019 This bill requires the National Telecommunications and Information Administration to make financing available for the construction and deployment of broadband infrastructure through a broadband infrastructure finance and innovation program. Specifically, the bill provides a means for communities and public-private partnerships to apply for low-interest secured loans, lines of credit, or loan guarantees to finance broadband infrastructure investments.

Broadband Infrastructure Finance and Innovation Act of 2019 This bill requires the National Telecommunications and Information Administration to make financing available for the construction and deployment of broadband infrastructure through a broadband infrastructure finance and innovation program. Specifically, the bill provides a means for communities and public-private partnerships to apply for low-interest secured loans, lines of credit, or loan guarantees to finance broadband infrastructure investments.

S Corporation Modernization Act of 2020 This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to * allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes; * eliminate a provision terminating the S corporation status of corporations with excessive passive income in three consecutive years; * allow any S corporation to have individual retirement accounts as shareholders; and * allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction.

Corporate Executive Accountability Act This bill makes it unlawful for an executive officer of a corporation that generates more than $1 billion in annual revenue to negligently permit or fail to prevent violations of federal or state law. Specifically, such an executive officer is criminally liable for actions in which the corporation was (1) convicted or entered into a deferred or non-prosecution agreement for any crime; (2) found liable or entered into a settlement with a state or federal agency for the violation of any civil law if such a violation affects the health, safety, finances, or personal data of a certain population; or (3) convicted or found liable for a different criminal or civil violation that was committed while the corporation was acting under a judgment, agreement, or settlement. Additionally, the bill establishes penalties for violations. For a first offense, a violator is subject to a fine, a prison term of up to one year, or both. For a second or subsequent offense, a violator is subject to a fine, a prison term of up to three years, or both.

S Corporation Modernization Act of 2019 This bill modifies the tax treatment of  S corporations (pass thru entities) to * increase from 25% to 60% of S corporation gross receipts the threshold for taxing S corporations with passive investment income; * eliminate a provision terminating the status of  S corporations with excessive passive investment income for three consecutive years; * permit S corporations to have individual retirement accounts as shareholders; * allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction; and * permit the Internal Revenue Service to treat a late revocation of  S corporation status as timely if it finds there was reasonable cause for failure to make a timely revocation.

Forest Management for Rural Stability Act This bill establishes the Natural Resources Permanent Fund to provide payments to certain counties containing federal land. The bill also provides appropriations for the fund, requires certain annual receipts generated from public lands to be deposited into the fund, and grants a federal charter to the Forest and Refuge County Foundation to manage the fund.

United States Export Finance Agency Act of 2019 This bill reauthorizes the U.S. Export-Import Bank through FY2029 and otherwise modifies its operations. Specifically, the bill redesignates the bank as the United States Export Finance Agency and increases its lending cap over the period of its reauthorization. In the event of a quorum lapse, the bill provides for the establishment of a temporary board to act in the stead of the Board of Directors. The bill also prohibits the agency from providing financing for certain specified entities and persons involved in sanctionable activities. Additionally, the agency must establish (1) the Office of Minority and Women Inclusion to increase the participation of such groups in the agency's programs and contracts; (2) the Office of Territorial Exporting to promote the export of goods and services from U.S. territories; and (3) the Office of Financing for Renewable Energy, Energy Efficiency and Energy Storage Exports to promote exports used in the production of renewable energy resources and energy efficiency technologies. Further, the agency is authorized to (1) deem as met certain prerequisite considerations to providing competitive export financing in the case of exports likely to be supported by official financing from China; and (2) establish a program under which it may enter into arrangements (i.e., reinsurance pools) to share risks associated with the extension of credit.

United States Export Finance Agency Act of 2019 This bill reauthorizes the U.S. Export-Import Bank through FY2026 and otherwise modifies its operations. Specifically, the bill redesignates the U.S. Export-Import Bank as the United States Export Finance Agency and increases the agency's lending cap over the period of its reauthorization. The bill also requires that at least an additional 5% of its total annual transactions are in support of small businesses. Additionally, the bill requires the agency to neutralize Chinese export subsidies by establishing a program to provide competitive financing. The bill also restricts access to agency financing for entities that are owned or controlled by China. Further, the bill establishes (1) the Office of Minority and Women Inclusion; (2) the Office of Territorial Exporting; and (3) the Office of Financing for Renewable Energy, Energy Efficiency and Energy Storage Exports. In the event that there is no board quorum for more than 90 days, the bill provides for the establishment of a temporary board. It also requires the agency to take certain measures to increase transparency and accountability.

Railroad Rehabilitation and Improvement Financing Equity Act This bill directs the Department of Transportation to refund credit risk premiums under the Railroad Rehabilitation and Improvement Financing loan program upon the satisfaction of a loan's obligations.

Economic Mobility Corps Act of 2019 This bill establishes the Economic Mobility Corps for the purpose of providing support to community development financial institutions and projects related to financial counseling, financial services, job placement, small business financing, affordable rental housing financing, commercial facility financing, community facility financing, single-family home financing, and foreclosure prevention services. Specifically, the Corporation for National and Community Service and the Department of the Treasury must establish grants and other support for this program.

Economic Mobility Corps Act of 2019 This bill establishes the Economic Mobility Corps for the purpose of providing support to community development financial institutions and projects related to financial counseling, financial services, job placement, small business financing, affordable rental housing financing, commercial facility financing, community facility financing, single-family home financing, and foreclosure prevention services. Specifically, the Corporation for National and Community Service and the Department of the Treasury must establish grants and other support for this program.