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Senate Bill 4670
116th Congress(2019-2020)
Preserving Equity on Main Street Act of 2020
Introduced
Introduced
Introduced in Senate on Sep 23, 2020
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Introduced in Senate 
Sep 23, 2020
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Introduced in Senate(Sep 23, 2020)
Sep 23, 2020
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
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S. 4670 (Introduced-in-Senate)


116th CONGRESS
2d Session
S. 4670


To amend the CARES Act to permit the Secretary of the Treasury to purchase, or to enable the purchase of, preferred equity positions in commercial real estate entities, and for other purposes.

IN THE SENATE OF THE UNITED STATES

September 23, 2020

Mr. Moran (for himself, Mrs. Shaheen, Mr. Rounds, Mr. Blunt, and Mr. Tillis) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the CARES Act to permit the Secretary of the Treasury to purchase, or to enable the purchase of, preferred equity positions in commercial real estate entities, and for other purposes.

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

SECTION 1. Short title.

This Act may be cited as the “Preserving Equity on Main Street Act of 2020”.

SEC. 2. Commercial real estate preferred equity investments.

Section 4003(b)(4) of the CARES Act (15 U.S.C. 9042(b)(4)) is amended—

(1) by redesignating subparagraphs (A), (B), and (C) as clauses (i), (ii), and (iii), respectively;

(2) by inserting “(A)” after “(4)”;

(3) in subparagraph (A), as so redesignated—

(A) in clause (ii), as so redesignated, by striking “or” at the end;

(B) in clause (iii), as so redesignated, by striking the period at the end and inserting “; or”; and

(C) by adding at the end the following:

“(iv) purchasing preferred equity positions in commercial real estate companies that require capital to satisfy outstanding debt obligations, which the Secretary, acting alone or in concert with the Board of Governors of the Federal Reserve System, may achieve by—

“(I) directly purchasing those positions; or

“(II) providing full or partial guarantees of those positions to financial institutions to enable the financial institutions to purchase those positions.”; and

(4) by adding at the end the following:

“(B) If the appropriate Federal banking agency (as that term is defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) or the National Credit Union Administration Board applies a risk-based capital requirement of the applicable agency to a preferred equity position for which there is a full or partial guarantee provided under subparagraph (A)(iv)(II), that position shall receive a risk weight of zero percent for the purposes of the application of that requirement.”.