Sec. 12. Strengthening transparency and disclosure around bailout funds
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Section 4003 of division A of the CARES Act ( Public Law 116–136 ) is amended by adding at the end the following: Each recipient of assistance, including a loan, loan guarantee, or other investment made by the Secretary under paragraph (1), (2), or
(3)of subsection
(b)or as part of a program or facility under paragraph
(4)of subsection (b), shall, not later than 7 days after receipt of the assistance, submit to the Secretary— all documents related to the acceptance of the assistance; a written description of how the recipient intends to use the assistance; compensation and workforce data of the recipient, including the mean, median, and minimum wages of all non-executive employees; the number of employees of the recipient before and after receipt of the assistance; the salaries of executives of the recipient, including bonuses and capital distributions; whether the recipient has been charged with violations of Federal law and, if so, the nature of each alleged violation; with respect to a recipient of assistance from a program or facility of the Federal Reserve that purchases corporate bonds— the applicable Committee on Uniform Securities Identification Procedures (CUSIP) number; the bond rating and the identity of the agency providing that bond rating; and the identities of any syndicated loan participants; and with respect to a recipient of assistance from a program or facility of the Federal Reserve that purchases asset-backed securities— the loan data, including the amount of collateral for the securitization; the credit ratings and the identity of the agency providing that credit rating; and the identities of the securitization issuers and arrangers and the fees the issuers and arrangers received. Not later than 7 days after the date on which the Secretary receives the information described in subparagraphs
(A)and
(B)of paragraph (1), the Secretary shall publish that information on the website of the Federal Reserve. . Section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) is amended by adding at the end the following: The Administrator shall, on a weekly basis, publish on the website of the Administration in an accessible and easily downloadable format data for loans approved under this paragraph, including— the name of each lender; the amount of each loan; the amount each lender was paid in fees; the amount of any agent fees; the types of lenders, including whether the lender was a community development financial institution or a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note); the North American Industry Classification System Code for each industry in which a borrower operates; the number of individuals employed by each borrower; the zip code of each borrower; and the demographic information of each borrower, including veteran status, gender, race, and ethnicity. For purposes of publishing the information under clause (i), the Administrator shall, at the time at which the borrower applies for loan forgiveness under section 1106 of the CARES Act ( Public Law 116–136 ), request that the borrower provide to the Administrator any information described in that clause that was not otherwise provided by the borrower at the time of the initial application for the covered loan. . Section 15010(d)(2)(C)(i) of division B of the CARES Act ( Public Law 116–136 ) is amended by inserting not later than 7 days after the date on which the report is submitted before the period at the end. Section 15010(g)(3)(A) of division B of the CARES Act ( Public Law 116–136 ) is amended— by redesignating clause
(xiii)as clause (xiv); and by inserting after clause
(xii)the end the following: Notwithstanding paragraph (4), the website shall include a machine- readable and searchable copy of each contract with a value greater than $150,000 that is awarded under this Act or under any other Act related to the Coronavirus response and that is entered into by an agency after the date of enactment of this clause. The copy of a contract described in the preceding sentence shall be posted not later than 30 days after the date on which the agency enters into the contract. The contractor providing property or services under a contract posted under this clause may request to redact from such contract any national security, sensitive, or classified information. An agency may not redact from a contract posted under this clause any information that would be required to be made available to the public under section 552 of title 5, United States Code (commonly known as the Freedom of Information Act ). .
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Sec. 12
Strengthening transparency and disclosure around bailout funds
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