Sec. 3. Limitations on banks operating fossil fuel companies
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In this section: The term CARES Act means the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ). The term covered entity means— a solvent insured depository institution or solvent depository institution holding company (including any affiliate thereof) that issues debt that is guaranteed under the program authorized by subsection
(h)of section 1105 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as added by section 4008 of the CARES Act; any entity issuing loans or extensions of credit described in section 5200(c)(7) of the Revised Statutes, as amended by section 4011 of the CARES Act; any bank sponsoring a money market mutual fund that benefits from a guarantee as a result of the application of section 4015(a) of the CARES Act; a qualifying community bank that is subject to interim rule issued under section 4012(b)(1) of the CARES Act; and an insured depository institution, bank holding company, or any affiliate thereof that does not comply with the current expected credit losses methodology for estimating allowances for credit losses described in section 4014(b) of the CARES Act. The term covered period means the period beginning on the date of enactment of this Act and ending on the date that is 2 years after— with respect to a covered entity described in subparagraph
(A)of paragraph (2), the date on which the program described in that subparagraph terminates; with respect to a covered entity described in subparagraph
(B)of paragraph (2), the date on which the period described in section 4011(b) of the CARES Act expires; with respect to a covered entity described in subparagraph
(C)of paragraph (2), the date on which the guarantee described in that subparagraph terminates; with respect to a covered entity described in subparagraph
(D)of paragraph (2), the date on which the period described in section 4012(b)(2) of the CARES Act expires; and with respect to a covered entity described in subparagraph
(E)of paragraph (2), the date on which the period described in section 4014(b) of the CARES Act expires. During the covered period, no covered entity, or subsidiary or affiliate of a covered entity, may take a new equity stake or otherwise own or operate, or sponsor or retain an ownership interest in any fund that takes an ownership stake in during the covered period, any business for which 15 percent or more of the revenue is derived from the extraction, transport, storage, export, and refining of oil, natural gas, and coal.
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Sec. 3
Limitations on banks operating fossil fuel companies
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