15 U.S.C. § 9098 — Taxpayer protection

Page 2554 TITLE 15—COMMERCE AND TRADE § 9098 the air transportation needs of small and remote communities, the need to maintain well-func- tioning health care supply chains, including medical devices and supplies, and pharma- ceutical supply chains. (c) Sunset The authority provided under this section shall terminate on March 1, 2022, and any re- quirements issued by the Secretary of Transpor- tation under this section shall cease to apply after that date. (d) Sense of Congress It is the sense of Congress that, when imple- menting this section, the Secretary of Transpor- tation should take into consideration the fol- lowing: (1) A number of airports and communities have lost air service as a result of consolidated operations by covered air carriers, as per- mitted by the Department of Transportation, including smaller airports that are located near larger airports. (2) Airports covering common points, as de- termined by the Department of Transpor- tation, do not align with the grouping com- monly used by many air carriers, other Fed- eral agencies, and distribution channels used by consumers to purchase air travel. (3) The demographic, geographic, economic, and other characteristics of an area and af- fected communities when determining wheth- er consolidated operations at a single airport effectively serve the needs of the point. (4) Maintaining a robust air transportation system, including maintaining air service to airports throughout the United States, plays an important role in the effective distribution of a coronavirus vaccine. (5) The objections from community respond- ents on whether a specific airport should or should not be included in a consolidated point, including those objections noting the impor- tance of the required considerations set forth in subsection (b). (Pub. L. 116–260, div. N, title IV, § 407, Dec. 27, 2020, 134 Stat. 2058.) Editorial Notes REFERENCES IN TEXT This part, referred to in subsec. (a), was in the origi- nal ‘‘this subtitle’’, meaning subtitle A (§§ 401–412) of title IV of div. N of Pub. L. 116–260, Dec. 27, 2020, 134 Stat. 2052, which enacted this part and amended sec- tions 9041, 9071, and 9074 of this title. For complete clas- sification of subtitle A to the Code, see Tables. CODIFICATION Section was enacted as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and also as part of the Consolidated Appropria- tions Act, 2021, and not as part of the CARES Act which in part comprises this chapter. § 9098. Taxpayer protection (a) CARES Act assistance recipients With respect to a recipient of financial assist- ance under section 4113 of the CARES Act (15 U.S.C. 9073) that receives financial assistance under this part, the Secretary may receive war- rants, options, preferred stock, debt securities, notes, or other financial instruments issued by such recipient that are, to the maximum extent practicable, in the same form and amount, and under the same terms and conditions, as agreed to by the Secretary and such recipient to pro- vide appropriate compensation to the Federal Government for the provision of the financial assistance under this part. (b) Other applicants With respect to a recipient of financial assist- ance under this part that did not receive finan- cial assistance under section 4113 of the CARES Act (15 U.S.C. 9073), the Secretary may receive warrants, options, preferred stock, debt securi- ties, notes, or other financial instruments issued by such recipient in a form and amount that are, to the maximum extent practicable, under the same terms and conditions as agreed to by the Secretary and similarly situated recipients of fi- nancial assistance under such section to provide appropriate compensation to the Federal Gov- ernment for the provision of the financial assist- ance under this part. (Pub. L. 116–260, div. N, title IV, § 408, Dec. 27, 2020, 134 Stat. 2059.) Editorial Notes REFERENCES IN TEXT The CARES Act, referred to in subsec. (a), also known as the Coronavirus Aid, Relief, and Economic Security Act, is Pub. L. 116–136, Mar. 27, 2020, 134 Stat. 281, which enacted this chapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 9001 of this title and Tables. This part, referred to in text, was in the original ‘‘this subtitle’’, meaning subtitle A (§§ 401–412) of title IV of div. N of Pub. L. 116–260, Dec. 27, 2020, 134 Stat. 2052, which enacted this part and amended sections 9041, 9071, and 9074 of this title. For complete classifica- tion of subtitle A to the Code, see Tables. CODIFICATION Section was enacted as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and also as part of the Consolidated Appropria- tions Act, 2021, and not as part of the CARES Act which in part comprises this chapter. § 9099. Reports (a) Report Not later than May 1, 2021, the Secretary shall submit to the Committee on Transportation and Infrastructure and the Committee on Financial Services of the House of Representatives and the Committee on Commerce, Science, and Trans- portation and the Committee on Banking, Hous- ing, and Urban Affairs of the Senate a report on the financial assistance provided to passenger air carriers and contractors under this part, that includes— (1) a description of any financial assistance provided to passenger air carriers under this part; (2) any audits of passenger air carriers or contractors receiving financial assistance under this part; (3) any reports filed by passenger air carriers or contractors receiving financial assistance under this part;