15 U.S.C. § 9075 — Protection of collective bargaining agree-

Page 2548 TITLE 15—COMMERCE AND TRADE § 9074 paragraph of section 9072 of this title in order to address any shortfall in assistance that would otherwise be provided under such section. (d) Audits The Inspector General of the Department of the Treasury shall audit certifications made under subsection (a). (Pub. L. 116–136, div. A, title IV, § 4113, Mar. 27, 2020, 134 Stat. 498.) § 9074. Required assurances (a) In general To be eligible for financial assistance under this part, an air carrier or contractor shall enter into an agreement with the Secretary, or other- wise certify in such form and manner as the Sec- retary shall prescribe, that the air carrier or contractor shall— (1) refrain from conducting involuntary fur- loughs or reducing pay rates and benefits until September 30, 2020; (2) through September 30, 2021, ensure that neither the air carrier or contractor nor any affiliate of the air carrier or contractor may, in any transaction, purchase an equity secu- rity of the air carrier or contractor or the par- ent company of the air carrier or contractor that is listed on a national securities ex- change; (3) through September 30, 2021, ensure that the air carrier or contractor shall not pay dividends, or make other capital distributions, with respect to the common stock (or equiva- lent interest) of the air carrier or contractor; and (4) meet the requirements of sections 9075 and 9076 of this title. (b) Department of Transportation Authority to condition assistance on continuation of serv- ice (1) In general The Secretary of Transportation is author- ized to require, to the extent reasonable and practicable, an air carrier provided financial assistance under this part to maintain sched- uled air transportation service, as the Sec- retary of Transportation deems necessary, to ensure services to any point served by that carrier before March 1, 2020. (2) Required considerations When considering whether to exercise the authority provided by this section, the Sec- retary of Transportation shall take into con- sideration the air transportation needs of small and remote communities and the need to maintain well-functioning health care sup- ply chains, including medical devices and sup- plies, and pharmaceutical supply chains. (3) Sunset The authority provided under this sub- section shall terminate on March 1, 2022, and any requirements issued by the Secretary of Transportation under this subsection shall cease to apply after that date. (c) Continued application (1) In general If, after December 27, 2020, a contractor ex- pends any funds made available pursuant to section 9072 of this title and distributed pursu- ant to section 9073 of this title, the assurances in paragraphs (1) through (3) of subsection (a) shall continue to apply until the dates in- cluded in such paragraphs, or the date on which the contractor fully expends such finan- cial assistance, whichever is later. (2) Special rule Not later than April 5, 2021, each contractor described in section 9071(3)(A)(i) of this title that has received funds pursuant to such sec- tion 9072 of this title shall report to the Sec- retary on the amount of such funds that the contractor has expended through March 31, 2021. If the contractor has expended an amount that is less than 100 percent of the total amount of funds the contractor received under such section, the Secretary shall initiate an action to recover any funds that remain unex- pended as of April 30, 2021. (d) Recall of employees (1) In general Subject to paragraph (2), any contractor that has unspent financial assistance provided under this part as of December 27, 2020, and conducted involuntary furloughs or reduced pay rates and benefits, between March 27, 2020, and the date on which the contractor entered into an agreement with the Secretary related to financial assistance under this part, shall recall (as defined in section 9071 of this title) employees who were involuntarily furloughed during such period by not later than January 4, 2021. (2) Waiver The Secretary of the Treasury shall waive the requirement under paragraph (1) for a con- tractor to recall employees if the contractor certifies that the contractor has or will have insufficient remaining financial assistance provided under this part to keep recalled em- ployees employed for more than two weeks upon returning to work. (3) Audits The Inspector General of the Department of the Treasury shall audit certifications made under paragraph (2). (Pub. L. 116–136, div. A, title IV, § 4114, Mar. 27, 2020, 134 Stat. 499; Pub. L. 116–260, div. N, title IV, § 412(a), Dec. 27, 2020, 134 Stat. 2060.) Editorial Notes AMENDMENTS 2020—Subsecs. (c), (d). Pub. L. 116–260 added subsecs. (c) and (d). § 9075. Protection of collective bargaining agree- ment (a) In general Neither the Secretary, nor any other actor, de- partment, or agency of the Federal Government, shall condition the issuance of financial assist- ance under this part on an air carrier’s or con- tractor’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of Page 2549 TITLE 15—COMMERCE AND TRADE § 9080 the air carrier or contractor under the Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), re- garding pay or other terms and conditions of employment. (b) Period of effect With respect to an air carrier or contractor to which financial assistance is provided under this part, this section shall be in effect with respect to the air carrier or contractor beginning on the date on which the air carrier or contractor is first issued such financial assistance and ending on September 30, 2020. (Pub. L. 116–136, div. A, title IV, § 4115, Mar. 27, 2020, 134 Stat. 500.) Editorial Notes REFERENCES IN TEXT The Railway Labor Act, referred to in subsec. (a), is act May 20, 1926, ch. 347, 44 Stat. 577, which is classified principally to chapter 8 (§ 151 et seq.) of Title 45, Rail- roads. For complete classification of this Act to the Code, see section 151 of Title 45 and Tables. The National Labor Relations Act, referred to in sub- sec. (a), is act July 5, 1935, ch. 372, 49 Stat. 449, which is classified generally to subchapter II (§ 151 et seq.) of chapter 7 of Title 29, Labor. For complete classification of this Act to the Code, see section 167 of Title 29 and Tables. § 9076. Limitation on certain employee com- pensation (a) In general The Secretary may only provide financial as- sistance under this part to an air carrier or con- tractor after such carrier or contractor enters into an agreement with the Secretary which provides that, during the 2-year period begin- ning March 24, 2020, and ending March 24, 2022, no officer or employee of the air carrier or con- tractor whose total compensation exceeded $425,000 in calendar year 2019 (other than an em- ployee whose compensation is determined through an existing collective bargaining agree- ment entered into prior to March 27, 2020)— (1) will receive from the air carrier or con- tractor total compensation which exceeds, during any 12 consecutive months of such 2- year period, the total compensation received by the officer or employee from the air carrier or contractor in calendar year 2019; (2) will receive from the air carrier or con- tractor severance pay or other benefits upon termination of employment with the air car- rier or contractor which exceeds twice the maximum total compensation received by the officer or employee from the air carrier or contractor in calendar year 2019; and (3) no officer or employee of the eligible business whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such pe- riod total compensation in excess of the sum of— (A) $3,000,000; and (B) 50 percent of the excess over $3,000,000 of the total compensation received by the of- ficer or employee from the eligible business in calendar year 2019. (b) Total compensation defined In this section, the term ‘‘total compensation’’ includes salary, bonuses, awards of stock, and other financial benefits provided by an air car- rier or contractor to an officer or employee of the air carrier or contractor. (Pub. L. 116–136, div. A, title IV, § 4116, Mar. 27, 2020, 134 Stat. 500.) § 9077. Tax payer protection The Secretary may receive warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by recipients of fi- nancial assistance under this part which, in the sole determination of the Secretary, provide ap- propriate compensation to the Federal Govern- ment for the provision of the financial assist- ance. (Pub. L. 116–136, div. A, title IV, § 4117, Mar. 27, 2020, 134 Stat. 500.) § 9078. Reports (a) Report Not later than November 1, 2020, the Secretary shall submit to the Committee on Transpor- tation and Infrastructure and the Committee on Financial Services of the House of Representa- tives and the Committee on Commerce, Science, and Transportation and the Committee on Banking, Housing, and Urban Affairs of the Sen- ate a report on the financial assistance provided to air carriers and contractors under this part, including a description of any financial assist- ance provided. (b) Update Not later than the last day of the 1-year period following March 27, 2020, the Secretary shall up- date and submit to the Committee on Transpor- tation and the Committee on Financial Services and Infrastructure of the House of Representa- tives and the Committee on Commerce, Science, and Transportation and the Committee on Banking, Housing, and Urban Affairs of the Sen- ate the report described in subsection (a). (Pub. L. 116–136, div. A, title IV, § 4118, Mar. 27, 2020, 134 Stat. 501.) § 9079. Coordination In implementing this part the Secretary shall coordinate with the Secretary of Transpor- tation. (Pub. L. 116–136, div. A, title IV, § 4119, Mar. 27, 2020, 134 Stat. 501.) § 9080. Direct appropriation Notwithstanding any other provision of law, there is appropriated, out of amounts in the Treasury not otherwise appropriated, $32,000,000,000 to carry out this part. (Pub. L. 116–136, div. A, title IV, § 4120, Mar. 27, 2020, 134 Stat. 501.) PART C—AIRLINE WORKER SUPPORT EXTENSION Editorial Notes CODIFICATION Part C was enacted as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues