1. Short title This Act may be cited as the Guaranteed Income Pilot Program Act of 2020 . 2. Findings Congress finds the following: (1) Too many Americans cannot achieve financial stability due to income volatility, the rising cost of living, wage stagnation, and a lack of affordable housing. (2) Real wages have failed to keep pace with inflation, meaning the purchasing power of American households has not changed in 40 years. (3) Income volatility, defined as an annual income fluctuation of 25 percent or more, impacts nearly half of the United States population. (4) 40 percent of American households indicate that they would face difficulty covering a $400 emergency expense with readily available cash or a checking account. (5) Full-time minimum wage earners cannot afford an average 2-bedroom apartment anywhere in the United States. (6) The changing nature of the economy, including the rise of the gig economy, unemployment risks posed by automation, and the fluctuating nature of waged labor, will result in increased income volatility and prohibit upward economic mobility. 3. Guaranteed income pilot program (a) In general The Secretary, in consultation with the Commissioner of Internal Revenue, shall establish and implement a 3-year pilot program (hereinafter referred to as the program ) to provide a guaranteed monthly income to certain eligible individuals in accordance with this section. (b) Income subsidy (1) Selection of participating eligible individuals The Secretary, in consultation with the Commissioner and the external partner selected pursuant to subsection (d), shall develop selection criteria that the Secretary will use to select 12,000 total eligible individuals for participation in the program. (2) Amount of income subsidy Of the eligible individuals participating in the program, 6,000 shall receive a cash payment each month equal to the fair market rent for a 2-bedroom home in the zip code in which the eligible individual resides, or a substantially similar amount as determined by the Secretary, in