; and (2) by adding at the end the following: (3) State defined In this section, the term State means each of the several States, the District of Columbia, each territory and possession of the United States, and each federally recognized Indian Tribe. . (b) Federal Reserve authorization To purchase COVID–19 related municipal issuances (1) Authority Within seven days after the date of enactment of this subsection, the Federal Reserve Board of Governors shall establish a facility to buy and sell, at home or abroad, bills, notes, bonds, and warrants that are issued by any State or political subdivision thereof between March 1, 2020, and July 1, 2021, in order to fund a public health or public service response to the COVID–19 pandemic. The Board of Governors of the Federal Reserve System may extend the authority under this subsection if the Board determines necessary. (2) Required purchases The Board of Governors of the Federal Reserve System shall establish policies and procedures to require the direct placement of bills, notes, bonds, and warrants described in paragraph (1) with the Board at an interest cost that does not exceed the Federal funds rate target for short-term interbank lending, within seven days after the date of enactment of this section. (3) Review of spending During the 3-year period beginning on the date on which all purchases under this section are completed, relevant Federal authorities shall review such purchases to determine if funds were diverted from legitimate public health or public services responses to the COVID–19 pandemic to make such purchase. The relevant Federal authorities shall take appropriate action based on findings of such review. (4) Definitions In this subsection: (A) Public health or public service response to the COVID–19 pandemic The term public health or public service response to the COVID–19 pandemic means— (i) the purchase, manufacture, or delivery of medical equipment, facilities, or services— (I) to treat or quarantine COVID–19 patients