1. Short title This Act may be cited as the Protecting Taxpayer's Return on Investment Act of 2020 . 2. Authority for warrants and debt instruments (a) Definitions In this section: (1) Asset The term asset means any financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which or the guarantee of which is necessary to promote economic stability. (2) Company The term company means any entity that is not subject to the prohibitions in subsection (e). (3) Secretary The term Secretary means the Secretary of the Treasury. (b) Warrant or senior debt instrument The Secretary may not purchase, or make any commitment to purchase, or guarantee, or make any commitment to guarantee, any asset in response to the coronavirus disease (COVID–19) outbreak, unless the Secretary receives from the company from which such assets are to be purchased or are to be guaranteed— (1) in the case of a company, the securities of which are traded on a national securities exchange, a warrant giving the right to the Secretary to receive nonvoting common stock or preferred stock in such company, or voting stock with respect to which, the Secretary agrees not to exercise voting power, as the Secretary determines appropriate; or (2) in the case of any company other than one described in paragraph (1), a warrant for common or preferred stock, or a senior debt instrument from such company, as described in subsection (c)(3). (c) Terms and conditions The terms and conditions of any warrant or senior debt instrument required under subsection (b) shall meet the following requirements: (1) Purposes Such terms and conditions shall, at a minimum, be designed— (A) to provide for reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity security, or a reasonable interest rate premium, in the case of a debt instrument