1. Short title This Act may be cited as the Emergency Relief for State, Territorial and Local Governments Act of 2020 . 2. Purchase of COVID–19 related municipal issuances (a) Amendment to authority To buy and sell bonds and notes Section 14(b) of the Federal Reserve Act ( 12 U.S.C. 355 ) is amended— (1) in paragraph (1)— (A) by inserting and during unusual and exigent circumstances, before bonds issued ; and (B) by striking of 1933 and all that follows through assured revenues