[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4302 Reported in House (RH)]
<DOC>
Union Calendar No. 868
115th CONGRESS
2d Session
H. R. 4302
[Report No. 115-1010, Part I]
To amend the Federal Reserve Act to create congressional accountability
for emergency lending programs, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 8, 2017
Mr. Tipton introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Rules, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
November 6, 2018
Reported from the Committee on Financial Services
November 6, 2018
Referral to the Committee on Rules extended for a period ending not
later than December 7, 2018
November 28, 2018
Referral to the Committee on Rules extended for a period ending not
later than December 28, 2018
December 28, 2018
Additional sponsor: Mr. Barr
December 28, 2018
Committee on Rules discharged; committed to the Committee of the Whole
House on the State of the Union and ordered to be printed
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to create congressional accountability
for emergency lending programs, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Congressional Accountability for
Emergency Lending Programs Act of 2017''.
SEC. 2. CONGRESSIONAL ACCOUNTABILITY FOR EMERGENCY LENDING PROGRAMS.
Section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)) is
amended--
(1) in subparagraph (A)--
(A) by inserting ``that pose a threat to the
financial stability of the United States'' after
``unusual and exigent circumstances''; and
(B) by striking ``the affirmative vote of not less
than five members'' and inserting ``the prior approval
of the Secretary of the Treasury and not less than \2/
3\ of the members of the Federal Open Market
Committee'';
(2) in subparagraph (B)--
(A) in clause (i), by inserting at the end the
following: ``Federal reserve banks may not accept
equity securities issued by the recipient of any loan
or other financial assistance under this paragraph as
collateral. Not later than 6 months after the date of
the enactment of this sentence, the Board shall, by
rule, establish--
``(I) a method for determining the
sufficiency of the collateral required
under this paragraph;
``(II) acceptable classes of
collateral;
``(III) the amount of any discount
on the value of the collateral that the
Federal reserve banks will apply for
purposes of calculating the sufficiency
of collateral under this paragraph; and
``(IV) a method for obtaining
independent appraisals of the value of
collateral the Federal reserve banks
receive.'';
(B) in clause (ii)--
(i) by striking the second sentence; and
(ii) by inserting after the first sentence
the following: ``A borrower shall not be
eligible to borrow from any emergency lending
program or facility unless the Board and all
Federal banking regulators with jurisdiction
over the borrower certify that, at the time the
borrower initially borrows under the program or
facility, the borrower is not insolvent.''; and
(C) by striking clause (iv);
(3) by inserting ``financial institution'' before
``participant'' each place such term appears;
(4) in subparagraph (D)(i), by inserting ``financial
institution'' before ``participants''; and
(5) by adding at the end the following new subparagraphs:
``(G) Joint resolution of approval.--
``(i) In general.--A program or facility
created under subparagraph (A) shall terminate
on the date that is 30 calendar days after the
date on which Congress receives a report
described in subparagraph (C) unless there is
enacted into law a joint resolution approving
the program or facility not later than 30
calendar days after the date on which the
report is received. Any loan offered through
the program or facility that is outstanding as
of the date on which the program or facility is
terminated shall be repaid in full not later
than 30 calendar days after the date on which
the program or facility is terminated.
``(ii) Contents of joint resolution.--For
the purpose of this subparagraph, the term
`joint resolution' means only a joint
resolution--
``(I) that is introduced not later
than 3 calendar days after the date on
which the report described in
subparagraph (C) is received by
Congress;
``(II) that does not have a
preamble;
``(III) the title of which is as
follows: `Joint resolution relating to
the approval of a program or facility
created by the Board of Governors of
the Federal Reserve System'; and
``(IV) the matter after the
resolving clause of which is as
follows: `That Congress approves the
program or facility created by the
Board of Governors of the Federal
Reserve System on __________.' (The
blank space being appropriately filled
in).
``(iii) Fast track consideration in house
of representatives.--
``(I) Reconvening.--Upon receipt of
a report under subparagraph (C), the
Speaker, if the House would otherwise
be adjourned, shall notify the Members
of the House that, pursuant to this
subparagraph, the House shall convene
not later than the second calendar day
after receipt of such report.
``(II) Reporting and discharge.--
Any committee of the House of
Representatives to which a joint
resolution is referred shall report it
to the House not later than 5 calendar
days after the date of receipt of the
report described in subparagraph (C).
If a committee fails to report the
joint resolution within that period,
the committee shall be discharged from
further consideration of the joint
resolution and the joint resolution
shall be referred to the appropriate
calendar.
``(III) Proceeding to
consideration.--After each committee
authorized to consider a joint
resolution reports it to the House or
has been discharged from its
consideration, it shall be in order,
not later than the sixth day after
Congress receives the report described
in subparagraph (C), to move to proceed
to consider the joint resolution in the
House. All points of order against the
motion are waived. Such a motion shall
not be in order after the House has
disposed of a motion to proceed on the
joint resolution. The previous question
shall be considered as ordered on the
motion to its adoption without
intervening motion. The motion shall
not be debatable. A motion to
reconsider the vote by which the motion
is disposed of shall not be in order.
``(IV) Consideration.--The joint
resolution shall be considered as read.
All points of order against the joint
resolution and against its
consideration are waived. The previous
question shall be considered as ordered
on the joint resolution to its passage
without intervening motion except 2
hours of debate equally divided and
controlled by the proponent and an
opponent. A motion to reconsider the
vote on passage of the joint resolution
shall not be in order.
``(iv) Fast track consideration in
senate.--
``(I) Reconvening.--Upon receipt of
a report under subparagraph (C), if the
Senate has adjourned or recessed for
more than 2 days, the majority leader
of the Senate, after consultation with
the minority leader of the Senate,
shall notify the Members of the Senate
that, pursuant to this subparagraph,
the Senate shall convene not later than
the second calendar day after receipt
of such report.
``(II) Placement on calendar.--Upon
introduction in the Senate, the joint
resolution shall be placed immediately
on the calendar.
``(III) Floor consideration.--
``(aa) In general.--
Notwithstanding Rule XXII of
the Standing Rules of the
Senate, it is in order at any
time during the period
beginning on the fourth day
after the date on which
Congress receives a report
described in subparagraph (C)
and ending on the sixth day
after the date on which
Congress receives the report
(even though a previous motion
to the same effect has been
disagreed to) to move to
proceed to the consideration of
the joint resolution, and all
points of order against the
joint resolution (and against
consideration of the joint
resolution) are waived. The
motion to proceed is not
debatable. The motion is not
subject to a motion to
postpone. A motion to
reconsider the vote by which
the motion is agreed to or
disagreed to shall not be in
order. If a motion to proceed
to the consideration of the
resolution is agreed to, the
joint resolution shall remain
the unfinished business until
disposed of.
``(bb) Debate.--Debate on
the joint resolution, and on
all debatable motions and
appeals in connection
therewith, shall be limited to
not more than 10 hours, which
shall be divided equally
between the majority and
minority leaders or their
designees. A motion further to
limit debate is in order and
not debatable. An amendment to,
or a motion to postpone, or a
motion to proceed to the
consideration of other
business, or a motion to
recommit the joint resolution
is not in order.
``(cc) Vote on passage.--
The vote on passage shall occur
immediately following the
conclusion of the debate on a
joint resolution, and a single
quorum call at the conclusion
of the debate if requested in
accordance with the rules of
the Senate.
``(dd) Rulings of the chair
on procedure.--Appeals from the
decisions of the Chair relating
to the application of the rules
of the Senate, as the case may
be, to the procedure relating
to a joint resolution shall be
decided without debate.
``(v) Coordination with action by other
house.--
``(I) In general.--If, before the
passage by one House of a joint
resolution of that House, that House
receives from the other House a joint
resolution, then the following
procedures shall apply:
``(aa) The joint resolution
of the other House shall not be
referred to a committee.
``(bb) With respect to a
joint resolution of the House
receiving the resolution--
``(AA) the
procedure in that House
shall be the same as if
no joint resolution had
been received from the
other House, but
``(BB) the vote on
passage shall be on the
joint resolution of the
other House.
``(II) Treatment of joint
resolution of other house.--If one
House fails to introduce or consider a
joint resolution under this section,
the joint resolution of the other House
shall be entitled to expedited floor
procedures under this section.
``(III) Consideration after
passage.--If, following passage of the
joint resolution in the Senate, the
Senate then receives the companion
measure from the House of
Representatives, the companion measure
shall not be debatable.
``(IV) Vetoes.--If the President
vetoes the joint resolution, the period
beginning on the date the President
vetoes the joint resolution and ending
on the date the Congress receives the
veto message with respect to the joint
resolution shall be disregarded in
computing the 30-calendar day period
described in clause (i) and debate on a
veto message in the Senate under this
section shall be 1 hour equally divided
between the majority and minority
leaders or their designees.
``(V) Rules of house of
representatives and senate.--This
subparagraph is enacted by Congress--
``(aa) as an exercise of
the rulemaking power of the
Senate and House of
Representatives, respectively,
and as such it is deemed a part
of the rules of each House,
respectively, but applicable
only with respect to the
procedure to be followed in
that House in the case of a
joint resolution, and it
supersedes other rules only to
the extent that it is
inconsistent with such rules;
and
``(bb) with full
recognition of the
constitutional right of either
House to change the rules (so
far as relating to the
procedure of that House) at any
time, in the same manner, and
to the same extent as in the
case of any other rule of that
House.
``(H) Penalty rate.--
``(i) In general.--Not later than 6 months
after the date of enactment of this
subparagraph, the Board shall, with respect to
a recipient of any loan or other financial
assistance under this paragraph, establish by
rule a minimum interest rate on the principal
amount of any loan or other financial
assistance.
``(ii) Minimum interest rate defined.--In
this subparagraph, the term `minimum interest
rate' shall mean the sum of--
``(I) the average of the secondary
discount rate of all Federal reserve
banks over the most recent 90-day
period; and
``(II) the average of the
difference between a distressed
corporate bond yield index (as defined
by rule of the Board) and a bond yield
index of debt issued by the United
States (as defined by rule of the
Board) over the most recent 90-day
period.
``(I) Financial institution participant defined.--
For purposes of this paragraph, the term `financial
institution participant'--
``(i) means a company that is predominantly
engaged in financial activities (as defined in
section 102(a) of the Financial Stability Act
of 2010 (12 U.S.C. 5311(a))); and
``(ii) does not include an agency described
in subparagraph (W) of section 5312(a)(2) of
title 31, United States Code, or an entity
controlled or sponsored by such an agency.''.
Union Calendar No. 868
115th CONGRESS
2d Session
H. R. 4302
[Report No. 115-1010, Part I]
_______________________________________________________________________
A BILL
To amend the Federal Reserve Act to create congressional accountability
for emergency lending programs, and for other purposes.
_______________________________________________________________________
December 28, 2018
Committee on Rules discharged; committed to the Committee of the Whole
House on the State of the Union and ordered to be printed