89–006 

115TH CONGRESS REPT. 115–1010 " ! HOUSE OF REPRESENTATIVES 2d Session Part 1 

CONGRESSIONAL ACCOUNTABILITY FOR EMERGENCY 

LENDING PROGRAMS ACT OF 2017 

NOVEMBER 6, 2018.—Ordered to be printed 

Mr. HENSARLING, from the Committee on Financial Services, 

submitted the following 

R E P O R T 

together with 

MINORITY VIEWS 

[To accompany H.R. 4302] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Financial Services, to whom was referred the 

bill (H.R. 4302) to amend the Federal Reserve Act to create congressional accountability for emergency lending programs, and for 

other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. 

PURPOSE AND SUMMARY

On November 8, 2017, Representative Scott Tipton introduced 

H.R. 4302 the ‘‘Congressional Accountability for Emergency Lending Programs Act of 2017’’, which requires Congress to ratify Federal Reserve loans issued under Section 13(3) of the Federal Reserve Act while allowing any such loan to remain outstanding for 

up to 60 days without ratification, makes supervisory information 

more readily available to emergency lending decisions, and establishes a more prudent minimum interest rate for emergency loans. 

BACKGROUND AND NEED FOR LEGISLATION

H.R. 4302 clearly defines responsibilities of the Board of Governors of the Federal Reserve System (Federal Reserve) and the 

United States Congress to both preserve the Federal Reserve’s capacity to extend emergency credit in a timely manner and hold 

Congress accountable for the fiscal consequences. 

2 

1Senator Elizabeth Warren, ‘‘Warren, Vitter Introduced Bailout Prevention Act,’’ May 13, 

2015. Press release available at https://www.warren.senate.gov/?p=press_release&id=818. 2Full-Committee hearing entitled ‘‘Rethinking the Federal Reserve’s Many Mandates on its 

100-Year Anniversary,’’ December 12, 2013, available at https://financialservices.house.gov/ 

calendar/eventsingle.aspx?EventID=363599. 3Dennis Kelleher, ‘‘Better Markets Statement on the Introduction of the Bailout Prevention 

Act,’’ May 13, 2015. Accessed at https://bettermarkets.com/newsroom/better-markets-statementintroduction-bailout-prevention-act. 

The Federal Reserve enjoys political independence to conduct 

monetary policy. It does so, however, with accountability to Congress to comply with its dual legislative mandate of price stability 

and full employment. 

Accountability for fiscal policy, on the other hand, lies immediately with Congress. And while the Federal Reserve can effectively serve as our government’s fiscal agent, it must absolutely 

avoid the expansion of its mandate to include a principal-role in 

credit policies. Nevertheless, Americans have repeatedly watched 

their monetary authority stretch its mandate to the breaking point, 

with the unfortunate result of increased financial fragility and decreased economic opportunity. 

Doing better requires a brighter line between accountability for 

monetary and credit policies. Announcing the bipartisan legislation 

with former U.S. Senator David Vitter of Louisiana, Senator Elizabeth Warren (D–MA) highlighted the consequences of our continued failure to do so: 1

If big financial institutions know they can get cheap 

cash from the Fed in a crisis, they have less incentive to 

manage their risks carefully—which further increases the 

chance of another financial crisis. 

Sounding a similar alarm while questioning the Honorable Alice 

Rivlin during a full-Committee hearing, Representative Brad Sherman (D–CA) emphasized that: 2

I hope we look at Section 13(3), which remains the most 

dangerous economic provision in our statute books. It allows unlimited lending by the Fed, trillions of dollars at 

times. And we at least ought to make sure that those loans 

are default-risk-free, or as close to that as they can 

achieve. 

Unfortunately, the ‘‘danger’’ that Congressman Sherman highlights will metastasize again if there is no accountability for credit 

policies. Following the introduction of the ‘‘Warren-Vitter’’ legislation, Dennis Kelleher, President and CEO of Better Markets, thus 

warned that: 3

While the much smaller $700 billion TARP program received widespread scrutiny, the Fed’s trillions in bailouts 

did not. In fact, the public and even its elected officials in 

Congress were mostly kept in the dark about these bailouts. That was wrong. The Dodd-Frank Wall Street Reform and Consumer Protection Act made some modest 

changes to limit the Fed’s ability to bailout Wall Street in 

the future, but more needs to be done if taxpayers are to 

be protected, bailouts are to be limited, too big to fail is to 

be ended and market discipline is to apply to Wall Street 

like the rest of America’s banks and businesses. 

3 

4 Charles W. Calomiris and Stephen H. Haber, Fragile by Design, Princeton University Press, 

2014, p. 10. 5Senator Elizabeth Warren, ‘‘Warren, Vitter Introduced Bailout Prevention Act,’’ May 13, 

2015. Press release available at https://www.warren.senate.gov/?p=press_release&id=818. 6 ‘‘About AFR: Americans for Financial Reform is a nonpartisan and nonprofit coalition of 

more than 200 civil rights, consumer, labor, business, investor, faith-based, and civic and community groups. Formed in the wake of the 2008 crisis, we are working to lay the foundation 

for a strong, stable, and ethical financial system—one that serves the economy and the nation 

as a whole. AFR has been called ‘‘the leading voice for Wall Street accountability’’ in Washington 

(by Zach Carter of the Huffington Post).’’ (Source: http://ourfinancialsecurity.org/about/). 7Quoted from Senator Elizabeth Warren, ‘‘Warren, Vitter Introduced Bailout Prevention Act,’’ 

May 13, 2015. Press release available at https://www.warren.senate.gov/ 

?p=press_release&id=818. 

Observations like these led Columbia University’s Charles 

Calomiris and Stanford University’s Stephen Haber to ask a simple 

question: ‘‘why do citizens tolerate this?’’ 4 The Congressional Accountability for Emergency Lending Act answers that questions 

and would allow the Federal Reserve to serve as an agent for the 

government’s credit policies, but only with the resolution of a Congress that is accountable to voters. 

H.R. 4302 adopts the ‘‘Warren-Vitter’’ framework of Congressional authorization for emergency banking credit, which MIT Professor, Simon Johnson characterized: 5

This bill proposes a major improvement to the emergency powers of the Federal Reserve System. The ability 

of the Fed to react to systemic danger remains strong. But 

in this proposal, under certain circumstances, the Fed 

would need not to just explain its actions but also seek 

congressional approval. It makes sense to fast track the 

approval process—so the Fed will get a fair hearing and 

Members of Congress must vote on whether to support 

what the Fed has done. We retain sufficient flexibility and 

fire-fighting capacity for the Fed, along with significantly 

more democratic accountability. This is the best way to 

safeguard our financial system while also ensuring that 

the Fed retains its political legitimacy. 

By insulating monetary policy from the political pressures of 

credit policy, the Congressional Accountability for Emergency 

Lending Act can improve both monetary policy and credit policy, 

and do so in a manner that Americans for Financial Reform 6 characterized as aligning ‘‘not only with the intent of the Dodd-Frank 

Act, but with traditional principles of central bank lending that go 

back centuries.’’ 7

HEARINGS

The Committee on Financial Services Subcommittee on Monetary 

Policy and Trade held a hearing examining matters relating to 

H.R. 4302 on November 7, 2017. 

COMMITTEE CONSIDERATION

The Committee on Financial Services met in open session on November 14, 2017, and ordered H.R. 4302 to be reported favorably 

to the House without amendment by a recorded vote of 34 yeas to 

25 nays (Record vote no. FC–100), a quorum being present. 

4 

COMMITTEE VOTES

Clause 3(b) of rule XIII of the Rules of the House of Representatives requires the Committee to list the record votes on the motion 

to report legislation and amendments thereto. The sole recorded 

vote was on a motion by Chairman Hensarling to report the bill favorably to the House without amendment. The motion was agreed 

to by a recorded vote of 34 yeas to 25 nays (Record vote no. FC– 

100), a quorum being present. 

5 


Insert offset folio 6 here HR1010.001

Record vote no. FC-1 00 

Representative Yea Nay Present Representative 

Mr. Hensarling __ .•••.••..••... 

Mr. McHenry ................. . 

Mr. King .................... .. 

Mr. Royce (CAl ............ ___ _ 

Mr Lucas ................... . 

Mr. Pearce ................. .. 

Mr. Posey ................... .. 

Mr. Luetkemeyer ............. . 

Mr. Huizenga .............. .. 

Mr. DuffY ................... .. 

Mr St1vers ................. .. 

Mr. Hultgren ................ .. 

Mr Ross .................... . 

Mr. Pittenger ............... .. 

Mrs. Wagner ................ .. 

Mr. Barr .................... .. 

Mr. Rothfus ................. . 

Mr Messer ................. .. 

Mr. Tipton .................. .. 

Mr. Williams ................ .. 

Mr. Poliquin ................. . 

Mrs Love ................... . 

Mr. Hill ..................... .. 

Mr Emmer ................. .. 

Mr Zeldm ................... . 

Mr. Trott ................... .. 

Mr Loudermilk .............. . 

Mr. Mooney (WVL. ......... .. 

Mr MacArthur .. ________ ...... 

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Mr. Davidson................. )( 

Mr. Budd..................... )( 

Mr. Kustoff (TNL_ ___ ......... )( 

Ms. Tenney................... )( 

Mr. Hollingsworth_____________ )( 

Ms. Maxine Waters (CA) .... __ _ 

Mrs. Carolyn B. Maloney (NY)__ 

Ms. Velazquez ............... . 

Mr. Sherman ............... .. 

Mr. Meeks .................. .. 

Mr. Capuano ________________ _ 

Mr. Clay ..................... . 

Mr. Lynch .................. .. 

Mr. David Scott (GA) ........ _. 

Mr. AI Green (TX) ............ . 

Mr Cleaver ................. .. 

Ms Moore ................... . 

Mr. Ellison .................. . 

Mr Perlmutter ............... . 

Mr. Himes ................... . 

Mr. Foster ................... . 

Mr. Kildee .................. .. 

Mr. Delaney .................. . 

Ms. Sinema ................. . 

Mrs. Beatty .................. . 

Mr Heck .................... . 

Mr. Vargas ................. .. 

Mr. Gotthe1mer .............. . 

Mr. Gonzalez (TXL. __ ........ . 

Mr Cnst .................... . 

Mr. Kihuen ................. .. 

Yea Nay Present 

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6 

COMMITTEE OVERSIGHT FINDINGS

Pursuant to clause 3(c)(1) of rule XIII of the Rules of the House 

of Representatives, the findings and recommendations of the Committee based on oversight activities under clause 2(b)(1) of rule X 

of the Rules of the House of Representatives, are incorporated in 

the descriptive portions of this report. 

PERFORMANCE GOALS AND OBJECTIVES

Pursuant to clause 3(c)(4) of rule XIII of the Rules of the House 

of Representatives, the Committee states that H.R. 4302 will provide for a more accountable emergency lending facility by providing 

for the Congressional approval of Federal Reserve loans issued 

under Section 13(3) of the Federal Reserve Act, making supervisory 

information more readily available to lending decisions, and establishing a more prudent minimum interest rate. 

NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX

EXPENDITURES

In compliance with clause 3(c)(2) of rule XIII of the Rules of the 

House of Representatives, the Committee adopts as its own the estimate of new budget authority, entitlement authority, or tax expenditures or revenues contained in the cost estimate prepared by 

the Director of the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974. 

CONGRESSIONAL BUDGET OFFICE ESTIMATES

Pursuant to clause 3(c)(3) of rule XIII of the Rules of the House 

of Representatives, the following is the cost estimate provided by 

the Congressional Budget Office pursuant to section 402 of the 

Congressional Budget Act of 1974: 

U.S. CONGRESS, CONGRESSIONAL BUDGET OFFICE, Washington, DC, September 18, 2018. 

Hon. JEB HENSARLING, Chairman, Committee on Financial Services, 

House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 4302, the Congressional 

Accountability for Emergency Lending Programs Act of 2017. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Nathaniel Frentz. 

Sincerely, 

KEITH HALL, 

Director. 

Enclosure. 

H.R. 4302—Congressional Accountability for Emergency Lending 

Programs Act of 2017 

H.R. 4302 would amend the Federal Reserve’s authority under 

section 13(3) of the Federal Reserve Act to create and use certain 

lending facilities. 

7 

Under current law, the Federal Reserve has broad discretion to 

make loans to banks and nonbanks under unusual and exigent circumstances. Such lending requires the approval of the Secretary of 

the Treasury and at least five members of the Board of Governors 

of the Federal Reserve, must have broad-based participant eligibility, and cannot be made to insolvent firms. 

In 2008, the Federal Reserve exercised its section 13(3) authority 

to create new lending facilities to provide liquidity in the context 

of the financial crisis. That lending resulted in interest earnings for 

the Federal Reserve that increased its remittances to the Treasury, 

which are recorded in the budget as revenues. 

H.R. 4302 would make a number of changes to the Federal Reserve’s Section 13(3) lending authority: 

• Limit eligibility to firms predominantly engaged in financial activities, 

• Require that emergency lending be used only for circumstances that pose a threat to the financial stability of the 

United States, 

• Require approval of the Secretary of the Treasury and twothirds of the members of the Federal Open Market Committee 

for emergency lending, 

• Prohibit the Federal Reserve from accepting equity capital 

as collateral for emergency lending and require the Federal Reserve to issue a rule with standards for collateral taken 

against emergency lending, 

• Add, as a condition of emergency lending, that all federal 

banking regulators with jurisdiction over a borrower to certify 

that the borrower is not insolvent, 

• Require a joint resolution of Congress approving an emergency facility or else it is terminated within 30 days of receiving a report notifying Congress of recent lending activity, and 

provide for a fast-track procedure for such a joint resolution, 

and, 

• Require that a minimum interest rate be charged on emergency lending. 

Because enacting H.R. 4302 could affect revenues, pay-as-you-go 

procedures apply. However, CBO has no basis for estimating the 

magnitude or direction of the effects on revenues. Based on its own 

analysis of historical lending and information provided by the Federal Reserve, CBO estimates that the amount of any emergency 

lending that would occur in the future would likely be reduced by 

the bill, in part from the new restrictions on eligible firms but primarily from the new required minimum interest rate. That lower 

amount of lending, at a higher interest rate, could either increase 

or decrease the Federal Reserve’s earnings and thereby its remittances. Any such effects would be significantly discounted given the 

low probability of any emergency lending occurring over the next 

10 years. 

To the extent that such lending has effects on the broader economy, a reduction in the amount or types of lending could have 

budgetary effects that are much larger than any effect on Federal 

Reserve remittances. 

CBO has no basis for estimating whether enacting H.R. 4302 

would significantly increase net direct spending or on-budget defiVerDate Sep 11 2014 07:22 Nov 07, 2018 Jkt 089006 PO 00000 Frm 00007 Fmt 6659 Sfmt 6602 E:\HR\OC\HR1010P1.XXX HR1010P1
8 

cits in any of the four consecutive 10-year periods beginning in 

2029. 

H.R. 4302 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would 

impose no costs on state, local, or tribal governments. 

The CBO staff contact for this estimate is Nathaniel Frentz. The 

estimate was reviewed by John McClelland, Assistant Director, Tax 

Analysis Division. 

FEDERAL MANDATES STATEMENT

This information is provided in accordance with section 423 of 

the Unfunded Mandates Reform Act of 1995. 

The Committee has determined that the bill does not contain 

Federal mandates on the private sector. The Committee has determined that the bill does not impose a Federal intergovernmental 

mandate on State, local, or tribal governments. 

ADVISORY COMMITTEE STATEMENT

No advisory committees within the meaning of section 5(b) of the 

Federal Advisory Committee Act were created by this legislation. 

APPLICABILITY TO LEGISLATIVE BRANCH

The Committee finds that the legislation does not relate to the 

terms and conditions of employment or access to public services or 

accommodations within the meaning of the section 102(b)(3) of the 

Congressional Accountability Act. 

EARMARK IDENTIFICATION

With respect to clause 9 of rule XXI of the Rules of the House 

of Representatives, the Committee has carefully reviewed the provisions of the bill and states that the provisions of the bill do not 

contain any congressional earmarks, limited tax benefits, or limited 

tariff benefits within the meaning of the rule. 

DUPLICATION OF FEDERAL PROGRAMS

In compliance with clause 3(c)(5) of rule XIII of the Rules of the 

House of Representatives, the Committee states that no provision 

of the bill establishes or reauthorizes: (1) a program of the Federal 

Government known to be duplicative of another Federal program; 

(2) a program included in any report from the Government Accountability Office to Congress pursuant to section 21 of Public 

Law 111–139; or (3) a program related to a program identified in 

the most recent Catalog of Federal Domestic Assistance, published 

pursuant to the Federal Program Information Act (Pub. L. No. 95– 

220, as amended by Pub. L. No. 98–169). 

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Short title 

This Section cites H.R. 4302 as the Congressional Accountability 

for Emergency Lending Act of 2017. 

9 

Section 2. Congressional accountability for emergency lending programs 

This Section provides for the Congressional approval of Federal 

Reserve loans issued under Section 13(3) of the Federal Reserve 

Act, makes supervisory information more readily available to lending decisions, and establishes a more prudent minimum interest 

rate. 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

FEDERAL RESERVE ACT 

* * * * * * * 

POWERS OF FEDERAL RESERVE BANKS. 

SEC. 13. Any Federal reserve bank may receive from any of its 

member banks or other depository institutions, and from the 

United States, deposits of current funds in lawful money, nationalbank notes, Federal reserve notes, or checks, and drafts, payable 

upon presentation or other items, and also, for collection, maturing 

notes and bills; or, solely for purposes of exchange or of collection, 

may receive from other Federal reserve banks deposits of current 

funds in lawful money, national-bank notes, or checks upon other 

Federal reserve banks, and checks and drafts, payable upon presentation within its district or other items, and maturing notes and 

bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or 

trust company or other depository institution deposits of current 

funds in lawful money, national-bank notes, Federal reserve notes, 

checks and drafts payable upon presentation or other items, or maturing notes and bills: Provided, Such nonmember bank or trust 

company or other depository institution maintains with the Federal 

reserve bank of its district a balance in such amount as the Board 

determines taking into account items in transit, services provided 

by the Federal Reserve bank, and other factors as the Board may 

deem appropriate: Provided further, That nothing in this or any 

other section of this Act shall be construed as prohibiting a member or nonmember bank or other depository institution from making reasonable charges, to be determined and regulated by the 

Board of Governors of the Federal Reserve System, but in no case 

10 

to exceed 10 cents per $100 or fraction thereof, based on the total 

of checks and drafts presented at any one time, for collection or 

payment of checks and drafts and remission therefor by exchange 

or otherwise; but no such charges shall be made against the Federal reserve banks. 

Upon the indorsement of any of its member banks, which shall 

be deemed a waiver of demand, notice and protest by such bank 

as to its own indorsement exclusively, any Federal reserve bank 

may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial 

purposes, or the proceeds of which have been used, or are to be 

used, for such purposes, the Board of Governors of the Federal Reserve System to have the right to determine or define the character 

of the paper thus eligible for discount, within the meaning of this 

Act. Nothing in this Act contained shall be construed to prohibit 

such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being 

eligible for such discount, and the notes, drafts, and bills of exchange of factors issued as such making advances exclusively to 

producers of staple agricultural products in their raw state shall be 

eligible for such discount; but such definition shall not include 

notes, drafts, or bills covering merely investments or issued or 

drawn for the purpose of carrying or trading in stocks, bonds, or 

other investment securities, except bonds and notes of the Government of the United States. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturity at 

the time of discount of not more than 90 days, exclusive of grace. 

(3)(A) In unusual and exigent circumstances that pose a threat to 

the financial stability of the United States , the Board of Governors 

of the Federal Reserve System, by øthe affirmative vote of not less 

than five members¿ the prior approval of the Secretary of the Treasury and not less than 2⁄3 of the members of the Federal Open Market 

Committee , may authorize any Federal reserve bank, during such 

periods as the said board may determine, at rates established in 

accordance with the provisions of section 14, subdivision (d), of this 

Act, to discount for any financial institution participant in any program or facility with broad-based eligibility, notes, drafts, and bills 

of exchange when such notes, drafts, and bills of exchange are indorsed or otherwise secured to the satisfaction of the Federal Reserve bank: Provided, That before discounting any such note, draft, 

or bill of exchange, the Federal reserve bank shall obtain evidence 

that such financial institution participant in any program or facility with broad-based eligibility is unable to secure adequate credit 

accommodations from other banking institutions. All such discounts for any financial institution participant in any program or 

facility with broad-based eligibility shall be subject to such limitations, restrictions, and regulations as the Board of Governors of the 

Federal Reserve System may prescribe. 

(B)(i) As soon as is practicable after the date of enactment 

of this subparagraph, the Board shall establish, by regulation, 

in consultation with the Secretary of the Treasury, the policies 

and procedures governing emergency lending under this paragraph. Such policies and procedures shall be designed to ensure that any emergency lending program or facility is for the 

11 

purpose of providing liquidity to the financial system, and not 

to aid a failing financial company, and that the security for 

emergency loans is sufficient to protect taxpayers from losses 

and that any such program is terminated in a timely and orderly fashion. The policies and procedures established by the 

Board shall require that a Federal reserve bank assign, consistent with sound risk management practices and to ensure 

protection for the taxpayer, a lendable value to all collateral for 

a loan executed by a Federal reserve bank under this paragraph in determining whether the loan is secured satisfactorily 

for purposes of this paragraph. 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. 

(ii) The Board shall establish procedures to prohibit borrowing from programs and facilities by borrowers that are 

insolvent. 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. øSuch procedures may include a certification from the chief executive officer (or other authorized 

officer) of the borrower, at the time the borrower initially 

borrows under the program or facility (with a duty by the 

borrower to update the certification if the information in 

the certification materially changes), that the borrower is 

not insolvent.¿ A borrower shall be considered insolvent 

for purposes of this subparagraph, if the borrower is in 

bankruptcy, resolution under title II of the Dodd-Frank 

Wall Street Reform and Consumer Protection Act, or any 

other Federal or State insolvency proceeding. 

(iii) A program or facility that is structured to remove 

assets from the balance sheet of a single and specific company, or that is established for the purpose of assisting a 

single and specific company avoid bankruptcy, resolution 

under title II of the Dodd-Frank Wall Street Reform and 

Consumer Protection Act, or any other Federal or State insolvency proceeding, shall not be considered a program or 

facility with broad-based eligibility. 

ø(iv) The Board may not establish any program or facility under this paragraph without the prior approval of the 

Secretary of the Treasury.¿ 

12 

(C) The Board shall provide to the Committee on Banking, 

Housing, and Urban Affairs of the Senate and the Committee 

on Financial Services of the House of Representatives— 

(i) not later than 7 days after the Board authorizes any 

loan or other financial assistance under this paragraph, a 

report that includes— 

(I) the justification for the exercise of authority to 

provide such assistance; 

(II) the identity of the recipients of such assistance; 

(III) the date and amount of the assistance, and 

form in which the assistance was provided; and 

(IV) the material terms of the assistance, including— 

(aa) duration; 

(bb) collateral pledged and the value thereof; 

(cc) all interest, fees, and other revenue or items 

of value to be received in exchange for the assistance; 

(dd) any requirements imposed on the recipient 

with respect to employee compensation, distribution of dividends, or any other corporate decision 

in exchange for the assistance; and 

(ee) the expected costs to the taxpayers of such 

assistance; and 

(ii) once every 30 days, with respect to any outstanding 

loan or other financial assistance under this paragraph, 

written updates on— 

(I) the value of collateral; 

(II) the amount of interest, fees, and other revenue 

or items of value received in exchange for the assistance; and 

(III) the expected or final cost to the taxpayers of 

such assistance. 

(D) The information required to be submitted to Congress 

under subparagraph (C) related to— 

(i) the identity of the financial institution participants in 

an emergency lending program or facility commenced 

under this paragraph; 

(ii) the amounts borrowed by each financial institution 

participant in any such program or facility; 

(iii) identifying details concerning the assets or collateral 

held by, under, or in connection with such a program or facility, 

shall be kept confidential, upon the written request of the 

Chairman of the Board, in which case such information 

shall be made available only to the Chairpersons or Ranking Members of the Committees described in subparagraph 

(C). 

(E) If an entity to which a Federal reserve bank has provided 

a loan under this paragraph becomes a covered financial company, as defined in section 201 of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, at any time while such 

loan is outstanding, and the Federal reserve bank incurs a realized net loss on the loan, then the Federal reserve bank shall 

have a claim equal to the amount of the net realized loss 

13 

against the covered entity, with the same priority as an obligation to the Secretary of the Treasury under section 210(b) of 

the Dodd-Frank Wall Street Reform and Consumer Protection 

Act. 

(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 llllllllll.’’ (The blank 

space being appropriately filled in). 

(iii) FAST TRACK CONSIDERATION IN HOUSE OF REP- RESENTATIVES.— 

(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 

14 

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 

15 

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 SEN- ATE.—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 

16 

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. 

Upon the indorsement of any of its member banks, which shall 

be deemed a waiver of demand, notice, and protest by such bank 

as to its own indorsement exclusively, and subject to regulations 

and limitations to be prescribed by the Board of Governors of the 

Federal Reserve System, any Federal reserve bank may discount or 

purchase bills of exchange payable at sight or on demand which 

grow out of the domestic shipment or the exportation of nonperishable, readily marketable agricultural and other staples and are secured by bills of lading or other shipping documents conveying or 

securing title to such staples: Provided, That all such bills of exchange shall be forwarded promptly for collection, and demand for 

payment shall be made with reasonable promptness after the arrival of such staples at their destination: Provided further, That no 

such bill shall in any event be held by or for the account of a Federal reserve bank for a period in excess of ninety days. In discounting such bills Federal reserve banks may compute the interest 

to be deducted on the basis of the estimated life of each bill and 

adjust the discount after payment of such bills to conform to the 

actual life thereof. 

17 

The aggregate of notes, drafts, and bills upon which any person, 

copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member 

bank, shall at no time exceed the amount for which such person, 

copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of section 

5200 of the Revised Statutes, as amended: Provided, however, That 

nothing in this paragraph shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks. 

Any Federal reserve bank may discount acceptances of the kinds 

hereinafter described, which have a maturity at the time of discount of not more than 90 days’ sight, exclusive of days of grace, 

and which are indorsed by at least one member bank: Provided, 

That such acceptances if drawn for an agricultural purpose and secured at the time of acceptance by warehouse receipts or other such 

documents conveying or securing title covering readily marketable 

staples may be discounted with a maturity at the time of discount 

of not more than six months’ sight exclusive of days of grace. 

(7)(A) Any member bank and any Federal or State branch or 

agency of a foreign bank subject to reserve requirements under section 7 of the International Banking Act of 1978 (hereinafter in this 

paragraph referred to as ‘‘institutions’’), may accept drafts or bills 

of exchange drawn upon it having not more than six months’ sight 

to run, exclusive of days of grace— 

(i) which grow out of transactions involving the importation 

or exportation of goods; 

(ii) which grow out of transactions involving the domestic 

shipment of goods; or 

(iii) which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing 

title covering readily marketable staples. 

(B) Except as provided in subparagraph (C), no institution shall 

accept such bills, or be obligated for a participation share in such 

bills, in an amount equal at any time in the aggregate to more 

than 150 per centum of its paid up and unimpaired capital stock 

and surplus or, in the case of a United States branch or agency of 

a foreign bank, its dollar equivalent as determined by the Board 

under subparagraph (H). 

(C) The Board, under such conditions as it may prescribe, may 

authorize, by regulation or order, any institution to accept such 

bills, or be obligated for a participation share in such bills, in an 

amount not exceeding at any time in the aggregate 200 per centum 

of its paid up and unimpaired capital stock and surplus or, in the 

case of a United States branch or agency of a foreign bank, its dollar equivalent as determined by the Board under subparagraph 

(H). 

(D) Notwithstanding subparagraphs (B) and (C), with respect to 

any institution, the aggregate acceptances, including obligations for 

a participation share in such acceptances, growing out of domestic 

transactions shall not exceed 50 per centum of the aggregate of all 

acceptances, including obligations for a participation share in such 

acceptances, authorized for such institution under this paragraph. 

(E) No institution shall accept bills, or be obligated for a participation share in such bills, whether in a foreign or domestic transVerDate Sep 11 2014 07:22 Nov 07, 2018 Jkt 089006 PO 00000 Frm 00017 Fmt 6659 Sfmt 6601 E:\HR\OC\HR1010P1.XXX HR1010P1
18 

action, for any one person, partnership, corporation, association or 

other entity in an amount equal at any time in the aggregate to 

more than 10 per centum of its paid up and unimpaired capital 

stock and surplus, or, in the case of a United States branch or 

agency of a foreign bank, its dollar equivalent as determined by the 

Board under subparagraph (H), unless the institution is secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance. 

(F) With respect to an institution which issues an acceptance, the 

limitations contained in this paragraph shall not apply to that portion of an acceptance which is issued by such institution and which 

is covered by a participation agreement sold to another institution. 

(G) In order to carry out the purposes of this paragraph, the 

Board may define any of the terms used in this paragraph, and, 

with respect to institutions which do not have capital or capital 

stock, the Board shall define an equivalent measure to which the 

limitations contained in this paragraph shall apply. 

(H) Any limitation or restriction in this paragraph based on paidup and unimpaired capital stock and surplus of an institution shall 

be deemed to refer, with respect to a United States branch or agency of a foreign bank, to the dollar equivalent of the paid-up capital 

stock and surplus of the foreign bank, as determined by the Board, 

and if the foreign bank has more than one United States branch 

or agency, the business transacted by all such branches and agencies shall be aggregated in determining compliance with the limitation or restriction. 

Any Federal reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes 

secured by the deposit or pledge of bonds, notes, certificates of indebtedness or Treasury bills of the United States, or by the deposit 

or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under section 13 (a) of this Act, or by the deposit or 

pledge of bonds issued under the provisions of subsection (c) of section 4 of the Home Owners’ Loan Act of 1933, as amended; and any 

Federal reserve bank may make advances for periods not exceeding 

ninety days to its member banks on their promissory notes secured 

by such notes, drafts, bills of exchange, or bankers’ acceptances as 

are eligible for rediscount or for purchase by Federal reserve banks 

under the provisions of this Act, or secured by such obligations as 

are eligible for purchase under section 14(b) of this Act. All such 

advances shall be made at rates to be established by such Federal 

reserve banks, such rates to be subject to the review and determination of the Board of Governors of the Federal Reserve System. 

If any member bank to which any such advance has been made 

shall, during the life or continuance of such advance, and despite 

an official warning of the reserve bank of the district or of the 

Board of Governors of the Federal Reserve System to the contrary, 

increase its outstanding loans secured by collateral in the form of 

stocks, bonds, debentures, or other such obligations, or loans made 

to members of any organized stock exchange, investment house, or 

dealer in securities, upon any obligation, note, or bill, secured or 

unsecured, for the purpose of purchasing and/or carrying stocks, 

bonds, or other investment securities (except obligations of the 

United States) such advance shall be deemed immediately due and 

19 

payable, and such member bank shall be ineligible as a borrower 

at the reserve bank of the district under the provisions of this 

paragraph for such period as the Board of Governors of the Federal 

Reserve System shall determine: Provided, That no temporary carrying or clearance loans made solely for the purpose of facilitating 

the purchase or delivery of securities offered for public subscription 

shall be included in the loans referred to in this paragraph. 

The discount and rediscount and the purchase and sale by any 

Federal reserve bank of any bills receivable and of domestic and 

foreign bills of exchange, and of acceptances authorized by this Act, 

shall be subject to such restrictions, limitations, and regulations as 

may be imposed by the Board of Governors of the Federal Reserve 

System. (Omitted from U.S. Code) 

That in addition to the powers not vested by law in national 

banking associations organized under the laws of the United States 

any such association located and doing business in any place the 

population of which does not exceed five thousand inhabitants, as 

shown by the last preceding decennial census, may, under such 

rules and regulations as may be prescribed by the Comptroller of 

the Currency, act as the agent for any fire, life, or other insurance 

company authorized by the authorities of the State in which said 

bank is located to do business in said State, by soliciting and selling insurance and collecting premiums on policies issued by such 

company; and may receive for services so rendered such fees or 

commissions as may be agreed upon between the said association 

and the insurance company for which it may act as agent: Provided, however, That no such bank shall in any case assume or 

guarantee the payment of any premium on insurance policies 

issued through its agency by its principal: And provided further, 

That the bank shall not guarantee the truth of any statement 

made by an assured in filing his application for insurance. 

Any member bank may accept drafts or bills of exchange drawn 

upon it having not more than three months’ sight to run, exclusive 

of days of grace, drawn under regulations to be prescribed by the 

Board of Governors of the Federal Reserve System by banks or 

bankers in foreign countries or dependencies or insular possessions 

of the United States for the purpose of furnishing dollar exchange 

as required by the usages of trade in the respective countries, dependencies, or insular possessions. Such drafts or bills may be acquired by Federal reserve banks in such amounts and subject to 

such regulations, restrictions, and limitations as may be prescribed 

by the Board of Governors of the Federal Reserve System: Provided, however, That no member bank shall accept such drafts or 

bills of exchange referred to this paragraph for any one bank to an 

amount exceeding in the aggregate ten per centum of the paid-up 

and unimpaired capital and surplus of the accepting bank unless 

the draft or bill of exchange is accompanied by documents conveying or securing title or by some other adequate security: Provided further, That no member bank shall accept such drafts or 

bills in an amount exceeding at any time the aggregate of one-half 

of its paid-up and unimpaired capital and surplus. (Omitted from 

U.S. Code) 

Subject to such limitations, restrictions and regulations as the 

Board of Governors of the Federal Reserve System may prescribe, 

any Federal reserve bank may make advances to any individual, 

20 

partnership or corporation on the promissory notes of such individual, partnership or corporation secured by direct obligations of 

the United States or by any obligation which is a direct obligation 

of, or fully guaranteed as to principal and interest by, any agency 

of the United States. Such advances shall be made for periods not 

exceeding 90 days and shall bear interest at rates fixed from time 

to time by the Federal reserve bank, subject to the review and determination of the Board of Governors of the Federal Reserve System. 

Subject to such restrictions, limitations, and regulations as may 

be imposed by the Board of Governors of the Federal Reserve System, each Federal Reserve bank may receive deposits from, discount paper endorsed by, and make advances to any branch or 

agency of a foreign bank in the same manner and to the same extent that it may exercise such powers with respect to a member 

bank if such branch or agency is maintaining reserves with such 

Reserve bank pursuant to section 7 of the International Banking 

Act of 1978. In exercising any such powers with respect to any such 

branch or agency, each Federal Reserve bank shall give due regard 

to account balances being maintained by such branch or agency 

with such Reserve bank and the proportion of the assets of such 

branch or agency being held as reserves under section 7 of the 

International Banking Act of 1978. For the purposes of this paragraph, the terms ‘‘branch,’’‘‘agency,’’ and ‘‘foreign bank’’ shall have 

the same meanings assigned to them in section 1 of the International Banking Act of 1978. 

* * * * * * * 

(21) 

MINORITY VIEWS 

Democrats share the view that the Federal Reserve cannot have 

free rein in exercising its emergency lending powers, and agree 

that any provision of credit must be broad-based, cannot be made 

to an insolvent entity or used for the purpose of preventing an institution or group of institutions from entering bankruptcy or otherwise failing, must entail a penalty rate, and must enclose a high 

degree of public transparency. These restrictions are critical to preventing moral hazard—the risk that institutions will take excessive 

risks with an expectation that the Federal Reserve will come to the 

rescue. 

Democrats’ support for these reasonable constraints is precisely 

why we support the reforms included in the Dodd-Frank Wall 

Street Reform and Consumer Protection Act, as well as the additional restrictions included in the Federal Reserve’s final implementing regulation, which ended the ability for the Federal Reserve to save individual firms like AIG and Bear Stearns, as it did 

in response to the 2008 financial crisis. 

To prevent a situation where any firm would be rescued, Democrats passed the Dodd-Frank Act to establish a mechanism to provide for the orderly resolution of failing firms, strengthen the resiliency of the financial sector, and enhance the supervision and regulation of systemic risks. We believe that as long as these reforms 

are not undercut either by Congressional deregulation or by the 

Trump Administration, they will reduce the likelihood that the 

Federal Reserve’s emergency lending powers will ever be used. 

However, reducing the likelihood that emergency lending will be 

needed and placing reasonable constraints on the terms and conditions under which the authority can be used, do not eliminate the 

need for emergency lending powers altogether. Indeed, Democrats 

view the Federal Reserve’s lender-of-last resort function as a core 

function of our central bank, and an authority that is critical to the 

Federal Reserve’s ability to promote the stability of our financial 

system. 

H.R. 4302 goes too far in curtailing the Federal Reserve’s ability 

to exercise its emergency lending powers, which would likely 

render this critical role unworkable and ineffectual in a time of crisis—precisely the time when it is needed most. 

In particular, we are concerned that requiring Congress to approve all credit facilities established within 30 days would effectively make Congress the lender of last resort and put it in a position of making highly-technical judgments that the Federal Reserve, as our central bank, was established to do and is far better 

equipped to make. According to a statement by Better Markets, 

this requirement ‘‘in the context of a fast-moving, catastrophic financial crisis in the future where information will be incomplete, 

ambiguous and continually changing, will almost certainly result in 

22 

political paralysis and cripple the Fed’s ability to respond to emergencies.’’ 

Furthermore, the provisions in the bill that require emergency 

credit facilities to be approved by a super-majority of the Federal 

Open Market Committee and all relevant Federal banking regulators would erect further barriers to a program’s timely deployment. 

The penalty rate called for in the bill is convoluted and may be 

too opaque and punitive to make the Fed’s emergency lending effective. Currently, the Federal Reserve’s final emergency lending rule 

outlines a number of factors that the Board will now take into account when setting a penalty rate, and the adequacy of these factors should be carefully considered prior to enacting a less coherent 

penalty formula. For example, these factors include the condition 

of the affected markets and the financial system generally, the historical rate of interest for loans of comparable terms and maturity 

during normal times, the purpose of the program or facility, the 

risk of repayment, the collateral supporting the credit and the duration, terms and amount of credit. At a legislative hearing held by 

the Subcommittee on Monetary Policy and Trade to examine this 

proposal, Dr. Jared Bernstein testified that, ‘‘the prescribed formula could return an overly punitive rate that would potentially 

undermine the Fed’s lender of last resort function.’’ 

For these reasons we oppose the bill. 

MAXINE WATERS. 

NYDIA M. VELA ́ ZQUEZ. 

VINCENTE GONZALEZ (TX). 

KEITH ELLISON. 

WM. LACY CLAY. 

DANIEL T. KILDEE. 

STEPHEN F. LYNCH. 

JOYCE BEATTY. 

AL GREEN. 

MICHAEL E. CAPUANO. 

CAROLYN B. MALONEY. 

RUBEN J. KIHUEN. 

Æ