I 

116TH CONGRESS 

1ST SESSION H. R. 1167 

To create a zero interest loan program for Federal and District of Columbia 

employees furloughed or excepted from such furlough during a lapse 

in Federal appropriations, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 13, 2019 

Mr. HIGGINS of Louisiana (for himself and Mr. RUPPERSBERGER) introduced 

the following bill; which was referred to the Committee on Financial Services 

A BILL 

To create a zero interest loan program for Federal and 

District of Columbia employees furloughed or excepted 

from such furlough during a lapse in Federal appropriations, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. ZERO INTEREST LOANS FOR FEDERAL AND DIS4 TRICT OF COLUMBIA EMPLOYEES. 

5 (a) IN GENERAL.—The Secretary of the Treasury 

6 shall, each Federal fiscal year, enroll each covered bank 

7 in a program to be known as the zero interest Federal 

8 and District of Columbia employee loan program unless 


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1 such covered bank has elected not to participate in such 

2 program for such Federal fiscal year. 

3 (b) ZERO INTEREST LOAN.— 

4 (1) IN GENERAL.—Any covered bank enrolled 

5 in the zero interest Federal and District of Columbia 

6 employee loan program under subsection (a) shall, 

7 for the first 90 days of any lapse in Federal appro8 priations, upon request, extend a zero interest loan 

9 to any covered employee. 

10 (2) AMOUNT OF LOAN.—Any loan or loans pro11 vided to a covered employee under paragraph (1) 

12 shall be equal to the amount paid to the covered em13 ployee by the United States or the District of Co14 lumbia during the pay period immediately preceding 

15 the lapse in Federal appropriations. 

16 (3) MAXIMUM AGGREGATE LOAN AMOUNT.—A 

17 covered bank enrolled in the zero interest Federal 

18 and District of Columbia employee loan program 

19 shall not be required to extend a loan, or loans in 

20 the aggregate, in an amount greater than $9,000 to 

21 any individual covered employee with respect to each 

22 lapse in Federal appropriations. 

23 (4) TERMS OF LOAN.—Any covered bank that 

24 extends a loan under this subsection may not require 


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1 repayment of such loan until 30 days after the con2 clusion of the lapse in Federal appropriations. 

3 (c) SAFETY AND SOUNDNESS SAFE HARBOR.—A 

4 covered bank shall not extend any loan under this section 

5 if such loan would threaten the safety and soundness of 

6 the covered bank. 

7 (d) PUBLISHED LIST.—The Secretary of the Treas8 ury shall publish and maintain, on the Department of the 

9 Treasury website, a list of all covered banks enrolled in 

10 the zero interest Federal and District of Columbia em11 ployee loan program for each Federal fiscal year. 

12 (e) OTHER ASSISTANCE.—Covered banks may pro13 vide other forms of assistance to any covered employee 

14 during any lapse in appropriations beginning on or after 

15 December 22, 2018. 

16 (f) RULEMAKING.—The Secretary of the Treasury 

17 shall issue rules to carry out this Act. 

18 (g) DEFINITIONS.—In this Act— 

19 (1) COVERED BANK.—The term ‘‘covered bank’’ 

20 means a bank holding company that has been identi21 fied by the Board of Governors of the Federal Re22 serve System as a global systemically important 

23 bank holding company pursuant to section 217.402 

24 of title 12, Code of Federal Regulations, and each 


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1 subsidiary and affiliate of such a bank holding com2 pany. 

3 (2) COVERED EMPLOYEE.—The term ‘‘covered 

4 employee’’ means a Federal or District of Columbia 

5 employee furloughed or excepted from such furlough 

6 during any lapse in Federal appropriations begin7 ning on or after December 22, 2018, who is not a 

8 Member of Congress. 

Æ 


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