IB 

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 


pamtmann on DSKBFK8HB2PROD with BILLS
2 

•HR 4302 RH

A BILL 

To amend the Federal Reserve Act to create congressional 

accountability for emergency lending programs, and for 

other purposes. 


pamtmann on DSKBFK8HB2PROD with BILLS
3 

•HR 4302 RH

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Congressional Ac5 countability for Emergency Lending Programs Act of 

6 2017’’. 

7 SEC. 2. CONGRESSIONAL ACCOUNTABILITY FOR EMER8 GENCY LENDING PROGRAMS. 

9 Section 13(3) of the Federal Reserve Act (12 U.S.C. 

10 343(3)) is amended— 

11 (1) in subparagraph (A)— 

12 (A) by inserting ‘‘that pose a threat to the 

13 financial stability of the United States’’ after 

14 ‘‘unusual and exigent circumstances’’; and 

15 (B) by striking ‘‘the affirmative vote of not 

16 less than five members’’ and inserting ‘‘the 

17 prior approval of the Secretary of the Treasury 

and not less than 2 18 ⁄3 of the members of the 

19 Federal Open Market Committee’’; 

20 (2) in subparagraph (B)— 

21 (A) in clause (i), by inserting at the end 

22 the following: ‘‘Federal reserve banks may not 

23 accept equity securities issued by the recipient 

24 of any loan or other financial assistance under 

25 this paragraph as collateral. Not later than 6 


pamtmann on DSKBFK8HB2PROD with BILLS
4 

•HR 4302 RH

1 months after the date of the enactment of this 

2 sentence, the Board shall, by rule, establish— 

3 ‘‘(I) a method for determining 

4 the sufficiency of the collateral re5 quired under this paragraph; 

6 ‘‘(II) acceptable classes of collat7 eral; 

8 ‘‘(III) the amount of any dis9 count on the value of the collateral 

10 that the Federal reserve banks will 

11 apply for purposes of calculating the 

12 sufficiency of collateral under this 

13 paragraph; and 

14 ‘‘(IV) a method for obtaining 

15 independent appraisals of the value of 

16 collateral the Federal reserve banks 

17 receive.’’; 

18 (B) in clause (ii)— 

19 (i) by striking the second sentence; 

20 and 

21 (ii) by inserting after the first sen22 tence the following: ‘‘A borrower shall not 

23 be eligible to borrow from any emergency 

24 lending program or facility unless the 

25 Board and all Federal banking regulators 


pamtmann on DSKBFK8HB2PROD with BILLS
5 

•HR 4302 RH

1 with jurisdiction over the borrower certify 

2 that, at the time the borrower initially bor3 rows under the program or facility, the 

4 borrower is not insolvent.’’; and 

5 (C) by striking clause (iv); 

6 (3) by inserting ‘‘financial institution’’ before 

7 ‘‘participant’’ each place such term appears; 

8 (4) in subparagraph (D)(i), by inserting ‘‘finan9 cial institution’’ before ‘‘participants’’; and 

10 (5) by adding at the end the following new sub11 paragraphs: 

12 ‘‘(G) JOINT RESOLUTION OF APPROVAL.— 

13 ‘‘(i) IN GENERAL.—A program or fa14 cility created under subparagraph (A) shall 

15 terminate on the date that is 30 calendar 

16 days after the date on which Congress re17 ceives a report described in subparagraph 

18 (C) unless there is enacted into law a joint 

19 resolution approving the program or facil20 ity not later than 30 calendar days after 

21 the date on which the report is received. 

22 Any loan offered through the program or 

23 facility that is outstanding as of the date 

24 on which the program or facility is termi25 nated shall be repaid in full not later than 


pamtmann on DSKBFK8HB2PROD with BILLS
6 

•HR 4302 RH

1 30 calendar days after the date on which 

2 the program or facility is terminated. 

3 ‘‘(ii) CONTENTS OF JOINT RESOLU4 TION.—For the purpose of this subpara5 graph, the term ‘joint resolution’ means 

6 only a joint resolution— 

7 ‘‘(I) that is introduced not later 

8 than 3 calendar days after the date on 

9 which the report described in subpara10 graph (C) is received by Congress; 

11 ‘‘(II) that does not have a pre12 amble; 

13 ‘‘(III) the title of which is as fol14 lows: ‘Joint resolution relating to the 

15 approval of a program or facility cre16 ated by the Board of Governors of the 

17 Federal Reserve System’; and 

18 ‘‘(IV) the matter after the resolv19 ing clause of which is as follows: 

20 ‘That Congress approves the program 

21 or facility created by the Board of 

22 Governors of the Federal Reserve Sys23 tem on llllllllll.’ (The 

24 blank space being appropriately filled 

25 in). 


pamtmann on DSKBFK8HB2PROD with BILLS
7 

•HR 4302 RH

1 ‘‘(iii) FAST TRACK CONSIDERATION IN

2 HOUSE OF REPRESENTATIVES.— 

3 ‘‘(I) RECONVENING.—Upon re4 ceipt of a report under subparagraph 

5 (C), the Speaker, if the House would 

6 otherwise be adjourned, shall notify 

7 the Members of the House that, pur8 suant to this subparagraph, the 

9 House shall convene not later than 

10 the second calendar day after receipt 

11 of such report. 

12 ‘‘(II) REPORTING AND DIS13 CHARGE.—Any committee of the 

14 House of Representatives to which a 

15 joint resolution is referred shall report 

16 it to the House not later than 5 cal17 endar days after the date of receipt of 

18 the report described in subparagraph 

19 (C). If a committee fails to report the 

20 joint resolution within that period, the 

21 committee shall be discharged from 

22 further consideration of the joint reso23 lution and the joint resolution shall be 

24 referred to the appropriate calendar. 


pamtmann on DSKBFK8HB2PROD with BILLS
8 

•HR 4302 RH

1 ‘‘(III) PROCEEDING TO CONSID2 ERATION.—After each committee au3 thorized to consider a joint resolution 

4 reports it to the House or has been 

5 discharged from its consideration, it 

6 shall be in order, not later than the 

7 sixth day after Congress receives the 

8 report described in subparagraph (C), 

9 to move to proceed to consider the 

10 joint resolution in the House. All 

11 points of order against the motion are 

12 waived. Such a motion shall not be in 

13 order after the House has disposed of 

14 a motion to proceed on the joint reso15 lution. The previous question shall be 

16 considered as ordered on the motion 

17 to its adoption without intervening 

18 motion. The motion shall not be de19 batable. A motion to reconsider the 

20 vote by which the motion is disposed 

21 of shall not be in order. 

22 ‘‘(IV) CONSIDERATION.—The 

23 joint resolution shall be considered as 

24 read. All points of order against the 

25 joint resolution and against its considVerDate Sep 11 2014 22:12 Dec 28, 2018 Jkt 089200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H4302.RH H4302

pamtmann on DSKBFK8HB2PROD with BILLS
9 

•HR 4302 RH

1 eration are waived. The previous ques2 tion shall be considered as ordered on 

3 the joint resolution to its passage 

4 without intervening motion except 2 

5 hours of debate equally divided and 

6 controlled by the proponent and an 

7 opponent. A motion to reconsider the 

8 vote on passage of the joint resolution 

9 shall not be in order. 

10 ‘‘(iv) FAST TRACK CONSIDERATION IN

11 SENATE.— 

12 ‘‘(I) RECONVENING.—Upon re13 ceipt of a report under subparagraph 

14 (C), if the Senate has adjourned or 

15 recessed for more than 2 days, the 

16 majority leader of the Senate, after 

17 consultation with the minority leader 

18 of the Senate, shall notify the Mem19 bers of the Senate that, pursuant to 

20 this subparagraph, the Senate shall 

21 convene not later than the second cal22 endar day after receipt of such report. 

23 ‘‘(II) PLACEMENT ON CAL24 ENDAR.—Upon introduction in the 


pamtmann on DSKBFK8HB2PROD with BILLS
10 

•HR 4302 RH

1 Senate, the joint resolution shall be 

2 placed immediately on the calendar. 

3 ‘‘(III) FLOOR CONSIDERATION.— 

4 ‘‘(aa) IN GENERAL.—Not5 withstanding Rule XXII of the 

6 Standing Rules of the Senate, it 

7 is in order at any time during the 

8 period beginning on the fourth 

9 day after the date on which Con10 gress receives a report described 

11 in subparagraph (C) and ending 

12 on the sixth day after the date on 

13 which Congress receives the re14 port (even though a previous mo15 tion to the same effect has been 

16 disagreed to) to move to proceed 

17 to the consideration of the joint 

18 resolution, and all points of order 

19 against the joint resolution (and 

20 against consideration of the joint 

21 resolution) are waived. The mo22 tion to proceed is not debatable. 

23 The motion is not subject to a 

24 motion to postpone. A motion to 

25 reconsider the vote by which the 


pamtmann on DSKBFK8HB2PROD with BILLS
11 

•HR 4302 RH

1 motion is agreed to or disagreed 

2 to shall not be in order. If a mo3 tion to proceed to the consider4 ation of the resolution is agreed 

5 to, the joint resolution shall re6 main the unfinished business 

7 until disposed of. 

8 ‘‘(bb) DEBATE.—Debate on 

9 the joint resolution, and on all 

10 debatable motions and appeals in 

11 connection therewith, shall be 

12 limited to not more than 10 

13 hours, which shall be divided 

14 equally between the majority and 

15 minority leaders or their des16 ignees. A motion further to limit 

17 debate is in order and not debat18 able. An amendment to, or a mo19 tion to postpone, or a motion to 

20 proceed to the consideration of 

21 other business, or a motion to re22 commit the joint resolution is not 

23 in order. 

24 ‘‘(cc) VOTE ON PASSAGE.— 

25 The vote on passage shall occur 


pamtmann on DSKBFK8HB2PROD with BILLS
12 

•HR 4302 RH

1 immediately following the conclu2 sion of the debate on a joint reso3 lution, and a single quorum call 

4 at the conclusion of the debate if 

5 requested in accordance with the 

6 rules of the Senate. 

7 ‘‘(dd) RULINGS OF THE

8 CHAIR ON PROCEDURE.—Appeals 

9 from the decisions of the Chair 

10 relating to the application of the 

11 rules of the Senate, as the case 

12 may be, to the procedure relating 

13 to a joint resolution shall be de14 cided without debate. 

15 ‘‘(v) COORDINATION WITH ACTION BY

16 OTHER HOUSE.— 

17 ‘‘(I) IN GENERAL.—If, before the 

18 passage by one House of a joint reso19 lution of that House, that House re20 ceives from the other House a joint 

21 resolution, then the following proce22 dures shall apply: 

23 ‘‘(aa) The joint resolution of 

24 the other House shall not be re25 ferred to a committee. 


pamtmann on DSKBFK8HB2PROD with BILLS
13 

•HR 4302 RH

1 ‘‘(bb) With respect to a joint 

2 resolution of the House receiving 

3 the resolution— 

4 ‘‘(AA) the procedure in 

5 that House shall be the 

6 same as if no joint resolu7 tion had been received from 

8 the other House, but 

9 ‘‘(BB) the vote on pas10 sage shall be on the joint 

11 resolution of the other 

12 House. 

13 ‘‘(II) TREATMENT OF JOINT RES14 OLUTION OF OTHER HOUSE.—If one 

15 House fails to introduce or consider a 

16 joint resolution under this section, the 

17 joint resolution of the other House 

18 shall be entitled to expedited floor 

19 procedures under this section. 

20 ‘‘(III) CONSIDERATION AFTER

21 PASSAGE.—If, following passage of 

22 the joint resolution in the Senate, the 

23 Senate then receives the companion 

24 measure from the House of RepVerDate Sep 11 2014 22:12 Dec 28, 2018 Jkt 089200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H4302.RH H4302

pamtmann on DSKBFK8HB2PROD with BILLS
14 

•HR 4302 RH

1 resentatives, the companion measure 

2 shall not be debatable. 

3 ‘‘(IV) VETOES.—If the President 

4 vetoes the joint resolution, the period 

5 beginning on the date the President 

6 vetoes the joint resolution and ending 

7 on the date the Congress receives the 

8 veto message with respect to the joint 

9 resolution shall be disregarded in com10 puting the 30-calendar day period de11 scribed in clause (i) and debate on a 

12 veto message in the Senate under this 

13 section shall be 1 hour equally divided 

14 between the majority and minority 

15 leaders or their designees. 

16 ‘‘(V) RULES OF HOUSE OF REP17 RESENTATIVES AND SENATE.—This 

18 subparagraph is enacted by Con19 gress— 

20 ‘‘(aa) as an exercise of the 

21 rulemaking power of the Senate 

22 and House of Representatives, 

23 respectively, and as such it is 

24 deemed a part of the rules of 

25 each House, respectively, but apVerDate Sep 11 2014 22:12 Dec 28, 2018 Jkt 089200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H4302.RH H4302

pamtmann on DSKBFK8HB2PROD with BILLS
15 

•HR 4302 RH

1 plicable only with respect to the 

2 procedure to be followed in that 

3 House in the case of a joint reso4 lution, and it supersedes other 

5 rules only to the extent that it is 

6 inconsistent with such rules; and 

7 ‘‘(bb) with full recognition of 

8 the constitutional right of either 

9 House to change the rules (so far 

10 as relating to the procedure of 

11 that House) at any time, in the 

12 same manner, and to the same 

13 extent as in the case of any other 

14 rule of that House. 

15 ‘‘(H) PENALTY RATE.— 

16 ‘‘(i) IN GENERAL.—Not later than 6 

17 months after the date of enactment of this 

18 subparagraph, the Board shall, with re19 spect to a recipient of any loan or other fi20 nancial assistance under this paragraph, 

21 establish by rule a minimum interest rate 

22 on the principal amount of any loan or 

23 other financial assistance. 

24 ‘‘(ii) MINIMUM INTEREST RATE DE25 FINED.—In this subparagraph, the term 


pamtmann on DSKBFK8HB2PROD with BILLS
16 

•HR 4302 RH

1 ‘minimum interest rate’ shall mean the 

2 sum of— 

3 ‘‘(I) the average of the secondary 

4 discount rate of all Federal reserve 

5 banks over the most recent 90-day pe6 riod; and 

7 ‘‘(II) the average of the dif8 ference between a distressed corporate 

9 bond yield index (as defined by rule of 

10 the Board) and a bond yield index of 

11 debt issued by the United States (as 

12 defined by rule of the Board) over the 

13 most recent 90-day period. 

14 ‘‘(I) FINANCIAL INSTITUTION PARTICIPANT

15 DEFINED.—For purposes of this paragraph, the 

16 term ‘financial institution participant’— 

17 ‘‘(i) means a company that is pre18 dominantly engaged in financial activities 

19 (as defined in section 102(a) of the Finan20 cial Stability Act of 2010 (12 U.S.C. 

21 5311(a))); and 

22 ‘‘(ii) does not include an agency de23 scribed in subparagraph (W) of section 

24 5312(a)(2) of title 31, United States Code, 


pamtmann on DSKBFK8HB2PROD with BILLS
17 

•HR 4302 RH

1 or an entity controlled or sponsored by 

2 such an agency.’’. 


pamtmann on DSKBFK8HB2PROD with BILLS
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 conprograms, and for other purposes. gressional accountability for emergency lending 

DECEMBER 28, 2018 

Committee on Rules discharged; committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union 


pamtmann on DSKBFK8HB2PROD with BILLS