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 com-
mittee 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 
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A BILL 
To amend the Federal Reserve Act to create congressional 
accountability for emergency lending programs, and for 
other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Congressional Ac-
countability for Emergency Lending Programs Act of 
2017’’. 
SEC. 2. CONGRESSIONAL ACCOUNTABILITY FOR EMER-
GENCY 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 
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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 re-
quired under this paragraph; 
‘‘(II) acceptable classes of collat-
eral; 
‘‘(III) the amount of any dis-
count 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 sen-
tence 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 
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with jurisdiction over the borrower certify 
that, at the time the borrower initially bor-
rows 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 ‘‘finan-
cial institution’’ before ‘‘participants’’; and 
(5) by adding at the end the following new sub-
paragraphs: 
‘‘(G) JOINT RESOLUTION OF APPROVAL.— 
‘‘(i) IN GENERAL.—A program or fa-
cility created under subparagraph (A) shall 
terminate on the date that is 30 calendar 
days after the date on which Congress re-
ceives a report described in subparagraph 
(C) unless there is enacted into law a joint 
resolution approving the program or facil-
ity 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 termi-
nated shall be repaid in full not later than 
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30 calendar days after the date on which 
the program or facility is terminated. 
‘‘(ii) CONTENTS
OF
JOINT
RESOLU-
TION.—For the purpose of this subpara-
graph, 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 subpara-
graph (C) is received by Congress; 
‘‘(II) that does not have a pre-
amble; 
‘‘(III) the title of which is as fol-
lows: ‘Joint resolution relating to the 
approval of a program or facility cre-
ated by the Board of Governors of the 
Federal Reserve System’; and 
‘‘(IV) the matter after the resolv-
ing clause of which is as follows: 
‘That Congress approves the program 
or facility created by the Board of 
Governors of the Federal Reserve Sys-
tem on llllllllll.’ (The 
blank space being appropriately filled 
in). 
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‘‘(iii) FAST TRACK CONSIDERATION IN 
HOUSE OF REPRESENTATIVES.— 
‘‘(I) RECONVENING.—Upon re-
ceipt of a report under subparagraph 
(C), the Speaker, if the House would 
otherwise be adjourned, shall notify 
the Members of the House that, pur-
suant to this subparagraph, the 
House shall convene not later than 
the second calendar day after receipt 
of such report. 
‘‘(II) 
REPORTING
AND
DIS-
CHARGE.—Any 
committee 
of 
the 
House of Representatives to which a 
joint resolution is referred shall report 
it to the House not later than 5 cal-
endar 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 reso-
lution and the joint resolution shall be 
referred to the appropriate calendar. 
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‘‘(III) PROCEEDING TO CONSID-
ERATION.—After each committee au-
thorized 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 reso-
lution. The previous question shall be 
considered as ordered on the motion 
to its adoption without intervening 
motion. The motion shall not be de-
batable. 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 consid-
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eration are waived. The previous ques-
tion 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 re-
ceipt 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 Mem-
bers of the Senate that, pursuant to 
this subparagraph, the Senate shall 
convene not later than the second cal-
endar day after receipt of such report. 
‘‘(II) 
PLACEMENT
ON
CAL-
ENDAR.—Upon introduction in the 
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Senate, the joint resolution shall be 
placed immediately on the calendar. 
‘‘(III) FLOOR CONSIDERATION.— 
‘‘(aa) IN
GENERAL.—Not-
withstanding 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 Con-
gress receives a report described 
in subparagraph (C) and ending 
on the sixth day after the date on 
which Congress receives the re-
port (even though a previous mo-
tion 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 mo-
tion to proceed is not debatable. 
The motion is not subject to a 
motion to postpone. A motion to 
reconsider the vote by which the 
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motion is agreed to or disagreed 
to shall not be in order. If a mo-
tion to proceed to the consider-
ation of the resolution is agreed 
to, the joint resolution shall re-
main 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 des-
ignees. A motion further to limit 
debate is in order and not debat-
able. An amendment to, or a mo-
tion to postpone, or a motion to 
proceed to the consideration of 
other business, or a motion to re-
commit the joint resolution is not 
in order. 
‘‘(cc) VOTE ON PASSAGE.— 
The vote on passage shall occur 
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immediately following the conclu-
sion of the debate on a joint reso-
lution, 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 de-
cided without debate. 
‘‘(v) COORDINATION WITH ACTION BY 
OTHER HOUSE.— 
‘‘(I) IN GENERAL.—If, before the 
passage by one House of a joint reso-
lution of that House, that House re-
ceives from the other House a joint 
resolution, then the following proce-
dures shall apply: 
‘‘(aa) The joint resolution of 
the other House shall not be re-
ferred to a committee. 
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‘‘(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 resolu-
tion had been received from 
the other House, but 
‘‘(BB) the vote on pas-
sage shall be on the joint 
resolution 
of 
the 
other 
House. 
‘‘(II) TREATMENT OF JOINT RES-
OLUTION 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 Rep-
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resentatives, 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 com-
puting the 30-calendar day period de-
scribed 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 REP-
RESENTATIVES
AND
SENATE.—This 
subparagraph is enacted by Con-
gress— 
‘‘(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 ap-
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plicable only with respect to the 
procedure to be followed in that 
House in the case of a joint reso-
lution, 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 re-
spect to a recipient of any loan or other fi-
nancial 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
DE-
FINED.—In this subparagraph, the term 
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‘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 pe-
riod; and 
‘‘(II) the average of the dif-
ference 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 pre-
dominantly engaged in financial activities 
(as defined in section 102(a) of the Finan-
cial Stability Act of 2010 (12 U.S.C. 
5311(a))); and 
‘‘(ii) does not include an agency de-
scribed in subparagraph (W) of section 
5312(a)(2) of title 31, United States Code, 
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or an entity controlled or sponsored by 
such an agency.’’. 
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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 con-
gressional accountability for emergency lending 
programs, and for other purposes. 
DECEMBER 28, 2018 
Committee on Rules discharged; committed to the Com-
mittee of the Whole House on the State of the Union 
and ordered to be printed 
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