440 
eral Reserve bank to discount notes, drafts, or bills 
of exchange for only a single and specific individual, 
partnership, or corporation. 
‘‘(5) EVIDENCE OF UNAVAILABILITY OF CRED-
IT.—Before discounting any note, draft, or bill of ex-
change under this subsection for an individual, a 
partnership or corporation as part of a broadly 
available credit or other facility the Federal reserve 
bank shall obtain evidence that such individual, part-
nership, or corporation is unable to secure adequate 
credit accommodations from other banking institu-
tions. All discounts under this subsection for individ-
uals, partnerships, or corporations shall be subject 
to such limitations, restrictions, and regulations as 
the Board of Governors of the Federal Reserve Sys-
tem may prescribe. 
‘‘(6) CONGRESSIONAL DISAPPROVAL OF ADDI-
TIONAL BORROWING AUTHORITY.— 
‘‘(A) INTRODUCTION.—Within 90 days of 
the day on which notice from the Financial Sta-
bility Oversight Council is received by the 
House of Representatives and the Senate under 
paragraph (1), a joint resolution specified in 
subparagraph (E) may be introduced in the 
House by the majority leader and minority 
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leader of the House and in the Senate by the 
majority leader and minority leader of the Sen-
ate. 
‘‘(B) CONSIDERATION IN THE HOUSE OF 
REPRESENTATIVES.— 
‘‘(i) REPORTING
AND
DISCHARGE.— 
Any committee of the House of Represent-
atives to which a joint resolution intro-
duced under subparagraph (A) is referred 
shall report such joint resolution to the 
House not later than 5 calendar days after 
the applicable date of introduction of the 
joint resolution. If a committee fails to re-
port such joint resolution within that pe-
riod, the committee shall be discharged 
from further consideration of the joint res-
olution and the joint resolution shall be re-
ferred to the appropriate calendar. 
‘‘(ii) 
PROCEEDING
TO
CONSIDER-
ATION.—After each committee authorized 
to consider a joint resolution reports such 
joint resolution to the House or has been 
discharged from its consideration, it shall 
be in order, not later than the sixth day 
after the applicable date of introduction of 
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the joint resolution, to move to proceed to 
consider the joint resolution in the House. 
Such a motion shall not be in order after 
the House has disposed of a motion to pro-
ceed on the joint resolution and shall not 
be in order if the House has received a 
message from the Senate under subpara-
graph (D)(iii)(I). The previous question 
shall be considered as ordered on the mo-
tion to its adoption without intervening 
motion. A motion to reconsider the vote by 
which the motion is disposed of shall not 
be in order. 
‘‘(iii) 
CONSIDERATION.—The 
joint 
resolution shall be considered in the House 
and shall be considered as read. All points 
of order against a joint resolution and 
against its consideration are waived. The 
previous question shall be considered as or-
dered on the joint resolution to its passage 
without intervening motion except two 
hours of debate equally divided and con-
trolled by the proponent and an opponent. 
A motion to reconsider the vote on passage 
of a joint resolution shall not be in order. 
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‘‘(C) CONSIDERATION IN THE SENATE.— 
‘‘(i) PLACEMENT
ON
CALENDAR.— 
Upon introduction in the Senate, the joint 
resolution shall be placed immediately on 
the calendar. 
‘‘(ii) FLOOR CONSIDERATION.— 
‘‘(I) 
IN
GENERAL.—Notwith-
standing rule XXII of the Standing 
Rules of the Senate, it is in order at 
any time during the period beginning 
on the 4th day after the applicable 
date of introduction of the joint reso-
lution and ending on the 6th day after 
the applicable date of introduction 
(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 dis-
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444 
agreed 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. 
‘‘(II) 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 mi-
nority leaders or their designees. A 
motion further to limit debate is in 
order and not debatable. An amend-
ment to, or a motion to postpone, or 
a motion to proceed to the consider-
ation of other business, or a motion to 
recommit the joint resolution is not in 
order. 
‘‘(III) VOTE ON PASSAGE.—The 
vote on passage shall occur imme-
diately following the conclusion of the 
debate on a joint resolution, and a 
single quorum call at the conclusion of 
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the debate if requested in accordance 
with the rules of the Senate. 
‘‘(IV) 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. 
‘‘(D) RULES RELATING TO SENATE AND 
HOUSE OF REPRESENTATIVES.— 
‘‘(i) COORDINATION WITH ACTION BY 
OTHER HOUSE.—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: 
‘‘(I) The joint resolution of the 
other House shall not be referred to a 
committee. 
‘‘(II) With respect to the joint 
resolution of the House receiving the 
resolution, the procedure in that 
House shall be the same as if no such 
joint resolution had been received 
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from the other House; but the vote on 
passage shall be on the joint resolu-
tion of the other House. 
‘‘(ii) TREATMENT
OF
COMPANION 
MEASURES.—If, following passage of a 
joint resolution in the Senate, the Senate 
then receives the companion measure from 
the House of Representatives, the com-
panion measure shall not be debatable. 
‘‘(iii) FAILURE OF JOINT RESOLUTION 
IN THE SENATE.— 
‘‘(I) If, in the Senate, the motion 
to proceed to the consideration of the 
joint resolution fails, the Secretary of 
the Senate shall transmit a message 
to that effect to the House of Rep-
resentatives. 
‘‘(II) If, in the Senate, the joint 
resolution fails on passage, the Sec-
retary of the Senate shall transmit a 
message to that effect to the House of 
Representatives. 
‘‘(iv) RULES
OF
HOUSE
OF
REP-
RESENTATIVES AND SENATE.—This para-
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447 
graph and the preceding paragraphs are 
enacted by Congress— 
‘‘(I) as an exercise of the rule-
making power of the Senate and 
House of Representatives, respec-
tively, and as such it is deemed a part 
of the rules of each House, respec-
tively, but applicable only with respect 
to the procedure to be followed in that 
House in the case of a joint resolu-
tion, and it supersedes other rules 
only to the extent that it is incon-
sistent with such rules; and 
‘‘(II) 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. 
‘‘(E) DEFINITION.—In this paragraph, the 
term ‘joint resolution’ means only a joint reso-
lution— 
‘‘(i) which does not have a preamble; 
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‘‘(ii) the title of which is as follows: 
‘Joint resolution relating to the use of au-
thority relevant to section 13(c) of the 
Federal Reserve Act under the Financial 
Stability Improvement Act of 2009.’; and 
‘‘(iii) the sole matter after the resolv-
ing clause of which is as follows: ‘That the 
Congress disapproves the use of authority 
pursuant to use of authority relevant to 
section 13(c) of the Federal Reserve Act 
transmitted to the Congress on lll by 
the Board of Governors of the Federal Re-
serve System’, the blank space being filled 
with the appropriate date. 
‘‘(F) NONSCORING OF JOINT RESOLUTIONS 
OF
DISAPPROVAL.—A joint resolution of dis-
approval shall be treated as having no budg-
etary effect by the Congressional Budget Office 
and the Office of Management and Budget for 
any purpose under the Rules of the House of 
Representatives, the Standing Rules of the Sen-
ate, the Congressional Budget Act of 1974, or 
any statutory pay-as-you-go requirement.’’. 
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449 
SEC. 1702. CERTAIN RESTRICTIONS RELATED TO FOREIGN 
CURRENCY SWAP AUTHORITY. 
Section 14 of the Federal Reserve Act is amended 
by adding at the end the following new subsection: 
‘‘(h) CERTAIN RESTRICTIONS RELATED TO FOREIGN 
CURRENCY SWAP AUTHORITY.—A Federal reserve bank 
may not take any action pursuant to the authority pro-
vided under this section with respect to foreign currency 
swaps unless— 
‘‘(1) such action is approved in advance by the 
affirmative vote of not less than five members of the 
Board of Governors of the Federal Reserve System; 
and 
‘‘(2) such action is taken with the written con-
currence of the Secretary of the Treasury.’’. 
SEC. 1703. ADDITIONAL OVERSIGHT OF FINANCIAL REGU-
LATORY SYSTEM. 
(a) COUNCIL OF INSPECTORS GENERAL ON FINAN-
CIAL OVERSIGHT.— 
(1) 
ESTABLISHMENT
AND
MEMBERSHIP.— 
There is established a Council of Inspectors General 
on Financial Oversight (in this section referred to as 
the ‘‘Council of Inspectors General’’) chaired by the 
Inspector General of the Department of the Treas-
ury and composed of the inspectors general of the 
following: 
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450 
(A) The Board of Governors of the Federal 
Reserve System. 
(B) The Commodity Futures Trading 
Commission. 
(C) The Department of Housing and 
Urban Development. 
(D) The Department of the Treasury. 
(E) The Federal Deposit Insurance Cor-
poration. 
(F) The Federal Housing Finance Agency. 
(G) The National Credit Union Adminis-
tration. 
(H) The Securities and Exchange Commis-
sion. 
(I) The Troubled Asset Relief Program 
(until the termination of the authority of the 
Special Inspector General for such program 
under section 121(h) of the Emergency Eco-
nomic Stabilization Act of 2008 (12 U.S.C. 
5231(h))). 
(2) DUTIES.— 
(A) MEETINGS.—The Council of Inspec-
tors General shall meet not less than once each 
quarter, or more frequently if the chair con-
siders it appropriate, to facilitate the sharing of 
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‘‘(1) SECURITY-BASED
SWAP
DEALERS.—Any 
person that is required to be registered as a secu-
rity-based swap dealer under this section shall reg-
ister with the Commission regardless of whether that 
person also is a bank or is registered with the Com-
modity Futures Trading Commission as a swap deal-
er. 
‘‘(2) MAJOR
SECURITY-BASED
SWAP
PARTICI-
PANTS.—Any person that is required to be reg-
istered as a major security-based swap participant 
under this section shall register with the Commis-
sion regardless of whether that person also is a bank 
or is registered with the Commodity Futures Trad-
ing Commission as a major swap participant. 
‘‘(d) JOINT RULES.— 
‘‘(1) IN GENERAL.—Not later than 180 days 
after the effective date of the Over-the-Counter De-
rivatives Markets Act of 2009, the Commission and 
the Commodity Futures Trading Commission shall 
jointly adopt uniform rules for persons that are reg-
istered as security-based swap dealers or major secu-
rity-based swap participants under this Act and per-
sons that are registered as swap dealers or major 
swap participants under the Commodity Exchange 
Act (7 U.S.C. 1, et seq.). 
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