1566 
† HR 4173 PP
‘‘(3) the reports to the Committee on Banking, 
Housing, and Urban Affairs of the Senate required 
under the third undesignated paragraph of section 13 
(relating to emergency lending authority); and 
‘‘(4) such other information as the Board reason-
ably believes is necessary or helpful to the public in 
understanding the accounting, financial reporting, 
and internal controls of the Board and the Federal re-
serve banks.’’. 
SEC. 1154. LIQUIDITY EVENT DETERMINATION. 
(a) DETERMINATION
AND WRITTEN RECOMMENDA-
TION.— 
(1) DETERMINATION REQUEST.—The Secretary 
may request the Corporation and the Board of Gov-
ernors to determine whether a liquidity event exists 
that warrants use of the guarantee program author-
ized under section 1155. 
(2) REQUIREMENTS
OF
DETERMINATION.—Any 
determination pursuant to paragraph (1) shall— 
(A) be written; and 
(B) contain an evaluation of the evidence 
that— 
(i) a liquidity event exists; 
(ii) failure to take action would have 
serious adverse effects on financial stability
1567 
† HR 4173 PP
or economic conditions in the United States; 
and 
(iii) actions authorized under section 
1155 are needed to avoid or mitigate poten-
tial adverse effects on the United States fi-
nancial system or economic conditions. 
(b) PROCEDURES.—Notwithstanding any other provi-
sion of Federal or State law, upon the determination of both 
the Corporation (upon a vote of not fewer than 2⁄3 of the 
members of the Corporation then serving) and the Board 
of Governors (upon a vote of not fewer than 2⁄3 of the mem-
bers of the Board of Governors then serving) under sub-
section (a) that a liquidity event exists that warrants use 
of the guarantee program authorized under section 1155, 
and with the written consent of the Secretary— 
(1) the Corporation shall take action in accord-
ance with section 1155(a); and 
(2) the Secretary (in consultation with the Presi-
dent) shall take action in accordance with section 
1155(c). 
(c) DOCUMENTATION AND REVIEW.— 
(1) DOCUMENTATION.—The Secretary shall— 
(A) maintain the written documentation of 
each determination of the Corporation and the 
Board of Governors under this section; and
1568 
† HR 4173 PP
(B) provide the documentation for review 
under paragraph (2). 
(2) GAO REVIEW.—The Comptroller General of 
the United States shall review and report to Congress 
on any determination of the Corporation and the 
Board of Governors under subsection (a), including— 
(A) the basis for the determination; and 
(B) the likely effect of the actions taken. 
(d) REPORT TO CONGRESS.—On the earlier of the date 
of a submission made to Congress under section 1155(c), 
or within 30 days of the date of a determination under sub-
section (a), the Secretary shall provide written notice of the 
determination of the Corporation and the Board of Gov-
ernors to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives, including a description 
of the basis for the determination. 
SEC. 1155. EMERGENCY FINANCIAL STABILIZATION. 
(a) IN GENERAL.—Upon the written determination of 
the Corporation and the Board of Governors under section 
1154, the Corporation shall create a widely available pro-
gram to guarantee obligations of solvent insured depository 
institutions or solvent depository institution holding com-
panies (including any affiliates thereof) during times of se-
vere economic distress, except that a guarantee of obliga-
1569 
† HR 4173 PP
tions under this section may not include the provision of 
equity in any form. 
(b) RULEMAKING AND TERMS AND CONDITIONS.— 
(1) POLICIES AND PROCEDURES.—As soon as is 
practicable after the date of enactment of this Act, the 
Corporation shall establish, by regulation, and in 
consultation with the Secretary, policies and proce-
dures governing the issuance of guarantees authorized 
by this section. Such policies and procedures may in-
clude a requirement of collateral as a condition of 
any such guarantee. 
(2) TERMS
AND
CONDITIONS.—The terms and 
conditions of any guarantee program shall be estab-
lished by the Corporation, with the concurrence of the 
Secretary. 
(c) DETERMINATION OF GUARANTEED AMOUNT.— 
(1) IN GENERAL.—In connection with any pro-
gram established pursuant to subsection (a) and sub-
ject to paragraph (2) of this subsection, the Secretary 
(in consultation with the President) shall determine 
the maximum amount of debt outstanding that the 
Corporation may guarantee under this section, and 
the President may transmit to Congress a written re-
port on the plan of the Corporation to exercise the au-
thority under this section to issue guarantees up to
1570 
† HR 4173 PP
that maximum amount and a request for approval of 
such plan. The Corporation shall exercise the author-
ity under this section to issue guarantees up to that 
specified maximum amount upon passage of the joint 
resolution of approval, as provided in subsection (d). 
Absent such approval, the Corporation shall issue no 
such guarantees. 
(2) ADDITIONAL
DEBT
GUARANTEE
AUTHOR-
ITY.—If the Secretary (in consultation with the Presi-
dent) determines, after a submission to Congress 
under paragraph (1), that the maximum guarantee 
amount should be raised, and the Council concurs 
with that determination, the President may transmit 
to Congress a written report on the plan of the Cor-
poration to exercise the authority under this section 
to issue guarantees up to the increased maximum debt 
guarantee amount. The Corporation shall exercise the 
authority under this section to issue guarantees up to 
that specified maximum amount upon passage of the 
joint resolution of approval, as provided in subsection 
(d). Absent such approval, the Corporation shall issue 
no such guarantees. 
(d) RESOLUTION OF APPROVAL.— 
(1) ADDITIONAL
DEBT
GUARANTEE
AUTHOR-
ITY.—A request by the President under this section
1571 
† HR 4173 PP
shall be considered granted by Congress upon adop-
tion of a joint resolution approving such request. 
Such joint resolution shall be considered in the Senate 
under expedited procedures. 
(2) FAST TRACK CONSIDERATION IN SENATE.— 
(A) RECONVENING.—Upon receipt of a re-
quest under subsection (c), if the Senate has ad-
journed or recessed for more than 2 days, the 
majority leader of the Senate, after consultation 
with the minority leader of the Senate, shall no-
tify the Members of the Senate that, pursuant to 
this section, the Senate shall convene not later 
than the second calendar day after receipt of 
such message. 
(B) PLACEMENT ON CALENDAR.—Upon in-
troduction in the Senate, the joint resolution 
shall be placed immediately on the calendar. 
(C) FLOOR CONSIDERATION.— 
(i) 
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 4th day after 
the date on which Congress receives a re-
quest under subsection (c), and ending on 
the 7th day after that date (even though a