A bill to require congressional approval of loans made by the Secretary of Transportation in excess of $1,000,000,000.

SECTION 1. NOTICE BY THE SECRETARY.

    The Secretary of Transportation may not make a loan or loans to any 
entity in excess of $1,000,000,000 in the aggregate over a 5 year 
period unless the loan exceeding the $1,000,000,000 limit is approved 
by Congress as provided in section 3 not later than 6 months after 
notice is provided to Congress.

SEC. 2. PROCEDURE.

    (a) Contents of Resolution.--For the purposes of this section, the 
term ``joint resolution'' means only a joint resolution introduced 
after the date on which Congress receives notice from the Secretary of 
Transportation under section 2 the matter after the resolving clause of 
which is as follows: ``The Congress approves the loan numbered _____ by 
the Secretary of Transportation to (entity) in the amount of ______.''.
    (b) Referral to Committee.--A resolution described in subsection 
(a) introduced in the House of Representatives shall be referred to the 
Committee on Transportation and Infrastructure of the House of 
Representatives. A resolution described in subsection (a) introduced in 
the Senate shall be referred to the Committee on Commerce, Science, and 
Transportation of the Senate. Such a resolution may not be reported 
before the 8th day after its introduction.
    (c) Discharge of Committee.--If the committee to which is referred 
a resolution described in subsection (a) has not reported such 
resolution (or an identical resolution) at the end of 15 calendar days 
after its introduction such resolution shall be placed on the 
appropriate calendar of the House involved.
    (d) Floor Consideration.--
            (1) In general.--When the committee to which a resolution 
        is referred has reported, or has been deemed to be discharged 
        (under subsection (c)) from further consideration of, a 
        resolution described in subsection (a), it is at any time 
        thereafter in order (even though a previous motion to the same 
        effect has been disagreed to) for any Member of the respective 
        House to move to proceed to the consideration of the 
        resolution, and all points of order against the resolution (and 
        against consideration of the resolution) are waived. The motion 
        is highly privileged in the House of Representatives and is 
        privileged in the Senate and is not debatable. The motion is 
        not subject to amendment, or to a motion to postpone, or to a 
        motion to proceed to the consideration of other business. A 
        motion to reconsider the vote by which the motion is agreed to 
        or disagreed to shall not be in order. If a motion to proceed 
        to the consideration of the resolution is agreed to, the 
        resolution shall remain the unfinished business of the 
        respective House until disposed of.
            (2) Debate.--Debate on the 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 those favoring and those opposing the resolution. A 
        motion further to limit debate is in order and not debatable. 
        An amendment to, or a motion to postpone, or a motion to 
        proceed to the consideration of other business, or a motion to 
        recommit the resolution is not in order. A motion to reconsider 
        the vote by which the resolution is agreed to or disagreed to 
        is not in order.
            (3) Vote on final passage.--Immediately following the 
        conclusion of the debate on a resolution described in 
        subsection (a), and a single quorum call at the conclusion of 
        the debate if requested in accordance with the rules of the 
        appropriate House, the vote on final passage of the resolution 
        shall occur.
            (4) Rulings of the chair on procedure.--Appeals from the 
        decisions of the Chair relating to the application of the rules 
        of the Senate or the House of Representatives, as the case may 
        be, to the procedure relating to a resolution described in 
        subsection (a) shall be decided without debate.
    (e) Coordination With Action by Other House.--If, before the 
passage by one House of a resolution of that House described in 
subsection (a), that House receives from the other House a resolution 
described in subsection (a), then the following procedures shall apply:
            (1) The resolution of the other House shall not be referred 
        to a committee.
            (2) With respect to a resolution described in subsection 
        (a) of the House receiving the resolution--
                    (A) the procedure in that House shall be the same 
                as if no resolution had been received from the other 
                House; but
                    (B) the vote on final passage shall be on the 
                resolution of the other House.
    (f) Rules of House of Representatives and Senate.--This section is 
enacted by Congress--
            (1) 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 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a resolution described in subsection 
        (a), and it supersedes other rules only to the extent that it 
        is inconsistent with such rules; and
            (2) 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.

SEC. 3. EFFECTIVE DATE.

    This Act shall take effect January 1, 2007.

Summary: Prohibits the Secretary from making a loan or loans to any entity in excess of $1 billion in the aggregate over a five-year period unless the loan exceeding the limit is approved by joint resolution no later than six months after notice is provided to Congress.