Title: To create a zero interest loan program for Federal and District of Columbia employees furloughed or excepted from such furlough during a lapse in Federal appropriations, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill creates a zero-interest loan program for certain federal and District of Columbia employees impacted by a federal government shutdown. Specifically, banks enrolled in the program must offer zero-interest loans, subject to a maximum per-person limit, to such individuals during the first 90 days of a shutdown.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1167 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 1167

  To create a zero interest loan program for Federal and District of 
 Columbia employees furloughed or excepted from such furlough during a 
        lapse in Federal appropriations, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2019

Mr. Higgins of Louisiana (for himself and Mr. Ruppersberger) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To create a zero interest loan program for Federal and District of 
 Columbia employees furloughed or excepted from such furlough during a 
        lapse in Federal appropriations, and for other purposes.

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

SECTION 1. ZERO INTEREST LOANS FOR FEDERAL AND DISTRICT OF COLUMBIA 
              EMPLOYEES.

    (a) In General.--The Secretary of the Treasury shall, each Federal 
fiscal year, enroll each covered bank in a program to be known as the 
zero interest Federal and District of Columbia employee loan program 
unless such covered bank has elected not to participate in such program 
for such Federal fiscal year.
    (b) Zero Interest Loan.--
            (1) In general.--Any covered bank enrolled in the zero 
        interest Federal and District of Columbia employee loan program 
        under subsection (a) shall, for the first 90 days of any lapse 
        in Federal appropriations, upon request, extend a zero interest 
        loan to any covered employee.
            (2) Amount of loan.--Any loan or loans provided to a 
        covered employee under paragraph (1) shall be equal to the 
        amount paid to the covered employee by the United States or the 
        District of Columbia during the pay period immediately 
        preceding the lapse in Federal appropriations.
            (3) Maximum aggregate loan amount.--A covered bank enrolled 
        in the zero interest Federal and District of Columbia employee 
        loan program shall not be required to extend a loan, or loans 
        in the aggregate, in an amount greater than $9,000 to any 
        individual covered employee with respect to each lapse in 
        Federal appropriations.
            (4) Terms of loan.--Any covered bank that extends a loan 
        under this subsection may not require repayment of such loan 
        until 30 days after the conclusion of the lapse in Federal 
        appropriations.
    (c) Safety and Soundness Safe Harbor.--A covered bank shall not 
extend any loan under this section if such loan would threaten the 
safety and soundness of the covered bank.
    (d) Published List.--The Secretary of the Treasury shall publish 
and maintain, on the Department of the Treasury website, a list of all 
covered banks enrolled in the zero interest Federal and District of 
Columbia employee loan program for each Federal fiscal year.
    (e) Other Assistance.--Covered banks may provide other forms of 
assistance to any covered employee during any lapse in appropriations 
beginning on or after December 22, 2018.
    (f) Rulemaking.--The Secretary of the Treasury shall issue rules to 
carry out this Act.
    (g) Definitions.--In this Act--
            (1) Covered bank.--The term ``covered bank'' means a bank 
        holding company that has been identified by the Board of 
        Governors of the Federal Reserve System as a global 
        systemically important bank holding company pursuant to section 
        217.402 of title 12, Code of Federal Regulations, and each 
        subsidiary and affiliate of such a bank holding company.
            (2) Covered employee.--The term ``covered employee'' means 
        a Federal or District of Columbia employee furloughed or 
        excepted from such furlough during any lapse in Federal 
        appropriations beginning on or after December 22, 2018, who is 
        not a Member of Congress.
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