In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. DENIAL OF CASH BENEFITS TO DRUG ADDICTS AND ALCOHOLICS.

    (a) Amendments Relating to Title II Disability Benefits.--
            (1) In general.--Section 225(c) of the Social Security Act 
        (42 U.S.C. 425(c)) is amended--
                    (A) by striking ``(c)(1)(A)'' and inserting 
                ``(2)(A)'';
                    (B) by striking paragraph (7) and by redesignating 
                paragraphs (2) through (6) as paragraphs (3) through 
                (7), respectively; and
                    (C) by inserting before paragraph (2) as 
                redesignated by subparagraph (A) the following new 
                paragraph:
    ``(c)(1) No cash benefits shall be payable under this title to any 
individual who is otherwise entitled to benefits under this title based 
on disability, if such individual's alcoholism or drug addiction is a 
contributing factor material to the Commissioner's determination that 
such individual is disabled.''.
            (2) Treatment Requirements.--
                    (A) Section 225(c)(2)(A) of such Act (42 U.S.C. 
                425(c)(2)(A)), as redesignated by paragraph (1), is 
                amended to read as follows:
    ``(2)(A)(i) Any individual who would be entitled to cash benefits 
under this title but for the application of paragraph (1) may elect to 
comply with the provisions of this subsection.
            ``(ii) Any individual who is entitled to cash benefits 
        under this title by reason of disability (or whose entitlement 
        to such benefits is suspended), and who was entitled to such 
        benefits by reason of disability, for which such individual's 
        alcoholism or drug addiction was a contributing factor material 
        to the Commissioner's determination that such individual was 
        disabled, for the month preceding the month in which this 
        paragraph takes effect, shall be required to comply with the 
        provisions of this subsection.
                    (B) Section 225(c)(2)(B) of such Act (42 U.S.C. 
                425(c)(2)(B)), as so redesignated, is amended--
                            (i) by striking ``who is required under 
                        subparagraph (A)'' and inserting ``described in 
                        clause (ii) of subparagraph (A) who is 
                        required''; and
                            (ii) by striking ``paragraph (3)'' and 
                        inserting ``paragraph (4)''.
                    (C) Section 225(c)(3)(A) of such Act (42 U.S.C. 
                425(c)(3)(A)), as so redesignated, is amended--
                            (i) by striking ``paragraph (1)'' and 
                        inserting ``paragraph (2)(A)''; and
                            (ii) by striking ``paragraph (5)'' and 
                        inserting ``paragraph (6)''.
                    (D) Section 225(c)(3)(B) of such Act (42 U.S.C. 
                425(c)(3)(B)), as so redesignated, is amended by 
                striking ``paragraph (1)'' and inserting ``paragraph 
                (2)(A)''.
                    (E) Section 225(c)(5) of such Act (42 U.S.C. 
                425(c)(5)), as so redesignated, is amended by striking 
                ``paragraph (2)'' and inserting ``paragraph (3)''.
                    (F) Section 225(c)(6)(A) of such Act (42 U.S.C. 
                425(c)(6)(A), as so redesignated, is amended--
                            (i) by striking ``who are receiving 
                        benefits under this title and who as a 
                        condition of payment of such benefits'' and 
                        inserting ``described in paragraph (2)(A)(i) 
                        who elect to undergo treatment; and the 
                        monitoring and testing of all individuals 
                        described in paragraph (2)(A)(ii) who'';
                            (ii) by striking ``under paragraph (1)''; 
                        and
                            (iii) by striking ``paragraph (2)(A)'' and 
                        inserting ``paragraph (3)(A)''.
                    (G) Section 225(c)(6)(C)(ii)(I) of such Act (42 
                U.S.C. 425(c)(6)(C)(ii)(I)), as so redesignated, is 
                amended--
                            (i) by striking ``residing in the State'' 
                        and all that follows through ``they are 
                        disabled'' and inserting ``described in 
                        paragraph (2)(A) residing in the State''; and
                            (ii) by striking ``paragraph (2)(A)'' and 
                        inserting ``paragraph (3)(A)''.
                    (H) Section 225(c)(6)(C)(ii)(III) of such Act (42 
                U.S.C. 425(c)(6)(C)(ii)(III)), as so redesignated, is 
                amended by striking ``paragraph (2)(A)'' and inserting 
                ``paragraph (3)(A)''.
                    (I) Section 225(c)(6)(C) of such Act (42 U.S.C. 
                425(c)(6)(C)), as so redesignated, is amended by adding 
                at the end the following:
    ``(iii) The monitoring requirements of clause (ii) shall not apply 
in the case of any individual described in paragraph (2)(A)(i) who 
fails to comply with the requirements of paragraph (2).''.
                    (J) Section 225(c)(7) of such Act (42 U.S.C. 
                425(c)(7)), as so redesignated, is amended--
                            (i) in subparagraph (A), by striking ``who 
                        is entitled'' and all that follows through ``is 
                        under a disability'' and inserting ``described 
                        in paragraph (2)(A)''; and
                            (ii) in subparagraph (D), by striking ``(4) 
                        or (7)'' and inserting ``(5)''.
                    (K) Section 225(c)(8) of such Act (42 U.S.C. 
                425(c)(8)) is amended by striking ``(1), (4) or (7)'' 
                and inserting ``(2) or (5)''.
                    (L) Section 225(c) of such Act (42 U.S.C. 425(c)) 
                is amended by adding at the end the following new 
                paragraphs:
    ``(10) The Commissioner shall provide appropriate notification to 
each individual subject to the limitation on cash benefits contained in 
paragraph (1) and the treatment provisions contained in paragraph (2).
    ``(11) The requirements of paragraph (2) shall cease to apply to 
any individual if the Commissioner determines that such individual no 
longer needs treatment.''.
            (3) Representative payee requirements.--
                    (A) Section 205(j)(1)(B) of such Act (42 U.S.C. 
                405(j)(1)(B)) is amended to read as follows:
    ``(B) In the case of an individual entitled to benefits based on 
disability, the payment of such benefits shall be made to a 
representative payee if the Commissioner of Social Security determines 
that such payment would serve the interest of the individual because 
the individual also has an alcoholism or drug addiction condition (as 
determined by the Commissioner) and the individual is incapable of 
managing such benefits.''.
                    (B) Section 205(j)(2)(C)(v) of such Act (42 U.S.C. 
                405(j)(2)(C)(v)) is amended by striking ``entitled to 
                benefits'' and all that follows through ``under a 
                disability'' and inserting ``described in paragraph 
                (1)(B)''.
                    (C) Section 205(j)(2)(D)(ii)(II) of such Act (42 
                U.S.C. 405(j)(2)(D)(ii)(II)) is amended by striking all 
                that follows ``15 years, or'' and inserting ``described 
                in paragraph (1)(B).''.
                    (D) Section 205(j)(4)(A)(i)(II) of such Act (42 
                U.S.C. 405(j)(4)(A)(ii)(II)) is amended by striking 
                ``entitled to benefits'' and all that follows through 
                ``under a disability'' and inserting ``described in 
                paragraph (1)(B)''.
    (b) Amendments Relating to SSI Benefits.--
            (1) In general.--Section 1611(e)(3) of the Social Security 
        Act (42 U.S.C. 1382(e)(3)) is amended--
                    (A) by striking ``(B)'' and inserting ``(C)'';
                    (B) by striking ``(3)(A)'' and inserting ``(B)''; 
                and
                    (C) by inserting before subparagraph (B) as 
                redesignated by paragraph (2) the following new 
                subparagraph:
    ``(3)(A) No cash benefits shall be payable under this title to any 
individual who is otherwise eligible for benefits under this title by 
reason of disability, if such individual's alcoholism or drug addiction 
is a contributing factor material to the Commissioner's determination 
that such individual is disabled.''.
            (2) Treatment requirements.--
                    (A) Section 1611(e)(3)(B)(i)(I) of such Act (42 
                U.S.C. 1382(e)(3)(B)(i)(I)), as redesignated by 
                paragraph (1), is amended to read as follows:
    ``(B)(i)(I)(aa) Any individual who would be eligible for cash 
benefits under this title but for the application of subparagraph (A) 
may elect to comply with the provisions of this subparagraph.
            ``(bb) Any individual who is eligible for cash benefits 
        under this title by reason of disability (or whose eligibility 
        for such benefits is suspended) or is eligible for benefits 
        pursuant to section 1619(b), and who was eligible for such 
        benefits by reason of disability, for which such individual's 
        alcoholism or drug addiction was a contributing factor material 
        to the Commissioner's determination that such individual was 
        disabled, for the month preceding the month in which this 
        subparagraph takes effect, shall be required to comply with the 
        provisions of this subparagraph.''.
                    (B) Section 1611(e)(3)(B)(i)(II) of such Act (42 
                U.S.C. 1382(e)(3)(B)(i)(II)), as so redesignated, is 
                amended by striking ``who is required under subclause 
                (I)'' and inserting ``described in division (bb) of 
                subclause (I) who is required''.
                    (C) Subclauses (I) and (II) of section 
                1611(e)(3)(B)(ii) of such Act (42 U.S.C. 
                1382(e)(3)(B)(ii)), as so redesignated, are each 
                amended by striking ``clause (i)'' and inserting 
                ``clause (i)(I)''.
                    (D) Section 1611(e)(3)(B) of such Act (42 U.S.C. 
                1382(e)(3)(B)), as so redesignated, is amended by 
                striking clause (v) and by redesignating clause (vi) as 
                clause (v).
                    (E) Section 1611(e)(3)(B)(v) of such Act (42 U.S.C. 
                1382(e)(3)(B)(v)), as redesignated by subparagraph (D), 
                is amended--
                            (i) in subclause (I), by striking ``who is 
                        eligible'' and all that follows through ``is 
                        disabled'' and inserting ``described in clause 
                        (i)(I)''; and
                            (ii) in subclause (V), by striking ``or 
                        (v)''.
                    (F) Section 1611(e)(3)(C)(i) of such Act (42 U.S.C. 
                1382(e)(3)(C)(i)), as redesignated by paragraph (1), is 
                amended by striking ``who are receiving benefits under 
                this title and who as a condition of such benefits'' 
                and inserting ``described in subparagraph (B)(i)(I)(aa) 
                who elect to undergo treatment; and the monitoring and 
                testing of all individuals described in subparagraph 
                (B)(i)(I)(bb) who''.
                    (G) Section 1611(e)(3)(C)(iii)(II)(aa) of such Act 
                (42 U.S.C. 1382(e)(3)(C)(iii)(II)(aa)), as so 
                redesignated, is amended by striking ``residing in the 
                State'' and all that follows through ``they are 
                disabled'' and inserting ``described in subparagraph 
                (B)(i)(I) residing in the State''.
                    (H) Section 1611(e)(3)(C)(iii) of such Act (42 
                U.S.C. 1382(e)(3)(C)(iii)), as so redesignated, is 
                amended by adding at the end the following:
    ``(III) The monitoring requirements of subclause (II) shall not 
apply in the case of any individual described in subparagraph 
(B)(i)(I)(aa) who fails to comply with the requirements of subparagraph 
(B).''.
                    (I) Section 1611(e)(3) of such Act (42 U.S.C. 
                1382(e)(3)), as amended by paragraph (1), is amended by 
                adding at the end the following new subparagraphs:
    ``(D) The Commissioner shall provide appropriate notification to 
each individual subject to the limitation on cash benefits contained in 
subparagraph (A) and the treatment provisions contained in subparagraph 
(B).
    ``(E) The requirements of subparagraph (B) shall cease to apply to 
any individual if the Commissioner determines that such individual no 
longer needs treatment.''.
            (3) Representative payee requirements.--
                    (A) Section 1631(a)(2)(A)(ii)(II) of such Act (42 
                U.S.C. 1383(a)(2)(A)(ii)(II)) is amended to read as 
                follows:
    ``(II) In the case of an individual eligible for benefits under 
this title by reason of disability, the payment of such benefits shall 
be made to a representative payee if the Commissioner of Social 
Security determines that such payment would serve the interest of the 
individual because the individual also has an alcoholism or drug 
addiction condition (as determined by the Commissioner) and the 
individual is incapable of managing such benefits.''.
                    (B) Section 1631(a)(2)(B)(vii) of such Act (42 
                U.S.C. 1383(a)(2)(B)(vii)) is amended by striking 
                ``eligible for benefits'' and all that follows through 
                ``is disabled'' and inserting ``described in 
                subparagraph (A)(ii)(II)''.
                    (C) Section 1631(a)(2)(B)(ix)(II) of such Act (42 
                U.S.C. 1383(a)(2)(B)(ix)(II)) is amended by striking 
                all that follows ``15 years, or'' and inserting 
                ``described in subparagraph (A)(ii)(II).''.
                    (D) Section 1631(a)(2)(D)(i)(II) of such Act (42 
                U.S.C. 1383(a)(2)(D)(i)(II)) is amended by striking 
                ``eligible for benefits'' and all that follows through 
                ``is disabled'' and inserting ``described in 
                subparagraph (A)(ii)(II)''.
            (4) Preservation of medicaid eligibility.--Section 1634(e) 
        of such Act (42 U.S.C. 1382(e)) is amended--
                    (A) by striking ``clause (i) or (v) of section 
                1611(e)(3)(A)'' and inserting ``subparagraph (A) or 
                subparagraph (B)(i)(II) of section 1611(e)(3)''; and
                    (B) by adding at the end the following: ``This 
                subsection shall cease to apply to any such person if 
                the Commissioner determines that such person no longer 
                needs treatment.''.
            (5) Conforming amendment.--Section 201(c) of the Social 
        Security Independence and Program Improvements Act of 1994 (42 
        U.S.C. 425 note) is repealed.
    (c) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to applicants for 
        benefits under title II or title XVI of the Social Security Act 
        for months beginning on or after the date of the enactment of 
        this Act, without regard to whether regulations have been 
        issued to implement such amendments.
            (2) Application to current recipients.--Notwithstanding any 
        other provision of law, in the case of an individual who is 
        receiving benefits under title II of the Social Security Act or 
        supplemental security income benefits under title XVI of such 
        Act as of the date of the enactment of this Act and whose 
        entitlement or eligibility for such benefits would terminate by 
        reason of the amendments made by this section, such amendments 
        shall apply with respect to the benefits of such individual for 
        months beginning on or after January 1, 1997, and the 
        Commissioner of Social Security shall so notify the individual 
        not later than 90 days after the date of the enactment of this 
        Act.
            (3) Benefits under title xvi.--For purposes of this 
        subsection, the term ``benefits under title XVI of the Social 
        Security Act'' includes supplementary payments pursuant to an 
        agreement for Federal administration under section 1616(a) of 
        the Social Security Act, and payments pursuant to an agreement 
        entered into under section 212(b) of Public Law 93-66.
Denies monthly cash disability benefits under titles II (Old Age, Survivors and Disability Insurance) (OASDI) and XVI (Supplemental Security Income) (SSI), respectively, of the Social Security Act for drug addicts and alcoholics whose substance abuse is a contributing factor material to their disability.  Allows such individuals, instead, to elect to undergo treatment for their substance abuse. (Currently, such recipients are required to undergo treatment only at approved facilities or institutions.) 
Revises OASDI and SSI program representative payee requirements to require the payment of program benefits through a representative payee if it is in the interest of an otherwise disabled individual with an alcohol or drug addiction condition who is incapable of managing such benefits. 
Preserves the Medicaid eligibility of SSI recipients denied cash disability benefits because of the connection between their drug addiction or alcoholism and their disability.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tuition Assistance for Families 
Act''.

SEC. 2. EXPANSION OF TUITION TAX DEDUCTION.

    (a) In General.--Subparagraphs (A) and (B) of section 222(b)(2) of 
the Internal Revenue Code of 1986 (relating to dollar limitation) are 
amended to read as follows:
                    ``(A) In general.--The applicable dollar limit 
                shall be equal to--
                            ``(i) in the case of a taxpayer whose 
                        adjusted gross income for the taxable year does 
                        not exceed $65,000 ($130,000 in the case of a 
                        joint return), $12,000,
                            ``(ii) with respect to any taxable year 
                        beginning in 2004 or 2005, in the case of a 
                        taxpayer not described in clause (i) whose 
                        adjusted gross income for the taxable year does 
                        not exceed $80,000 ($160,000 in the case of a 
                        joint return), $2,000, and
                            ``(iii) in the case of any other taxpayer, 
                        zero.
                    ``(B) Inflation adjustment.--
                            ``(i) In general.--In the case of any 
                        taxable year beginning after 2003, each dollar 
                        amount referred to in subparagraph (A)(i) shall 
                        be increased by an amount equal to--
                                    ``(I) such dollar amount, 
                                multiplied by
                                    ``(II) the cost-of-living 
                                adjustment determined under section 
                                (1)(f)(3) for the calendar year in 
                                which the taxable year begins, by 
                                substituting `2002' for `1992'.
                            ``(ii) Rounding.--If any amount as adjusted 
                        under clause (i) is not a multiple of $100, 
                        such amount shall be rounded to the next lowest 
                        multiple of $100.''.
    (b) Permanent Deduction.--Section 222 of the Internal Revenue Code 
of 1986 (relating to qualified tuition and related expenses) is amended 
by striking subsection (e).
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2002.

SEC. 3. EXPANSION OF LIFETIME LEARNING CREDIT.

    (a) In General.--Section 25A(c)(1) of the Internal Revenue Code of 
1986 (relating to per taxpayer credit) is amended--
            (1) by striking ``20 percent'' and inserting ``25 
        percent'', and
            (2) by striking ``$10,000 ($5,000 in the case of taxable 
        years beginning before January 1, 2003)'' and inserting 
        ``$12,000''.
    (b) Inflation Adjustment.--Section 25A(h) of the Internal Revenue 
Code of 1986 (relating to inflation adjustments) is amended by adding 
at the end the following new paragraph:
            ``(3) Dollar limitation on amount of lifetime learning 
        credit.--
                    ``(A) In general.--In the case of any taxable year 
                beginning after 2003, the dollar amount referred to in 
                subsection (c)(1) shall be increased by an amount equal 
                to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section (1)(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        by substituting `2002' for `1992'.
                    ``(B) Rounding.--If any amount as adjusted under 
                subparagraph (A) is not a multiple of $100, such amount 
                shall be rounded to the next lowest multiple of 
                $100.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2002.

SEC. 4. INCREASE IN INCOME LIMITS FOR HOPE AND LIFETIME LEARNING 
              CREDITS.

    (a) In General.--Section 25A(d)(2)(A)(ii) of the Internal Revenue 
Code of 1986 (relating to limitation based on modified adjusted gross 
income) is amended by striking ``$40,000 ($80,000'' and inserting 
``$55,000 ($110,000''.
    (b) Conforming Amendments.--Section 25A(h)(2)(A) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``2001'' in the matter preceding clause (i) 
        and inserting ``2003'',
            (2) by striking ``the $40,000 and $80,000 amounts'' in such 
        matter and inserting ``the $55,000 and $110,000 amounts'', and
            (3) by striking ``2000'' in clause (ii) and inserting 
        ``2002''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2002.

SEC. 5. MAXIMUM PELL GRANT AWARDS.

    The Department of Education Appropriations Act, 2002 (Public Law 
107-116) is amended under the heading ``Student Financial Assistance'' 
by striking ``$4,000'' and inserting ``$4,500''.

SEC. 6. ACADEMIC ACHIEVEMENT SCHOLARSHIPS.

    (a) Scholarships.--The Secretary of Education is authorized to 
award a scholarship for academic year 2003-2004 and succeeding academic 
years to each student in a State who graduated in the top 5 percent of 
such student's graduating class from secondary school in academic year 
2002-2003 or a succeeding academic year to enable such student to pay 
the cost of attendance at an institution of higher education.
    (b) Amount.--Each scholarship awarded under this section shall be 
in the amount of $1,000.
    (c) Use.--Each student awarded a scholarship under this section 
shall use the funds to pay the cost of attendance at an institution of 
higher education.
    (d) Construction of Needs Provision.--
            (1) In general.--Except as provided in paragraph (2), 
        nothing in this section, or any other Act, shall be construed 
        to permit the receipt of a scholarship under this section to be 
        counted for any needs test in connection with the awarding of 
        any grant or the making of any loan under the Higher Education 
        Act of 1965 (20 U.S.C. 1001 et seq.) or any other provision of 
        Federal law relating to educational assistance.
            (2) Exception.--In determining the need of a student for 
        Federal financial assistance, an institution of higher 
        education may take into consideration the amount of scholarship 
        assistance received under this section if the total amount of 
        scholarship assistance received under this section plus the 
        amount of other financial assistance available to a student 
        exceeds the student's cost of attendance at the institution.
    (e) Regulations.--The Secretary of Education shall promulgate 
regulations regarding how scholarships awarded under this section will 
be allocated to both public and private school students.
    (f) Definitions.--In this section:
            (1) Cost of attendance.--The term `cost of attendance' has 
        the meaning given the term in section 472 of the Higher 
        Education Act of 1965 (20 U.S.C. 1087ll).
            (2) Institution of higher education.--The term `institution 
        of higher education' has the meaning given the term in section 
        101 of the Higher Education Act of 1965 (20 U.S.C. 1001).
Tuition Assistance for Families Act - Amends the Internal Revenue Code to expand the tax deduction for qualified higher education tuition and related expenses. Sets such deduction at: (1) $12,000 for those with incomes up to $65,000 single or $130,000 joint; and (2) $2,000 for those whose incomes are above that level, but not more than $80,000 single or $160,000 joint. Provides inflation adjustment. Makes such tuition deduction permanent.Increases the amount of the Lifetime Learning tax credit percentage from 20 to 25 percent. Increases the amount of education expenses subject to such credit from $10,000 to $12,000 (thus making the maximum allowable credit $3,000, rather than the current $2,000). Provides inflation adjustment.Raises annual income limits for the Hope and Lifetime Learning tax credits to $55,000 single and $110,000 joint.Amends the Department of Education Appropriations Act, 2002 (Public Law 107-116) to increase the maximum Pell Grant award from $4,000 to $4,500.Establishes an academic achievement scholarship program. Authorizes the Secretary of Education to award a $1,000 college scholarship to each student in a State who graduates in the top five percent of his or her secondary school's graduating class.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bailout Prevention Act of 2015''.

SEC. 2. DISCOUNTS FOR INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS.

    Section 13(3)(B) of the Federal Reserve Act (12 U.S.C. 343(3)(B)) 
is amended by striking clauses (ii) and (iii) and inserting the 
following:
                    ``(ii)(I) The Board shall establish procedures to 
                prohibit borrowing from programs and facilities by 
                borrowers that are insolvent. A borrower shall not be 
                eligible to borrow from any emergency lending program 
                or facility unless the Board and all Federal banking 
                regulators with jurisdiction over the borrower certify 
                that, at the time the borrower initially borrows under 
                the program or facility, the borrower is not insolvent. 
                Solvency shall be assessed by examining the last 4 
                months of relevant financial data and determining 
                whether the fair value of the borrower's assets exceeds 
                the fair value of the borrower's liabilities, with 
                appropriate adjustment for temporary illiquidity in 
                relevant markets.
                    ``(II) A borrower shall be considered insolvent for 
                purposes of this subparagraph if the borrower is--
                            ``(aa) in bankruptcy, resolution under 
                        title II of the Dodd-Frank Wall Street Reform 
                        and Consumer Protection Act (12 U.S.C. 5381 et 
                        seq.), or any other Federal or State insolvency 
                        proceeding; or
                            ``(bb) a bridge financial company (as 
                        defined in section 201(a) of the Dodd-Frank 
                        Wall Street Reform and Consumer Protection Act 
                        (12 U.S.C. 5381(a))) or a bridge depository 
                        institution (as defined in section 3 of the 
                        Federal Deposit Insurance Act (12 U.S.C. 
                        1813)).
                    ``(III) If the Board or any other banking regulator 
                makes a certification of solvency, the Board or banking 
                regulator, as applicable, shall issue a contemporaneous 
                public statement providing a detailed explanation of 
                the certification decision.
                    ``(iii) A program or facility shall be considered a 
                program or facility with broad-based eligibility only 
                if not fewer than 5 companies are eligible to 
                participate in the program or facility in a significant 
                manner.''.

SEC. 3. PENALTY RATE REQUIREMENT; CONGRESSIONAL APPROVAL REQUIREMENT.

    Section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)) is 
amended by adding at the end the following:
                    ``(F) Any emergency lending under this paragraph 
                shall be provided at an annual interest rate not less 
                than 500 basis points greater than the cost of 
                borrowing for the United States Treasury for a 
                commensurate loan term.
                    ``(G)(i) If the Board determines that the Board 
                shall create an emergency lending program or facility 
                that does not comply with the broad-based eligibility 
                requirement described in subparagraph (B)(iii) or the 
                penalty rate requirement described in subparagraph (F), 
                the Board--
                            ``(I) may create such a program or 
                        facility; and
                            ``(II) not later than 3 days after the date 
                        on which a program or facility is created under 
                        clause (i), shall submit to Congress a report 
                        that describes the reasons why the Board is 
                        unable to comply with any requirement described 
                        in the matter preceding subclause (I).
                    ``(ii)(I) A program or facility created under 
                clause (i)(I) shall terminate on the date that is 30 
                calendar days after the date on which Congress receives 
                a report described in clause (i)(II) unless there is 
                enacted into law a joint resolution approving the 
                program or facility not later than 30 calendar days 
                after the date on which the report is received. Any 
                loan offered through the program or facility that are 
                outstanding as of the date on which the facility is 
                terminated shall be repaid in full not later than 30 
                calendar days after the date on which the program or 
                facility is terminated.
                    ``(II) For the purpose of this section, the term 
                `joint resolution' means only a joint resolution--
                            ``(aa) that is introduced not later than 3 
                        calendar days after the date on which the 
                        report referred to in clause (i)(I) is received 
                        by Congress;
                            ``(bb) that does not have a preamble;
                            ``(cc) the title of which is as follows: 
                        `Joint resolution relating to the approval of a 
                        program or facility created by the Board of 
                        Governors of the Federal Reserve System'; and
                            ``(dd) the matter after the resolving 
                        clause of which is as follows: `That Congress 
                        approves the program or facility created by the 
                        Board of Governors of the Federal Reserve 
                        System on __________.' (The blank space being 
                        appropriately filled in).
                    ``(III)(aa) Upon receipt of a report under 
                subsection (a)(3), the Speaker, if the House would 
                otherwise be adjourned, shall notify the Members of the 
                House that, pursuant to this section, the House shall 
                convene not later than the second calendar day after 
                receipt of such report.
                    ``(bb) Any committee of the House of 
                Representatives to which a joint resolution is referred 
                shall report it to the House not later than 5 calendar 
                days after the date of receipt of the report described 
                in clause (i)(II). If a committee fails to report the 
                joint resolution within that period, the committee 
                shall be discharged from further consideration of the 
                joint resolution and the joint resolution shall be 
                referred to the appropriate calendar.
                    ``(cc) After each committee authorized 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 clause (i)(II), 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 
                resolution. The previous question shall be considered 
                as ordered on the motion to its adoption without 
                intervening motion. The motion shall not be debatable. 
                A motion to reconsider the vote by which the motion is 
                disposed of shall not be in order.
                    ``(dd) The joint resolution shall be considered as 
                read. All points of order against the joint resolution 
                and against its consideration are waived. The previous 
                question 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)(aa) Upon receipt of a report under clause (i)(II), 
        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 Members of the 
        Senate that, pursuant to this subparagraph, the Senate shall 
        convene not later than the second calendar day after receipt of 
        such message.
            ``(bb) Upon introduction in the Senate, the joint 
        resolution shall be placed immediately on the calendar.
            ``(cc)(AA) Notwithstanding 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 Congress 
        receives a report described in clause (i)(II) and ending on the 
        sixth day after the date on which Congress receives the report 
        (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 disagreed 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.
            ``(BB) 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 designees. 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 joint resolution is not in order.
            ``(CC) The vote on passage shall occur immediately 
        following the conclusion of the debate on a joint resolution, 
        and a single quorum call at the conclusion of the debate if 
        requested in accordance with the rules of the Senate.
            ``(DD) 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.
    ``(V)(aa) 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:
            ``(AA) The joint resolution of the other House shall not be 
        referred to a committee.
            ``(BB) With respect to a joint resolution of the House 
        receiving the resolution--
            ``(CC) the procedure in that House shall be the same as if 
        no joint resolution had been received from the other House; but
            ``(DD) the vote on passage shall be on the joint resolution 
        of the other House.
    ``(bb) 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.
    ``(cc) If, following passage of the joint resolution in the Senate, 
the Senate then receives the companion measure from the House of 
Representatives, the companion measure shall not be debatable.
    ``(dd) 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 computing the 30-
calendar day period described in subclause (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.
    ``(ee) This subclause and subclauses (II), (III), and (IV) are 
enacted by Congress--
            ``(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 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution, 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.''.

SEC. 4. REGULATION OF CERTAIN FINANCIAL HOLDING COMPANIES.

    (a) In General.--Section 4 of the Bank Holding Company Act of 1956 
(12 U.S.C. 1843) is amended by striking subsection (o).
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the date that is 5 years after the date of enactment of 
this Act.

Bailout Prevention Act of 2015 This bill amends the Federal Reserve Act, with respect to the discounting of obligations arising out of actual commercial transactions, to declare a borrower ineligible to borrow from any emergency lending program or facility unless the Board of Governors of the Federal Reserve System and all federal banking regulators with jurisdiction over the borrower certify that, at the time the borrower initially borrows under the program or facility, the borrower is not insolvent.  A borrower shall be deemed insolvent for such purposes if it is a bridge financial company (organized by the Federal Deposit Insurance Corporation [FDIC] to resolve a covered financial company) or a bridge depository institution (a new national bank or federal savings association organized by the FDIC to assume the deposits of one or more insured depository institutions that are in default or in danger of default).     The annual (penalty) interest rate for emergency lending must be at least 500 basis points greater than the cost of borrowing for the United States Treasury for a commensurate loan term.   The Board may create an emergency lending program or facility that does not meet the broad-based eligibility requirement (that at least five companies be eligible to participate in it) or this penalty rate requirement, but only if Congress enacts a joint resolution of approval within 30 days. The Bank Holding Company Act of 1956 is amended to repeal the authorization for certain financial holding companies to engage in, or own or control shares of a company that is engaged in commodity trading, selling, or investing if certain requirements are met.