Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: 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. PUBLIC DISCLOSURE OF INFORMATION RELATED TO CREDIT FACILITIES.

(a) Reports on GAO Audits.--Section 714(f)(3)(C)(iii) of title 31,
United States Code, is amended--
(1) by striking ''1 year'' and inserting ''60 days''; and
(2) by striking ''24 months'' and inserting ''60 days''.
(b) Public Disclosures by the Board of Governors.--Section 11 of
the Federal Reserve Act (12 U.S.C. 248(s)) is amended--
(1) in the first subsection (s) (relating to transparency
and the release of information)--
(A) in paragraph (2)--
(i) in subparagraph (A), by striking ''1
year'' and inserting ''60 days''; and
(ii) in subparagraph (B), by striking ''the
last day of the eighth calendar quarter
following the calendar quarter in which'' and
inserting ''the date that is 60 days after the
date on which''; and
(B) in paragraph (5), by striking ''24-month'' and
inserting ''60 days''; and
(2) by redesignating the second subsection (s) (relating to
assessments, fees, and other charges) as subsection (t).
Output:
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 bill reduces from 1 year to 60 days after termination the deadline by which the Government Accountability Office must release a nonredacted version of any audit report on a credit facility of the Federal Reserve System whose authorization has been terminated by the Board. The Board must also disclose, 60 days (currently 1 year) after it has terminated the authorization of a credit facility, any information concerning its borrowers and counterparties. In the case of a covered transaction the Board must disclose similar information 60 days after the date on which the covered transaction was conducted (currently the last day of the eighth calendar quarter following the calendar quarter of such transaction). A credit facility, unless otherwise terminated by the Board, shall be deemed to have been terminated 60 days (currently 24 months) after the date on which it ceases to makes extensions of credit and loans.