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Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Mortgage Fairness Act''.

SEC. 2. COMMUNITY SUPPORT OBLIGATIONS OF MORTGAGE BANKS.

(a) In General.--Each mortgage bank shall have an ongoing
responsibility to meet the credit needs of all the communities in which
such bank makes a significant number of extensions of credit or extends
a significant amount of credit, including extensions of credit in low-
and moderate-income neighborhoods of such communities.
(b) Definitions.--For purposes of this Act, the following
definitions shall apply:
(1) Mortgage bank.--The term ''mortgage bank'' means any
lender who does not accept deposits and originates housing
related loans.
(2) Office.--The term ''Office'' means the Office of
Mortgage Bank and Insurance Supervision established by the
Secretary of Housing and Urban Development pursuant to section
3.
(3) Secretary.--The term ''Secretary'' means the Secretary
of Housing and Urban Development.

SEC. 3. ESTABLISHMENT OF OFFICE OF MORTGAGE BANK AND INSURANCE
SUPERVISION.

The Secretary of Housing and Urban Development shall establish
within the Department of Housing and Urban Development an office to be
known as the Office of Mortgage Bank and Insurance Supervision to
evaluate the community support performance of mortgage banks and
mortgage insurance companies.

SEC. 4. MORTGAGE BANK COMMUNITY SUPPORT STATEMENTS.

(a) In General.--The Office shall, on a biennial basis, require
each mortgage bank to submit to the Office a community support
statement, detailing the efforts of such bank at meeting the housing
credit needs of each community in which the bank makes a significant
number of extensions of credit or extends a significant amount of
credit, including extensions of credit in low- and moderate-income
neighborhoods of such communities.
(b) Contents.--The statement submitted by each mortgage bank under
subsection (a) shall include--
(1) the data required to be maintained and disclosed by the
lender under the Home Mortgage Disclosure Act of 1975 for the
previous 2 years, in a format which the Office shall establish;
(2) underwriting criteria employed by the bank for all of
the bank's housing loan products;
(3) descriptions of any activity the bank has undertaken
over the period under review to ascertain and meet identified
credit needs in low- and moderate-income neighborhoods within
communities in which the bank makes a significant number of
extensions of credit or extends a significant amount of credit,
including any partnerships formed with community-based
organizations, nonprofit developers of affordable housing, or
agencies of State or local government;
(4) details of any findings of technical or substantive
violations of the Equal Credit Opportunity Act or the Fair
Housing Act, and any settlements or judgments arising from any
such findings; and
(5) any other information the Office may require.

SEC. 5. MORTGAGE BANK COMMUNITY SUPPORT EVALUATION.

The Office shall determine whether a mortgage bank is maintaining
an adequate community support performance, based on--
(1) community support performance statements received from
mortgage banks;
(2) an analysis of the data required to be maintained and
disclosed by the lender under the Home Mortgage Disclosure Act
of 1975 for the previous 2 years with respect to metropolitan
statistical areas in which the bank originates a significant
number of home loans, which shall emphasize--
(A) the institution's market share in neighborhoods
of different racial and income characteristics;
(B) the number of applications received from
minorities and low- and moderate-income persons; and
(C) the rate at which the institutions rejects
applications from minority and white applicants;
(3) any evidence of illegal discriminatory credit
practices, including prescreening, or offering less favorable
loan products to applicants of different racial backgrounds;
and
(4) public comment, which shall be received by the agency
for not less than 90 days after the Office actively solicits
comment solicitations of comment through notice in the Federal
Register and regular communications with community based
organizations.

SEC. 6. PENALTIES FOR FINDING OF INADEQUATE COMMUNITY SUPPORT
PERFORMANCE BY MORTGAGE BANKS.

(a) Remedial Action.--If the Secretary finds that a mortgage bank
is maintaining an inadequate level of community support, the Secretary
may issue an order--
(1) requiring the bank to file a community support action
plan with the Office not more than 90 days after the finding,
which shall include concrete goals and timetables for
correcting identified deficiencies; and
(2) prohibiting the bank from using any program or product
administered by the Secretary until all identified deficiencies
are met.
(b) Cease and Desist Orders.--
(1) Issuance of order.--
(A) In general.--If the Secretary determines that
there is reasonable cause to believe that a mortgage
bank is violating, has violated, or is about to violate
an order under subsection (a) or a community support
action plan filed pursuant to such an order, the
Secretary may issue an order requiring the mortgage
bank to--
(i) cease and desist from any such
violation; and
(ii) take such affirmative action to
prevent the occurrence or the continuance of
such violation as the Secretary determines to
be appropriate.
(B) Notice of charges.--An order issued under this
paragraph shall include a notice of the charges on
which the order is based and a statement of the facts
constituting the alleged violation.
(C) Effective period.--An order issued under this
paragraph shall--
(i) become effective upon service to the
mortgagee; and
(ii) remain effective and enforceable
pursuant to the terms of the order unless
modified or rescinded by the Secretary or
pursuant to an order of a court under paragraph
(3) or in connection with the court's review of
any administrative proceedings with respect to
the order issued under this subsection.
(2) Hearing.--Any mortgage bank which receives an order
under paragraph (1) shall be afforded an opportunity for a
hearing on the record by the Secretary as soon as practicable
but not later than 20 days after the order has been served.
(3) Judicial hearing.--Within 10 days after a mortgage bank
has been served with a cease-and-desist order under this
subsection, the bank may apply to the United States district
court for the judicial district in which the home office of the
bank is located, or the United States District Court for the
District of Columbia, for an injunction setting aside,
limiting, or suspending the enforcement, operation, or
effectiveness of such order pending the completion of the
administrative proceedings pursuant to the notice of charges
served upon the bank, and such court shall have jurisdiction to
issue such injunction.
(4) Judicial enforcement.--The Secretary may apply to the
United States district court, or the United States court of any
territory, within the jurisdiction of which the home office of
the mortgagee is located, for an injunction to enforce any
effective and outstanding order issued under this subsection
and, if the court determines that there has been a violation or
threatened violation of such order, the court shall issue such
injunction.
(c) Civil Money Penalty.--
(1) Imposition of penalty.--
(A) In general.--The Secretary may impose a civil
money penalty on any mortgage bank, and any director,
officer or employee of a mortgage bank, who violates
any order issued under subsection (a) or (b).
(B) Amount of penalty.--The amount of the penalty,
as determined by the Secretary, may not exceed--
(i) in the case of a violation of an order
issued under subsection (a), $10,000 for each
month during which such violation occurs; and
(ii) in the case of a violation of an order
issued under subsection (b), $10,000 for each
day during which such violation continues.
(C) Notification to attorney general.--Before
taking action to impose a civil money penalty for a
violation under subparagraph (A), the Secretary shall
inform the Attorney General of the United States.
(2) Assessment.--
(A) Written notice.--Any penalty imposed under
paragraph (1) may be assessed and collected by the
Secretary by written notice.
(B) Finality of assessment.--If, with respect to
any assessment under subparagraph (A), a hearing is not
requested pursuant to paragraph (5) within the period
of time allowed under such paragraph, the assessment
shall constitute a final and unappealable order.
(3) Authority to modify or remit penalty.--The Secretary
may compromise, modify, or remit any penalty which the
Secretary may assess or already has assessed under paragraph
(1).
(4) Mitigating factors.--In determining the amount of a
penalty under paragraph (1) with respect to any person, the
Secretary shall take into account the appropriateness of the
penalty with respect to--
(A) the gravity of the offense;
(B) any history of previous violations by the
person;
(C) the ability of the person to pay the penalty;
(D) injury to the public;
(E) benefits received by the person as a result of
the violation;
(F) the deterrent effect of the penalty on future
violations by such person and other persons; and
(G) such other factors as the Secretary may
determine in regulations to be appropriate.
(5) Hearing.--The person against whom a civil money penalty
is assessed under paragraph (1) shall be afforded an
opportunity for a hearing on the record, if such person submits
a request for such hearing within 20 days after the issuance of
the notice of the assessment.
(6) Collection.--
(A) Referral.--If any person fails to pay an
assessment after any penalty assessed under this
subsection has become final, the Secretary shall notify
the Attorney General who shall recover the amount
assessed in the appropriate United States district
court.
(B) Appropriateness of penalty not reviewable.--In
any civil action under subparagraph (A), the validity
and appropriateness of the penalty shall not be subject
to review.
(7) Disbursement.--All penalties collected pursuant to this
subsection shall be deposited into the Treasury of the United
States.
(8) Agency procedures--The Secretary shall, by regulation,
establish standards and procedures for carrying out this
subsection.

SEC. 7. COMMUNITY SUPPORT REQUIREMENTS FOR MORTGAGE INSURANCE
COMPANIES.

(a) In General.--Each mortgage insurance company shall--
(1) report to the Office the number and total dollar amount
of each mortgage insurance policy written by the company, by
census tract, the race, gender, and income of applicants for
mortgage insurance, and the disposition of each application for
mortgage insurance;
(2) demonstrate to the Secretary adequate support for
community credit needs; and
(3) make public to any person the underwriting criteria for
any mortgage insurance the company offers.
(b) 2-Year Reporting Requirement.--At least once during each 2-year
period beginning after the date of enactment of this Act, each mortgage
insurance company shall submit a report to the Office containing the
following information:
(1) Adequacy of availability of mortgage insurance.--The
extent to which adequate mortgage insurance is available in
low- and moderate-income and minority neighborhoods within
areas in which the company writes a significant number of
mortgage insurance policies.
(2) Underwriting guidelines.--The extent to which
underwriting guidelines used by the company do not unreasonably
restrict access to low- and moderate-income families within
areas in which the company writes a significant number of
mortgage insurance policies.
(c) Duties of the Office.--The Office shall conduct biennial
community support reviews of mortgage insurance companies including
analysis of the following:
(1) The data collected by the Agency on the distribution of
the mortgage insurance company's policies by census tract and
data on the disparate treatment of applicants for mortgage
insurance based on the applicants' race, gender, and income.
(2) The underwriting criteria employed by the company and
the extent to which such criteria do not unreasonably restrict
access to credit for low- and moderate-income and minority
persons or neighborhoods.
(3) Community support statements received from the mortgage
insurance company.
(4) Any other information the Secretary may require
mortgage insurance companies to submit.
(5) Any comments received from the public on the community
support performance of the mortgage insurance company during
the period covered by the review under this paragraph.
(d) Duties of the Secretary.--The Secretary shall--
(1) solicit and accept public comment for no fewer than 90
days before issuing a finding in connection with the review of
a mortgage insurance company under subsection (c)(2); and
(2) review the community support performance of each
mortgage insurance company and determine whether the company is
providing an adequate level of community support in the areas
in which such company writes a significant number of mortgage
insurance policies.
(e) Performance Statement.--If, after reviewing any evidence, the
Secretary concludes that a mortgage insurance company is not meeting
the requirements of this section, the Secretary may require such
company to submit a statement indicating how the company expects to
improve its record of providing community support.

Ex Output:
Mortgage Fairness Act - Requires each mortgage bank to meet the credit needs of all communities in which it makes a significant number of extensions of credit or extends a significant amount of credit, including extensions of credit in low- and moderate-income communities.
(Sec. 3) Directs the Secretary of Housing and Urban Development (HUD) to establish within HUD the Office of Mortgage Bank and Insurance Supervision.
(Sec. 4) Directs the Office, on a biennial basis, to require each mortgage bank to submit to it a community support statement detailing the bank's efforts at meeting the housing credit needs of the above- referenced communities.
(Sec. 5) Directs the Office to determine whether a mortgage bank is maintaining an adequate community support performance based on specified criteria.
(Sec. 6) Sets forth certain penalties against a mortgage bank that has been found to be maintaining an inadequate level of community support.
(Sec. 7) Requires each mortgage insurance company to: (1) report to the Office the total number and total dollar amount of each mortgage insurance policy written by it, by census tract, the race, gender, and income of applicants for mortgage insurance, and the disposition of each application for such insurance; (2) demonstrate to the Secretary adequate support for community credit needs; and (3) make public to any person the underwriting criteria for any mortgage insurance the company offers.
Requires the Office to conduct biennial community support reviews of mortgage insurance companies. Authorizes the Secretary to require a mortgage insurance company to submit a statement indicating how it expects to improve its record of providing community support whenever the Secretary concludes that such company is not meeting the requirements of this section.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Enterprise Communities Enhancement
Act of 2001''.

SEC. 2. FUNDING ENTITLEMENT FOR ADDITIONAL ENTERPRISE COMMUNITIES.

(a) Entitlement.--Section 2007(a)(1) of the Social Security Act (42
U.S.C. 1397f(a)(1)) is amended by striking ''and'' at the end of
subparagraph (A), by striking the period at the end of subparagraph (B)
and inserting ''; and'', and by adding at the end the following:
''(C) 7 grants under this section for each
qualified enterprise community that is in the State and
is designated pursuant to section 766 of the
Agriculture, Rural Development, Food and Drug
Administration, and Related Agencies Appropriations
Act, 1999.''.
(b) Amount of Grants.--Section 2007(a)(2) of such Act (42 U.S.C.
1397f(a)(2)) is amended--
(1) by redesignating subparagraph (C) as subparagraph (D);
and
(2) by inserting after subparagraph (B) the following:
''(C) Additional enterprise community grants.--The
amount of the grant to a State under this section for
each qualified enterprise community referred to in
paragraph (1)(C) shall be $500,000, multiplied by the
proportion of the population of the community that
resides in the State.''.
(c) Timing of Grants.--Section 2007(a)(3) of such Act (42 U.S.C.
1397f(a)(3)) is amended by adding at the end the following:
''(C) Additional qualified enterprise
communities.--With respect to each qualified enterprise
community referred to in paragraph (1)(C), the
Secretary shall make 1 grant under this section to the
State in which the community lies on the first day of
fiscal year 2002 and of each of the 6 succeeding fiscal
years.''.
(d) Funding.--Section 2007(a)(4) of such Act (42 U.S.C.
1397f(a)(4)) is amended--
(1) by striking ''(4) Funding.--$1,000,000,000'' and
inserting the following:
''(4) Funding.--
''(A) Original grants.--$1,000,000,000'';
(2) by inserting ''for empowerment zones and enterprise
communities described in subparagraphs (A) and (B) of paragraph
(1)'' before the period; and
(3) by adding after and below the end the following:
''(B) Additional enterprise community grants.--
$70,000,000 shall be made available to the Secretary
for grants under this section for enterprise
communities referred to in paragraph (1)(C).''.
(e) Definitions.--
(1) Qualified enterprise community.--Section 2007(f)(2)(A)
of such Act (42 U.S.C. 1397f(f)(2)(A)) is amended by inserting
''or pursuant to section 766 of the Agriculture, Rural
Development, Food and Drug Administration, and Related Agencies
Appropriations Act, 1999'' before the semicolon.
(2) Strategic plan.--Section 2007(f)(3) of such Act (42
U.S.C. 1397f(f)(3)) is amended by inserting ''or under section
766 of the Agriculture, Rural Development, Food and Drug
Administration, and Related Agencies Appropriations Act, 1999''
before the period.

SEC. 3. USE OF GRANT FUNDS.

(a) Revolving Loan Activities.--Section 2007(b) of the Social
Security Act (42 U.S.C. 1397f(b)) is amended by adding at the end the
following:
''(5) Revolving loan activities.--
''(A) In general.--In order to assist disadvantaged
adults and youths in achieving and maintaining economic
self-support, a State may use amounts paid under this
section to fund revolving loan funds or similar
arrangements for the purpose of making loans to
residents, institutions, organizations, or businesses
that hire disadvantaged adults and youths.
''(B) Rules for disbursement.--Amounts to be used
as described in subparagraph (A) shall be disbursed by
the Secretary, consistent with the provisions of the
Cash Management Improvement Act and its implementing
rules, regulations, and procedures issued by the
Secretary of the Treasury--
''(i) in the case of a grant to a revolving
loan fund--
''(I) pursuant to a written
irrevocable grant commitment; and
''(II) at such time or times as the
Secretary determines that the funds are
needed to meet the purposes of such
commitment; or
''(ii) in the case of a grant for purposes
of capitalizing an insured depository
institution (as defined in section 3 of the
Federal Deposit Insurance Act (12 U.S.C. 1813))
or an insured credit union (as defined in
section 101 of the Federal Credit Union Act (12
U.S.C. 1742)), at such time or times as the
Secretary determines that funds are needed for
such capitalization.''.

Ex Output:
Enterprise Communities Enhancement Act of 2001 - Amends title XX (Block Grants to States for Social Services) of the Social Security Act to provide for: (1) additional State entitlements to grants for designated qualified enterprise communities; (2) funding for such grants; and (3) use of grant funds for revolving loan fund loans to residents, institutions, organizations, or businesses that hire disadvantaged adults and youths.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Bailout Prevention Act of 2017''.

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) 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).

Ex Output:
Bailout Prevention Act of 2017 This bill amends the Federal Reserve Act to declare a borrower ineligible to borrow from any emergency lending program or facility unless the Board of Governors of the Federal Reserve System (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 four months of relevant financial data and determining whether the fair value of the borrower's assets exceeds its liabilities, with appropriate adjustment for temporary illiquidity in the relevant markets. A borrower shall be deemed insolvent for such purposes if it is in bankruptcy, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other federal or state insolvency proceedings, or is a bridge financial company or a bridge depository institution. A program shall be considered one with "broad-based eligibility" only if at least five companies are eligible to participate in the program in a significant manner. The annual interest rate for emergency lending must be at least 500 basis points greater than the cost of borrowing for the 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 or the interest rate requirement, but only if Congress enacts into law a joint resolution of approval within 30 days. The bill reduces the timing of various reporting requirements of the Government Accountability Office and the Board from 1-2 years to 60 days.