,,ib  ,union ,calendar ,no4 #hfh  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#dcjb  ,report ,no4 #aae-ajaj1 ,part ,i 
,,in ,,the ,,house ,,of                 
,,representatives  ,november #h1 #bjag  
,mr4 ,tipton introduced the following   
bill2 which was referred to the         
,committee on ,financial ,services1 and 
in addition to the ,committee on ,rules1
 for a period to be subsequently        
determined by the ,speaker1 in each case
 for consideration of such provisions as
 fall within the jurisdiction of the    
committee concerned  ,november #f1 #bjah
 ,reported from the ,committee on       
,financial ,services  ,november #f1     
#bjah,referral to the ,committee on     
,rules extended for a period ending not 
later than ,december #g1 #bjah          
,november #bh1 #bjah,referral to the    
,committee on ,rules extended for a     
period ending not later than ,december  
#bh1 #bjah  ,december #bh1              
#bjah;,additional sponsor3 ,mr4 ,barr   
,december #bh1 #bjah;,committee on      

,rules discharged2 committed to the     
,committee of the ,whole ,house on the  
,state of the ,union and ordered to be  
printed  ,a ,,bill  ,to amend the       
,federal ,reserve ,act to create        
congressional accountability for        
emergency lending programs1 and for     
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,congressional 
,accountability for ,emergency ,lending 
,programs ,act of #bjag4  #b4           
,congressional accountability for       
emergency lending programs ,section     
#ac7c7 of the ,federal ,reserve ,act    
7#ab ,u4,s4,c4 #cdc7c77 is amended--    
7#a7 in subparagraph 7,a7-- 7,a7 by     
inserting that pose a threat to the     
financial stability of the ,united      
,states after unusual and exigent       
circumstances2 and  7,b7 by striking the
 affirmative vote of not less than five 
members and inserting the prior approval
 of the ,secretary of the ,treasury and 
not less than #b_/c of the members of   
the ,federal ,open ,market ,committee2  

7#b7 in subparagraph 7,b7--  7,a7 in    
clause 7i71 by inserting at the end the 
following3 ,federal reserve banks may   
not accept equity securities issued by  
the recipient of any loan or other      
financial assistance under this         
paragraph as collateral4 ,not later than
 #f months after the date of the        
enactment of this sentence1 the ,board  
shall1 by rule1 establish-- 7,i7 a      
method for determining the sufficiency  
of the collateral required under this   
paragraph2  7,,ii7 acceptable classes of
 collateral2  7,,iii7 the amount of any 
discount on the value of the collateral 
that the ,federal reserve banks will    
apply for purposes of calculating the   
sufficiency of collateral under this    
paragraph2 and  7,,iv7 a method for     
obtaining independent appraisals of the 
value of collateral the ,federal reserve
 banks receive4  2  7,b7 in clause      
7ii7-- 7i7 by striking the second       
sentence2 and  7ii7 by inserting after  
the first sentence the following3 ,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  
that1 at the time the borrower initially
 borrows under the program or facility1 
the borrower is not insolvent42 and     
7,c7 by striking clause 7iv72  7#c7 by  
inserting financial institution before  
participant each place such term        
appears2  7#d7 in subparagraph 7,d77i71 
by inserting financial institution      
before participants2 and  7#e7 by adding
 at the end the following new           
subparagraphs3  7,g7 ,joint resolution  
of approval  7i7 ,in general ,a program 
or facility created under subparagraph  
7,a7 shall terminate on the date that is
 #cj calendar days after the date on    
which ,congress receives a report       
described in subparagraph 7,c7 unless   
there is enacted into law a joint       
resolution approving the program or     
facility not later than #cj calendar    

days after the date on which the report 
is received4 ,any loan offered through  
the program or facility that is         
outstanding as of the date on which the 
program or facility is terminated shall 
be repaid in full not later than #cj    
calendar days after the date on which   
the program or facility is terminated4  
7ii7 ,contents of joint resolution ,for 
the purpose of this subparagraph1 the   
term joint resolution means only a joint
 resolution-- 7,i7 that is introduced   
not later than #c calendar days after   
the date on which the report described  
in subparagraph 7,c7 is received by     
,congress2  7,,ii7 that does not have a 
preamble2  7,,iii7 the title of which is
 as follows3 ,joint resolution relating 
to the approval of a program or facility
 created by the ,board of ,governors of 
the ,federal ,reserve ,system2 and      
7,,iv7 the matter after the resolving   
clause of which is as follows3 ,that    
,congress approves the program or       
facility created by the ,board of       

,governors of the ,federal ,reserve     
,system on 4 7,the blank space being    
appropriately filled in74  7iii7 ,fast  
track consideration in ,house of        
,representatives  7,i7 ,reconvening     
,upon receipt of a report under         
subparagraph 7,c71 the ,speaker1 if the 
,house would otherwise be adjourned1    
shall notify the ,members of the ,house 
that1 pursuant to this subparagraph1 the
 ,house shall convene not later than the
 second calendar day after receipt of   
such report4  7,,ii7 ,reporting and     
discharge ,any committee of the ,house  
of ,representatives to which a joint    
resolution is referred shall report it  
to the ,house not later than #e calendar
 days after the date of receipt of the  
report described in subparagraph 7,c74  
,if a committee fails to report the     
joint resolution within that period1 the
 committee shall be discharged from     
further consideration of the joint      
resolution and the joint resolution     
shall be referred to the appropriate    

calendar4  7,,iii7 ,proceeding to       
consideration ,after each committee     
authorized to consider a joint          
resolution reports it to the ,house or  
has been discharged from its            
consideration1 it shall be in order1 not
 later than the sixth day after         
,congress receives the report described 
in subparagraph 7,c71 to move to proceed
 to consider the joint resolution in the
 ,house4 ,all points of order against   
the motion are waived4 ,such a motion   
shall not be in order after the ,house  
has disposed of a motion to proceed on  
the joint resolution4 ,the previous     
question shall be considered as ordered 
on the motion to its adoption without   
intervening motion4 ,the motion shall   
not be debatable4 ,a motion to          
reconsider the vote by which the motion 
is disposed of shall not be in order4   
7,,iv7 ,consideration ,the joint        
resolution shall be considered as read4 
,all points of order against the joint  
resolution and against its consideration

 are waived4 ,the previous question     
shall be considered as ordered on the   
joint resolution to its passage without 
intervening motion except #b hours of   
debate equally divided and controlled by
 the proponent and an opponent4 ,a      
motion to reconsider the vote on passage
 of the joint resolution shall not be in
 order4  7iv7 ,fast track consideration 
in ,senate  7,i7 ,reconvening ,upon     
receipt of a report under subparagraph  
7,c71 if the ,senate has adjourned or   
recessed for more than #b days1 the     
majority leader of the ,senate1 after   
consultation with the minority leader of
 the ,senate1 shall notify the ,members 
of the ,senate that1 pursuant to this   
subparagraph1 the ,senate shall convene 
not later than the second calendar day  
after receipt of such report4  7,,ii7   
,placement on calendar ,upon            
introduction in the ,senate1 the joint  
resolution shall be placed immediately  
on the calendar4  7,,iii7 ,floor        
consideration  7aa7 ,in general         

,notwithstanding ,rule ,,xxii of the    
,standing ,rules of the ,senate1 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 subparagraph 7,c7   
and ending on the sixth day after the   
date on which ,congress receives the    
report 7even though a previous motion to
 the same effect has been disagreed to7 
to move to proceed to the consideration 
of the joint resolution1 and all points 
of order against the joint resolution   
7and against consideration of the joint 
resolution7 are waived4 ,the motion to  
proceed is not debatable4 ,the motion is
 not subject to a motion to postpone4 ,a
 motion to reconsider the vote by which 
the motion is agreed to or disagreed to 
shall not be in order4 ,if a motion to  
proceed to the consideration of the     
resolution is agreed to1 the joint      
resolution shall remain the unfinished  
business until disposed of4  7bb7       
,debate ,debate on the joint resolution1

 and on all debatable motions and       
appeals in connection therewith1 shall  
be limited to not more than #aj hours1  
which shall be divided equally between  
the majority and minority leaders or    
their designees4 ,a motion further to   
limit debate is in order and not        
debatable4 ,an amendment to1 or a motion
 to postpone1 or a motion to proceed to 
the consideration of other business1 or 
a motion to recommit the joint          
resolution is not in order4  7cc7 ,vote 
on passage ,the vote on passage shall   
occur immediately following the         
conclusion of the debate on a joint     
resolution1 and a single quorum call at 
the conclusion of the debate if         
requested in accordance with the rules  
of the ,senate4  7dd7 ,rulings of the   
chair on procedure ,appeals from the    
decisions of the ,chair relating to the 
application of the rules of the ,senate1
 as the case may be1 to the procedure   
relating to a joint resolution shall be 
decided without debate4  7v7            

,coordination with action by other      
,house  7,i7 ,in general ,if1 before the
 passage by one ,house of a joint       
resolution of that ,house1 that ,house  
receives from the other ,house a joint  
resolution1 then the following          
procedures shall apply3  7aa7 ,the joint
 resolution of the other ,house shall   
not be referred to a committee4  7bb7   
,with respect to a joint resolution of  
the ,house receiving the resolution--   
7,,aa7 the procedure in that ,house     
shall be the same as if no joint        
resolution had been received from the   
other ,house1 but 7,,bb7 the vote on    
passage shall be on the joint resolution
 of the other ,house4  7,,ii7 ,treatment
 of joint resolution of other ,house ,if
 one ,house fails to introduce or       
consider a joint resolution under this  
section1 the joint resolution of the    
other ,house shall be entitled to       
expedited floor procedures under this   
section4  7,,iii7 ,consideration after  
passage ,if1 following passage of the   

joint resolution in the ,senate1 the    
,senate then receives the companion     
measure from the ,house of              
,representatives1 the companion measure 
shall not be debatable4  7,,iv7 ,vetoes 
,if the ,president vetoes the joint     
resolution1 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         
#cj-;calendar day period described in   
clause 7i7 and debate on a veto message 
in the ,senate under this section shall 
be #a hour equally divided between the  
majority and minority leaders or their  
designees4  7,v7 ,rules of ,house of    
,representatives and ,senate ,this      
subparagraph is enacted by ,congress--  
7aa7 as an exercise of the rulemaking   
power of the ,senate and ,house of      
,representatives1 respectively1 and as  
such it is deemed a part of the rules of
 each ,house1 respectively1 but         

applicable only with respect to the     
procedure to be followed in that ,house 
in the case of a joint resolution1 and  
it supersedes other rules only to the   
extent that it is inconsistent with such
 rules2 and  7bb7 with full recognition 
of the constitutional right of either   
,house to change the rules 7so far as   
relating to the procedure of that       
,house7 at any time1 in the same manner1
 and to the same extent as in the case  
of any other rule of that ,house4  7,h7 
,penalty rate  7i7 ,in general ,not     
later than #f months after the date of  
enactment of this subparagraph1 the     
,board shall1 with respect to a         
recipient of any loan or other financial
 assistance under this paragraph1       
establish by rule a minimum interest    
rate on the principal amount of any loan
 or other financial assistance4  7ii7   
,minimum interest rate defined ,in this 
subparagraph1 the term minimum interest 
rate shall mean the sum of-- 7,i7 the   
average of the secondary discount rate  

of all ,federal reserve banks over the  
most recent #ij-;day period2 and  7,,ii7
 the average of the difference between a
 distressed corporate bond yield index  
7as defined by rule of the ,board7 and a
 bond yield index of debt issued by the 
,united ,states 7as defined by rule of  
the ,board7 over the most recent        
#ij-;day period4  7,i7 ,financial       
institution participant defined ,for    
purposes of this paragraph1 the term    
financial institution participant-- 7i7 
means a company that is predominantly   
engaged in financial activities 7as     
defined in section #ajb7;a7 of the      
,financial ,stability ,act of #bjaj 7#ab
 ,u4,s4,c4 #ecaa7;a7772 and  7ii7 does  
not include an agency described in      
subparagraph 7,w7 of section            
#ecab7;a77#b7 of title #ca1 ,united     
,states ,code1 or an entity controlled  
or sponsored by such an agency4  4      
,december #bh1 #bjah ,committee on      
,rules discharged2 committed to the     
,committee of the ,whole ,house on the  

,state of the ,union and ordered to be  
printed