,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #eie  ,,in ,,the ,,house ,,of   
,,representatives  ,january #bj1        
#bjag,mr4 ,capuano introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services1 
and in addition to the ,committees on   
,rules1 and ,oversight and ,government  
,reform1 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 
,a ,,bill  ,to amend the ,federal       
,reserve ,act to reform the ,federal    
,reserve ,system4  #a4 ,short title     
,this ,act may be cited as the ,bailout 
,prevention ,act of #bjag4  #b4         
,discounts for individuals1             
partnerships1 and corporations ,section 
#ac7c77;,b7 of the ,federal ,reserve    
,act 7#ab ,u4,s4,c4 #cdc7c77;,b77 is    
amended by striking clauses 7ii7 and    
7iii7 and inserting the following3  7ii7
  7,i7 ,the ,board shall establish      

procedures to prohibit borrowing from   
programs and facilities by borrowers    
that are insolvent4 ,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 insolvent4 ,solvency    
shall be assessed by examining the last 
#d months of relevant financial data and
 determining whether the fair value of  
the borrower's assets exceeds the fair  
value of the borrower's liabilities1    
with appropriate adjustment for         
temporary illiquidity in relevant       
markets4  7,,ii7 ,a borrower shall be   
considered insolvent for purposes of    
this subparagraph if the borrower is--  
7aa7 in bankruptcy1 resolution under    
title ,,ii of the ,dodd-,frank ,wall    
,street ,reform and ,consumer           
,protection ,act 7#ab ,u4,s4,c4 #echa et

 seq471 or any other ,federal or ,state 
insolvency proceeding2 or  7bb7 a bridge
 financial company 7as defined in       
section #bja7;a7 of the ,dodd-,frank    
,wall ,street ,reform and ,consumer     
,protection ,act 7#ab ,u4,s4,c4         
#echa7;a777 or a bridge depository      
institution 7as defined in section #c of
 the ,federal ,deposit ,insurance ,act  
7#ab ,u4,s4,c4 #ahac774  7,,iii7 ,if the
 ,board or any other banking regulator  
makes a certification of solvency1 the  
,board or banking regulator1 as         
applicable1 shall issue a               
contemporaneous public statement        
providing a detailed explanation of the 
certification decision4  7iii7 ,a       
program or facility shall be considered 
a program or facility with broad-based  
eligibility only if not fewer than #e   
companies are eligible to participate in
 the program or facility in a           
significant manner4  4  #c4 ,penalty    
rate requirement2 ,congressional        
approval requirement ,section #ac7c7 of 

the ,federal ,reserve ,act 7#ab         
,u4,s4,c4 #cdc7c77 is amended by adding 
at the end the following3  7,f7 ,any    
emergency lending under this paragraph  
shall be provided at an annual interest 
rate not less than #ejj basis points    
greater than the cost of borrowing for  
the ,united ,states ,treasury for a     
commensurate loan term4  7,g7  7i7 ,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   
7,b77iii7 or the penalty rate           
requirement described in subparagraph   
7,f71 the ,board--  7,i7 may create such
 a program or facility2 and  7,,ii7 not 
later than #c days after the date on    
which a program or facility is created  
under clause 7i71 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 7,i74   

7ii7  7,i7 ,a program or facility       
created under clause 7i77,i7 shall      
terminate on the date that is #cj       
calendar days after the date on which   
,congress receives a report described in
 clause 7i77,,ii7 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 are outstanding as of the
 date on which the 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  7,,ii7 ,for the purpose of
 this section1 the term joint resolution
 means only a joint resolution-- 7aa7   
that is introduced not later than #c    
calendar days after the date on which   
the report referred to in clause 7i77,i7
 is received by ,congress2  7bb7 that   
does not have a preamble2  7cc7 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  7dd7 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  7,,iii7
  7aa7 ,upon receipt of a report under  
subsection 7a77#c71 the ,speaker1 if the
 ,house would otherwise be adjourned1   
shall notify the ,members of the ,house 
that1 pursuant to this section1 the     
,house shall convene not later than the 
second calendar day after receipt of    
such report4  7bb7 ,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      
clause 7i77,,ii74 ,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  7cc7 ,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 clause 7i77,,ii71 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   
7dd7 ,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  7,,iv7  7aa7 ,upon receipt of a
 report under clause 7i77,,ii71 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 message4  7bb7 ,upon            
introduction in the ,senate1 the joint  
resolution shall be placed immediately  
on the calendar4  7cc7 7,,aa7           

,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 clause 7i77,,ii7 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 7,,bb7      
,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   
7,,cc7 ,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 7,,dd7   
,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  7,v7  7aa7 ,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 7,,aa7 ,the     
joint resolution of the other ,house    
shall not be referred to a committee4   
7,,bb7 ,with respect to a joint         
resolution of the ,house receiving the  
resolution-- 7,,cc7 the procedure in    
that ,house shall be the same as if no  
joint resolution had been received from 
the other ,house2 but 7,,dd7 the vote on
 passage shall be on the joint          
resolution of the other ,house4  7bb7   
,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  7cc7 ,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  7dd7 ,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   
subclause 7,i7 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  7ee7 ,this 
subclause and subclauses 7,,ii71        
7,,iii71 and 7,,iv7 are enacted by      
,congress-- 7,,aa7 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 7,,bb7

 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  4  #d4 ,public    
disclosure of information related to    
credit facilities  7a7 ,reports on ,,gao
 audits ,section #gad7;f77#c77;,c77iii7 
of title #ca1 ,united ,states ,code1 is 
amended-- 7#a7 by striking #a year and  
inserting #fj days2 and  7#b7 by        
striking #bd months and inserting #fj   
days4  7b7 ,public disclosures by the   
,board of ,governors ,section #aa of the
 ,federal ,reserve ,act 7#ab ,u4,s4,c4  
#bdh7 is amended--  7#a7 in the first   
subsection 7s7 7relating to transparency
 and the release of information7-- 7,a7 
in paragraph 7#b7--  7i7 in subparagraph
 7,a71 by striking #a year and inserting
 #fj days2 and  7ii7 in subparagraph    
7,b71 by striking the last day of the   
eighth calendar quarter following the   

calendar quarter in which and inserting 
the date that is #fj days after the date
 on which2 and  7,b7 in paragraph 7#e71 
by striking #bd-month and inserting #fj 
days2 and  7#b7 by redesignating the    
second subsection 7s7 7relating to      
assessments1 fees1 and other charges7 as
 subsection 7t74