3.0.0 2625 2023-01-11T13:31:00Z 2023-01-11T13:31:00Z House HR 2015-06-03 114 [Congressional Record Volume 161, Number 88 (Wednesday, June 3, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARRETT:H.R. 2625.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 (To regulate commerce withforeign nations, and among the several states, and with theIndian tribes); Article I, Section 8, Clause 5 (To coinmoney, regulate the value thereof, and of foreign coin, andfix the standard of weights and measures); Article I, Section8, Clause 6 (To provide for the punishment of counterfeitingthe securities and current coin of the United States); andArticle I, Section 8, Clause 18 (To make all laws which shallbe necessary and proper for carrying into execution foregoingpowers, and all other powers vested by this Constitution inthe government of the United States, or in any departmentthereof).[Page H3878]]]> hsgo00 Oversight and Accountability Committee House Standing Referred to 2015-06-03T14:00:35Z hsru00 Rules Committee House Standing Referred to 2015-06-03T14:00:30Z hsba00 Financial Services Committee House Standing Referred to 2015-06-03T14:00:25Z Bailout Prevention Act of 2015 114 1320 S 2015-05-13 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2015-06-03 Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsgo00 Oversight and Accountability Committee 2015-06-03 Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2015-06-03 Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2015-06-03 Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-06-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-06-03 Introduced in House IntroReferral 1000 9 Library of Congress G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 N C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 2015-06-03 True Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Commodities markets Congressional oversight Credit and credit markets Financial crises and stabilization Financial services and investments Government information and archives Government studies and investigations Interest, dividends, interest rates Legislative rules and procedure Finance and Financial Sector 00 2015-06-03 Introduced in House 2015-09-25T19:15:51Z 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.]]>

Bailout Prevention Act of 2015 Display Title Bailout Prevention Act of 2015 Official Title as Introduced To amend the Federal Reserve Act to reform the Federal Reserve System. Introduced in House IH Short Titles as Introduced Bailout Prevention Act of 2015 Introduced in House 2015-06-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr2625ih/xml/BILLS-114hr2625ih.xml 2015-06-03 Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.