3.0.0 595 2023-01-11T13:34:20Z 2023-01-11T13:34:20Z House HR 2017-01-20 115 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CAPUANO:H.R. 595.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3[Page H560]]]> hsgo00 Oversight and Accountability Committee House Standing Referred to 2017-01-20T15:00:35Z hsru00 Rules Committee House Standing Referred to 2017-01-20T15:00:30Z hsba00 Financial Services Committee House Standing Referred to 2017-01-20T15:00:25Z 2017-01-20 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 2017-01-20 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 2017-01-20 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 2017-01-20 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 2017-01-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-01-20 Introduced in House IntroReferral 1000 9 Library of Congress C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 N 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 2017-01-20 Introduced in House 2017-12-19T21:43:48Z 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.

]]>

Bailout Prevention Act of 2017 Display Title Bailout Prevention Act of 2017 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 2017 Introduced in House 2017-01-20T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr595ih/xml/BILLS-115hr595ih.xml 2017-01-20 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.