[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 867 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 867

 To amend title 31, United States Code, to provide that certain budget 
 authority and credit authority provided to the exchange stabilization 
 fund shall be effective only to the extent provided in appropriation 
                                 Acts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 8, 1995

  Mr. Sanders (for himself, Ms. Kaptur, Mr. DeFazio, Ms. Danner, Mr. 
 Taylor of Mississippi, Mr. Klink, Mr. Traficant, Mr. Rohrabacher, and 
  Mr. Evans) introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend title 31, United States Code, to provide that certain budget 
 authority and credit authority provided to the exchange stabilization 
 fund shall be effective only to the extent provided in appropriation 
                                 Acts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
    This Act may be cited as the ``Congressional Limitation On 
Executive Bailouts Act of 1995''.

SEC. 2. LIMITATION ON BUDGET AUTHORITY OF THE EXCHANGE STABILIZATION 
              FUND.

    (a) In General.--Section 5302(b) of title 31, United States Code, 
is amended--
            (1) by inserting ``(1) In general.--'' before ``Consistent 
        with the obligations'';
            (2) in the 2d sentence of paragraph (1) (as so redesignated 
        pursuant to paragraph (1) of this section)--
                    (A) by inserting ``not'' after ``may''; and
                    (B) by striking ``only if the President gives 
                Congress'' and all that follows through ``more than 6 
                months''; and
            (3) by adding at the end the following new paragraph:
            ``(2) Limitation on budget authority and credit 
        authority.--All existing and future budget authority and credit 
        authority (as such terms are defined in section 3 of the 
        Congressional Budget and Impoundment Control Act of 1974) 
        provided under this subsection, including all authority to 
        provide loans or loan guarantees, establish swap lines, permit 
        draws on swap lines established before, on, or after the date 
        of the enactment of the Congressional Limitation On Executive 
        Bailouts Act of 1995, or issue any other credit instruments, 
        shall be effective for that portion of fiscal year 1995 
        occurring after such date of enactment and all subsequent 
        fiscal years only to the extent and in such amounts as are 
        provided in advance in appropriation Acts enacted with respect 
        to any such fiscal year.''.
    (b) Technical and Conforming Amendment.--Section 5302(a)(2) of 
title 31, United States Code, is amended by striking the last sentence.
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