110 HR 1181 IH: To amend title 49, United States Code, to require U.S. House of Representatives 2007-02-16 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.

I 110th CONGRESS 1st Session H. R. 1181 IN THE HOUSE OF REPRESENTATIVES February 16, 2007 Mr. Udall of Colorado (for himself, Mr. Walz of Minnesota, Mr. Flake, Ms. McCollum of Minnesota, Mrs. Maloney of New York, Mrs. Bachmann, Mr. Garrett of New Jersey, Mr. Lamborn, Mr. Miller of Florida, Mr. Kline of Minnesota, and Mrs. Musgrave) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure A BILL To amend title 49, United States Code, to require congressional approval of certain loans by the Department of Transportation.

1.

Short title

This Act may be cited as the Congress Must Co-Sign Act of 2007.

2.

Purpose

The purpose of this Act is to require separate congressional approval of loans by the Department of Transportation that could expose taxpayers to potential liability of $1,000,000,000 or more.

3.

Congressional approval required for certain Department of Transportation loans

(a)

In general

Subchapter II of chapter 3 of title 49, United States Code, is amended by adding at the end the following:

338.

Congressional approval required for certain loans

(a)

Notice requirement

The Secretary of Transportation shall provide advance written notice to Congress before any Federal funds made available to the Department of Transportation are used to make a loan in an amount of $1,000,000,000 or more. (b)

Contents of notice

The written notice required under subsection (a) shall include a description of the purpose of the loan, the authority to make the loan, and the terms and conditions of the loan. (c)

Review and approval

Federal funds made available to the Department of Transportation may not be used to make a loan for which written notice is required under subsection (a) until Congress, after the date of receipt of the notice, has enacted a law that specifically approves the loan.

. (b)

Conforming amendment

The analysis for chapter 3 of title 49, United States Code, is amended by inserting after the item relating to section 337 the following: 338. Congressional approval required for certain loans. .