[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 19 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. J. RES. 19

Relating to the disapproval of obligations under the Emergency Economic 
                       Stabilization Act of 2008.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 15, 2009

Mr. Gingrey of Georgia introduced the following joint resolution; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                            JOINT RESOLUTION


 
Relating to the disapproval of obligations under the Emergency Economic 
                       Stabilization Act of 2008.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled,

SECTION 1. DISAPPROVAL.

    (a) In General.--Except as provided in subsection (b), the Congress 
disapproves the obligation of any amount exceeding the amounts 
obligated as described in paragraphs (1) and (2) of section 115(a) of 
the Emergency Economic Stabilization Act of 2008.
    (b) Smaller Community Institutions.--
            (1) 30 percent available.--Notwithstanding subsection (a), 
        30 percent of the amount exceeding the amounts obligated as 
        described in paragraphs (1) and (2) of section 115(a) of the 
        Emergency Economic Stabilization Act of 2008 is approved for 
        use solely in providing assistance to smaller community 
        institutions.
            (2) Definitions.--For purposes of this section, the 
        following definitions shall apply:
                    (A) Smaller community institution.--The term 
                ``smaller community institution'' means any depository 
                institution (as defined in section 3 of the Federal 
                Deposit Insurance Act) that--
                            (i) has submitted an application under 
                        title I of Emergency Economic Stabilization Act 
                        of 2008 on which no action has been taken, such 
                        as institutions that are C corporations 
                        (including privately held institutions) and 
                        community development financial institutions; 
                        or
                            (ii) is of a type for which the Secretary 
                        has not yet established an application deadline 
                        under such title or for which any such deadline 
                        has not yet occurred as of the date of the 
                        enactment of this Act, such as institutions 
                        that are non-stock corporations, S-
                        corporations, mutually owned insured depository 
                        institutions (as defined in section 3 of the 
                        Federal Deposit Insurance Act).
                    (B) S corporation; c corporation.--The terms ``S 
                Corporation'' and ``C Corporation'' shall have the same 
                meaning given to those terms in section 1361(a) of the 
                Internal Revenue Code of 1986.
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