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US. GOVERNMENT
INFORMATION
GPO
115TH CONGRESS REPT. 115-1010
2d Session HOUSE OF REPRESENTATIVES Part 1
CONGRESSIONAL ACCOUNTABILITY FOR EMERGENCY
LENDING PROGRAMS ACT OF 2017
NOVEMBER 6, 2018.-Ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 4302]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4302) to amend the Federal Reserve Act to create con-
gressional accountability for emergency lending programs, and for
other purposes, having considered the same, report favorably there-
on without amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
On November 8, 2017, Representative Scott Tipton introduced
H.R. 4302 the Congressional Accountability for Emergency Lend-
ing Programs Act of 2017, which requires Congress to ratify Fed-
eral Reserve loans issued under Section 13(3) of the Federal Re-
serve Act while allowing any such loan to remain outstanding for
up to 60 days without ratification, makes supervisory information
more readily available to emergency lending decisions, and estab-
lishes a more prudent minimum interest rate for emergency loans.
BACKGROUND AND NEED FOR LEGISLATION
H.R. 4302 clearly defines responsibilities of the Board of Gov-
ernors of the Federal Reserve System (Federal Reserve) and the
United States Congress to both preserve the Federal Reserve's ca-
pacity to extend emergency credit in a timely manner and hold
Congress accountable for the fiscal consequences.
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