H. Rept. 115-1010,Part 1 1 (2018-11-06)

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                   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.
                      89-006

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