Bailout Prevention Act of 2017
Latest action · Jan 20, 2017 Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 20, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Bailout Prevention Act of 2017
This bill amends the Federal Reserve Act to declare a borrower ineligible to borrow from any emergency lending program or facility unless the Board of Governors of the Federal Reserve System (the Board) and all federal banking regulators with jurisdiction over the borrower certify that, at the time the borrower initially borrows under the program or facility, the borrower is not insolvent. Solvency shall be assessed by examining the last four months of relevant financial data and determining whether the fair value of the borrower's assets exceeds its liabilities, with appropriate adjustment for temporary illiquidity in the relevant markets.
A borrower shall be deemed insolvent for such purposes if it is in bankruptcy, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other federal or state insolvency proceedings, or is a bridge financial company or a bridge depository institution.
A program shall be considered one with "broad-based eligibility" only if at least five companies are eligible to participate in the program in a significant manner.
The annual interest rate for emergency lending must be at least 500 basis points greater than the cost of borrowing for the Treasury for a commensurate loan term.
The Board may create an emergency lending program or facility that does not meet the broad-based eligibility requirement or the interest rate requirement, but only if Congress enacts into law a joint resolution of approval within 30 days.
The bill reduces the timing of various reporting requirements of the Government Accountability Office and the Board from 1-2 years to 60 days.
Cosponsors
Members who signed on, in the order they did.
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jan 20, 2017 |
| House | Rules Committee | Referred Jan 20, 2017 |
| House | Oversight and Government Reform Committee | Referred Jan 20, 2017 |
Actions 2
Everything that happened, newest first.
- Jan 20, 2017Introduced in House
- Jan 20, 2017Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H560.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Federal Reserve Act to reform the Federal Reserve System.
- Short Titles as Introduced
- Bailout Prevention Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Bankruptcy
- Commodities markets
- Congressional oversight
- Credit and credit markets
- Finance and Financial Sector
- Financial crises and stabilization
- Financial services and investments
- Government information and archives
- Government studies and investigations
- Interest, dividends, interest rates
- Legislative rules and procedure
Text 1
Each version as it was printed, newest first.
- Jan 20, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
