“A bill to require congressional approval for all capital expenditures requested by the Federal Reserve, and for other purposes.”
No CRS summary available for this bill.
This section establishes a congressional joint resolution of disapproval process prohibiting the Federal Reserve from making any capital expenditure exceeding $100,000,000 if such a resolution is enacted into law within 60 calendar days after Congress receives the expenditure request. The section specifies the required contents and title of the joint resolution (which must be introduced within 3 calendar days of the request) and provides fast-track consideration procedures in the House of Representatives (including committee reporting or discharge within 20 calendar days, a motion to proceed by the 24th day after the request, and 2 hours of debate) and the Senate (including immediate calendar placement upon introduction, a motion to proceed allowable between the 16th and 24th days after the request, and 10 hours of debate with no amendments). The section further coordinates procedures between the House and Senate, including treatment of companion measures.