Text: H.J.Res.19 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (01/15/2009)


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.