To create a zero interest loan program for Federal and District of Columbia employees furloughed or excepted from such furlough during a lapse in Federal appropriations, and for other purposes.

I 116TH CONGRESS 1ST SESSION H. R. 1167 To create a zero interest loan program for Federal and District of Columbia employees furloughed or excepted from such furlough during a lapse in Federal appropriations, and for other purposes. IN THE HOUSE OF REPRESENTATIVES FEBRUARY 13, 2019 Mr. HIGGINS of Louisiana (for himself and Mr. RUPPERSBERGER) introduced the following bill; which was referred to the Committee on Financial Services A BILL To create a zero interest loan program for Federal and District of Columbia employees furloughed or excepted from such furlough during a lapse in Federal appropria- tions, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. ZERO INTEREST LOANS FOR FEDERAL AND DIS- 3 TRICT OF COLUMBIA EMPLOYEES. 4 (a) IN GENERAL.—The Secretary of the Treasury 5 shall, each Federal fiscal year, enroll each covered bank 6 in a program to be known as the zero interest Federal 7 and District of Columbia employee loan program unless 8 VerDate Sep 11 2014 04:05 Feb 23, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1167.IH H1167 kjohnson on DSK79L0C42 with BILLS 2 •HR 1167 IH such covered bank has elected not to participate in such 1 program for such Federal fiscal year. 2 (b) ZERO INTEREST LOAN.— 3 (1) IN GENERAL.—Any covered bank enrolled 4 in the zero interest Federal and District of Columbia 5 employee loan program under subsection (a) shall, 6 for the first 90 days of any lapse in Federal appro- 7 priations, upon request, extend a zero interest loan 8 to any covered employee. 9 (2) AMOUNT OF LOAN.—Any loan or loans pro- 10 vided to a covered employee under paragraph (1) 11 shall be equal to the amount paid to the covered em- 12 ployee by the United States or the District of Co- 13 lumbia during the pay period immediately preceding 14 the lapse in Federal appropriations. 15 (3) MAXIMUM AGGREGATE LOAN AMOUNT.—A 16 covered bank enrolled in the zero interest Federal 17 and District of Columbia employee loan program 18 shall not be required to extend a loan, or loans in 19 the aggregate, in an amount greater than $9,000 to 20 any individual covered employee with respect to each 21 lapse in Federal appropriations. 22 (4) TERMS OF LOAN.—Any covered bank that 23 extends a loan under this subsection may not require 24 VerDate Sep 11 2014 04:05 Feb 23, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1167.IH H1167 kjohnson on DSK79L0C42 with BILLS 3 •HR 1167 IH repayment of such loan until 30 days after the con- 1 clusion of the lapse in Federal appropriations. 2 (c) SAFETY AND SOUNDNESS SAFE HARBOR.—A 3 covered bank shall not extend any loan under this section 4 if such loan would threaten the safety and soundness of 5 the covered bank. 6 (d) PUBLISHED LIST.—The Secretary of the Treas- 7 ury shall publish and maintain, on the Department of the 8 Treasury website, a list of all covered banks enrolled in 9 the zero interest Federal and District of Columbia em- 10 ployee loan program for each Federal fiscal year. 11 (e) OTHER ASSISTANCE.—Covered banks may pro- 12 vide other forms of assistance to any covered employee 13 during any lapse in appropriations beginning on or after 14 December 22, 2018. 15 (f) RULEMAKING.—The Secretary of the Treasury 16 shall issue rules to carry out this Act. 17 (g) DEFINITIONS.—In this Act— 18 (1) COVERED BANK.—The term ‘‘covered bank’’ 19 means a bank holding company that has been identi- 20 fied by the Board of Governors of the Federal Re- 21 serve System as a global systemically important 22 bank holding company pursuant to section 217.402 23 of title 12, Code of Federal Regulations, and each 24 VerDate Sep 11 2014 04:05 Feb 23, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1167.IH H1167 kjohnson on DSK79L0C42 with BILLS 4 •HR 1167 IH subsidiary and affiliate of such a bank holding com- 1 pany. 2 (2) COVERED EMPLOYEE.—The term ‘‘covered 3 employee’’ means a Federal or District of Columbia 4 employee furloughed or excepted from such furlough 5 during any lapse in Federal appropriations begin- 6 ning on or after December 22, 2018, who is not a 7 Member of Congress. 8 Æ VerDate Sep 11 2014 04:05 Feb 23, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H1167.IH H1167 kjohnson on DSK79L0C42 with BILLS