Page:United States Statutes at Large Volume 109 Part 1.djvu/522

 109 STAT. 506 PUBLIC LAW 104-52—NOV. 19, 1995 (1) with respect to a loan or extension of credit for more than 60 days, unless the President certifies to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking and Financial Services of the House of Representatives that— (A) there is no projected cost (as that term is defined in section 502 of the Federal Credit Reform Act of 1990) to the United States from the proposed loan or extension of credit; and (B) any proposed obligation or expenditure of United States funds to or on behalf of the foreign government is adequately backed by fin assured source of repayment to ensure that all United States funds will be repaid; and (2) other than as provided by an Act of Congress, if that loan or extension of credit would result in expenditures and obligations, including contingent obligations, aggregating more than $1,000,000,000 with respect to that foreign country for more than 180 days during the 12-month period beginning on the date on which the first such action is taken. (b) WAIVER OF LIMITATIONS.—The President may exceed the dollar and time limitations in subsection (a)(2) if he certifies in writing to the Congress that a financial crisis in that foreign country poses a threat to vital United States economic interests or to the stability of the international financial system. (c) EXPEDITED PROCEDURES FOR A RESOLUTION OF DIS- APPROVAL. — A presidential certification pursuant to subsection (b) shall not take effect, if the Congress, within thirty calendar days after receiving such certification, enacts a joint resolution of disapproval, as described in paragraph (5) of this subsection. (1) REFERENCE TO COMMITTEES. — All joint resolutions introduced in the Senate to disapprove the certification shall be referred to the Committee on Banking, Housing and Urban Affairs, and in the House of Representatives, to the appropriate committees. (2) DISCHARGE OF COMMITTEES. —(A) If the committee of either House to which a resolution has been referred has not reported it at the end of 15 days after its introduction, it is in order to move either to discharge the committee from further consideration of the joint resolution or to discharge the committee from further consideration of any other resolution introduced with respect to the same matter, except no motion to discharge shall be in order after the committee has reported a joint resolution with respect to the same matter. (B) A motion to discharge may be made only by an individual favoring the resolution, and is privileged in the Senate; and debate thereon shall be limited to not more than 1 hour, the time to be divided in the Senate equally between, and controlled by, the majority leader and the minority leader or their designees. (3) FLOOR CONSIDERATION IN THE SENATE.— (A) A motion in the Senate to proceed to the consideration of a resolution shall be privileged. (B) Debate in the Senate on a resolution, and all debatable motions and appeals in connection therewith, shall be limited to not more than 4 hours, to be equally divided between, and

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