Congressional Accountability for Emergency Lending Act of 2017

Bill 115 hr 4302, also known as the Congressional Accountability for Emergency Lending Act of 2017, aims to increase transparency and accountability in the emergency lending practices of the Federal Reserve. The bill requires the Federal Reserve to disclose detailed information about any emergency lending programs it implements, including the recipients of the loans, the terms of the loans, and the rationale for providing the loans.

Additionally, the bill prohibits the Federal Reserve from providing emergency loans to individual companies or entities, instead requiring that any emergency lending programs be broad-based and available to multiple participants. This is intended to prevent the Federal Reserve from engaging in bailouts of specific companies or industries.

The bill also establishes a Congressional Oversight Commission to monitor the Federal Reserve's emergency lending activities and report to Congress on the effectiveness and appropriateness of the programs. This commission will provide an additional layer of oversight and accountability for the Federal Reserve's emergency lending practices. Overall, the Congressional Accountability for Emergency Lending Act of 2017 seeks to ensure that the Federal Reserve's emergency lending programs are conducted in a transparent and accountable manner, with appropriate oversight from Congress to prevent abuse of the system.