12 U.S.C. § 5225 — Graduated authorization to purchase

(a) Authority. (1) Starting October 3, 2008, the Secretary^* may have no more than $250 billion outstanding at one time under this chapter. (2) If the President gives Congress a written certification that the Secretary needs this authority, the limit becomes $350 billion when the certification is submitted. (3) After that certification, if the President sends Congress a written report describing the Secretary's plan, the limit becomes $475 billion when 15 calendar days pass, unless Congress enacts the joint resolution described in subsection (c) during those 15 days. (4) The amount counted as used is not reduced by: (A) repayments of principal received by the Secretary before, on, or after July 21, 2010, from an entity that received financial assistance under TARP^* or another program created under this chapter; (B) amounts committed for TARP guarantees that later became or become uncommitted; or (C) losses realized by the Secretary. (5) The authority cannot create an obligation for a program or initiative that was not started before June 25, 2010.

(b) Aggregation of purchase prices. To apply the dollar limits in subsection (a), add together the purchase prices of all troubled assets^* the Secretary holds at one time.

(c) Joint resolution of disapproval. (1) General rule. The Secretary may not use authority above the $350 billion previously obligated if, within 15 calendar days after Congress receives the plan report described in subsection (a)(3), a joint resolution disapproving the plan for the additional amount becomes law. (2) Contents. “Joint resolution” means only one that: (A) is introduced within 3 calendar days after Congress receives that report; (B) has no preamble; (C) has the title “Joint resolution relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008”; and (D) after its resolving clause says: “That 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.”

(d) Fast House consideration. (1) Reconvening. When the Speaker receives the report, if the House would otherwise be adjourned, the Speaker must notify Members that the House will meet no later than the second calendar day after receiving it. (2) Reporting and discharge. A House committee receiving the resolution must report it within 5 calendar days after the report is received. If it does not, it is discharged and the resolution goes to the proper calendar. (3) Proceeding. After every authorized committee reports or is discharged, a motion to consider the resolution is in order no later than the sixth day after Congress receives the report. Points of order are waived; the motion is not debatable; the previous question is ordered through adoption; and reconsideration is not in order. (4) Consideration. The resolution is considered read, and points of order against it or its consideration are waived. The previous question is ordered through passage, except for 2 hours of debate equally divided between a proponent and opponent. Reconsideration of passage is not in order.

(e) Fast Senate consideration. (1) If the Senate has adjourned or recessed for more than 2 days, its majority leader, after consulting the minority leader, must notify Members that it will meet no later than the second calendar day after receiving the message. (2) On introduction, the resolution goes immediately on the calendar. (3)(A) Between the fourth and sixth days after Congress receives the plan report, a motion to proceed is in order even if an earlier equivalent motion failed. Points of order are waived; the motion is not debatable or subject to postponement; reconsideration is not in order; and, if agreed to, the resolution remains unfinished business until disposed of. (B) Debate, including on connected debatable motions and appeals, is limited to 10 hours divided equally between majority and minority leaders or designees. Further limits are in order and not debatable. Amendments, postponement, proceeding to other business, and recommittal are not in order. (C) The passage vote follows debate immediately, with one quorum call if requested under Senate rules. (D) Appeals about applying Senate rules to the procedure are decided without debate.

(f) Senate and House rules. (1) If one House receives the other House's resolution before passing its own: (A) the other House's resolution is not referred to committee; and (B) the receiving House follows its normal procedure as if it had not received the other resolution, but votes on the other House's resolution. (2) If one House does not introduce or consider its resolution, the other House's resolution gets the expedited procedures. (3) After Senate passage, a companion House measure received by the Senate is not debatable. (4)(A) If Congress passes a resolution, the period from presenting it to the President until presidential action is left out of the 15-day calculation in subsection (a)(3). (B) If the President vetoes it, the period until Congress receives the veto message is also left out, and Senate debate on the veto message is one hour equally divided between the majority and minority leaders or designees. (5) Congress enacted this subsection and subsections (c), (d), and (e) as House and Senate rulemaking provisions. They are treated as rules of each House for this procedure and override inconsistent rules only to that extent. Each House retains its constitutional power to change its procedural rules at any time.