Sec. 1407. Covered agreements
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/bill/115/s/488/eah/section-1407·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(f)of section 313 of title 31, United States Code, is amended by striking Director each place such term appears and inserting Secretary . Paragraph
(2)of section 313(r) of title 31, United States Code, is amended— in subparagraph (A), by striking and at the end; in subparagraph (B), by striking the period at the end and inserting ; and ; and by adding at the end the following new subparagraph: applies only on a prospective basis. . Section 314 of title 31, United States Code is amended— in subsection (b)— in paragraph (2)(C), by striking laws and inserting the following: and Federal law, and the nature of any changes in the laws of the United States or the administration of such laws that would be required to carry out a covered agreement ; and by adding at the end the following new paragraph: Appropriate congressional committees and staff with proper security clearances shall be given timely access to United States negotiating proposals, consolidated draft texts, and other pertinent documents related to the negotiations, including classified materials. ; by redesignating subsection
(c)as subsection (d); by inserting after subsection
(b)the following new subsection: Throughout the negotiations of a covered agreement, parties representing the Federal Government shall closely consult and coordinate with State insurance commissioners. ; in subsection (d), as so redesignated by paragraph (2)— in the matter preceding paragraph (1), by striking only if— and inserting the following: only if, before signing the final ; legal text or otherwise entering into the agreement— in paragraph (1), by striking congressional committees specified in subsection (b)(1) and inserting appropriate congressional committees and leadership and to congressional committee staff with proper security clearances ; and by striking paragraph
(2)and inserting the following new paragraph: the 90-day period beginning on the date on which the copy of the final legal text of the agreement is submitted under paragraph
(1)to the congressional committees, leadership, and staff has expired; and the covered agreement has not been prevented from taking effect pursuant to subsection (e). ; and by adding at the end the following new subsections: During the layover period referred to in subsection (d)(2)(A), the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate and the Committees on Financial Services and Ways of Means of the House of Representatives should, as appropriate, exercise their full oversight responsibility. Notwithstanding any other provision of law, if a joint resolution of disapproval relating to a covered agreement submitted under subsection (d)(1) is enacted in accordance with subsection (f), the covered agreement shall not enter into force with respect to the United States. In this subsection, the term joint resolution of disapproval means, with respect to proposed covered agreement, only a joint resolution of either House of Congress— that is introduced during the 90-day period referred to in subsection (d)(2)(A) relating to such proposed covered agreement; which does not have a preamble; the title of which is as follows: A joint resolution disapproving a certain proposed covered agreement under section 314 of title 31, United States Code. ; and the sole matter after the resolving clause of which is the following: Congress disapproves of the proposed covered agreement submitted to Congress under section 314(c)(1) of title 31, United States Code, on _______ relating to ________. , with the first blank space being filled with the appropriate date and the second blank space being filled with a short description of the proposed covered agreement. During the layover period referred to in subsection (d)(2)(A), a joint resolution of disapproval may be introduced— in the House of Representatives, by any Member of the House; and in the Senate, by any Senator, and shall be referred to the appropriate committees. This subsection is enacted by Congress— as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such is deemed a part of the rules of each House, respectively, and supersedes other rules only to the extent that it is inconsistent with such rules; and with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House. In this section, the term appropriate congressional committees and leadership means— the Committees on Banking, Housing, and Urban Affairs and Finance, and the majority and minority leaders, of the Senate; and the Committees on Financial Services and Ways and Means, and the Speaker, the majority leader, and the minority leader, of the House of Representatives. .