Sec. 508. ### (a) Report Required

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## SEC. 508 ###

(a)Report Required ####

(1)In General Notwithstanding any other provision of law, before taking any action described in paragraph (2), the President shall submit to Congress a written report that describes that action and the reason for that action. ####

(2)Action Described An action described in this paragraph is an action related to the indebtedness of the Government of Ukraine authorized by section 507(d)(1). ###

(b)Congressional Review Period ####

(1)2024 During calendar year 2024, if the President submits to Congress a report under subsection (a)(1), the President may not take any action with respect to the indebtedness of the Government of Ukraine until the earlier of— #####

(A)the date that is 10 calendar days after the date of such submission; or #####

(B)the date on which Congress has considered and failed to pass a joint resolution of disapproval, as provided in this section. ####

(2)Succeeding Years #####

(A)In general During calendar year 2025 or any calendar year thereafter, if the President submits to Congress a report under subsection (a)(1), the President may not take any action with respect to the indebtedness of the Government of Ukraine until the earlier of— ######

(i)the date that is 30 calendar days after the date of such submission, except as provided in subparagraph (B); or ######

(ii)the date on which Congress has considered and failed to pass a joint resolution of disapproval, as provided in this section. #####

(B)Exception The period for congressional review of a report submitted under subsection (a)(1) shall be 60 calendar days if the report is submitted to Congress on or after July 10 and on or before September 7 in any calendar year. ####

(3)Veto Message If the President vetoes a joint resolution of disapproval, he may not take any action with respect to the indebtedness of Ukraine for 5 calendar days after the veto message is received by the appropriate House of Congress. ###

(c)Joint Resolution of Disapproval In this section, the term “joint resolution” means only a joint resolution— ####

(1)that is introduced not later than 3 calendar days after the date on which a report of the President referred to in subsection (a)(1) is received by Congress; ####

(2)which does not have a preamble; ####

(3)the title of which is as follows: “Joint resolution relating to the disapproval of the Presidential report with respect to the indebtedness of the Government of Ukraine”; and ####

(4)the matter after the resolving clause of which is as follows: “That Congress disapproves the proposal relating to the indebtedness of the Government of Ukraine submitted by the President of the United States to Congress on _____”, with the blank space filled with the appropriate date of submission of the report under subsection (a)(1). ###

(d)Fast-track Consideration in House of Representatives ####

(1)Reporting and Discharge Any committee of the House of Representatives to which a joint resolution is referred shall report the joint resolution to the House of Representatives not later than 5 calendar days after the date on which Congress receives the report described in subsection (a)(1). If a committee fails to report the joint resolution within that period, the committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar. ####

(2)Proceeding to Consideration After each committee authorized to consider a joint resolution reports the joint resolution to the House of Representatives or has been discharged from its consideration, it shall be in order, not later than the 6th calendar day after the date on which Congress receives the report described in subsection (a)(1), to move to proceed to consider the joint resolution in the House of Representatives. All points of order against the motion are waived. Such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed on the joint resolution. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order. ####

(3)Consideration The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to its passage without intervening motion except two hours of debate equally divided and controlled by the proponent and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order. ###

(e)Fast-track Consideration in Senate ####

(1)Placement on Calendar Upon introduction in the Senate, the joint resolution shall be placed immediately on the calendar. ####

(2)Floor Consideration #####

(A)In general It shall not be in order to move to proceed to a joint resolution that has been placed on the calendar pursuant to paragraph

(1)unless a motion signed by 16 Senators has been presented to the Senate. Thereafter, notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order, during the periods described in subparagraph

(B)(even though a previous motion to the same effect has been disagreed to), for any Senator to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of. #####

(B)Periods described The periods described in this subparagraph are the following: ######

(i)During calendar year 2024, the period beginning on the day after the date on which the joint resolution was placed on the calendar and ending on the 4th day after the date on which the joint resolution was placed on the calendar. ######

(ii)During succeeding years under subsection (b)(2)(A), the period beginning on the day after the date on which the joint resolution was placed on the calendar and ending 20 calendar days later. ######

(iii)During succeeding years under subsection (b)(2)(B), the period beginning on the day after the date on which the joint resolution was placed on the calendar and ending 50 calendar days later. #####

(C)Debate Debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order. #####

(D)Vote on passage The vote on passage shall occur immediately following the conclusion of the debate on a joint resolution and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate. #####

(E)Rulings of the chair on procedure Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint resolution shall be decided without debate. #####

(F)One joint resolution of disapproval per review period Only one joint resolution shall be in order during each of the review periods described in subsection (b), unless the additional joint resolution is a joint resolution of the House of Representatives considered under paragraph

(2)or

(3)of subsection (f). ###

(f)Rules Relating to Senate and House of Representatives ####

(1)Coordination With Action by Other House If, before the passage by one House of a joint resolution of that House, that House receives from the other House a joint resolution, then the following procedures shall apply: #####

(A)The joint resolution of the other House shall not be referred to a committee. #####

(B)With respect to a joint resolution of the House receiving the resolution— ######

(i)the procedure in that House shall be the same as if no joint resolution had been received from the other House; but ######

(ii)the vote on passage shall be on the joint resolution of the other House. ####

(2)Treatment of Joint Resolution of Other House If one House fails to introduce or consider a joint resolution under this section, the joint resolution of the other House shall be entitled to expedited floor procedures under this section. ####

(3)Treatment of Companion Measures If, following passage of the joint resolution in the Senate, the Senate then receives the companion measure from the House of Representatives, the companion measure shall not be debatable. ####

(4)Consideration After Passage #####

(A)In general If Congress passes a joint resolution, the period beginning on the date on which the President is presented with the joint resolution and ending on the date on which the President takes action with respect to the joint resolution shall be disregarded in computing the 10-, 30-, or 60-calendar-day period described in subsection (b), but the President may not take any action with respect to the indebtedness of the Government of Ukraine during any such period. #####

(B)Vetoes If the President vetoes the joint resolution, debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees. ####

(5)Rules of House of Representatives and Senate This subsection and subsections (c), (d), and

(e)are enacted by Congress— #####

(A)as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such are deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and supersede other rules only to the extent that they are inconsistent with such rules; and #####

(B)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.