; Congressional approval requirement Section 13(3) of the Federal Reserve Act ( 12 U.S.C. 343(3) ) is amended by adding at the end the following: (F) Any emergency lending under this paragraph shall be provided at an annual interest rate not less than 500 basis points greater than the cost of borrowing for the United States Treasury for a commensurate loan term. (G) (i) If the Board determines that the Board shall create an emergency lending program or facility that does not comply with the broad-based eligibility requirement described in subparagraph (B)(iii) or the penalty rate requirement described in subparagraph (F), the Board— (I) may create such a program or facility; and (II) not later than 3 days after the date on which a program or facility is created under clause (i), shall submit to Congress a report that describes the reasons why the Board is unable to comply with any requirement described in the matter preceding subclause (I). (ii) (I) A program or facility created under clause (i)(I) shall terminate on the date that is 30 calendar days after the date on which Congress receives a report described in clause (i)(II) unless there is enacted into law a joint resolution approving the program or facility not later than 30 calendar days after the date on which the report is received. Any loan offered through the program or facility that are outstanding as of the date on which the facility is terminated shall be repaid in full not later than 30 calendar days after the date on which the program or facility is terminated. (II) For the purpose of this section, the term joint resolution means only a joint resolution— (aa) that is introduced not later than 3 calendar days after the date on which the report referred to in clause (i)(I) is received by Congress; (bb) that does not have a preamble; (cc) the title of which is as follows: Joint resolution relating to the approval of a program or facility created by the Board of Governors of the Federal Reserve System