Resolution providing for the consideration of H.R. 10481. A bill to authorize emergency guarantees of obligations of States and political subdivisions thereof; to amend the Internal Revenue Code of 1954 to provide that income from certain obligations guaranteed by the United States shall be subject to taxation; to amend the Bankruptcy Act.

Provides that upon the adoption of this resolution it shall be in order to move, clause 2(1) (6) of rule XI to the contrary notwithstanding, that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H. R. 10481) to authorize emergency guarantees of obligations of States and political subdivisions thereof; to amend the Internal Revenue Code to provide that income from specified obligations guaranteed by the United States shall be subject to taxation; to amend the Bankruptcy Act; and for other purposes. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed three hours, two hours to be equally divided and controlled by the chairman and ranking minority member of the Committee on Banking, Currency and Housing, and one hour to be equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means, the bill shall be read for amendment under the five-minute rule by titles instead of by sections. Provides that no amendment to title II of said bill shall be in order except amendments recommended by the Committee on Ways and Means, and said amendments shall not be subject to amendment. Directs that, at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.