H. Res. 375: H.R. 10 – Financial CHOICE Act of 2017

COMMITTEE ACTION: REPORTED BY A RECORD VOTE of 9-4 on Tuesday, June 6, 2017.

FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 231-188 AFTER ORDERING THE PREVIOUS QUESTION BY A RECORD VOTE OF 228-185 on Wednesday, June 7, 2017.

MANAGERS: Slaughter/Buck

115th Congress

1st Session

Rule

H. RES.  375

Report No. 115- 163

 

H.R.10 - Financial CHOICE Act of 2017

  1. Structured rule.
  2. Provides 90 minutes of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
  3. Waives all points of order against consideration of the bill.
  4. Makes in order as original text for the purpose of amendment an amendment in the natu1·e of a substitute printed in part A of the Rules Committee report and provides that it shall be considered as read.
  5. Waives all points of order against that amendment in the nature of a substitute.
  6. Makes in order only those further amendments printed in part B of the Rules Committee report. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
  7. Waives all points of order against the amendments printed in part B of the report.
  8. Provides one motion to recommit with or without instructions.

 

RESOLUTION

Resolved, That at any time after adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 10) to create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived. General debate shall be confined to the bill and shall not exceed 90 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services. After general debate the bill shall be considered for amendment under the five-minute rule. In lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution. That amendment in the nature of a substitute shall be considered as read. All points of order against that amendment in the nature of a substitute are waived. No amendment to that amendment in the nature of a substitute shall be in order except those printed in part B of the report of the Committee on Rules. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable fo1· the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such amendments are waived. At the conclusion of 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. Any Member may demand a separate vote in the House on any amendment adopted in the Committee of the Whole to the bill or to the amendment in the nature of a substitute made in order as original text. 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 with or without instructions.

SUMMARY OF AMENDMENTS PROPOSED TO BE MADE IN ORDER

(summaries derived from information provided by sponsors)

Sponsor

#

Description

Debate Time

1. Hensarling (TX)

#17

(LATE) MANAGER'S Revises provisions subjecting certain FDIC and NCUA functions to congressional appropriations, relating to appointments of positions created by the Act, and providing congressional access to non-public FSOC information.

(10 minutes)

2. Hollingsworth (IN)

#12

(REVISED) Allows closed-end funds that are listed on a national securities exchange, and that meet certain requirements to be considered "well known seasoned issuers" or "WKSIs".

(10 minutes)

3. Smucker (PA)

#10

Expresses the sense of Congress that consumer reporting agencies and their subsidiaries should implement stronger multi-factor authentication procedures when providing access to personal information files to more adequately protect consumer information from identity theft.

(10 minutes)

4. Faso (NY)

#13

Allows Mutual Holding Companies (MHCs) to waive the receipt of dividends.

(10 minutes)

5.McSally (AZ)

#15

Requires the Department of Treasury to submit a report to Congress regarding its efforts to work with Federal bank regulators, financial institutions, and money service businesses to ensure that legitimate financial transactions along the southern border move freely.

(10 minutes)

6. Buck (CO)

#11

(REVISED) Requires the GSA to study CLEA's real estate needs due to changes in the Agency's structure. It then authorizes the GSA to sell the current CLEA building if CLEA's real estate needs have changed and there is no government department or agency that can utilize the building.

(10 minutes)