US Congress House Bill 3978 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 14-4-1)
Status: Engrossed on February 15 2018 - 50% progression, died in committee
Action: 2018-02-15 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

TRID Improvement Act of 2017 (Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million. TITLE I--TRID IMPROVEMENT (Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. TITLE II--PROTECTION OF SOURCE CODE (Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. TITLE III--FOSTERING INNOVATION (Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. These requirements shall not apply with respect to any audit report prepared for an issuer that: ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer.

TRID Improvement Act of 2017

Rep. French Hill [R-AR]	Rep. Ruben Kihuen [D-NV]	Rep. Blaine Luetkemeyer [R-MO]	Rep. Edward Royce [R-CA]
Rep. Garland Barr [R-KY]	Rep. Steve Stivers [R-OH]	Rep. Tom Emmer [R-MN]	Rep. Dennis Ross [R-FL]
Rep. Trey Hollingsworth [R-IN]	Rep. Brad Sherman [D-CA]	Rep. Vicente Gonzalez [D-TX]	Rep. Roger Williams [R-TX]
Rep. Claudia Tenney [R-NY]	Rep. Luke Messer [R-IN]	Rep. Lee Zeldin [R-NY]	Sen. Kyrsten Sinema [I-AZ]
Rep. Ralph Norman [R-SC]	Rep. Stevan Pearce [R-NM]	Rep. Josh Gottheimer [D-NJ]

2018-02-14 - House - On motion to recommit with instructions RC# 76 (Y: 189 N: 228 NV: 13 Abs: 0) [FAIL]
2018-02-14 - House - On passage RC# 77 (Y: 271 N: 145 NV: 14 Abs: 0) [PASS]

Date	Chamber	Action
2018-02-15	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2018-02-14	House	Motion to reconsider laid on the table Agreed to without objection.
2018-02-14	House	On passage Passed by the Yeas and Nays: 271 - 145 (Roll no. 77). (text: CR H1155-1156)
2018-02-14	House	On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).
2018-02-14	House	The previous question on the motion to recommit with instructions was ordered without objection.
2018-02-14	House	DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to extend exemptions to include companies that have claw back policies that require any executive officer incentive-based compensation to be clawed-back in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, regardless of whether such compensation was paid to an officer who was a party to the actions that resulted in such restatement. Subsequently, the point of order was removed.
2018-02-14	House	Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)
2018-02-14	House	H.Amdt.518 On agreeing to the Foster amendment (A002) Agreed to by voice vote.
2018-02-14	House	The previous question was ordered on the bill and amendment pursuant to the rule.
2018-02-14	House	DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.
2018-02-14	House	H.Amdt.518 Amendment (A002) offered by Mr. Foster. (consideration: CR H1165; text: CR H1165)
2018-02-14	House	DEBATE - The House proceeded with one hour of debate on H.R. 3978.
2018-02-14	House	Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
2018-02-14	House	Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)
2018-02-14	House	Rule H. Res. 736 passed House.
2018-02-13	House	Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2018.
2018-01-25	House	Placed on the Union Calendar, Calendar No. 389.
2018-01-25	House	Reported by the Committee on Financial Services. H. Rept. 115-524.
2017-11-15	House	Ordered to be Reported by the Yeas and Nays: 53 - 5.
2017-11-15	House	Committee Consideration and Mark-up Session Held.
2017-10-05	House	Referred to the House Committee on Financial Services.
2017-10-05	House	Introduced in House
2017-09-07	House	Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

HR736 (Related) 2018-02-14 - Motion to reconsider laid on the table Agreed to without objection.
HB10 (Related) 2017-07-13 - Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
HB1645 (Related) 2017-11-28 - Placed on the Union Calendar, Calendar No. 315.
HB2948 (Related) 2018-02-13 - Placed on the Union Calendar, Calendar No. 414.
HB3948 (Related) 2018-02-08 - Placed on the Union Calendar, Calendar No. 412.
HB4546 (Related) 2018-01-25 - Placed on the Union Calendar, Calendar No. 390.
SB1753 (Related) 2017-08-03 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB2126 (Related) 2018-06-26 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
HB5078 (Related) 2018-02-28 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB2490 (Related) 2018-03-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB3733 (Related) 2018-12-10 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/3978/all-info
Text	https://www.congress.gov/115/bills/hr3978/BILLS-115hr3978ih.pdf
Text	https://www.congress.gov/115/bills/hr3978/BILLS-115hr3978rh.pdf
Text	https://www.congress.gov/115/bills/hr3978/BILLS-115hr3978eh.pdf
Roll Call	https://clerk.house.gov/Votes/201877
Roll Call	https://clerk.house.gov/Votes/201876