US Congress House Bill 5983 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 6-0)
Status: Introduced on September 9 2016 - 25% progression, died in chamber
Action: 2016-12-20 - Placed on the Union Calendar, Calendar No. 693.
Text: Latest bill text (Introduced) [PDF]

Financial CHOICE Act of 2016 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to: repeal the "Volcker Rule" (which restricts banks from making certain speculative investments); with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and repeal the "Durbin Amendment" (which limits the fees that may be charged to retailers for debit card processing). Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements. The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed. The bill also amends the Consumer Financial Protection Act of 2010 to: restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission; subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and limit the commission's authority to take action against entities for "abusive" practices. In addition, the bill: modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority; eliminates the Office of Financial Research within the Department of the Treasury; and revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.

Financial CHOICE Act of 2016

Rep. Jeb Hensarling [R-TX]	Rep. Scott Garrett [R-NJ]	Rep. Randy Neugebauer [R-TX]	Rep. Blaine Luetkemeyer [R-MO]
Rep. Bill Huizenga [R-MI]	Rep. Sean Duffy [R-WI]

Date	Chamber	Action
2016-12-20	House	Placed on the Union Calendar, Calendar No. 693.
2016-12-20	House	Committee on Education and the Workforce discharged.
2016-12-20	House	Committee on the Budget discharged.
2016-12-20	House	Committee on Rules discharged.
2016-12-20	House	Committee on Transportation discharged.
2016-12-20	House	Committee on Oversight and Government discharged.
2016-12-20	House	Committee on the Judiciary discharged.
2016-12-20	House	Committee on Ways and Means discharged.
2016-12-20	House	Committee on Agriculture discharged.
2016-12-20	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
2016-09-23	House	Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
2016-09-15	House	Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
2016-09-13	House	Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 26.
2016-09-13	House	Committee Consideration and Mark-up Session Held.
2016-09-12	House	Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
2016-09-09	House	Referred to House Education and the Workforce
2016-09-09	House	Referred to House Budget
2016-09-09	House	Referred to House Rules
2016-09-09	House	Referred to House Transportation and Infrastructure
2016-09-09	House	Referred to House Oversight and Government Reform
2016-09-09	House	Referred to House Judiciary
2016-09-09	House	Referred to House Ways and Means
2016-09-09	House	Referred to House Agriculture
2016-09-09	House	Referred to House Financial Services
2016-09-09	House	Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2016-09-09	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5983/all-info
Text	https://www.congress.gov/114/bills/hr5983/BILLS-114hr5983ih.pdf
Text	https://www.congress.gov/114/bills/hr5983/BILLS-114hr5983rh.pdf