H.R. 10 - Financial CHOICE Act of 2017

Bill Text

    Amendment in the Nature of a Substitute offered by Chairman Hensarling PDF

    Based on the Text of H.R. 10 as reported by the Committee on Financial Services with Modifications
            ::  Summary of Modifications included in the Substitute Amendment   PDF

    Text of H.R. 10 PDF XML

    Financial CHOICE Act of 2017 (as reported)
            ::  Section-by-Section Summary   PDF

    H. Rept. 115-153, Part I

    Report from the Committee on Financial Services 
            ::  H. Rept. 115-153, Part 1 Book 1    PDF
            ::  H. Rept. 115-153, Part 1 Book 2    PDF

    H. Rept. 115-153, Part II PDF

    Report from the Committee on Financial Services

Rule Information

REPORTED BY RECORD VOTE of 9-4 on Tuesday, June 6, 2017.

Agreed to by record vote of 231 - 188, after agreeing to the previous questions by record vote of 228 - 185 on Thursday, June 8, 2017.

MANAGERS: Buck/Slaughter

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 nature 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.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
11Version 2Buck (CO)RepublicanRevised 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.Made In Order
18Version 1Buck (CO)RepublicanLate Withdrawn Prevents the Export-Import Bank from offering their services to countries that do not recognize the State of Israel, have a policy in support of the boycott, divest, and sanctions (BDS) movement, or have a politically motivated policy to delegitimize Israel.Withdrawn
9Version 1Chaffetz (UT)RepublicanWithdrawn Strikes and replaces section 831, which provides for congressional access to certain records upon request, with a rule of construction providing that nothing in the Sarbanes-Oxley Act of 2002 shall be construed to authorize the Public Company Accounting Oversight Board to withhold information from Congress. Withdrawn
2Version 1Ellison (MN), Lynch (MA)DemocratWithdrawn Strikes subtitle A of title V, which amends the definition of “mortgage originator” in the Truth in Lending Act to specify that, subject to certain exceptions, a retailer of manufactured housing or its employee is not a “mortgage originator" and amends the definition of “High-Cost Mortgage” in the Truth in Lending Act to provide that a credit transaction secured by a consumer’s dwelling is a “high-cost mortgage” if the dwelling is personal property, the annual percentage rate exceeds the average prime offer rate by more than 10 percentage points, and the transaction is for less than $75,000. Withdrawn
3Version 1Ellison (MN)DemocratWithdrawn Requires that any entrepreneur receiving a loan from a franchise corporation must receive the same performance information provided by the franchise corporation to the lender making the loan to the franchisee.Withdrawn
4Version 1Ellison (MN)DemocratWithdrawn Strikes language which would repeal section 953(b) of Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires public companies to disclose the ratio of compensation of its chief executive officer (CEO) to the median compensation of its employees.Withdrawn
5Version 1Ellison (MN), Maloney, Carolyn (NY), Capuano (MA)DemocratWithdrawn Strikes subtitle C of title IV, which exempts Emerging Growth Companies and other smaller companies from the Securities and Exchange Commission's (SEC) eXtensible Business Reporting Language (XBRL) requirements for filing financial statements with the SEC.Withdrawn
6Version 1Ellison (MN)DemocratWithdrawn Strikes subtitle B of title V, which amends the definition of “points and fees” in the Truth in Lending Act to exclude fees paid for affiliated business arrangements. Withdrawn
13Version 1Faso (NY)RepublicanAllows Mutual Holding Companies (MHCs) to waive the receipt of dividends. Made In Order
16Version 1Gaetz (FL), Rohrabacher (CA)RepublicanLate Specifies that cannabis-related businesses may utilize federal financial institutions when they are compliant with the law or regulation of their state or political subdivision of their state. Submitted
17Version 1Hensarling (TX)RepublicanLate 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. Made In Order
12Version 2Hollingsworth (IN)RepublicanRevised 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”.Made In Order
14Version 1Kaptur (OH), Jones (NC)Bi-PartisanSUBSTITUTE Strikes all of H.R. 10, The Financial CHOICE Act of 2017 and inserts after the enacting clause H.R. 790, The Return to Prudent Banking Act of 2017. Submitted
1Version 1Lynch (MA), Ellison (MN), Moore, Gwen (WI), Scott, Bobby (VA), Green, Al (TX)DemocratWithdrawn Strikes section 841 (Repeal of the Department of Labor’s fiduciary duty rule)Withdrawn
15Version 1McSally (AZ)RepublicanRequires 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.Made In Order
7Version 1Rosen (NV)DemocratWithdrawn Strikes subtitle K of title V which lifts the commercial lending cap on savings and loan associations (S&Ls).Withdrawn
8Version 1Rosen (NV)DemocratWithdrawn Strikes section 363 which subjects the National Credit Union Administration to the annual Congressional appropriations process.Withdrawn
10Version 1Smucker (PA)RepublicanExpresses 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. Made In Order