H.R. 1815 - SEC Disclosure Effectiveness Testing Act

Bill Text

    Rules Committee Print 116-34 PDF XML

    Showing the text of H.R. 1815, as reported by the Committee on Financial Services, with modifications.

    Text of H.R. 1815 PDF XML

    (as reported)

    H. Rept. 116-123 PDF

    Report from the Committee on Financial Services to accompany H.R. 1815

    Comparative Print PDF

    Comparing the base document H.R. 1815, as reported, with the Rules Committee Print 116-34

Rule Information

COMMITTEE ACTION:
REPORTED BY A RECORD VOTE OF 6-4 on Tuesday, October 15, 2019.

FLOOR ACTION ON H. RES. 629: 
Agreed to by record vote of 228-191, after agreeing to the previous question by record vote of 228-190, on Wednesday, October 16, 2019.

MANAGERS: DeSaulnier/Woodall

1. Structured rule for H.R. 1815.
2. Provides one hour of general debate on the bill 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. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 116-34, modified by the amendment printed in part A of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
5. Waives all points of order against provisions in the bill, as amended.
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.

9. Structured rule for H.R. 3624.
10. Provides one hour of general debate on the bill equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
11. Waives all points of order against consideration of the bill.
12. Makes in order as original text for the purpose of amendment the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill and provides that it shall be considered as read.
13. Waives all points of order against that amendment in the nature of a substitute.
14. Makes in order only those further amendments printed in part C 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.
15. Waives all points of order against the amendments printed in Part C of the report.
16. Provides one motion to recommit with or without instructions.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
1Version 2Maloney, Sean (NY)DemocratRevised Clarifies that the term “retail investor” does not mean an institutional investor.Made in Order
2Version 1Stivers (OH)RepublicanAdds climate change disclosures to the proposed rules and regulations that would be subjected to investor testing in the underlying bill.Submitted
3Version 1Huizenga (MI)RepublicanExempts Form CRS, a recently developed disclosure document that went through SEC investor testing, from the bill’s investor testing requirements.Made in Order
4Version 2Emmer (MN)RepublicanRevised Applies the bill’s investor testing to any disclosures relating to “environmental, social, or governance” (ESG) factors.Revised
5Version 1Wagner (MO)RepublicanApplies the bill’s investor testing requirements only to applicable disclosure documents developed after January 21, 2021 – that is, following the next presidential election cycle.Made in Order
6Version 1Waters (CA)DemocratMANAGER’S AMENDMENT Makes several technical changes to the bill to correct citations and internal references.Considered as Adopted
7Version 1Gottheimer (NJ)DemocratLate Requires the SEC to include a specific consideration of the unique challenges senior investors face as part of their overall investor testing.Made in Order