Congress returns from recess (Senate in today, House back on Tuesday). All eyes will be on Senate Intelligence with a series of hearings culminating in the testimony of fired FBI Director James Comey on Thursday. The House will vote on a bill to unwind the Dodd-Frank financial regulations.
In the House: Financial CHOICE Act
The House votes this week on a major financial and regulatory reform bill that would roll back many of the Dodd-Frank provisions put in place after the 2008 financial crisis and change the regulatory system overall.
See: CRS Summary, CBO Score
Financial Regulations
- Leverage Ratio: allows banks to be subject to a 10% leverage ratio in exchange for exemption from risk-weighted capital ratios, liquidity requirements, and other regulations.
- Repeals the Volcker Rule, the Durbin Amendment, fiduciary rule, and risk retention requirements for non-mortgage asset-backed securities.
- Repeals the designation of "systemically important financial institutions" ("Too big to fail") with a new chapter in the Bankruptcy Code tailored to financial firms.
Regulatory System
- Brings regulatory agencies that currently set their own budgets (with fees) under the Congressional appropriations process
- Requires more detailed cost-benefit analysis for rulemaking
- Changes courts' "Chevron deference" to agency interpretations
- Increases civil penalties for violation of banking and securities laws
- Replaces the Consumer Financial Protection Bureau with the Consumer Law Enforcement Agency and modifies its powers, leadership, mandate, and funding
- Requires a GAO audit of the Federal Reserve
H.R. 10 Financial CHOICE Act of 2017
Sponsor:
Rep. Jeb Hensarling [R, TX-5]
Also in the House
H.Res 354:
Condemning the violence against peaceful protesters outside the Turkish Ambassador's residence on May 16, 2017, and calling for the perpetrators to be brought to justice and measures to be taken to prevent similar incidents in the future.
Sponsor: Rep. Edward Royce [R, CA-39]
H.R. 390: Iraq and Syria Genocide Emergency Relief and Accountability Act of 2017
Sponsor: Rep. Christopher Smith [R, NJ-4]
H.Res 355:
Condemning in the strongest terms the terrorist attacks in Manchester, United Kingdom, on May 22, 2017, expressing heartfelt condolences, and reaffirming unwavering support for the special relationship between our peoples and nations in the wake of these attacks.
Sponsor: Rep. Gregory Meeks [D, NY-5]
H.R. 2213 Anti-Border Corruption Reauthorization Act of 2017:
Current law requires U.S. Customs and Border Protection (CBP) to administer polygraph examinations to nearly all applicants for law enforcement positions. H.R. 2213 would broaden the criteria for waiving the polygraph requirement for certain applicants.
Sponsor: Rep. Martha McSally [R, AZ-2]
In the Senate
S.Res 176:
176 A resolution commemorating the 50th anniversary of the reunification of Jerusalem.
Sponsor: Sen. Mitch McConnell [R, KY]
S. 1094 Department of Veterans Affairs Accountability and Whistleblower Protection Act of 2017
S. 1094 would modify administrative and personnel procedures of the Department of Veterans Affairs (VA) and reorganize the Office of Accountability and Whistleblower Protection.
Sponsor: Sen. Marco Rubio [R, FL]
Please keep in mind that highlighting a bill does not imply POPVOX endorsement in any way. As always, our goal is to offer one more way to help you stay informed about the complex U.S. legislative system.
