H.R. 10 - 115th Congress (2017-2018) - Financial CHOICE Act of 2017

repeal Volcker Rule restrictions on certain speculative investments by banks;
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 Durbin Amendment limitations on 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 Designations made previously are retroactively repealed.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:

convert the Consumer Financial Protection Bureau into a consumer law enforcement agency;
subject the agency to the congressional appropriations process, expanded judicial review, and additional congressional oversight;
eliminate supervisory authority over financial institutions; and
limit the agency'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.

Text (4)

June 13, 2017

June 8, 2017

May 25, 2017

April 26, 2017

Amendments (6)

Jun 08, 2017

Agreed to in House

Sponsorship

House Amendment 133

Amendment 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.

Agreed To

Jun 08, 2017

Agreed to in House

Sponsorship

House Amendment 132

An amendment numbered 5 printed in Part B of House Report 115-163 to require 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.

Agreed To

Jun 08, 2017

Agreed to in House

Sponsorship

House Amendment 131

Amendment allows Mutual Holding Companies to waive the receipt of dividends.

Agreed To

Jun 08, 2017

Agreed to in House

Sponsorship

House Amendment 130

An amendment numbered 3 printed in Part B of House Report 115-163 to express 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.

Agreed To

Jun 08, 2017

Agreed to in House

Sponsorship

House Amendment 129

Amendment 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".

Agreed To

Jun 08, 2017

Agreed to in House

Sponsorship

House Amendment 128

Amendment 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.

Agreed To

Actions (47)

Show Only Major Actions

07/13/2017

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.

06/13/2017

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

06/12/2017

Received in the Senate.

06/08/2017

Motion to reconsider laid on the table Agreed to without objection.

06/08/2017

On passage Passed by the Yeas and Nays: 233 - 186 (Roll no. 299).

06/08/2017

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 233 - 186 (Roll no. 299).

06/08/2017

The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H4731-4789)

06/08/2017

The previous question was ordered pursuant to the rule. (consideration: CR H4801)

06/08/2017

The House rose from the Committee of the Whole House on the state of the Union to report H.R. 10.

06/08/2017

UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question on adoption of amendments which had been debated earlier and on which further proceedings had been postponed.

06/08/2017

POSTPONED PROCEEDINGS - At the conclusion of debate on the Buck amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Ellison demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.

06/08/2017

DEBATE - Pursuant to the provisions of H. Res. 375, the Committee of the Whole proceeded with 10 minutes of debate on the Buck Part B amendment No. 6.

06/08/2017

DEBATE - Pursuant to the provisions of H. Res. 375, the Committee of the Whole proceeded with 10 minutes of debate on the McSally Part B amendment No. 5.

06/08/2017

POSTPONED PROCEEDINGS - At the conclusion of debate on the Faso amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Ellison demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.

06/08/2017

DEBATE - Pursuant to the provisions of H. Res. 375, the Committee of the Whole proceeded with 10 minutes of debate on the Faso Part B amendment No. 4.

06/08/2017

DEBATE - Pursuant to the provisions of H. Res. 375, the Committee of the Whole proceeded with 10 minutes of debate on the Smucker Part B amendment No. 3.

06/08/2017

POSTPONED PROCEEDINGS - At the conclusion of debate on the Hollingsworth amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Ellison demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.

06/08/2017

DEBATE - Pursuant to the provisions of H. Res. 375, the Committee of the Whole proceeded with 10 minutes of debate on the Hollingsworth Part B amendment No. 2.

06/08/2017

POSTPONED PROCEEDINGS - At the conclusion of debate on the Hensarling amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Ellison demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day.

06/08/2017

DEBATE - Pursuant to the provisions of H. Res. 375, the Committee of the Whole proceeded with 10 minutes of debate on the Hensarling Part B amendment No. 1.

06/08/2017

GENERAL DEBATE - The Committee of the Whole proceeded with ninety minutes of general debate on H.R. 10.

06/08/2017

House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 375 and Rule XVIII.

06/08/2017

The Speaker designated the Honorable Steve Womack to act as Chairman of the Committee.

06/08/2017

Rule provides for consideration of H.R. 10 with 1 hour and 30 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.

06/08/2017

Considered under the provisions of rule H. Res. 375. (consideration: CR H4716-4802)

06/07/2017

Rule H. Res. 375 passed House.

06/06/2017

Rules Committee Resolution H. Res. 375 Reported to House. Rule provides for consideration of H.R. 10 with 1 hour and 30 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.

06/02/2017

Supplemental report filed by the Committee on Financial Services, H. Rept. 115-153, Part II.

05/25/2017

Placed on the Union Calendar, Calendar No. 100.

05/25/2017

Committee on Education and the Workforce discharged.

05/25/2017

Committee on the Budget discharged.

05/25/2017

Committee on Rules discharged.

05/25/2017

Committee on Transportation discharged.

05/25/2017

Committee on Oversight and Government discharged.

05/25/2017

Committee on the Judiciary discharged.

05/25/2017

Committee on Ways and Means discharged.

05/25/2017

Committee on Agriculture discharged.

05/25/2017

Reported (Amended) by the Committee on Financial Services. H. Rept. 115-153, Part I.

05/04/2017

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

05/04/2017

Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 26.

05/04/2017

Committee Consideration and Mark-up Session Held.

05/03/2017

Committee Consideration and Mark-up Session Held.

05/02/2017

Committee Consideration and Mark-up Session Held.

04/27/2017

Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.

04/26/2017

Committee Hearings Held.

04/26/2017

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.

04/26/2017

Introduced in House

Public Record

Record Updated

Jan 11, 2023 1:36:07 PM