Daily Leader
9:00 a.m.: Legislative Business

Five “One Minutes”
10:30 – 11:00 a.m. 11:00 – 11:30 a.m.
Complete Consideration of H.R. 2396 – Privacy Notification Technical Correction Act (Rep Trott – Financial Services) (One hour of debate).  This bill would amend the 1999 Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirements with respect to how financial institutions share non-public personal information of their customers with other companies.  GLBA requires financial institutions to issue physical privacy disclosure notices to consumers that describe the institution’s privacy policies if it shares or sells customers’ non-public personal information with affiliates or third parties.  In 2015, Congress amended GLBA to waive the annual physical notice delivery requirement for any financial institution that does not share information with non-affiliated third parties and does not change its privacy policy from the last time it was disclosed. 

H.R. 2396 proposes to extend the 2015 waiver by exempting any financial institution from the physical annual privacy policy notice requirement, provided the institution has not changed its policies for the sharing of non-public information and has not changed its privacy policy from the most recent disclosure.  The result would be an exemption for financial companies that do share or sell customer information from annual notice requirements to provide clear and conspicuous physical notice to customers that they are able to opt-out from having their personal information shared and sold to unaffiliated third-party companies.  Neither the 2015 amendment to GLBA nor the Consumer Financial Protection Bureau’s rules regarding annual privacy notices permit financial companies to avoid these annual notice requirements in cases where they share customer information with unaffiliated third parties.

The Rule, which was adopted yesterday, makes in order 1 amendment, debatable for 10 minutes, equally divided between the offeror and an opponent.  The amendment is:

Clay/Trott Amendment. Page 3, line 11, strike ‘‘financial institution’’ and insert ‘‘vehicle financial company".

Bill Text for H.R. 2396:
PDF Version

Background for H.R. 2396:
House Report (HTML Version)
House Report (PDF Version)

Complete Consideration of H.R. 4324 – Strengthening Oversight of Iran's Access to Finance Act (Rep. Rogers (TX) – Financial Services). This bill would require the Secretary of the Treasury to certify that: (1) any financial transaction involving the sale of commercial aircrafts to Iran would not impose a significant money laundering or terrorism financing risk, or (2) the transaction will not benefit an Iranian person engaged in transporting weapons of mass destruction or providing support for terrorism. 

Under the Joint Comprehensive Plan of Action (JCPOA), the United States is broadly committed to “allow for the sale of commercial passenger aircraft and related parts and services to Iran.”  This involves not just licensing the sale of aircrafts and related parts and services to Iran, but also those activities necessary to facilitate such sales, include the financing for such sales.  H.R. 4324 adds conditions to aircraft financing.  

The Rule, which was adopted yesterday, provides for no further general or amendment debate. 
Bill Text for H.R. 4324:
PDF Version

Background for H.R. 4324:
House Report (HTML Version)
House Report (PDF Version)

Postponed Suspensions (2 bills)
  1. H.R. 4042 – To designate the facility of the United States Postal Service located at 1415 West Oak Street, in Kissimmee, Florida, as the "Borinqueneers Post Office Building" (Rep. Soto – Oversight and Government Reform)
  2. H.R. 2815 – To designate the facility of the United States Postal Service located at 30 East Somerset Street in Raritan, New Jersey, as the "Sergeant John Basilone Post Office" (Rep. Lance – Oversight and Government Reform)
“Republican tax writers announced they had reached a preliminary agreement on a compromise tax code overhaul Wednesday… The plan could increase annual deficits by as much as $1.5 trillion over the coming decade, under a budget resolution adopted by Congress to speed passage of tax legislation without the need for Democratic support.… As they raced to complete a final bill, the fast pace of negotiations put Republicans in the awkward position of reaching the outlines of an agreement even before the official House-Senate conference committee had its first and likely only meeting. Republicans have negotiated only among themselves… ”

      -      CQ, 12/14/2017