|HOUSE MEETS AT:||FIRST VOTE PREDICTED:||LAST VOTE PREDICTED:|
|10:00 a.m.: Morning Hour
12:00 p.m.: Legislative Business
Fifteen “One Minutes”
|1:30 – 2:30 p.m.||4:30 – 5:30 p.m.|
|H.Res. 811 – Rule providing for consideration of H.R. 4790 – Volcker Rule Regulatory Harmonization Act (Rep. Hill – Financial Services) and H.J.Res. 2 – Proposing a balanced budget amendment to the Constitution of the United States (Rep. Goodlatte – Judiciary) (One hour of debate).
For H.R. 4790, the Rules Committee has recommended a closed Rule that provides for one hour of general debate equally divided and controlled by the Chair and Ranking Member of the Committee on Financial Services. The Rule allows one motion to recommit, with or without instructions, and waives all points of order against the legislation.
The Rule provides that it shall be in order at any time on the legislative day of April 12, 2018, for the Speaker to entertain motions that the House suspend the rules related to H.J.Res. 2. The Rule also provides for four hours of debate for H.J.Res. 2.
The Rules Committee rejected a motion by Mr. McGovern of Massachusetts to strike section 2 of the Rule which provides for suspension authority and extended debate time for H.J.Res. 2. Members are urged to VOTE NO.
H.R. 4293 – Stress Test Improvement Act of 2017 (Rep. Zeldin – Financial Services) (One hour of debate). This measure would scale back two pillars of federal banking supervision intended to curb risky banking practices that contributed to the 2008 financial crisis, Dodd-Frank’s bank stress tests and the Federal Reserve’s Comprehensive Capital Analysis and Review (CCAR). Stress tests help make sure that banks will remain stable and solvent even in a serious recession by ensuring that they have adequate capital to absorb losses. CCAR evaluates the capital planning practices and capital adequacy of the largest U.S. bank holding companies, and large U.S. operations of foreign firms, using the firms' planned capital actions such as dividend payments and share buybacks and issuances.
H.R. 4293 would require the stress test process to be subject to a cumbersome regulatory notice-and-comment process, would make it harder for the Federal Reserve to object to a bank’s capital plan, and would reduce the frequency of the required tests. Under current law, twice a year, large financial intuitions prepare reports for federal financial regulators regarding their ability to withstand financial stress. Under H.R. 4293 those institutions would be required to prepare a single annual report instead. The bill also would prohibit the Federal Reserve from using its qualitative assessment of a financial institution’s ability to withstand financial stress as a basis for objecting to that institution’s plan to draw down capital.
Bill Text for H.R. 4293:
H.R. 4061 – Financial Stability Oversight Council Improvement Act of 2017 (Rep. Ross – Financial Services) (One hour of debate). This measure would change the procedures that federal regulators follow for determining which nonbank financial institutions should be designated by the Financial Stability Oversight Council (FSOC) as systemically important financial institutions (SIFIs) and subject to heightened supervision due to their systemic risk. For example, the bill would increase the frequency and complexity of studies, reviews, and meetings that must be completed before the FSOC can designate a nonbank company as a SIFI. The bill also would allow companies to contest existing SIFI designations on the basis of the new criteria and procedures in addition to the current appeals process provided under Dodd-Frank. The Obama Administration opposed the bill last Congress.
Bill Text for H.R. 4061:
The GOP Leadership has announced the following schedule for Thursday, April 12: The House will meet at 12:00 p.m. for legislative business. The House is expected to complete consideration of H.J.Res. 2 – Proposing a balanced budget amendment to the Constitution of the United States (Rep. Goodlatte – Judiciary) – under suspension of the Rules.
|THE DAILY QUOTE|
|“House Republican leaders, stung by President Donald Trump’s rebuke of Congress’ recent trillion-dollar spending spree, are moving to give their rank and file cover by passing a balanced budget amendment this week.
But many conservatives, including a good number of House Republicans, say the vote is insincere at best — and blatantly hypocritical at worst. ‘There is no one on Capitol Hill, and certainly no one on Main Street, that will take this vote seriously,’ said Freedom Caucus Chairman Mark Meadows (R-N.C.), on the heels of a $1.3 trillion spending package that Republicans approved just last month.”
- Politico, 4/10/2018