Daily Leader
HOUSE MEETS AT: FIRST VOTE PREDICTED: LAST VOTE PREDICTED:
10:00 a.m.: Morning Hour
12:00 p.m.: Legislative Business

Fifteen “One Minutes”
2:00 – 3:00 p.m. 4:30 – 5:30 p.m.
 
H.Res. 773 – Rule providing for consideration of H.R. 1116 – TAILOR Act of 2017 (Rep. Tipton – Financial Services), H.R. 4545 – Financial Institutions Examination Fairness and Reform Act (Rep. Tipton – Financial Services), and H.R. 4263 – Regulation A+ Improvement Act of 2017 (Rep. MacArthur – Financial Services) (One hour of debate). The Rules Committee has recommended one Rule which would provide for consideration of three bills.

For H.R. 1116, 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.

For H.R. 4545, the Rules Committee has recommended a structured 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 provides for consideration of 1 amendment, debatable for 10 minutes, equally controlled by the proponent and opponent of the amendment. The Rule allows one motion to recommit, with or without instructions, and waives all points of order against the legislation. 

For H.R. 4263, 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.  Members are urged to VOTE NO.

H.R. 1116 – TAILOR Act of 2017 (Rep. Tipton – Financial Services) (One hour of debate).  This measure would require financial regulators – the Federal Deposit Insurance Commission (FDIC), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), and the Federal Reserve – to issue rules that are tailored “in a manner that limits the regulatory compliance impact, cost, liability risk, and other burdens”.  This mandate would effectively force regulators to prioritize the costs of regulations to financial institutions over the offsetting benefits to consumers, the public, and general financial stability. The criteria that financial regulators would have to meet in adopting rules would hamper the ability of financial agencies to protect the public if such action imposed any significant costs to banks and other financial firms.  If H.R. 1116 is enacted, regulators would be required to apply what amounts to a deregulatory mandate not just prospectively, to any new rules being considered, but retroactively as well, including to rules passed since the 2008 financial crisis to protect consumers and strengthen the financial system.

Another perverse effect of the retroactive and future application of the vague and sweeping mandates in this legislation would be to encourage litigation seeking to reverse financial protections.  H.R. 1116 purports to assure that Federal banking regulators ‘tailor’ regulations to the risk profile and business model of regulated institutions. However, this requirement is unnecessary, as Trump financial regulators are already engaged in scaling rules.  The enduring impact of H.R. 1116 will be to stymie regulatory action even in cases where its benefits to consumers and the general economy are justified, and to provide yet another path for regulated entities to overturn rules in court.  Members are urged to VOTE NO.

 
Bill Text for H.R. 1116:
PDF Version


Background for H.R. 1116:

Suspensions (4 bills)
  1. H.R. 4909 – STOP School Violence Act of 2018, as amended (Rep. Rutherford – Judiciary)
  2. H.R. 3996 – Protecting Access to the Courts for Taxpayers Act (Rep. Issa – Judiciary)
  3. H.R. 506 – Preventing Crimes Against Veterans Act of 2017, as amended (Rep. Rooney – Judiciary)
  4. H.R. 3249 – Project Safe Neighborhoods Grant Program Authorization Act of 2017, as amended (Rep. Comstock – Judiciary)
TOMORROW’S OUTLOOK

The GOP Leadership has announced the following schedule for Thursday, March 15: The House will meet at 12:00 p.m. for legislative business.  The House is expected to complete consideration of H.R. 4545 – Financial Institutions Examination Fairness and Reform Act (Rep. Tipton – Financial Services) and H.R. 4263 – Regulation A+ Improvement Act of 2017 (Rep. MacArthur – Financial Services). 
 
THE DAILY QUOTE
“Adults are supposed to take care of children — not only keep them safe, but make them feel safe. Schools are essentially an extension of the home, in that sense, providing sanctuaries of learning, of nurturing and care. But after years of attacks by people with weapons of war, students cannot feel safe and are demanding that adults end years of complaisance and act. They are not asking for their schools to become armed garrisons. Rather, they want those weapons to be brought under control. And unlike too many adults, the young people leading Wednesday’s walkout at schools around the country — inspired by angry, motivated students from Marjory Stoneman Douglas High School, in Parkland, Fla., where 17 people were killed by a former student with an assault weapon — have had the courage to take on the industry responsible for blocking every reasonable measure to limit access to guns, including those that make it all too easy to commit mass murder.”

    -     New York Times Editorial, 3/14/2018