[House Report 115-600]
[From the U.S. Government Publishing Office]
115th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 115-600
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PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 4061) TO AMEND THE
FINANCIAL STABILITY ACT OF 2010 TO IMPROVE THE TRANSPARENCY OF THE
FINANCIAL STABILITY OVERSIGHT COUNCIL, TO IMPROVE THE SIFI DESIGNATION
PROCESS, AND FOR OTHER PURPOSES, AND PROVIDING FOR CONSIDERATION OF THE
BILL (H.R. 4293) TO REFORM THE COMPREHENSIVE CAPITAL ANALYSIS AND
REVIEW PROCESS, THE DODD-FRANK ACT STRESS TEST PROCESS, AND FOR OTHER
PURPOSES
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March 14, 2018.--Referred to the House Calendar and ordered to be
printed
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Mr. Buck, from the Committee on Rules,
submitted the following
R E P O R T
[To accompany H. Res. 780]
The Committee on Rules, having had under consideration
House Resolution 780, by a nonrecord vote, report the same to
the House with the recommendation that the resolution be
adopted.
SUMMARY OF PROVISIONS OF THE RESOLUTION
The resolution provides for consideration of H.R. 4061, the
Financial Stability Oversight Council Improvement Act of 2017,
under a closed rule. The resolution provides one hour of debate
equally divided and controlled by the chair and ranking
minority member of the Committee on Financial Services. The
resolution waives all points of order against consideration of
the bill. The resolution provides that an amendment in the
nature of a substitute consisting of the text of Rules
Committee Print 115-64, modified by the amendment printed in
part A of this report, shall be considered as adopted and the
bill, as amended, shall be considered as read. The resolution
waives all points of order against provisions in the bill, as
amended. The resolution provides one motion to recommit with or
without instructions.
Section 2 of the resolution provides for consideration of
H.R. 4293, the Stress Test Improvement Act of 2017, under a
closed rule. The resolution provides one hour of debate equally
divided and controlled by the chair and ranking minority member
of the Committee on Financial Services. The resolution waives
all points of order against consideration of the bill. The
resolution provides that an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 115-
63, modified by the amendment printed in part B of this report,
shall be considered as adopted and the bill, as amended, shall
be considered as read. The resolution waives all points of
order against provisions in the bill, as amended. The
resolution provides one motion to recommit with or without
instructions.
EXPLANATION OF WAIVERS
The waiver of all points of order against consideration of
H.R. 4061 includes a waiver of the following:
Section 302(f) of the Congressional Budget
Act, which prohibits consideration of legislation
providing new budget authority in excess of a 302(a)
allocation of such authority;
Section 303 of the Congressional Budget Act,
which prohibits consideration of legislation, providing
a change in budget authority for a fiscal year until
the budget resolution for that year has been agreed to;
Section 311 of the Congressional Budget Act,
which prohibits consideration of legislation that would
cause revenues to be less than the level of total
revenues for the first fiscal year or for the total of
that first fiscal year and the ensuing fiscal years for
which allocations are provided
Clause 10 of rule XXI, which prohibits the
consideration of a bill if it has the net effect of
increasing mandatory spending over the five-year or
ten-year period.
Although the resolution waives all points of order against
provisions in H.R. 4061, as amended, the Committee is not aware
of any points of order. The waiver is prophylactic in nature.
The waiver of all points of order against consideration of
H.R. 4293 includes a waiver of the following:
Section 302(f) of the Congressional Budget
Act, which prohibits consideration of legislation
providing new budget authority in excess of a 302(a)
allocation of such authority;
Section 303 of the Congressional Budget Act,
which prohibits consideration of legislation, providing
a change in budget authority for a fiscal year until
the budget resolution for that year has been agreed to;
and
Clause 10 of rule XXI, which prohibits the
consideration of a bill if it has the net effect of
increasing mandatory spending over the five-year or
ten-year period.
Although the resolution waives all points of order against
provisions in H.R. 4293, as amended, the Committee is not aware
of any points of order. The waiver is prophylactic in nature.
SUMMARY OF THE AMENDMENT TO H.R. 4061 IN PART A CONSIDERED AS ADOPTED
1. Ross (FL): Reduces the cap on surplus funds of the
Federal Reserve Banks from $7,500,000,000 to $7,451,428,571.
SUMMARY OF THE AMENDMENT TO H.R. 4293 IN PART B CONSIDERED AS ADOPTED
1. Zeldin (NY): Reduces the Federal Reserve Banks Surplus
Fund.
PART A--TEXT OF AMENDMENT TO H.R. 4061 CONSIDERED AS ADOPTED
Add at the end the following:
SEC. 4. REDUCTION OF SURPLUS FUNDS OF FEDERAL RESERVE BANKS.
(a) In General.--Section 7(a)(3)(A) of the Federal Reserve
Act (12 U.S.C. 289(a)(3)(A)) is amended by striking
``$7,500,000,000'' and inserting ``$7,451,428,571''.
(b) Effective Date.--Subsection (a) shall take effect on June
1, 2018.
PART B--TEXT OF AMENDMENT TO H.R. 4293 CONSIDERED AS ADOPTED
Add at the end the following:
SEC. 4. REDUCTION OF SURPLUS FUNDS OF FEDERAL RESERVE BANKS.
(a) In General.--Section 7(a)(3)(A) of the Federal Reserve
Act (12 U.S.C. 289(a)(3)(A)) is amended by striking
``$7,500,000,000'' and inserting ``$7,480,000,000''.
(b) Effective Date.--Subsection (a) shall take effect on June
1, 2018.
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