United States 116th Congress Status: In Committee Bipartisan · 9 D · 6 R cosponsors

HR 4492 — Consumer Financial Choice and Capital Markets Protection Act of 2019

Last action — Referred to the House Committee on Financial Services.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Consumer Financial Choice and Capital Markets Protection Act of 2019 This bill allows a money market fund, under specified conditions, to elect to operate using a different method of valuation than is otherwise required. A money market fund that elects to do so shall not be subject to specified requirements related to the imposition of liquidity fees. Certain federal assistance may not be provided directly to any money market fund. This limitation on federal assistance must be disclosed in a money market's advertising and sales literature.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes new provisions regarding the treatment of money market funds under the Investment Company Act of 1940, including definitions, a method for valuation, restrictions on federal assistance, and disclosure requirements.

  • 15 U.S.C. 80a

    SEC. 66. MONEY MARKET FUNDS. ...

    This section adds new regulations for money market funds, defining 'covered Federal assistance' and establishing rules for the election to be a stable value money market fund.

  • 15 U.S.C. 80a

    covered Federal assistance may not be provided directly to any money market fund.

    It prohibits the provision of federal assistance directly to money market funds.

  • 15 U.S.C. 80a

    No principal underwriter of a redeemable security issued by a money market fund nor any dealer shall offer or sell any such security to any person unless ...

    It requires disclosure of the prohibition against federal bailouts in the prospectus and marketing materials of money market funds.

  • 15 U.S.C. 80a

    the company or series will comply with such quality, maturity, diversification, liquidity, and other requirements ...

    It sets requirements for companies that elect to compute share pricing by specific methods.

  • 15 U.S.C. 80a

    Exemption from default liquidity fee requirements ...

    It exempts certain money market funds from specific liquidity fee requirements under existing regulations.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 14 co-sponsors · 532 not signed on

Sponsors (1)

Co-sponsors (14)

Not signed on (532)

532 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance
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Frequently asked questions

What does HR 4492 do?
Consumer Financial Choice and Capital Markets Protection Act of 2019 This bill allows a money market fund, under specified conditions, to elect to operate using a different method of valuation than is otherwise required. A money market fund that elects to do so shall not be subject to specified requirements related to the imposition of liquidity fees. Certain federal assistance may not be provided directly to any money market fund. This limitation on federal assistance must be disclosed in a money market's advertising and sales literature.
Who sponsors HR 4492?
HR 4492 is sponsored by Moore, Gwen (Democratic), Stivers, Steve (Republican), Hastings, Alcee L. (Democratic), Gonzalez, Vicente (Democratic), Doyle, Michael F. (Democratic), Estes, Ron (Republican), Mooney, Alexander X. (Republican), Sires, Albio (Democratic), Fitzpatrick, Brian K. (Republican), Reschenthaler, Guy (Republican), Beatty, Joyce (Democratic), Rose, John W. (Republican), Gottheimer, Josh (Democratic), Ruppersberger, C. A. Dutch (Democratic), and Davis, Danny K. (Democratic).
What is the current status of HR 4492?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4492?
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