United States 114th Congress Status: Died 1 R cosponsors

HR 5983 — Financial CHOICE Act of 2016

Last action — Placed on the Union Calendar, Calendar No. 693.

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  1. ✓
    Introduced
  2. Died in session

This bill died with 114th Congress. It reached “Introduced” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Financial CHOICE Act of 2016 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to: repeal the "Volcker Rule" (which restricts banks from making certain speculative investments); with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and repeal the "Durbin Amendment" (which limits the fees that may be charged to retailers for debit card processing). Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements. The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed. The bill also amends the Consumer Financial Protection Act of 2010 to: restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission; subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and limit the commission's authority to take action against entities for "abusive" practices. In addition, the bill: modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority; eliminates the Office of Financial Research within the Department of the Treasury; and revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.

Bill Text

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Read HR 5983 on the official United States source →

Action History

  1. Placed on the Union Calendar, Calendar No. 693.

  2. Committee on Education and the Workforce discharged.

  3. Committee on the Budget discharged.

  4. Committee on Rules discharged.

  5. Committee on Transportation discharged.

  6. Committee on Oversight and Government discharged.

  7. Committee on the Judiciary discharged.

  8. Committee on Ways and Means discharged.

  9. Committee on Agriculture discharged.

  10. Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.

  11. Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

  12. Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

  13. Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 26.

  14. Committee Consideration and Mark-up Session Held.

  15. Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.

  16. Referred to House Education and the Workforce

  17. Referred to House Budget

  18. Referred to House Rules

  19. Referred to House Transportation and Infrastructure

  20. Referred to House Oversight and Government Reform

  21. Referred to House Judiciary

  22. Referred to House Ways and Means

  23. Referred to House Agriculture

  24. Referred to House Financial Services

  25. Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  26. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

Finance and financial sector Administrative law and regulatory procedures Administrative remedies Advanced technology and technological innovations Advisory bodies Aging Appropriations Asia Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Business ethics Business investment and capital Business records Civil actions and liability Competition and antitrust Competitiveness, trade promotion, trade deficits Congressional oversight Consumer Financial Protection Bureau Consumer affairs Consumer credit Corporate finance and management Department of the Treasury Economic performance and conditions Employment discrimination and employee rights Evidence and witnesses Executive agency funding and structure Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Federal appellate courts Federal officials Financial services and investments Fraud offenses and financial crimes Government information and archives Government studies and investigations Industrial policy and productivity Inflation and prices Iran Judges Judicial procedure and administration Judicial review and appeals Legislative rules and procedure Licensing and registrations Middle East Minority and disadvantaged businesses Monetary policy National Credit Union Administration North Korea Securities Securities and Exchange Commission (SEC) Small business Syria Terrorism Unemployment User charges and fees Women in business
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Frequently asked questions

What does HR 5983 do?
Financial CHOICE Act of 2016 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to: repeal the "Volcker Rule" (which restricts banks from making certain speculative investments); with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and repeal the "Durbin Amendment" (which limits the fees that may be charged to retailers for debit card processing). Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements. The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed. The bill also amends the Consumer Financial Protection Act of 2010 to: restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission; subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and limit the commission's authority to take action against entities for "abusive" practices. In addition, the bill: modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority; eliminates the Office of Financial Research within the Department of the Treasury; and revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.
Who sponsors HR 5983?
HR 5983 is sponsored by Jeb Hensarling (R).
What is the current status of HR 5983?
This bill died with 114th Congress. It reached “Introduced” 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 5983?
Track HR 5983 free on One Click Politics — get push/email alerts when it moves.

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