Legislation in Congress to Address
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Bill # Title of Bill Purpose of Bill Sponsor # of co-sponsors Date Status of Bill S. 370 Repeal CFPB Act Eliminates Title X of the Dodd- Marco Rubio Seven including Rand 2/14/2017 In Committee for (see Frank Wall Street Reform Act Paul (KY) Senate Banking, also dealing with the Consumer Housing and HR Financial Protection Bureau Urban Affairs 1031) S. 626 CFPB-IG Act of 2017 Requires the President to Rob Portman Nine co-sponsors 3/14/2017 In Committee for appoint and Congress to Senate, Banking, approve Inspector General of Housing and the CFPB Urban Affairs H.R. Financial Choices Act Reverses several key elements Jeb Hensarling 40 co-sponsors 4/26/2017 10 of 2017 of the Frank-Dodd Wall Street including Andy Barr Reform and Consumer Protection Act. It repeals the Passed by House 06/08/2017 supported by: Volker rule restricting entirely along party Andy Barr KY-6 speculative investments by lines Hal Rogers KY-5 banks. It eliminates the orderly Brett Guthrie KY- liquidation authority tasked 4 with winding down and T. Massie KY-2 liquidating large financial James Comer KY- institutions facing bankruptcy. It 6/13/2017 1 guts the Consumer Financial Protection Bureau tasked with Currently in protecting consumers from Senate Banking, fraudulent, abusive and Housing and misleading financial practices. It Urban Affairs eliminates the office of financial committee research and alters the SEC structure and enforcement. H.R. TABS ACT of 2017 Amends the Consumer Financial Andy Barr – KY 6 15 Co-Sponsors 5/19/2017 In House 2553 Protection Bureau funding into Committee on a regular appropriations Financial Services Bill # Title of Bill Purpose of Bill Sponsor # of co-sponsors Date Status of Bill H.R. To eliminate the Eliminates Title X of the Dodd- John Ratcliffe 29 Co-sponsors 2/14/2017 In Committee for 1031 Bureau of Consumer Frank Wall Street Reform Act House Financial (see Financial Protection dealing with Consumer Financial Services also S. by Repeal of Title X Protection Bureau Committee 370) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the CFP Act of 2010. H.R. Regulations from the Requires Congress to approve Doug Collins 160 Co-sponsors 01/03/2017 26 Executive In Need of all new regulations by the including Andy Barr – (see S. Scrutiny (REINS) Act Executive Branch. Further, KY-6; Hal Rodgers KY- 21) of 2017 requires all Executive branches 5; Thomas Massie KY- of Government to provide a list 4; Brett Guthrie KY-2 of major regulations and submit them over the next ten years for Voted in support of: 01/05/2017 Passed the House, approval by Congress. Any prior Andy Barr KY-6; in Senate major regulation once Hal Rogers KY-5; committee for submitted, but not approved by Thomas Massie KY-4 Small Business Congress in 90 days would Brett Guthrie KY-2 and become null and void. James Comer KY-1 Entrepreneurship H.R. Community Financial Exempts all community financial William Rodgers 13 co-sponsors 2/28/2017 In House 1264 Institution institutions (<$50 million in Committee on Exemption Act assets) from all rules and Financial Services regulations by the CFPB H.R. PACER ACT of 2017 Delay the implementation of the Scott Tipton 0 co-sponsors 3/30/2017 Currently in the 1801 CFPB rule regarding prepaid House Financial accounts under the Electronic Services Funds Transfer Act and truth in Committee lending act. Bill # Title of Bill Purpose of Bill Sponsor # of co-sponsors Date Status of Bill H.J.R. Disapproving the rule To terminate fair pay and safe Virginia Fox 17 Co-sponsors 1/30/2017 37 (see submitted by the workplaces issues addressed by also SJ Department of DoD; NASA and GSA in response Voted in support of bill 02/02/2017 Passed House Res. 12 Defense, the General to an executive order requiring Andy Barr—KY-6 later) Services contractors and subcontractors Hal Rogers – KY-5 Administration, and of the Federal government to Thomas Massie – KY-4 the National ensure paycheck transparency Brett Guthrie – KY-2 Aeronautics and in wage statements regarding James Comer – KY-1 Space Administration hours worked, overtime hours relating to Federal and all additions or deductions Voted in support of bill 03/06/2017 Passed Senate Acquisition of pay. They must also avoid Rand Paul Regulation labor law violations or Mitch McConnell mandatory pre-dispute 03/27/2017 Signed into Law arbitration clauses. by Trump S. 21 Regulations from the Congressional Review and Rand Paul -- KY 36 Co-Sponsors 1/4/2017 Currently in (see HR Executive In Need of approval of all regulations by Senate Committee 26 also) Scrutiny (REINS) Act Government agencies and on Homeland of 2017 Departments that have costs of Security and more than $100 million prior to Governmental regulators from Affairs implementation. This places one more level of control and 05/17/2017 Reported influence big by business, favorably out of without the expertise among committee to those making the decisions to Senate for future truly understand the nuances of vote. the regulation intent. Bill # Title of Bill Purpose of Bill Sponsor # of co-sponsors Date Status of Bill HR CFPB Constitutional To replace the present Director Scott Des Jarlias One co-sponsor, very 2/13/2017 In the House 1018 Reform Act of 2017 of the CFPB with a 5 member similar past Andy Barr Committee for (see Commission of political sponsored or co- Financial Services also S. appointees to oversee its sponsored legislation 105) operation. regarding CFPB HR TABS Act of 2017 Amends the Consumer Financial Andy Barr – KY-6 15 co-sponsors 05/19/2017 In House 2553 Protection Act of 2010 to make Committee on Bureau of Consumer Financial Financial Services Protection appropriations by Congress and not the FED. HR 78 SEC Regulatory To institute stricter measures on Ann Wagner 3 Co-Sponsors 1/03/2017 Introduced in Accountability Act SEC regulations prior to their House implementation including cost benefit analysis that includes 01/12/2017 Passed House with assessing impact on investor support from: choice and market liquidity; and Barr (KY-6); periodic review of all past Rodgers (KY-5); regulations with regard to their Massie (KY-4); need and value. Guthrie (KY-2); Comer (KY-1) in 01/17/2017 Referred to Senate Committee on Banking, Housing and Urban Affairs HR 308 Protect Family Farms Prevent IRS regulations Warren Davidson 35 Co-Sponsors, 1/05/2017 In the House, (see and Businesses Act regarding undervalued estate including: Andy Barr Ways and Means also S. gifts from being transferred to (KY-6) and Thomas Committee 47) another family member without Massie (KY-4) being taxed at their true value Bill # Title of Bill Purpose of Bill Sponsor # of co-sponsors Date Status of Bill S 47 Protect Family Farms Prevents IRS regulations Marco Rubio 4 Co-sponsors 1/05/2017 In the Senate and Businesses Act regarding undervalued estate Committee on gifts from being transferred to Finance another family member without being taxed at their true value S. 56 Red Tape Act of 2017 No federal agency can issue a Dan Sullivan 17 Co-Sponsors 1/05/2017 In Senate new rule unless it repeals an including: Rand Paul Committee for existing rule that balances out and Mitch McConnell Homeland any new cost by the repeal of Security and rule(s) that equal its new cost. Governmt. Affairs. S. 387 Consumer Financial Transfer funding for the CFPB David Perdue 19 Co-Sponsors 2/15/2017 In Senate (see Protection Bureau from the Federal Reserve to a including Rand Paul Committee for also HR Accountability Act of direct appropriations by Banking, Housing 2553) 2017 Congress. Same as Andy Barr’s and Urban Affairs TABS Act of 2017 SJR 12 Disapproving the rule To terminate fair pay and safe Ron Johnson 18 Co-Sponsors 1/30/2017 In Senate (see submitted by the workplaces issues addressed by including: Committee on also HJ Department of DoD; NASA and GSA in response Mitch McConnell and Homeland Res. Defense, the General to an executive order requiring Rand Paul Security and 37) Services contractors and subcontractors Governmental Administration, and of the Federal government to Affairs the National ensure paycheck transparency Aeronautics and in wage statements regarding Space Administration hours worked, overtime hours relating to Federal and all additions or deductions Acquisition of pay. They must also avoid Regulation labor law violations or mandatory pre-dispute arbitration clauses. Bill # Title of Bill Purpose of Bill Sponsor # of co-sponsors Date Status of Bill HR OIRA Insight, Reform Establishes additional rules Paul Mitchell 4 co-Sponsors 2/13/2017 Introduced into 1009 and Accountability under which Federal Agencies House Act must comply in order to impose new regulations. Some of the 03/01/2017 Passed House with new rules seem reasonable, and support of every some seem excessively Republican in burdensome. Kentucky Barr- KY-6; Rogers KY- 5; Massie Ky-4; Guthrie KY-2 and Comer KY-1 03/02/2017 Received in Senate referred to Homeland Security and Governmental Affairs committee HR 5 Regulatory Put additional constraints on Bob Goodlatte 25 Co-sponsors 1/3/2017 Introduced into Accountability Act of rule making by Federal Agencies House 2017 in government. Includes the 01/11/2017 Passed House with legal authority to make rules; support of every the significance of the problem Republican in KY. being addressed by rule; where Barr (KY-6); present rules have contributed Rogers (KY-5), to the problem and whether Massie (KY-4), such rules need amending or Guthrie (KY-2) rescinding; reasonable and Comer (KY-1).