Daily Whipfacebooktwitterbirdemail
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 – 2:30 p.m. ???

H.Res. 475 – Rule providing for consideration H.R. 3193 – Consumer Financial Protection and Soundness Improvement Act (Rep. Duffy – Financial Services) (One Hour of Debate). 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 allows for 4 amendments, debatable for 10 minutes equally divided between the offeror and an opponent. The Rule allows one motion to recommit, with or without instructions, and waives all points of order against the legislation.

The resolution also waives Clause 6(a) of Rule XIII, the requirement of a two-thirds vote to consider a Rule on the same day it is reported from the Rules Committee. This waiver will be applied to any Debt Limit-related bill reported from the Rules Committee through the legislative day of February 12, 2014.

The Rules Committee rejected a motion by Ms. Slaughter of New York to consider H.R. 3193 under an open Rule. Members are urged to VOTE NO.

Begin Consideration of H.R. 3193 – Consumer Financial Protection and Soundness Improvement Act (Rep. Duffy – Financial Services) (One Hour of Debate). This bill is a combination of five Republican-sponsored bills that would negatively impact the Consumer Financial Protection Bureau (CFPB).  The bill would lower the requirements of the Financial Stability Oversight Council to overturn a CFPB regulation aimed at protecting safety of U.S. financial institutions. The bill would also prohibit the CFPB from offering salary and benefits to employees matching the Federal Government General Schedule, impeding its ability to competitively attract and retain talented personnel. It would replace the CFPB Director with a five-member, Senate-confirmed commission, impeding the CFPB’s ability to quickly engage in rulemaking and pursue enforcement actions. Additionally, bill would require the CFPB to obtain consumers’ permission before examining personal financial information.  The bill would also make the CFPB subject to the annual Appropriations process, eliminating its independence. Lastly, the White House has issued a SAP stating that the President would veto this bill.

The Rule makes in order 4 amendments, debatable for 10 minutes, equally divided between the offeror and an opponent.  The amendments are:

Rigell Amendment. Requires the Consumer Financial Protection Bureau to (1) submit an analysis on the impact of its proposed rule or regulation on the financial industry, and (2) submit an analysis of consumer and small business access to credit as a result of the regulation, to the Financial Stability Oversight Council for the purposes of public review.
Stivers/Walz Amendment. Creates an independent, Senate-confirmed Inspector General for the Financial Product Safety Commission.
DeSantis Amendment. Repeals the exclusive rulemaking authority of the Consumer Financial Protection Bureau.
Moore Amendment. Adds Findings and Sense of Congress language to the end of the bill that acknowledges and honors the work of the Consumer Financial Protection Bureau in providing protection and relief to consumers from instances of unfair, deceptive, and abusive practices in financial markets.

Bill Text for H.R. 3193:
PDF Version

Suspensions (2 bills)

  1. H.R. 3578 – To ensure that any new or revised requirement providing for the screening, testing, or treatment of an airman or an air traffic controller for a sleep disorder is adopted pursuant to a rulemaking proceeding, and for other purposes (Rep. LoBiondo – Transportation and Infrastructure)
  2. H.R. 3448 – Small Cap Liquidity Reform Act, as amended (Rep. Duffy – Financial Services)

The GOP Leadership has announced the following schedule for Wednesday, February 12: The House will meet at 9:00 a.m. for legislative business. The House is expected to complete consideration of H.R. 3193 – Consumer Financial Protection and Soundness Improvement Act (Rep. Duffy – Financial Services). The House may also consider legislation related to the debt ceiling.

The Daily Quote

“The U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses and organizations of all sizes, sectors, and regions, as well as state and local chambers and industry associations, and dedicated to promoting, protecting and defending America’s free enterprise system, urges the House of Representatives to pass a timely increase in the debt limit. Treasury Secretary Lew recently indicated the Treasury may exhaust its borrowing capacity and cash management tools as early as late February. Raising the debt limit is necessary to avoid any question of a threat of government default of any kind, to allow credit markets to function properly, and to allow the economy finally to achieve some long-awaited momentum.” 

-    U.S. Chamber of Commerce, 2/10/2014