|House Meets At:||First Vote Predicted:||Last Vote Predicted:|
10:00 a.m.: Morning Hour
|1:30 – 2:30 p.m.||6:30 – 7:30 p.m.|
H.Res. 944 – Rule providing for consideration of H.R. 5143 – Transparent Insurance Standards Act of 2016 (Rep. Luetkemeyer – 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 1 amendment, 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 Rule also allows for Suspension Authority through the legislative day of December 8, 2016. Members are urged to VOTE NO.
H.R. 5143 – The Transparent Insurance Standards Act of 2016 (Rep. Luetkemeyer – Financial Services) (One hour of debate). H.R. 5143 would severely weaken critical Wall Street reforms enacted to protect the U.S. and global financial system from risks posed by large insurance companies. In the aftermath of the 2008 Great Recession, which was precipitated by the near-collapse of the international insurance giant American International Group (AIG), the Dodd-Frank Act significantly improved and strengthened regulatory oversight of the insurance industry.
With respect to robust and prudent regulation of the insurance industry, Dodd-Frank established a system to examine risks posed by the insurance industry to both the U.S. and global financial system. For example, Dodd-Frank provided for the establishment of the Federal Insurance Office (FIO), which is authorized to "coordinate federal efforts and develop federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (IAIS) and assisting the Treasury secretary in negotiating covered agreements." Dodd-Frank also expanded the Federal Reserve's supervisory authority so that it now serves as the consolidated supervisor of insurance holding companies that own either a Federally chartered thrift or a bank, as well as non-bank financial companies designated by the Financial Stability Oversight Council (FSOC).
Significantly, Dodd-Frank recognized and protected the critical role that state insurance commissioners play in regulating insurance companies doing business in their jurisdictions. To that end, Dodd-Frank provides that state insurance commissions, the Federal Reserve, and FIO work together and coordinate with one another in negotiations over insurance standards at IAIS to ensure that that the state-based system of insurance regulation, which has worked well for decades to protect consumers, is represented and respected in international negotiations.
The Dodd-Frank insurance regulatory framework to date has effectively balanced the U.S.’ interest in preserving the regulatory authority of state insurance commissions over insurance companies and their products while giving federal regulators the tools they need to ensure that no domestic or international insurance companies takes on risks that threaten financial stability or necessitate a taxpayer bailout
If enacted, H.R. 5143 would hamstring U.S. representatives in international negotiations regarding international insurance standards, and establish several new and cumbersome processes and reporting requirements to be completed before any international standard could be agreed to. These requirements would cause significant delays and impose limitations for developing an international insurance capital standard, and weaken the ability of U.S. regulators to negotiate standards that both accommodate the U.S.’s unique insurance regulatory system and strengthen oversight of insurance companies whose size and complexity could pose a risk to the global financial system. They would also undermine the president's constitutional authority to determine the time, scope, and objectives of international negotiations.
Because H.R. 5143 would tie the hands of U.S. insurance regulators in international talks, in an unconstitutional manner, and prevent them from effectively negotiating on international insurance matters, in the Statement of Administration Policy, the president’s senior advisors stated that they would recommend he veto this bill.
The Rule makes in order 1 amendment, debatable for 10 minutes, equally divided between the offeror and an opponent. The amendment is:
DeSantis Amendment. Adds an additional requirement that the international agreement must be written in plain writing, as defined by the Plain Writing Act of 2010.
Suspensions (13 bills)
- H.R. 329 – Indian Employment, Training and Related Services Consolidation Act of 2016, as amended (Rep. Young (AK) – Natural Resources)
- H.R. 6400 – To revise the boundaries of certain John H. Chafee Coastal Barrier Resources System units in New Jersey (Rep. Pallone – Natural Resources)
- H.R. 3711 – Chicano Park Preservation Act (Rep. Vargas – Natural Resources)
- H.R. 6435 – To authorize the Directors of Veterans Integrated Service Networks of the Department of Veterans Affairs to enter into contracts with appropriate civilian accreditation entities or appropriate health care evaluation entities to investigate medical centers of the Department of Veterans Affairs (Rep. Mullin – Veterans’ Affairs)
- H.R. 5099 – CHIP IN for Vets Act of 2016, as amended (Rep. Ashford – Veterans’ Affairs)
- H.R. 6076 – TREAT Astronauts Act, as amended (Rep. Babin – Science, Space, and Technology)
- H.R. 5790 – Federal Bureau of Investigation Whistleblower Protection Enhancement Act of 2016, as amended (Rep. Chaffetz – Oversight and Government Reform)
- House Amendment to S. 2971 – National Urban Search and Rescue Response System Act of 2016, as amended (Sen. Portman – Transportation and Infrastructure)
- H.R. 4298 – Vietnam Helicopter Crew Memorial Act (Rep. Amodei – Armed Services)
- H.R. 6130 – Holocaust Expropriated Art Recovery Act of 2016 (Rep. Goodlatte – Judiciary)
- H.R. 4919 – Kevin and Avonte’s Law of 2016, as amended (Rep. Smith (NJ) – Judiciary)
- H.R. 6431 – Promoting Travel, Commerce, and National Security Act of 2016 (Rep. Kuster – Judiciary)
- S. 2854 – Emmett Till Unsolved Civil Rights Crimes Reauthorization Act of 2016, as amended (Sen. Burr – Judiciary)
Postponed Suspensions (2 bills)
- H.R. 1219 – Arbuckle Project Maintenance Complex and District Office Conveyance Act of 2016 (Rep. Cole – Natural Resources)
- S. 3028 – Daniel J. Evans Olympic National Park Wilderness Act (Sen. Cantwell – Natural Resources)
The GOP Leadership has announced the following schedule for Thursday, December 8: The House will meet at 9:00 a.m. for legislative business. The House is expected to consider the Water Resources Development Act of 2016. The House is also expected to consider a Continuing Resolution for FY 2017 Appropriations.
|The Daily Quote|
“After weeks of wrangling, Republican leaders unveiled a stopgap spending bill Tuesday night that would fund the government through April at current levels… ‘This legislation is just a Band-Aid…’ House Appropriations Chairman Harold Rogers, R-Ky., said in a statement… The bottom line: Lawmakers are likely to avoid a government shutdown, but look for a nasty fight over the stopgap package this week.”
- CQ, 12/7/2016