H.R. 1018, the "CFPB Constitutional Reform Act of 2017"
To replace the Director of the Bureau of Consumer Financial Protection with a 5-person commission, and for other purposes.
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S. 365
A bill to amend the Consumer Financial Protection Act of 2010 to remove the funding cap relating to the transfer of funds from the Board of Governors of the Federal Reserve System to the Bureau of Consumer Financial Protection, and for other purposes.
New GOP Memo Targets Stress Tests, CFPB in Dodd-Frank Changes
House Financial Services Committee Chairman Jeb Hensarling, who outlined his latest effort in a memo to lawmakers this week, would give banks relief from annual stress tests that assess whether they can survive financial meltdowns, Bloomberg News reported yesterday. The legislation, which he could introduce as soon as this month, also seeks to eviscerate key powers of the Consumer Financial Protection Bureau. Hensarling is taking a second crack at weakening the Dodd-Frank law, which set new rules for banks after the 2008 financial crisis. Last year, the Texas Republican’s bill stalled in the House. This year’s version is again likely to be a tough sell, especially in the Senate where it will need Democratic support to pass. President Donald Trump last week directed regulators to review financial rules and report back on suggested changes within 120 days, one of the first steps his administration has taken to make good on his promise to do "a big number" on Dodd-Frank. Still, major changes to the law would need to be made by Congress.
H.R. 1000, the "Jobs for All Act"
To establish the National Full Employment Trust Fund to create employment opportunities for the unemployed.
H.R. 985, the "Fairness in Class Action Litigation Act of 2017"
To amend the procedures used in Federal court class actions and multidistrict litigation proceedings to assure fairer, more efficient outcomes for claimants and defendants, and for other purposes.
Donald Trump Plans to Undo Dodd-Frank Law, Fiduciary Rule
President Donald Trump today plans to sign an executive action that establishes a framework for scaling back the 2010 Dodd-Frank financial-overhaul law, part of a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis, the Wall Street Journal reported today. Trump also plans another executive action aimed at rolling back a controversial regulation scheduled to take effect in April that critics have said would upend the retirement-account advisory business. Trump will use a memorandum to ask the labor secretary to consider rescinding a rule set to go into effect in April that orders retirement advisers, overseeing about $3 trillion in assets, to act in the best interest of their clients, Cohn said. Trump also will sign an executive order that directs the Treasury secretary and financial regulators to come up with a plan to revise rules the Dodd-Frank law put in place. Cohn said the actions are intended to pave the way for additional orders that would affect the post crisis Financial Stability Oversight Council, the mechanism for winding down a giant faltering financial company, and the way the government supervises big financial firms that aren’t traditional banks, often referred to as systemically important financial institutions.
H.R. 720, the "Lawsuit Abuse Reduction Act of 2017"
To amend Rule 11 of the Federal Rules of Civil Procedure to improve attorney accountability, and for other purposes.
S. 237, the "Lawsuit Abuse Reduction Act of 2017"
To amend Rule 11 of the Federal Rules of Civil Procedure to improve attorney accountability, and for other purposes.
H.R. 615, the "Student Loan Repayment Act of 2017"
To amend the Internal Revenue Code of 1986 to include student loan repayers as members of targeted groups for purposes of the work opportunity credit and to provide for a credit against tax for student loan program startup costs.