Common Sense Economic Recovery Act of 2011
Latest action · Nov 17, 2011 Subcommittee Consideration and Mark-up Session Held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 4, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Common Sense Economic Recovery Act of 2011 - Cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan.
(Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.)
Conditions treatment as an accrual loan on a non-accrual loan's being current, not more than 30 days delinquent on a monthly payment, and an amortizing loan whose payments are not being funded through an interest reserve account.
Applies accrual loan treatment, to the same extent as non-modified mortgage loans, to modified mortgage loans meeting the criteria of this Act, including those that also meet the criteria for troubled debt restructuring.
Prohibits the appropriate federal banking agency from imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of the additional requirement would adversely impact measurement of the institution's capital.
Directs the Financial Stability Oversight Council to study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.
Cosponsors 52
Members who signed on, in the order they did. Signatures ran from May 4, 2011 to Oct 31, 2011; 17 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TX | Bill Flores | Original | May 4, 2011 |
| R-MO | Blaine Luetkemeyer | Original | May 4, 2011 |
| R-FL | Daniel Webster | Original | May 4, 2011 |
| R-CA | Darrell Issa | Original | May 4, 2011 |
| R-IL | Donald A. Manzullo | Original | May 4, 2011 |
| R-PA | Glenn Thompson | Original | May 4, 2011 |
| R-FL | Jeff Miller | Original | May 4, 2011 |
| R-PA | Joseph R. Pitts | Original | May 4, 2011 |
| R-TX | Louie Gohmert | Original | May 4, 2011 |
| R-GA | Lynn A. Westmoreland | Original | May 4, 2011 |
| R-GA | Phil Gingrey | Original | May 4, 2011 |
| R-TX | Ron Paul | Original | May 4, 2011 |
| R-MD | Roscoe G. Bartlett | Original | May 4, 2011 |
| R-NM | Stevan Pearce | Original | May 4, 2011 |
| R-MI | Thaddeus G. McCotter | Original | May 4, 2011 |
| R-MO | Vicky Hartzler | Original | May 4, 2011 |
| R-NC | Walter B. Jones | Original | May 4, 2011 |
| R-NY | Michael G. Grimm | May 10, 2011 | |
| R-TN | Marsha Blackburn | May 12, 2011 | |
| R-TX | John R. Carter | May 24, 2011 | |
| R-MD | Andy Harris | May 25, 2011 | |
| R-IN | Dan Burton | May 25, 2011 | |
| R-TX | Kay Granger | May 25, 2011 | |
| R-GA | Paul C. Broun | May 26, 2011 | |
| R-TX | Blake Farenthold | Jun 1, 2011 | |
| R-OK | Tom Cole | Jun 1, 2011 | |
| R-CA | Tom McClintock | Jun 2, 2011 | |
| R-MT | Denny Rehberg | Jun 3, 2011 | |
| R-CA | Gary G. Miller | Jun 3, 2011 | |
| R-FL | Steve Southerland II | Jun 14, 2011 | |
| R-FL | Allen B. West | Jun 15, 2011 | |
| R-VA | Bob Goodlatte | Jun 15, 2011 | |
| R-CO | Mike Coffman | Jun 15, 2011 | |
| R-CA | Ken Calvert | Jun 23, 2011 | |
| R-PA | Charles W. Dent | Jun 28, 2011 | |
| R-FL | Cliff Stearns | Jun 28, 2011 | |
| R-WV | David B. McKinley | Jul 5, 2011 | |
| R-TN | Stephen Lee Fincher | Jul 5, 2011 | |
| R-OH | Steve Chabot | Jul 7, 2011 | |
| R-MO | Billy Long | Jul 11, 2011 | |
| R-OH | Bob Gibbs | Jul 11, 2011 | |
| R-CO | Cory Gardner | Jul 11, 2011 | |
| R-MI | Dan Benishek | Jul 13, 2011 | |
| R-OH | Robert E. Latta | Jul 18, 2011 | |
| R-MS | Alan Nunnelee | Aug 1, 2011 | |
| D-CA | Maxine Waters | Sep 13, 2011 | |
| D-FL | Frederica S. Wilson | Sep 15, 2011 | |
| R-SC | Joe Wilson | Sep 15, 2011 | |
| R-OK | James Lankford | Sep 20, 2011 | |
| R-NC | Virginia Foxx | Sep 29, 2011 | |
| R-FL | Dennis A. Ross | Oct 6, 2011 | |
| R-IL | Randy Hultgren | Oct 31, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred May 4, 2011 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Jun 2, 2011Hearings Jul 8, 2011Markup Nov 17, 2011 |
Actions 5
Everything that happened, newest first.
- Nov 17, 2011Subcommittee Consideration and Mark-up Session Held.
- Jul 8, 2011Subcommittee Hearings Held.
- Jun 2, 2011Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- May 4, 2011Introduced in House
- May 4, 2011Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H3062.
Printed hearings 3
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 112-45 | LEGISLATIVE PROPOSALS REGARDING BANK EXAMINATION PRACTICES135 pages | Financial Services Committee | Jul 8, 2011 |
| Serial No. 112-022 | THE DODD-FRANK ACT: IMPACT ON SMALL BUSINESS LENDING68 pages | Small Business Committee | Jun 16, 2011 |
| S. Hrg. 112-172 | ENHANCING SAFETY AND SOUNDNESS: LESSONS LEARNED AND OPPORTUNITIES FOR CONTINUED IMPROVEMENT77 pages | Banking, Housing, and Urban Affairs Committee | Jun 15, 2011 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4029 | Common Sense Economic Recovery Act of 2012 | Related bill | Feb 23, 2012 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To permit certain current loans that would otherwise be treated as non-accrual loans as accrual loans for certain purposes.
- Short Titles as Introduced
- Common Sense Economic Recovery Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- May 4, 2011Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
