HR 4659 · 115th Congress 2017–2019, ended

To require the appropriate Federal banking agencies to recognize the exposure-reducing nature of client margin for cleared derivatives.

Introduced Dec 14, 2017 Originated House Sponsor Blaine Luetkemeyer R-MO

Fact sheet Spreadsheet

Latest action · Aug 3, 2018 Placed on the Union Calendar, Calendar No. 680.

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.

  1. IntroducedDec 14, 2017
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

This bill amends the Federal Deposit Insurance Act, the Bank Holding Company Act of 1956, and the Home Owners' Loan Act to exclude initial client margin funds (i.e., funds lent to a client by a broker to facilitate a derivatives contract) from leverage-exposure calculations for purposes of determining whether an insured depository institution, a bank holding company, or a savings and loan holding company is in compliance with federal leverage-based capital standards.

Cosponsors 17

Members who signed on, in the order they did. Signatures ran from Dec 14, 2017 to Mar 22, 2018; 4 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-GADavid ScottOriginalDec 14, 2017
D-TXFilemon VelaOriginalDec 14, 2017
R-OKFrank D. LucasOriginalDec 14, 2017
D-AZTom O'HalleranOriginalDec 14, 2017
R-TXPete SessionsFeb 8, 2018
R-ILRandy HultgrenFeb 8, 2018
R-ILRodney DavisFeb 15, 2018
R-MNTom EmmerFeb 15, 2018
D-MNCollin C. PetersonMar 6, 2018
R-TXK. Michael ConawayMar 6, 2018
R-TXJodey C. ArringtonMar 14, 2018
D-TXVicente GonzalezMar 19, 2018
R-GAAustin ScottMar 20, 2018
R-TNDavid KustoffMar 20, 2018
R-ARJ. French HillMar 21, 2018
Show all 17 cosponsors

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseFinancial Services Committee
Referred Dec 14, 2017Markup Mar 21, 2018Reported Aug 3, 2018
Capital Markets Subcommittee
Hearings Feb 14, 2018

Actions 7

Everything that happened, newest first.

  1. Aug 3, 2018Reported by the Committee on Financial Services. H. Rept. 115-882.
  2. Aug 3, 2018Placed on the Union Calendar, Calendar No. 680.
  3. Mar 21, 2018Committee Consideration and Mark-up Session Held.
  4. Mar 21, 2018Ordered to be Reported by the Yeas and Nays: 44 - 16.
  5. Feb 14, 2018Hearings Held by the Subcommittee on Capital Markets Prior to Referral.
Show all 7 actions

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.

Committee report

Congressional Budget Office cost estimate

  1. Jun 11, 2018H.R. 4659, a bill to require the appropriate Federal banking agencies to recognize the exposure-reducing nature of client margin for cleared derivativesAs ordered reported by the House Committee on Financial Services on March 21, 2018

Constitutional authority

[Pages H9940-H9941] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] By Mr. LUETKEMEYER: H.R. 4659. Congress has the power to enact this legislation pursuant to the following: The constitutional authority on which this bill rests lies in Article 1, Section 7, Clause 2 of the Constitution, which allows for every bill passed by the House of Representatives and the Senate and signed by the President to be codified into law; and therefore implicitly allows Congress to repeal any bill that has been passed by both chambers and signed into law by the President. Additionally, the Constitution grants to Congress the explicit power to regulate commerce in and among the states, as enumerate in Article 1, Section 8, Clause 3, the Commerce Clause.

The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 204, December 14, 2017, page H9941.

Printed hearings 1

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

NumberHearingCommitteeHeld
Serial No. 115-74LEGISLATIVE PROPOSALS REGARDING DERIVATIVES122 pagesFinancial Services CommitteeFeb 14, 2018

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 3682A bill to require the appropriate Federal banking agencies to recognize the exposure-reducing nature of client margin for cleared derivatives.Identical billNov 29, 2018

Titles 1

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To require the appropriate Federal banking agencies to recognize the exposure-reducing nature of client margin for cleared derivatives.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 2

Each version as it was printed, newest first.

  1. Aug 3, 2018Reported in House
  2. Dec 14, 2017Introduced in House

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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.