To prohibit the Federal financial regulators from requiring compliance with the accounting standards update of the Financial Accounting Standards Board related to current expected credit loss ("CECL"), to require the Securities and Exchange Commission to take certain impacts of a proposed accounting principle into consideration before accepting the principle, and for other purposes.

Bill Number

HR 7394

Introduced

Dec 21, 2018

Latest Action

Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be sub ...

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Cosponsors

Topics

Accounting and auditing Administrative law and regulatory procedures Banking and financial institutions regulation Credit and credit markets Finance and Financial Sector Minority and disadvantaged businesses Securities and Exchange Commission (SEC) Small business

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Votes

Summary

This bill prohibits financial regulators from requiring compliance with the current expected credit loss rule issued by the Financial Accounting Standards Board in June 2016.

Actions

Dec 21, 2018

Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Dec 21, 2018

Introduced in House

Amendments

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