SEC Disclosure Effectiveness Testing Act
Latest action · Oct 21, 2019 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedMar 18, 2019
- Passed HouseOct 17, 2019
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
SEC Disclosure Effectiveness Testing Act
This bill requires the Securities and Exchange Commission (SEC) to assess the usefulness of certain disclosure rules to retail investors. Specifically, the SEC must make these assessments regarding both current and new securities rules and regulations that require the disclosure of documents or information to retail investors.
Recorded votes 4
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 564 | On Passage | Passed229–186 | Oct 17, 2019 |
| House 563 | On Agreeing to the Amendment | Failed188–230 | Oct 17, 2019 |
| House 562 | On Agreeing to the Amendment | Agreed to240–178 | Oct 17, 2019 |
| House 561 | On Agreeing to the Amendment | Failed188–229 | Oct 17, 2019 |
Cosponsors
Members who signed on, in the order they did.
Committees 2
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 Mar 18, 2019Markup Mar 28, 2019Reported Jun 20, 2019 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Oct 21, 2019 |
Actions 28
Everything that happened, newest first.
- Oct 21, 2019Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Oct 17, 2019Considered under the provisions of rule H. Res. 629. (consideration: CR H8209-8224; text: CR H8215-8216)
- Oct 17, 2019Rule provides for consideration of H.R. 1815 and H.R. 3624 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.
- Oct 17, 2019The Speaker designated the Honorable James R. Langevin to act as Chairman of the Committee.
- Oct 17, 2019House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 629 and Rule XVIII.
- Oct 17, 2019GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1815.
- Oct 17, 2019DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
- Oct 17, 2019POSTPONED PROCEEDINGS - At the conclusion of debate on the Huizenga amendment, the Chair put the question on the amendment and by voice vote, announced that the noes had prevailed. Mr. Huizenga demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
- Oct 17, 2019DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Gottheimer amendment No. 2.
- Oct 17, 2019POSTPONED PROCEEDINGS - At the conclusion of debate on the Gottheimer amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Mr. Gottheimer demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
- Oct 17, 2019DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Wagner amendment No. 3.
- Oct 17, 2019POSTPONED PROCEEDINGS - At the conclusion of debate on the Wagner amendment, the Chair put the question on the amendment and by voice vote, announced that the noes had prevailed. Mrs. Wagner demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
- Oct 17, 2019DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Casten (IL) amendment No. 4.
- Oct 17, 2019The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1815.
- Oct 17, 2019The previous question was ordered pursuant to the rule.
- Oct 17, 2019The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
- Oct 17, 2019Passed/agreed to in House: On passage Passed by the Yeas and Nays: 229 - 186 (Roll no. 564).
- Oct 17, 2019Motion to reconsider laid on the table Agreed to without objection.
- Oct 17, 2019The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 1815.
- Oct 15, 2019Rules Committee Resolution H. Res. 629 Reported to House. Rule provides for consideration of H.R. 1815 and H.R. 3624 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.
- Jun 20, 2019Reported (Amended) by the Committee on Financial Services. H. Rept. 116-123.
- Jun 20, 2019Placed on the Union Calendar, Calendar No. 91.
- Mar 28, 2019Committee Consideration and Mark-up Session Held.
- Mar 28, 2019Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 26.
- Mar 27, 2019Committee Consideration and Mark-up Session Held.
- Mar 26, 2019Committee Consideration and Mark-up Session Held.
- Mar 18, 2019Introduced in House
- Mar 18, 2019Referred to the House Committee on Financial Services.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H8209–H8222, H8224Text printed H8215Amendments H8216, H8217, H8218, H8219Recorded votes H8220, H8221, H8224enactGottheimer amendment (include specific consideration of unique challenges senior investors face as part of overall investor testing)Huizenga amendment (exempt Form CRS from investor testing requirements) | Ann Wagner R-MO (amendment), Bill Foster D-IL, Bill Huizenga R-MI (amendment), Carolyn B. Maloney D-NY, Josh Gottheimer D-NJ (amendment), Maxine Waters D-CA, Sean Casten D-IL (amendment), Sean Patrick Maloney D-NY (amendment), Trey Hollingsworth R-IN | Oct 17, 2019 |
| House | Debate and remarks H8154–H8157Text printed H8154Amendments H8157Recorded votes H8163, H8164consideration (H. Res. 629), previous questionDeclaratory Statements H8201 | Mark DeSaulnier D-CA, Rob Woodall R-GA (amendment) | Oct 16, 2019 |
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
- Jun 20, 2019H.R. 1815, SEC Disclosure Effectiveness Testing ActAs ordered reported by the House Committee on Financial Services on March 28, 2019
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 48, March 18, 2019, page H2755.
Printed hearings 1
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. 116-98 | CAPITAL MARKETS AND EMERGENCY LENDING IN THE COVID-19 ERA173 pages | Financial Services Committee | Jun 25, 2020 |
Amendments 4
Amendments offered to this bill.
Related bills 1
Companion bills and other measures the record links to this one.
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To require the Securities and Exchange Commission, when developing rules and regulations about disclosures to retail investors, to conduct investor testing, including a survey and interviews of retail investors, and for other purposes.
- Short Title(s) as Introduced
- SEC Disclosure Effectiveness Testing Act
- Short Title(s) as Reported to House
- SEC Disclosure Effectiveness Testing Act
- Short Title(s) as Passed House
- SEC Disclosure Effectiveness Testing Act
- Short Titles from RFS (Referred to Senate) bill text
- SEC Disclosure Effectiveness Testing Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Oct 21, 2019Referred in Senate
- Oct 17, 2019Engrossed in House
- Jun 20, 2019Reported in House
- Mar 18, 2019Introduced 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.
