[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7914 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7914

  To specify that no person shall be required to comply with the CECL 
             Rule under any Federal statute or regulation.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 31, 2020

 Mr. Luetkemeyer introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To specify that no person shall be required to comply with the CECL 
             Rule under any Federal statute or regulation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Eliminating CECL Accounting Standard 
Act''.

SEC. 2. REMOVING ANY REQUIREMENT TO COMPLY WITH THE CECL RULE.

    (a) In General.--No person shall be required to comply with the 
CECL Rule under any Federal statute or regulation.
    (b) CECL Rule Defined.--In this section, the term ``CECL Rule'' 
means the accounting standard contained in the Accounting Standards 
Update No. 2016-13 of the Financial Accounting Standards Board, titled 
``Financial Instruments-Credit Losses (Topic 326): Measurement of 
Credit Losses on Financial Instruments'' issued June 2016.
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