[House Report 115-582]
[From the U.S. Government Publishing Office]


115th Congress    }                                    {       Report
                        HOUSE OF REPRESENTATIVES
 2d Session       }                                    {      115-582

======================================================================

 
     PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 4296) TO PLACE 
   REQUIREMENTS ON OPERATIONAL RISK CAPITAL REQUIREMENTS FOR BANKING 
ORGANIZATIONS ESTABLISHED BY AN APPROPRIATE FEDERAL BANKING AGENCY, AND 
   PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 4607) TO AMEND THE 
   ECONOMIC GROWTH AND REGULATORY PAPERWORK REDUCTION ACT OF 1996 TO 
ENSURE THAT FEDERAL FINANCIAL REGULATORS PERFORM A COMPREHENSIVE REVIEW 
OF REGULATIONS TO IDENTIFY OUTDATED OR OTHERWISE UNNECESSARY REGULATORY 
    REQUIREMENTS IMPOSED ON COVERED PERSONS, AND FOR OTHER PURPOSES

                                _______
                                

 February 26, 2018.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

                Mr. Buck, from the Committee on Rules, 
                        submitted the following

                              R E P O R T

                       [To accompany H. Res. 747]

    The Committee on Rules, having had under consideration 
House Resolution 747, by a record vote of 8 to 3, report the 
same to the House with the recommendation that the resolution 
be adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 4296, to 
place requirements on operational risk capital requirements for 
banking organizations established by an appropriate Federal 
banking agency, under a closed rule. The resolution provides 
one hour of debate equally divided and controlled by the chair 
and ranking minority member of the Committee on Financial 
Services. The resolution waives all points of order against 
consideration of the bill. The resolution provides that an 
amendment in the nature of a substitute consisting of the text 
of Rules Committee Print 115-60, modified by the amendment 
printed in part A of this report, shall be considered as 
adopted and the bill, as amended, shall be considered as read. 
The resolution waives all points of order against provisions in 
the bill, as amended. The resolution provides one motion to 
recommit with or without instructions.
    Section 2 of the resolution provides for consideration of 
H.R. 4607, the Comprehensive Regulatory Review Act, under a 
closed rule. The resolution provides one hour of debate equally 
divided and controlled by the chair and ranking minority member 
of the Committee on Financial Services. The resolution waives 
all points of order against consideration of the bill. The 
resolution provides that an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 115-
61, modified by the amendment printed in part B of this report, 
shall be considered as adopted and the bill, as amended, shall 
be considered as read. The resolution waives all points of 
order against provisions in the bill, as amended. The 
resolution provides one motion to recommit with or without 
instructions.

                         EXPLANATION OF WAIVERS

    The waiver of all points of order against consideration of 
H.R. 4296 includes a waiver of the following:
           Section 302(f) of the Congressional Budget 
        Act, which prohibits consideration of legislation 
        providing new budget authority in excess of a 302(a) 
        allocation of such authority;
           Section 303 of the Congressional Budget Act, 
        which prohibits consideration of legislation, providing 
        a change in budget authority for a fiscal year until 
        the budget resolution for that year has been agreed to; 
        and
           Clause 10 of rule XXI, which prohibits the 
        consideration of a bill if it has the net effect of 
        increasing mandatory spending over the five-year or 
        ten-year period.
    Although the resolution waives all points of order against 
provisions in H.R. 4296 as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.
    The waiver of all points of order against consideration of 
H.R. 4607 includes a waiver of the following:
           Section 302(f) of the Congressional Budget 
        Act, which prohibits consideration of legislation 
        providing new budget authority in excess of a 302(a) 
        allocation of such authority;
           Section 303 of the Congressional Budget Act, 
        which prohibits consideration of legislation, providing 
        a change in change in budget authority for a fiscal 
        year until the budget resolution for that year has been 
        agreed to; and
           Clause 10 of rule XXI, which prohibits the 
        consideration of a bill if it has the net effect of 
        increasing mandatory spending over the five-year or 
        ten-year period.
    Although the resolution waives all points of order against 
provisions in H.R. 4607 as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.

                            COMMITTEE VOTES

    The results of each record vote on an amendment or motion 
to report, together with the names of those voting for and 
against, are printed below:

Rules Committee record vote No. 193

    Motion by Mr. Burgess to report the rule. Adopted: 8-3

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Cole........................................  ............  Ms. Slaughter.....................          Nay
Mr. Woodall.....................................          Yea   Mr. McGovern......................  ............
Mr. Burgess.....................................          Yea   Mr. Hastings of Florida...........          Nay
Mr. Collins.....................................          Yea   Mr. Polis.........................          Nay
Mr. Byrne.......................................          Yea
Mr. Newhouse....................................          Yea
Mr. Buck........................................          Yea
Ms. Cheney......................................          Yea
Mr. Sessions, Chairman..........................          Yea
----------------------------------------------------------------------------------------------------------------

      PART A--TEXT OF AMENDMENT TO H.R. 4296 CONSIDERED AS ADOPTED

 SUMMARY OF THE AMENDMENT TO H.R. 4296 IN PART A CONSIDERED AS ADOPTED

    1. Luetkemeyer (MO): Removes a total of $31,428,572.00 from 
the Federal Reserve's surplus fund to cover the perceived costs 
associated with this legislation.
  Add at the end the following:

SEC. 2. REDUCTION OF SURPLUS FUNDS OF FEDERAL RESERVE BANKS.

  (a) In General.--Section 7(a)(3)(A) of the Federal Reserve 
Act (12 U.S.C. 289(a)(3)(A)) is amended by striking 
``$7,500,000,000'' and inserting ``$7,468,571,428''.
  (b) Effective Date.--Subsection (a) shall take effect on May 
1, 2018.
                              ----------                              


      PART B--TEXT OF AMENDMENT TO H.R. 4607 CONSIDERED AS ADOPTED

 SUMMARY OF THE AMENDMENT TO H.R. 4607 IN PART B CONSIDERED AS ADOPTED

    1. Loudermilk (GA): Reduces the cap on surplus funds of the 
Federal Reserve Banks from $7,500,000,000 to $7,495,714,285.
  Add at the end the following:

SEC. 6. REDUCTION OF SURPLUS FUNDS OF FEDERAL RESERVE BANKS.

  (a) In General.--Section 7(a)(3)(A) of the Federal Reserve 
Act (12 U.S.C. 289(a)(3)(A)) is amended by striking 
``$7,500,000,000'' and inserting ``$7,495,714,285''.
  (b) Effective Date.--Subsection (a) shall take effect on May 
1, 2018.

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