The Independent View: Congress Weekly Update June 4-8-2017

Congress returns from Recess, Senate today, House on Tuesday. All eyes will be on Senate Intelligence with a Series of Hearings culminating in the Testimony of Fired FBI Director James Comey on Thursday in the Senate Intelligence Committee at 10 AM ET Open Hearing and 1 PM ET Closed Hearing.

HOUSE

H.R. 10: Financial CHOICE Act of 2017, Sponsor: Rep. Jeb Hensarling [R, TX-5].

The House will Vote on a Bill to Unwind the Dodd-Frank Financial Regulations, Financial CHOICE Act - The Reform Bill that would Roll Back many of the Dodd-Frank Provisions put in place after the 2008 Financial Crisis and Change the Regulatory System overall.

See: CRS Summary - three page (pdf), CBO Score

Financial Regulations

- Leverage Ratio: allows Banks to be subject to a 10% Leverage Ratio in Exchange for Exemption from Risk-weighted Capital Ratios, Liquidity Requirements, and other Regulations.
- Repeals the Volcker Rule, the Durbin Amendment, fiduciary Rule, and Risk Retention Requirements for Non-Mortgage Asset-backed Securities.
- Repeals the designation of "systemically important financial institutions" and "Too big to fail" with a new Chapter in the Bankruptcy Code tailored to Financial firms.

Regulatory System

- Brings Regulatory Agencies that currently set their own Budgets, with Fees, under the Congressional Appropriations process.
- Requires more Detailed Cost-Benefit Analysis for Rulemaking.
- Changes Courts' "Chevron deference" to Agency Interpretations.
- Increases Civil Penalties for Violation of Banking and Securities Laws.
- Replaces the Consumer Financial Protection Bureau )CFPB) with the Consumer Law Enforcement Agency (CLEA) and Modifies its Powers, Leadership, Mandate, and Funding.
- Requires a GAO Audit of the Federal Reserve.

H.Res 354: Sponsor: Rep. Edward Royce [R, CA-39], Condemning the Violence against Peaceful Protesters outside the Turkish Ambassador's residence on May 16th, 2017, and calling for the Perpetrators to be brought to Justice and Measures to be taken to Prevent similar incidents in the future.

H.Res 355: Sponsor: Rep. Gregory Meeks [D, NY-5], Condemning in the strongest terms the Terrorist Attacks in Manchester, United Kingdom, on May 22nd, 2017, expressing heartfelt condolences, and reaffirming unwavering support for the special relationship between our peoples and Nations in the wake of these attacks.

H.R. 390: Sponsor: Rep. Christopher Smith [R, NJ-4], Iraq and Syria Genocide Emergency Relief and Accountability Act of 2017.

H.R. 2213 Anti-Border Corruption Re-Authorization Act of 2017: Sponsor: Rep. Martha McSally [R, AZ-2], Current Law requires U.S. Customs and Border Protection (CBP) to administer Polygraph Examinations to nearly all Applicants for Law Enforcement positions. H.R. 2213 would Broaden the Criteria for Waiving the Polygraph Requirement for certain Applicants.

Senate

S.Res 176: Sponsor: Sen. Mitch McConnell [R, KY], A resolution Commemorating the 50th Anniversary of the Reunification of Jerusalem.

S. 1094: Department of Veterans Affairs Accountability and Whistleblower Protection Act of 2017- Sponsor: Sen. Marco Rubio [R, FL], would Modify Administrative and Personnel Procedures of the Department of Veterans Affairs (VA) and Reorganize the Office of Accountability and Whistle Blower Protection.