Despite the Senate and House being in recess until after Labor Day, and a short legislative calendar for the rest of the year, the opportunity for regulatory relief remains in the appropriations process.
Both the full House of Representatives and the Senate Appropriations Committee have passed their respective versions of the Financial Services and General Government Appropriations Act for FY 2017. The full Senate is unlikely to consider the committee-passed legislation.
However, an omnibus spending bill is likely to be passed before the end of the year. That provides for the opportunity for some of the regulatory relief provisions included in both pieces of legislation to be included in the final spending bill.
Below is a summary of regulatory relief provisions in various appropriations bills. For a more in-depth look, see CUNA’s Removing Barriers Blog.
The House passed its Financial Services and General Government (FSGG) Appropriations Act (H.R. 5485) July 7 with a 239-185 vote.
The bill itself contains a number of CUNA-backed items, including:
The committee report also contains language supported by CUNA on a number of difference topics, including:
The Senate Appropriations Committee approved its FSGG bill on June 15. The committee report includes language urging Treasury to work with financial regulators to address student debt.
The bill itself would fund a new account called the Cybersecurity Enhancement Account, for which $47.7 million was recommended. It is designed to bolster the Treasury’s cybersecurity posture and mitigate threats to the U.S. financial infrastructure.
The markup included the addition of an amendment from Sen. Jeff Merkley (D-Ore.) that prohibits funds from being used to penalize financial institutions that provide financial services to certain persons in states and jurisdictions where marijuana is legal.