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[House Report 115-600]
[From the U.S. Government Publishing Office]

115th Congress    }                                 {        Report
                        HOUSE OF REPRESENTATIVES
 2d Session       }                                 {         115-600
======================================================================

 
   PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 4061) TO AMEND THE 
  FINANCIAL STABILITY ACT OF 2010 TO IMPROVE THE TRANSPARENCY OF THE 
FINANCIAL STABILITY OVERSIGHT COUNCIL, TO IMPROVE THE SIFI DESIGNATION 
PROCESS, AND FOR OTHER PURPOSES, AND PROVIDING FOR CONSIDERATION OF THE 
   BILL (H.R. 4293) TO REFORM THE COMPREHENSIVE CAPITAL ANALYSIS AND 
 REVIEW PROCESS, THE DODD-FRANK ACT STRESS TEST PROCESS, AND FOR OTHER 
                                PURPOSES

                                _______
                                

   March 14, 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. 780]

    The Committee on Rules, having had under consideration 
House Resolution 780, by a nonrecord vote, 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. 4061, the 
Financial Stability Oversight Council Improvement Act of 2017, 
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 115-64, 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. 4293, the Stress Test Improvement Act of 2017, 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-
63, 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. 4061 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;
           Section 311 of the Congressional Budget Act, 
        which prohibits consideration of legislation that would 
        cause revenues to be less than the level of total 
        revenues for the first fiscal year or for the total of 
        that first fiscal year and the ensuing fiscal years for 
        which allocations are provided
           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. 4061, 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. 4293 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. 4293, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.

 SUMMARY OF THE AMENDMENT TO H.R. 4061 IN PART A CONSIDERED AS ADOPTED

    1. Ross (FL): Reduces the cap on surplus funds of the 
Federal Reserve Banks from $7,500,000,000 to $7,451,428,571.

 SUMMARY OF THE AMENDMENT TO H.R. 4293 IN PART B CONSIDERED AS ADOPTED

    1. Zeldin (NY): Reduces the Federal Reserve Banks Surplus 
Fund.

      PART A--TEXT OF AMENDMENT TO H.R. 4061 CONSIDERED AS ADOPTED

  Add at the end the following:

SEC. 4. 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 ``$7,451,428,571''.
  (b) Effective Date.--Subsection (a) shall take effect on June 
1, 2018.

      PART B--TEXT OF AMENDMENT TO H.R. 4293 CONSIDERED AS ADOPTED

  Add at the end the following:

SEC. 4. 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 ``$7,480,000,000''.
  (b) Effective Date.--Subsection (a) shall take effect on June 
1, 2018.

                                 [all]
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