Terms of Credit Act

Bill: 114-hr-3771
Sponsor: Rep. Flores, Bill [R-TX-17]
Introduced: 2015-10-20 in the House
Policy area: Government Operations and Politics
Subjects: Administrative law and regulatory procedures
Appropriations
Budget deficits and national debt
Budget process
Civil actions and liability
Congressional operations and organization
Constitution and constitutional amendments
Economic performance and conditions
Executive agency funding and structure
House of Representatives
Judicial review and appeals
Legislative rules and procedure
Small business

Summary:
action_date: 2015-10-20
text: 

Terms of Credit Act 

 
This bill establishes expedited legislative procedures for spending reduction legislation, limits regulatory activity, and increases the debt limit. 
 
Eleven House committees must submit to the House Budget Committee legislation to reduce direct spending by specified amounts, and Congress must consider the legislation using expedited procedures. The bill restricts legislative activities and adjournment of the House until the spending reduction legislation and appropriations legislation is passed. 
 
Congress must vote on a balanced budget amendment to the U.S. Constitution by December 31, 2015. 
 

Regulatory Freeze for Jobs Act of 2015 

 
Until July 1, 2017, the bill imposes a moratorium on significant regulatory actions that are likely to result in an annual cost to the economy of at least $50 million or adversely affect the economy or a sector of the economy, productivity, competition, jobs, the environment, public health or safety, small entities, or state, local, or tribal governments or communities. 
 

Midnight Rule Relief Act of 2015 

 
Agencies may not propose or finalize certain rules during the final months of a President's term. 
 
The bill includes an exception for repealing existing regulations and permits waivers for specified regulations. 
 
The bill also increases the debt limit to $19.6 trillion. (Under current law the debt limit is suspended through March 15, 2017, and will be increased on March 16, 2017, to accommodate obligations issued during the suspension period.) 


Legislative actions:
action_date: 2015-11-03
text: Referred to the Subcommittee on the Constitution and Civil Justice.
action_date: 2015-10-20
text: Referred to the Committee on Rules, and in addition to the Committees on Oversight and Government Reform, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-10-20
text: Referred to the Committee on Rules, and in addition to the Committees on Oversight and Government Reform, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-10-20
text: Referred to the Committee on Rules, and in addition to the Committees on Oversight and Government Reform, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-10-20
text: Referred to the Committee on Rules, and in addition to the Committees on Oversight and Government Reform, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-10-20
text: Referred to the Committee on Rules, and in addition to the Committees on Oversight and Government Reform, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-10-20
text: Introduced in House
action_date: 2015-10-20
text: Introduced in House