HR 7394
115th Congress
House
Finance and Financial Sector
Accounting and auditing
Administrative law and regulatory procedures
Banking and financial institutions regulation
Credit and credit markets
Minority and disadvantaged businesses
Securities and Exchange Commission (SEC)
Small business
To prohibit the Federal financial regulators from requiring compliance with the accounting standards update of the Financial Accounting Standards Board related to current expected credit loss ("CECL"), to require the Securities and Exchange Commission to take certain impacts of a proposed accounting principle into consideration before accepting the principle, and for other purposes.
Introduced: December 21, 2018
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 21, 2018
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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.
Dec 21, 2018
Introduced in House
Plain-English summary
This bill prohibits financial regulators from requiring compliance with the current expected credit loss rule issued by the Financial Accounting Standards Board in June 2016.
What's happening now
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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.
Committees of jurisdiction
2
Cosponsors
1