H.R. 1375 - Financial Services Regulatory Relief Act of 2003

COMMITTEE ACTION: REPORTED BY VOICE VOTE on Wednesday, March 17, 2004.
FLOOR ACTION:
MANAGERS: SESSIONS/MCGOVERN
108th Congress
2nd Session

H.R. 1375 - Financial Services Regulatory Relief Act of 2003

1. Structured rule.

2. Provides one hour of general debate equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services.

3. Waives all points of order against consideration of the bill (except those arising under provisions of the Congressional Budget Act of 1974 other than section 302(f), prohibiting consideration of legislation providing new budget authority in excess of a committee's 302(a) allocation of such authority).

4. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services and the Committee on the Judiciary now printed in the bill shall be considered as an original bill for the purpose of amendment, and shall be considered as read.

5. Waives all points of order against the committee amendment in the nature of a substitute (except those arising under provisions of the Congressional Budget Act of 1974 other than section 302(f), prohibiting consideration of legislation providing new budget authority in excess of a committee's 302(a) allocation of such authority).

6. Makes in order only those amendments printed in the Rules Committee report accompanying the resolution.

7. Provides that the amendments printed in the report may be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for a division of the question in the House or in the Committee of the Whole.

8. Waives all points of order against the amendments printed in the report.

9. Provides one motion to recommit with or without instructions.

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RESOLUTION

Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 1375) to provide regulatory relief and improve productivity for insured depository institutions, and for other purposes. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill (except those arising under provisions of the Congressional Budget Act of 1974 other than section 302(f)) are waived. General debate shall be confined to the bill and shall not exceed one hour equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services. After general debate the bill shall be considered for amendment under the five-minute rule. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services and the Committee on the Judiciary now printed in the bill. The committee amendment in the nature of a substitute shall be considered as read. All points of order against the committee amendment in the nature of a substitute (except those arising under provisions of the Congressional Budget Act of 1974 other than section 302(f)) are waived. No amendment to the committee amendment in the nature of a substitute shall be in order except those printed in the report of the Committee on Rules accompanying this resolution. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such amendments are waived. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill to the House with such amendments as may have been adopted. Any Member may demand a separate vote in the House on any amendment adopted in the Committee of the Whole to the bill or to the committee amendment in the nature of a substitute. The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.


SUMMARY OF AMENDMENT MADE IN ORDER

(summaries derived from information provided by sponsors)

Oxley #11
Manager’s Amendment.
(1) Limits de novo branching for ILCs to those whose business is more that 85% financial in nature and, in the case of ILCs whose business is less than 85% financial in nature, limits branching to those ILCs who had Federal deposit insurance before October 1, 2003; (2) Makes technical revisions to section 303 requested by the NCUA; (3) Makes technical revisions to section 213 requested by OTS; (4) Strikes section 107; (5) Strikes section 214; (6) Strikes section 613; and (7) Makes technical changes to section 405 requested by the SEC. (20 Minutes)

Waters #4
Strikes section 609 of the bill. Section 609 reduces the minimum waiting period from 15 calendar days to 5 calendar days for banks and bank holding companies to merge with or acquire other banks or bank holding companies after the Department of Justice has approved a bank merger. The amendment preserves the existing 15 calendar day waiting period. (10 minutes)

Bachus #13
Strikes section 614 relating to the liability standards applied to third-party independent contractors working for a bank. (10 minutes)

Weiner #3
Prohibits commercial banks from charging a fee to the depositor of a check that is returned for insufficient funds. (10 minutes)

Jackson-Lee #9
Expressing the sense of Congress that in situations where a requesting agency obtains expedited action to approve a merger transaction application between multiple depository institutions, that careful consideration is placed on the impact that the transaction will have on affected communities and customers of any or all of the applicant institutions. (10 minutes)

Kelly/Toomey #8
Adds new title at the end of the bill which removes the prohibition on banks from paying interest on business checking accounts and would allow the Federal Reserve to pay interest on so-called “sterile” reserves. The language of the amendment is similar to the text of H.R. 758, the Business Checking Freedom Act, which passed the House in April of 2003, by voice vote. (10 minutes)

TEXT OF THE AMENDMENT(.pdf)

Oxley

Waters

Bachus

Weiner

Jackson-Lee

Kelly/Toomey