H.Res. 391: H.R. 992 - Swaps Regulatory Improvement Act; H.R. 2374 - Retail Investor Protection Act

COMMITTEE ACTION: REPORTED BY A VOICE VOTE on Monday, October 28, 2013.
FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 230-188 AFTER ORDERING THE PREVIOUS QUESTION BY A RECORD VOTE OF 226-193 on Tuesday, October 29, 2013.

MANAGERS: Polis/Sessions

113th Congress
1st Session

Rule

H.RES. 391

Report No. 113-253

 

H.R. 992 - Swaps Regulatory Improvement Act

H.R. 2374 - Retail Investor Protection Act

  1. Closed rule for H.R. 992.
  2. Provides one hour of debate equally divided among and controlled by the chairs and ranking minority members of the Committee on Agriculture and the Committee on Financial Services.
  3. Waives all points of order against consideration of the bill and provides that it shall be considered as read.
  4. Waives all points of order against provisions in the bill.
  5. Provides one motion to recommit.
  6. Section 2 provides a structured rule for H.R. 2374.
  7. Provides one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
  8. Waives all points of order against consideration of the bill.
  9. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-23 shall be considered as adopted, and the bill, as amended, shall be considered as read.
  10. Waives all points of order against provisions in the bill, as amended.
  11. Makes in order only the further amendment printed in the Rules Committee report, if offered by Representative George Miller of California or his designee, shall be considered as read, shall be separately debatable for 20 minutes equally divided and controlled by the proponent and an opponent, which shall not be subject to amendment, and shall not be subject to a demand for division of the question.
  12. Waives all points of order against the amendment printed in the report.
  13. Provides one motion to recommit with or without instructions.
  14. Section 3 provides that a motion to proceed with regard to a joint resolution of disapproval specified in section 1002 of the Continuing Appropriations Act, 2014, may be offered even if the joint resolution has not been reported or discharged, shall be in order only on the legislative day of October 29, 2013 or the legislative day of October 30, 2013, and shall be debatable for one hour equally divided and controlled by the proponent and an opponent.
  15. Section 4 provides that on any legislative day during the period from October 31, 2013, through November 11, 2013: the Journal of the proceedings of the previous day shall be considered as approved; and the Chair may at any time declare the House adjourned to meet at a date and time to be announced by the Chair in declaring the adjournment.
  16. Section 5 provides that the Speaker may appoint Members to perform the duties of the Chair for the duration of the period addressed by section 4 of the resolution.

 

RESOLUTION

Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 992) to amend provisions in section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to Federal assistance for swaps entities. All points of order against consideration of the bill are waived. The bill shall be considered as read. All points of order against provisions in the bill are waived. The previous question shall be considered as ordered on the bill to final passage without intervening motion except: (1) one hour of debate equally divided among and controlled by the chair and ranking minority member of the Committee on Agriculture and the chair and ranking minority member of the Committee on Financial Services; (2) one motion to recommit.

Sec. 2. Upon adoption of this resolution it shall be in order to consider in the House the bill (H.R. 237 4) to amend the Securities Exchange Act of 1934 to provide protections for retail customers, and for other purposes. All points of order against consideration of the bill are waived. In lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-23 shall be considered as adopted. The bill, as amended, shall be considered as read. All points of order against provisions in the bill, as amended, are waived. The previous question shall be considered as ordered on the bill, as amended, and on any further amendment thereto, to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services; (2) the further amendment printed in the report of the Committee on Rules accompanying this resolution, if offered by Representative George Miller of California or his designee, which shall be in order without intervention of any point of order, shall be considered as read, shall be separately debatable for 20 minutes equally divided and controlled by the proponent and an opponent, and shall not be subject to a demand for division of the question; and (3) one motion to recommit with or without instructions.

Sec. 3. Notwithstanding section 1002 of the Continuing Appropriations Act, 2014 ---

(a) a motion to proceed under such section -

(1) may be offered even ifthe committee to which a joint resolution has been referred has not reported or been discharged; and

(2) shall be in order only on the legislative day of Tuesday, October 29, 2013, or the legislative day of Wednesday, October 30, 2013; and

(b) a joint resolution under such section shall be debatable for one hour equally divided and controlled by the proponent and an opponent.

Sec. 4. On any legislative day during the period from October 31, 2013, through November 11, 2013-

(a) the Journal of the proceedings of the previous day shall be considered as approved; and

(b) the Chair may at any time declare the House adjourned to meet at a date and time, within the limits of clause 4, section 5, article I of the Constitution, to be announced by the Chair in declaring the adjournment.

Sec. 5. The Speaker may appoint Members to perform the duties of the Chair for the duration of the period addressed by section 4 of this resolution as though under clause 8(a) of rule I.

 

SUMMARY OF AMENDMENT TO H.R. 2374 PROPOSED TO BE MADE IN ORDER

(summaries derived from information provided by sponsors)

 

Sponsor

#

Description

Debate Time

1. Miller, George (CA), Conyers (MI)

#1

(REVISED) Authorizes the Department of Labor to issue a fiduciary duty rule that protects access to investment education and advice and assumes the availability of reasonable compensation to financial service providers. Requires a study of the effect of current investment industry practices on the standard of care provided to investors by persons providing investment advice, including the effect on low-income investors.

(20 minutes)