Hearing Information
Amendment Deadline
Thursday, October 10, 2019 - 10:00am H-312, the Capitol View Announcement »
Meeting Information
Tuesday, October 15, 2019 - 5:00pm H-313, the Capitol View Announcement »
H.R. 1815 - SEC Disclosure Effectiveness Testing Act
Video
Bill Text
Rules Committee Print 116-34 PDF XML
Showing the text of H.R. 1815, as reported by the Committee on Financial Services, with modifications.
(as reported)
H. Rept. 116-123 PDF
Report from the Committee on Financial Services to accompany H.R. 1815
Comparative Print PDF
Comparing the base document H.R. 1815, as reported, with the Rules Committee Print 116-34
Hearing Documents
Rule Information
COMMITTEE ACTION:
REPORTED BY A RECORD VOTE OF 6-4 on Tuesday, October 15, 2019.
FLOOR ACTION ON H. RES. 629:
Agreed to by record vote of 228-190, after agreeing to the previous question by record vote of 228-191, on Wednesday, October 16, 2019.
MANAGERS: DeSaulnier/Woodall
1. Structured rule for H.R. 1815.
2. Provides one hour of general debate on the bill equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
3. Waives all points of order against consideration of the bill.
4. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 116-34, modified by the amendment printed in part A of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
5. Waives all points of order against provisions in the bill, as amended.
6. Makes in order only those further amendments printed in part B of the Rules Committee report. 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.
7. Waives all points of order against the amendments printed in part B of the report.
8. Provides one motion to recommit with or without instructions.
9. Structured rule for H.R. 3624.
10. Provides one hour of general debate on the bill equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
11. Waives all points of order against consideration of the bill.
12. Makes in order as original text for the purpose of amendment the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill and provides that it shall be considered as read.
13. Waives all points of order against that amendment in the nature of a substitute.
14. Makes in order only those further amendments printed in part C of the Rules Committee report. 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.
15. Waives all points of order against the amendments printed in Part C of the report.
16. Provides one motion to recommit with or without instructions.
Amendments (click headers to sort)
| # | Version # | Sponsor(s) | Party | Summary | Status |
|---|---|---|---|---|---|
| 1 | Version 2 | Maloney, Sean (NY) | Democrat | Revised Clarifies that the term “retail investor” does not mean an institutional investor. | Made in Order |
| 2 | Version 1 | Stivers (OH) | Republican | Adds climate change disclosures to the proposed rules and regulations that would be subjected to investor testing in the underlying bill. | Submitted |
| 3 | Version 1 | Huizenga (MI) | Republican | Exempts Form CRS, a recently developed disclosure document that went through SEC investor testing, from the bill’s investor testing requirements. | Made in Order |
| 4 | Version 2 | Emmer (MN) | Republican | Revised Applies the bill’s investor testing to any disclosures relating to “environmental, social, or governance” (ESG) factors. | Revised |
| 5 | Version 1 | Wagner (MO) | Republican | Applies the bill’s investor testing requirements only to applicable disclosure documents developed after January 21, 2021 – that is, following the next presidential election cycle. | Made in Order |
| 6 | Version 1 | Waters (CA) | Democrat | MANAGER’S AMENDMENT Makes several technical changes to the bill to correct citations and internal references. | Considered as Adopted |
| 7 | Version 1 | Gottheimer (NJ) | Democrat | Late Requires the SEC to include a specific consideration of the unique challenges senior investors face as part of their overall investor testing. | Made in Order |
Committee Votes
Rules Committee Record Vote No. 175
Motion by Mr. Cole to report an open rule for H.R. 1815 and H.R. 3624. Defeated: 4–6
Majority Member
Vote
Mr. Hastings
Nay
Mrs. Torres
No Vote
Mr. Perlmutter
Nay
Mr. Raskin
No Vote
Ms. Scanlon
Nay
Mr. Morelle
Nay
Ms. Shalala
Nay
Mr. DeSaulnier
Nay
Mr. McGovern, Chairman
No Vote
Minority Member
Vote
Mr. Cole
Yea
Mr. Woodall
Yea
Mr. Burgess
Yea
Mrs. Lesko
Yea
Rules Committee Record Vote No. 176
Motion by Mr. Woodall to add a section to the rule that provides that it shall be in order at any time through October 31, 2019, for the Speaker to entertain motions that the House suspend the rules relating to the bill (H.R. 553) to amend title 10, United States Code, to repeal the requirement for reduction of survivor annuities under the Survivor Benefit Plan for military surviving spouses to offset the receipt of veterans dependency and indemnity compensation, and for other purposes. Defeated: 4–6
Majority Member
Vote
Mr. Hastings
Nay
Mrs. Torres
No Vote
Mr. Perlmutter
Nay
Mr. Raskin
No Vote
Ms. Scanlon
Nay
Mr. Morelle
Nay
Ms. Shalala
Nay
Mr. DeSaulnier
Nay
Mr. McGovern, Chairman
No Vote
Minority Member
Vote
Mr. Cole
Yea
Mr. Woodall
Yea
Mr. Burgess
Yea
Mrs. Lesko
Yea
Rules Committee Record Vote No. 177
Motion by Mr. Burgess to amend the rule to H.R. 1815 to make in order amendment #2, offered by Rep. Stivers (OH), which adds climate change disclosures to the proposed rules and regulations that would be subjected to investor testing in the underlying bill. Defeated: 4–6
Majority Member
Vote
Mr. Hastings
Nay
Mrs. Torres
No Vote
Mr. Perlmutter
Nay
Mr. Raskin
No Vote
Ms. Scanlon
Nay
Mr. Morelle
Nay
Ms. Shalala
Nay
Mr. DeSaulnier
Nay
Mr. McGovern, Chairman
No Vote
Minority Member
Vote
Mr. Cole
Yea
Mr. Woodall
Yea
Mr. Burgess
Yea
Mrs. Lesko
Yea
Rules Committee Record Vote No. 178
Motion by Mrs. Lesko to amend the rule to H.R. 1815 to make in order amendment #4, offered by Rep. Emmer (MN), which applies the bill’s investor testing to any disclosures relating to “environmental, social, or governance” (ESG) factors. Defeated: 4–6
Majority Member
Vote
Mr. Hastings
Nay
Mrs. Torres
No Vote
Mr. Perlmutter
Nay
Mr. Raskin
No Vote
Ms. Scanlon
Nay
Mr. Morelle
Nay
Ms. Shalala
Nay
Mr. DeSaulnier
Nay
Mr. McGovern, Chairman
No Vote
Minority Member
Vote
Mr. Cole
Yea
Mr. Woodall
Yea
Mr. Burgess
Yea
Mrs. Lesko
Yea
Rules Committee Record Vote No. 179
Motion by Mr. Hastings to report the rule. Adopted: 6–4
Majority Member
Vote
Mr. Hastings
Yea
Mrs. Torres
No Vote
Mr. Perlmutter
Yea
Mr. Raskin
No Vote
Ms. Scanlon
Yea
Mr. Morelle
Yea
Ms. Shalala
Yea
Mr. DeSaulnier
Yea
Mr. McGovern, Chairman
No Vote
Minority Member
Vote
Mr. Cole
Nay
Mr. Woodall
Nay
Mr. Burgess
Nay
Mrs. Lesko
Nay