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H.R. 2319 (115th): Consumer Financial Choice and Capital Markets Protection Act of 2018

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About the bill

Source: Republican Policy Committee

H.R. 2319 reverses portions of the U.S. Securities and Exchange Commission’s (SEC or Commission) 2014 rule on money market funds (MMFs). Specifically, the legislation allows MMFs, regardless of whether their investors are retail or institutional, to elect to use the stable Net Asset Value (NAV) approach instead of a floating NAV to calculate the price per share. Additionally, MMFs, either by making the election to use a stable NAV or through its board of directors, can choose not to be subject to the mandatory liquidity fee provision of the SEC’s 2014 rule.

The bill does not, however, address the discretion afforded to boards of MMFs under the SEC rule that allows MMFs to implement gates to limit redemptions in times of stress. Additionally, the bill contains certain prohibitions against the …

Sponsor and status

Keith Rothfus

Sponsor. Representative for Pennsylvania's 12th congressional district. Republican.

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Last Updated: Aug 24, 2018
Length: 10 pages
May 3, 2017
115th Congress (2017–2019)
Died in a previous Congress

This bill was introduced on January 18, 2018, in a previous session of Congress, but it did not receive a vote.

Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).


73 Cosponsors (44 Republicans, 29 Democrats)


Position statements

What legislators are saying

Financial Services Committee Approves Bipartisan Rothfus Bill to Help State and Local Governments and Main Street Businesses
    — Rep. Keith Rothfus [R-PA12, 2013-2018] (Sponsor) on Jan 18, 2018

Rothfus, Moore, and Stivers Introduce Bipartisan Bill to Help Municipalities Access Low-Cost Capital
    — Rep. Keith Rothfus [R-PA12, 2013-2018] (Sponsor) on May 4, 2017

More statements at ProPublica Represent...

What stakeholders are saying

R Street Institute estimates H.R. 2319 will add $1 million in new spending through 2023.


May 3, 2017

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Jan 17, 2018
Considered by House Committee on Financial Services

A committee held a hearing or business meeting about the bill.

Jan 18, 2018
Ordered Reported

A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.

Aug 24, 2018
Reported by House Committee on Financial Services

A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.

H.R. 2319 (115th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number H.R. 2319. This is the one from the 115th Congress.

This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not passed by the end of a Congress is cleared from the books.

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