,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #gcid  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ba1       
#bjah,mr4 ,luetkemeyer 7for himself and 
,mr4 ,budd7 introduced the following    
bill2 which was referred to the         
,committee on ,financial ,services1 and 
in addition to the ,committee on        
,agriculture1 for a period to be        
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,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 7,,cecl71 to       
require the ,securities and ,exchange   
,commission to take certain impacts of a
 proposed accounting principle into     
consideration before accepting the      
principle1 and for other purposes4  #a4 
,non-application of the ,,cecl ,rule by 

,federal financial regulators  7a7 ,in  
general ,notwithstanding any other      
provision of law1 a ,federal financial  
regulator may not require any person to 
comply with the ,,cecl ,rule under any  
,federal statute or rule4  7b7          
,definitions ,in this section3 7#a7     
,,cecl ,rule ,the term ,,cecl ,rule     
means the accounting standard contained 
in the ,accounting ,standards ,update   
,no4 #bjaf-ac of the ,financial         
,accounting ,standards ,board1 titled   
,financial ,instruments-,credit ,losses 
7,topic #cbf73 ,measurement of ,credit  
,losses on ,financial ,instruments      
issued ,june #bjaf4  7#b7 ,federal      
financial regulator ,the term ,federal  
financial regulator means the           
,department of the ,treasury1 the ,board
 of ,governors of the ,federal ,reserve 
,system1 the ,office of the ,comptroller
 of the ,currency1 the ,office of       
,thrift ,supervision1 the ,securities   
and ,exchange ,commission1 the          
,commodity ,futures ,trading            

,commission1 the ,federal ,deposit      
,insurance ,corporation1 the ,federal   
,housing ,finance ,agency1 and the      
,national ,credit ,union                
,administration4  #b4 ,,sec             
considerations when recognizing         
accounting principles ,section #ai7;b7  
of the ,securities ,act of #aicc 7#ae   
,u4,s4,c4 #ggs7b77 is amended by adding 
at the end the following3  7#c7         
,consideration ,the ,commission may not1
 after the date of enactment of this    
paragraph1 recognize any accounting     
principle as generally accepted under   
paragraph 7#a7 unless the ,commission   
first takes into consideration the      
accounting principle's impact on the    
broader ,united ,states economy1 market 
stability1 and availability of credit   
7particularly for small businesses and  
low- and moderate-income borrowers74  4