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American Financial Services Association

Being a Bill on the Hill is Tough

Being a Bill on the Hill is Tough

AFSA monitors every bill that might affect its members. This includes bills out of the typical committees of jurisdiction – the House Financial Services Committee and Senate Committee on Banking and Urban Development – as well as amendments offered during floor votes. It is important to know what legislation is being considered, but how often does that consideration turn into enaction? As it turns out, pretty rarely.

Senators and Representatives draft a lot of legislation. So far, in the 118th Congress (January 3, 2023 to present day), 10,798 pieces of legislation have been introduced. These include bills, joint resolutions, concurrent resolutions, and simple resolutions. Excluding simple resolutions, such as the one that made changes to the Senate dress code, which do not have the force of law, only 36 bills and joint resolutions have passed both chambers, been signed by the President and enacted into law. That is, .34% of what was introduced makes it to enacted legislation.

As there is still a year of the 118th Congress left, that statistic isn’t yet final. So, we can look at the 117th Congress. 17,817 pieces of legislation were introduced, with only 1,234 or 7% becoming enacted legislation. In the House Financial Services Committee, 779 bills were introduced last Congress. 38, or 5%, of these bills became enacted law. In the Senate Banking Committee, 389 bills were introduced. 14 bills were enacted, or 3.5%.

Despite these low percentages, AFSA tracks all legislation that would affect access to consumer credit and choice, and regularly engages with lawmakers on issues that are important to our members.

November 29th, 2023 by

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