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.
Being a Bill on the Hill is Tough
Nov 29, 2023
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… Read the rest
Industry Pulse
Nov 29, 2023
What is the state of the vehicle marketplace and where do consumers stand as they plan for 2024? How are overseas markets and industry players thinking about their forward-looking strategies and the U.S. market? And where are the U.S. and… Read the rest
Charge! What’s Accelerating the EV Market in 2024?
Nov 29, 2023
With EV innovation, affordability, and financing options aligning for U.S. market growth in 2024, will U.S. policies and infrastructure keep pace?
Gain exclusive insights in this must-attend session for AFSA conference participants … Read the rest
Congress Seeking Clarity
Nov 29, 2023
All In on AI? Accelerating Opportunity, Mitigating Risk
Nov 27, 2023
Financial industries are always looking to embrace innovations to meet consumer needs, particularly when it comes to understanding and utilizing data for a good, frictionless, and personalized digital experience for customers.
As companies… Read the rest
Commenting on Concerns
Nov 21, 2023
Last week, the American Financial Services Association joined several other groups urging the Consumer Financial Protection Bureau (CFPB) to issue an Advanced Notice of Proposed Rulemaking (ANPR) before it publishes a Notice of Proposed… Read the rest
AFSA Opposes Arbitration Rulemaking
Nov 14, 2023
Today, AFSA joined a coalition letter urging the CFPB to deny the recent Petition for Rulemaking that would establish regulation banning pre-dispute arbitration provisions in contracts for consumer financial services. AFSA opposes new… Read the rest
Convening on Inclusion
Nov 09, 2023
This week Assistant Secretary for Financial Institutions Policy, Graham Steele chaired a convening in the Treasury Cash Room. Civil rights organizations, consumer advocates, and research organizations discussed financial inclusion… Read the rest
CFPB Should Fix Conflicting Proposals
Nov 09, 2023
American Financial Services Association (AFSA) has submitted comments on the Consumer Financial Protection Bureau’s (CFPB) recent action in the Fair Credit Reporting Act (FCRA) space. The letter addresses several proposed changes in… Read the rest
The “Regular Appropriations Ragtime Jam”
Nov 08, 2023
There has been a lot of talk recently in Washington about the appropriations process. And while it may not be as catchy as “I’m just a bill …” understanding the appropriations process is just as important and entertaining as other “Schoolhouse… Read the rest