H.RES. ____ — Providing for consideration of the bill (H.R. 1013)
Self-Executing Amendment and Broad Waivers Detected
The rule automatically deems an amendment in the nature of a substitute recommended by the Committee on Financial Services as adopted upon passage of the rule. It also waives all points of order against consideration of the bill and its provisions, and operates as a closed rule.
Procedural Analysis
- The rule employs a 'self-executing' provision, automatically adopting the Financial Services Committee's substitute amendment upon the rule's passage without a separate floor vote.
- It functions as a closed rule, moving directly to final passage after one hour of debate and one motion to recommit, blocking any further amendments from being offered on the floor.
- Broad waivers are applied, waiving all points of order against both the consideration of the bill and the provisions within the amended bill, which prevents members from raising objections based on budget, PAYGO, or other standing rules.
📜 Bills Under Consideration
H.R. 1013 aims to level the playing field between private-sector 401(k) plans and public-sector/non-profit 403(b) plans by amending federal securities laws to allow 403(b) plans to invest in low-cost collective investment trusts (CITs) and unregistered insurance contracts. Under current law, 403(b) plans—primarily used by teachers, charity workers, and public educational institutions—are prohibited from accessing these lower-cost investment vehicles. The bill passed the Financial Services Committee with strong bipartisan support (43-8), though a faction of Democrats opposed the measure over concerns that it strips away essential SEC oversight and exposes vulnerable public-sector workers to unregistered financial products.