Govwatch

Introduced

In Committee

3

Passed One Chamber

4

Passed Both

5

Signed into Law

Sponsor

Suhas Subramanyam

Democrat · VA · Representative

Votes with party: 96.4% (548 recorded votes)

Full profile: /officials/S001230

Source: Congress.gov · FEC

Cosponsors (21)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

2025-10-03

Source: Congress.gov

Committee Activity

Currently in

House Committee on Financial ServicesReferred To · 2025-10-03
House Committee on the BudgetReferred To · 2025-10-03

Previously

Budget CommitteeReferred To · 2025-10-03
Financial Services CommitteeReferred To · 2025-10-03

Plain-English Summary

Shutdown Guidance for Financial Institutions Act This bill directs financial regulators—including the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration—to jointly issue guidance relating to a government shutdown. Specifically, financial regulators must issue guidance encouraging financial institutions to work with consumers and businesses affected by a shutdown, recognize that consumers and businesses affected by a shutdown may lose access to credit and face temporary hardship in making payments on debts, consider efforts to modify terms on existing loans or extend new credit to assist consumers and businesses affected by a shutdown, and take steps to prevent adverse credit information from being reported in a manner that harms consumers affected by a shutdown. In addition, financial regulators must jointly issue a press release to notify financial institutions, consumers, and businesses of this guidance in the event of a government shutdown. Financial regulators must also complete a report after a government shutdown regarding the guidance's effectiveness and update the guidance if any shortcoming are identified in the report.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Finance and Financial Sector

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Open text view Read on Congress.gov

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