H.R. 3312, SYSTEMIC RISK DESIGNATION IMPROVEMENT ACT OF 2017: ‘Impetus a spiritibus animalibus’.

Has the passing of H.R. 3312: Systemic Risk Designation Improvement Act 2017 come and gone under the radar or was I sleeping? There has been a lot of “chaff” to wade through since the passing of the Tax Reform Bill.

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Chasing down, and deciphering what news is essentially analogous to an attempt by a heat-seeking missile to lock-on to its target, only to be distracted by a much large heat signature in the process.

 

However, the passing of the reform of the Dodd-Frank Act through the House financial services committee last Wednesday seems important enough, so I dug into it.

History of H.R. 3312: Systemic Risk Designation Improvement Act 2017

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Via govtrack.us

Using Stephen S. Cohen and J. Bradford DeLong’s DW-NOMINATE (dynamic-weight nominal three-step estimation) that employs transitivity to make comparisons across Congress/Senate, we can forecast will a high degree of accuracy whether or not the bill will pass altogether.

For isntance, if legislator B almost always votes to the right of A in one Congress, and C and B serve in another Congress in which A is absent, but C almost always votes to the right of B.C will be assigned an ideal point to the right of A; the replacement of A by C will have moved the party’s (and the Congress’s) average score to the right.

Via Journal of Economic Literature, Vol. LV (December 2017).

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The Republican Policy Committee

Floor Situation

On Wednesday, December 20, 2017, the House will consider H.R. 3312, the Systemic Risk Designation Improvement Act of 2017 under a closed rule. The bill was introduced on July 19, 2017, by Rep. Blaine Luetkemeyer (R-MO) and was referred to the House Committee on Financial Services, which ordered the bill reported by a vote of 47-12 on October 12, 2017.