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H.R. 5718: Fire Sale Loophole Closing Act

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H.R. 5718: Fire Sale Loophole Closing Act

111th Congress · introduced 2010-07-13 · Crime and Law Enforcement · Latest: Referred to the House Committee on the Judiciary.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2010-07-13 · official record
  2. Who proposed it: Rep. Ackerman, Gary L. [D-NY-5] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on the Judiciary. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Fire Sale Loophole Closing Act

Plain summary

Fire Sale Loophole Closing Act - Amends the federal criminal code to make it unlawful for: (1) anyone whose federal license to import, manufacture, or deal in firearms has been revoked, or whose license renewal application has been denied, to transfer business inventory firearms into a personal collection or to an employee of such person or to receive a firearm that was a business inventory firearm as of the date of a revocation or renewal denial notice; and (2) anyone who has received a license revocation or renewal denial notice to transfer to any other person a firearm that was a business inventory firearm. Imposes a fine and/or prison term of not more than one year (five years for willful violations) for violations of this Act.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Fire Sale Loophole Closing Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Ackerman, Gary L. [D-NY-5] · 25 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Bennie G. Thompson (D-MS), Eleanor Holmes Norton (D-DC), Debbie Wasserman Schultz (D-FL), Chris Van Hollen (D-MD), Diana DeGette (D-CO), Gwen Moore (D-WI)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong111-hr5718 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111