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H.R. 6501: Systemic Risk Mitigation Act of 2020

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H.R. 6501: Systemic Risk Mitigation Act of 2020

116th Congress · introduced 2020-04-14 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2020-04-14 · official record
  2. Who proposed it: Rep. Garcia, Jesus G. "Chuy" [D-IL-4] · 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 Financial Services. 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

Systemic Risk Mitigation Act of 2020

Plain summary

Systemic Risk Mitigation Act of 2020 This bill automatically designates certain nonbank financial companies as systemically important, which subjects these companies to certain prudential standards, including capital and liquidity rules, annual stress tests, and living wills requirements. This designation may be rescinded by the Financial Stability Oversight Council upon further review. The bill provides the council with rulemaking authority regarding an activity or practice that increases risk to the financial system. The bill creates the Climate Change Subcommittee within the council to address the risk climate change poses to the financial system. The bill also revises administrative provisions of the council, including those regarding staffing, funding, and meetings.

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

Systemic Risk Mitigation Act of 2020

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. Garcia, Jesus G. "Chuy" [D-IL-4] · 9 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Janice D. Schakowsky (D-IL), James P. McGovern (D-MA), Eleanor Holmes Norton (D-DC), Danny K. Davis (D-IL), Pramila Jayapal (D-WA), Alexandria Ocasio-Cortez (D-NY), Mike Levin (D-CA)

Sponsor's campaign money: Rep. Garcia, Jesus G. "Chuy" [D-IL-4] reported raising $375,959 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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.

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong116-hr6501 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116