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Coronavirus Accounting Relief Act
2/9/2022, 1:42 AM
Congressional Summary of HR 6249
Coronavirus Accounting Relief Act
This bill temporarily prohibits financial regulators from requiring any person impacted by COVID-19 (coronavirus disease 2019) to comply with the current expected credit loss rule issued by the Financial Accounting Standards Board in June 2016. (This rule establishes a credit loss accounting standard based on expected losses rather than incurred losses.)
The prohibition ends six months after the date of enactment.
Read the Full Bill
Current Status of Bill HR 6249
Bill HR 6249 is currently in the status of Bill Introduced since March 12, 2020. Bill HR 6249 was introduced during Congress 116 and was introduced to the House on March 12, 2020. Bill HR 6249's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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. as of March 12, 2020
Bipartisan Support of Bill HR 6249
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
5Democrat Cosponsors
0Republican Cosponsors
5Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6249
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Accounting and auditing
- Banking and financial institutions regulation
- Cardiovascular and respiratory health
- Credit and credit markets
- Emergency medical services and trauma care
- Infectious and parasitic diseases
Alternate Title(s) of Bill HR 6249
Coronavirus Accounting Relief Act
To temporarily prohibit the Federal financial regulators from requiring compliance with the CECL Rule by persons impacted by Coronavirus, and for other purposes.
Coronavirus Accounting Relief Act
Comments
Sponsors and Cosponsors of HR 6249
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