Coronavirus Accounting Relief Act

House Bill 6249 - Coronavirus Accounting Relief Act: Overview, Status, and Impact

Hozzl · 2022-02-09T01:42:17Z

Explore the details of House Bill 6249 Coronavirus Accounting Relief Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

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.

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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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6249

Primary Policy Focus

Finance and Financial Sector

Potential 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