I 115th CONGRESS 2d Session H. R. 7394 IN THE HOUSE OF REPRESENTATIVES December 21, 2018 Mr. Luetkemeyer (for himself and Mr. Budd ) introduced the following bill; which 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 A BILL To prohibit the Federal financial regulators from requiring compliance with the accounting standards update of the Financial Accounting Standards Board related to current expected credit loss ( CECL ), to require the Securities and Exchange Commission to take certain impacts of a proposed accounting principle into consideration before accepting the principle, and for other purposes.