In-Depth: The House Financial Services Committee explained why Rep. Lee Zeldin (R-NY) introduced this bill in its committee report:

“In an effort to inject badly needed accountability, transparency, and targeted relief into the stress test processes, this legislation introduced by Congressman Zeldin, and amended by Congressman David Scott (D-GA), makes a number of important reforms. H.R. 4293 would overhaul the current regime for stress testing banks and would make the company-run stress test an annual exercise, reduce the number of supervisory scenarios from three to two — the baseline and severely adverse scenario — and extend the Federal Reserve’s regulatory relief from CCAR’s qualitative assessment to all banks.”

Most Democrats opposed this bill in committee, writing:

“One of the most important policy developments following the largest financial crisis since the Great Depression was the enactment of stress testing for our nation’s largest banks. H.R. 4293 would make several harmful changes to the current bank stress test regime, specifically the stress tests required by the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as the Comprehensive Capital Analysis and Review (CCAR) program administered by the Board of Governors of the Federal Reserve System.”

This legislation passed the House Financial Services Committee on a 37-21 vote and has the support of two cosponsors, both of whom are Democrats.

Media:

• House Financial Services Committee Press Release
  
• CBO Cost Estimate