Bills · HR 5689
IN COMMITTEE· 119TH CONGRESS
House BillHR 5689Finance and Financial Sector
Shutdown Guidance for Financial Institutions Act
INTRO OCT 3· LAST ACTION OCT 3
READING
4MIN
COSPONSORS
22
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenGovernment shutdowns, which have become more frequent, can severely disrupt the finances of millions of Americans and small businesses. When federal workers are furloughed or work without pay, they often struggle to cover essential expenses like rent, mortgage payments, and groceries. Businesses, especially federal contractors, also face lost income.
This bill matters because it aims to reduce the financial stress and potential long-term damage (like damaged credit scores or loan defaults) that a shutdown can cause. If it becomes law, banks would have clear instructions and encouragement from regulators to be more understanding and flexible with affected customers, potentially preventing widespread financial hardship during future shutdowns. Without this law, banks might not have consistent guidance, leading to varied and potentially less sympathetic responses, leaving more individuals and businesses vulnerable.
KEY PROVISIONS
4AI-extractedPROVISION 01
Requires Federal financial regulators to jointly issue guidance to financial institutions within 180 days of the bill becoming law.
This ensures that a plan is in place before a shutdown occurs, offering proactive support for affected individuals and businesses.
PROVISION 02
Encourages financial institutions to modify loan terms, extend new credit, and prevent negative credit reporting for those affected by a shutdown.
This directly addresses common financial challenges during shutdowns, aiming to protect credit scores and maintain access to essential services.
PROVISION 03
Mandates that federal financial regulators issue a press release within 24 hours of a shutdown to alert everyone to the guidance.
This ensures timely communication so that affected individuals, businesses, and financial institutions are aware of the available assistance as soon as a shutdown begins.
PROVISION 04
Requires a post-shutdown report to Congress on the guidance's effectiveness and an update to the guidance if shortcomings are found.
This provision ensures accountability and allows for continuous improvement of the support system for future shutdowns.
SPONSORSHIP
1 + 22
D· Virginia
YRS IN OFFICE
1
BILLS LED
44
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 22 REP 0 IND 0
ACTION TIMELINE
2 EVENTSOCT 3
Introduced in House
OCT 3
Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, 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.
BILL INFO
TypeHouse Bill
NumberHR 5689
Congress119th
StatusIn Committee
IntroducedOct 3, 2025
Last actionOct 3, 2025
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IN COMMITTEE· 119TH CONGRESS · BUDGET COMMITTEE · INTRODUCED OCT 3, 2025
House BillHR 5689Finance and Financial Sector
Shutdown Guidance for Financial Institutions Act
INTRODUCED OCT 3, 2025· LAST ACTION OCT 3, 2025
PASSAGE CHANCES
—%
READING
4 min
COSPONSORS
22
COMPLEXITY
Moderate
