[Congressional Record Volume 143, Number 128 (Tuesday, September 23, 1997)]
[House]
[Pages H7614-H7617]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD ABOLISHMENT ACT

  The Clerk called the bill (H.R. 2343) to abolish the Thrift Depositor 
Protection Oversight Board, and for other purposes.
  The Clerk read the bill, as follows:

                               H.R. 2343

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Thrift Depositor Protection 
     Oversight Board Abolishment Act''.

     SEC. 2. ABOLISHMENT OF THE THRIFT DEPOSITOR PROTECTION 
                   OVERSIGHT BOARD.

       (a) In General.--Effective at the end of the 3-month period 
     beginning on the date of enactment of this Act, the Thrift 
     Depositor Protection Oversight Board established under 
     section 21A of the Federal Home Loan Bank Act (hereafter in 
     this section referred to as the ``Oversight Board'') is 
     hereby abolished.
       (b) Disposition of Affairs.--
       (1) Power of chairperson.--Effective on the date of the 
     enactment of this Act, the Chairperson of the Oversight Board 
     (or the designee of the Chairperson) may exercise on behalf 
     of the Oversight Board any power of the Oversight Board 
     necessary to settle and conclude the affairs of the Oversight 
     Board.
       (2) Availability of funds.--Funds available to the 
     Oversight Board shall be available to the Chairperson of the 
     Oversight Board to pay expenses incurred in carrying out the 
     requirements of paragraph (1).
       (c) Savings Provision.--
       (1) Existing rights, duties, and obligations not 
     affected.--No provision of this Act shall be construed as 
     affecting the validity of any right, duty, or obligation of 
     the United States, the Oversight Board, the Resolution Trust 
     Corporation, or any other person which--
       (A) arises under or pursuant to the Federal Home Loan Bank 
     Act, or any other provision of law applicable with respect to 
     the Oversight Board; and
       (B) existed on the day before the abolishment of the 
     Oversight Board in accordance with subsection (a).
       (2) Continuation of suits.--No action or other proceeding 
     commenced by or against the Oversight Board with respect to 
     any function of the Oversight Board shall abate by reason of 
     the enactment of this Act.
       (3) Liabilities.--
       (A) In general.--All liabilities arising out of the 
     operation of the Oversight Board between August 9, 1989, and 
     the end of the 3-month period beginning on the date of 
     enactment of this Act shall remain the direct liabilities of 
     the United States.
       (B) No substitution.--The Secretary of the Treasury shall 
     not be substituted for the Oversight Board as a party to any 
     such action or proceeding.
       (4) Continuations of orders, resolutions, determinations, 
     and regulations pertaining to the resolution funding 
     corporation.--
       (A) In general.--All orders, resolutions, determinations, 
     and regulations regarding the Resolution Funding Corporation 
     which--
       (i) have been issued, made, and prescribed, or allowed to 
     become effective by the Oversight Board, or by a court of 
     competent jurisdiction, in the performance of functions which 
     are transferred by this Act; and

[[Page H7615]]

       (ii) are in effect at the end of the 3-month period 
     beginning on the date of the enactment of this Act,
     shall continue in effect according to the terms of such 
     orders, resolutions, determinations, and regulations until 
     modified, terminated, set aside, or superseded in accordance 
     with applicable law.
       (B) Enforceability of orders, resolutions, determinations, 
     and regulations before transfer.--Before the effective date 
     of the transfer of the authority and duties of the Resolution 
     Funding Corporation to the Secretary of the Treasury under 
     section 3, all orders, resolutions, determinations, and 
     regulations pertaining to the Resolution Funding Corporation 
     shall be enforceable by and against the United States.
       (C) Enforceability of orders, resolutions, determinations, 
     and regulations after transfer.--On and after the effective 
     date of the transfer of the authority and duties of the 
     Resolution Funding Corporation to the Secretary of the 
     Treasury, all orders, resolutions, determinations, and 
     regulations pertaining to the Resolution Funding Corporation 
     shall be enforceable by and against the Secretary of the 
     Treasury.

     SEC. 3. TRANSFER OF THRIFT DEPOSITOR PROTECTION OVERSIGHT 
                   BOARD AUTHORITY AND DUTIES OF RESOLUTION 
                   FUNDING CORPORATION TO THE SECRETARY OF THE 
                   TREASURY.

       The authority and duties of the Thrift Depositor Protection 
     Oversight Board under sections 21A(a)(6)(I) and 21B of the 
     Federal Home Loan Bank Act are hereby transferred to the 
     Secretary of the Treasury (or the designee of the Secretary) 
     as of the end of the 3-month period beginning on the date of 
     enactment of this Act.

     SEC. 4. MEMBERSHIP OF THE AFFORDABLE HOUSING ADVISORY BOARD.

       Effective on the date of enactment of this Act, section 
     14(b)(2) of the Resolution Trust Corporation Completion Act 
     (12 U.S.C. 1831q note) is amended--
       (1) by striking subparagraph (C); and
       (2) by redesignating subparagraphs (D) and (E) as 
     subparagraphs (C) and (D), respectively.

  The SPEAKER pro tempore. Pursuant to the rule, the bill is considered 
read for amendment.


           Committee Amendment in the Nature of a Substitute

  The SPEAKER pro tempore. The Clerk will report the committee 
amendment in the nature of a substitute recommended by the Committee on 
Banking and Financial Services.
  The Clerk read as follows:

       Committee amendment in the nature of a substitute:
       Strike out all after the enacting clause and insert:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Thrift Depositor Protection 
     Oversight Board Abolishment Act''.

     SEC. 2. ABOLISHMENT OF THE THRIFT DEPOSITOR PROTECTION 
                   OVERSIGHT BOARD.

       (a) In General.--Effective at the end of the 3-month period 
     beginning on the date of enactment of this Act, the Thrift 
     Depositor Protection Oversight Board established under 
     section 21A of the Federal Home Loan Bank Act (hereafter in 
     this section referred to as the ``Oversight Board) is hereby 
     abolished.
       (b) Disposition of Affairs.--
       (1) Power of chairperson.--Effective on the date of the 
     enactment of this Act, the Chairperson of the Oversight Board 
     (or the designee of the Chairperson) may exercise on behalf 
     of the Oversight Board any power of the Oversight Board 
     necessary to settle and conclude the affairs of the Oversight 
     Board.
       (2) Availability of funds.--Funds available to the 
     Oversight Board shall be available to the Chairperson of the 
     Oversight Board to pay expenses incurred in carrying out the 
     requirements of paragraph (1).
       (c) Savings Provision.--
       (1) Existing rights, duties, and obligations not 
     affected.--No provision of this Act shall be construed as 
     affecting the validity of any right, duty, or obligation of 
     the United States, the Oversight Board, the Resolution Trust 
     Corporation, or any other person which--
       (A) arises under or pursuant to the Federal Home Loan Bank 
     Act, or any other provision of law applicable with respect to 
     the Oversight Board; and
       (B) existed on the day before the abolishment of the 
     Oversight Board in accordance with subsection (a).
       (2) Continuation of suits.--No action or other proceeding 
     commenced by or against the Oversight Board with respect to 
     any function of the Oversight Board shall abate by reason of 
     the enactment of this Act.
       (3) Liabilities.--
       (A) In general.--All liabilities arising out of the 
     operation of the Oversight Board between August 9, 1989, and 
     the end of the 3-month period beginning on the date of 
     enactment of this Act shall remain the direct liabilities of 
     the United States.
       (B) No substitution.--The Secretary of the Treasury shall 
     not be substituted for the Oversight Board as a party to any 
     such action or proceeding.
       (4) Continuations of orders, resolutions, determinations, 
     and regulations pertaining to the resolution funding 
     corporation.--
       (A) In general.--All orders, resolutions, determinations, 
     and regulations regarding the Resolution Funding Corporation 
     which--
       (i) have been issued, made, and prescribed, or allowed to 
     become effective by the Oversight Board, or by a court of 
     competent jurisdiction, in the performance of functions which 
     are transferred by this Act; and
       (ii) are in effect at the end of the 3-month period 
     beginning on the date of the enactment of this Act,
     shall continue in effect according to the terms of such 
     orders, resolutions, determinations, and regulations until 
     modified, terminated, set aside, or superseded in accordance 
     with applicable law.
       (B) Enforceability of orders, resolutions, determinations, 
     and regulations before transfer.--Before the effective date 
     of the transfer of the authority and duties of the Resolution 
     Funding Corporation to the Secretary of the Treasury under 
     section 3, all orders, resolutions, determinations, and 
     regulations pertaining to the Resolution Funding Corporation 
     shall be enforceable by and against the United States.
       (C) Enforceability of orders, resolutions, determinations, 
     and regulations after transfer.--On and after the effective 
     date of the transfer of the authority and duties of the 
     Resolution Funding Corporation to the Secretary of the 
     Treasury, all orders, resolutions, determinations, and 
     regulations pertaining to the Resolution Funding Corporation 
     shall be enforceable by and against the Secretary of the 
     Treasury.

     SEC. 3. TRANSFER OF THRIFT DEPOSITOR PROTECTION OVERSIGHT 
                   BOARD AUTHORITY AND DUTIES OF RESOLUTION 
                   FUNDING CORPORATION TO THE SECRETARY OF THE 
                   TREASURY.

       The authority and duties of the Thrift Depositor Protection 
     Oversight Board under sections 21A(a)(6)(I) and 21B of the 
     Federal Home Loan Bank Act are hereby transferred to the 
     Secretary of the Treasury (or the designee of the Secretary) 
     as of the end of the 3-month period beginning on the date of 
     enactment of this Act.

     SEC. 4. MEMBERSHIP OF THE AFFORDABLE HOUSING ADVISORY BOARD.

       Effective on the date of enactment of this Act, section 
     14(b)(2) of the Resolution Trust Corporation Completion Act 
     (12 U.S.C. 1831q note) is amended--
       (1) by striking subparagraph (C); and
       (2) by redesignating subparagraphs (D) and (E) as 
     subparagraphs (C) and (D), respectively.

     SEC. 5. TIME OF MEETINGS OF THE AFFORDABLE HOUSING ADVISORY 
                   BOARD.

       (a) In General.--Section 14(b)(6)(A) of the Resolution 
     Trust Corporation Completion Act (12 U.S.C. 1831q note) is 
     amended--
       (1) by striking ``4 times a year, or more frequently if 
     requested by the Thrift Depositor Protection Oversight Board 
     or'' and inserting ``2 times a year or at the request of''; 
     and
       (2) by striking the 2d sentence.
       (b) Clerical Amendment.--The heading for section 
     14(b)(6)(A) of the Resolution Trust Corporation Completion 
     Act (12 U.S.C. 1831q note) is amended by striking ``and 
     location''.

  Mr. LEACH (during the reading). Mr. Speaker, I ask unanimous consent 
that the amendment in the nature of a substitute be considered as read 
and printed in the Record.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Iowa?
  There was no objection.
  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Iowa [Mr. Leach] and the gentleman from New York [Mr. LaFalce] each 
will control 30 minutes.
  The Chair recognizes the gentleman from Iowa [Mr. Leach].
  Mr. LEACH. Mr. Speaker, I yield myself such time as I may consume.
  (Mr. LEACH asked and was given permission to revise and extend his 
remarks.)
  Mr. LEACH. Mr. Speaker, the bill before us, H.R. 2343, would abolish 
a Federal agency, the Thrift Depositor Protection Board, which was 
established to oversee the activities of the now defunct Resolution 
Trust Corporation and the Resolution Funding Corporation.
  By background, the oversight board was created in the Financial 
Institutions Reform, Recovery and Enforcement Act, FIRREA, in 1989. 
FIRREA was the Federal Government's response to the massive financial 
crisis of the savings and loan industry and its insolvent insurance 
fund, the Federal Savings and Loan Insurance Corporation.
  With the enactment of FIRREA, the Resolution Trust Corporation was 
created to close or sell the failed institutions transferred to it by 
the industry's new regulator, the Office of Thrift Supervision. The RTC 
was then tasked with selling the assets of failed thrifts.
  FIRREA also established the Resolution Funding Corporation, REFCORP, 
a mixed-ownership Government corporation for the purpose of providing 
financing for the RTC. The oversight board was created to oversee the 
RTC

[[Page H7616]]

and its use of taxpayer funds, as well as activities of REFCORP.
  Today, the oversight board is no longer needed, given that its 
primary responsibility ceased when the RTC's doors were closed on 
December 31, 1995. The oversight board's remaining programmatic 
responsibilities are: First, oversight of the REFCORP; and Second, 
through fiscal year 1998, a nonvoting membership on the Affordable 
Housing Advisory Board.
  H.R. 2343 would transfer the REFCORP oversight responsibilities to 
the Secretary of the Treasury, and the Affordable Housing Advisory 
Board would be restructured to eliminate the nonvoting seat held by the 
oversight board. As a result, CBO estimates the passage of this bill 
would result in annual savings of over $250,000 in personnel and 
overhead costs for the remaining 33 years of the board's life. In 
short, the bill will abolish a Government agency that is no longer 
needed and result in significant savings to the taxpayers.
  H.R. 2343 has the support of all three members of the oversight 
board, Acting Chairman Hawke, Secretary Cuomo, and Chairman Greenspan. 
In addition, the Committee has been informed that the Office of 
Management and Budget has no objection to this legislation.
  In terms of procedure, the committee held a hearing on September 9 
and favorably reported the bill on a unanimous voice vote. In this 
context, I would like to express my appreciation to Mr. LaFalce and Mr. 
Vento for their cooperation in this endeavor and for the corrections 
day task force for its constructive support. I hope this commonsense 
legislation will receive the approval of the House. After all, the bill 
eliminates an unneeded Government agency, has bipartisan support, and 
saves the taxpayer money.
  Mr. Speaker, I reserve the balance of my time.

                              {time}  1430

  Mr. LaFALCE. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I join with the distinguished chairman of the Committee 
on Banking and Financial Services in urging the House to pass H.R. 
2343, the Thrift Depositor Protection Oversight Board Abolishment Act.
  The legislation was adopted unanimously by our Committee on Banking 
and Financial Services by voice vote. It formally abolishes the Thrift 
Depositor Protection Oversight Board which Congress created in 1989 to 
oversee the Resolution Trust Corporation.
  The Oversight Board played a significant role in supervising the 
RTC's takeover and resolution of nearly 750 failed thrift institutions. 
However, since its elimination in 1995, the Oversight Board's 
activities have been minimal. Its only remaining responsibility 
involves overseeing repayment of the $30 billion in REFCorp bonds 
issued between 1989 and 1991 as part of the RTC's initial funding. This 
responsibility requires that the Oversight Board remain in existence 
for another 33 years, when the last REFCorp bonds are repaid.
  Since the Treasury Department pays approximately $2.3 billion of the 
$2.6 billion in annual interest payments on the REFCorp bonds, most 
responsibilities relating to REFCorp repayment are performed by 
Treasury staff. Nevertheless, the Oversight Board must by law maintain 
separate offices and separate staff, and perform administrative and 
reporting functions imposed largely because of its existence as a 
separate entity of the Government. These functions require annual 
expenditures of over one-quarter of a million dollars.
  Mr. Speaker, these are unnecessary costs that taxpayers should not 
have to continue paying for another 33 years. The abolition of the 
Oversight Board is supported by the administration, by the Treasury 
Department, and by all three members of the Oversight Board, including 
Federal Reserve Board Chairman Alan Greenspan. CBO reports that the 
legislation will produce annual savings of over $250,000, and OMB 
reports no objections to the bill.
  An additional provision of the bill added during markup by our 
colleague, the gentleman from Alabama [Mr. Bachus], would provide 
additional savings to taxpayers by reducing the mandated meeting 
requirements of the Affordable Housing Advisory Board. That board was 
created by Congress to advise the FDIC on the use of the sizeable stock 
of foreclosed residential properties it acquired from failed thrift 
institutions.
  The FDIC also supports these changes. It is time to put these last 
vestiges of the S&L crisis behind us and to provide some tangible 
savings for taxpayers. I would urge adoption of the legislation.
  Mr. Speaker, I reserve the balance of my time.
  Mr. LEACH. Mr. Speaker, I yield 5 minutes to the gentlewoman from New 
Jersey [Mrs. Roukema], the distinguished chairwoman of the Committee on 
Banking and Financial Services's Subcommittee on Financial Institutions 
and Consumer Credit.
  (Mrs. ROUKEMA asked and was given permission to revise and extend her 
remarks.)
  Mrs. ROUKEMA. Mr. Speaker, I thank the gentleman for yielding time to 
me, and I certainly thank the chairman of the subcommittee.
  Mr. Speaker, I rise today as a full-fledged battle-scarred veteran of 
the savings and loan debacle. I was a member of this committee when we 
put into place the mechanisms that have been identified today that were 
so desperately needed to clean up and put this scandal behind us.
  During the long hours we spent passing FIRREA back in 1989, as has 
been explained by the chairman and ranking member, we created the 
Resolution Trust Corporation so we were able to close or sell the 
failed institutions transferred to it by the OTS. That has all been 
clearly pointed out, and I think we did a good job, or they did a good 
job of that over the years. The chairman has already pointed out how in 
the process of that we created not only RTC, but REFCorp and this 
Oversight Board. And the dispositions of these properties valued at 
hundreds of millions of dollars was done without scandal.
  However, I think that the fact now remains that since 1995, when RTC 
was terminated, having concluded its business, essentially, the primary 
role of the cleanup and oversight is now nonexistent. Its remaining 
functions are formal and routine at most, and can easily be carried out 
by the Treasury Department.
  This legislation, in fact, transfers the REFCorp oversight and the 
board oversight to the Secretary of the Treasury and portions to the 
Affordable Housing Advisory Board. I strongly support that.
  I want to commend the gentleman from Iowa, Chairman Leach, for his 
leadership on this, and also reiterate the fact that all responsible 
people, including Alan Greenspan of the Federal Reserve Board, the 
chairman, and the Department of the Treasury and OMB have no 
exceptions. They all support this legislation.
  It has been pointed out that the estimate is that it is going to save 
millions of dollars for the taxpayer, $250,000 per year, and it seems 
to me that in this age when we are all talking in the Congress about 
downsizing government and finding constructive ways to reduce 
overburdening regulation, this is a wonderful example of how we can 
constructively move in that direction, and at the same time, save the 
taxpayers' money.
  Mr. LEACH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I thank the gentlewoman for her terrific leadership on 
this and so many other issues related thereto.
  Mr. Speaker, I reserve the balance of my time.
  Mr. LaFALCE. Mr. Speaker, I yield 3 minutes to the distinguished 
gentleman from Minnesota [Mr. Vento], ranking Democrat on the 
Subcommittee on Financial Institutions and Consumer Credit.
  Mr. VENTO. Mr. Speaker, I thank the gentleman from New York [Mr. 
LaFalce], the ranking member, for yielding time to me. I rise with the 
chairman and my colleagues to support the passage of this bill.
  Mr. Speaker, the Resolution Trust Corporation initiated in FIRREA, 
the Financial Institutions Reform, Recovery, and Enforcement Act of 
1989, was very important. In fact, they managed the closure or the 
assets of nearly 750 different S&L's, literally managing a half a 
trillion dollars over the course of its history, which, as my 
colleague, the gentlewoman from New Jersey [Mrs. Roukema], pointed out, 
the RTC was

[[Page H7617]]

folded into the Federal Deposit Insurance Corporation in 1995. In fact, 
many of the policies they followed were the policies of the insurance 
agency, the Federal Deposit Insurance Corporation, and one of its 
successors, the insurer of the S&L's.
  In any case, the Oversight Board, which they are talking about today, 
played an oversight role. But many of us as well closely monitored the 
success and the problems of the RTC as they tried to navigate their way 
through the disposal of, as I said, literally hundreds of billions of 
dollars worth of assets. It was very controversial at times.
  I think the Oversight Board did a good job. I think we in Congress 
did a good job in terms of monitoring the RTC, too, especially with the 
backdrop of the S&L crisis of the 1980's. We really needed to do that 
type of task. I commend my colleagues that we have reached this 
particular chapter. Hopefully we will continue to watch the FDIC and 
monitor its progress, if in fact problems should arise with the 
substantial issue of managing the billions in assets, a result of 
failed institutions that faced the Resolution Trust Corporation in the 
recent past.
  Our congressional task force did a good job as did the oversight of 
the RTC. Now we are going to save $250,000 a year by eliminating it. It 
is no longer needed as an oversight group. I commend this measure to my 
colleagues.
  Mr. Speaker, I rise in support of H.R. 2343, the Thrift Depositor 
Oversight Board Abolishment Act. I joined as a cosponsor of this 
legislation before its passage by the Banking Committee 2 weeks ago. 
Passage of this legislation is key for several reasons. First, it will 
draw the RTC era to a close. Second, this closure will potentially save 
the taxpayer more than $250,000 a year by ending the Thrift Depositor 
Oversight Board and transferring the few remaining and relatively 
routine functions to the Treasury Department. And third, they will 
provide for the abolition of an agency for all the right reasons: 
basically, the unique function and mission of the Oversight Board have 
been completed.
  As any of my colleagues know, I served as the Chairman of the 
Resolution Trust Corporation [RTC] Oversight Task Force for several 
years. During those early times of the RTC, there were many, many 
implementation problems. We worked hard on the RTC Task Force, and with 
the Oversight Board on some occasions, to call for and require 
improvements in several areas such as internal controls and information 
systems. The task focused on a number of contract issues including 
procurement systems. I am certain that without our oversight, 
monitoring, and the improvements made because of it, the costs of the 
S&L crisis to the U.S. taxpayers would have been higher. There were 
ample problems with the RTC, and the practices of the FDIC deserve our 
continued monitoring.
  Through the end of 1995, of the $105 billion provided for thrift 
resolution and asset disposition activities, $91.3 billion was released 
by the Oversight Board to the RTC. Actual loss funds used by the RTC 
from its inception through December 31, 1995, were originally estimated 
to be $87.9 billion. According to the latest GAO financial statement 
audit of the FDIC, however, total costs incurred were $86.4 billion. 
Innovation provisions written into the 1989 law, the Financial 
Institutions Reform, Recovery, and Enforcement Act (FIRREA], had to be 
congressionally monitored and followed closely. The RTC Oversight Board 
and the House's RTC Task Force did their jobs to be certain that the 
public focus was not lost.
  During the 6 years of the RTC, 747 failed thrifts transferred to it 
were resolved. In the process, the RTC protected 25 million federally 
insured deposit accounts. The RTC disposed of $458 billion in assets 
through December 21, 1995, recovering $397 billion with a rate in 
excess of 86 percent of book value. The RTC disposed of more than 98 
percent of the assets that came under its supervision. Roughly $7.7 
billion--book value--in assets were placed under FDIC management when 
the RTC closed. These numbers do not adequately tell the story of the 
immensity of their task and the complex issues that this new Agency 
faced. They do show clearly, however, why vigilant oversight was very 
pertinent and critical at the time and in the future should the FDIC be 
engaged in a greater number of financial institution closures.
  Additionally, Mr. Speaker, there was also a silver lining on the RTC 
cloud. The Affordable Housing Program disposed of 24,000 properties 
with a book value of $2.5 billion and also provided more than 109,000 
housing units for low- and moderate-income families through the single-
family program and the multifamily buildings. This program took assets 
we had in abundance and turned them into much needed housing 
opportunities for folks across the country.
  Mr. Speaker, it is time to put the Oversight Board to rest. The RTC's 
work has been completed for some time now and the few tasks that remain 
can easily be absorbed by the Department of Treasury. The transition of 
assets, personnel and operations to the FDIC is complete. I thank the 
gentleman from Iowa for moving this bill expeditiously. I support 
passage of H.R. 2343 and urge my colleagues to support it as well.
  Mr. LaFALCE. Mr. Speaker, I have no further requests for time, and I 
yield back the balance of my time.
  Mr. LEACH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I would like to conclude with one brief observation. 
Methodologically, this bill is being brought up under the Consent 
Calendar, and I would just simply like to state that I think this is a 
very appropriate manner to bring a bill of this nature to the floorup. 
I think it has been a very constructive and helpful circumstance to 
have the calendar which this is being brought up under. I apologize, I 
do not mean the Consent Calendar, I mean the new Corrections Calendar 
that was established for this kind of correction.
  In any regard, I also want to particularly thank the minority for 
their help in this matter, and our committee for its unanimous support.
  Mr. Speaker, I have no further requests for time, and I yield back 
the balance of my time.
  The SPEAKER pro tempore (Mr. Pease). Pursuant to the rule, the 
previous question is ordered on the amendment in the nature of a 
substitute recommended by the Committee on Banking and Financial 
Services and on the bill.
  The question is on on the amendment in the nature of a substitute 
recommended by the Committee on Banking and Financial Services.
  The amendment in the nature of a substitute was agreed to.
  The SPEAKER pro tempore. The question is on the engrossment and third 
reading of the bill.
  The bill was ordered to be engrossed and read a third time, and was 
read the third time.
  The SPEAKER pro tempore. The question is on the passage of the bill.
  The question was taken.
  Mrs. MALONEY of New York. Mr. Speaker, I object to the vote on the 
ground that a quorum is not present and make the point of order that a 
quorum is not present.
  Pursuant to clause 5 of rule I, further proceedings on this question 
are postponed until after 5 p.m. today.
  The point of no quorum is considered withdrawn.

                          ____________________