[Congressional Record Volume 144, Number 60 (Wednesday, May 13, 1998)]
[Daily Digest]
[Pages D501-D503]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




[[Page D501]]




                        House of Representatives


Chamber Action
Bills Introduced: 15 public bills, H.R. 3850-3864; and 2 resolutions, 
H. Con. Res. 276 and H. Res. 429, were introduced.
  Page H3246
Reports Filed: Reports were filed as follows:
  H.R. 3504, to amend the John F. Kennedy Center Act to authorize 
appropriations for the John F. Kennedy Center for the Performing Arts 
and to further define the criteria for capital repair and operation and 
maintenance, amended (H. Doc. 105-533); and
  H. Res. 430, providing for consideration of H.R. 2431, to establish 
an Office of Religious Persecution Monitoring, to provide for the 
imposition of sanctions against countries engaged in a pattern of 
religious persecution (H. Doc. 105-534).
Page H3246
Recess: The House recessed at 9:05 a.m. and reconvened at 10:36 a.m. 
                                                         Pages H3109-16
Former Members of Congress Association Annual Meeting: Agreed that the 
proceedings during the recess be printed in the Congressional Record 
and that all Members and former Members who spoke during the recess 
have the privilege of revising and extending their remarks. 
                                                             Page H3117
Committee Election: The House agreed to H. Res. 429, electing 
Representative Parker to the Committee on Education and the Workforce; 
Representative Lewis of Kentucky to the Committee on Government Reform 
and Oversight; Representative Burr of North Carolina to the Committee 
on International Relations; and Representative Bono to the Committees 
on Judiciary and National Security.
  Pages H3116-17
Presidential Messages: Read the following messages from the President:
  Imposition of Sanctions on India: Message wherein he transmitted his 
report concerning his actions to impose sanctions on India--referred to 
the Committee on International Relations and ordered printed (H. Doc. 
105-250); and
  Page H3119
  National Emergency Re Iran: Message wherein he transmitted his report 
concerning the National Emergency with respect to Iran--referred to the 
Committee on International Relations and ordered printed (H. Doc. 105-
252);
  Pages H3222-23
Financial Services Competition Act of 1997: The House passed H.R. 10, 
to enhance competition in the financial services industry by providing 
a prudential framework for the affiliation of banks, securities firms, 
and other financial service providers by a recorded vote of 214 ayes to 
213 noes, Roll No. 151.
  Pages H3132-H3222
  On demand for a separate vote, agreed to the Metcalf amendment that 
allows the retention of ``Federal'' in the name of a depository 
institution that is converted from a Federal savings association to a 
national bank or a State bank by a yea and nay vote of 256 yeas to 166 
nays, Roll No. 150. The amendment was agreed to earlier in the 
Committee of the Whole by a division vote of 14 to 7.
Page H3221
Agreed To:
  The Bliley amendment that requires each financial regulatory 
authority to review consumer fee disclosures for accuracy, simplicity, 
and completeness; provides the SEC with backup authority to inspect any 
wholesale financial holding company; preserves the authority of the 
Commodity Futures Trading Commission; allows Federal regulators to 
jointly preempt State law that afford less consumer protection than 
Federal regulations; clarifies language to preempt state laws which 
prevent or significantly interfere with national bank activities or 
affiliations to make it more consistent with current law and the 
Barnett Bank of Marion County Supreme Court case; preserves current 
legal standards governing bank insurance sales; provides for 
interagency consultation to encourage coordination and sharing of 
confidential information to improve the supervision of financial 
holding companies and affiliated institutions; permits banks to charge 
unlimited fees for services in their trust department including stock 
purchase plans as long as there are no brokerage commissions; preserves 
the authority of the FTC and Attorney General in antitrust regulation; 
clarifies the jurisdiction of the FTC and preserves the authority of 
Federal banking agencies; clarifies that certain acquisitions of 
insurance companies and securities firms are subject to the Hart-Scott-
Rodino antitrust review; requires an annual GAO report on market 
concentration in the financial services industry and its impact on 
consumers; clarifies the type of derivative instruments that can be 
sold by banks; specifies that a qualified investor includes the 
government of any foreign country; requires a study by the Secretary of 
the Treasury, Federal banking agencies, and the SEC on the extent that 
services are being provided as intended by the Community Reinvestment 
Act; and requires an interim report from the FTC on its ongoing study 
on privacy issues (agreed to by a recorded vote of 407 ayes to 11 noes, 
Roll No. 143);
Pages H3173-82

[[Page D502]]


  The Leach substitute amendment to the Roukema amendment that 
eliminates the 5 percent commercial basket for financial holding 
companies and allows a 15 percent market basket to sunset after 10 
years for certain grandfathered financial holding companies (agreed to 
by a recorded vote of 229 ayes to 193 noes, Roll No. 146); 
                                                  Pages H3209-13, H3215
  The Roukema amendment, as amended, that eliminates the 5 percent 
commercial basket for financial holding companies and allows a 15 
percent market basket to sunset after 10 years for certain 
grandfathered financial holding companies (agreed to by a recorded vote 
of 218 ayes to 204 noes, Roll No. 147);
Pages H3204-09, H3216
  The Kingston amendment that requires a GAO study of the economic 
impact that enactment will have on financial institutions with total 
assets of $100 million or less (agreed to by a recorded vote of 404 
ayes to 18 noes with 1 voting ``present'', Roll No. 148); 
                                               Pages H3213-14, H3216-17
  The Roukema amendment that requires a study by the FDIC on the Bank 
Insurance Fund and the Savings Association Insurance Fund with respect 
to size, risk, concentration levels of funds by number and geographic 
area, and issues and findings related to the planned merger of the 
funds (agreed to by a recorded vote of 406 ayes to 13 noes, Roll No. 
149);
Pages H3214-15, H3217-18
  The Sanders amendment that requires a GAO study regarding the 
efficacy and benefits of uniformly limiting the fees associated with 
acquiring financial products;
Page H3218
  The Metcalf amendment that allows the retention of ``Federal'' in the 
name of a depository institution that is converted from a Federal 
savings association to a national bank or a state bank (agreed to by a 
division vote of 14 to 7); and
Pages H3218-21
  The Moran amendment that provides a 5 year sunset on the requirement 
that a bank purchase an insurance agency in order to engage in new 
insurance activities in a new state.
Page H3220
Rejected:
  The LaFalce amendment that sought to authorize the subsidiaries of 
banks to engage in all financial activities, except for insurance 
underwriting and real estate development, through an operating 
subsidiary structure; ensures that consumer protection regulations 
accede to the stronger of state or Federal consumer protection laws; 
requires an annual GAO report on market concentration and its impact on 
consumer and interim reports from the FTC on its ongoing study on 
consumer privacy issues (rejected by a recorded vote of 115 ayes to 306 
noes with Roll No. 144); and
Pages H3182-92
  The Baker amendment that sought to eliminate Community Reinvestment 
Act requirements for FDIC insured depositary institutions with total 
assets of less than $100 million; establishes a three year sunset on 
the requirement that a bank acquire an insurance agency that is at 
least two years old and provides that state insurance commissioners can 
exempt a bank from this requirement; requires a study by the 
Comptroller of the Currency in conjunction with the National 
Association of Insurance Commissioners on the effectiveness of section 
104(b)(2)(A) relating to the use of the Illinois law in establishing a 
safe harbor for the regulation of insurance sales and solicitation 
activity; prohibits the acquisition of a unitary thrift by an 
unregulated nonfinancial company; and authorizes subsidiaries of 
national banks to engage in certain financial activities (rejected by a 
recorded vote of 140 ayes to 281 noes with 1 voting ``present'', Roll 
No. 145);
Pages H3192-H3203
  H. Res. 428, the rule that provided for consideration of the bill was 
agreed to by a yea and nay vote of 311 yeas to 105 nays, Roll No. 142. 
Pursuant to the rule, the amendment in the nature of a substitute 
printed in part 1 of H. Rept. 105-531, the report accompanying the 
rule, was considered as an original bill for the purpose of amendment. 
                                                         Pages H3122-32
Mandates Information Act of 1998: The House completed general debate 
and began consideration of amendments to H.R. 3534, to improve 
congressional deliberation on proposed Federal private sector mandates. 
Consideration of amendments will resume on Thursday, May 14. 
                                                         Pages H3223-31
  Agreed to the Davis of Virginia amendment that clarifies the 
definition of Federal intergovernmental mandates to insure that the 
Unfunded Mandates Reform Act applies to Medicaid and other entitlement 
program mandates.
Pages H3229-31
  Earlier the House agreed to H. Res. 426, the rule that is providing 
for consideration of the bill by a voice vote.
Pages H3119-22
Senate Messages: Message received today from the Senate appears on page 
H3116.
Referral: S. Con. Res. 75, honoring the sesquicentennial of Wisconsin 
statehood, was referred to the Committee on Government Reform and 
Oversight.
  Page H3244
Amendments: Amendments ordered printed pursuant to the rule appear on 
pages H3247-58.
Quorum Calls--Votes: Two yea and nay votes and eight recorded votes 
developed during the proceedings of the House today and appear on pages 
H3131-32, H3181-82, H3192, H3203, H3215, H3216, H3216-17, H3217-18, 
H3221, and H3221-22. There were no quorum calls.

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Adjournment: Met at 9:00 a.m. and adjourned at 11:59 p.m.