[Congressional Record Volume 145, Number 142 (Tuesday, October 19, 1999)]
[House]
[Pages H10232-H10235]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       BANKING AND HOUSING AGENCY ACCOUNTABILITY PRESERVATION ACT

  Mrs. KELLY. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 3046) to preserve limited Federal agency reporting 
requirements on banking and housing matters to facilitate congressional 
oversight and public accountability, and for other purposes, as 
amended.
  The Clerk read as follows:

                               H.R. 3046

       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 ``Banking and Housing Agency 
     Accountability Preservation Act''.

     SEC. 2. PRESERVATION OF CERTAIN REPORTING REQUIREMENTS.

       Section 3003(a)(1) of the Federal Reports Elimination and 
     Sunset Act of 1995 (31 U.S.C. 1113 note) shall not apply to 
     any report required to be submitted under any of the 
     following provisions of law:
       (1) Section 3 of the Employment Act of 1946 (15 U.S.C. 
     1022).
       (2) Section 309 of the Defense Production Act of 1950 (50 
     U.S.C. App. 2099).
       (3) Section 603 of the Public Works and Economic 
     Development Act of 1965 (42 U.S.C. 3213).
       (4) Section 7(o)(1) of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3535(o)(1)).
       (5) Section 540(c) of the National Housing Act (12 U.S.C. 
     1735f-18(c)).
       (6) Paragraphs (2) and (6) of section 808(e) of the Civil 
     Rights Act of 1968 (42 U.S.C. 3608(e)).
       (7) Section 1061 of the Housing and Community Development 
     Act of 1992 (42 U.S.C. 4856).
       (8) Section 24(l) of the United States Housing Act of 1937 
     (42 U.S.C. 1437v(l)).
       (9) Section 203(v) of the National Housing Act (12 U.S.C. 
     1709(v)), as added by section 504 of the Housing and 
     Community Development Act of 1992 (Public Law 102-550; 106 
     Stat. 3780).
       (10) Section 232(j) of the National Housing Act (12 U.S.C. 
     1715w(j).
       (11) Section 802 of the Housing Act of 1954 (12 U.S.C. 
     1701o) and section 8 of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3536).
       (12) Section 1320 of the National Flood Insurance Act of 
     1968 (42 U.S.C. 4027).
       (13) Section 113(a) of the Housing and Community 
     Development Act of 1974 (42 U.S.C. 5313(a)).

[[Page H10233]]

       (14) Section 626 of the National Manufactured Housing 
     Construction and Safety Standards Act of 1974 (42 U.S.C. 
     5425).
       (15) Section 4(e)(2) of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3533(e)(2).
       (16) Section 205(g) of the National Housing Act (12 U.S.C. 
     1711(g)).
       (17) Section 2546 of the Comprehensive Thrift and Bank 
     Fraud Prosecution and Taxpayer Recovery Act of 1990 (28 
     U.S.C. 522 nt.).
       (18) Section 701(c)(1) of the International Financial 
     Institutions Act (22 U.S.C. 262d(c)(1)).
       (19) Paragraphs (1) and (2) of sections 5302(c) of title 
     31, United States Code.
       (20) Section 18(f)(7) of the Federal Trade Commission Act. 
     (15 U.S.C. 57a(f)(7)).
       (21) Section 333 of the Revised Statutes of the United 
     States (12 U.S.C. 14).
       (22) Section 3(g) of the Home Owners' Loan Act (12 U.S.C. 
     1462a(g)).
       (23) Section 537(h)(2) of the Foreign Operations, Export 
     Financing, and Related Programs Appropriations Act, 1988 (22 
     U.S.C. 262l(h)(2)).
       (24) Section 304 of the Appalachian Regional Development 
     Act of 1965 (40 U.S.C. App. 304).
       (25) Sections 2(b)(1)(A), 8(a), 8(c), 10(g)(1), and 11(c) 
     of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635(b)(1)(A), 635g(a), 635g(c), 635i-3(g), and 635i-5(c)).
       (26) Section 17 of the Federal Deposit Insurance Act, other 
     than subsection (h) (12 U.S.C. 1827).
       (27) Section 13 of the Federal Financing Bank Act of 1933 
     (12 U.S.C. 2292).
       (28) Section 202(b)(8) of the National Housing Act (12 
     U.S.C. 1708(b)(8)).
       (29) Section 10(j)(12) of the Federal Home Loan Bank Act 
     (12 U.S.C. 1430(j)(12)).
       (30) Section 2B(d) of the Federal Home Loan Bank Act (12 
     U.S.C. 1422b(d)).
       (31) Section 1002(b) of Financial Institutions Reform, 
     Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 nt.).
       (32) Section 8 of the Fair Credit and Charge Card 
     Disclosure Act of 1988 (15 U.S.C. 1637 nt.).
       (33) Section 136(b)(4)(B) of the Truth in Lending Act (15 
     U.S.C. 1646(b)(4)(B)).
       (34) Section 707 of the Equal Credit Opportunity Act (15 
     U.S.C. 1691f).
       (35) Section 114 of the Truth in Lending Act (15 U.S.C. 
     1613).
       (36) The 7th undesignated paragraph of section 10 of the 
     Federal Reserve Act (12 U.S.C. 247).
       (37) The 10th undesignated paragraph of section 10 of the 
     Federal Reserve Act (12 U.S.C. 247a).
       (38) Section 2A of the Federal Reserve Act (12 U.S.C. 
     225a).
       (39) Section 815 of the Fair Debt Collection Practices Act 
     (15 U.S.C. 1692m).
       (40) Section 102(d) of the Federal Credit Union Act (12 
     U.S.C. 1752a(d)).
       (41) Section 21B(i) of the Federal Home Loan Bank Act (12 
     U.S.C. 1441b(i)).
       (42) Section 607(a) of the Housing and Community 
     Development Amendments of 1978 (42 U.S.C. 8106(a)).

     SEC. 3. ELIMINATION OF CERTAIN REPORTING REQUIREMENTS.

       (a) Export-Import Bank.--
       (1) Section 2(b)(1)(D) of the Export-Import Bank Act of 
     1945 (12 U.S.C. 635(b)(1)(D)) is amended--
       (A) by striking ``(i)''; and
       (B) by striking clause (ii).
       (2) Section 2(b)(8) of such Act (12 U.S.C. 635(b)(8)) is 
     amended by striking the last sentence.
       (3) Section 6(b) of such Act (12 U.S.C. 635e(b)) is amended 
     by striking paragraph (2) and redesignating paragraph (3) as 
     paragraph (2).
       (4) Section 8 of such Act (12 U.S.C. 635g) is amended by 
     striking subsections (b) and (d) and redesignating 
     subsections (c) and (e) as subsections (b) and (c), 
     respectively.
       (b) Federal Deposit Insurance Corporation.--Section 17 of 
     the Federal Deposit Insurance Act (12 U.S.C. 1827) is amended 
     by striking subsection (h).

  The SPEAKER pro tempore (Mr. Burr of North Carolina). Pursuant to the 
rule, the gentlewoman from New York (Mrs. Kelly) and the gentleman from 
Pennsylvania (Mr. Kanjorski) each will control 20 minutes.
  The Chair recognizes the gentlewoman from New York (Mrs. Kelly).
  Mrs. KELLY. Mr. Speaker, I yield myself such time as I may consume.
  (Mrs. KELLY asked and was given permission to revise and extend her 
remarks.)
  Mrs. KELLY. Mr. Speaker, I rise in support of H.R. 3046, the Banking 
and Housing Agency Accountability Preservation Act. I want to thank my 
distinguished colleagues on the other side of the aisle, the ranking 
minority member of the Committee on Banking and Financial Services, the 
gentleman from New York (Mr. LaFalce), for his cosponsorship of this 
bill and for his cooperation in bringing the bill to the floor.
  I also want to recognize the cosponsorship of the distinguished 
Chairman of the House Committee on Banking and Financial Services, the 
gentleman from Iowa (Mr. Leach), the Chairman of the Subcommittee on 
Financial Institutions and Consumer Credit, the gentlewoman from New 
Jersey (Mrs. Roukema), and the ranking minority member of the 
subcommittee, the gentleman from Minnesota (Mr. Vento).
  In a nutshell, this bipartisan bill sees to exempt from the impending 
December 21, 1999, sunset date a number of reports which have been 
identified as useful to the Committee on Banking and Financial Services 
or to the general public. Perhaps the most well-known of these is the 
semiannual Humphrey-Hawkins reports of the Federal Reserve Board to the 
House Committee on Banking and Financial Services and the Senate 
Committee on Banking, Housing, and Urban Affairs.
  While the combination of Chairman Greenspan's prudential stewardship 
of monetary policy and the Congress' more disciplined fiscal policy has 
produced the longest peace-time growth in modern times, no committee 
has a greater ongoing oversight obligation than the Committee on 
Banking and Financial Services with its jurisdiction over the Fed's 
conduct of monetary policy.
  Simply put, it would be unthinkable not to hold the Fed precisely and 
regularly accountable for its conduct of monetary policy. Whether or 
not we succeed in getting this legislation to the President in time to 
continue the legislative mandate for regular congressional review of 
the Fed's conduct of monetary policy, it is the committee's intent to 
require the Chairman of the Board of Governors to report regularly on 
the state of the economy and the Federal Reserve's policy to sustain 
economic growth and promote the fullest credible employment of the 
American work force.
  The upcoming sunset of the Humphrey-Hawkins report and various other 
banking and housing reports dates back to the Federal Reports 
Elimination and Sunset Act of 1995, Public Law 104-66, which ordered 
hundreds of annual, semi-annual, or other regular periodic Federal 
reports in a 1993 Clerk's Report, House document 103-7, to terminate in 
4 years. The 1993 Clerk's Report cited thousands of Federal reports 
issued by the GAO, the President, Federal departments and agencies, 
advisory boards and commissions, and the judicial branch.
  In principle, I concur with the spirit of the sunset law in 
eliminating outdated or wasteful reporting requirements. However, in 
hindsight, it appears that the law used a meat axe approach where a 
scalpel might have been more appropriate.
  As a result of concerns about the sunset of the Humphrey-Hawkins 
reports which were brought to the attention of the committee earlier 
this year, the gentleman from Iowa (Mr. Leach) instructed staff to 
review the 1993 Clerk's Report to assess the potential impact of the 
sunset law on policy matters under the Committee on Banking and 
Financial Services' jurisdiction. An early count identified 
approximately 270 reports that had some connection to the work of the 
Committee on Banking and Financial Services, ranging from reports by 
the Department of the Treasury and the Department of Housing and Urban 
Development, to certain reports by the President and various agencies, 
such as the Board of Governors of the Federal Reserve, the Federal 
Deposit Insurance Corporation, and the Export-Import Bank.
  On closer examination, numerous reports did not appear to be affected 
by the sunset provision because they did not fall into the regular and 
periodic definition of the sunset law. Other reports among the 270 were 
the one-time reports only, or report requirements which had already 
expired, or been amended or repealed. Some reports were required from 
agencies that have since gone out of business.
  In order to ascertain the need for the remaining active reports, the 
committee sent letters in April to several key departments and 
agencies, inviting their input. Most returned helpful comments. As 
might be expected, the committee's efforts confirmed that a large 
number of reports should sunset as scheduled, but also identified a 
group of reports that probably should be exempted from the sunset.
  That latter group is found in section 2 of the bill. It includes, in 
addition to the Federal Reserve's semiannual Humphrey-Hawkins reports 
on monetary policy, such reports as the Fed's reports on the policy 
actions of the Federal Open Market Committee,

[[Page H10234]]

HUD's agenda of all rules and regulations, as well as an annual report 
on early defaults on FHA-insured mortgages, Treasury's reports on the 
Economic Stabilization Fund, and annual reports from the Export-Import 
Bank as well as various banking agencies.
  Section 2 also includes a number of important consumer reports such 
as the Fed's survey of bank fees, and reports from the banking agencies 
describing actions each has taken to prevent unfair or deceptive acts 
or practices by banks to address consumer complaints.
  In addition to Treasury, HUD, the Federal Reserve, and Ex-IM Bank, 
some of the other agencies covered by section 2 include the FDIC, the 
Office of the Comptroller of the Currency, the Office of Thrift 
Supervision, the National Credit Union Administration, and the Federal 
Housing Finance Board.
  Finally, I might add that section 3 of the bill also includes, after 
consultations with the FDIC and Ex-IM Bank, provisions which will 
repeal a handful of additional reporting requirements not on the sunset 
list.
  Mr. Speaker, this is a good bill.
  Mr. Speaker, I reserve the balance of my time.
  Mr. KANJORSKI. Mr. Speaker, I yield myself such time as I may 
consume.
  Under the Federal Reports Elimination and Sunset Act of 1995, a host 
of periodic reports to Congress from agencies and departments 
throughout the government are slated to sunset on December 21, 1999, 
unless they are specifically reauthorized. This bill accomplishes that 
reauthorization for agencies and departments within the jurisdiction of 
the Committee on Banking and Financial Services.
  The 1995 Sunset Act was not as broad as was originally believed when 
it was actually applied to specific reports. After an entire list of 
reports to Congress had been winnowed down by exceptions to the Act 
itself, by the fact many reports were not truly periodic, and by the 
fact that many periodic reports expired by their own terms, a limited 
list fell within the sunset provisions. This bill renews those which 
remain pertinent to today's conditions.
  For a few examples, it reinstates reports having to do with 
discriminatory housing practices, assisted living, bank fees and 
services, credit card profitability, credit card prices, the Equal 
Credit Opportunity Act, the Truth in Lending Act, and the Neighborhood 
Reinvestment Act. Forty-two reports in all are reauthorized.
  Perhaps most important among these are the President's Economic 
Report, the annual report of the Council of Economic Advisers, and the 
semiannual Humphrey-Hawkins Report of the Federal Reserve. As to the 
latter, and in anticipation of press inquiries, I would note that the 
Federal Reserve has assured Congress that regardless of whether H.R. 
3046 becomes law prior to December 21, 1999, the Federal Reserve will 
treat the present requirements of the Humphrey-Hawkins Act as law in 
the future. I hope this fact forestalls any speculation that Congress 
will be unable to do adequate oversight of the Federal Reserve should 
the December deadline be unobtainable.
  Additionally, it would be my expectation that departments and 
agencies would submit those other reports listed in H.R. 3046 for this 
calendar year as if this bill were Public Law, since these documents 
are vital to oversight functions of the Committee on Banking and 
Financial Services.
  Mr. Speaker, the example of the need for this law reflects what 
sometimes unintended consequences occur in the name of reform and 
hastily drawn activity as the 1995 act was.
  I want to commend my colleagues on the other side, and particularly 
the gentleman from Iowa (Mr. Leach), for recognizing that the oversight 
of the Congress, and particularly the Committee on Banking and 
Financial Services, is so essential, and that these reports are part of 
good government, to have the information and knowledge contained 
therein, if the Congress is to appropriately act.
  I am pleased that we are doing this today in a bipartisan way with 
this legislation and that it was drafted and moved in that spirit.
  Mr. Speaker, I have no further requests for time, and I yield back 
the balance of my time.
  Mrs. KELLY. Mr. Speaker, I yield such time as she may consume to the 
gentlewoman from New Jersey (Mrs. Roukema) and a cosponsor of this 
bill.
  Mrs. ROUKEMA. Mr. Speaker, I thank my colleague, the gentlewoman from 
New York (Mrs. Kelly), and the gentleman from Pennsylvania (Mr. 
Kanjorski) on the committee. They have really properly outlined the 
issue that is before us here today. And needless to say, I am rising in 
strong support of everything that they have stated, but would like to 
give my own perspective in addition on this subject.
  As has been pointed out adequately by the two previous speakers, the 
clock is ticking here. And unless we act by December 31, valuable 
reports, like the Humphrey-Hawkins testimony, delivered by the Fed 
board chairman, will be badly impacted. It will be eliminated, and 
others, as have been outlined.

                              {time}  1515

  But I think it is very important and to be commended that we be able 
to bring this bill before us today. But let me make this point. It is 
not an abstraction as far as our constituents and the customers at 
banks are concerned or the customers in housing projects are concerned. 
This is really a vehicle for continuing to protect those constituents 
in their dealings with these Federal legislative issues as well as with 
their bank down the street or their housing department.
  I would like to make an observation here with respect to how we came 
to this situation, and it has been properly outlined and explained by 
the gentlewoman from New York (Mrs. Kelly) about the Sunset Act of 1995 
and how it terminated or modified the statutory requirements of over 
200 mandatory reports.
  Now, I want to make the point that I supported that legislation at 
the time and I did think it was a common-sense piece of legislation. 
And by the way, I would still support a modification as it applies to 
other unnecessary duplicative reports. There is no question but that 
there are a lot of unnecessary reports that should be terminated. But 
in this particular bill, we have selected those that have clearly 
proven to be of essential value not only in terms of banking and 
housing but also in terms of how we deal with our economy through the 
Federal Reserve Board.
  So we have used this time effectively to assess the need for certain 
reports, and we have here today before us the 50 reports that should be 
included in the areas of banking and housing.
  Let me just conclude by making this observation. The recurring flow 
of timely and accurate information from the executive branch to the 
Congress is essential in terms of our oversight responsibilities as 
Members here and as a legislative body. And may I point out, this is a 
constitutional responsibility and it is part of the check-and-balance 
system of our Constitution, checks and balances between the legislative 
and executive branches of our Government.
  So I think that the Federal Reports Elimination Sunset Act served a 
purpose. We reviewed it. And in these cases they proved absolutely 
essential to our serving our constituents well.
  Mr. Speaker, I rise in strong support of H.R. 3046--the Banking and 
Housing Agency Accountability Preservation Act. The bill we are 
considering today, would allow the continued flow of information from 
the Executive Branch to the Congress on important issues relating to 
banking and housing.
  Mr. Speaker. The clock is ticking. Unless we act by December 31, 
1999, valuable reports like the semi-annual Humphrey-Hawkins testimony 
delivered by the Federal Reserve Board chairman on the state of the 
nation's economy and the Federal Reserve's annual survey on bank fees 
and services will be eliminated. The semi-annual Humphrey-Hawkins 
testimony given by the Federal Reserve Chairman is crucial information 
for the Congress in evaluating budget, tax and issues relating to our 
economy.
  Reports on issues like bank fees and services are information that 
Congress must have if we are to accurately evaluate whether our current 
laws are adequate for protecting consumers. Other reports are important 
for Congress in determining if our current laws include the appropriate 
safeguards for protecting our deposit insurance system protecting bank 
customers.
  The bill also continues a number of reports by the departments of 
Housing and Urban Development, Treasury, the Export-Import Bank, and 
the Federal Housing Finance Board.

[[Page H10235]]

These reports are critical to Congressional oversight and government 
accountability.
  In 1995, Congress passed the Federal Reports Elimination and Sunset 
Act of 1995. This legislation terminated or modified the statutory 
requirement for over 200 mandatory reports to Congress, and sunsetted 
most other mandatory reports after four years. The intent of the 
Federal Reports Elimination and Sunset Act was to end the needless 
expense of hundreds of millions of taxpayer dollars each year on many 
Federal reports that are of minor value to the Congress and to our 
constituents--the American people. I supported that common-sense 
legislation then and still support the elimination of unnecessary and 
duplicative reports now.
  However, there are many reports required by Congress that as these 
have been reviewed we have proven are vitally important--including the 
50 reports that this legislation will continue in the area of Banking 
and Housing. The recurring flow of timely and accurate information from 
the executive branch to the Congress is essential to our oversight 
responsibilities as Members, and as a legislative body and our 
constitutional responsibility--i.e. this is part of the check & balance 
system of our democracy.
  Support H.R. 3046.
  I yield back the balance of my time.
  Mrs. KELLY. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I believe this bill strikes a balance between ending 
waste in Government on the one hand and preserving congressional 
oversight and public accountability on the other. I urge my colleagues 
to lend it their full support.
  Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from New York (Mrs. Kelly) that the House suspend the rules 
and pass the bill, H.R. 3046, as amended.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

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