[Congressional Record Volume 161, Number 170 (Wednesday, November 18, 2015)]
[House]
[Pages H8292-H8297]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
PROVIDING FOR CONSIDERATION OF H.R. 1210, PORTFOLIO LENDING AND
MORTGAGE ACCESS ACT; PROVIDING FOR CONSIDERATION OF H.R. 3189, FED
OVERSIGHT REFORM AND MODERNIZATION ACT OF 2015; AND PROVIDING FOR
PROCEEDINGS DURING THE PERIOD FROM NOVEMBER 20, 2015, THROUGH NOVEMBER
27, 2015
Mr. STIVERS. Mr. Speaker, by direction of the Committee on Rules, I
call up House Resolution 529 and ask for its immediate consideration.
The Clerk read the resolution, as follows:
H. Res. 529
Resolved, That upon adoption of this resolution it shall be
in order to consider in the House the bill (H.R. 1210) to
amend the Truth in Lending Act to provide a safe harbor from
certain requirements related to qualified mortgages for
residential mortgage loans held on an originating depository
institution's portfolio, and for other purposes. All points
of order against consideration of the bill are waived. An
amendment in the nature
[[Page H8293]]
of a substitute consisting of the text of Rules Committee
Print 114-34 shall be considered as adopted. The bill, as
amended, shall be considered as read. All points of order
against provisions in the bill, as amended, are waived. The
previous question shall be considered as ordered on the bill,
as amended, and on any further amendment thereto, to final
passage without intervening motion except: (1) one hour of
debate equally divided and controlled by the chair and
ranking minority member of the Committee on Financial
Services; (2) the further amendment printed in part A of the
report of the Committee on Rules accompanying this
resolution, if offered by Representative Norcross of New
Jersey or his designee, which shall be in order without
intervention of any point of order, shall be considered as
read, shall be separately debatable for 10 minutes equally
divided and controlled by the proponent and an opponent, and
shall not be subject to a demand for division of the
question; and (3) one motion to recommit with or without
instructions.
Sec. 2. At any time after adoption of this resolution the
Speaker may, pursuant to clause 2(b) of rule XVIII, declare
the House resolved into the Committee of the Whole House on
the state of the Union for consideration of the bill (H.R.
3189) to amend the Federal Reserve Act to establish
requirements for policy rules and blackout periods of the
Federal Open Market Committee, to establish requirements for
certain activities of the Board of Governors of the Federal
Reserve System, and to amend title 31, United States Code, to
reform the manner in which the Board of Governors of the
Federal Reserve System is audited, and for other purposes.
The first reading of the bill shall be dispensed with. All
points of order against consideration of the bill are waived.
General debate shall be confined to the bill and shall not
exceed one hour equally divided and controlled by the chair
and ranking minority member of the Committee on Financial
Services. After general debate the bill shall be considered
for amendment under the five-minute rule. In lieu of the
amendment in the nature of a substitute recommended by the
Committee on Financial Services now printed in the bill, an
amendment in the nature of a substitute consisting of the
text of Rules Committee Print 114-35, modified by the
amendment printed in part B of the report of the Committee on
Rules accompanying this resolution, shall be considered as
adopted in the House and in the Committee of the Whole. The
bill, as amended, shall be considered as the original bill
for the purpose of further amendment under the five-minute
rule and shall be considered as read. All points of order
against provisions in the bill, as amended, are waived. No
further amendment to the bill, as amended, shall be in order
except those printed in part C of the report of the Committee
on Rules. Each such further amendment may be offered only in
the order printed in the report, may be offered only by a
Member designated in the report, shall be considered as read,
shall be debatable for the time specified in the report
equally divided and controlled by the proponent and an
opponent, shall not be subject to amendment, and shall not be
subject to a demand for division of the question in the House
or in the Committee of the Whole. All points of order against
such further amendments are waived. At the conclusion of
consideration of the bill for amendment the Committee shall
rise and report the bill, as amended, to the House with such
further amendments as may have been adopted. The previous
question shall be considered as ordered on the bill, as
amended, and any further amendment thereto to final passage
without intervening motion except one motion to recommit with
or without instructions.
Sec. 3. On any legislative day during the period from
November 20, 2015, through November 27, 2015--
(a) the Journal of the proceedings of the previous day
shall be considered as approved; and
(b) the Chair may at any time declare the House adjourned
to meet at a date and time, within the limits of clause 4,
section 5, article I of the Constitution, to be announced by
the Chair in declaring the adjournment.
Sec. 4. The Speaker may appoint Members to perform the
duties of the Chair for the duration of the period addressed
by section 3 of this resolution as though under clause 8(a)
of rule I.
The SPEAKER pro tempore. The gentleman from Ohio is recognized for 1
hour.
Mr. STIVERS. Mr. Speaker, for the purpose of debate only, I yield the
customary 30 minutes to the gentleman from Florida (Mr. Hastings),
pending which I yield myself such time as I may consume. During
consideration of this resolution, all time yielded is for the purpose
of debate only.
General Leave
Mr. STIVERS. Mr. Speaker, I ask unanimous consent that all Members
have 5 legislative days to revise and extend their remarks.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Ohio?
There was no objection.
Mr. STIVERS. Mr. Speaker, on Tuesday, the Rules Committee met and
reported a rule for H.R. 1210, the Portfolio Lending and Mortgage
Access Act, and H.R. 3189, the Fed Oversight Reform and Modernization
Act of 2015. House Resolution 529 provides a structured rule for
consideration of H.R. 1210 and H.R. 3189.
The resolution provides 1 hour of debate equally divided between the
chair and ranking minority member of the Committee on Financial
Services for H.R. 1210 and for H.R. 3189. The resolution provides for
the consideration of one amendment to H.R. 1210 and consideration of
six amendments to H.R. 3189. The resolution also provides a motion to
recommit for each bill. In addition, the rule provides the normal
recess authorities to allow the chair to manage pro forma sessions
during next week's district work period.
Mr. Speaker, I rise today in support of the resolution and the
underlying legislation.
Mr. Speaker, as you know, the 2008 financial crisis was caused, in
part, by the subprime lending meltdown. Financial institutions would
originate loans. They would sell off 100 percent of those loans with no
skin in the game to some investment party, a third party, and they
would keep their fee. But they wouldn't keep any of the risk.
This led to a lot of loans to individuals and families that had an
inability to repay those loans, and that resulted in our crisis. The
bottom line was these institutions had no skin in the game.
The situation became so egregious that, at one point, there was a
term in the industry called a NINJA loan. NINJA stood for no income, no
job, no assets.
Borrowers across the country were being given loans by loan
originators. Those originators knew they were impossible to repay, but
the originators didn't care because they took their fee and had no skin
in the game.
When the borrowers began to default on these loans, banks and others
holding these mortgages began to lose tremendous amounts of assets,
which precipitated the financial collapse.
In response, Congress passed the Dodd-Frank Act, which reforms
mortgage lending and makes a lot of changes. One of those is around the
ability to repay.
The Dodd-Frank statute created a category of loans called qualified
mortgages that are deemed to comply with the law's ability-to-repay
requirements. It provided a safe harbor from lawsuits, and it made sure
that that safe harbor also covered regulatory action, provided that
those loans met certain characteristics and underwriting criteria.
While it is important that we ensure the creditworthiness of
potential homeowners and home buyers to avoid repeating our past
mistakes, the current regulatory environment has unnecessarily
restrained mortgage lending and has made it difficult for some
creditworthy borrowers to obtain a loan. The bottom line of this crisis
was that it was created by no skin in the game.
The Portfolio Lending and Mortgage Access Act would provide much-
needed regulatory relief and allow consumers to buy a home and ensure
not only that there is some skin in the game--there is 100 percent skin
in the game. The banks and institutions that make these portfolio loans
have 100 percent skin in the game. They lose dollar one when the loans
go bad.
This bill provides that, when residential mortgages are held by that
originator, the bank, if they hold them in their portfolio as opposed
to being sold into the secondary market, they will be considered a
qualified mortgage for the purpose of ability to repay.
It will make sure that more financial institutions have an incentive
to make loans to individuals and the requirement for making those loans
will be to take the entire risk, not pass that risk on to some un-named
third-party investor, but keep that risk in their portfolio.
That is why it is called the Portfolio Lending Act. They will have
100 percent of the skin in the game. This legislation will also help
borrowers gain access to mortgages that they badly need.
H.R. 3189, the Fed Oversight Reform and Modernization Act, pulls back
the curtain at the Federal Reserve and makes it more accountable and
transparent to the American people. The Federal Reserve has more power
and responsibility today than ever before,
[[Page H8294]]
and that is precisely why this law is so important. The institution
needs to be modernized, and the decisions they make need to be
transparent and predictable to the marketplace.
The FORM Act, as it is called, requires the Federal Reserve to
transparently communicate its monetary policy decisions to the American
people. It does not require them to choose any one method.
Some people talk a lot about the so-called Taylor rule. This bill
does not require the Federal Reserve to use the Taylor rule or any
other process. It just requires that, when they make decisions, they
need to make that decision and the reasons behind it transparent to the
American people and explain how they make their decisions. Whether they
use a rule or whether they use some other process, it needs to be
transparent.
This bill also requires the Federal Reserve to conduct a cost-benefit
analysis that every other Federal agency already has to comply with so
that we know whether the costs of complying with the regulations exceed
or are less than the benefits of those regulations. It is simple common
sense. Other agencies use this cost-benefit analysis today.
The FORM Act protects the Federal Reserve's independence, as it
requires the Federal Reserve to generate a monetary strategy of their
own choosing, but requires them to give more accounting of their
actions and transparency to their actions. The bill ensures that the
American people understand how the Federal Reserve makes the decisions
they make and why they make the decisions they make.
Mr. Speaker, I know that I, along with many of our colleagues in the
House, have believed for a long time that we should audit the Federal
Reserve. I am pleased to inform my colleagues that this legislation
requires an audit of the Fed, and it contains provisions that remove
restrictions placed on the GAO's ability to conduct an audit of the
Federal Reserve. It directs the GAO, in fact, to conduct an audit of
the Federal Reserve within 12 months of enactment and requires the GAO
to report to Congress within 90 days of completion of that audit.
As the Federal Reserve plays an outsized role in the health of our
Nation's economy, it is imperative that we make sure that their opaque
structure is made transparent so the American people understand the
decisions the Federal Reserve makes and why they make them because it
has such an incredible impact on our economy.
Mr. Speaker, I look forward to debating these bills with our
colleagues in the House as well as the amendments yet to come, and I
would ask adoption of both the underlying bills and support of the
underlying bills.
I reserve the balance of my time.
Mr. HASTINGS. Mr. Speaker, I yield myself such time as I may consume.
I thank the gentleman, my friend from Ohio, for yielding me the
customary 30 minutes for debate.
I rise today, Mr. Speaker, in opposition to this rule, which provides
for consideration of both H.R. 1210, the Portfolio Lending and Mortgage
Access Act, and H.R. 3189, the Fed Oversight Reform and Modernization
Act of 2015.
As the first matter of business, I would like to recognize that
yesterday's rule, H. Res. 526, marked the 45th closed rule of this
congressional session, making it the most closed session in history.
{time} 1245
I join my colleagues in the minority in their distaste for this
closed and exclusive process and echo their calls to Speaker Ryan to
maintain his pledge to usher in a more transparent and open debate
process that includes input from Members of both parties.
Very occasionally I talk about when I first came to Congress in 1993.
The radio at that time was hammering those who were perpetrating closed
rules. My party was in the majority and was being rightly, in my
opinion, accused in that regard. I didn't know what a closed rule was.
I didn't come here and start on this committee. But now that I have had
a considerable amount of experience on this committee, I have come to
believe that it is wrong for either party in the majority to conduct a
process that disallows Members in this body from having an opportunity
to participate in refining the underlying bills that come here for our
consideration.
Mr. Speaker, H.R. 1210 seeks to amend the Truth in Lending Act to
provide that depository institution creditors be subject to a legal
safe harbor for mortgage loans meeting specified limitations that,
since origination, have been held on the institution's balance sheet.
The bill would extend this legal safe harbor to mortgage originators
that steer borrowers to a nonqualified mortgage loan if the originator
and borrower are notified that the lender intends to hold the loan in
its portfolio.
We have seen firsthand the consequences that ensue when underwriting
standards are virtually abandoned by both large and small lenders. This
phenomenon, which contributed to the financial crisis and a bank
bailout to the tune of $700 billion in taxpayer money, enabled
predatory lenders to offer loans, the terms of which individuals could
not afford or, worse, incentivize their brokers to steer families into
more expensive loans, even when they qualified for lower rates and a
standard mortgage product. African American and Latino borrowers and
single persons were disproportionately affected by these bad loans.
This legislation would eliminate effective reforms that require
lenders to verify a consumer's ability to repay and would allow lenders
to once again steer families into the same risky mortgage products with
the same predatory practices that destroyed the savings and investments
of American families a few short years ago.
Today's rule also allows for consideration of H.R. 3189, the Fed
Oversight Reform and Modernization Act. This bill will fundamentally
change the way the Federal Reserve implements monetary policy. In doing
so, this bill will change the current proven nonpartisan approach to
monetary policy the Fed currently embraces and will replace it with a
rule-based and politically partisan regime.
H.R. 3189 will tie the hands of the Federal Reserve whose objective
with regard to monetary policy is to maximize employment, stabilize
prices, and moderate long-term interest rates. This legislation will
require the Fed to engage in a rulemaking to provide a ridged
mathematical formula for setting the interest rate. This notion is not
only bad policy that will prevent the Fed from acting swiftly and
nimbly to address a potential financial crisis, but Fed Chair Janet
Yellen has stated that it ``would be a grave mistake for the Federal
Reserve to commit to conduct monetary policy according to a
mathematical rule.''
Additionally, this bill will create a partisan commission, with twice
as many Republican Members as Democrats, to review the Federal Reserve
monetary policy and make changes to its current vital role in
determining that policy. The objectives of the Fed and the policy
behind our money supply are much too important to be subjected to
political pressure from a partisan commission.
This legislation will do serious harm to the Federal Reserve, leading
us down a path of politicizing monetary policy and hamstringing the
agency with onerous and unnecessary rulemakings.
Mr. Speaker, I reserve the balance of my time.
Mr. STIVERS. Mr. Speaker, I yield myself such time as I may consume.
I would like to address, Mr. Speaker, a couple of the gentleman from
Florida's points about the process.
Under our new Speaker, we have had five rules. Four have been
structured, and let's look at today's rule.
All of the germane amendments were made in order. In fact, to H.R.
1210, there is one amendment, and it is a Democratic amendment; to H.R.
3189, there are six amendments, and four are Democratic amendments.
That is 75 percent of the amendments are Democratic amendments. That is
a pretty open process. I am leaving out the fact that we also allow for
a motion to recommit to each of the bills.
Mr. HASTINGS. Will the gentleman yield?
Mr. STIVERS. I yield to the gentleman from Florida.
Mr. HASTINGS. My question to you is, even though the germane
amendments were made in order, under the structured rule, am I correct
that
[[Page H8295]]
other Members of the House of Representatives who did not, at the time,
file an amendment before the Rules Committee that you and I serve, that
they are precluded? That is basically what I am arguing.
Mr. STIVERS. Mr. Speaker, to the gentleman from Florida's point, it
is true that, with a structured rule, somebody can't walk in off the
street, a Member of Congress, that didn't come to the Rules Committee,
and come up with an amendment right now that they are writing on a
napkin and bring it in here.
But we did have an open process. We published the deadline, and we
accepted not only ones that met the deadline, but late amendments. In
fact, I think, of the amendments that we made in order, five of the
seven amendments made in order today were actually filed late, so we
did allow late amendments. That is off the top of my head. We will
double-check the facts on five, but it was several of the amendments
that were even filed late, we allowed.
It is true, though, that somebody can't just walk right in here. It
is not an open rule. It is a structured rule. So you can't just walk in
the day of the floor hearing in about 45 minutes and offer an amendment
that nobody has ever seen before. So I understand the gentleman's
point.
Mr. HASTINGS. Will the gentleman continue to yield?
Mr. STIVERS. I yield again to the gentleman from Florida.
Mr. HASTINGS. I thank the gentleman for yielding.
My ultimate point was that in this year, we have had 45 closed rules
and, clearly, Members are precluded. That 45, I might add, has been
achieved in this year, and that is more than in the previous session of
Congress. That is the point I wish to make.
Mr. STIVERS. I appreciate the gentleman making his point.
Mr. Speaker, my point is, under the new Speaker, we have only had one
closed rule.
Will we occasionally have a closed rule? Yes. When the other party
was in charge, they had closed rules all the time, too. Closed rules
will happen occasionally, but we will have an open process. I think
having four out of five as structured rules is a pretty good
measurement for the brand-new Speaker in our new day that we are
experiencing.
I appreciate the gentleman's point, but the point is we are making
the process more open. It may not be to the gentleman's liking, Mr.
Speaker, but we are attempting to make the process more open and will
continue to work on that.
I do want to make a couple of points, and then I will reserve the
balance of my time.
With regard to the charge that somehow in H.R. 1210 this will result
in risky mortgage loans--and that is why I went through the history of
the crisis where people took a fee, securitized the loan. They
privatized gains and socialized losses for the taxpayers to cover. The
only way this portfolio lending bill works is if these lenders hold
these loans in their own portfolio and take 100 percent of the downside
risk. That is not placing it on anybody else. That was one of the
reforms that was put in place, and Dodd-Frank was skin in the game. I
can't think of anything more than 100 percent skin in the game. We
think that will ensure that nobody privatizes the gains and socializes
the losses, and we think it is a reasonable step to allow people to get
access to mortgages where somebody is willing to put their own money at
risk.
With regard to the charge that this is going to somehow tie the
Federal Reserve's hands in H.R. 3189, this bill is about transparency
and accountability. It is making sure the Federal Reserve communicates
whatever they use. If they want to use a Magic 8 Ball, they just have
to tell everybody, ``Hey, we are using a Magic 8 Ball.''
I think there is nothing wrong with transparency. Transparency is
great for the American economy, and it is great for the American
people. The gentleman was just making the argument about how we need to
be more open and transparent, and I think we need to demand it of the
Federal Reserve.
Mr. Speaker, I reserve the balance of my time.
Mr. HASTINGS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I include in the Record Statements of Administration
Policy.
Statement of Administration Policy
H.R. 1210--Portfolio Lending and Mortgage Access Act
(Rep. Barr, R-KY, Nov. 17)
As a result of the Ability-to-Repay rules issued by the
Consumer Financial Protection Bureau, pursuant to the Truth
in Lending Act, American consumers are protected against
harmful mortgage products and abusive lending practices that
were common in the run-up to the 2008 financial crisis. Among
other protections, the Consumer Financial Protection Bureau's
Qualified Mortgage (QM) rule requires a lender to make a good
faith effort to determine that a borrower has the ability to
repay a mortgage, and that the loan does not include
excessive upfront points and fees. The final rule also
contains special provisions and exemptions that are available
only to small lenders or to small lenders that operate
predominantly in rural or underserved areas.
H.R. 1210 would broaden the definition of qualified
mortgages--those that qualify for the safe harbor--to include
all mortgages held on a lender's balance sheet. Under the
bill, depository institutions that hold a loan in portfolio
would receive a legal safe harbor even if the loan contains
terms and features that are abusive and harmful to consumers.
The bill would limit the right of borrowers to file claims
against holders of such loans and against mortgage
originators who directed them to the loans. H.R. 1210 also
would open the door to risky lending by allowing balloon
loans made in any geographic area to qualify for the safe
harbor as long as they are held in portfolio.
The Administration strongly opposes this bill because it
would undermine critical consumer protections by exempting
all depository financial institutions, large and small, from
QM standards--including very basic standards like verifying a
consumer's income--as long as the mortgage loans in question
are held in portfolio by the institution. This bill would
undermine the essential protections provided under the
Qualified Mortgage rule. The Congressional Budget Office
estimates that the mortgages offered legal protections under
the bill would likely default at a greater rate than the
qualified mortgages with current legal protections.
For these reasons, if the President were presented with
H.R. 1210, his senior advisors would recommend that he veto
the bill.
____
Statement of Administration Policy
H.R. 3189--Fed Oversight Reform and Modernization Act of 2015
(Rep. Huizenga, R-MI, Nov. 17, 2015)
H.R. 3189 would establish requirements for policy rules,
codify blackout periods of the Federal Open Market Committee,
establish a cost-benefit requirement for other rulemakings by
the Federal Reserve Board, and establish numerous, burdensome
reporting requirements for the Federal Reserve Board and its
members. The Administration therefore strongly opposes H.R.
3189.
The Federal Reserve is an independent entity designed to be
free from political pressures, and its independence is key to
its credibility and its ability to act in the long-term
interest of the Nation's economic health. One of the most
problematic provisions in the bill would require the
Comptroller General to audit the conduct of monetary policy
by the Federal Reserve Board and the Federal Open Market
Committee. The operations of the Federal Reserve are already
subject to numerous audit requirements that ensure it is
accountable to the Congress and the American people. The only
aspect of the Federal Reserve's operations not subject to
audit is its monetary policy decision-making, and for good
reason. Subjecting the Federal Reserve's exercise of monetary
policy authority to audits based on political whims of
members of the Congress--of either party--threatens one of
the central pillars of the Nation's financial system and
economy, and would almost certainly have negative impacts on
the Federal Reserve's work to promote price stability and
full employment.
H.R. 3189 also would impose numerous, burdensome
requirements for the Federal Reserve Board rulemaking
authorities, including the imposition of a duplicative
requirement that the Federal Reserve Board undertake a
proscriptive cost-benefit analysis and a post-adoption impact
assessment when promulgating rules. When a Federal agency,
including an independent agency such as the Federal Reserve,
promulgates a regulation, the agency must adhere to the
robust substantive and procedural requirements of Federal
law, including the Administrative Procedure Act, the
Regulatory Flexibility Act, the Paperwork Reduction Act, and
the Congressional Review Act, among other statutes.
Additionally, Executive Order 13579 encourages independent
regulatory agencies to conduct reasoned cost-benefit
analysis, engage in public participation to the extent
feasible, and conduct a systematic retrospective review of
regulations. The provisions in this bill, therefore, would
create unnecessary, duplicative, and onerous requirements for
an entity tasked with ensuring the financial safety and
soundness of the Nation's financial system.
In addition, the bill would add a number of procedural
hurdles that would impede the Federal Reserve's ability to
engage with international regulatory bodies and divert its
resources to unnecessary reporting requirements. These
provisions, along with
[[Page H8296]]
provisions imposing parallel notification and consultation
requirements on several other Executive Branch entities,
could impair the President's exercise of his exclusive
constitutional authority to conduct the Nation's diplomatic
relations.
If the President were presented with H.R. 3189, his senior
advisors would recommend that he veto the bill.
Mr. HASTINGS. Mr. Speaker, I am trying to help us to get to a time
constraint and, unfortunately, on either side we don't have a lot of
speakers. Therefore, I would not ordinarily have done anything other
than include in the Record Statements of Administration Policy. But to
try to help us meet our deadline, what is said in the Statement of
Administration Policy, H.R. 1210, Portfolio Lending and Mortgage Access
Act, is:
``As a result of the Ability-to-Repay rules issued by the Consumer
Financial Protection Bureau, pursuant to the Truth in Lending Act,
American consumers are protected against harmful mortgage products and
abusive lending practices that were common in the run-up to the 2008
financial crisis. Among other protections, the Consumer Financial
Protection Bureau's qualified mortgage rule requires a lender to make a
good faith effort to determine that a borrower has the ability to repay
a mortgage, and that the loan does not include excessive upfront points
and fees. The final rule also contains special provisions and
exemptions that are available only to small lenders or to small lenders
that operate predominantly in rural and underserved areas.''
Skipping one paragraph, getting to the heart of what the
administration says:
``The Administration strongly opposes this bill because it would
undermine critical consumer protections by exempting all depository
financial institutions, large and small, from QM standards--including
very basic standards like verifying a consumer's income--as long as the
mortgage loans in question are held in portfolio by the institution.
This bill would undermine the essential protections provided under the
qualified mortgage rule. The Congressional Budget Office estimates that
the mortgages offered legal protections under the bill would likely
default at a greater rate than the qualified mortgages with current
legal protections.
``For these reasons, if the President were presented with H.R. 1210,
his senior advisors would recommend that he veto the bill.''
Mr. Speaker, not to belabor the point that my good friend from Ohio
and I were speaking about with reference to rules, I join him in saying
that the new Speaker at least has had only one closed rule. But I would
remind him, of the 45 closed rules that we had previously, the new
Speaker voted for every one of those closed rules. So if it is a
precursor of what is to come, we will have to judge that in the future.
Now, as to H.R. 3189, the administration says--and I will cut to the
heart of the matter:
``H.R. 3189 also would impose numerous, burdensome requirements for
the Federal Reserve Board rulemaking authorities, including the
imposition of a duplicative requirement that the Federal Reserve Board
undertake a proscriptive cost-benefit analysis and a post-adoption
impact assessment when promulgating rules.''
{time} 1300
When a Federal agency, including an independent agency such as the
Federal Reserve, promulgates a regulation, the agency must adhere to
the robust act--the Regulatory Flexibility Act--the Paperwork Reduction
Act, and the Congressional Review Act, among other statutes.
Additionally, Executive Order No. 13579 encourages independent
regulatory agencies to conduct reasoned cost-benefit analyses, to
engage in public participation to the extent feasible, and to conduct a
systematic, retrospective review of regulations.
The provisions in this bill, referring to H.R. 3189, would therefore
create unnecessary, duplicative, and onerous requirements for an entity
tasked with ensuring the financial safety and soundness of the Nation's
financial system. In addition, the bill would add a number of
procedural hurdles that would impede the Federal Reserve's ability to
engage within our national regulatory bodies and divert its resources
to unnecessary reporting requirements.
In addition and at the heart of the matter, the bill would add a
number of procedural hurdles that are too numerous for me to mention at
this time. These provisions, along with provisions imposing parallel
notification and consultation requirements on several other executive
branch entities, could impair the President's exercise of his exclusive
constitutional authority to conduct the Nation's diplomatic relations.
Again, if the President were presented with H.R. 3189, his senior
advisers would recommend that he veto the bill.
As I have said time and again, far too much important work still
remains. In fact, Congress has only 9 legislative days before the
December 11 deadline to avert yet another Republican government
shutdown and pass an omnibus spending bill. The clock is ticking. Quite
frankly, this Nation cannot afford to shut down once again due to my
friends'--the House Republicans--continued manufactured crisis.
The American people need and deserve better; so I urge my colleagues
to vote ``no'' on the rule.
Mr. Speaker, I yield back the balance of my time.
Mr. STIVERS. Mr. Speaker, I yield myself the balance of my time.
I thank the gentleman from Florida for this civil debate on the rule.
I will remind my colleagues that these two bills are about reform and
transparency. H.R. 1210 is reform that will give more people access to
mortgages and, at the same time, will require that these lenders have
100 percent skin in the game. H.R. 3189 is about transparency and
accountability for the Federal Reserve to make sure they tell the
American people how they make the decisions that they make. These are
reasonable bills, important bills.
I urge my colleagues to support the rule and the underlying
legislation.
Mr. Speaker, I yield back the balance of my time, and I move the
previous question on the resolution.
The previous question was ordered.
The SPEAKER pro tempore (Mr. Poe of Texas). The question is on the
resolution.
The question was taken; and the Speaker pro tempore announced that
the ayes appeared to have it.
Mr. HASTINGS. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
The vote was taken by electronic device, and there were--yeas 243,
nays 184, not voting 6, as follows:
[Roll No. 634]
YEAS--243
Abraham
Aderholt
Allen
Amash
Amodei
Babin
Barletta
Barr
Barton
Benishek
Bilirakis
Bishop (MI)
Bishop (UT)
Black
Blackburn
Blum
Bost
Boustany
Brady (TX)
Brat
Bridenstine
Brooks (AL)
Brooks (IN)
Buchanan
Buck
Bucshon
Burgess
Byrne
Calvert
Carter (GA)
Carter (TX)
Chabot
Chaffetz
Clawson (FL)
Coffman
Cole
Collins (GA)
Collins (NY)
Comstock
Conaway
Cook
Costello (PA)
Cramer
Crawford
Crenshaw
Culberson
Curbelo (FL)
Davis, Rodney
Denham
Dent
DeSantis
DesJarlais
Diaz-Balart
Dold
Donovan
Duffy
Duncan (SC)
Duncan (TN)
Ellmers (NC)
Emmer (MN)
Farenthold
Fincher
Fitzpatrick
Fleischmann
Flores
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Garrett
Gibbs
Gibson
Gohmert
Goodlatte
Gosar
Gowdy
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Hanna
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Herrera Beutler
Hice, Jody B.
Hill
Holding
Hudson
Huelskamp
Huizenga (MI)
Hultgren
Hunter
Hurd (TX)
Hurt (VA)
Issa
Jenkins (KS)
Jenkins (WV)
Johnson (OH)
Johnson, Sam
Jolly
Jones
Jordan
Joyce
Katko
Kelly (MS)
Kelly (PA)
King (IA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaHood
LaMalfa
Lamborn
Lance
Latta
LoBiondo
Long
Loudermilk
Love
Lucas
Luetkemeyer
Lummis
MacArthur
Marchant
Marino
Massie
McCarthy
McCaul
McClintock
McHenry
McKinley
McMorris Rodgers
McSally
Meadows
Meehan
Messer
Mica
Miller (FL)
Miller (MI)
Moolenaar
Mooney (WV)
Mullin
Mulvaney
Murphy (PA)
Neugebauer
Newhouse
Noem
Nugent
Nunes
Olson
Palazzo
Palmer
Paulsen
Pearce
Perry
Pittenger
Pitts
Poe (TX)
Poliquin
Pompeo
Posey
Price, Tom
Ratcliffe
Reed
Reichert
[[Page H8297]]
Renacci
Ribble
Rice (SC)
Rigell
Roby
Roe (TN)
Rogers (AL)
Rogers (KY)
Rohrabacher
Rokita
Rooney (FL)
Roskam
Ross
Rothfus
Rouzer
Royce
Russell
Salmon
Sanford
Scalise
Schweikert
Scott, Austin
Sensenbrenner
Sessions
Shimkus
Shuster
Simpson
Smith (MO)
Smith (NE)
Smith (NJ)
Smith (TX)
Stefanik
Stewart
Stivers
Stutzman
Thompson (PA)
Thornberry
Tiberi
Tipton
Trott
Turner
Upton
Valadao
Wagner
Walberg
Walden
Walker
Walorski
Walters, Mimi
Weber (TX)
Webster (FL)
Wenstrup
Westerman
Westmoreland
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke
NAYS--184
Adams
Aguilar
Ashford
Bass
Beatty
Becerra
Bera
Beyer
Bishop (GA)
Blumenauer
Bonamici
Boyle, Brendan F.
Brady (PA)
Brown (FL)
Brownley (CA)
Bustos
Butterfield
Capps
Capuano
Cardenas
Carney
Carson (IN)
Cartwright
Castor (FL)
Castro (TX)
Chu, Judy
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Cohen
Connolly
Conyers
Cooper
Costa
Courtney
Crowley
Cuellar
Cummings
Davis (CA)
Davis, Danny
DeGette
Delaney
DeLauro
DelBene
DeSaulnier
Deutch
Dingell
Doggett
Doyle, Michael F.
Duckworth
Edwards
Ellison
Engel
Eshoo
Esty
Farr
Fattah
Foster
Frankel (FL)
Fudge
Gabbard
Gallego
Garamendi
Graham
Grayson
Green, Al
Green, Gene
Grijalva
Gutierrez
Hahn
Hastings
Heck (WA)
Higgins
Himes
Hinojosa
Honda
Huffman
Israel
Jackson Lee
Jeffries
Johnson (GA)
Johnson, E. B.
Kaptur
Keating
Kelly (IL)
Kennedy
Kildee
Kilmer
Kind
Kirkpatrick
Kuster
Langevin
Larsen (WA)
Larson (CT)
Lawrence
Lee
Levin
Lewis
Lieu, Ted
Lipinski
Loebsack
Lofgren
Lowenthal
Lowey
Lujan Grisham (NM)
Lujan, Ben Ray (NM)
Lynch
Maloney, Carolyn
Maloney, Sean
Matsui
McCollum
McDermott
McGovern
McNerney
Meeks
Meng
Moore
Moulton
Murphy (FL)
Nadler
Napolitano
Neal
Nolan
Norcross
O'Rourke
Pallone
Pascrell
Payne
Pelosi
Perlmutter
Peters
Peterson
Pingree
Pocan
Polis
Price (NC)
Quigley
Rangel
Rice (NY)
Richmond
Roybal-Allard
Ruiz
Rush
Ryan (OH)
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Schrader
Scott (VA)
Scott, David
Serrano
Sewell (AL)
Sherman
Sinema
Sires
Slaughter
Smith (WA)
Speier
Swalwell (CA)
Takano
Thompson (CA)
Thompson (MS)
Titus
Tonko
Torres
Tsongas
Van Hollen
Vargas
Veasey
Vela
Velazquez
Visclosky
Walz
Wasserman Schultz
Waters, Maxine
Watson Coleman
Welch
Wilson (FL)
Yarmuth
NOT VOTING--6
DeFazio
Fleming
Hoyer
Ros-Lehtinen
Ruppersberger
Takai
{time} 1341
Mr. WELCH changed his vote from ``yea'' to ``nay.''
So the resolution was agreed to.
The result of the vote was announced as above recorded.
A motion to reconsider was laid on the table.
____________________