[Congressional Record Volume 169, Number 37 (Monday, February 27, 2023)]
[House]
[Pages H909-H913]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     PUBLICATION OF COMMITTEE RULES


  rules of the committee on financial services for the 118th congress

                                         House of Representatives,


                              Committee on Financial Services,

                                Washington, DC, February 27, 2023.
     Hon. Kevin McCarthy,
     Speaker, House of Representatives,
     Washington, DC.
       Dear Speaker McCarthy: Please find attached a copy of the 
     Rules of the Committee on Financial Services for submission 
     into the Congressional Record. Pursuant to clause 2 of Rule 
     XI of the House of Representatives, the Committee adopted the 
     Rules of the Committee on February 1, 2023.
           Sincerely,
                                                  Patrick McHenry,
                        Chairman, Committee on Financial Services.


                       rule 1--general provisions

       (a) The rules of the House are the rules of the Committee 
     on Financial Services (hereinafter in these rules referred to 
     as the ``Committee'') and its subcommittees so far as 
     applicable, except that a motion to recess from day to day, 
     and a motion to dispense with the first reading (in full) of 
     a bill or resolution, if printed copies are available, are 
     privileged motions in the Committee and shall be considered 
     without debate. A proposed investigative or oversight report 
     shall be considered as read if it has been available to the 
     members of the Committee for at least 24 hours (excluding 
     Saturdays, Sundays, or legal holidays except when the House 
     is in session on such day).
       (b) Each subcommittee is a part of the Committee and is 
     subject to the authority and direction of the Committee and 
     to its rules so far as applicable.
       (c) The provisions of clause 2 of rule XI of the Rules of 
     the House are incorporated by reference as the rules of the 
     Committee to the extent applicable.


                            rule 2--meetings

     Calling of Meetings
       (a)(1) The Committee shall regularly meet on the first 
     Tuesday of each month when the House is in session.
       (2) A regular meeting of the Committee may be dispensed 
     with if, in the judgment of the Chair of the Committee, there 
     is no need for the meeting.
       (3) Additional regular meetings and hearings of the 
     Committee may be called by the Chair, in accordance with 
     clause 2(g)(3) of rule XI of the Rules of the House.
       (4) Special meetings shall be called and convened by the 
     Chair as provided in clause 2(c)(2) of rule XI of the Rules 
     of the House.
     Notice for Meetings.
       (b)(1) The Chair shall notify each member of the Committee 
     of the agenda of each regular meeting of the Committee at 
     least three calendar days (excluding Saturdays, Sundays, and 
     legal holidays except when the House is in session on any 
     such day) before the time of the meeting.
       (2) The Chair shall provide to each member of the 
     Committee, at least three calendar days (excluding Saturdays, 
     Sundays, and legal holidays except when the House is in 
     session on any such day) before the time of each regular 
     meeting for each measure or matter on the agenda a copy of--
       (A) the measure or materials relating to the matter in 
     question; and
       (B) an explanation of the measure or matter to be 
     considered, which, in the case of an explanation of a bill, 
     resolution, or similar

[[Page H910]]

     measure, shall include a summary of the major provisions of 
     the legislation, an explanation of the relationship of the 
     measure to present law, and a summary of the need for the 
     legislation.
       (3) At least 24 hours prior to the commencement of a 
     meeting for the markup of legislation, the Chair shall cause 
     the text of such legislation to be made publicly available in 
     electronic form.
       (4) The provisions of this subsection may be waived by a 
     two-thirds vote of the Committee or by the Chair with the 
     concurrence of the ranking minority member.


                 rule 3--meeting and hearing procedures

     In General
       (a)(1) Meetings and hearings of the Committee shall be 
     called to order and presided over by the Chair or, in the 
     Chair's absence, by a member designated by the Chair to carry 
     out such duties.
       (2) Meetings and hearings of the committee shall be open to 
     the public unless closed in accordance with clause 2(g) of 
     rule XI of the Rules of the House.
       (3) Any meeting or hearing of the Committee that is open to 
     the public shall be open to coverage by television broadcast, 
     radio broadcast, and still photography in accordance with the 
     provisions of clause 4 of rule XI of the Rules of the House 
     (which are incorporated by reference as part of these rules). 
     Operation and use of any Committee operated broadcast system 
     shall be fair and nonpartisan and in accordance with clause 
     4(b) of rule XI and all other applicable rules of the 
     Committee and the House.
       (4) To the extent feasible, members and witnesses may use 
     the Committee equipment for the purpose of presenting static 
     exhibits electronically during a meeting or hearing, provided 
     the information is transmitted to the appropriate Committee 
     staff in an appropriate electronic format at least one 
     business day before the meeting or hearing so as to ensure 
     display capacity and quality. The content of all materials 
     must relate to the pending business of the Committee and 
     conform to the rules of the House. The confidentiality of the 
     material will be maintained by the technical staff until its 
     official presentation to the Committee members. For the 
     purposes of maintaining the official records of the 
     Committee, printed copies of exhibits presented, to the 
     extent practicable, must accompany the presentations.
       (5) No person, other than a Member of Congress, Committee 
     staff, or an employee of a Member when that Member has an 
     amendment under consideration, may stand in or be seated at 
     the rostrum area of the Committee rooms unless the Chair 
     determines otherwise.
     Quorum
       (b)(1) For the purpose of taking testimony and receiving 
     evidence, two members of the Committee shall constitute a 
     quorum.
       (2) A majority of the members of the Committee shall 
     constitute a quorum for the purposes of reporting any measure 
     or matter, of authorizing a subpoena (other than a subpoena 
     authorized and issued by the Chair pursuant to subsection 
     (e)(1)), of closing a meeting or hearing pursuant to clause 
     2(g) of rule XI of the Rules of the House (except as provided 
     in clause 2(g)(2)(A) and (B)) of releasing executive session 
     material pursuant to clause 2(k)(7) of rule XI of the Rules 
     of the House.
       (3) For the purpose of taking any action other than those 
     specified in paragraph (2) one-third of the members of the 
     Committee shall constitute a quorum.
     Voting
       (c)(1) No vote may be conducted on any measure or matter 
     pending before the Committee unless the requisite number of 
     members of the Committee is actually present for such 
     purpose.
       (2) A record vote of the Committee shall be provided on any 
     question before the Committee upon the request of one-fifth 
     of the members present.
       (3) No vote by any member of the Committee on any measure 
     or matter may be cast by proxy.
       (4) In addition to any other requirement of these rules or 
     the Rules of the House, including clause 2(e)(1)(B) of rule 
     XI, the Chair shall make the record of the votes on any 
     question on which a record vote is demanded publicly 
     available in electronic form on the Committee's Web site not 
     later than 24 hours after such vote is taken. Such record 
     shall include in electronic form the text of the amendment, 
     motion, order, or other proposition, the name of each member 
     voting for and each member voting against such amendment, 
     motion, order, or proposition, and the names of those members 
     of the Committee present but not voting. With respect to any 
     record vote on any motion to report or record vote on any 
     amendment, a record of such votes shall be included in the 
     report of the Committee showing the total number of votes 
     cast for and against and the names of those members of the 
     committee present but not voting.
       (5) POSTPONED RECORD VOTES.--(A) Subject to subparagraph 
     (B), the Chair may postpone further proceedings when a record 
     vote is ordered on the question of approving any measure or 
     matter or adopting an amendment. The Chair may resume 
     proceedings on a postponed request at any time, but no later 
     than the next meeting day.
       (B) In exercising postponement authority under subparagraph 
     (A), the Chair shall take all reasonable steps necessary to 
     notify members on the resumption of proceedings on any-
     postponed record vote.
       (C) When proceedings resume on a postponed question, 
     notwithstanding any intervening order for the previous 
     question, an underlying proposition shall remain subject to 
     further debate or amendment to the same extent as when the 
     question was postponed.
       (D) The Chair's authority to postpone recorded votes will 
     not be used to prejudice a member with regard to the offering 
     of another amendment. In the application of this rule, the 
     Chair will consult regularly with the ranking minority member 
     regarding the scheduling of the resumption of postponed 
     votes.
       (6) It shall not be in order to consider a bill or an 
     amendment thereto if the stated provisions of such measure--
       (A) are known to have the net effect of increasing 
     mandatory spending for the period of either
       (i) the current year, the budget year, and the four fiscal 
     years following that budget year; or
       (ii) the current year, the budget year, and the nine fiscal 
     years following that budget year, or
       (B) authorize an increase in authorizations, 
     appropriations, or direct spending in any given year, unless 
     fully offset by at least an equal reduction in current 
     spending; or
       (C) authorize discretionary appropriations using terms such 
     as ``such sums as may be necessary'' or similar language that 
     fails to specify the actual amount of funding being 
     authorized by the bill or amendment; or
       (D) authorize appropriations without including a sunset 
     provision.
     Hearing Procedures
       (d)(1)(A) The Chair shall notice the date, place, and 
     subject matter of any Committee hearing at least one week 
     before the commencement of the hearing, unless the Chair, 
     with the concurrence of the ranking minority member, or the 
     Committee by majority vote with a quorum present for the 
     transaction of business, determines there is good cause to 
     begin the hearing sooner; in which case the Chair shall make 
     the announcement at the earliest possible date.
       (B) Not less than three calendar days before the 
     commencement of a hearing (excluding Saturdays, Sundays, and 
     legal holidays except when the House is in session on any 
     such day) announced under this paragraph, the Chair shall 
     provide to the members of the Committee a concise summary of 
     the subject of the hearing, or, in the case of a hearing on a 
     measure or matter, a copy of the measure or materials 
     relating to the matter in question and a concise explanation 
     of the measure or matter to be considered. At the same time 
     the Chair provides the information required by the preceding 
     sentence, the Chair shall also provide to the members of the 
     Committee a list of the witnesses expected to appear before 
     the Committee at that hearing. The witness list may not be 
     modified within 24 hours of a hearing, unless the Chair, with 
     the concurrence of the ranking minority member, determines 
     there is good cause for such modification.
       (2) To the greatest extent practicable--
       (A) each witness who is to appear before the Committee 
     shall file with the Committee 48 hours in advance of the 
     appearance sufficient copies (including a copy in electronic 
     form), as determined by the Chair, of a written statement of 
     proposed testimony and shall limit the oral presentation to 
     the Committee to a brief summary thereof; and
       (B) each witness appearing in a non-governmental capacity 
     shall include with the written statement of proposed 
     testimony a curriculum vitae, a disclosure of the amount and 
     source (by agency and program) of any Federal grant (or sub 
     grant thereof) or contract (or subcontract thereof) received 
     during the current fiscal year or either of the two preceding 
     fiscal years, and a disclosure of whether the witness is a 
     fiduciary (including, but not limited to, a director, 
     officer, advisor, or resident agent) of any organization or 
     entity, that has an interest in the subject matter of the 
     hearing. Such disclosure statements, with appropriate 
     redactions to protect the privacy of the witness, shall be 
     made publicly available in electronic form not later than one 
     day after the witness appears.
       (3) The requirements of paragraph (2)(A) may be modified or 
     waived by the Chair when the Chair determines it to be in the 
     best interest of the Committee.
       (4)(A) Subject to subparagraph (B), the five-minute rule 
     shall be observed in the questioning of witnesses before the 
     Committee or any of its subcommittees until each present 
     member thereof has had an opportunity to question the 
     witnesses. The Chair shall, so far as practicable, recognize 
     alternately based on seniority of the majority and minority 
     members present at the time the hearing was called to order 
     and others based on their arrival at the hearing. The Chair 
     shall, so far as practicable, defer to the ranking member 
     with respect to the order of recognition for minority 
     Members. No member shall be recognized for a second period of 
     five minutes to question witnesses until each present member 
     of the Committee or such subcommittee has been recognized 
     once for that purpose.
       (B) The Chair may permit a specified number of members to 
     question one or more witnesses for a specified period of time 
     not to exceed 60 minutes in the aggregate, equally divided 
     between and controlled by the Chair and the ranking minority 
     member.
       (5) Whenever any hearing is conducted by the Committee on 
     any measure or matter,

[[Page H911]]

     the minority party members of the Committee shall be 
     entitled, upon the request of a majority of them before the 
     completion of the hearing, to call witnesses with respect to 
     that measure or matter during at least one day of hearing 
     thereon. The Chair, with the concurrence of the ranking 
     minority member, will determine the date, time, and place of 
     such hearing.
       (6) At any hearing of the Committee, opening statements by 
     members of the Committee shall be limited to 10 minutes in 
     the aggregate. The Chair shall control five minutes and 
     recognize members in the Chair's sole discretion. The ranking 
     minority member shall control five minutes; the Chair shall 
     recognize members for such time according to the direction of 
     the ranking minority member as communicated to the Chair.
       (7) Notwithstanding any member's oral delivery of an 
     opening statement, written opening statements by any member 
     of the Committee submitted to the Chair within 5 legislative 
     days after the adjournment of a hearing shall be made a part 
     of the official hearing record thereof.
     Subpoenas and Oaths
       (e)(1) The power to authorize and issue subpoenas is 
     delegated to the Chair. Unless there are exigent 
     circumstances, the Chair will provide written notice to the 
     ranking minority member at least 48 hours in advance of the 
     authorization and issuance of a subpoena, and such notice 
     shall include a full copy of the proposed subpoena, including 
     any proposed document schedule.
       (2) Authorized subpoenas shall be signed by the Chair or by 
     any member designated by the Committee and may be served by 
     any person designated by the Chair or such member. The Chair 
     or any person designated by the Chair to serve a subpoena 
     will copy the ranking minority member or designated minority 
     staff when a subpoena is issued and served electronically.
       (3) The Chair, or any member of the Committee designated by 
     the Chair, may administer oaths to witnesses before the 
     Committee.
     Depositions
       (f) The Regulations for the Use of Deposition Authority as 
     passed by the Committee on Rules pursuant to H. Res. 5 
     titled--Adopting the Rules of the House of Representatives 
     for the One Hundred Eighteenth Congress, and for other 
     purposes--are incorporated by reference and shall be 
     considered the rules of the Committee.


          RULE 4--PROCEDURES FOR REPORTING MEASURES OR MATTERS

       (a) No measure or matter shall be reported from the 
     Committee unless a majority of the Committee is actually 
     present.
       (b) The Chair of the Committee shall report or cause to be 
     reported promptly to the House any measure approved by the 
     Committee and take necessary steps to bring a matter to a 
     vote.
       (c) The report of the Committee on a measure which has been 
     approved by the Committee shall be filed within seven 
     calendar days (exclusive of days on which the House is not in 
     session) after the day on which there has been filed with the 
     clerk of the Committee a written request, signed by a 
     majority of the members of the Committee, for the reporting 
     of that measure pursuant to the provisions of clause 2(b)(2) 
     of rule XIII of the Rules of the House.
       (d) All reports printed by the Committee pursuant to a 
     legislative study or investigation and not approved by a 
     majority vote of the Committee shall contain the following 
     disclaimer on the cover of such report: ``This report has not 
     been officially adopted by the Committee on Financial 
     Services and may not necessarily reflect the views of its 
     Members.''
       (e) The Chair is directed to offer a motion under clause 1 
     of rule XXII of the Rules of the House whenever the Chair 
     considers it appropriate.
     Supplemental, Minority, Additional, or Views
       (f) If at the time of approval of a measure or matter by 
     the Committee, a member of the Committee gives notice of 
     intention to file supplemental, minority, or additional or 
     dissenting views for inclusion in the report to the House 
     thereon, Members shall not have less than two additional 
     calendar days after the day notice has been given (excluding 
     Saturdays, Sundays, and legal holidays except when the House 
     is in session on such a day) to file such written and signed 
     views with the clerk of the Committee.


                         RULE 5--SUBCOMMITTEES

     Establishment and Responsibilities of Subcommittees
       (a)(1) There shall be six subcommittees of the Committee as 
     follows:
       (A) SUBCOMMITTEE ON CAPITAL MARKETS.--The jurisdiction of 
     the Subcommittee on Capital Markets includes--
       (i) securities, including retirement savings plans and 
     products, exchanges, and finance;
       (ii) capital markets activities, including securitization, 
     business capital formation, securities lending, and 
     repurchase agreements;
       (iii) investment companies, investment advisers, and 
     advisers to private funds;
       (iv) activities involving accounting and auditing;
       (v) activities involving futures, forwards, options, and 
     other types of derivative instruments;
       (vi) the Securities and Exchange Commission;
       (vii) the Financial Accounting Standards Board;
       (viii) the Municipal Securities Rulemaking Board;
       (ix) the Public Company Accounting Oversight Board;
       (x) the Securities Investor Protection Corporation;
       (xi) self-regulatory organizations registered with the 
     Securities Exchange Commission; and
       (xii) initiatives to protect investor interest and to 
     promote investor confidence in market integrity.
       (B) SUBCOMMITTEE ON FINANCIAL INSTITUTIONS and MONETARY 
     POLICY.--The jurisdiction of the Subcommittee on Financial 
     Institutions and Monetary Policy includes--
       (i) all agencies, including the Office of the Comptroller 
     of the Currency, the Federal Deposit Insurance Corporation, 
     the Board of Governors of the Federal Reserve System and the 
     Federal Reserve System, and the National Credit Union 
     Administration, which directly or indirectly exercise 
     supervisory or regulatory authority in connection with, or 
     provide deposit insurance for, financial institutions, and 
     the establishment of interest rate ceilings on deposits;
       (ii) matters related to the Consumer Financial Protection 
     Bureau;
       (iii) the chartering, branching, merger, acquisition, 
     consolidation, or conversion of financial institutions;
       (iv) consumer credit, including the provision of consumer 
     credit by insurance companies, and further including those 
     matters in the Consumer Credit Protection Act dealing with 
     truth in lending, extortionate credit transactions, 
     restrictions on garnishments, fair credit reporting and the 
     use of credit information by credit bureaus and credit 
     providers, equal credit opportunity, debt collection 
     practices, and electronic funds transfers;
       (v) creditor remedies and debtor defenses, Federal aspects 
     of the Uniform Consumer Credit Code, credit and debit cards, 
     and the preemption of State usury laws;
       (vi) consumer access to financial services, including the 
     Home Mortgage Disclosure Act and the Community Reinvestment 
     Act;
       (vii) the terms and rules of disclosure of financial 
     services, including the advertisement, promotion and pricing 
     of financial services, and availability of government check 
     cashing services;
       (viii) deposit insurance;
       (ix) consumer access to savings accounts and checking 
     accounts in financial institutions, including lifeline 
     banking and other consumer accounts;
       (x) financial stability and systemic risk, including 
     matters relating to the Financial Stability Oversight Council 
     and the Office of Financial Research;
       (xi) financial aid to all sectors and elements within the 
     economy;
       (xii) economic growth and stabilization; and
       (xiii) domestic monetary policy, and agencies which 
     directly or indirectly affect domestic monetary policy, 
     including the effect of such policy and other financial 
     actions on interest rates, the allocation of credit, and the 
     structure and functioning of domestic financial institutions.
       (C) SUBCOMMITTEE ON HOUSING AND INSURANCE.--The 
     jurisdiction of the Subcommittee on Housing and Insurance 
     includes--
       (i) insurance generally, including but not limited to, 
     terrorism risk insurance, private mortgage insurance, 
     government sponsored insurance programs, including those 
     offering protection against crime, fire, flood (and related 
     land use controls), earthquake and other natural hazards, and 
     the Federal Insurance Office;
       (ii) housing (except programs administered by the 
     Department of Veterans Affairs), including mortgage and loan 
     insurance pursuant to the National Housing Act; rural 
     housing; housing and homeless assistance programs; all 
     activities of the Government National Mortgage Association; 
     secondary market organizations for home mortgages, including 
     the Federal National Mortgage Association, the Federal Home 
     Loan Mortgage Corporation, and the Federal Agricultural 
     Mortgage Corporation; the Federal Housing Finance Agency; the 
     Federal Home Loan Banks; housing construction and design and 
     safety standards; housing-related energy conservation; 
     housing research and demonstration programs; financial and 
     technical assistance for nonprofit housing sponsors; housing 
     counseling and technical assistance; regulation of the 
     housing industry (including landlord/tenant relations); and 
     real estate lending including regulation of settlement 
     procedures;
       (iii) community development and community and neighborhood 
     planning, training and research; national urban growth 
     policies; urban/rural research and technologies; and 
     regulation of interstate land sales; and
       (iv) the qualifications for and designation of Empowerment 
     Zones and Enterprise Communities (other than matters relating 
     to tax benefits).
       (D) SUBCOMMITTEE ON NATIONAL SECURITY, ILLICIT FINANCE, AND 
     INTERNATIONAL FINANCIAL INSTITUTIONS.--The jurisdiction of 
     the Subcommittee on National Security, Illicit Finance, and 
     International Financial Institutions includes--
       (i) financial support networks of national security 
     threats, including matters related to terrorist financing, 
     money laundering,

[[Page H912]]

     drug sale proceeds, and alternative remittance systems;
       (ii) methods to detect and inhibit terrorism and illicit 
     finance, including matters related to anti-money laundering 
     and combating the financing of terrorism (AML/CFT) standards, 
     asset forfeiture, and financial sanctions, as well as 
     programs related to such matters administered by agencies or 
     subunits thereof, including activities of the Office of 
     Terrorism and Financial Intelligence and the Financial Crimes 
     Enforcement Network;
       (iii) inter-governmental initiatives to detect and inhibit 
     terrorism and illicit finance, including the Financial Action 
     Task Force;
       (iv) multilateral development lending institutions, 
     including activities of the National Advisory Council on 
     International Monetary and Financial Policies as related 
     thereto, and monetary and financial developments as they 
     relate to the activities and objectives of such institutions;
       (v) international trade, including but not limited to the 
     activities of the Export-Import Bank;
       (vi) the International Monetary Fund, its permanent and 
     temporary agencies, and all matters related thereto;
       (vii) international investment policies, both as they 
     relate to United States investments for trade purposes by 
     citizens of the United States and investments made by all 
     foreign entities in the United States;
       (ix) defense production matters as contained in the Defense 
     Production Act of 1950, as amended; and
       (xiii) coins, coinage, currency, and medals, including 
     commemorative coins and medals, proof and mint sets and other 
     special coins, the Coinage Act of 1965, gold and silver, 
     including the coinage thereof (but not the par value of 
     gold), gold medals, counterfeiting, currency denominations 
     and design, the distribution of coins, and the operations of 
     the Bureau of the Mint and the Bureau of Engraving and 
     Printing.
       (E) SUBCOMMITTEE ON DIGITAL ASSETS, FINANCIAL TECHNOLOGY 
     AND INCLUSION.--The jurisdiction of the Subcommittee on 
     Digital Assets, Financial Technology and Inclusion includes--
       (i) digital assets, including but not limited to 
     cryptocurrencies, stablecoins, and central bank digital 
     currencies (CBDCs);
       (ii) development of new or alternative forms of currency;
       (ii) activities of digital asset issuers, trading and 
     lending platforms, custody providers, and other 
     intermediaries;
       (iii) all matters and activities related to innovative 
     financial products, including consumer transactions using 
     mobile devices, and services offered by non-bank firms, 
     including matters related to regulatory technology, 
     (RegTech);
       (iv) agencies, including the Department of Treasury, the 
     Securities and Exchange Commission, Office of the Comptroller 
     of the Currency, the Federal Deposit Insurance Corporation, 
     the Board of Governors of the Federal Reserve System and the 
     Federal Reserve System, and the National Credit Union 
     Administration, to the extent they directly or indirectly 
     exercise supervisory or regulatory authority over (1) 
     innovative products and services offered by nonbanks; 2) 
     nonbank entities; (3) digital assets; and (4) digital asset 
     intermediaries;
       (v) matters related to financial technology (Fintech) films 
     promoting greater financial inclusion and providing consumer 
     protection under the Consumer Financial Protection Bureau; 
     and
       (vi) matters related to technologies of machine learning 
     and artificial intelligence.
       (F) SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS.--The 
     jurisdiction of the Subcommittee on Oversight and 
     Investigations includes--
       (i) overseeing all agencies, departments, operations, 
     programs, matters within the jurisdiction of the Committee;
       (ii) overseeing agency, department, and operational 
     adherence to statutory authority, including promulgating 
     regulations;
       (iii) conducting investigations within agencies, 
     departments, and programs; and
       (iv) conducting research and analysis regarding matters 
     within the jurisdiction of the Committee, including the 
     impact or probable impact of tax policies affecting matters 
     within the jurisdiction of the Committee.
       (2) In addition, each such subcommittee shall have specific 
     responsibility for such other measures or matters as the 
     Chair refers to it.
       (3) Each subcommittee of the Committee shall review and 
     study, on a continuing basis, the application, 
     administration, execution, and effectiveness of those laws, 
     or parts of laws, the subject matter of which is within its 
     general responsibility. This may include but is not limited 
     to reviewing waste, fraud and abuse; environmental, social, 
     and governance policies; diversity and inclusion policies; 
     the impact of regulatory overreach; and adherence to the 
     Administrative Procedure Act and congressional intent with 
     respect to such laws. This may also include a description of 
     the conditions and circumstances that may indicate the 
     necessity of or desirability of enacting new or additional 
     legislation; as well as its formulation, consideration and 
     enactment of changes in Federal laws, and of such additional 
     legislation as may be necessary and appropriate.
      Referral of Measures and Matters to Subcommittees
       (b)(1) The Chair may regularly refer to one or more 
     subcommittees such measures and matters as the Chair deems 
     appropriate given its jurisdiction and responsibilities. In 
     making such a referral, the Chair may designate a 
     subcommittee of primary jurisdiction and subcommittees of 
     additional or sequential jurisdiction.
       (2) All measures or matters shall be subject to 
     consideration by the full Committee.
       (3) In referring any measure or matter to a subcommittee, 
     the Chair may specify a date by which the subcommittee shall 
     report thereon to the Committee.
       (4) The Chair, in his or her sole discretion, may discharge 
     a subcommittee from consideration of any measure or matter 
     referred to a subcommittee of the Committee.
     Composition of Subcommittees
       (c)(1) Members shall be elected to each subcommittee and to 
     the positions of chair and ranking minority member thereof, 
     in accordance with the rules of the respective party 
     caucuses. The Chair of the Committee shall designate a member 
     of the majority party on each subcommittee as its vice chair. 
     The Chair may designate one member of the Committee of the 
     majority party who previously has served as the chair of the 
     Committee as the Chair Emeritus.
       (2) The Chair and ranking minority member of the Committee 
     shall be ex officio members with voting privileges of each 
     subcommittee of which they are not assigned as members and 
     may be counted for purposes of establishing a quorum in such 
     subcommittees. The Chair Emeritus shall be an ex officio 
     member without voting privileges of each subcommittee to 
     which he or she is not assigned and shall not count for 
     purposes of establishing a quorum in such subcommittees.
       (3) The subcommittees shall be comprised as follows:
       (A) The Subcommittee on Capital Markets, shall be comprised 
     of 23 members, 13 elected by the majority caucus and 10 
     elected by the minority caucus.
       (B) The Subcommittee on Financial Institutions and Monetary 
     Policy shall be comprised of 23 members, 13 elected by the 
     majority caucus and 10 elected by the minority caucus.
       (C) The Subcommittee on Housing and Insurance shall be 
     comprised of 19 members, 10 elected by the majority caucus 
     and 9 elected by the minority caucus.
       (D) The Subcommittee on National Security, Illicit Finance, 
     and International Financial Institutions shall be comprised 
     of 16 members, 9 elected by the majority caucus and 7 elected 
     by the minority caucus.
       (E) The Subcommittee on Digital Assets, Financial 
     Technology and Inclusion shall be comprised of 18 members, 10 
     elected by the majority caucus and 8 elected by the minority 
     caucus.
       (F) The Subcommittee on Oversight and Investigations shall 
     be comprised of 12 members, 7 elected by the majority caucus 
     and 5 elected by the minority caucus.
     Subcommittee Meetings and Hearings
       (d)(1) Each subcommittee of the Committee may be authorized 
     at the sole direction of the Chair to meet, hold hearings, 
     receive testimony, mark up legislation, and report to the 
     full Committee on any measure or matter referred to it, 
     consistent with subsection (a).
       (2) No subcommittee of the Committee may meet or hold a 
     hearing at the same time as a meeting or hearing of the 
     Committee.
       (3) The chair of each subcommittee shall set hearing and 
     meeting dates only with the approval of the Chair with a view 
     toward assuring the availability of meeting rooms and 
     avoiding simultaneous scheduling of Committee and 
     subcommittee meetings or hearings.
     Effect of a Vacancy
       (e) Any vacancy in the membership of a subcommittee shall 
     not affect the power of the remaining members to execute the 
     functions of the subcommittee as long as the required quorum 
     is present.
     Records
       (f) Each subcommittee of the Committee shall provide the 
     full Committee with copies of such records of votes taken in 
     the subcommittee and such other records with respect to the 
     subcommittee as the Chair deems necessary for the Committee 
     to comply with all rules and regulations of the House.


                             rule 6--staff

     In General
       (a)(1) Except as provided in paragraph (2), the 
     professional and other staff of the Committee shall be 
     appointed, and may be removed by the Chair, and shall work 
     under the general supervision and direction of the Chair.
       (2) All professional and other staff provided to the 
     minority party members of the Committee shall be appointed, 
     and may be removed, by the ranking minority member of the 
     Committee, and shall work under the general supervision and 
     direction of such member.
       (3) It is intended that the skills and experience of all 
     members of the Committee staff be available to all members of 
     the Committee.
     Subcommittee Staff
       (b) From funds made available for the appointment of staff, 
     the Chair of the Committee shall, pursuant to clause 6(d) of 
     rule X of the Rules of the House, ensure that sufficient 
     staff is made available so that each subcommittee can carry 
     out its responsibilities under the rules of the Committee and

[[Page H913]]

     that the minority party is treated fairly in the appointment 
     of such staff.
     Compensation of Staff
       (c)(1) Except as provided in paragraph (2), the Chair shall 
     fix the compensation of all professional and other staff of 
     the Committee.
       (2) The ranking minority member shall fix the compensation 
     of all professional and other staff provided to the minority 
     party members of the Committee.


                       rule 7--budget and travel

     Budget
       (a)(1) The Chair, in consultation with other members of the 
     Committee, shall prepare for each Congress a budget providing 
     amounts for staff, necessary travel, investigation, and other 
     expenses of the Committee and its subcommittees.
       (2) From the amount provided to the Committee in the 
     primary expense resolution adopted by the House of 
     Representatives, the Chair, after consultation with the 
     ranking minority member, shall designate an amount to be 
     under the direction of the ranking minority member for the 
     compensation of the minority staff, travel expenses of 
     minority members and staff, and minority office expenses. All 
     expenses of minority members and staff shall be paid for out 
     of the amount so set aside.
     Travel
       (b)(1) The Chair may authorize travel for any member and 
     any staff member of the Committee in connection with 
     activities or subject matters under the general jurisdiction 
     of the Committee. Before such authorization is granted, there 
     shall be submitted to the Chair in writing the following:
       (A) The purpose of the travel.
       (B) The dates during which the travel is to occur.
       (C) The names of the States or countries to be visited and 
     the length of time to be spent in each.
       (D) The names of members and staff of the Committee for 
     whom the authorization is sought.
       (2) Members and staff of the Committee shall make a written 
     report to the Chair on any travel they have conducted under 
     this subsection, including a description of their itinerary, 
     expenses, and activities, and of pertinent information gained 
     as a result of such travel.
       (3) Members and staff of the Committee performing 
     authorized travel on official business shall be governed by 
     applicable laws, resolutions, and regulations of the House 
     and of the Committee on House Administration.


                    rule 8--committee administration

     Records
       (a)(1) There shall be a transcript made of each regular 
     meeting and hearing of the Committee, and the transcript may 
     be printed if the Chair decides it is appropriate or if a 
     majority of the members of the Committee requests such 
     printing. Any such transcripts shall be a substantially 
     verbatim account of remarks actually made during the 
     proceedings, subject only to technical, grammatical, and 
     typographical corrections authorized by the person making the 
     remarks. Nothing in this paragraph shall be construed to 
     require that all such transcripts be subject to correction 
     and publication.
       (2) The Committee shall keep a record of all actions of the 
     Committee and of its subcommittees. The record shall contain 
     all information required by clause 2(e)(1) of rule XI of the 
     Rules of the House and shall be available in electronic form 
     and for public inspection at reasonable times in the offices 
     of the Committee.
       (3) All Committee hearings, records, data, charts, and 
     files shall be kept separate and distinct from the 
     congressional office records of the Chair, shall be the 
     property of the House, and all Members of the House shall 
     have access thereto as provided in clause 2(e)(2) of rule XI 
     of the Rules of the House.
       (4) The records of the Committee at the National Archives 
     and Records Administration shall be made available for public 
     use in accordance with rule VII of the Rules of the House of 
     Representatives. The Chair shall notify the ranking minority 
     member of any decision, pursuant to clause 3(b)(3) or clause 
     4(b) of the rule, to withhold a record otherwise available, 
     and the matter shall be presented to the Committee for a 
     determination on written request of any member of the 
     Committee.
     Committee Publications on the Internet
       (b) The Chair shall maintain an official Committee website 
     for the purpose of carrying out the official responsibilities 
     of the Committee, including communicating information about 
     the Committee's activities. The ranking minority member may 
     maintain an official website. To the maximum extent feasible, 
     the Committee shall make its publications available in 
     electronic form on the official Committee website maintained 
     by the Chair.
     Audio and Video Coverage of Committee Hearings and Meetings
       (c)(1) To the maximum extent feasible, the Committee shall 
     provide audio and video coverage of each hearing or meeting 
     for the transaction of business in a manner that allows the 
     public to easily listen to and view the proceedings; and,
       (2) maintain the recordings of such coverage in a manner 
     that is easily accessible to the public.

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