[House Report 105-837]
[From the U.S. Government Publishing Office]



                                                 Union Calendar No. 478

105th Congress, 2d Session - - - - - - - - - - - - House Report 105-837

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                         SUMMARY OF ACTIVITIES

                               __________

                                A REPORT

                                 of the

                        COMMITTEE ON BANKING AND

                           FINANCIAL SERVICES

                        HOUSE OF REPRESENTATIVES

                       ONE HUNDRED FIFTH CONGRESS

                             SECOND SESSION




 December 31, 1998.--Committed to the Committee of the Whole House on 
            the State of the Union and ordered to be printed

                               --------

                    U.S. GOVERNMENT PRINTING OFFICE                    
69-006                     WASHINGTON : 1999




              COMMITTEE ON BANKING AND FINANCIAL SERVICES

                       One Hundred Fifth Congress

                                 ______

                     JAMES A. LEACH, Iowa, Chairman

BILL McCOLLUM, Florida               HENRY B. GONZALEZ, Texas
MARGE ROUKEMA, New Jersey            JOHN J. LaFALCE, New York
DOUG BEREUTER, Nebraska              BRUCE F. VENTO, Minnesota
RICHARD H. BAKER, Louisiana          CHARLES E. SCHUMER, New York
RICK LAZIO, New York                 BARNEY FRANK, Massachusetts
SPENCER BACHUS, Alabama              PAUL E. KANJORSKI, Pennsylvania
MICHAEL CASTLE, Delaware             JOSEPH P. KENNEDY II, 
PETER T. KING, New York              Massachusetts
TOM CAMPBELL, California             FLOYD H. FLAKE, New York \10\
EDWARD R. ROYCE, California          MAXINE WATERS, California
FRANK D. LUCAS, Oklahoma             CAROLYN B. MALONEY, New York
JACK METCALF, Washington             LUIS V. GUTIERREZ, Illinois
ROBERT W. NEY, Ohio                  LUCILLE ROYBAL-ALLARD, California
ROBERT L. EHRLICH, Maryland          THOMAS M. BARRETT, Wisconsin
BOB BARR, Georgia                    NYDIA M. VELAZQUEZ, New York
JON D. FOX, Pennsylvania             MELVIN WATT, North Carolina
FRANK LoBIONDO, New Jersey \1\       MAURICE HINCHEY, New York
J.C. WATTS, Jr., Oklahoma \2\        GARY ACKERMAN, New York
SUE KELLY, New York                  KEN BENTSEN, Texas
RON PAUL, Texas                      JESSE JACKSON, Jr., Illinois
DAVE WELDON, Florida                 CYNTHIA McKINNEY, Georgia \6\
JIM RYUN, Kansas                     CAROLYN CHEEKS KILPATRICK, 
MERRILL COOK, Utah                   Michigan
VINCE SNOWBARGER, Kansas             JAMES H. MALONEY, Connecticut
BOB RILEY, Alabama                   DARLENE HOOLEY, Oregon
RICK HILL, Montana                   JULIA M. CARSON, Indiana
PETE SESSIONS, Texas                 ROBERT A. WEYGAND, Rhode Island 
STEVEN C. LaTOURETTE, Ohio           \7\
DONALD A. MANZULLO, Illinois \3\     BRAD SHERMAN, California \8\
MARK FOLEY, Florida \3\              ESTEBAN TORRES, California \4\
WALTER B. JONES, Jr., North          MAX SANDLIN, Texas \11\
Carolina \3\                         GREGORY MEEKS, New York \11\
BILL REDMOND, New Mexico \5\         BARBARA LEE, California \12\
VITO FOSSELLA, New York \9\          VIRGIL GOODE, Virginia \13\
                                     BERNARD SANDERS, Vermont

__________

    \1\ February 25, 1997, Frank LoBiondo (R-NJ) resigned as a Member 
of the Committee on Banking and Financial Services.
    \2\ February 27, 1997, J.C. Watts, Jr. (R-OK) requested a leave of 
absence from the Committee on Banking and Financial Services.
    \3\ April 16, 1997, pursuant to H. Res 114, Donald A. Manzullo (R-
IL), Mark Foley (R-FL), and Walter B. Jones (R-NC) were elected to the 
Committee on Banking and Financial Services.
    \4\ April 17, 1997, by unanimous consent, Esteban Edward Torres, 
(D-CA) has been appointed to the Committee on Banking and Financial 
Services for a period of 30 days.
    \5\ July 23, 1997, pursuant to H. Res. 196, Bill Redmond (R-NM) was 
elected to the Committee on Banking and Financial Services.
    \6\ July 30, 1997, Cynthia McKinney (D-GA) resigned as a Member of 
the Committee on Banking and Financial Services.
    \7\ July 31, 1997, pursuant to H. Res. 208, Robert A. Weygand (D-
RI) was elected to the Committee on Banking and Financial Services.
    \8\ September 5, 1997, pursuant to H. Res. 221, Brad Sherman (D-CA) 
was elected to the Committee on Banking and Financial Services.
    \9\ November 12, 1997, pursuant to H. Res. 325, Vito Fossella (R-
NY) was elected to the Committee on Banking and Financial Services.
    \10\ November 15, 1997, Floyd Flake resigned as Representative to 
the U.S. Congress from New York's 6th Congressional District.
    \11\ February 5, 1998, pursuant to H. Res. 351, Max Sandlin (D-TX) 
and Gregory Meeks (D-NY) were elected to the Committee on Banking and 
Financial Services.
    \12\ April 29, 1998, pursuant to H. Res. 412, Barbara Lee (D-CA) 
was elected to the Committee on Banking and Financial Services.
    \13\ June 24, 1998, pursuant to H. Res. 492, Virgil Goode (D-VA) 
was elected to the Committee on Banking and Financial Services.



    SUBCOMMITTEES OF THE COMMITTEE ON BANKING AND FINANCIAL SERVICES

                   Housing and Community Opportunity

                     RICK LAZIO, New York, Chairman

ROBERT W. NEY, Ohio                  JOSEPH P. KENNEDY II, 
DOUG BEREUTER, Nebraska              Massachusetts
RICHARD H. BAKER, Louisiana          LUIS V. GUTIERREZ, Illinois
MICHAEL CASTLE, Delaware             NYDIA M. VELAZQUEZ, New York
ROBERT EHRLICH, Maryland             BARNEY FRANK, Massachusetts
JON D. FOX, Pennsylvania             MAURICE HINCHEY, New York
SUE KELLY, New York                  JESSE JACKSON, Jr., Illinois
MERRILL COOK, Utah                   JAMES MALONEY, Connecticut
RICK HILL, Montana                   DARLENE HOOLEY, Oregon
PETE SESSIONS, Texas                 JULIA CARSON, Indiana
JACK METCALF, Washington             ROBERT WEYGAND, Rhode Island
WALTER B. JONES, Jr., North          CHARLES SCHUMER, New York
Carolina                             MAXINE WATERS, California
BILL REDMOND, New Mexico

                                 ______

               Financial Institutions and Consumer Credit

                 MARGE ROUKEMA, New Jersey, Chairwoman

BILL McCOLLUM, Florida               BRUCE F. VENTO, Minnesota
DOUG BEREUTER, Nebraska              CHARLES E. SCHUMER, New York
PETER T. KING, New York              CAROLYN B. MALONEY, New York
TOM CAMPBELL, California             THOMAS BARRETT, Wisconsin
EDWARD R. ROYCE, California          MELVIN WATT, North Carolina
JACK METCALF, Washington             LUCILLE ROYBAL-ALLARD, California
ROBERT L. EHRLICH, Maryland          GARY ACKERMAN, New York
BOB BARR, Georgia                    KEN BENTSEN, Texas
SUE KELLY, New York                  CAROLYN CHEEKS KILPATRICK, 
RON PAUL, Texas                      Michigan
DAVE WELDON, Florida                 PAUL KANJORSKI, Pennsylvania
JIM RYUN, Kansas                     BRAD SHERMAN, California
BILL REDMOND, New Mexico             MAX SANDLIN, Texas
VITO FOSSELLA, New York              GREGORY MEEKS, New York

                                 ______

               Domestic and International Monetary Policy

                 MICHAEL N. CASTLE, Delaware, Chairman

JON D. FOX, Pennsylvania             MAXINE WATERS, California
STEVEN LaTOURETTE, Ohio              BARNEY FRANK, Massachusetts
FRANK LUCAS, Oklahoma                JOSEPH P. KENNEDY II, 
JACK METCALF, Washington             Massachusetts
ROBERT W. NEY, Ohio                  BERNARD SANDERS, Vermont
BOB BARR, Georgia                    CAROLYN MALONEY, New York
RON PAUL, Texas                      MAURICE HINCHEY, New York
DAVE WELDON, Florida                 JESSE JACKSON, Jr., Illinois
MARGE ROUKEMA, New Jersey            MELVIN WATT, North Carolina
DOUG BEREUTER, Nebraska              DARLENE HOOLEY, Oregon
MERRILL COOK, Utah                   JULIA CARSON, Indiana
DONALD MANZULLO, Illinois            GREGORY MEEKS, New York
MARK FOLEY, Florida                  BARBARA LEE, California

   Capital Markets, Securities, and Government Sponsored Enterprises

                 RICHARD H. BAKER, Louisiana, Chairman

FRANK D. LUCAS, Oklahoma             PAUL E. KANJORSKI, Pennsylvania
MERRILL COOK, Utah                   LUIS GUTIERREZ, Illinois
VINCE SNOWBARGER, Kansas             BRUCE VENTO, Minnesota
BOB RILEY, Alabama                   LUCILLE ROYBAL-ALLARD, California
RICK HILL, Montana                   THOMAS BARRETT, Wisconsin
PETE SESSIONS, Texas                 GARY ACKERMAN, New York
RICK LAZIO, New York                 NYDIA VELAZQUEZ, New York
SPENCER BACHUS, Alabama              KEN BENTSEN, Texas
PETER T. KING, New York              CAROLYN CHEEKS KILPATRICK, 
TOM CAMPBELL, California             Michigan
EDWARD ROYCE, California             JAMES MALONEY, Connecticut
JON D. FOX, Pennsylvania             ROBERT WEYGAND, Rhode Island
WALTER B. JONES, Jr., North          BRAD SHERMAN, California
Carolina                             MAX SANDLIN, Texas
VITO FOSSELLA, New York

                                 ______

                  General Oversight and Investigations

                   SPENCER BACHUS, Alabama, Chairman

BOB RILEY, Alabama                   BERNARD SANDERS, Vermont
STEVEN LaTOURETTE, Ohio              MAXINE WATERS, California
ROBERT W. NEY, Ohio                  JOHN LaFALCE, New York
MARK FOLEY, Florida                  BARBARA LEE, California
BOB BARR, Georgia



                         LETTER OF TRANSMITTAL

                              ----------                              

                          House of Representatives,
               Committee on Banking and Financial Services,
                                 Washington, DC, December 31, 1998.
Hon. Jeffrey Trandahl,
Acting Clerk, House of Representatives,
The Capitol, Washington, DC.
    Dear Mr. Trandahl: The enclosed report for the 105th 
Congress entitled ``Summary of Activities of the Committee on 
Banking and Financial Services,'' is being sent to you in 
accordance with clause 1(d) of rule XI, of the Rules of the 
House of Representatives, 105th Congress. The report contains a 
record of activities through which the Committee discharged its 
responsibilities for legislative and oversight activity on 
matters within its jurisdiction. In addition, the report 
contains the Committee's oversight plan adopted by the 
Committee pursuant to clause 2(d) of rule X and a summary of 
the actions the Committee took in accomplishing the oversight 
plan.
            Sincerely,
                                            James A. Leach,
                                                          Chairman.



                                CONTENTS

                              ----------                              
                                                                   Page
Letter of transmittal............................................   VII
Committee Rules..................................................     7
Summary of legislation reported..................................    22
    Public Law 105-14 Congressional Gold Medal for Frank Sinatra.    22
    Public Law 105-16 Congressional Gold Medal for Mother Theresa    22
    Public Law 105-18 1997 Emergency Supplemental Appropriations 
      Act for Recovery from Natural Disasters, and for Overseas 
      Peacekeeping Efforts, Including Those in Bosnia............    22
    Public Law 105-24 Riegle-Neal Clarification Act of 1997......    23
    Public Law 105-51 Congressional Gold Medal for Ecumenical 
      Patriarch Bartholomew......................................    23
    Public Law 105-118 Foreign Operations, Export Financing, and 
      Related Programs Appropriations Act, 1998..................    23
    Public Law 105-121 Export-Import Bank Reauthorization Act of 
      1997.......................................................    24
    Public Law 105-124 50 States Commemorative Coin Program Act..    24
    Public Law 105-164 Examination Parity and Year 2000 Readiness 
      for Financial Institutions Act.............................    24
    Public Law 105-176 Amendment to the 50 States Commemorative 
      Coin Program...............................................    25
    Public Law 105-186 U.S. Holocaust Assets Commission Act of 
      1998.......................................................    25
    Public Law 105-215 Congressional Gold Medal for Nelson 
      Rolihlahla Mandela.........................................    26
    Public Law 105-216 Homeowners Protection Act of 1998.........    26
    Public Law 105-219 Credit Union Membership Access Act........    27
    Public Law 105-261 Department of Defense Authorizations......    28
    Public Law 105-268 Library of Congress Bicentennial 
      Commemorative Coin Act of 1998.............................    29
    Public Law 105-276 Department of Veterans Affairs and Housing 
      and Urban Development, and Independent Agencies 
      Appropriations Act, 1999...................................    29
    Public Law 105-292 Freedom from Religious Persecution Act....    30
    Public Law 105-310 Money Laundering and Financial Crimes 
      Strategy Act of 1997.......................................    30
    Public Law 105-347 Consumer Reporting Employment 
      Clarification Act of 1998..................................    31
    H. Res. 122 Expressing the sense of the House of 
      Representatives regarding Tactile Currency for the Blind 
      and Visually Impaired......................................    32
    H. Res. 147 Expressing the sense of the House that the House 
      of Representatives should participate in and support 
      activities to provide decent homes for people in the United 
      States.....................................................    32
    H. Res. 392 Relating to the importance of Japanese-American 
      Relations..................................................    32
Summary of legislation reported but not enacted..................    33
    H.R. 2 Housing Opportunity and Responsibility Act of 1997....    33
    H.R. 10 Financial Services Competitiveness Act of 1997.......    35
    H.R. 28 Rural Multifamily Rental Housing Loan Guarantee 
      Extension Act of 1997......................................    36
    H.R. 217 Homeless Housing Programs Consolidation and 
      Flexibility Act............................................    36
    H.R. 219 Homeowner's Insurance Availability Act of 1997......    39
    H.R. 279 Congressional Gold Medal for Frank Sinatra..........    39
    H.R. 607 Homeowners Insurance Protection Act.................    40
    H.R. 1370 Reauthorization of the Export-Import Bank..........    40
    H.R. 1432 African Growth and Opportunity Act.................    40
    H.R. 1560 Lewis and Clark Expedition Bicentennial 
      Commemorative Coin Act.....................................    41
    H.R. 2343 Thrift Depositor Protection Oversight Board 
      Abolishment Act............................................    41
    H.R. 2414 50 States Commemorative Coin Program Act...........    41
    H.R. 2560 Little Rock Nine Medals and Coins Act..............    41
    H.R. 2605 Communist China Subsidy Reduction Act of 1997......    42
    H.R. 3506 Congressional Gold Medal for Gerald R. and Betty 
      Ford.......................................................    43
    H.R. 3662 U.S. Holocaust Assets Commission Act of 1998.......    43
    H.R. 3899 American Homeownership Act of 1998.................    44
    H.R. 3989 User Fee Act of 1998...............................    44
    H.R. 4005 Money Laundering Deterrence Act of 1998............    44
    H.R. 4321 Financial Information Privacy Act of 1998..........    45
    H.R. 4364 Depository Institution Regulatory Streamlining Act 
      of 1998....................................................    46
    H.R. 4393 Financial Contract Netting Improvement Act of 1998.    47
    H.R. 4756 Year 2000 Preparedness Act of 1998.................    48
    H. Con. Res. 16 Concerning Urgent Need to Improve Living 
      Standards of those South Asians Living in the Ganges and 
      Brahmaputra River Basin....................................    49
    H. Con. Res. 208 Expressing the Sense of the Congress 
      Regarding Access to Affordable Housing and Expansion of 
      Homeownership Opportunities................................    49
    S. 562 Senior Citizen Home Equity Protection Act.............    49
Summary of legislative and oversight activities..................    51
    Full Committee...............................................    51
    Subcommittee on Housing and Community Opportunity............    60
    Subcommittee on Financial Institutions and Consumer Credit...    64
    Subcommittee on Domestic and International Monetary Policy...    70
    Subcommittee on Capital Markets, Securities and Government 
      Sponsored Enterprises......................................    74
    Subcommittee on General Oversight and Investigations.........    78
Committee Oversight Plan.........................................    81
Hearings.........................................................   122
Committee and Subcommittee Prints................................   142



                                                 Union Calendar No. 478

105th Congress                                                   Report
  2d Session            HOUSE OF REPRESENTATIVES                105-837

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                         SUMMARY OF ACTIVITIES

                                _______
                                

 December 31, 1998.--Committed to the Committee of the Whole House on 
            the State of the Union and ordered to be printed

                                _______



   Mr. Leach, from the Committee on Banking and Financial Services, 
                        submitted the following

                              R E P O R T



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