[House Report 106-1045]
[From the U.S. Government Publishing Office]



                                                 Union Calendar No. 607

106th Congress, 2d Session - - - - - - - - - - - - House Report 106-1045



                         SUMMARY OF ACTIVITIES

                               __________

                                A REPORT

                                 of the

                        COMMITTEE ON BANKING AND

                           FINANCIAL SERVICES

                        HOUSE OF REPRESENTATIVES

                       ONE HUNDRED SIXTH CONGRESS

                             SECOND SESSION




January 2, 2001.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                               __________

                    U.S. GOVERNMENT PRINTING OFFICE
89-006                     WASHINGTON : 2001

              COMMITTEE ON BANKING AND FINANCIAL SERVICES
                       One Hundred Sixth Congress

                                 ------                                
                     JAMES A. LEACH, Iowa, Chairman
BILL McCOLLUM, Florida               JOHN J. LaFALCE, New York
MARGE ROUKEMA, New Jersey            BRUCE F. VENTO, Minnesota 
DOUG BEREUTER, Nebraska                  7
RICHARD H. BAKER, Louisiana          BARNEY FRANK, Massachusetts
RICK LAZIO, New York                 PAUL E. KANJORSKI, Pennsylvania
SPENCER BACHUS, Alabama              MAXINE WATERS, California
MICHAEL CASTLE, Delaware             CAROLYN B. MALONEY, New York
PETER T. KING, New York              LUIS V. GUTIERREZ, Illinois
TOM CAMPBELL, California             NYDIA M. VELAZQUEZ, New York
EDWARD R. ROYCE, California          MELVIN L. WATT, North Carolina
FRANK D. LUCAS, Oklahoma             GARY L. ACKERMAN, New York 
JACK METCALF, Washington                 1 4
ROBERT W. NEY, Ohio                  KEN BENTSEN, Texas
BOB BARR, Georgia                    JAMES H. MALONEY, Connecticut
SUE W. KELLY, New York               DARLENE HOOLEY, Oregon
RON PAUL, Texas                      JULIA CARSON, Indiana
DAVE WELDON, Florida                 ROBERT A. WEYGAND, Rhode Island
JIM RYUN, Kansas                     BRAD SHERMAN, California
MERRILL COOK, Utah                   MAX SANDLIN, Texas
BOB RILEY, Alabama                   GREGORY MEEKS, New York
RICK HILL, Montana                   BARBARA LEE, California 
STEVEN C. LaTOURETTE, Ohio               13 6
DONALD A. MANZULLO, Illinois         VIRGIL H. GOODE, Jr. Virginia 
WALTER B. JONES, Jr., North              5
    Carolina                         FRANK R. MASCARA, Pennsylvania
PAUL RYAN, Wisconsin                 JAY INSLEE, Washington
DOUG OSE, California                 JANICE D. SCHAKOWSKY, Washington
JOHN E. SWEENEY, New York            DENNIS MOORE, Kansas
JUDY BIGGERT, Illinois               CHARLES A. GONZALEZ, Texas
LEE TERRY, Nebraska                  STEPHANIE TUBBS JONES, Ohio
MARK GREEN, Wisconsin                MICHAEL E. CAPUANO, Massachusetts
PATRICK J. TOOMEY, Pennsylvania      MICHAEL P. FORBES, New York 
                                         2
                                     BERNARD SANDERS, Vermont

----------
1August 5, 1999, Gary L. Ackerman (D-NY) resigned as a 
Member of the Committee on Banking and Financial Services
2 August 5, 1999, pursuant to H. Res. 277 Michael P. Forbes 
(D-NY) was elected to the Committee on Banking and Financial Services.
3 November 2, 1999, Barbara Lee (D-CA) resigned as a Member 
of the Committee on Banking and Financial Services.
4 November 2, 1999, pursuant to H. Res. 351, Gary L. 
Ackerman (D-NY) was elected to the Committee on Banking and Financial 
Services.
5 February 1, 2000, pursuant to clause 5(b) of rule X, 
Virgil Goode's (D-VA) election to the Committee on Banking and 
Financial Services has been automatically vacated.
6 February 1, 2000, pursuant to H. Res. 411, Barbara Lee (D-
CA) was elected to the Committee on Banking and Financial Services to 
rank immediately after Mr. Meeks (D-NY).
7 October 10, 2000, Deceased.
    SUBCOMMITTEES OF THE COMMITTEE ON BANKING AND FINANCIAL SERVICES
                   Housing and Community Opportunity

                     RICK LAZIO, New York, Chairman
ROBERT W. NEY, Ohio                  BARNEY FRANK, Massachusetts
MARK GREEN, Wisconsin                NYDIA M. VELAZQUEZ, New York
DOUG BEREUTER, Nebraska              JAMES H. MALONEY, Connecticut
RICHARD H. BAKER, Louisiana          DARLENE HOOLEY, Oregon
TOM CAMPBELL, California             JULIA CARSON, Indiana
BOB BARR, Georgia                    ROBERT A. WEYGAND, Rhode Island
SUE W. KELLY, New York               BRUCE F. VENTO, Minnesota
RICK HILL, Montana                   BARBARA LEE, California
WALTER B. JONES, Jr., North          JANICE SCHAKOWSKY, Illinois
    Carolina                         STEPHANIE TUBBS JONES, Ohio
JOHN E. SWEENEY, New York            MICHAEL E. CAPUANO, Massachusetts
LEE TERRY, Nebraska                  MICHAEL P. FORBES, New York
JACK METCALF, Washington
MARGE ROUKEMA, New Jersey

               Financial Institutions and Consumer Credit

                 MARGE ROUKEMA, New Jersey, Chairwoman
BILL McCOLLUM, Florida               BRUCE F. VENTO, Minnesota
DOUG BEREUTER, Nebraska              CAROLYN B. MALONEY, New York
MICHAEL CASTLE, Delaware             MELVIN L. WATT, North Carolina
TOM CAMPBELL, California             GARY L. ACKERMAN, New York
EDWARD R. ROYCE, California          KEN BENTSEN, Texas
JACK METCALF, Washington             BRAD SHERMAN, California
BOB BARR, Georgia                    MAX SANDLIN, Texas
SUE W. KELLY, New York               GREGORY W. MEEKS, New York
DAVE WELDON, Florida                 LUIS V. GUTIERREZ, Illinois
JIM RYUN, Kansas                     FRANK R. MASCARA, Pennsylvania
MERRILL COOK, Utah                   JAY INSLEE, Washington
BOB RILEY, Alabama                   DENNIS MOORE, Kansas
RICK HILL, Montana                   CHARLES GONZALEZ, Texas
STEVEN C. LaTOURETTE, Ohio

               Domestic and International Monetary Policy

                   SPENCER BACHUS, Alabama, Chairman
RON PAUL, Texas                      MAXINE WATERS, California
DOUG OSE, California                 BARNEY FRANK, Massachusetts
BILL McCOLLUM, Florida               MELVIN L. WATT, North Carolina
MICHAEL CASTLE, Delaware             JULIA CARSON, Indiana
FRANK D. LUCAS, Oklahoma             GREGORY W. MEEKS, New York
JACK METCALF, Washington             PAUL E. KANJORSKI, Pennsylvania
ROBERT W. NEY, Ohio                  BERNARD SANDERS, Vermont
DAVE WELDON, Florida                 BRAD SHERMAN, California
JIM RYUN, Kansas                     JAY INSLEE, Washington
PAUL RYAN, Wisconsin                 JANICE SCHAKOWSKY, Illinois
JUDY BIGGERT, Illinois               DENNIS MOORE, Kansas
MARK GREEN, Wisconsin                MICHAEL P. FORBES, New York
PATRICK J. TOOMEY, Pennsylvania
   Capital Markets, Securities, and Government Sponsored Enterprises

                 RICHARD H. BAKER, Louisiana, Chairman
FRANK D. LUCAS, Oklahoma             PAUL E. KANJORSKI, Pennsylvania
DONALD A. MANZULLO, Illinois         GARY L. ACKERMAN, New York
WALTER B. JONES, Jr., North          NYDIA M. VELAZQUEZ, New Yok
    Carolina                         KEN BENTSEN, Texas
PAUL RYAN, Wisconsin                 ROBERT A. WEYGAND, Rhode Island
JOHN E. SWEENEY, New York            MAX SANDLIN, Texas
JUDY BIGGERT, Illinois               MAXINE WATERS, California
LEE TERRY, Nebraska                  CAROLYN. B. MALONEY, New York
PATRICK J. TOOMEY, Pennsylvania      JAMES H. MALONEY, Connecticut
MARGE ROUKEMA, New Jersey            DARLENE HOOLEY, Oregon
PETER T. KING, New York              FRANK R. MASCARA, Pennsylvania
EDWARD R. ROYCE, California          STEPHANIE TUBBS JONES, Ohio
RON PAUL, Texas                      MICHAEL CAPUANO, Massachusetts
MERRILL COOK, Utah
BOB RILEY, Alabama

                  General Oversight and Investigations

                   PETER T. KING, New York, Chairman
STEVEN C. LaTOURETTE, Ohio           BERNARD SANDERS, Vermont
ROBERT NEY, Ohio                     LUIS V. GUTIERREZ, Illinois
BOB BARR, Georgia                    CHARLES GONZALEZ, Texas
RON PAUL, Texas                      MICHAEL P. FORBES, New York
LEE TERRY, Nebraska
                         LETTER OF TRANSMITTAL

                              ----------                              

                          House of Representatives,
               Committee on Banking and Financial Services,
                                   Washington, DC, January 2, 2001.
Hon. Jeffrey Trandahl,
Clerk, House of Representatives,
The Capitol, Washington, DC.
    Dear Mr. Trandahl: The enclosed report for the 106th 
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, 106th 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.
                            C O N T E N T S

                              ----------                              
                                                                   Page
Letter of transmittal............................................     v
Committee Rules..................................................     6
Summary of legislation reported..................................    20
    Public Law 106-26 Congressional Gold Medal for Rosa Parks....    20
    Public Law 106-46 Clarification of Quorum Requirement for the 
      Exim Bank..................................................    20
    Public Law 106-51 Emergency Steel Loan Guarantee and 
      Emergency Oil and Gas Guaranteed Loan Act of 1999..........    20
    Public Law 106-74 Department of Veterans Affairs and Housing 
      and Urban Development, Independent Agencies Appropriations 
      Act, 2000..................................................    21
    Public Law 106-102 Gramm-Leach-Bliley Act of 1999............    21
    Public Law 106-113 Consolidated Appropriations Bill of FY2000    24
    Public Law 106-122 Amendment to the Federal Reserve Act......    25
    Public Law 106-126 Leif Ericson Millennium Commemorative Coin 
      Act........................................................    25
    Public Law 106-153 Congressional Gold Medal for Father 
      Theodore M. Hesburgh.......................................    25
    Public Law 106-155 U.S. Holocaust Assets Commission Extension 
      Act of 1999................................................    26
    Public Law 106-175 Congressional Gold Medal for Cardinal John 
      O'Connor...................................................    26
    Public Law 106-200 African Growth and Opportunity Act........    26
    Public Law 106-225 Congressional Gold Medal for Charles M. 
      Schulz.....................................................    27
    Public Law 106-250 Congressional Gold Medal for Pope John 
      Paul II....................................................    27
    Public Law 106-251 Congressional Gold Medal for President 
      Ronald Reagan..............................................    27
    Public Law 106-264 Global Aids and Tuberculosis Relief Act of 
      2000.......................................................    28
    Public Law 106-400 McKinney-Vento Homeless Assistance Act....    29
    Public Law 106-435 2002 Winter Olympics Commemorative Coin 
      Act........................................................    29
    Public Law 106-445 U.S. Mint Numismatic Coin Clarification 
      Act of 2000................................................    29
    Public Law 106-569 American Homeownership and Economic 
      Opportunity Act of 2000....................................    30
    H. Res. 495 Expressing the sense of the House regarding 
      support for the Financial Action Task Force on Money 
      Laundering.................................................    36
Summary of legislation reported but not enacted..................    37
    H.R. 10 Financial Services Act of 1999.......................    37
    H.R. 21 Homeowners' Insurance Availability Act of 1999.......    39
    H.R. 31 Leif Ericsson Millennium Commemorative Coin Act......    39
    H.R. 202 Preserving Affordable Housing for Senior Citizens 
      and Families into the 21st Century.........................    40
    H.R. 413 Prime Act...........................................    40
    H.R. 573 Congressional Gold Medal for Rosa Parks.............    40
    H.R. 629 CDFI Fund Amendments Act of 1999....................    40
    H.R. 833 Bankruptcy Reform Act of 1999.......................    41
    H.R. 1033 Lewis and Clark Expedition Bicentennial 
      Commemorative Coin Act.....................................    42
    H.R. 1095 Debt Relief for Poverty Reduction Act of 1999......    42
    H.R. 1161 Financial Contract Netting Improvement Act of 1999.    43
    H.R. 1554 Satellite Home Viewers Improvement Act.............    43
    H.R. 1776 American Homeownership and Economic Opportunity Act 
      of 2000....................................................    44
    H.R. 2614 Taxpayer Relief Act of 2000........................    47
    H.R. 2764 America's Private Investment Companies Act.........    48
    H.R. 2815 Congressional Gold Medal to the Crew of Apollo 11..    48
    H.R. 2848 New Markets Initiative Act of 1999.................    49
    H.R. 3046 Banking and Housing Agency Accountability 
      Preservation Act...........................................    50
    H.R. 3637 PMI Technical Corrections and Clarification Act....    50
    H.R. 3834 Homeowners Financing Protection Act................    51
    H.R. 3886 International Counter-Money Laundering Act of 2000.    51
    H.R. 4067 Business Checking Modernization Act................    51
    H.R. 4096 Bureau of Engraving and Printing Security Printing 
      Amendments Act of 2000.....................................    51
    H.R. 4209 Bank Reserves Modernization Act of 2000............    52
    H.R. 4419 Unlawful Internet Gambling Funding Prohibition Act.    52
    H.R. 4541 Commodity Futures Modernization Act of 2000........    52
    H.R. 4585 Medical Financial Privacy Protection Act...........    53
    H.R. 4923 Community Renewal and New Markets Act of 2000......    53
    H.R. 5010 District of Columbia and U.S. Territories 
      Circulating Quarter Dollar Program Act.....................    54
    H.R. 5272 Peace Through Negotiations Act of 2000.............    54
    H. Con. Res. 312 Expressing the Sense of the Congress that 
      the Federal Government and the States Should Engage in 
      Greater Oversight of Title Loan and Title Pawn Transactions    54
    S. 1452 American Homeownership and Economic Opportunity Act 
      of 2000....................................................    55
Summary of legislative and oversight activities..................    63
    Full Committee...............................................    63
    Subcommittee on Housing and Community Opportunity............    79
    Subcommittee on Financial Institutions and Consumer Credit...    83
    Subcommittee on Domestic and International Monetary Policy...    90
    Subcommittee on Capital Markets, Securities and Government 
      Sponsored Enterprises......................................    93
    Subcommittee on General Oversight and Investigations.........    97
Committee Oversight Plan.........................................    99
Hearings.........................................................   131
Committee and Subcommittee Prints................................   150
                                                 Union Calendar No. 607
106th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                    106-1045

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                         SUMMARY OF ACTIVITIES

                                _______
                                

January 2, 2001.--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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