[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
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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
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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
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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
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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
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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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