[House Report 109-742]
[From the U.S. Government Publishing Office]



109th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                     109-742
_______________________________________________________________________

                                     

                                                 Union Calendar No. 444


                         REPORT ON THE ACTIVITY

                                 of the

                    COMMITTEE ON FINANCIAL SERVICES

                                for the

                       ONE HUNDRED NINTH CONGRESS

                                     


                                     

 DATE deg.January 2, 2007.--Committed to the Committee of the 
    Whole House on the State of the Union and ordered to be printed
                         LETTER OF TRANSMITTAL

                              ----------                              

                          House of Representatives,
                           Committee on Financial Services,
                                   Washington, DC, January 2, 2007.
Hon. Karen L. Haas,
Clerk, House of Representatives,
Washington, DC.
    Dear Mrs. Haas: Pursuant to clause 1(d) of rule XI of the 
Rules of the House of Representatives for the 109th Congress, I 
present herewith a report on the activity of the Committee on 
Financial Services for the 109th Congress, including the 
Committee's review and study of legislation within its 
jurisdiction, and the oversight activities undertaken by the 
Committee.
            Yours truly,
                                          Michael G. Oxley,
                                                          Chairman.


                            C O N T E N T S

                               __________
                                                                   Page
Letter of Transmittal............................................   III
Jurisdiction.....................................................     1
Rules of the Committee...........................................     4
Membership and Organization......................................    17
Legislative and Oversight Activities.............................    23
Full Committee...................................................    25
Subcommittee on Capital Markets, Insurance, and Government 
  Sponsored Enterprises..........................................    95
Subcommittee on Domestic and International Monetary Policy, 
  Trade, and Technology..........................................   107
Subcommittee on Financial Institutions and Consumer Credit.......   117
Subcommittee on Housing and Community Opportunity................   123
Subcommittee on Oversight and Investigations.....................   137
Oversight Plan for the 109th Congress............................   143
Implementation of the Oversight Plan for the 109th Congress......   165
Appendix I--Committee Legislation: Committee Reports and Public 
  Laws...........................................................   197
Appendix II--Committee Publications: Committee Hearings and 
  Committee Prints...............................................   199


                                                 Union Calendar No. 444

109th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                     109-742

======================================================================



 
 REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE 
                             109TH CONGRESS

                                _______
                                

January 2, 2007.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

 Mr. Oxley, from the Committee on Financial Services, submitted to the 
                 Committee on the Budget the following

                              R E P O R T

    Clause 1(d) of rule XI of the Rules of the House of 
Representatives for the 109th Congress requires that each 
standing committee, not later than January 2 of each odd-
numbered year, submit to the House a report on the activities 
of that committee, including separate sections summarizing the 
legislative and oversight activities of that committee during 
that congress.

                              JURISDICTION


                           Rules of the House

    Clause 1(g) of rule X of the Rules of the House of 
Representatives for the 109th Congress sets forth the 
jurisdiction of the Committee on Financial Services as 
follows--
    (1) Banks and banking, including deposit insurance and 
Federal monetary policy.
    (2) Economic stabilization, defense production, 
renegotiation, and control of the price of commodities, rents, 
and services.
    (3) Financial aid to commerce and industry (other than 
transportation).
    (4) Insurance generally.
    (5) International finance.
    (6) International financial and monetary organization.
    (7) Money and credit, including currency and the issuance 
of notes and redemption thereof; gold and silver, including the 
coinage thereof; valuation and revaluation of the dollar.
    (8) Public and private housing.
    (9) Securities and exchanges.
    (10) Urban development.

                      Memorandum of Understanding

    The Committee on Financial Services was established when 
the House agreed to H. Res. 5, establishing the Rules of the 
House of Representatives for the 107th Congress, on January 3, 
2001. The jurisdiction of the Committee on Financial Services 
consists of the jurisdiction granted the Committee on Banking 
and Financial Services in the 106th Congress, along with 
jurisdiction over insurance generally and securities and 
exchanges, matters which had previously been within the 
jurisdiction of the Committee on Commerce in the 106th and 
previous congresses. On January 20, 2001,\1\ the Speaker 
inserted the following memorandum of understanding between the 
chairmen of the Committee on Financial Services and the 
Committee on Energy and Commerce further clarifying these 
jurisdictional changes--

    \1\ The version of the memorandum printed in the January 20, 2001 
Congressional Record contained a typographic error. A corrected version 
of the memorandum, which appears below, was printed in the January 30, 
2001 edition of the Congressional Record.
---------------------------------------------------------------------------
                                               January 20, 2001    
    On January 3, 2001, the House agreed to H. Res. 5, 
establishing the rules of the House for the 107th Congress. 
Section 2(d) of H. Res. 5 contained a provision renaming the 
Banking Committee as the Financial Services Committee and 
transferring jurisdiction over securities and exchanges and 
insurance from the Commerce Committee to the Financial Services 
Committee. The Commerce Committee was also renamed the Energy 
and Commerce Committee.
    The Committee on Energy and Commerce and the Committee on 
Financial Services jointly acknowledge as the authoritative 
source of legislative history concerning section 2(d) of H. 
Res. 5 the following statement of Rules Committee Chairman 
David Dreier during floor consideration of the resolution:
    ``In what is obviously one of our most significant changes, 
Mr. Speaker, section 2(d) of the resolution establishes a new 
Committee on Financial Services, which will have jurisdiction 
over the following matters:
    ``(1) banks and banking, including deposit insurance and 
Federal monetary policy;
    ``(2) economic stabilization, defense production, 
renegotiation, and control of the price of commodities, rents, 
and services;
    ``(3) financial aid to commerce and industry (other than 
transportation);
    ``(4) insurance generally;
    ``(5) international finance;
    ``(6) international financial and monetary organizations;
    ``(7) money and credit, including currency and the issuance 
of notes and redemption thereof; gold and silver, including the 
coinage thereof; valuation and revaluation of the dollar;
    ``(8) public and private housing;
    ``(9) securities and exchanges; and
    ``(10) urban development.
    ``Mr. Speaker, jurisdiction over matters relating to 
securities and exchanges is transferred in its entirety from 
the Committee on Commerce, which will be redesignated under 
this rules change to the Committee on Energy and Commerce, and 
it will now be transferred from the new Committee on Energy and 
Commerce to this new Committee on Financial Services. This 
transfer is not intended to convey to the Committee on 
Financial Services jurisdiction currently in the Committee on 
Agriculture regarding commodity exchanges.
    ``Furthermore, this change is not intended to convey to the 
Committee on Financial Services jurisdiction over matters 
relating to regulation and SEC oversight of multi-State public 
utility holding companies and their subsidiaries, which remain 
essentially matters of energy policy.
    ``Mr. Speaker, as a result of the transfer of jurisdiction 
over matters relating to securities and exchanges, redundant 
jurisdiction over matters relating to bank capital markets 
activities generally and depository institutions securities 
activities, which were formerly matters in the jurisdiction of 
the Committee on Banking and Financial Services, have been 
removed from clause 1 of rule X.
    ``Matters relating to insurance generally, formerly within 
the jurisdiction of the redesignated Committee on Energy and 
Commerce, are transferred to the jurisdiction of the Committee 
on Financial Services.
    ``The transfer of any jurisdiction to the Committee on 
Financial Services is not intended to limit the Committee on 
Energy and Commerce's jurisdiction over consumer affairs and 
consumer protection matters.
    ``Likewise, existing health insurance jurisdiction is not 
transferred as a result of this change.
    ``Furthermore, the existing jurisdictions of other 
committees with respect to matters relating to crop insurance, 
Workers' Compensation, insurance anti-trust matters, disaster 
insurance, veterans' life and health insurance, and national 
social security policy are not affected by this change.
    ``Finally, Mr. Speaker, the changes and legislative history 
involving the Committee on Financial Services and the Committee 
on Energy and Commerce do not preclude future memorandum of 
understanding between the chairmen of these respective 
committees.''
    By this memorandum the two committees undertake to record 
their further mutual understandings in this matter, which will 
supplement the statement quoted above.
    It is agreed that the Committee on Energy and Commerce will 
retain jurisdiction over bills dealing broadly with electronic 
commerce, including electronic communications networks (ECNs). 
However, a bill amending the securities laws to address the 
specific type of electronic securities transaction currently 
governed by a special SEC regulation as an Alternative Trading 
System (ATS) would be referred to the Committee on Financial 
Services.
    While it is agreed that the jurisdiction of the Committee 
on Financial Services over securities and exchanges includes 
anti-fraud authorities under the securities laws, the Committee 
on Energy and Commerce will retain jurisdiction only over the 
issue of setting of accounting standards by the Financial 
Accounting Standards Board.
                                   W.J. ``Billy'' Tauzin,
                                           Chairman, Committee on 
                                               Energy and Commerce,
                                   Michael G. Oxley,
                                           Chairman, Committee on 
                                               Financial Services.

    However, on the opening day of the 109th Congress (January 
4, 2005), the following announcement was made by the Speaker:
The SPEAKER. Based on discussions with the relevant committees, 
the further mutual understandings contained in the final two 
paragraphs of the ``Memorandum of Understanding Between Energy 
and Commerce Committee and Financial Services Committee'' dated 
January 30, 2001, shall no longer provide jurisdictional 
guidance.

RULES OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE ONE HUNDRED NINTH 
                                CONGRESS


                                 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 Chairman of the Committee 
(hereinafter in these rules referred to as the ``Chair''), 
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 
two calendar days before the time of the meeting.
    (2) The Chair shall provide to each member of the 
Committee, at least two calendar days 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 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) The agenda and materials required under this subsection 
shall be provided to each member of the Committee at least 
three calendar days before the time of the meeting where the 
measure or matter to be considered was not approved for full 
Committee consideration by a subcommittee of jurisdiction.
    (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 the member designated by the Chair as the 
Vice Chair of the Committee, or by the ranking majority member 
of the Committee present as Acting Chair.
    (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) Opening statements by members at the beginning of any 
hearing or meeting of the Committee shall be limited to 5 
minutes each for the Chair or ranking minority member, or their 
respective designee, and 3 minutes each for all other members.
    (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, 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)) or 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 accordance with clause 2(e)(1)(B) of rule XI, a 
record of the vote of each member of the Committee on each 
record vote on any measure or matter before the Committee shall 
be available for public inspection at the offices of the 
Committee, and, with respect to any record vote on any motion 
to report or on any amendment, 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 voting for and against.
    (5) Postponed record votes.--
          (A) Subject to subparagraph (B), the Chairman may 
        postpone further proceedings when a record vote is 
        ordered on the question of approving any measure or 
        matter or adopting an amendment. The Chairman 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 Chairman 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, 
        not-withstanding 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.

                           Hearing Procedures

    (d)(1)(A) The Chair shall make public announcement of 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 days before the commencement of a 
hearing 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.
    (2) To the greatest extent practicable--
          (A) each witness who is to appear before the 
        Committee shall file with the Committee two business 
        days 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 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 and a disclosure 
        of the amount and source (by agency and program) of any 
        Federal grant (or subgrant thereof) or contract (or 
        subcontract thereof) received during the current fiscal 
        year or either of the two preceding fiscal years.
    (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) The five-minute rule shall be observed in the 
interrogation of witnesses before the Committee until each 
member of the Committee has had an opportunity to question the 
witnesses. No member shall be recognized for a second period of 
5 minutes to interrogate witnesses until each member of the 
Committee present has been recognized once for that purpose.
    (5) Whenever any hearing is conducted by the Committee on 
any measure or matter, 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.

                          Subpoenas and Oaths

    (e)(1) Pursuant to clause 2(m) of rule XI of the Rules of 
the House, a subpoena may be authorized and issued by the 
Committee or a subcommittee in the conduct of any investigation 
or series of investigations or activities, only when authorized 
by a majority of the members voting, a majority being present, 
or pursuant to paragraph (2).
    (2) The Chair, with the concurrence of the ranking minority 
member, may authorize and issue subpoenas under such clause 
during any period for which the House has adjourned for a 
period in excess of 3 days when, in the opinion of the Chair, 
authorization and issuance of the subpoena is necessary to 
obtain the material or testimony set forth in the subpoena. The 
Chair shall report to the members of the Committee on the 
authorization and issuance of a subpoena during the recess 
period as soon as practicable, but in no event later than one 
week after service of such subpoena.
    (3) 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.
    (4) The Chair, or any member of the Committee designated by 
the Chair, may administer oaths to witnesses before the 
Committee.

                           Special Procedures

    (f)(1)(A) Commemorative Medals and Coins.--It shall not be 
in order for the Subcommittee on Domestic and International 
Monetary Policy, Trade, and Technology to hold a hearing on any 
commemorative medal or commemorative coin legislation unless 
the legislation is cosponsored by at least two-thirds of the 
members of the House.
    (B) It shall not be in order for the subcommittee to 
approve a bill or measure authorizing commemorative coins for 
consideration by the full Committee which does not conform with 
the mintage restrictions established by section 5112 of title 
31, United States Code.
    (C) In considering legislation authorizing Congressional 
gold medals, the subcommittee shall apply the following 
standards--
          (i) the recipient shall be a natural person;
          (ii) the recipient shall have performed an 
        achievement that has an impact on American history and 
        culture that is likely to be recognized as a major 
        achievement in the recipient's field long after the 
        achievement;
          (iii) the recipient shall not have received a medal 
        previously for the same or substantially the same 
        achievement;
          (iv) the recipient shall be living or, if deceased, 
        shall have been deceased for not less than 5 years and 
        not more than 25 years;
          (v) the achievements were performed in the 
        recipient's field of endeavor, and represent either a 
        lifetime of continuous superior achievements or a 
        single achievement so significant that the recipient is 
        recognized and acclaimed by others in the same field, 
        as evidenced by the recipient having received the 
        highest honors in the field.
    (2) Testimony of certain officials.--
          (A) Notwithstanding subsection (a)(4), when the Chair 
        announces a hearing of the Committee for the purpose of 
        receiving--
                  (i) testimony from the Chairman of the 
                Federal Reserve Board pursuant to section 2B of 
                the Federal Reserve Act (12 U.S.C. 221 et 
                seq.), or
                  (ii) testimony from the Chairman of the 
                Federal Reserve Board or a member of the 
                President's cabinet at the invitation of the 
                Chair, the Chair may, in consultation with the 
                ranking minority member, limit the number and 
                duration of opening statements to be delivered 
                at such hearing. The limitation shall be 
                included in the announcement made pursuant to 
                subsection (d)(1)(A), and shall provide that 
                the opening statements of all members of the 
                Committee shall be made a part of the hearing 
                record.

                                 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.

                                 Rule 5


                             SUBCOMMITTEES

          Establishment and Responsibilities of Subcommittees

    (a)(1) There shall be 5 subcommittees of the Committee as 
follows:
          (A) Subcommittee on capital markets, insurance, and 
        government sponsored enterprises.--The jurisdiction of 
        the Subcommittee on Capital Markets, Insurance, and 
        Government Sponsored Enterprises includes--
                  (i) securities, exchanges, and finance;
                  (ii) capital markets activities;
                  (iii) activities involving futures, forwards, 
                options, and other types of derivative 
                instruments;
                  (iv) secondary market organizations for home 
                mortgages including the Federal National 
                Mortgage Association, the Federal Home Loan 
                Mortgage Corporation, and the Federal 
                Agricultural Mortgage Corporation;
                  (v) the Office of Federal Housing Enterprise 
                Oversight;
                  (vi) the Federal Home Loan Banks; and
                  (vii) insurance generally.
          (B) Subcommittee on domestic and international 
        monetary policy, trade, and technology.--The 
        jurisdiction of the Subcommittee on Domestic and 
        International Monetary Policy, Trade, and Technology 
        includes--
                  (i) financial aid to all sectors and elements 
                within the economy;
                  (ii) economic growth and stabilization;
                  (iii) defense production matters as contained 
                in the Defense Production Act of 1950, as 
                amended;
                  (iv) 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;
                  (v) 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;
                  (vi) development of new or alternative forms 
                of currency;
                  (vii) 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;
                  (viii) international trade, including but not 
                limited to the activities of the Export-Import 
                Bank;
                  (ix) the International Monetary Fund, its 
                permanent and temporary agencies, and all 
                matters related thereto; and
                  (x) 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.
          (C) Subcommittee on financial institutions and 
        consumer credit.--The jurisdiction of the Subcommittee 
        on Financial Institutions and Consumer Credit 
        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, the Office of Thrift 
                Supervision, 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) the chartering, branching, merger, 
                acquisition, consolidation, or conversion of 
                financial institutions;
                  (iii) 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;
                  (iv) creditor remedies and debtor defenses, 
                Federal aspects of the Uniform Consumer Credit 
                Code, credit and debit cards, and the 
                preemption of State usury laws;
                  (v) consumer access to financial services, 
                including the Home Mortgage Disclosure Act and 
                the Community Reinvestment Act;
                  (vi) 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;
                  (vii) deposit insurance; and (viii) consumer 
                access to savings accounts and checking 
                accounts in financial institutions, including 
                lifeline banking and other consumer accounts.
          (D) Subcommittee on housing and community 
        opportunity.--The jurisdiction of the Subcommittee on 
        Housing and Community Opportunity includes--
                  (i) 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; private mortgage insurance; 
                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 land-lord/tenant 
                relations); and real estate lending including 
                regulation of settlement procedures;
                  (ii) 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;
                  (iii) government sponsored insurance 
                programs, including those offering protection 
                against crime, fire, flood (and related land 
                use controls), earthquake and other natural 
                hazards; and (iv) the qualifications for and 
                designation of Empowerment Zones and Enterprise 
                Communities (other than matters relating to tax 
                benefits).
          (E) Subcommittee on oversight and investigations.--
        The jurisdiction of the Subcommittee on Oversight and 
        Investigations includes--
                  (i) the oversight of all agencies, 
                departments, programs, and matters within the 
                jurisdiction of the Committee, including the 
                development of recommendations with regard to 
                the necessity or desirability of enacting, 
                changing, or repealing any legislation within 
                the jurisdiction of the Committee, and for 
                conducting investigations within such 
                jurisdiction; and
                  (ii) 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.

           Referral of Measures and Matters to Subcommittees

    (b)(1) The Chair shall 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 other 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 Committee by motion 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.
    (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.
    (3) The subcommittees shall be comprised as follows:
          (A) The Subcommittee on Capital Markets, Insurance, 
        and Government Sponsored Enterprises shall be comprised 
        of 49 members, 26 elected by the majority caucus and 23 
        elected by the minority caucus.
          (B) The Subcommittee on Domestic and International 
        Monetary Policy, Trade, and Technology shall be 
        comprised of 26 members, 14 elected by the majority 
        caucus and 12 elected by the minority caucus.
          (C) The Subcommittee on Financial Institutions and 
        Commercial Credit shall be comprised of 47 members, 25 
        elected by the majority caucus and 22 elected by the 
        minority caucus.
          (D) The Subcommittee on Housing and Community 
        Opportunity shall be comprised of 26 members, 14 
        elected by the majority caucus and 12 elected by the 
        minority caucus.
          (E) The Subcommittee on Oversight and Investigations 
        shall be comprised of 20 members, 11 elected by the 
        majority caucus and 9 elected by the minority caucus.

                   Subcommittee Meetings and Hearings

    (d)(1) Each subcommittee of the Committee is authorized 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 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.

                        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 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) To the maximum extent feasible, the Committee shall 
make its publications available in electronic form.


   MEMBERSHIP AND ORGANIZATION OF THE COMMITTEE ON FINANCIAL SERVICES

                       ONE HUNDRED NINTH CONGRESS

                    COMMITTEE ON FINANCIAL SERVICES

         (Ratio: 37-32-1)

 MICHAEL G. OXLEY, Ohio, Chairman

BARNEY FRANK, Massachusetts          JAMES A. LEACH, Iowa 
PAUL E. KANJORSKI, Pennsylvania      
MAXINE WATERS, California            RICHARD H. BAKER, Louisiana
CAROLYN B. MALONEY, New York         DEBORAH PRYCE, Ohio
LUIS V. GUTIERREZ, Illinois          SPENCER BACHUS, Alabama
NYDIA M. VELAZQUEZ, New York         MICHAEL N. CASTLE, Delaware 
MELVIN L. WATT, North Carolina       
GARY L. ACKERMAN, New York           EDWARD R. ROYCE, California
DARLENE HOOLEY, Oregon               FRANK D. LUCAS, Oklahoma
JULIA CARSON, Indiana                SUE W. KELLY, New York,
BRAD SHERMAN, California               Vice Chair
GREGORY W. MEEKS, New York           RON PAUL, Texas
BARBARA LEE, California              PAUL E. GILLMOR, Ohio
DENNIS MOORE, Kansas                 JIM RYUN, Kansas 
MICHAEL E. CAPUANO, Massachusetts    
HAROLD E. FORD, Jr., Tennessee       STEVEN C. LaTOURETTE, Ohio
RUBEN HINOJOSA, Texas                DONALD A. MANZULLO, Illinois
JOSEPH CROWLEY, New York             WALTER B. JONES, Jr., North 
WM. LACY CLAY, Missouri              Carolina
STEVE ISRAEL, New York               JUDY BIGGERT, Illinois
CAROLYN McCARTHY, New York           CHRISTOPHER SHAYS, Connecticut 
JOE BACA, California                 
JIM MATHESON, Utah                   VITO FOSSELLA, New York
STEPHEN F. LYNCH, Massachusetts      GARY G. MILLER, California 
BRAD MILLER, North Carolina          
DAVID SCOTT, Georgia                 PATRICK J. TIBERI, Ohio
ARTUR DAVIS, Alabama                 MARK R. KENNEDY, Minnesota
AL GREEN, Texas                      JEB HENSARLING, Texas
EMANUEL CLEAVER, Missouri            TOM FEENEY, Florida
MELISSA L. BEAN, Illinois            SCOTT GARRETT, New Jersey
DEBBIE WASSERMAN SCHULTZ, Florida    GINNY BROWN-WAITE, Florida
GWEN MOORE, Wisconsin                J. GRESHAM BARRETT, South Carolina
BERNARD SANDERS, Vermont *           KATHERINE HARRIS, Florida
                                     RICK RENZI, Arizona
                                     JIM GERLACH, Pennsylvania
                                     STEVAN PEARCE, New Mexico
                                     RANDY NEUGEBAUER, Texas
                                     TOM PRICE, Georgia
                                     MICHAEL G. FITZPATRICK, 
                                     Pennsylvania
                                     GEOFF DAVIS, Kentucky
                                     PATRICK T. McHENRY, North Carolina
                                     JOHN CAMPBELL, California \1\
                                     (Vacancy) \2\

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.
                        SUBCOMMITTEE MEMBERSHIPS


 Subcommittee on Capital Markets, Insurance, and Government Sponsored 
                              Enterprises

          (Ratio: 26-23)

   RICHARD H. BAKER, Louisiana, 
             Chairman

PAUL E. KANJORSKI, Pennsylvania      JIM RYUN, Kansas, Vice Chair
GARY L. ACKERMAN, New York           CHRISTOPHER SHAYS, Connecticut
DARLENE HOOLEY, Oregon               PAUL E. GILLMOR, Ohio
BRAD SHERMAN, California             SPENCER BACHUS, Alabama
GREGORY W. MEEKS, New York           MICHAEL N. CASTLE, Delaware
DENNIS MOORE, Kansas                 FRANK D. LUCAS, Oklahoma
MICHAEL E. CAPUANO, Massachusetts    DONALD A. MANZULLO, Illinois
HAROLD E. FORD, Jr., Tennessee       EDWARD R. ROYCE, California
RUBEN HINOJOSA, Texas                SUE W. KELLY, New York
JOSEPH CROWLEY, New York             VITO FOSSELLA, New York
STEVE ISRAEL, New York               JUDY BIGGERT, Illinois
WM. LACY CLAY, Missouri              GARY G. MILLER, California
CAROLYN McCARTHY, New York           MARK R. KENNEDY, Minnesota
JOE BACA, California                 PATRICK J. TIBERI, Ohio
JIM MATHESON, Utah                   J. GRESHAM BARRETT, South Carolina
STEPHEN F. LYNCH, Massachusetts      GINNY BROWN-WAITE, Florida
BRAD MILLER, North Carolina          TOM FEENEY, Florida
DAVID SCOTT, Georgia                 JIM GERLACH, Pennsylvania
NYDIA M. VELAZQUEZ, New York         KATHERINE HARRIS, Florida
MELVIN L. WATT, North Carolina       JEB HENSARLING, Texas
ARTUR DAVIS, Alabama                 RICK RENZI, Arizona
MELISSA L. BEAN, Illinois            GEOFF DAVIS, Kentucky
DEBBIE WASSERMAN SCHULTZ, Florida    MICHAEL G. FITZPATRICK, 
BARNEY FRANK, Massachusetts,         Pennsylvania
  ex officio                         JOHN CAMPBELL, California 
                                     1
                                     (Vacancy) 2
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

Subcommittee on Domestic and International Monetary Policy, Trade, and 
                               Technology

          (Ratio: 14-12)

   DEBORAH PRYCE, Ohio, Chairman

CAROLYN B. MALONEY, New York         JUDY BIGGERT, Illinois, Vice Chair
BERNARD SANDERS, Vermont *           JAMES A. LEACH, Iowa
MELVIN L. WATT, North Carolina       MICHAEL N. CASTLE, Delaware
MAXINE WATERS, California            FRANK D. LUCAS, Oklahoma
BARBARA LEE, California              RON PAUL, Texas
PAUL E. KANJORSKI, Pennsylvania      STEVEN C. LaTOURETTE, Ohio
BRAD SHERMAN, California             DONALD A. MANZULLO, Illinois
LUIS V. GUTIERREZ, Illinois          MARK R. KENNEDY, Minnesota
MELISSA L. BEAN, Illinois            KATHERINE HARRIS, Florida
DEBBIE WASSERMAN SCHULTZ, Florida    JIM GERLACH, Pennsylvania
GWEN MOORE, Wisconsin                RANDY NEUGEBAUER, Texas
JOSEPH CROWLEY, New York             TOM PRICE, Georgia
BARNEY FRANK, Massachusetts,         PATRICK T. McHENRY, North Carolina
  ex officio                         MICHAEL G. OXLEY, Ohio,
                                       ex officio

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.

       Subcommittee on Financial Institutions and Consumer Credit

          (Ratio: 25-22)

 SPENCER BACHUS, Alabama, Chairman

BERNARD SANDERS, Vermont *           WALTER B. JONES, Jr., North 
CAROLYN B. MALONEY, New York         Carolina,
MELVIN L. WATT, North Carolina         Vice Chair
GARY L. ACKERMAN, New York           RICHARD H. BAKER, Louisana
BRAD SHERMAN, California             MICHAEL N. CASTLE, Delaware
GREGORY W. MEEKS, New York           EDWARD R. ROYCE, California
LUIS V. GUTIERREZ, Illinois          FRANK D. LUCAS, Oklahoma
DENNIS MOORE, Kansas                 SUE W. KELLY, New York
PAUL E. KANJORSKI, Pennsylvania      RON PAUL, Texas
MAXINE WATERS, California            PAUL E. GILLMOR, Ohio
DARLENE HOOLEY, Oregon               JIM RYUN, Kansas
JULIA CARSON, Indiana                STEVEN C. LaTOURETTE, Ohio
HAROLD E. FORD, Jr., Tennessee       JUDY BIGGERT, Illinois
RUBEN HINOJOSA, Texas                VITO FOSSELLA, New York
JOSEPH CROWLEY, New York             GARY G. MILLER, California
STEVE ISRAEL, New York               PATRICK J. TIBERI, Ohio
CAROLYN McCARTHY, New York           TOM FEENEY, Florida
JOE BACA, California                 JEB HENSARLING, Texas
AL GREEN, Texas                      SCOTT GARRETT, New Jersey
GWEN MOORE, Wisconsin                GINNY BROWN-WAITE, Florida
WM. LACY CLAY, Missouri              J. GRESHAM BARRETT, South Carolina
JIM MATHESON, Utah                   RICK RENZI, Arizona
BARNEY FRANK, Massachusetts,         STEVAN PEARCE, New Mexico
  ex officio                         RANDY NEUGEBAUER, Texas
                                     TOM PRICE, Georgia
                                     PATRICK T. McHENRY, North Carolina
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.

           Subcommittee on Housing and Community Opportunity

          (Ratio: 14-12)

      (VACANCY), Chairman \2\

MAXINE WATERS, California            GARY G. MILLER, California, Vice 
NYDIA M. VELAZQUEZ, New York         Chair
JULIA CARSON, Indiana                RICHARD H. BAKER, Louisiana
BARBARA LEE, California              WALTER B. JONES, Jr., North 
MICHAEL E. CAPUANO, Massachusetts    Carolina
BERNARD SANDERS, Vermont *           CHRISTOPHER SHAYS, Connecticut
STEPHEN F. LYNCH, Massachusetts      PATRICK J. TIBERI, Ohio
BRAD MILLER, North Carolina          GINNY BROWN-WAITE, Florida
DAVID SCOTT, Georgia                 KATHERINE HARRIS, Florida
ARTUR DAVIS, Alabama                 RICK RENZI, Arizona
EMANUEL CLEAVER, Missouri            STEVAN PEARCE, New Mexico
AL GREEN, Texas                      RANDY NEUGEBAUER, Texas
BARNEY FRANK, Massachusetts,         MICHAEL G. FITZPATRICK, 
  ex officio                         Pennsylvania
                                     GEOFF DAVIS, Kentucky
                                     JOHN CAMPBELL, California \1\
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.
              Subcommittee on Oversight and Investigations

           (Ratio: 11-9)

 SUE W. KELLY, New York, Chairman

LUIS V. GUTIERREZ, Illinois          RON PAUL, Texas,
DENNIS MOORE, Kansas                   Vice Chair
CAROLYN B. MALONEY, New York         EDWARD R. ROYCE, California
STEPHEN F. LYNCH, Massachusetts      STEVEN C. LaTOURETTE, Ohio
ARTUR DAVIS, Alabama                 MARK R. KENNEDY, Minnesota
EMANUEL CLEAVER, Missouri            SCOTT GARRETT, New Jersey
DAVID SCOTT, Georgia                 J. GRESHAM BARRETT, South Carolina
DEBBIE WASSERMAN SCHULTZ, Florida    TOM PRICE, Georgia
GWEN MOORE, Wisconsin                MICHAEL G. FITZPATRICK, 
BARNEY FRANK, Massachusetts,         Pennsylvania
  ex officio                         GEOFF DAVIS, Kentucky
                                     PATRICK T. McHENRY, North Carolina
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

         MEMBERSHIP NOTES

                                 ------                                

 The following members are on leave from the Committee on 
Financial Services: Mr. Dreier, ranking immediately after Mr. Leach; 
Mr. King of New York, ranking immediately after Mr. Castle; Mr. 
Sessions, ranking immediately after Mr. Ryun; Mr. Shadegg, ranking 
immediately after Mr. Shays; Mr. Blunt, ranking immediately after Mr. 
Shays and Mr. Shadegg; and Mrs. Capito, ranking immediately after Mr. 
Gary G. Miller.
\1\ Mr. Campbell was elected to the Committee on February 8, 2006, 
filling a vacancy created by the resignation of Mr. King of New York on 
February 8, 2006, who ranked immediately after Mr. Castle. On March 15, 
2006, Mr. Campbell was elected to the Subcommittees on Capital Markets, 
Insurance and Government Sponsored Enterprises and Housing and 
Community Opportunity to fill vacancies on those subcommittees.
\2\ Mr. Ney resigned as Chairman of the Subcommittee on Housing and 
Community Opportunity on September 18, 2006. Mr. Ney resigned from the 
House on November 3, 2006.
                            COMMITTEE STAFF


                             Majority Staff

       Robert U. Foster, III
          Chief of Staff
         Peggy A. Peterson
Communications Director and Deputy 
          Chief of Staff
        Carter K. McDowell
           Chief Counsel
         Thomas G. Duncan
          General Counsel
        James K. Conzelman
     Counselor to the Chairman

                                 ------                                

  Terisa L. Allison, Editor and 
          Document Clerk
    Steve F. Arauz, Executive 
      Assistant/IT Assistant
 Peter C. Barrett, Senior Counsel
  Joshua O. Beck, Staff Assistant
Sidney J. Blackmer, Senior Counsel
      John L. Butler, Senior 
     Professional Staff Member
   Cindy Vosper Chetti, Senior 
     Professional Staff Member
   Dina A. Ellis, Senior Counsel
     Danielle Marie English, 
     Professional Staff Member
 Angela S. Gambo, Administrative 
             Assistant
    Marisol Garibay, Assistant 
      Communications Director
   Robert Gordon, Senior Counsel
 Kristen E. Jaconi, Senior Counsel
     Tallman Johnson, Senior 
     Professional Staff Member
   Clinton Columbus Jones, III, 
          Senior Counsel
    Rosemary Elizabeth Keech, 
     Executive Staff Assistant
  Michael McEleney, Professional 
           Staff Member
   Sarah Anne Morgan, Assistant 
      Communications Director
J. Timothy O'Neill, Senior Counsel
 Joe Pinder, Senior Professional 
               Staff
 Beverly B. Price, Staff Assistant
     Rashmi Ann Puri, Counsel
     Lois O. Richerson, Clerk
  Clifford Roberti, Professional 
           Staff Member
Jessica Lee Rummel, Communications 
            Specialist
 Frank J. Scardena, Professional 
           Staff Member
Frank A. Tillotson, Senior Counsel
Kim Trimble, Calendar, Documents, 
     and Systems Administrator
     Alejandro Urrea, Counsel
  Glenn Westrick, Senior Counsel
    Heather C. Wheeler, Staff 
             Assistant
  W. Scott Wilber, Senior Counsel
    Joshua P. Wilsusen, Counsel
   Earnestine B. Worelds, Staff 
             Assistant
                             Minority Staff

        Jeanne Roslanowick
Staff Director and General Counsel

                                 ------                                

  Steven Adamske, Communications 
             Director
Meredith Connelly, Staff Assistant
    Eleni Constantine, Counsel
   Todd Cranford, Senior Counsel
      Ricardo Delfin, Counsel
 Eric Edwards, Professional Staff 
              Member
Warren Gunnels, Professional Staff 
              Member
 Todd Harper, Professional Staff 
              Member
      Erika Jeffers, Counsel
      Kellie Larkin, Counsel
    Jaime E. Lizarraga, Senior 
     Professional Staff Member
  Patty Lord, Professional Staff 
              Member
     Dominique McCoy, Counsel
 Daniel McGlinchey, Professional 
           Staff Member
   Scott Morris, Chief Economist
Jonathan Obee, Professional Staff 
              Member
 Scott Olson, Professional Staff 
              Member
        Jeff Riley, Counsel
 Lawranne Stewart, Senior Counsel
       Kenneth Swab, Counsel
  Nathaniel Thomas, Professional 
           Staff Member
                  LEGISLATIVE AND OVERSIGHT ACTIVITIES

    During the 109th Congress, 420 bills were referred to the 
Committee on Financial Services. The full Committee reported to 
the House or was discharged from the further consideration of 
51 measures, not including conference reports. Thirty-nine 
measures regarding matters within the Committee's jurisdiction 
were enacted into law.
    The following is a summary of the legislative and oversight 
activities of the Committee on Financial Services during the 
109th Congress, including a summary of the activities taken by 
the Committee to implement its Oversight Plan for the 109th 
Congress.
                    COMMITTEE ON FINANCIAL SERVICES

         (Ratio: 37-32-1)

 MICHAEL G. OXLEY, Ohio, Chairman

BARNEY FRANK, Massachusetts          JAMES A. LEACH, Iowa 
PAUL E. KANJORSKI, Pennsylvania      RICHARD H. BAKER, Louisiana
MAXINE WATERS, California            DEBORAH PRYCE, Ohio
CAROLYN B. MALONEY, New York         SPENCER BACHUS, Alabama
LUIS V. GUTIERREZ, Illinois          MICHAEL N. CASTLE, Delaware 
NYDIA M. VELAZQUEZ, New York         
MELVIN L. WATT, North Carolina       EDWARD R. ROYCE, California
GARY L. ACKERMAN, New York           FRANK D. LUCAS, Oklahoma
DARLENE HOOLEY, Oregon               SUE W. KELLY, New York, Vice Chair
JULIA CARSON, Indiana                RON PAUL, Texas
BRAD SHERMAN, California             PAUL E. GILLMOR, Ohio
GREGORY W. MEEKS, New York           JIM RYUN, Kansas 
BARBARA LEE, California              STEVEN C. LaTOURETTE, Ohio
DENNIS MOORE, Kansas                 DONALD A. MANZULLO, Illinois
MICHAEL E. CAPUANO, Massachusetts    WALTER B. JONES, Jr., North 
HAROLD E. FORD, Jr., Tennessee       Carolina
RUBEN HINOJOSA, Texas                JUDY BIGGERT, Illinois
JOSEPH CROWLEY, New York             CHRISTOPHER SHAYS, Connecticut 
WM. LACY CLAY, Missouri              
STEVE ISRAEL, New York               VITO FOSSELLA, New York
CAROLYN McCARTHY, New York           GARY G. MILLER, California 
JOE BACA, California                 
JIM MATHESON, Utah                   PATRICK J. TIBERI, Ohio
STEPHEN F. LYNCH, Massachusetts      MARK R. KENNEDY, Minnesota
BRAD MILLER, North Carolina          TOM FEENEY, Florida
DAVID SCOTT, Georgia                 JEB HENSARLING, Texas
ARTUR DAVIS, Alabama                 SCOTT GARRETT, New Jersey
AL GREEN, Texas                      GINNY BROWN-WAITE, Florida
EMANUEL CLEAVER, Missouri            J. GRESHAM BARRETT, South Carolina
MELISSA L. BEAN, Illinois            KATHERINE HARRIS, Florida
DEBBIE WASSERMAN SCHULTZ, Florida    RICK RENZI, Arizona
GWEN MOORE, Wisconsin                JIM GERLACH, Pennsylvania
BERNARD SANDERS, Vermont *           STEVAN PEARCE, New Mexico
                                     RANDY NEUGEBAUER, Texas
                                     TOM PRICE, Georgia
                                     MICHAEL G. FITZPATRICK, 
                                     Pennsylvania
                                     GEOFF DAVIS, Kentucky
                                     PATRICK T. McHENRY, North Carolina
                                     JOHN CAMPBELL, California \1\
                                     (Vacancy) \2\

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.

                         Legislative Activities


           INCREASED CAPITAL ACCESS FOR GROWING BUSINESS ACT

                               (H.R. 436)

    To amend the Investment Company Act of 1940 to provide 
incentives for small business investment, and for other 
purposes.

Summary

    H.R. 436, the Increased Capital Access for Growing Business 
Act, amends the Investment Company Act of 1940 to include as an 
eligible portfolio company an issuer of securities that: (1) 
does not have any class of equity securities listed for trading 
on a national exchange or market; or (2) has an aggregate value 
of outstanding publicly traded equity securities of not more 
than $250 million.
    The bill also amends the Investment Company Act of 1940 to 
permit a business development company to invest in a company 
that is not an eligible portfolio company because the aggregate 
value of its outstanding publicly traded equity securities is 
more than $250 million but not more than $500 million, as long 
as such securities represent no more than 10 percent of the 
total invested assets of the company, for purposes of meeting 
the statutory limitation on purchase of assets in other than 
eligible portfolio companies.

Legislative History

    H.R. 436 was introduced in the House by Mrs. Kelly and 
three original cosponsors on February 1, 2005. The bill was 
referred to the Committee on Financial Services. On April 6, 
2005, the House considered H.R. 436 under suspension of the 
rules and passed the bill by a voice vote.
    On April 7, 2005, H.R. 436 was received in the Senate, read 
twice, and referred to the Committee on Banking, Housing, and 
Urban Affairs.
    No further action was taken on the legislation in the 109th 
Congress.

                    REALTIME INVESTOR PROTECTION ACT

                     (H.R. 1077, H.R. 458, S. 418)

    To improve the access of investors to regulatory records 
with respect to securities brokers, dealers, and investment 
advisers.

Summary

    H.R. 1077, the Realtime Investor Protection Act, requires 
NASD to continue to maintain a system for collecting and 
retaining registration information regarding its member 
securities firms and their brokers, which NASD currently does 
through the Central Registration Depository, and to continue to 
provide toll-free telephone access, and begin to provide 
Internet or other access to this information. The bill also 
provides NASD with an appropriate limitation of liability in 
its maintenance of such a system.
    The legislation also amends the Investment Advisers Act of 
1940 to require investment advisers to file with the SEC any 
fee, application, report, or notice, and to make such 
information accessible via the Internet or toll-free telephone 
listing.

Legislative History

    H.R. 1077 was introduced in the House by Mr. Shadegg and 
one original cosponsor on March 3, 2005. The bill was referred 
to the Committee on Financial Services. On April 6, 2005, the 
House considered H.R. 1077 under suspension of the rules and 
passed the bill by a voice vote.
    On April 7, 2005, H.R. 1077 was received in the Senate, 
read twice, and referred to the Committee on Banking, Housing, 
and Urban Affairs.
    While no further action was taken on this measure in the 
109th Congress, similar provisions were included in sections 
103 and 104 of H.R. 458 and in sections 6 and 7 of S. 418, the 
Military Personnel Financial Services Protection Act. For 
further action, see the entry for the Military Personnel 
Financial Services Protection Act.

          MILITARY PERSONNEL FINANCIAL SERVICES PROTECTION ACT

                 Public Law 109-290 (H.R. 458, S. 418)

    To prevent the sale of abusive insurance and investment 
products to military personnel.

Summary

    H.R. 458, the Military Personnel Financial Services 
Protection Act, addresses the abusive sales of financial 
products of dubious value to members of the armed services. To 
curb the sale of unsuitable securities products, this 
legislation amends the Investment Company Act of 1940 to make 
it unlawful, 30 days after the enactment of this legislation, 
to sell periodic payment plan certificates, also called 
contractual plans. The contractual plan is an investment 
product with a front-end sales load of 50 percent assessed 
against the first year of contributions. The product has all 
but disappeared from the civilian market.
    In addition, the bill provides investors with online access 
to information, including disciplinary actions, regarding 
broker-dealers. The legislation requires NASD to continue to 
maintain a system for collecting and retaining registration 
information regarding its member securities firms and their 
brokers, which NASD currently does through the Central 
Registration Depository, and to continue to provide toll-free 
telephone access, and begin to provide Internet or other access 
to this information. The bill also provides NASD with an 
appropriate limitation of liability in its maintenance of such 
a system. The legislation also amends the Investment Advisers 
Act of 1940 to require investment advisers to file with the SEC 
any fee, application, report, or notice, and to make such 
information accessible via the Internet or toll-free telephone 
listing.
    To prevent the abusive sales of insurance products, this 
bill extends the authority of State insurance departments to 
activities of insurers or agents on a U.S. military 
installation or any Federal land or facility, except to the 
extent that the authority directly conflicts with any 
applicable authorized Federal regulation or directive. The 
legislation further directs each State to implement standards 
to protect members of the Armed Forces, while on a military 
installation or any Federal land or facility, from dishonest 
and predatory insurance sales practices until a State has 
implemented such standards, life insurance may not be sold to 
any member without prior disclosure that subsidized life 
insurance may be available from the Federal Government and the 
State may not license or renew the license of any entity that 
has violated such prohibition.

Legislative History

    H.R. 458 was introduced in the House by Mr. Davis (KY) and 
seven original cosponsors on February 1, 2005. The bill was 
referred to the Committee on Financial Services. The full 
Committee met in open session on March 16, 2005, to consider 
the legislation and ordered H.R. 458 reported to the House with 
a favorable recommendation by a voice vote. H.R. 458 was 
reported to the House on April 13, 2005 (H. Rept. 109-40). On 
June 27, 2005, the House considered H.R. 458 under suspension 
of the rules and on June 28, 2005, passed the bill as amended 
by a record vote of 405 yeas and 2 nays. On June 28, 2005, H.R. 
458 was received in the Senate, read twice, and referred to the 
Committee on Banking, Housing, and Urban Affairs.
    S. 418, companion legislation to H.R. 458, was introduced 
in the Senate by Mr. Enzi on February 17, 2005. The bill was 
referred to the Senate Committee on Banking, Housing, and Urban 
Affairs. The full Committee met on July 14, 2006, to consider 
the legislation and ordered S. 418, as amended, reported to the 
Senate with a favorable recommendation by a voice vote. S. 418 
was reported to the Senate on July 13, 2006 (S. Rept. 109-282). 
On July 19, 2006, S. 418 was laid before the Senate and passed, 
as amended, by unanimous consent.
    On July 20, 2006, S. 418 was received in the House. On 
September 20, 2006, the House considered S. 418 under 
suspension of the rules and passed the legislation by a record 
vote of 418 yeas and 3 nays, clearing the bill for the White 
House. On September 25, 2006, the bill was presented to the 
President. The bill was signed into law on September 29, 2006, 
becoming Public Law 109-290.

               FEDERAL HOUSING FINANCE REFORM ACT OF 2005

                              (H.R. 1461)

    To reform the regulation of certain housing-related 
Government-sponsored enterprises, and for other purposes.

Summary

    H.R. 1461, the Federal Housing Finance Reform Act of 2005, 
establishes the Federal Housing Finance Agency as an 
independent agency whose mission is to oversee the housing 
government-sponsored enterprises--the Federal National Mortgage 
Association (Fannie Mae), Federal Home Loan Mortgage 
Corporation (Freddie Mac), and the twelve Federal Home Loan 
Banks. The Federal Housing Finance Agency assumes the 
supervisory duties of the Office of Federal Housing Enterprise 
Oversight (OFHEO), the Federal Housing Finance Board (FHFB), 
and the Department of Housing and Urban Development (HUD). 
Authority to review and approve new programs and activities is 
to be transferred from HUD to the Federal Housing Finance 
Agency. The agency will be headed by a director, who is to be 
appointed by the President and confirmed by the Senate. The 
director has supervisory powers in the areas of capital 
requirements, portfolio holdings, operations standards, 
enforcement, and receivership. An oversight board will advise 
the director as to strategic and policy matters. H.R. 1461 also 
establishes affordable housing funds at Fannie Mae and Freddie 
Mac, funded by a percentage of after-tax corporate earnings.

Legislative History

    H.R. 1461 was introduced by Mr. Baker and seven original 
cosponsors on April 5, 2005. The bill was referred to the 
Committee on Financial Services.
    The Committee on Financial Services held a hearing on April 
13, 2005, and heard from the Secretary of the Treasury and the 
Secretary of Housing and Urban Development on the merits of the 
legislation.
    The Committee on Financial Services met in open session on 
May 25, 2005, and ordered H.R. 1461 reported to the House, with 
an amendment, with a favorable recommendation by a record vote 
of 65 yeas and 5 nays.
    On July 14, 2005, the Committee on Financial Services 
reported H.R. 1461 to the House (H. Rept. 109-171, Part 1), and 
the bill was sequentially referred to the Committee on the 
Judiciary. On September 16, 2005, the Committee on the 
Judiciary was discharged of the further consideration of the 
bill.
    On October 26, 2005, the House adopted H. Res. 509, 
providing for the consideration of H.R. 1461 under a structured 
rule, by a record vote of 220 yeas and 196 nays. Also on that 
day, the House considered H.R. 1461 and passed the bill, with 
an amendment, by a record vote of 331 yeas and 90 nays. On 
October 31, 2005, the bill was received in the Senate, read 
twice, and referred to the Committee on Banking, Housing, and 
Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

        GULF OPPORTUNITY ZONE PUBLIC FINANCE RELIEF ACT OF 2005

                              (H.R. 4337)

    To amend the Internal Revenue Code of 1986 to provide for 
Gulf tax credit bonds and advance refundings of certain tax-
exempt bonds, and to provide a Federal guarantee of certain 
State bonds.

Summary

    H.R. 4337, the Gulf Opportunity Zone Public Finance Relief 
Act of 2005, amends the Internal Revenue Code to allow a tax 
credit for investment in Gulf tax credit bonds issued by 
Alabama, Louisiana, or Mississippi after December 31, 2005, and 
before January 1, 2007. To be eligible, ninety-five percent of 
the bond's proceeds must be used to refinance existing bonds or 
to make loans to localities for such financing, and the bond's 
maturity may not exceed two years. The bill requires states 
issuing Gulf tax credit bonds to provide matching funds equal 
to the face value on the bond, and establishes limits on the 
total dollar amount of eligible tax credit.
    The legislation authorizes one additional advance refunding 
of outstanding bond obligations until December 31, 2010, in 
amounts not to exceed $4.5 billion for Louisiana, $2.25 billion 
for Mississippi, and $1.125 billion for Alabama
    H.R. 4337 also provides a 50 percent Federal guarantee of 
up to $3 billion for bonds issued by Alabama, Louisiana, and 
Mississippi before January 1, 2008, for the purpose of 
restoring lost revenue and financing infrastructure repair in 
areas affected by Hurricane Katrina.

Legislative History

    H.R. 4337 was introduced in the House by Mr. Jefferson on 
November 16, 2005. The bill was referred to the House Committee 
on Ways and Means. On November 16, 2005, the Committee on Ways 
and Means was discharged from the further consideration of H.R. 
4337 by unanimous consent. On that same day, the bill passed 
the House, without amendment, by unanimous consent. On November 
17, 2005, the bill was received in the Senate.
    As passed, H.R. 4337 included a provision that fell within 
the jurisdiction of the Committee on Financial Services. 
Pursuant to an exchange of letters on November 17, 2005, the 
Committee on Ways and Means recognized the jurisdictional 
interest of the Committee on Financial Services.
    No further action was taken on this legislation in the 
109th Congress.

                   GULF OPPORTUNITY ZONE ACT OF 2005

                     Public Law 109-135 (H.R. 4440)

    To amend the Internal Revenue Code of 1986 to provide tax 
benefits for the Gulf Opportunity Zone and certain areas 
affected by Hurricanes Rita and Wilma, and for other purposes.

Summary

    H.R. 4440, the Gulf Opportunity Zone Act of 2005, amends 
the Internal Revenue Code to establish a program of tax 
benefits for businesses and individuals affected by Hurricanes 
Katrina, Rita, and Wilma within designated Gulf Opportunity 
Zones (GO Zones).
    The bill authorizes Alabama, Louisiana, and Mississippi to 
issue tax-exempt GO Zone bonds prior to January 1, 2011. The 
bonds must be issued for the purpose of constructing qualified 
residential rental projects, nonresidential real property, or 
public utilities, or to finance below-market rate mortgages for 
low- and moderate-income homebuyers. In addition, the bill 
permits one additional advance refunding of bonds issued by 
these states prior to August 28, 2005.
    To provide further tax relief for businesses and 
individuals within GO Zones, H.R. 4440 also: increases the low-
income housing tax credits available to Alabama, Louisiana, and 
Mississippi for use in GO Zones; increases the depreciation 
deduction for qualified property; allows businesses to carry 
net operating losses back five years, increasing the allowance 
from the current two-year carry back limit; raises the current 
ceiling on the amount of capital expenditures that may be 
deducted in the current year; and increases the tax credit for 
expenditures to rehabilitate qualified buildings. The bill also 
increases caps on the new market tax credit, enhances Hope 
Scholarship and Lifetime Learning education tax credits, and 
provides businesses with certain tax benefits relating to 
employer-provided housing in GO Zones.
    Finally, H.R. 4440 extends provisions in the Katrina 
Emergency Tax Relief Act (Public Law 109-73) to apply to 
victims of Hurricanes Rita and Wilma.

Legislative History

    H.R. 4440 was introduced in the House by Mr. McCrery on 
December 6, 2005. The bill was referred to the Committee on 
Ways and Means. On December 7, 2005, the House considered H.R. 
4440 under suspension of the rules and passed the bill by a 
record vote of 415 yeas and 4 nays.
    On December 12, 2005, H.R. 4440 was received in the Senate 
and read once. On December 13, 2005, the bill was read a second 
time. On December 16, 2005, H.R. 4440 was laid before the 
Senate by unanimous consent. That same day, the bill passed the 
Senate, with an amendment, by unanimous consent. The Senate 
amendment removed the provision which fell within the 
jurisdiction of the Committee on Financial Services.
    On December 16, 2005, the House agreed to the Senate 
amendment by unanimous consent, clearing the bill for the White 
House. On December 19, 2005, the bill was presented to the 
President. The bill was signed into law on December 22, 2005, 
becoming Public Law 109-135.

                    CFTC REAUTHORIZATION ACT OF 2005

                              (H.R. 4473)

    To reauthorize and amend the Commodity Exchange Act to 
promote legal certainty, enhance competition, and reduce 
systemic risk in markets for futures and over-the-counter 
derivatives, and for other purposes.

Summary

    H.R. 4473, the CFTC Reauthorization Act of 2005, 
reauthorizes the Commodities Futures Trading Commission (CFTC) 
until fiscal year 2010. The bill amends the Commodity Exchange 
Act to clarify the CFTC's antifraud authority. It also affirms 
the CFTC's jurisdiction over agreements, contracts, and retail 
transactions in foreign currency.
    H.R. 4473 directs the SEC and CFTC to adopt risk-based 
portfolio margining for security options and security futures 
products by September 30, 2006, and to permit trading of 
futures on certain security indexes by resolving issues related 
to debt security and foreign security indexes by June 30, 2006.
    H.R. 4473 instructs the CFTC to increase transparency of 
natural gas prices by conducting surveillance of trading in 
natural gas contracts and by reviewing unusual changes in the 
settlement price of physically-delivered natural gas futures 
contracts. Finally, the bill increases civil and criminal 
penalties for manipulation of natural gas markets.

Legislative History

    H.R. 4473 was introduced in the House by Mr. Goodlatte on 
December 8, 2005. The bill was referred to the Committee on 
Agriculture and in addition to the Committee on Financial 
Services. On December 14, 2005, the Committee on Financial 
Services was discharged from the further consideration of H.R. 
4473, pursuant to an exchange of letters. On December 14, 2005, 
the House considered H.R. 4473 under suspension of the rules 
and passed the bill by a voice vote. On December 15, 2005, H.R. 
4473 was received in the Senate. On January 27, 2006, H.R. 4473 
was read twice and placed on the calendar.
    No further action was taken on this legislation in the 
109th Congress.

                   LOUISIANA RECOVERY CORPORATION ACT

                              (H.R. 4100)

    To establish the Louisiana Recovery Corporation for 
purposes of economic stabilization and redevelopment of 
devastated areas in Louisiana, and for other purposes.

Summary

    H.R. 4100, the Louisiana Recovery Corporation Act, 
establishes the Louisiana Recovery Corporation (LRC) as an 
independent agency in the executive branch to aid in the 
economic stabilization and redevelopment of areas within 
Louisiana that were devastated or significantly distressed by 
Hurricane Katrina or Hurricane Rita.
    This legislation authorizes the LRC to purchase the 
properties of willing homeowners, negotiate with mortgage 
lenders to retire the homeowners' mortgage debt, make necessary 
infrastructure repairs to prepare the properties for sale, and 
sell the properties to private developers in a competitive 
bidding process. Sellers would retain a right of first refusal 
to repurchase their property after it has been renovated by the 
developer.
    Property owners who choose to sell to the LRC would receive 
a percentage of the equity on their homes not below 60 percent, 
and mortgage lenders would receive a portion of the outstanding 
debt on the property not to exceed 60 percent. Property 
acquisitions would be funded through bonds issued by the 
Treasury Department, and the rebuilding effort would proceed 
with the input of state and local leaders and affected 
communities. The Corporation would be terminated 10 years after 
the date of enactment of the bill.
    The legislation would also authorize the utilization of $17 
billion in existing disaster relief funds to enhance several 
housing and community rebuilding programs, including HOPE VI, 
the HOME investment partnerships, the Community Development 
Block Grant Program, the emergency housing voucher program, and 
the Public Housing Authorities Emergency Capital Fund. 
Furthermore, the bill authorizes existing disaster relief funds 
to be used for the enforcement of fair housing laws and for 
counseling activities designed to assist affected residents in 
finding permanent homes.

Legislative History

    H.R. 4100 was introduced in the House by Mr. Baker on 
October 20, 2005. The bill was referred to the Committee on 
Financial Services. The full Committee held a legislative 
hearing on November 17, 2005. The Committee received testimony 
on the merits of the legislation from a representative of the 
Louisiana Recovery Authority, a Louisiana state senator, a 
Louisiana state representative, the Mayor of New Orleans, and a 
New Orleans City Councilman.
    The full Committee met in open session on December 15, 
2005, to consider the legislation and ordered H.R. 4100 
reported to the House, with an amendment, with a favorable 
recommendation by a record vote of 50 yeas and 9 nays.
    No further action was taken on this legislation in the 
109th Congress.

             TERRORISM RISK INSURANCE REVISION ACT OF 2005

                 Public Law 109-144 (H.R. 4314; S. 467)

    To extend the applicability of the Terrorism Risk Insurance 
Act of 2002.

Summary

    The Terrorism Risk Insurance Revision Act, extends the 
Terrorism Risk Insurance Act of 2002 (TRIA) with some minor 
revisions, to December 31, 2007. The legislation excludes from 
covered lines commercial automobile insurance, burglary and 
theft insurance, surety insurance, professional liability 
insurance, and farm owners multiple peril insurance.
    The legislation increases insurer deductibles to 17.5% in 
program year 4 (2006) and to 20% in program year 5 (2007). The 
insured loss share compensation is increased to 85% in program 
year 5, and aggregate retention amounts for all insurers are 
increased to $25 billion in program year 4 and $27.5 billion in 
program year 5. The program trigger is raised to $50 million in 
program year 4 and to $100 million in program year 5.
    The legislation codifies the procedures and requirements, 
established by the Secretary of the Treasury, and directs the 
President's Working Group on Financial Markets to provide a 
report on the long-term availability and affordability for 
terrorism risk, including group life coverage and chemical, 
nuclear, biological, and radioactive events.

Legislative History

    H.R. 4314, the Terrorism Risk Insurance Revision Act of 
2005, was introduced in the House by Mr. Baker and eight 
original cosponsors on November 14, 2005. The bill was referred 
to the Committee on Financial Services. The full Committee met 
in open session on November 16, 2005, to consider the 
legislation and ordered H.R. 4314 reported to the House, with 
an amendment, with a favorable recommendation by a record vote 
of 64 yeas and 3 nays.
    On December 6, 2005, the Committee on Financial Services 
reported H.R. 4314 to the House (H. Rept. 109-327).
    S. 467 was introduced in the Senate by Mr. Dodd and 13 
original cosponsors on February 18, 2005. The bill was referred 
to the Committee on Banking, Housing, and Urban Affairs.
    On November 16, 2005, the Senate Committee on Banking, 
Housing, and Urban Affairs reported S. 467, with an amendment, 
to the Senate. On November 18, 2005, the Senate laid S. 467 
before the Senate and passed the bill, as amended, by unanimous 
consent.
    On November 18, 2005, S. 467 was received in the House. On 
December 7, 2005, the House considered S. 467 under suspension 
of the rules and passed the bill as amended by a record vote of 
371 yeas and 49 nays. The House insisted on its amendment and 
asked for a conference. The Speaker appointed conferees from 
the Committee on Financial Services and the Committee on the 
Judiciary.
    On December 16, 2005, the Senate concurred in the House 
amendment to S. 467 with an amendment by unanimous consent.
    On December 17, 2005, the House concurred in the Senate 
amendment to the House amendment under suspension of the rules 
and passed the bill by a voice vote, clearing the bill for the 
White House. On December 19, 2005, S. 467 was presented to the 
President. The bill was signed into law on December 22, 2005, 
becoming Public Law 109-144.

                    PRESIDENTIAL $1 COIN ACT OF 2005

                 Public Law 109-145 (S. 1047, H.R. 902)

    To require the Secretary of the Treasury to mint coins in 
commemoration of each of the Nation's past Presidents and their 
spouses, respectively, to improve circulation of the $1 coin, 
to create a new bullion coin, and for other purposes.

Summary

    S. 1047 (H.R. 902 in the House), the Presidential $1 Coin 
Act of 2005, amends federal coinage law to require the redesign 
and issue, beginning in 2007, of circulating $1 coins 
emblematic of each President of the United States. The bill 
requires such four different designs of coins be issued per 
year, in the order the Presidents served, beginning with 
President George Washington and ending when the next such coin 
would be of a living President or ex-President. At that point 
the design would revert to the so-called ``Sacagawea-design'' 
$1 coins. The bill also requires continued minting and issuing 
of the ``Sacagawea'' design coins, at the rate of one-third of 
the total dollar coins issued per year. The bill expresses the 
sense of Congress that: (1) issuing the new-design circulating 
coins will help increase the use of $1 coins generally; and (2) 
continued minting and issuance of the ``Sacagawea'' design 
coins will serve as a lasting tribute to the role of women and 
Native Americans in the history of the United States.
    The bill also requires the Secretary of the Treasury to 
mint and issue bullion coins with designs emblematic of the 
spouse of each President, in the same order and at the same 
rate as the Presidential dollars, and allows the Treasury 
Secretary to sell inexpensive bronze copies of the spouse coins 
for collectors. The Secretary is also instructed to strike and 
issue for sale $50 gold bullion and proof coins initially 
bearing the original designs by James Earle Fraser, which 
appear on the 5-cent coin commonly referred to as the ``Buffalo 
nickel'' or the ``1913 Type 1.'' Finally, the bill directs the 
Treasury Secretary to mint and issue four different designs for 
the reverse of the one-cent coin in 2009 to recognize the 
bicentennial of the birth of President Abraham Lincoln, and 
authorizes the minting and sale of special all-copper versions 
of the coins.

Legislative History

    H.R. 902, the Presidential $1 Coin Act of 2005, was 
introduced by Mr. Castle with one cosponsor on February 17, 
2005, and referred to the Committee on Financial Services. On 
March 16, 2005, the Committee ordered the bill as amended 
reported to the House by a voice vote. On April 13, 2005, the 
Committee reported the bill to the House, with an amendment (H. 
Rept. 109-39).
    On April 27, 2005, the House considered the bill under 
suspension of the rules and passed the bill as amended by a 
vote of 422 yeas and 6 nays. On April 28, 2005, H.R. 902 was 
received in the Senate, read twice, and referred to the 
Committee on Banking, Housing, and Urban Affairs.
    The companion bill, S. 1047, was introduced by Mr. Sununu 
with 71 cosponsors on May 17, 2005, read twice, and referred to 
the Committee on Banking, Housing, and Urban Affairs. On July 
28, 2005, the full Committee ordered the bill to be reported 
favorably, without an amendment, and without a written report.
    On November 18, 2005 S. 1047 was passed by the Senate, with 
an amendment, by unanimous consent and received in the House.
    On December 13, 2005, the House passed the bill under 
suspension of the rules by a vote of 291 yeas and 113 nays.
    The bill was presented to the President on December 15, 
2005, and signed into law on December 22, 2005, becoming Public 
Law 109-145.

    LITTLE ROCK CENTRAL HIGH SCHOOL DESEGREGATION 50TH ANNIVERSARY 
                         COMMEMORATIVE COIN ACT

                     Public Law 109-146 (H.R. 358)

    To require the Secretary of the Treasury to mint coins in 
commemoration of the 50th anniversary of the desegregation of 
the Little Rock Central High School in Little Rock, Arkansas, 
and for other purposes.

Summary

    The Little Rock Central High School Desegregation 50th 
Anniversary Commemorative Coin Act requires the Secretary of 
the Treasury to mint and issue coins in 2007 commemorating the 
50th anniversary of the desegregation of Little Rock Central 
High School in Little Rock, Arkansas. The bill requires the 
design of such coins to be emblematic of the desegregation of 
Little Rock Central High School and its contribution to civil 
rights in America.
    H.R. 358 allows the production of no more than 500,000 
silver one-dollar coins, to be sold with a surcharge of $10, 
and directs that surcharges collected from sales be paid, after 
satisfaction of requirements in section 5134(f)(1), title 31, 
United States Code, to the Secretary of the Interior for the 
protection, preservation, and interpretation of resources and 
stories associated with Little Rock Central High School 
National Historic Site, including: (1) site improvements; (2) 
development of interpretive and education programs and historic 
preservation projects; and (3) establishment of cooperative 
agreements to preserve or restore the historic character of the 
Park Street and Daisy L. Gatson Bates Drive corridors adjacent 
to the site.

Legislative History

    H.R. 358, the Little Rock Central High School Desegregation 
50th Anniversary Commemorative Coin Act, was introduced by Mr. 
Snyder with 18 cosponsors on January 25, 2005, and referred to 
the Committee on Financial Services. The bill was referred to 
the Subcommittee on Domestic and International Monetary Policy, 
Trade, and Technology on March 18, 2005.
    On April 27, 2005, the Committee met in open session and 
ordered the bill to be reported to the House, as amended, by 
voice vote. On June 15, 2005, the Committee reported the bill 
to the House, as amended (H. Rept. 109-134). The bill was then 
referred sequentially to the Committee on Ways and Means for a 
period ending not later than June 17, 2005. The Committee on 
Ways and Means was discharged from further consideration of the 
bill on June 17, 2005 and the bill was referred to the Union 
Calendar.
    On June 27, 2005, the House considered the bill under 
suspension of the rules and passed the bill, as amended, by a 
voice vote. On June 28, 2005, H.R. 358 was received in the 
Senate. On October 7, 2005, the bill was read twice, and 
referred to the Committee on Banking, Housing, and Urban 
Affairs.
    On November 18, 2005, the Senate Committee on Banking, 
Housing, and Urban Affairs was discharged from the further 
consideration of the bill by unanimous consent and the Senate 
passed the bill, with an amendment, by unanimous consent.
    On December 18, 2005, the House suspended the rules and 
agreed to the Senate amendment by a voice vote.
    The bill was presented to the President on December 19, 
2005, and signed into law on December 22, 2005, becoming Public 
Law 109-146.

 TO AWARD A CONGRESSIONAL GOLD MEDAL ON BEHALF OF THE TUSKEGEE AIRMEN, 
  COLLECTIVELY, IN RECOGNITION OF THEIR UNIQUE MILITARY RECORD, WHICH 
           INSPIRED REVOLUTIONARY REFORM IN THE ARMED FORCES

                     Public Law 109-213 (H.R. 1259)

    To award a congressional gold medal on behalf of the 
Tuskegee Airmen, collectively, in recognition of their unique 
military record, which inspired revolutionary reform in the 
Armed Forces.

Summary

    H.R. 1259 directs the Speaker of the House of 
Representatives and the President pro tempore of the Senate to 
make appropriate arrangements for the award, on behalf of 
Congress, of a single gold medal collectively to the Tuskegee 
Airmen in recognition of their unique military record, which 
inspired revolutionary reform in the Armed Forces. The medal 
will be displayed as appropriate at the Smithsonian Institution 
and be available for display elsewhere, particularly at 
locations associated with the Airmen. The bill also authorizes 
the striking and sale of bronze duplicates of the gold medals.

Legislative History

    H.R. 1259 was introduced by Mr. Rangel with 12 cosponsors 
on March 10, 2005, and referred to the Committee on Financial 
Services. The bill was referred to the Subcommittee on Domestic 
and International Monetary Policy, Trade, and Technology on 
August 24, 2005.
    On February 28, 2006, the House considered the bill under 
suspension of the rules and passed the bill, with an amendment, 
by a vote of 400 yeas and 0 nays. On March 1, 2006, H.R. 1259 
was received in the Senate, read twice, and referred to the 
Committee on Banking, Housing, and Urban Affairs.
    On March 27, 2006, the Senate Committee on Banking, 
Housing, and Urban Affairs was discharged from the further 
consideration of the bill by unanimous consent and the Senate 
passed the bill, without amendment, by unanimous consent.
    The bill was presented to the President on March 30, 2006, 
and signed into law on April 11, 2006, becoming Public Law 109-
213.

             SAN FRANCISCO OLD MINT COMMEMORATIVE COIN ACT

                     Public Law 109-230 (H.R. 1953)

    To require the Secretary of the Treasury to mint coins in 
commemoration of the Old Mint at San Francisco otherwise known 
as the `Granite Lady'.

Summary

    H.R. 1953, the San Francisco Old Mint Commemorative Coin 
Act, directs the Secretary of the Treasury to mint and issue, 
in 2006, no more than 100,000 $5 gold coins and 500,000 $1 
silver one-dollar coins emblematic of the San Francisco Old 
Mint Building, its importance to California and U.S. history, 
and its role in rebuilding San Francisco after the 1906 
earthquake and fire. The coins are to be sold with a surcharge 
of $10 on the silver coins, and $35 on the gold coins, with 
surcharges to be paid, after satisfaction of requirements in 
section 5134(f)(1), title 31, United States Code, to the San 
Francisco Museum and Historical Society for use for the 
purposes of rehabilitating the Historic Old Mint in San 
Francisco as a city museum and an American Coin and Gold Rush 
Museum.

Legislative History

    H.R. 1953, the San Francisco Old Mint Commemorative Coin 
Act, was introduced on April 28, 2005, by Ms. Pelosi and one 
cosponsor and referred to the Committee on Financial Services. 
The bill was referred to the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology on May 19, 
2005.
    On November 10, 2005, the House considered the bill under 
suspension of the rules and passed the bill, with an amendment, 
by a voice vote. An exchange of jurisdictional letters with the 
Committee on Ways and Means was included in the Congressional 
Record. On November 10, 2005, H.R. 1953 was received in the 
Senate, read twice, and referred to the Committee on Banking, 
Housing, and Urban Affairs.
    On May 25, 2006, the Senate Committee on Banking, Housing, 
and Urban Affairs was discharged from the further consideration 
of the bill by unanimous consent and the Senate passed the 
bill, without amendment, by unanimous consent.
    The bill was presented to the President on June 8, 2006, 
and signed into law on June 15, 2006, becoming Public Law 109-
230.

           LEWIS AND CLARK COMMEMORATIVE COIN CORRECTION ACT

                     Public Law 109-232 (H.R. 5401)

    To amend section 308 of the Lewis and Clark Expedition 
Bicentennial Commemorative Coin Act to make certain clarifying 
and technical amendments.

Summary

    H.R. 5401 amends the Lewis and Clark Expedition 
Bicentennial Commemorative Coin Act by instructing the 
Secretary of the Treasury to distribute one-half of surcharge 
proceeds to the National Council of the Lewis and Clark 
Bicentennial, and one-half to the Missouri Historical Society, 
after satisfaction of requirements in section 5134(f)(1), title 
31, United States Code. The bill also requires that funds 
remaining unexpended by the National Council or the Historical 
Society as of June 30, 2007, be transferred to the Lewis and 
Clark Trail Heritage Foundation to establish a trust for the 
stewardship of the Lewis and Clark National Historic Trail. The 
legislation was required because as passed, the underlying bill 
directed payment of some surcharge funds to the National Park 
Service, which could not satisfy the ``matching funds'' 
requirement of Section 5134(f).

Legislative History

    H.R. 5401, the Lewis and Clark Expedition Bicentennial 
Commemorative Coin Act, was introduced on May 17, 2006 by Ms. 
Emerson with seven cosponsors and referred to the Committee on 
Financial Services.
    On May 22, 2006, the House considered the bill under 
suspension of the rules and passed the bill by a voice vote. On 
May 23, 2006 the bill was received in the Senate and read 
twice.
    On May 25, 2006, the Senate passed the bill, without 
amendment, by unanimous consent.
    The bill was presented to the President on June 8, 2006, 
and signed into law on June 15, 2006, becoming Public Law 109-
232.

   LOUIS BRAILLE BICENTENNIAL-BRAILLE LITERACY COMMEMORATIVE COIN ACT

                     Public Law 109-247 (H.R. 2872)

    To require the Secretary of the Treasury to mint coins in 
commemoration of Louis Braille.

Summary

    H.R. 2872, the Louis Braille Bicentennial--Braille Literacy 
Commemorative Coin Act, directs the Secretary of the Treasury 
to mint and issue no more than 400,000 one-dollar silver coins 
in commemoration of the bicentennial of the birth of Louis 
Braille in 2009. The coins are to be sold with a $10 surcharge, 
and all surcharges received by the Secretary from the sale of 
coins are to be paid, after satisfaction of the requirements of 
section 5134(f)(1), title 31, United States Code, to the 
National Federation of the Blind to further its programs to 
promote Braille literacy.

Legislative History

    H.R. 2872, the Louis Braille Bicentennial--Braille Literacy 
Commemorative Coin Act, was introduced on June 13, 2005, by Mr. 
Ney and one cosponsor.
    On February 28, 2006, the House considered the bill under 
suspension of the rules and passed the bill, as amended, by a 
voice vote. An exchange of jurisdictional letters with the 
Committee on Ways and Means was included in the Congressional 
Record.
    On March 1, 2006, H.R. 2872 was received in the Senate, 
read twice, and referred to the Committee on Banking, Housing, 
and Urban Affairs. On July 12, 2006, the Senate passed the 
bill, without amendment, by unanimous consent.
    The bill was presented to the President on July 19, 2006, 
and signed into law on July 27, 2006, becoming Public Law 109-
247.

               BYRON NELSON CONGRESSIONAL GOLD MEDAL ACT

                     Public Law 109-357 (H.R. 4902)

    To award a Congressional gold medal to Byron Nelson in 
recognition of his significant contributions to the game of 
golf as a player, a teacher, and a commentator.

Summary

    The Byron Nelson Congressional Gold Medal Act requires the 
Speaker of the House of Representatives and the President pro 
tempore of the Senate to make appropriate arrangements to award 
a gold medal to Byron Nelson in recognition of his significant 
contributions to the game of golf as a player, a teacher, and a 
commentator.

Legislative History

    H.R. 4902, the Byron Nelson Congressional Gold Medal Act, 
was introduced on March 8, 2006, by Mr. Burgess and one 
cosponsor and was referred to the Committee on Financial 
Services.
    On May 9, 2006, the House considered the bill under 
suspension of the rules and passed the bill by a voice vote.
    On May 10, 2006, H.R. 4902 was received in the Senate, read 
twice, and referred to the Committee on Banking, Housing, and 
Urban Affairs. On September 30, 2006, the Senate Committee was 
discharged from further consideration by unanimous consent, and 
the Senate passed the bill, without amendment, by unanimous 
consent.
    The bill was presented to the President on October 6, 2006, 
and signed into law on October 16, 2006, becoming Public Law 
109-357.

                 ABRAHAM LINCOLN COMMEMORATIVE COIN ACT

                     Public Law 109-285 (H.R. 2808)

    Requiring the Secretary of the Treasury to mint coins in 
commemoration of the bicentennial of the birth of Abraham 
Lincoln.

Summary

    H.R. 2808 commemorates the bicentennial of the birth of 
Abraham Lincoln, the 16th President of the United States, with 
the issue in 2009 of no more than 500,000 silver one-dollar 
coins commemorating the bicentennial. The coins will be sold 
with a $10 surcharge and, after satisfaction of section 
5134(f)(1), title 31, United States Code, the surcharges 
received will be paid to the Abraham Lincoln Bicentennial 
Commission to further its works.

Legislative History

    H.R. 2808, the Abraham Lincoln Commemorative Coin Act, was 
introduced on June 8, 2005, by Mr. LaHood with 18 cosponsors 
and referred to the Committee on Financial Services. The bill 
was referred to the Subcommittee on Domestic and International 
Monetary Policy, Trade, and Technology on July 29, 2005.
    On September 6, 2006, the House considered the bill under 
suspension of the rules and passed the bill, as amended, by a 
vote of 401 yeas and 0 nays. An exchange of jurisdictional 
letters with the Committee on Ways and Means was included in 
the Congressional Record.
    On September 8, 2006, the Senate passed the bill, without 
amendment, by unanimous consent.
    The bill was presented to the President on September 18, 
2006, and signed into law on September 27, 2006, becoming 
Public Law 109-285.

           FOURTEENTH DALAI LAMA CONGRESSIONAL GOLD MEDAL ACT

                Public Law 109-287 (S. 2784; H.R. 4562)

    To award a congressional gold medal to Tenzin Gyatso, the 
Fourteenth Dalai Lama, in recognition of his many enduring and 
outstanding contributions to peace, nonviolence, human rights 
and religious understanding.

Summary

    H.R. 4562 directs the Speaker of the House of 
Representatives and the President pro Tempore of the Senate to 
make appropriate arrangements for the presentation, on behalf 
of Congress, of a gold medal of appropriate design to Tenzin 
Gyatso, the Fourteenth Dalai Lama, in recognition of his many 
contributions to peace and religious understanding.

Legislative History

    H.R. 4562, the Fourteenth Dalai Lama Congressional Gold 
Medal Act, was introduced on December 15, 2006, by Ms. Ros-
Lehtinen with 15 cosponsors and referred to the Committee on 
Financial Services.
    The companion bill, S. 2784, was introduced by Ms. 
Feinstein with 74 cosponsors on May 11, 2006, read twice, and 
referred to the Committee on Banking, Housing, and Urban 
Affairs. On May 23, 2006, the Committee ordered the bill to be 
reported favorably, without an amendment, and without a written 
report.
    On May 25, 2006, S. 2784 was passed by the Senate, without 
amendment, by unanimous consent and received in the House and 
referred to the Committee on Financial Services on June 6, 
2006.
    On September 13, 2006, the House considered S. 2784 under 
suspension of the rules and the bill passed by a voice vote.
    The bill was presented to the President on September 18, 
2006, and signed into law on September 27, 2006, becoming 
Public Law 109-287.

       CONGRESSIONAL TRIBUTE TO DR. NORMAN E. BORLAUG ACT OF 2006

                Public Law 109-XXX (S. 2250; H.R. 4924)

    To award a congressional gold medal to Dr. Norman E. 
Borlaug.

Summary

    S. 2250, the Congressional Tribute to Dr. Norman E. Borlaug 
Act of 2006, a bill identical to H.R. 4924, authorizes the 
President Pro Tempore of the Senate and the Speaker of the 
House of Representatives to make appropriate arrangements for 
the presentation, on behalf of Congress, of a gold medal to Dr. 
Norman E. Borlaug, in recognition of his enduring contributions 
to the United States and the world.
    The bill directs the Secretary of the Treasury to strike 
the medal and authorizes the Secretary to strike and sell 
duplicates in bronze of the gold medal.

Legislative History

    H.R. 4924, the Congressional Tribute to Dr. Norman E. 
Borlaug Act of 2006, was introduced by Mr. Latham and 11 
cosponsors on March 9, 2006, and referred to the Committee on 
Financial Services.
    An identical bill, S. 2250, was introduced by Mr. Grassley 
with 72 cosponsors on February 7, 2006, read twice, and 
referred to the Committee on Banking, Housing, and Urban 
Affairs. On September 27, 2006, the full Committee discharged 
the bill by unanimous consent, and the bill was passed by the 
Senate, without an amendment, by unanimous consent.
    On September 28, 2006, S. 2250 was received in the House.
    On December 6, 2006, the House passed the bill, S. 2250, 
under suspension of the rules by a voice vote.
    The bill was presented to the President on December XX, 
2006, and signed into law on December XX, 2006, becoming Public 
Law 109-XXX.

            CONGRESSIONAL GOLD MEDAL ENHANCEMENT ACT OF 2005

                               (H.R. 54)

    To amend title 31, United States Code, to provide 
reasonable standards for congressional gold medals, and for 
other purposes.

Summary

    H.R. 54, the Congressional Gold Medal Enhancement Act of 
2005, sets forth standards under which Congressional gold 
medals would be awarded in the future. Among them are the 
striking of no more than two Congressional gold medals for 
presentation during any calendar year. The bill also provides 
that only an individual may be a recipient of a congressional 
gold medal and specifies no gold medal may be presented 
posthumously on behalf of any individual except during the 20-
year period beginning five years after the individual's death.

Legislative History

    H.R. 54, the Congressional Gold Medal Enhancement Act of 
2005, was introduced on January 4, 2005, by Mr. Castle and 
referred to the Committee on Financial Services.
    On January 25, 2005, the Committee on Rules reported H.Res. 
42, providing for the consideration of H.R. 54 under a 
structured rule. On January 26, 2005, the House adopted the 
resolution by a voice vote. On January 26, 2005, the House 
passed the bill, with an amendment, by a vote of 231 yeas and 
173 nays.
    On January 26, 2005, H.R. 54 was received in the Senate, 
read twice, and referred to the Committee on Banking, Housing, 
and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

          NASA AND JPL 50TH ANNIVERSARY COMMEMORATIVE COIN ACT

                               (H.R. 68)

    To require the Secretary of the Treasury to mint coins in 
commemoration of the 50th anniversary of the establishment of 
the National Aeronautics and Space Administration (NASA) and 
the Jet Propulsion Laboratory (JPL).

Summary

    H.R. 68, the NASA and JPL 50th Anniversary Commemorative 
Coin Act directs the Secretary of the Treasury to mint and 
issue $50 gold coins and one-dollar silver coins in 2008 
commemorating the 50th anniversary of the establishment of the 
National Aeronautics and Space Administration (NASA) and the 
Jet Propulsion Laboratory (JPL). The bill authorizes no more 
than 50,000 $50 gold coins, to be sold with a $50 surcharge, 
and no more than 400,000 silver coins, to be sold with a $10 
surcharge. The bill makes a number of design specifications so 
that the coins represent the sun and planets, and recognize 
important NASA and JPL achievements and missions.
    The bill requires that after satisfaction of the 
requirements of section 5134(f)(1), Title 31, United States 
Code, surcharges received be distributed as follows: (1) the 
first $1 million, to the NASA Family Assistance Fund for the 
purposes of providing financial assistance to the families of 
NASA personnel who die as a result of injuries suffered in the 
performance of their official duties; and (2) of amounts 
available for distribution after such payment, half will go to 
the Secretary of the Smithsonian Institution for the 
preservation, maintenance, and display of space artifacts at 
the National Air and Space Museum, including the Steven F. 
Udvar-Hazy Center, and half to such Secretary for the express 
purpose of providing funding for the establishment of a new 
National Museum of Money.

Legislative History

    H.R. 68, the NASA and JPL 50th Anniversary Commemorative 
Coin Act, was introduced on January 4, 2005, by Mr. Culberson 
with three cosponsors and referred to the Committee on 
Financial Services. The bill was referred to the Subcommittee 
on Domestic and International Monetary Policy, Trade, and 
Technology on February 22, 2005.
    On April 27, 2005, the full Committee met in open session 
and ordered the bill to be reported to the House, as amended, 
by a voice vote. On June 15, 2005, the Committee reported the 
bill as amended to the House (H. Rept. 109-133). The bill was 
then referred sequentially to the Committee on Ways and Means 
for a period ending not later than June 17, 2005. The Committee 
on Ways and Means was discharged from further consideration of 
the bill on June 17, 2005.
    On July 12, 2005, the House considered the bill under 
suspension of the rules and passed the bill, with an amendment, 
by a voice vote.
    On July 13, 2005, H.R. 68 was received in the Senate, read 
twice, and referred to the Committee on Banking, Housing, and 
Urban Affairs.
    No further action was taken on this legislation during the 
109th Congress.

   TO PROVIDE A NEW EFFECTIVE DATE FOR THE APPLICABILITY OF CERTAIN 
                PROVISIONS OF LAW TO PUBLIC LAW 105-331

                              (H.R. 6325)

    To provide a new effective date for the applicability of 
certain provisions of law to Public Law 105-331.

Summary

    This bill provides for a six-month extension of the two-
year limit on the time period for raising ``matching funds'' 
necessary to claim surcharges on the sales of the Thomas Alva 
Edison Commemorative Coin Act (P.L. 105-331), signed into law 
October 31, 1998. The Thomas Alva Edison Commemorative Coin Act 
required the minting of coins in commemoration of the 125th 
anniversary of Edison's invention of the light bulb and 
required that surcharges on the sale of the coins be divided 
evenly and paid, pursuant to section 5134(f) of Title 31, 
United States Code, to eight nonprofit entities, including the 
Edison Memorial Tower in Edison, New Jersey. Coins were minted 
and sold in 2004.
    The Edison Memorial Tower Corporation, a group of local 
residents who oversee and manage the tower, raised questions 
concerning the source of the ``matching funds.'' After the 
matter was clarified, the Corporation requested a brief 
extension of the deadline be granted, until July 1, 2007.

Legislative History

    H.R. 6325 was introduced by Mr. Pallone with two cosponsors 
on November 15, 2006. On the same day, the House considered the 
bill under suspension of the rules and passed the bill, without 
amendment, by a voice vote.
    On November 16, 2006, H.R. 6325 was received in the Senate. 
On November 16, 2006, the bill was read twice, and referred to 
the Committee on Banking, Housing and Urban Affairs.
    No further action was taken on this legislation during the 
remainder of the 109th Congress.

DISTRICT OF COLUMBIA AND UNITED STATES TERRITORIES CIRCULATING QUARTER 
                           DOLLAR PROGRAM ACT

                              (H.R. 3885)

    To provide for a circulating quarter dollar coin program to 
honor the District of Columbia, the Commonwealth of Puerto 
Rico, Guam, American Samoa, the United States Virgin Islands, 
and the Commonwealth of the Northern Mariana Islands.

Summary

    H.R. 3885, the ``District of Columbia and United States 
Territories Circulating Quarter Dollar Program Act,'' provides 
for the minting, in 2009, of quarter-dollar coins with designs 
on their reverse bearing images related to the District of 
Columbia, the Commonwealth of Puerto Rico, Guam, American 
Samoa, the United States Virgin Islands, and the Commonwealth 
of the Northern Mariana Islands. The coins would be issued in 
that order, at equal intervals throughout the year. The program 
would be separate from the successful 50-State quarter program 
but follow immediately upon its conclusion at the end of 2008. 
Provision is made in the Act for not issuing a quarter with a 
design on the reverse depicting any of the six localities that 
become a state or that become independent.

Legislative History

    H.R. 3885, the ``District of Columbia and United States 
Territories Circulating Quarter Dollar Program Act,'' was 
introduced September 22, 2005, by Ms. Norton and four co-
sponsors. It was referred to the Committee on Financial 
Services, and on October 17, 2006, was referred to the 
Subcommittee on Domestic and International Monetary Policy, 
Trade and Technology. On December 9, 2006, Mr. Castle asked for 
unanimous consent that the Committee be discharged from further 
consideration and that the bill be considered. The House agreed 
to the request, and agreed to a technical amendment to the bill 
before agreeing to passage without objection. The bill was 
received in the Senate December 9, 2006.
    No further legislative action took place on this bill 
during the remainder of the 109th Congress.

FIRST REPLENISHMENT OF THE RESOURCES OF THE ENTERPRISE FOR THE AMERICAS 
                      MULTILATERAL INVESTMENT FUND

                              (H.R. 4916)

    To authorize United States participation in, and 
appropriations for, the United States contribution to the first 
replenishment of the resources of the Enterprise for the 
Americas Multilateral Investment Fund.

Summary

    H.R. 4916 gives the Secretary of the Treasury authority to 
contribute, on behalf of the United States, $150 million to the 
first replenishment of the resources of the Enterprise for the 
Americas Multilateral Investment Fund.

Legislative History

    H.R. 4916 was introduced on March 9, 2006, by Ms. Pryce 
with three cosponsors and referred to the Committee on 
Financial Services.
    On March 15, 2006, the full Committee met in open session 
and ordered the bill to be reported, with amendments, to the 
House by a voice vote. On April 4, 2006, the Committee reported 
the bill to the House (H. Rept. 109-403).
    On April 25, 2006, the House considered the bill under 
suspension of the rules and passed the bill by a voice vote.
    On April 26, 2006, H.R. 4916 was received in the Senate, 
read twice, and referred to the Committee on Foreign Relations.
    On June 9, 2006, language of the bill was incorporated into 
H.R. 5522, the Foreign Operations, Export Financing, and 
Related Programs Appropriations Act, 2007. The language, found 
in the bill reads as follows: ``For payment to the Enterprise 
for the Americas Multilateral Investment Fund by the Secretary 
of the Treasury, for the United States contribution to the 
fund, $23,000,000, to remain available until expended.'' On the 
same day, the House passed H.R. 5522 by a vote of 373 yeas and 
34 nays. The bill was received in the Senate June 12, 2006. On 
June 28, 2006, the Senate Committee on Appropriations 
Subcommittee on State, Foreign Operations, and Related Programs 
favorably approved an amendment in the nature of a substitute, 
containing a lesser amount for the Fund. The full Senate 
Appropriations Committee ordered the bill reported with an 
amendment in the nature of a substitute on June 29, 2006, and 
the bill was reported July 10, 2006, (Senate Report 109-277).

             EXPORT-IMPORT BANK REAUTHORIZATION ACT OF 2006

                Public Law 109-438 (H.R. 5068; S. 3938)

    To reauthorize the operations of the Export-Import Bank, to 
reform certain operations of the Bank and for other purposes.

Summary

    H.R. 5068 amends the Export-Import Bank Act of 1945 to 
reauthorize the Export-Import Bank of the United States through 
FY2011. The bill requires the President of the Bank to 
establish and maintain a Small Business Division and a Small 
Business Committee as well as establish within the Division an 
office for financing of exports by socially and economically 
disadvantaged small business concerns and small business 
concerns owned by women.
    H.R. 5068 supports the continuation of the Bank's financial 
commitments in sub-Saharan Africa under its loan, guarantee, 
and insurance programs. The legislation prescribes requirements 
for Bank transparency initiatives and revises specified 
reporting requirements, especially for the annual 
competitiveness report.

Legislative History

    H.R. 5068 was introduced on March 30, 2006, by Ms. Pryce 
with six cosponsors and referred to the Committee on Financial 
Services.
    On June 14, 2006, the full Committee met in open session 
and ordered the bill to be reported, with amendments, to the 
House by a voice vote.
    On July 17, 2006, the Committee reported the bill to the 
House, as amended (H. Rept. 109-566).
    On July 25, 2006, the House considered the bill under 
suspension of the rules and passed the bill, as amended, by a 
voice vote.
    On July 26, 2006, H.R. 5068 was received in the Senate, 
read twice, and referred to the Committee on Banking, Housing, 
and Urban Affairs.
    An extension of the authority of the Bank until November 
17, 2006, was included in the continuing resolution, Public Law 
109-289. A further extension of the authority of the Bank until 
December 8, 2006, was included in the continuing resolution, 
Public Law 109-369.
    The Senate version of the bill, S. 3938, was introduced 
September 26, 2006, by Mr. Crapo. It was reported that day to 
the Senate without a written report. On September 30, 2006, the 
bill was passed by the Senate, with an amendment, by unanimous 
consent.
    On December 6, 2006, the House agreed to a motion to 
suspend the rules and pass S. 3938, as amended, by voice vote.
    On December 6, 2006, the Senate agreed to the House 
amendment to S. 3938 by voice vote.
    On December 20, 2006, the President signed the bill into 
law, becoming Public Law 109-438.

     NATIONAL SECURITY FOREIGN INVESTMENT REFORM AND STRENGTHENED 
                        TRANSPARENCY ACT OF 2006

                          H.R. 5337 (S. 3549)

    To ensure national security while promoting foreign 
investment and the creation and maintenance of jobs, to reform 
the process by which such investments are examined for any 
effect they may have on national security, to establish the 
Committee on Foreign Investment in the United States (CFIUS), 
and for other purposes.

Summary

    H.R. 5337, the ``National Security Foreign Improvement 
Reform and Strengthening Transparency Act of 2006'' (``National 
Security FIRST'') strengthens national security by improving 
the process by which foreign direct investment in the United 
States is scrutinized to determine if it threatens to impair 
national security in any way. The bill, introduced May 10, 
2006, makes a number of reforms to Section 721 of the Defense 
Production Act of 1950 (DPA), the so-called Exon-Florio 
amendment to the DPA, improving a review process that has 
existed in some form since 1975. It reforms the Exon-Florio 
process, which became law in 1988, by correcting perceived 
problems with the process of examining such investment while 
not creating new hurdles for investment into the United States 
that in turn could trigger retaliatory investment barriers to 
U.S. investment overseas.
    The legislation improves accountability for the process 
within the Administration and codifies the existence of the 
Committee on Foreign Investment in the United States, adding 
the Secretaries of Commerce and of Homeland Security as vice 
chairmen of the cross-agency review pane. It sets up clear and 
transparent processes for examining proposed investment, 
designing and monitoring arrangements to mitigate any threat to 
national security short of refusing the transaction, and 
requires CFIUS to report to Congress regularly and clearly on 
CFIUS actions so that Congress can perform its necessary 
oversight. The bill addresses perceived voids in the current 
examination process, for example, by setting up monitoring and 
interim security measures if a transaction is withdrawn from 
the examination process, even temporarily, as well as by 
ensuring that deals may only be considered approved after the 
chairman and vice chairmen of CFIUS sign off.
    Additionally, addressing the so-called ``Byrd amendment'' 
to Exon-Florio, the bill closes a loophole by mandating that 
all investments that are controlled by foreign governments 
undergo both a review and a national security investigation. 
The bill changes current practice, ensuring that a list of 
factors that currently ``may'' be considered while examining a 
proposal, in the future ``shall'' be considered, and adds 
security threats to critical infrastructure as a factor to be 
considered. Finally, the bill adds a formal analysis of every 
proposed transaction, to be performed by the Director of 
National intelligence, but makes clear that the director has no 
policy role in the examination process, and makes appropriate 
provision for protection of classified and proprietary business 
information about a deal.

Legislative History

    H.R. 5337 was introduced on May 10, 2006, by Mr. Blunt with 
22 cosponsors, and was referred to the Committee on Financial 
Services, and the Committees on Energy and Commerce and 
International Relations.
    The Committee on Financial Services referred the bill to 
the Subcommittee on Domestic and International Monetary Policy, 
Trade, and Technology on May 16, 2006. The Subcommittee held a 
legislative hearing on May 17, 2006, on the bill--one of 
several hearings on foreign investment in the United States 
that the subcommittee held during the second session. On June 
14, 2006, the full Committee met in open session and ordered 
the bill to be reported with amendments with a favorable 
recommendation to the House, on a vote of 64-0. On June 22, 
2006, the Committee reported the bill, with amendments, to the 
House (H. Rept. 109-523, Part I).
    The Committee on Energy and Commerce referred the bill to 
the Subcommittee on Commerce, Trade and Technology on June 5, 
2006. On July 12, 2006, the full Committee met in open session 
and ordered the bill to be reported to the House, with 
amendments, by a voice vote. On July 17, 2006, the Committee 
reported the bill, with an amendment, to the House (H. Rept. 
109-523, Part II).
    The Committee on International Relations was discharged 
from further consideration of the bill on July 17, 2006.
    On July 26, 2006, the House considered the bill under 
suspension of the rules and passed the bill, with an amendment, 
by a vote of 424 yeas and 0 nays.
    On July 27, 2006, H.R. 5337 was received in the Senate, 
read twice, and placed on Senate Legislative Calendar under 
General Orders.
    The Senate version of the bill, S. 3549, the Foreign 
Investment and National Security Act of 2006 (Senator Shelby), 
was ordered reported by the Senate Committee on Banking, 
Housing and Urban Affairs on March 30, 2006, and was reported 
June 21, 2006, (S. Rept. 109-264). It was passed that day by 
the Senate, with an amendment, by unanimous consent.

                    TRUE AMERICAN HEROES ACT OF 2005

                              (H.R. 1057)

    To award a congressional gold medal on behalf of all 
government workers and others who responded to, and perished 
in, the attacks on the World Trade Center and the Pentagon, and 
people aboard United Airlines Flight 93 who helped resist the 
hijackers and caused the plane to crash, to award a duplicate 
in silver of such gold medals to the personal representative of 
each such person, to require the Secretary of Treasury to mint 
coins in commemoration of the Spirit of America, recognizing 
the tragic events of September 11, 2001, and for other 
purposes.

Summary

    H.R. 1057, the True American Heroes Act of 2005, directs 
the Speaker of the House and the President pro tempore of the 
Senate to make arrangements for the awarding of a single gold 
medal on the fifth anniversary of the tragic attacks of 
September 11, 2001, in the name of the unknown officer, worker, 
employee, passenger, or crew member, who was the first to die 
that day responding to give aid after the attack on the World 
Trade Center in New York City, onboard United Airlines Flight 
93 or in the attack on the Pentagon, Washington, D.C. The bill 
further directs that a silver duplicate of the medal be given 
for each such person killed, and duplicates go to appropriate 
work places of such individuals. Further, the bill calls for 
the Secretary of the Treasury to mint and issue gold, silver 
and ``clad'' coins commemorating the attack, sell them with 
appropriate surcharges during the one-year period beginning 
September 11, 2006, and divide the surcharge income--after 
paying for the gold medal and silver duplicates--equally 
between the three crash sites to create or maintain memorials 
there. Special versions of the gold coins are to be given to 
survivors of those killed in the attacks, one for each such 
person killed or who died later.

Legislative History

    H.R. 1057, the True American Heroes Act of 2005, was 
introduced on March 2, 2005, by Mr. King of New York and three 
cosponsors and referred to the Committee on Financial Services.
    On March 16, 2005, the full Committee met in open session 
and ordered the bill to be reported, with amendments, by a 
voice vote. No further action was taken on this legislation in 
the 109th Congress.

TO AMEND THE PROVISION OF LAW ESTABLISHING THE PRESIDENTIAL 9/11 HEROES 
MEDALS OF VALOR TO MAKE CERTAIN TECHNICAL CORRECTIONS TO CARRY OUT THE 
                        INTENT OF THE PROVISION

                              (H.R. 1768)

    To amend the provision of law establishing the Presidential 
9/11 Heroes Medals of Valor to make certain technical 
corrections to carry out the intent of the provision.

Summary

    Amends the federal law establishing the Presidential 9/11 
Heroes Medals of Valor to: (1) instruct the Attorney General to 
make the necessary arrangements for striking such Medals 
instead of the Secretary of the Treasury; and deletes the 
reference to such Medals as national medals.

Legislative History

    H.R. 1768 was introduced on April 21, 2005, by Mr. Fossella 
and one cosponsor and referred to the Committee on Financial 
Services.
    On April 27, 2005, the full Committee met in open session 
and ordered the bill to be reported to the House by a voice 
vote. No further action was taken on H.R. 1768 in the 109th 
Congress. The text of the legislation was later included in 
Public Law 109-13.

                        IRAN FREEDOM SUPPORT ACT

                Public Law 109-293 (H.R. 6198; H.R. 282)

    To hold the current regime in Iran accountable for its 
threatening behavior and to support a transition to democracy 
in Iran.

Summary

    H.R. 6198, the Iran Freedom Support Act, will help prevent 
Iran from acquiring the technical assistance, the financial 
resources, and the political legitimacy to develop nuclear 
weapons and to support terrorism. The bill requires the 
imposition of sanctions on any entity that has exported, 
transferred, or otherwise provided to Iran any goods, services, 
technology, or other items that would materially contribute to 
Iran's ability to acquire or develop unconventional weapons. 
The bill codifies U.S. sanctions imposed on Iran by Executive 
Order. The bill also amends the Iran-Libya Sanctions Act by 
extending the authorities in the bill until December 31, 2011. 
It also requires the President to certify to Congress that 
waiving the imposition of sanctions is vital to the national 
security interests of the United States. The bill authorizes 
the provision of democracy assistance to eligible human rights 
and pro-democracy groups and broadcasting entities. This 
legislation will allow the United States to use the tools 
against financial institutions which are involved in the 
proliferation of weapons of mass destruction or missiles.

Legislative History

    H.R. 282, the Iran Freedom Support Act, was introduced on 
January 6, 2005 by Ms. Ros-Lehtinen and was referred to the 
Committee on International Relations. That Committee ordered 
the bill reported on March 15, 2006. Included in the bill as 
reported by the International Relations Committee (H. Rept. 
109-417) were provisions regarding pension plans and a report 
by the Office of Global Security Risks of the SEC, matters 
within the jurisdiction of the Committee on Financial Services. 
Jurisdictional letters between the two committees were included 
in the Congressional Record when the bill was considered under 
suspension of the rules on April 26, 2006. The motion to 
suspend the rules and pass the bill as amended was agreed to by 
a vote of 397 yeas to 21 nays.
    The bill was messaged to the Senate where it was referred 
to the Committee on Foreign Relations. No further action was 
taken on this legislation in the 109th Congress.
    H.R. 6198, the Iran Freedom Support Act, was introduced on 
September 27, 2006 by Ms. Ros-Lehtinen and was referred to the 
Committee on International Relations and in addition to the 
Committee on Financial Services. Portions of title II of the 
bill, relating to sanctions under the Iran Libya Sanctions Act, 
and title V, relating to the prevention of money laundering, 
fell under the jurisdiction of the Committee on Financial 
Services. The bill was considered under suspension of the rules 
on September 28, 2006, and the House passed the bill as amended 
by voice vote. An exchange of jurisdictional correspondence 
between the two committees was included in the Congressional 
Record.
    The bill was messaged to the Senate which passed the bill 
by voice vote on September 30, 2006. It was signed into law on 
September 30, 2006 and became Public Law 109-293.

             BELARUS DEMOCRACY REAUTHORIZATION ACT OF 2006

                     Public Law 109-___ (H.R. 5948)

    To reauthorize the Belarus Democracy Act of 2004.

Summary

    H.R. 5948, the ``Belarus Democracy Reauthorization Act of 
2006,'' reauthorizes and expands upon a series of actions first 
authorized by Congress in 2004 against the government of the 
Republic of Belarus in light of continuing anti-democratic 
actions by that government. Included in the expansions of the 
2004 authorities are three items within the jurisdiction of the 
Committee on Financial Services: (1) a section of statute 
asserting that the Secretary of the Treasury should instruct 
the United States Executive Director of each international 
financial institution of which the United States is a member to 
use the voice and vote of the United States to oppose any 
extension by those institutions of any financial assistance 
(including any technical assistance or grant) of any kind to 
the Government of Belarus, except for loans and assistance that 
serve humanitarian needs; (2) expressing the sense of Congress 
that no loan, credit guarantee, insurance, financing, or other 
similar financial assistance should be extended by any agency 
of the Government of the United States (including the Export-
Import Bank of the United States and the Overseas Private 
Investment Corporation) to the Government of Belarus, except 
with respect to the provision of humanitarian goods and 
agricultural or medical products; and (3) expressing the sense 
of Congress that the President should block all property and 
interests in property, including all commercial, industrial, or 
public utility undertakings or entities, that, on or after the 
date of the enactment of the Act are owned, in whole or in 
part, by the Government of Belarus, or by any member or family 
member closely linked to any member of the senior leadership of 
the Government of Belarus, and are in the United States, or in 
the possession or control of the Government of the United 
States or of any United States financial institution.

Legislative History

    H.R. 5948, the ``Belarus Democracy Reauthorization Act of 
2006,'' was introduced July 27, 2006, by Mr. Smith of New 
Jersey for himself and two co-sponsors, and was referred to the 
Committee on International Relations, as well as to the 
Committees on the Judiciary and on Financial Services. On 
October 18, 2006, it was referred to the Subcommittee on 
Domestic and International Monetary Policy, Trade and 
Technology.
    On December 7, 2006, Mr. Gallegly moved to suspend the 
rules and pass the legislation, with an amendment. After 
debate, the yeas and nays were ordered and the vote postponed. 
On December 8, 2006, the measure passed by a roll call vote of 
397 yeas to 2 nays.
    On December 8, 2006, it was received in the Senate, read 
twice and passed without amendment by unanimous consent. Also 
that day, it was cleared for presentation to the White House.
    On December 22, 2006, the bill was presented to the 
President. The bill later became Public Law 109-___.

                 PALESTINIAN ANTI-TERRORISM ACT OF 2006

                              (H.R. 4681)

    To promote the development of democratic institutions in 
areas under the administrative control of the Palestinian 
Authority, and for other purposes.

Summary

    H.R. 4681, the Palestinian Anti-Terrorism Act of 2006, 
states that it shall be U.S. policy to: (1) support a two-state 
solution to the Israeli-Palestinian conflict; (2) oppose those 
organizations, individuals, and countries that support 
terrorism and violence; (3) urge members of the international 
community to avoid contact with and refrain from financially 
supporting the terrorist organization Hamas or a Hamas-
controlled Palestinian Authority (PA) until Hamas agrees to 
recognize Israel, renounce violence, disarm, and accept prior 
agreements, including the Performance-Based Roadmap to a 
Permanent Two-State Solution to the Israel-Palestinian Conflict 
(Roadmap); (4) promote the emergence of a democratic 
Palestinian governing authority that denounces and combats 
terrorism, upholds human rights for all people, and has agreed 
to recognize Israel as an independent Jewish state; and (5) 
continue to support assistance to the Palestinian people.
    States that it shall be U.S. policy that the U.S. executive 
director at each international financial institution use U.S. 
influence to prohibit assistance to the PA unless a 
certification is in effect which includes a presidential 
determination that specified certification requirements are 
being met by the PA.

Legislative History

    H.R. 4681 was introduced on February 1, 2006, by Ms. Ros-
Lehtinen and was referred to the Committee on International 
Relations and in addition to the Committee on Financial 
Services and the Committee on the Judiciary. The Committee on 
International Relations ordered the bill reported as amended on 
April 6, 2006. The Committee on the Judiciary ordered the bill 
reported as amended on May 10, 2006.
    The Committee on International Relations filed their report 
on the bill on May 11, 2006 (H. Rept. 109-642, part I). The 
referral of the bill to the Committee on Financial Services and 
the Committee on the Judiciary was extended for a period ending 
not later than May 15, 2006. The Committee on the Judiciary 
filed their report on May 15, 2006 (H. Rept. 109-642, part II). 
The Committee on Financial Services was discharged and the bill 
was referred to the Union Calendar on May 15, 2006.
    On May 22, 2006, the House considered a motion to suspend 
the rules and pass the bill as amended. An exchange of 
jurisdictional correspondence between the Committee on 
International Relations and the Committee on Financial Services 
regarding section 9 of the bill was included in the 
Congressional Record. A recorded vote on the motion was ordered 
and then postponed. On May 23, 2006, the House adopted the 
motion and passed the bill by a vote of 361 yeas and 37 nays.
    On May 24, 2006 the bill was messaged to the Senate. On May 
25, 2006, the bill was referred to the Committee on Foreign 
Relations.
    No further action on this legislation occurred in the 109th 
Congress.

                 ZIMBABWE'S ``OPERATION MURAMBATSVINA''

                             (H. Res. 409)

    Condemning the Government of Zimbabwe's `Operation 
Murambatsvina' under which homes, businesses, religious 
structures, and other buildings and facilities were demolished 
in an effort characterized by the Government of Zimbabwe as an 
operation to `restore order' to the country.

Summary

    H. Res. 409 expresses the sense of the House of 
Representatives that the government of Zimbabwe: (1) has, 
through Operation Murambatsvina, created a humanitarian 
disaster that has compounded the country's humanitarian food 
and economic crises; (2) has a duty to protect its citizens' 
economic, social, and political rights; and (3) is subject to 
the International Covenant on Economic, Social and Cultural 
Rights with respect to forced evictions.
    Condemns Operation Murambatsvina as a major humanitarian 
catastrophe caused by the government of Zimbabwe's callousness 
toward its own people, disregard for the rule of law, and lack 
of planning to move families and businesses to more desirable 
locations.
    Calls on the United Nations, the African Commission for 
Peoples' and Human Rights, and the African Union to investigate 
the impact of the demolition of housing structures and premises 
from which informal businesses operated and to provide the 
international community with a strategy to address the 
problems.
    Calls on the government of Zimbabwe with respect to 
Operation Murambatsvina to: (1) allow access to international 
humanitarian organizations; (2) hold accountable those 
responsible; and (3) implement policies to promote the private 
sector and create jobs and build housing.
    Calls on the Secretary of the Treasury to use U.S. 
influence to continue to advocate for further action at the 
International Monetary Fund (IMF) should the Government of 
Zimbabwe continue to fail to meet its obligations to the IMF.
    Condemns President Mugabe's harassment of U.S. Ambassador 
to Zimbabwe. Calls upon him to recognize that absent corrective 
actions on his part his legacy will be defined by his ruinous 
policies and draconian laws that have brought untold suffering 
to his people and the near collapse of Zimbabwe as a nation.

Legislative History

    H. Res. 409 was introduced on July 28, 2005, by Mr. Lantos 
and was referred to the Committee on International Relations 
and in addition to the Committee on Financial Services. 
Portions of the resolution regarding the International Monetary 
Fund fall within the jurisdiction of the Committee on Financial 
Services. The Committee on International Relations ordered the 
resolution reported on September 15, 2005.
    After the two committees exchanged jurisdictional letters, 
on December 14, 2005, the House debated a motion to suspend the 
rules and agree to the resolution as amended. A recorded vote 
on the motion was ordered and then postponed. On December 16, 
2005, the House agreed to the motion by a vote of 421 yeas and 
1 nay.

              FEDERAL DEPOSIT INSURANCE REFORM ACT OF 2005

           Public Law 109-171 (H.R. 1185; H.R. 4241; S. 1932)

    To reform the Federal deposit insurance system, and for 
other purposes.

Summary

    H.R. 1185, the Federal Deposit Insurance Reform Act of 
2005, preserves the value of insured deposits at the nation's 
banks, thrifts, and credit unions, advances the national 
priority of enhancing retirement security, and ensures that the 
value, benefits and costs of deposit insurance are allocated 
equitably and fairly.
    The bill merges the Bank Insurance Fund (BIF) and the 
Savings Association Insurance Fund (SAIF), increases the 
standard maximum deposit insurance limit from $100,000 to 
$130,000, and indexes it every 5 years for inflation, doubles 
the new coverage level for certain retirement accounts, and 
increases the coverage amount for in-State municipal deposits. 
Federally chartered credit unions are provided with parity in 
general standard maximum deposit insurance coverage, for 
retirement accounts and municipal deposits.
    H.R. 1185 removes legal constraints on the authority of the 
Federal Deposit Insurance Corporation (FDIC) to charge risk-
based premium assessments, so that all insured depository 
institutions pay for the value and benefit of deposit insurance 
fairly and equitably.
    The legislation authorizes the FDIC to set the ratio of 
reserves to estimated insured deposits within a range of 1.15 
to 1.40 percent, replacing the 1.25 percent reserve ratio 
mandated by current law.
    The bill also returns assessments in the form of refunds, 
credits, and dividends to insured depository institutions. 
Dividends are provided to qualified insured depository 
institutions whenever specified reserve ratios are exceeded.
    Finally, the legislation mandates studies of the FDIC's 
administrative and managerial processes and of alternative 
means for administering the deposit insurance system. These 
studies will ensure that the deposit insurance fund and the 
overall deposit insurance system are managed and operated as 
efficiently and as effectively as possible.

Legislative History

    H.R. 1185 was introduced on March 9, 2005, by Mr. Bachus 
and 30 original cosponsors, and referred to the Committee on 
Financial Services. Within the Committee on Financial Services, 
the bill was referred to the Subcommittee on Financial 
Institutions and Consumer Credit.
    The Subcommittee on Financial Institutions and Consumer 
Credit held a legislative hearing on the bill on March 17, 
2005. The Chairman of the Federal Deposit Insurance Corporation 
(FDIC) was the only witness.
    On April 27, 2005, the Committee on Financial Services met 
in open session and ordered the bill to be favorably reported 
to the House, with an amendment, by a voice vote. On April 29, 
2005, the Committee on Financial Services reported H.R. 1185 to 
the House (H. Rept. 109-67).
    On May 3, 2005, the Committee on Rules met and reported an 
open rule providing for consideration of H.R. 1185 (H. Res. 
255). On May 4, 2005, H. Res. 255 passed the House by a voice 
vote. The House then moved to the consideration of H.R. 1185, 
and passed the bill, as amended, by a recorded vote of 413 yeas 
and 10 nays.
    The bill was received in the Senate on May 9, 2005, read 
twice, and referred to the Committee on Banking, Housing, and 
Urban Affairs.
    Because of the budgetary savings involved in deposit 
insurance reform, the Committee on Financial Services met on 
October 27, 2005, to consider a Committee Print entitled 
``Recommendations of the Committee on Financial Services for 
Reconciliation for FY06: Deposit Insurance Reform'' as part of 
its compliance with the reconciliation instructions contained 
in the budget resolution (H.Con.Res. 95). The Committee adopted 
the Committee Print containing the text of H.R. 1185 as passed 
by the House in May 2005, without amendment, by voice vote and 
forwarded the Recommendations to the Committee on the Budget. 
That committee included the Recommendations when it reported 
the spending budget reconciliation bill, H.R. 4241 (H. Rept. 
109-276). The language included in H.R. 4241 was unchanged from 
H.R. 1185 as passed by the House. The House passed H.R. 4241, 
the Deficit Reduction Act of 2005, on November 18, 2005, by a 
vote of 217 yeas and 215 nays. The Senate version of the 
spending reconciliation bill, S. 1932, known as the Deficit 
Reduction Omnibus Reconciliation Act of 2005, passed on 
November 3, 2005, by a vote of 52-47.
    The House and Senate had differing language and the 
legislative language regarding deposit insurance went to 
conference. Messrs. Oxley, Bachus and Frank (MA) were appointed 
conferees from the Committee. Compromise deposit insurance 
reform language includes: requiring the Federal Deposit 
Insurance Corporation (FDIC) and the National Credit Union 
Administration (NCUA) boards, beginning in 2010, and every 
succeeding five years, to consider raising the standard maximum 
deposit insurance if warranted; increasing the deposit 
insurance limit for certain retirement accounts to $250,000, 
and indexing that limit to inflation; allowing the FDIC Board 
to set assessments; eliminating the current 1.25 percent hard 
target Designated Reserve Ratio (DRR) and providing the FDIC 
Board with the discretion to set the DRR within a range of 1.15 
to 1.50 percent for any given year; and providing for dividends 
if the fund exceeds 1.35 percent and a one-time credit for 
institutions that paid into the deposit insurance funds prior 
to December 31, 1996.
    The conference report (H.Rept. 109-362) on S. 1932, which 
was renamed the Deficit Reduction Act of 2005, was filed by the 
House-Senate Conference Committee on December 19, 2005.
    Subsequently, the House agreed to the conference report by 
a vote of 212 yeas and 206 nays on December 19, 2005. On 
December 21, 2005, the Senate removed extraneous matter from 
the legislation pursuant to a point of order raised under the 
``Byrd rule,'' and then, by a vote of 51-50 (with Vice 
President Cheney breaking a tie vote), returned the amended 
measure to the House for further action. On February 1, 2006, 
the House agreed to the Senate amendment to the House amendment 
pursuant to H. Res. 653 by a vote of 216 yeas and 214 nays. On 
February 8, 2006, S. 1932 was signed by the President becoming 
Public Law 109-171.

     FEDERAL DEPOSIT INSURANCE REFORM CONFORMING AMENDMENTS OF 2005

                     Public Law 109-173 (H.R. 4636)

    To enact the technical and conforming amendments necessary 
to implement the Federal Deposit Insurance Reform Act of 2005, 
and for other purposes.

Summary

    H.R. 4636 the Federal Deposit Insurance Reform Conforming 
Amendments of 2005 provides technical and conforming amendments 
to the Federal Deposit Insurance Reform language found in S. 
1932, the Deficit Reduction Act of 2005. This language was 
removed from the Deposit Insurance Reform portion of S. 1932 in 
an effort to avoid the ``Byrd rule'' complications that the 
Senate budgetary reconciliation process later encountered.

Legislative History

    H.R. 4636 was introduced on December 18, 2005, by Mr. 
Oxley. On December 19, 2005, the Committee on Financial 
Services was discharged from further consideration of the bill 
and it was passed by the House by unanimous consent. On 
December 22, 2005, the Senate passed H.R. 4636 by unanimous 
consent clearing the bill to be sent to the White House in 
coordination with future passage of S. 1932. On February 9, 
2006, H.R. 4636 was presented to the President and was 
subsequently signed into law on February 15, 2006, becoming 
Public Law 109-173.

               UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT

               Public Law 109-347 (H.R. 4411, H.R. 4954)

    To prevent the use of certain payment instruments, credit 
cards, and fund transfers for unlawful Internet gambling, and 
for other purposes.

Summary

    The Unlawful Internet Gambling Enforcement Act of 2006, 
H.R. 4411, prohibits the acceptance of any bank instrument for 
unlawful Internet gambling. It defines certain terms for 
purposes of the Act; establishes civil remedies, criminal 
penalties, and regulatory enforcement authorities; encourages 
cooperation by foreign governments in the enforcement of the 
Act; updates the Wire Act; and requires the Secretary of the 
Treasury to report annually to Congress on deliberations 
between the United States and other countries on issues 
relating to Internet gambling. Its primary purpose is to give 
U.S. law enforcement new, more effective tools for combating 
offshore Internet gambling sites that illegally extend their 
services to U.S. residents via the Internet.

Legislative History

    On November 18, 2005, Mr. Leach introduced H.R. 4411, 
Internet Gambling Prohibition and Enforcement Act, with 18 
original cosponsors. H.R. 4411 was referred to the Committee on 
Financial Services. On March 15, 2006, the Committee on 
Financial Services met in open session and ordered H.R. 4411, 
as amended, favorably reported to the House by voice vote. On 
April 6, 2006, the Committee on Financial Services reported 
H.R. 4411 (H. Rept. 109-412, Part I). The bill was then 
referred sequentially to the Committee on the Judiciary.
    On May 25, 2006, the Committee on the Judiciary met in open 
session and ordered H.R. 4411 reported to the House, as 
amended, by voice vote. On May 26, 2006, the Committee on the 
Judiciary reported H.R. 4411 to the House (H. Rept. 109-412, 
Part II).
    On July 10, 2006, the Committee on Rules met and reported a 
structured rule providing for consideration of H.R. 4411 (H. 
Res. 907), which included sections from H.R. 4777, The Internet 
Gambling Prohibition Act, sponsored by Mr. Goodlatte. The rule 
provided for one hour of general debate and consideration of 
two specified amendments. On July 11, 2006, H. Res. 907 passed 
the House by voice vote. The House then considered and approved 
H.R. 4411 by a record vote of 317 yeas and 93 nays. On July 12, 
2006, H.R. 4411 was received in the Senate and read for the 
second time on July 13, 2006 and placed on the Senate 
Legislative Calendar.
    Much of the substance of H.R. 4411 was contained in the 
conference report on H.R. 4954, the Security and Accountability 
For Every Port Act or the SAFE Port Act (H. Rept. 109-711), 
which was adopted by the House on September 30, 2006 by a vote 
of 409-2 and by the Senate by unanimous consent. The President 
signed H.R. 4954 into law on October 13, 2006, becoming Public 
Law 109-347.

 TO IMPROVE THE NETTING PROCESS FOR FINANCIAL CONTRACTS, AND FOR OTHER 
                                PURPOSES

                     Public Law 109-390 (H.R. 5585)

    To improve the netting process for financial contracts, and 
for other purposes.

Summary

    H.R. 5585 makes technical changes to the Bankruptcy Abuse 
Prevention and Consumer Protection Act of 2005, Public Law No. 
109-8, by strengthening and clarifying the enforceability of 
early termination and close-out netting provisions and related 
collateral arrangements in U.S. insolvency proceedings. This 
bill will also help improve harmonization between U.S. 
insolvency laws and other jurisdictions. The netting provisions 
incorporated by Title IX of Public Law 109-8, as well as the 
technical changes found in H.R. 5585, reflect years of work by 
the President's Working Group on Financial Markets.

Legislative History

    H.R. 5585 was introduced on June 12, 2006, by Mr. McHenry 
and one cosponsor and referred to the Financial Services and 
Judiciary Committees. The Committee on Financial Services met 
in open session on June 14, 2006, and ordered H.R. 5585 
favorably reported to the House by voice vote. The Committee on 
Financial Services reported H.R. 5585 to the House on September 
12, 2006 (H. Rept. 109-648). The referral to the Committee on 
the Judiciary was extended for a period ending not later than 
September 22, 2006. The Judiciary Committee was then discharged 
as of that date and the bill was placed on the Union Calendar.
    On September 27, 2006, the House agreed to a motion to 
suspend the rules and pass H.R. 5585 as amended by voice vote.
    The Senate passed H.R. 5585 with amendments on September 
30, 2006.
    On November 15, 2006, the House considered a motion to 
suspend the rules and agree to the Senate amendments. After 
debate, the yeas and nays were ordered on the motion and vote 
then postponed. Later that day, the vote was taken and the 
motion was agreed to by a vote of 395 to 0.
    The bill was presented to the President on December 4, 
2006, and was signed into law on December 12, 2006, becoming 
Public Law 109-390.

                       U.S. SAFE WEB ACT OF 2006

                      Public Law 109-455 (S. 1608)

    To enhance Federal Trade Commission enforcement against 
illegal spam, spyware, and cross-border fraud and deception, 
and for other purposes.

Summary

    Declares the FTC subject to the Right to Financial Privacy 
Act, but specifies: (1) conditions relating to procedures for 
delay of notification or prohibition of disclosure of 
information obtained in connection with compulsory process 
where the recipient is not a subject of the investigation; (2) 
venue and procedures for ex parte proceedings; and (3) 
inapplicability to an investigation or proceeding related to 
the administration of federal or foreign antitrust laws. 
Declares that recipients of compulsory process issued by the 
FTC are not liable under U.S. law for failure to provide notice 
to persons that such process has been issued or that such 
recipients provided information, if neither notification nor 
delayed notification by the FTC is required under the Right to 
Financial Privacy Act.
    Shields from liability: (1) voluntary providers of material 
the provider believes is relevant to an unfair or deceptive act 
or practice or to assets subject to recovery by the FTC, 
including assets located in foreign jurisdictions; and (2) 
certain financial institutions, foreign and domestic, for 
making voluntary disclosures to the FTC of consumer complaints 
or violations of law or regulations, including regarding assets 
located in foreign jurisdictions.

Legislative History

    S. 1608, the ``Undertaking Spam, Spyware, And Fraud 
Enforcement With Enforcers beyond Borders Act of 2006'' or the 
``U.S. SAFE WEB Act of 2006'' was introduced by Senator Smith 
of Oregon on July 29, 2005. The bill was referred to the 
Committee on Commerce, Science and Transportation. The bill was 
reported by that Committee without amendment on March 14, 2006 
(S. Rept. 109-219).
    On March 16, 2006, the Senate passed the bill without 
amendment by voice vote.
    On March 18, 2006, the bill was received in the House. The 
bill was referred to the Committee on Energy and Commerce. On 
April 19, 2006, the bill was referred to the Subcommittee on 
Commerce, Trade and Consumer Protection.
    On December 9, 2006, the Committee on Energy and Commerce 
was discharged from further consideration of the bill by 
unanimous consent request. Since the bill contained matter 
similar to that contained in H.R. 3143 of the 108th Congress, 
on which the Committee on Financial Services received a 
sequential referral, this Committee acquiesced in the request. 
The House agreed to an amendment to the bill by voice vote.
    On December 9, 2006, the Senate agreed to the House 
amendment by unanimous consent, clearing the bill for the White 
House.
    On December 22, 2006, the President signed the bill into 
law, becoming Public Law 109-455.

               NET WORTH AMENDMENT FOR CREDIT UNIONS ACT

                              (H.R. 1042)

    To amend the Federal Credit Union Act to clarify the 
definition of net worth under certain circumstances for 
purposes of the prompt corrective action authority of the 
National Credit Union Administration Board, and for other 
purposes.

Summary

    H.R. 1042 was introduced to address the potentially harmful 
(and unintended) consequences on credit union mergers of an 
accounting rule recently proposed by Financial Accounting 
Standard Board (FASB). FASB's ``Statement of Financial 
Accounting Standard 141,'' which was scheduled to take effect 
for mutual enterprises such as credit unions in early 2006, 
required credit unions to follow ``purchase method'' accounting 
rules when calculating the retained earnings of a credit union 
that results from a merger. Under ``purchase method'' 
accounting, the retained earnings of the acquired credit union 
in a merger become part of the ``acquired equity''--but not the 
``retained earnings''--of the surviving credit union, 
potentially resulting in a significant understatement of the 
credit union's net worth--and thus its capital--for purposes of 
the prompt corrective action (PCA) requirements of the Federal 
Credit Union Act.
    H.R. 1042 remedies this unintended consequence by amending 
the Federal Credit Union Act's definition of ``net worth'' so 
that the retained earnings of both credit unions in a merger 
transaction count toward the ``net worth'' of the surviving 
entity.

Legislative History

    H.R. 1042 was introduced by Mr. Bachus and 15 original 
cosponsors on March 2, 2005, and referred to the Committee on 
Financial Services. On April 4, 2005, the bill was referred to 
the Subcommittee on Financial Institutions and Consumer Credit.
    The Subcommittee on Financial Institutions and Consumer 
Credit held a hearing on April 13, 2005, and heard from the 
state and federal credit union regulators and the Financial 
Accounting Standards Board (FASB) regarding how the FASB 
accounting rule will affect credit union mergers.
    On June 13, 2005, the House considered H.R. 1042 under 
suspension of the rules and passed the bill by a voice vote.
    The bill was received in the Senate on June 14, 2005. On 
June 16, 2005, H.R. 1042 was read twice and referred to the 
Committee on Banking, Housing, and Urban Affairs.
    The text of H.R. 1042 was eventually incorporated into 
section 504 of the Financial Services Regulatory Relief Act of 
2006, Public Law 109-351.

           EXPANDED ACCESS TO FINANCIAL SERVICES ACT OF 2005

                               (H.R. 749)

    To amend the Federal Credit Union Act to provide expanded 
access for persons in the field of membership of a Federal 
credit union to money order, check cashing, and money transfer 
services.

Summary

    H.R. 749 amends the Federal Credit Union Act (12 U.S.C. 
1757(12)) to permit federal credit unions to offer check 
cashing and money transfer services to non-members of the 
credit union as long as the individual is within the credit 
union's field of membership. The bill is designed to lower the 
costs paid by consumers for these services through increased 
competition in the marketplace.

Legislative History

    H.R. 749 was introduced by Mr. Gerlach and five original 
cosponsors on February 10, 2005, and referred to the Committee 
on Financial Services.
    On March 16, 2005, the Committee on Financial Services met 
in open session to consider H.R. 749 and ordered the bill 
reported to the House with a favorable recommendation, by a 
voice vote. The Committee on Financial Services reported H.R. 
749 to the House on April 12, 2005 (H. Rept. 109-38).
    On April 26, 2005, the House considered the bill under 
suspension of the rules and passed H.R. 749 by a voice vote.
    The bill was received in the Senate on April 27, 2005, read 
twice, and referred to the Senate Committee on Banking, 
Housing, and Urban Affairs.

                 BUSINESS CHECKING FREEDOM ACT OF 2005

                              (H.R. 1224)

    To repeal the prohibition on the payment of interest on 
demand deposits, and for other purposes.

Summary

    H.R. 1224, the Business Checking Freedom Act of 2005, 
repeals the prohibition on the payment of interest on 
commercial demand deposits, increases the number of inter-
account transfers which may be made from business accounts at 
depository institutions, and authorizes the Board of Governors 
of the Federal Reserve System to pay interest on reserves.
    The legislation removes the prohibition on the payment of 
interest on commercial demand deposit accounts after a two year 
period, and authorizes the payment of interest on most 
negotiable order of withdrawal (NOW) accounts maintained by 
businesses, with the exception of business accounts maintained 
at industrial loan companies (ILCs) owned by corporate parents 
that derive more than 15 percent of their gross revenues from 
activities that are not financial in nature or incidental to 
such activities and whose applications for deposit insurance 
were approved after September 30, 2003. The bill also 
authorizes the Federal Reserve to pay interest on the reserves 
that depository institutions maintain at Federal Reserve Banks, 
and eliminates the minimum statutory ratios that currently 
apply to those reserves, thereby giving the Board of Governors 
of the Federal Reserve greater flexibility in setting reserve 
requirements. To offset the revenue loss associated with 
allowing interest payments on reserve balances, the legislation 
requires that the Federal Reserve remit from its surplus fund 
to the Treasury an amount equal to the estimated annual revenue 
loss during the first five years the legislation is in effect. 
The legislation increases the number of allowable transfers 
from interest bearing or dividend earning commercial deposits 
or accounts to 24 per month, from the current limit of six, 
enabling depository institutions to sweep funds between non-
interest bearing commercial checking accounts and interest 
bearing accounts on a daily basis with the exception of the 
heretofore referenced ILCs. Finally, the legislation directs 
the Board of Governors of the Federal Reserve System to conduct 
an annual survey of retail bank fees and services.

Legislative History

    H.R. 1224 was introduced by Mrs. Kelly and six original 
cosponsors on March 10, 2005, and was referred to the House 
Committee on Financial Services.
    On March 27, 2005, the Committee on Financial Services met 
in open session and ordered H.R. 1224 reported to the House 
with a favorable recommendation, by a voice vote. The Committee 
on Financial Services reported the bill to the House on May 16, 
2005 (H. Rept. 109-81).
    The House considered H.R. 1224 on May 23, 2005, under 
suspension of the rules. The vote on the bill was postponed 
until May 24, 2005 at which time H.R. 1224 passed by a vote of 
424 yeas to 1 nay.
    On May 25, 2005, the bill was received in the Senate. H.R. 
1224 was read twice on May 26, 2005 and referred to the 
Committee on Banking, Housing, and Urban Affairs.

                  MORTGAGE SERVICING CLARIFICATION ACT

                              (H.R. 1025)

    To amend the Fair Debt Collection Practices Act to exempt 
mortgage servicers from certain requirements of the Act with 
respect to federally related mortgage loans secured by a first 
lien, and for other purposes.

Summary

    The Mortgage Servicing Clarification Act amends the Fair 
Debt Collection Practices Act to exempt from mandatory debt 
collection disclosures (that the debt collector is attempting 
to collect a debt and any information obtained will be used for 
that purpose) any servicer of federally related mortgage loans 
secured by first liens that include loans in default at the 
time such servicer became responsible for servicing such loans, 
if the servicer is also a debt collector whose collections are 
incidental to a primary function of servicing current federally 
related-mortgage loans.

Legislative History

    H.R. 1025 was introduced by Mr. Royce and eight original 
cosponsors on March 1, 2005, and was referred to the Committee 
on Financial Services.
    On April 6, 2005, the House considered H.R. 1025 under 
suspension of the rules and passed the bill, as amended, by a 
voice vote.
    The bill was received in the Senate, read twice, and 
referred to the Committee on Banking, Housing, and Urban 
Affairs on April 7, 2005.

        HURRICANE KATRINA FINANCIAL SERVICES RELIEF ACT OF 2005

                              (H.R. 3945)

    A bill to facilitate recovery from the effects of Hurricane 
Katrina by providing greater flexibility for, and temporary 
waivers of certain requirements and fees imposed on, depository 
institutions, credit unions, and Federal regulatory agencies, 
and for other purposes.

Summary

    H.R. 3945 expresses the sense of Congress that it is vital 
that insured depository institutions and insured credit unions 
continue to provide financial services to consumers displaced 
or otherwise affected by Hurricane Katrina. H.R. 3945 seeks to 
ensure the Secretary of the Treasury and federal financial 
regulators educate the related financial institutions on the 
proper application of the guidance on cashing of federal 
government assistance and benefit checks. Furthermore, the 
legislation authorizes the federal financial regulators the 
necessary flexibility to work with the insured depository 
institutions or insured credit unions in the qualified disaster 
area.

Legislative History

    H.R. 3945 was introduced by Mr. Baker and six original 
cosponsors on September 29, 2005, and was referred to the 
Committee on Financial Services. On October 27, 2005, the House 
considered H.R. 3945 under suspension of the rules, and agreed 
to pass the bill by a record vote of 411 yeas and no nays. On 
October 27, 2005, H.R. 3945 was received in the Senate, read 
twice, and on October 28, 2005 it was referred to the Committee 
on Banking, Housing, and Urban Affairs.

               HURRICANE CHECK CASHING RELIEF ACT OF 2005

                              (H.R. 3909)

    To provide emergency authority for the Federal Deposit 
Insurance Corporation and the National Credit Union 
Administration, in accordance with guidance issued by the Board 
of Governors of the Federal Reserve System, to guarantee checks 
cashed by insured depository institutions and insured credit 
unions for the benefit of noncustomers who are victims of 
certain 2005 hurricanes, and for other purposes.

Summary

    H.R. 3909, as amended, will provide emergency authority for 
the Federal Deposit Insurance Corporation (FDIC) and the 
National Credit Union Administration (NCUA), in accordance with 
guidance issued by the Board of Governors of the Federal 
Reserve System, to guarantee checks or share drafts cashed by 
insured depository institutions and insured credit unions for 
the benefit of noncustomers who are victims of certain 2005 
hurricanes.
    Specifically, H.R. 3909, as amended, provides certain 
financial institutions the incentive to continue their work 
with the victims of the recent hurricanes by indemnifying 
federally insured banks and credit unions that cash fraudulent 
or non-sufficient fund checks or share drafts. Institutions 
must continue to use due diligence in ensuring that checks or 
share drafts are legitimate and are collectable.
    The bill, as amended, provides that up to $200 million from 
the Federal Reserve Bank's surplus fund is available to 
indemnify federally insured financial institutions that may 
receive up to $2,000 for any check or share draft presented by 
any one individual who has resided in the areas affected by 
Hurricanes Katrina, Rita and Wilma, that is subsequently 
uncollectible between August 25, 2005, and November 15, 2005.

Legislative History

    H.R. 3909 was introduced by Mrs. Ginny Brown-Waite and 
three original cosponsors on September 27, 2005, and was 
referred to the Committee on Financial Services. The Committee 
on Financial Services met in open session on October 27, 2005, 
and ordered H.R. 3909, with an amendment, favorably reported to 
the House by voice vote (H. Rept. 109-326).

    HURRICANES RITA AND WILMA FINANCIAL SERVICES RELIEF ACT OF 2005

                              (H.R. 4146)

    To facilitate recovery from the effects of Hurricane Rita 
and Hurricane Wilma by providing greater flexibility for, and 
temporary waivers of, certain requirements and fees imposed on 
depository institutions, credit unions, and Federal regulatory 
agencies, and for other purposes.

Summary

    H.R. 4146 ensures that existing law governing the 
regulation of insured depository institutions and insured 
credit unions does not further complicate the recovery from the 
damage caused by Hurricanes Rita and Wilma. The legislation 
provides three key points of short-term and measured regulatory 
relief to facilitate the stabilization of the financial 
services industry in the disaster declared areas: 1) capital 
and net worth flexibility, 2) short-term increase in deposits 
and assets, and 3) waiver of Federal Reserve wire transfer 
fees.
    Capital and net worth flexibility provisions authorize 
federal financial regulators to offer flexibility from prompt 
corrective action under limited circumstances if the regulator 
determines an institution, if provided such flexibility, can 
successfully execute a capital or net worth recovery plan in a 
manner consistent with safe and sound regulation.
    Short-term increase in deposits and assets provisions 
authorize federal financial regulators to offer flexibility 
from leverage limit and reserve requirements if an institution 
experiences a short-term significant increase in deposits due 
to the payment of customer insurance claims or federal disaster 
benefits. The institution is only granted such flexibility if 
the regulator approves the institution's plan to accommodate 
the short-term increase in its assets and deposits that is 
consistent with safe and sound regulation.
    Waiver of Federal Reserve wire transfer fees provisions 
requires the Federal Reserve System to waive, for a period of 
180 days from the date the major disasters were declared for 
Hurricanes Rita and Wilma. One 30-day discretionary extension 
is provided. Federal financial regulators have strongly 
encouraged all financial institutions to waive most fees 
associated with the cost of business, including any wire 
transfer service charge a financial institution may assess its 
customers. By waiving Federal Reserve wire transfer fees for 
180 days, H.R. 4146 ensures financial institutions already 
under duress are not forced to continue a needed service at a 
loss.

Legislative History

    H.R. 4146 was introduced by Mr. Baker and one original 
cosponsor on October 26, 2005, and was referred to the 
Committee on Financial Services. The Committee on Financial 
Services met in open session on October 27, 2005, and ordered 
H.R. 4146 favorably reported to the House by a voice vote (H. 
Rept. 109-282).

            FINANCIAL SERVICES REGULATORY RELIEF ACT OF 2005

                Public Law 109-351 (H.R. 3505, S. 2856)

    To provide regulatory relief and improve productivity for 
insured depository institutions, and for other purposes.

Summary

    H.R. 3505 is intended to alter or eliminate statutory 
banking provisions in order to lessen the growing regulatory 
burden on insured depository institutions, as well as make 
needed technical corrections to current law. H.R. 3505 contains 
a broad range of constructive provisions that, taken as a 
whole, will allow banks, thrifts, and credit unions to devote 
more resources to the business of providing financial services 
and less to compliance with outdated and unneeded regulations. 
While effective regulation of the financial services industry 
is central to the preservation of public trust, this 
legislation will benefit consumers and the economy by lowering 
costs and improving productivity.

Legislative History

    H.R. 3505 was introduced by Mr. Hensarling and one original 
cosponsor on July 28, 2005, and was referred to the Committee 
on Financial Services. On September 19, 2005, H.R. 3505 was 
referred to the Subcommittee on Financial Institutions and 
Consumer Credit which held legislative hearings on September 22 
and October 18, 2005. The Committee on Financial Services met 
in open session on November 16, 2005, and ordered H.R. 3505 
favorably reported to the House by a vote of 67 yeas and no 
nays (H. Rept. 109-356, Part I).
    On December 17, 2005, H.R. 3505 was sequentially referred 
to the House Committee on the Judiciary for a period ending not 
later than December 31, 2005 for consideration of such 
provisions of the bill and the amendment as fall within the 
jurisdiction of that committee. On December 31, 2005, the House 
Committee on Judiciary was granted an extension ending not 
later than February 3, 2006 and a second extension was granted 
on February 3, 2006 for consideration ending not later than 
February 24, 2006. The House Committee on Judiciary considered 
H.R. 3505 on February 16, 2006 and ordered it favorably 
reported (H. Rept. 109-356, Part II).
    On March 8, 2006, the House considered H.R. 3505 under 
suspension of the rules, and agreed to pass the bill as amended 
by a record vote of 415 yeas and 2 nays. On March 9, 2006, H.R. 
3505 was received in the Senate, read twice, and referred to 
the Committee on Banking, Housing, and Urban Affairs.
    On May 18, 2006, S. 2856, the Senate counterpart to H.R. 
3505, was introduced by Mr. Crapo after the Senate Banking, 
Housing, and Urban Affairs Committee ordered an original 
measure to be reported on May 4, 2006. On May 25, 2006 the 
Senate passed S. 2856 by unanimous consent and it was received 
by the House on June 6, 2006, where it was held at the desk.
    On September 27, 2006, the House agreed to a motion to 
suspend the rules and pass S. 2856, as amended, by a record 
vote of 417 yeas and no nays. On September 30, 2006, the Senate 
agreed to the House amendment by unanimous consent, clearing 
the bill for the President. On October 13, 2006, the President 
signed the bill into law (Public Law 109-351).

  TO MAKE A CONFORMING AMENDMENT TO THE FEDERAL DEPOSIT INSURANCE ACT 
WITH RESPECT TO EXAMINATIONS OF CERTAIN INSURED DEPOSITORY INSTITUTIONS

                     Public Law 109-__ (H.R. 6345)

    To make a conforming amendment to the Federal Deposit 
Insurance Act with respect to examinations of certain insured 
depository institutions, and for other purposes.

Summary

    The Financial Services Regulatory Relief Act of 2006 (P.L. 
109-351) raised the threshold for eligibility for an 18-month 
exam cycle for well-capitalized, well-managed institutions with 
``outstanding'' ratings from $250 million in assets to $500 
million in assets. However, it did not change the threshold in 
a parallel provision that gives the federal banking agencies 
discretion to grant, through regulation, eligibility for the 
18-month exam cycle to well-managed and well-capitalized 
institutions with ``good'' ratings. H.R. 6345 makes this change 
to provide flexibility to the regulators to examine all highly 
rated institutions up to $500 million at least once every 18 
months.

Legislative History

    H.R. 6345 was introduced on December 5, 2006 by Mr. Bachus, 
with two cosponsors. The bill was referred to the Committee on 
Financial Services.
    On December 7, 2006, Mr. Hensarling moved to suspend the 
rules and pass H.R. 6345. The motion was agreed to by voice 
vote.
    On December 8, 2006, the Senate passed H.R. 6345 by 
unanimous consent.
    The bill was presented to the President, who signed it into 
law on ____, becoming Public Law 109-__.

                 FINANCIAL DATA PROTECTION ACT OF 2005

                              (H.R. 3997)

    To amend the Fair Credit Reporting Act to provide for 
secure financial data, and for other purposes.

Summary

    H.R. 3997 would expand the data safeguards requirements of 
Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act 
(FCRA) to establish uniform standards for all businesses that 
possess or maintain sensitive financial account or identity 
information about consumers.

Legislative History

    H.R. 3997 was introduced by Mr. LaTourette and four 
original cosponsors on October 6, 2005, and was referred to the 
Committee on Financial Services. On November 9, 2005, a 
legislative hearing was held in the Subcommittee on Financial 
Institutions and Consumer Credit. The Committee on Financial 
Services met in open session on March 16, 2006, and ordered 
H.R. 3997, as amended, favorably reported to the House by a 
vote of 48 yeas and 17 nays (H. Rept. 109-454, Part I)
    On May 4, 2006, H.R. 3997 was referred sequentially to the 
House Committee on Energy and Commerce for a period ending not 
later than June 2, 2006 for consideration of such provisions of 
the bill and amendments as fall within the jurisdiction of that 
Committee pursuant to clause 1(f), rule X. On May 24, 2006, the 
Committee on Energy and Commerce considered H.R. 3997 and 
struck all after the enacting clause and replaced the text with 
H.R. 4127 as reported by the Committee on March 29, 2006. H.R. 
3997, as amended, was reported to the House by a vote of 42 
yeas and no nays (H. Rept. 109-454, Part II).

                   DATA ACCOUNTABILITY AND TRUST ACT

                              (H.R. 4127)

    To protect consumers by requiring reasonable security 
policies and procedures to protect computerized data containing 
personal information, and to provide for nationwide notice in 
the event of a security breach.

Summary

    H.R. 4127 details the security policies and procedures that 
are necessary for computerized data containing personal 
information about consumers. Should a breach occur, H.R. 4127 
provides standards for a nationwide notice system.

Legislative History

    H.R. 4127 was introduced by Mr. Stearns on October 25, 2005 
and referred to the House Committee on Energy and Commerce and 
subsequently to the Subcommittee on Commerce, Trade and 
Consumer Protection on November 1, 2005. On November 3, 2005 
the Subcommittee forwarded H.R. 4127 to the Full Committee, as 
amended, by a vote of 13 yeas and 8 nays. The Committee on 
Energy and Commerce considered H.R. 4127 on March 29, 2006, and 
ordered the measure reported, as amended, by a vote of 41 yeas 
and no nays. (H. Rept. 109-453, Part I).
    On May 4, 2006, H.R. 4127 was sequentially referred to the 
House Committee on Financial Services and the House Committee 
on the Judiciary for a period ending not later than June 2, 
2006 for consideration of such provisions of the bill and 
amendments as fall within the jurisdiction of that committee 
pursuant to clause 1(g), rule X and clause 1(1), rule X 
respectively. On May 26, 2006, the Committee on Judiciary 
favorably reported H.R. 4127, as amended, by voice vote (H. 
Rept. 109-453, Part II).
    The Committee on Financial Services met in open session on 
June 2, 2006, to consider H.R. 4127. The Committee struck all 
after the enacting clause and replaced the text with H.R. 3997 
as reported by the Committee on March 16, 2006. H.R. 4127, as 
amended, was reported to the House by voice vote (H. Rept. 109-
453, Part III).

              SEASONED CUSTOMER CTR EXEMPTION ACT OF 2006

                              (H.R. 5341)

    To amend section 5313 of title 31, United States Code, to 
reform certain requirements for reporting cash transactions, 
and for other purposes.

Summary

    H.R. 5341 seeks to address financial institutions' concerns 
that some of the work they are being asked to do in the fight 
against financial crimes--money laundering and the financing of 
terror--is unnecessary and thus overly burdensome. A key 
component to helping reduce the regulatory burden is reducing 
the number of currency transaction reports (CTRs) that must be 
filed by institutions concerning transactions involving large 
sums of cash and known customers.
    H.R. 5341 creates a new process by which financial 
institutions may be exempted from filing CTRs for ``seasoned 
customers.'' ``Seasoned customers'' are longtime bank customers 
that routinely deal in large volumes of cash but whose business 
dealings are well-enough understood by the institution to rule 
out the possibility of money laundering or the financing of 
terror. The Treasury Secretary, through FinCEN, is directed to 
develop new regulations for an exemption process that will 
continue to gather the sorts of information useful to law 
enforcement, while streamlining the exemption process for 
filings on transactions by ``seasoned customers'' that the 
institution knows well-enough to understand that a large cash 
transaction is part of the course of normal business. The 
legislation also states that the Secretary may consider new 
regulations to accommodate exemption continuity in the case of 
a merger or acquisition.

Legislative History

    H.R. 5341, was introduced by Mr. Bachus on May 10, 2006, 
with eighteen original cosponsors and referred to the House 
Committee on Financial Services. It was subsequently referred 
to the Subcommittee on Financial Institutions and Consumer 
Credit on May 16, 2006. H.R. 5341 is based on Title VII of H.R. 
3505, the ``Financial Services Regulatory Relief Act,'' which 
passed the House in March 2006 by a vote of 415-2. The Senate 
did not include this provision in the Senate counterpart (S. 
2856) to H.R. 3505 which was approved by the Senate Banking 
Committee on May 4, 2006 and the full Senate on May 25, 2006.
    The Subcommittee held a legislative hearing on May 19, 
2006. The Committee on Financial Services met in open session 
on March 16, 2006, and ordered H.R. 5341, as amended, favorably 
reported to the House by voice vote (H. Rept. 109-506).
    On June 27, 2006, the House considered H.R. 5341 under 
suspension of the rules, and agreed to pass the bill by a voice 
vote. On June 28, 2006, H.R. 5341 was received in the Senate, 
read twice, and referred to the Committee on Banking, Housing, 
and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

             DISTRICT OF COLUMBIA OMNIBUS AUTHORIZATION ACT

                     Public Law 109-356 (H.R. 3508)

    To authorize improvements in the operation of the 
government of the District of Columbia, and for other purposes.

Summary

    H.R. 3508, the 2005 District of Columbia Omnibus 
Authorization Act, amends the District of Columbia Home Rule 
Act to allow an increase in the amount appropriated as District 
of Columbia funds under a budget approved by an Act of Congress 
by a maximum aggregate amount of: (1) 25 percent, in the case 
of amounts allocated as ``Other-Type Funds''; and (2) 6 
percent, in the case of any other amounts allocated under the 
budget.
    Makes technical corrections to: (1) the 2004 District of 
Columbia Omnibus Authorization Act; (2) the District of 
Columbia Appropriations Act, 2005; and (3) other specified laws 
relating to banks operating under the code of law for the 
District.

Legislative History

    H.R. 3508 was introduced by Mr. Tom Davis on July 28, 2005 
and was referred to the Committee on Government Reform. The 
Committee on Government Reform ordered reported the bill as 
amended on September 15, 2005 and filed their report on 
November 3, 2005 (H. Rept. 109-267). The bill was referred to 
the Union Calendar.
    On December 14, 2005, the House passed the bill as amended 
by agreeing to a motion to suspend the rules by a voice vote. 
An exchange of jurisdictional correspondence between the 
Committee on Government Reform and the Committee on Financial 
Services regarding banks operating under the District of 
Columbia Code was included in the Congressional Record.
    On December 15, 2005, the bill was messaged to the Senate. 
On January 27, 2006, the bill was referred to the Committee on 
Homeland Security and Governmental Affairs. On June 15, 2006, 
the Committee on Homeland Security and Governmental Affairs 
ordered the bill reported as amended.
    On August 3, 2006, the Senate passed the bill as amended by 
voice vote.
    On September 25, 2006, the House agreed to a motion to 
suspend the rules and agree to the Senate amendment by voice 
vote.
    On October 5, 2006, the bill was presented to the 
President. On October 16, 2006, the bill was signed into law 
becoming Public Law 109-356.

 NATIONAL FLOOD INSURANCE PROGRAM ENHANCED BORROWING AUTHORITY ACT OF 
                                  2005

                     Public Law 109-65 (H.R. 3669)

    To temporarily increase the borrowing authority of the 
Federal Emergency Management Agency for carrying out the 
national flood insurance program.

Summary

    H.R. 3669, the National Flood Insurance Program Enhanced 
Borrowing Authority Act of 2005 amends the National Flood 
Insurance Act of 1968 to increase from $1.5 billion to $3.5 
billion, through FY2008, the total amount which the Director of 
the Federal Emergency Management Agency (FEMA) may borrow from 
the Secretary of the Treasury with the President's approval to 
carry out the flood insurance program.

Legislative History

    H.R. 3669, the National Flood Insurance Program Enhanced 
Borrowing Authority Act of 2005, was introduced by Mr. Ney and 
four cosponsors on September 7, 2005, and referred to the 
Committee on Financial Services.
    On September 8, 2005, the House considered the bill under 
suspension of the rules and passed the bill with a roll call 
vote of 416-0. On the same day, H.R. 3669 was received in the 
Senate, read twice, passed without amendment by unanimous 
consent.
    The bill was presented to the President on September 15, 
2005 and signed into law on September 20, 2005, becoming Public 
Law 109-65.

  TO EXCLUDE FROM CONSIDERATION AS INCOME CERTAIN PAYMENTS UNDER THE 
                    NATIONAL FLOOD INSURANCE PROGRAM

                      Public Law 109-64 (H.R. 804)

    To exclude from consideration as income certain payments 
under the National Flood Insurance Program (NFIP).

Summary

    H.R. 804 amends the National Flood Insurance Act of 1968 to 
declare that assistance provided under a program for flood 
mitigation activities with respect to a property shall not be 
considered income or a resource of the owner of the property 
when determining eligibility for or benefit levels under any 
income assistance or resource-tested program that is funded in 
whole or in part by a federal agency or by appropriated federal 
funds.

Legislative History

    H.R. 804, to exclude from consideration as income certain 
payments under the national flood insurance program, was 
introduced by Mr. Baker on February 15, 2005, and referred to 
the Committee on Financial Services.
    On March 16, 2005, the full Committee met in open session 
and ordered the bill to be reported with a favorable 
recommendation to the House by voice vote. On April 14, 2005, 
the Committee reported the bill to the House, (H. Rept. 109-
44). On July 12, 2005, the House considered the bill under 
suspension of the rules and passed the bill as amended by voice 
vote.
    On July 13, 2005, H.R. 804 was received in the Senate, read 
twice, and referred to the Senate Committee on Banking, 
Housing, and Urban Affairs. On July 28, 2005, the Senate 
Committee on Banking, Housing and Urban Affairs ordered the 
bill to be reported without amendment favorably. On September 
8, 2005, the Senate passed H.R. 804 without amendment by 
unanimous consent.
    The bill was presented to the President on September 15, 
2005 and signed into law on September 20, 2005, becoming Public 
Law 109-64.

 NATIONAL FLOOD INSURANCE PROGRAM FURTHER ENHANCED BORROWING AUTHORITY 
                              ACT OF 2005

                     Public Law 109-106 (H.R. 4133)

    To temporarily increase the borrowing authority of the 
Federal Emergency Management Agency (FEMA) for carrying out the 
National Flood Insurance Program (NFIP).

Summary

    H.R. 4133, National Flood Insurance Program Further 
Enhanced Borrowing Authority Act of 2005--Amends the National 
Flood Insurance Act of 1968 to increase from $3.5 billion to 
$18.5 billion, through FY2008, the total amount which the 
Director of the Federal Emergency Management Agency (FEMA) may 
borrow from the Secretary of the Treasury with the President's 
approval to carry out the flood insurance program. Designates 
such funds as emergency spending.

Legislative History

    H.R. 4133, the National Flood Insurance Program Further 
Enhanced Borrowing Authority Act of 2005, was introduced by Mr. 
Fitzpatrick and 10 cosponsors on October 25, 2005, and referred 
to the Committee on Financial Services. On October 27, 2005, 
the full Committee met in open session and ordered the bill to 
be reported with a favorable recommendation to the House by 
voice vote. On November 7, 2005, the Committee reported the 
bill to the House (H. Rept. 109-274). On November 16, 2005, the 
House considered the bill under suspension of the rules and 
passed the bill by voice vote. On November 17, 2005, H.R. 4133 
was received in the Senate, read twice, and passed with an 
amendment by unanimous consent. On November 18, 2006, the House 
agreed to the Senate amendments by voice vote.
    The bill was presented to the President on November 21, 
2005 and signed into law that same day, becoming Public Law 
109-106.

            NATIVE AMERICAN HOUSING ENHANCEMENT ACT OF 2005

                     Public Law 109-136 (H.R. 797)

    To amend the Native American Housing Assistance and Self-
Determination Act of 1996 and other Acts to improve housing 
programs for Indians

Summary

    H.R. 797, the Native American Housing Enhancement Act of 
2005, amends the Native American Housing Assistance and Self-
Determination Act of 1996 to prohibit the Secretary of Housing 
and Urban Development from restricting access to the housing 
grant amount for any Indian tribe based solely on: (1) whether 
the recipient for the tribe retains program income; (2) the 
amount of any such program income retained; (3) whether the 
recipient retains certain reserve amounts; or (4) whether the 
recipient has expended retained program income for housing-
related activities. (Currently the Secretary is also prohibited 
from reducing the amount of the grant based solely on one of 
such factors.)
    Provides that title VI of the Civil Rights Act of 1964 
(nondiscrimination under federally assisted programs) and title 
VIII of the Civil Rights Act of 1968 (Fair Housing) shall not 
apply to actions by federally recognized Indian tribes (or 
their instrumentalities) under this Act. Amends the Cranston-
Gonzales National Affordable Housing Act to make Indian tribes, 
tribally designated housing entities, or other agencies 
primarily serving Indians eligible for Youthbuild grants. 
Terminates the current ineligibility of such entities for 
Youthbuild grants at the end of FY2005.

Legislative History

    H.R. 797, to amend the Native American Housing Assistance 
and Self-Determination Act of 1996, was introduced by Mr. Renzi 
and two cosponsors on February 14, 2005 and referred to the 
Committee on Financial Services.
    On April 6, 2005, the House considered the bill under 
suspension of the rules and passed the bill by voice vote.
    On April 7, 2005, H.R. 797 was received in the Senate, read 
twice, and referred to the Senate Committee on Indian Affairs. 
On June 29, 2005, the Senate committee ordered the bill 
reported without amendment favorably, and on October 27, 2005 
the committee filed written report (S. Rept. 109-160). On 
November 8, 2005, the Senate passed the bill with an amendment 
by unanimous consent. On December 18, 2005, the House agreed to 
the Senate amendments by voice vote.
    The bill was presented to the President on December 19, 
2005 and signed into law on December 22, 2005, becoming Public 
Law 109-136.

 NATIONAL FLOOD INSURANCE PROGRAM ENHANCED BORROWING AUTHORITY ACT OF 
                                  2006

                      Public Law 109-208 (S. 2275)

    To temporarily increase the borrowing authority of the 
Federal Emergency Management Agency for carrying out the 
national flood insurance program.

Summary

    S. 2275, the National Flood Insurance Program Enhanced 
Borrowing Authority Act of 2006 amends the National Flood 
Insurance Act of 1968 to increase from $18.5 billion to $20.775 
billion, through FY2008, the total amount which the Director of 
the Federal Emergency Management Agency (FEMA) may borrow from 
the Secretary of the Treasury with the President's approval to 
carry out the flood insurance program. Designates such funds as 
emergency spending.

Legislative History

    S. 2275, the National Flood Insurance Program Enhanced 
Borrowing Authority Act of 2006, was introduced on February 10, 
2006 by Sen. Shelby. On that same day, the Senate considered 
the bill and passed it without amendment by unanimous consent.
    On February 15, 2006, the House agreed to suspend the rules 
and pass the bill, as amended, by voice vote. On March 16, 
2006, the Senate agreed to the House amendment and passed the 
bill by unanimous consent.
    The bill was presented to the President on March 17, 2006 
and signed on March 23, 2006, becoming Public Law 109-208.

              RURAL HEALTH CARE CAPITAL ACCESS ACT OF 2006

                     Public Law 109-240 (H.R. 4912)

    To amend section 242 of the National Housing Act to extend 
the exemption for critical access hospitals under the Federal 
Housing Administration (FHA) hospital mortgage insurance 
program.

Summary

    H.R. 4912, the Rural Health Care Capital Access Act of 2006 
amends the National Housing Act to extend from July 31, 2006, 
to July 31, 2011, the exemption respecting required patient 
days used for specified care categories for critical access 
hospitals under the Federal Housing Administration (FHA) 
hospital mortgage insurance program.

Legislative History

    H.R. 4912, to amend the National Housing Act was introduced 
on March 9, 2006 by Mr. Ney and six cosponsors and referred to 
the Committee on Financial Services. On March 15, 2006, the 
full Committee met in open session and ordered the bill to be 
reported with a favorable recommendation to the House, with an 
amendment, by voice vote. On April 25, 2006, the Committee 
reported the bill to the House, with an amendment (H. Rept. 
109-424). On May 9, 2006, the House considered the bill under 
suspension of the rules and passed the bill by a voice vote.
    On May 10, 2006, H.R. 4912 was received in the Senate, read 
twice, and referred to the Senate Committee on Banking, 
Housing, and Urban Affairs. On June 28, 2006, the Committee was 
discharged by unanimous consent from the further consideration 
of the bill and the Senate passed the bill without amendment by 
unanimous consent.
    The bill was presented to the President on June 30, 2006, 
and was signed into law on July 10, 2006, becoming Public Law 
109-240.

   TO EXEMPT PERSONS WITH DISABILITIES FROM THE PROHIBITION AGAINST 
       PROVIDING SECTION 8 RENTAL ASSISTANCE TO COLLEGE STUDENTS

                     Public Law 109-249 (H.R. 5117)

    To exempt persons with disabilities from the prohibition 
against providing section 8 rental assistance to college 
students.

Summary

    H.R. 5117 amends provisions of the Transportation, 
Treasury, Housing and Urban Development, the Judiciary, the 
District of Columbia, and Independent Agencies Appropriations 
Act, 2006 concerning the tenant-based rental assistance program 
to exempt certain disabled students who were receiving such 
assistance as of November 30, 2005, from the prohibition 
against providing Section 8 assistance to college students.

Legislative History

    H.R. 5117, a bill to amend the Transportation, Treasury, 
Housing and Urban Development, the Judiciary, the District of 
Columbia, and Independent Agencies Appropriations Act, 2006 
relating to the tenant-based rental assistance program, to 
exempt certain students with disabilities from the prohibition 
against providing Section 8 assistance to college students was 
introduced by Ms. Pryce and five cosponsors on April 6, 2006, 
and referred to the Committee on Financial Services. On May 24, 
2006, the full Committee met in open session and ordered the 
bill to be reported with a favorable recommendation to the 
House, by voice vote. On June 13, 2006, the Committee reported 
the bill to the House, (H. Rept. 109-500). On that same day, 
the House considered the bill under suspension of the rules and 
passed the bill as amended by a voice vote.
    On June 14, 2006, H.R. 5117 was received in the Senate and 
read twice. On July 18, 2006, the Senate passed the bill 
without amendment by unanimous consent. The bill was presented 
to the President on July 20, 2006 and signed into law on July 
27, 2006, becoming Public Law 109-249.

                        YOUTHBUILD TRANSFER ACT

                Public Law 109-281 (S. 3534; H.R. 5837)

    A bill to amend the Workforce Investment Act of 1998 to 
provide for a YouthBuild program.

Summary

    S. 3534, the YouthBuild Transfer Act, amends the Workforce 
Investment Act of 1998 to establish a revised YouthBuild 
program under the authority of the Secretary of Labor 
(Secretary). Authorizes the Secretary to make grants to 
eligible entities to carry out certain activities under the 
YouthBuild program, including: (1) education and workforce 
investment; (2) supervision and training for participants in 
the rehabilitation or construction of housing (including 
residential housing for homeless individuals or low-income 
families), transitional housing for homeless individuals, and 
community and other public facilities; (3) adult mentoring; and 
(4) follow-up services.
    Repeals authority for the YouthBuild program under the 
Cranston-Gonzalez National Affordable Housing Act.
    Transfers the YouthBuild program from the Department of 
Housing and Urban Development (HUD) to the Department of Labor.

Legislative History

    S. 3534, to amend the Workforce Investment Act of 1998 was 
introduced in the Senate by Mr. Enzi on June 16, 2006. On 
August 3, 2006, the bill passed the Senate with an amendment by 
unanimous consent. On September 6, 2006, the bill was received 
in the House and considered under suspension of the rules. The 
House passed the bill by voice vote. On September 13, 2006, the 
bill was presented to the President and was signed into law on 
September 22, 2006, becoming Public Law 109-281.

            FREEDOM TO DISPLAY THE AMERICAN FLAG ACT OF 2005

                      Public Law 109-243 (H.R. 42)

    To ensure that the right of an individual to display the 
flag of the United States on residential property not be 
abridged.

Summary

    H.R. 42, the Freedom to Display the American Flag Act of 
2005 states that nothing in this Act shall be considered to 
permit any display or use that is inconsistent with: (1) 
federal law or any rule or custom pertaining to the proper 
display or use of the flag; or (2) any reasonable restriction 
pertaining to the time, place, or manner of displaying the flag 
necessary to protect a substantial interest of the condominium, 
cooperative, or residential real estate management association.

Legislative History

    H.R. 42, the Freedom to Display the American Flag Act of 
2005, was introduced on January 4, 2005 by Mr. Bartlett and 13 
cosponsors and referred to the Committee on Financial Services. 
On April 29, 2005, H.R. 42 was referred to the Subcommittee on 
Housing and Community Opportunity. The House suspended the 
rules and passed the bill by voice vote on June 27, 2006. H.R. 
42 was received in the Senate on June 28, 2006, read twice and 
referred to the Committee on Banking, Housing and Urban 
Affairs. The Committee discharged the bill by unanimous consent 
on July 17, 2006. H.R. 42 was presented to the President on 
July 19, 2006 and signed on July 24, 2006, becoming Public Law 
109-243.

            HURRICANE KATRINA EMERGENCY HOUSING ACT OF 2005

                              (H.R. 3894)

    To provide for waivers under certain housing assistance 
programs of the Department of Housing and Urban Development to 
assist victims of Hurricane Katrina and Hurricane Rita in 
obtaining housing.

Summary

    H.R. 3894, the Hurricane Katrina Emergency Housing Act of 
2005 authorizes the Secretary of Housing and Urban Development 
(HUD) to waive specified requirements under the section 8 
(United States Housing Act of 1937) housing voucher and 
project-based assistance programs for an individual or family: 
(1) who resides or resided on August 25, 2005, in any area 
subject to a presidential disaster or emergency declaration in 
connection with Hurricane Katrina, or who resides or resided on 
September 24, 2005, in any area subject to a presidential 
disaster or emergency declaration in connection with Hurricane 
Rita; (2) whose residence became uninhabitable or inaccessible 
as a result of such disasters or emergencies; and (3) who was 
receiving such rental benefits as of such applicable date.

Legislative History

    H.R. 3894, the Hurricane Katrina Emergency Housing Act of 
2005, was introduced on September 26, 2005 by Mr. Alexander and 
six cosponsors and referred to the Committee on Financial 
Services. On October 6, 2005, the House considered the bill 
under suspension of the rules and passed the bill, as amended, 
by a vote of 418-0. A motion to reconsider was agreed to 
without objection and the title of the measure was amended and 
agreed to without objection.
    On October 6, 2005, H.R. 3894 was received in the Senate, 
and on October 25, the bill was read twice and referred to the 
Senate Committee on Banking, Housing, and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

               RURAL HOUSING HURRICANE RELIEF ACT OF 2005

                              (H.R. 3895)

    To amend title V of the Housing Act of 1949 to provide 
rural housing assistance to families affected by Hurricane 
Katrina or Hurricane Rita.

Summary

    H.R. 3895, the Rural Housing Hurricane Relief Act of 2005 
amends the Housing Act of 1949, in the event of a presidential-
declared disaster, to authorize the Secretary of Agriculture, 
with respect to counties designated as disaster areas in 
connection with Hurricane Katrina or Hurricane Rita, and the 
counties contiguous to such counties and for any residents of 
such counties, to: (1) convert rental assistance into housing 
voucher assistance or rural housing vouchers; and (2) waive 
rural area requirements.
    States that such authority shall last for six months after 
enactment of this Act.
    Authorizes additional appropriations for such assistance.
    Authorizes the Secretary, during the six-month period 
beginning on the date of the enactment of this Act, to assist 
low-income families and persons under the rural housing voucher 
program if: (1) such family or person resided, on August 25, 
2005, in any area designated as a disaster or emergency area in 
connection with Hurricane Katrina, or resided, on September 24, 
2005, in any area designated as a disaster or emergency area in 
connection with Hurricane Rita; and (2) the residence of such 
family or person became uninhabitable or inaccessible as result 
of such a disaster or emergency.
    Eliminates the rural housing voucher program fiscal year 
unit limit.
    Amends the Doug Bereuter section 502 single family housing 
loan guarantee program to permit loan and refinancing 
guarantees for home repair or rehabilitation.

Legislative History

    H.R. 3895, the Rural Housing Hurricane Relief Act of 2005, 
was introduced on September 26, 2005 by Mr. Baker and five 
cosponsors and referred to the Committee on Financial Services.
    On October 6, 2005, the House considered the bill under 
suspension of the rules and passed the bill as amended by a 
vote of 335 yeas and 81 nays. A motion to reconsider was laid 
on the table and the title of the measure was amended without 
objection.
    On October 6, 2005, H.R. 3895 was received in the Senate. 
On October 25, 2005 the bill was read twice, and referred to 
the Senate Committee on Banking, Housing, and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

                HURRICANE KATRINA EMERGENCY RELIEF CDBG

                        FLEXIBILITY ACT OF 2005

                              (H.R. 3896)

    To temporarily suspend, for communities affected by 
Hurricane Katrina or Hurricane Rita, certain requirements under 
the community development block grant program.

Summary

    H.R. 3896, the Hurricane Katrina Emergency Relief CDBG 
Flexibility Act of 2005, directs the Secretary of Housing and 
Urban Development (HUD) to: (1) suspend the community 
development block grant public services cap for FY2005-FY2008 
for communities directly or indirectly affected by Hurricane 
Katrina or Hurricane Rita; (2) consider the specific economic 
circumstances of each indirectly affected community in 
determining the length of such suspension; and (3) waive or 
find alternative specified public hearing requirements in 
FY2006 for a directly affected community.
    Authorizes similar fund use in directly affected non-
entitlement areas, and provides that such amounts shall not be 
considered for statewide limitation purposes.

Legislative History

    H.R. 3896, the Hurricane Katrina Emergency Relief CDBG 
Flexibility Act of 2005, was introduced on September 26, 2005 
by Mr. Baker and five cosponsors and referred to the Committee 
on Financial Services. On October 6, 2005, the House considered 
the bill under suspension of the rules and passed the bill as 
amended by a vote of 415 yeas and 0 nays. A motion to 
reconsider was laid on the table and the title of the measure 
was amended and agreed to without objection.
    On October 6, 2005, H.R. 3896 was received in the Senate. 
On October 25, 2005, the bill was read twice, and referred to 
the Senate Committee on Banking, Housing, and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

                   SMALL PUBLIC HOUSING AUTHORITY ACT

                              (H.R. 3422)

    To amend the United States Housing Act of 1937 to exempt a 
small public housing agency from the requirement to prepare an 
annual public agency plan.

Summary

    H.R. 3422 amends the United States Housing Act of 1937 to 
exempt a small public housing agency from the requirement to 
prepare an annual public agency plan if the agency: (1) 
administers not more than a total of 250 dwelling units and 
section 8 vouchers; and (2) is not a troubled agency.
    Requires an agency to: (1) continue to make an annual civil 
rights certification and establish, and consult with, one or 
more resident advisory boards; and (2) conduct a public hearing 
to discuss agency goals and policies and make the information 
available to the public at the agency's principal office.

Legislative History

    The House passed similar legislation in the 108th Congress. 
H.R. 3422 is identical, with one exception, to Mr. Bereuter's 
H.R. 27 in the 108th Congress, which the Committee reported on 
March 17, 2004 and the House passed by voice vote on May 5, 
2004. The exception is that the current H.R. 3422 defines and 
exempts small public housing authorities with 250 or fewer 
public housing units or section 8 rental vouchers. Mr. 
Bereuter's bill in the 108th defined smaller PHAs with 100 or 
fewer units or vouchers.
    H.R. 3422, the Small Public Housing Authority Act, was 
introduced on July 25, 2005 by Mr. Neugebauer and two 
cosponsors and referred to the Committee on Financial Services. 
The bill was referred to the Subcommittee on Housing and 
Community Opportunity on August 24, 2005.
    On November 16, 2005, the full Committee met in open 
session and ordered the bill to be reported with a favorable 
recommendation to the House as amended by voice vote. On 
December 13, 2005, the Committee reported the bill, H. Rept. 
109-342. On that same day, the House considered the bill under 
suspension of the rules and passed the bill as amended with a 
roll call vote of 387 yeas and 2 nays.
    On December 14, 2005, H.R. 3422 was received in the Senate, 
read twice, and referred to the Senate Committee on Banking, 
Housing, and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

               BROWNFIELDS REDEVELOPMENT ENHANCEMENT ACT

                               (H.R. 280)

    To facilitate the provision of assistance by the Department 
of Housing and Urban Development for the cleanup and economic 
redevelopment of brownfields.

Summary

    H.R. 280, the Brownfields Redevelopment Enhancement Act 
amends the Housing and Community Development Act of 1974 to 
authorize the Secretary of Housing and Urban Development to 
make grants (without certain otherwise-required loan 
guarantees) to eligible public entities and Indian tribes to 
assist in the environmental cleanup and economic development of 
brownfield sites including mine-scarred lands.
    Prohibits: (1) providing or using such grants in a manner 
that reduces the financial responsibility of any 
nongovernmental party that is responsible or potentially 
responsible for contamination on any real property; and (2) the 
provision of assistance pursuant to this section from in any 
way relieving any party of liability with respect to such 
contamination, including liability for removal and remediation 
costs.

Legislative History

    H.R. 280, the Brownfields Redevelopment Enhancement Act, 
was introduced on January 6, 2005 by Mr. Gary G. Miller of 
California and 12 cosponsors and referred to the Committee on 
Financial Services. On March 16, 2005, the full Committee met 
in open session and ordered the bill to be reported with a 
favorable recommendation to the House by voice vote. On June 
16, 2005, the Committee reported the bill to the House (H. 
Rept. 109-138).
    On December 13, 2005, the House considered the bill under 
suspension of the rules and passed the bill as amended by voice 
vote.
    On December 14, 2005, H.R. 280 was received in the Senate, 
read twice, and referred to the Senate Committee on Banking, 
Housing, and Urban Affairs.

            REVERSE MORTGAGES TO HELP AMERICA'S SENIORS ACT

                              (H.R. 2892)

    To amend section 255 of the National Housing Act to remove 
the limitation on the number of reverse mortgages that may be 
insured under the FHA mortgage insurance program for such 
mortgages.

Summary

    H.R. 2892, Reverse Mortgages to Help America's Seniors Act, 
amends the National Housing Act to remove the aggregate and 
insurance benefit limitations on the number of home equity 
conversion (reverse) mortgages for elderly homeowners that may 
be insured by the Federal Housing Administration (FHA).

Legislative History

    H.R. 2892, Reverse Mortgages to Help America's Seniors Act, 
was introduced by Mr. Fitzpatrick and 34 cosponsors on June 14, 
2005 and referred to the Committee on Financial Services. The 
bill was referred to the Subcommittee on Housing and Community 
Opportunity on July 29, 2005. On December 14, 2005, the House 
considered the bill under suspension of the rules and passed 
the bill by a voice vote.
    H.R. 2892 was received in the Senate on December 15, 2005, 
read twice, and placed on the Senate Legislative Calendar.
    No further action was taken on this legislation in the 
109th Congress.

          FLOOD INSURANCE REFORM AND MODERNIZATION ACT OF 2006

                              (H.R. 4973)

    To restore the financial solvency of the national flood 
insurance program, and for other purposes.

Summary

    H.R. 4973, the Flood Insurance Reform and Modernization Act 
of 2006 increases the borrowing authority for the National 
Flood Insurance Program to $25 billion to help cover its 
contractual obligations to flood insurance policyholders, 
directs the Federal Emergency Management Agency to institute 
reforms in the program, increases the penalties for failure to 
enforce mandatory flood policy purchase requirements, and 
requires a study on: (1) pre-FIRM properties (those built 
before 1974) that currently receive subsidized flood insurance 
rates; (2) mandatory purchase requirement for the natural 100-
year floodplain; and (3) mandatory purchase requirement for 
non-federally related loans and the Constitutionality of such 
requirement. This Act also includes numerous key reforms, 
including a phase-in of actuarial rates for vacation homes, 
second homes, and nonresidential properties.

Legislative History

    H.R. 4973, the Flood Insurance Reform and Modernization Act 
of 2006, was introduced by Mr. Baker and one cosponsor on March 
16, 2006, and referred to the Committee on Financial Services. 
On the same day, the full Committee met in open session and 
ordered the bill to be reported with a favorable recommendation 
to the House, as amended, by voice vote. On April 6, 2006, the 
Committee reported the bill to the House, with an amendment (H. 
Rept. 109-410). On June 27, 2006, the House passed the bill, 
with amendments, by a roll call vote of 416 yeas and 4 nays. On 
June 28, 2006, H.R. 4973 was received in the Senate, read twice 
and placed on the Senate Legislative Calendar.
    No further action was taken on this legislation in the 
109th Congress.

              EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2006

                              (H.R. 5121)

    To modernize and update the National Housing Act and enable 
the Federal Housing Administration to use risk-based pricing to 
more effectively reach underserved borrowers.

Summary

    H.R. 5121, the Expanding American Homeownership Act of 
2006, proposes comprehensive reform for the Federal Housing 
Administration's (FHA) single-family mortgage insurance 
activities. The legislation introduces an array of products to 
more fairly price FHA's guarantee to individual borrowers and 
will allow FHA to base each borrower's mortgage insurance 
premiums upon the risk that the borrower poses to the FHA 
Mortgage Insurance Fund.

Legislative History

    H.R. 5121 was introduced on April 6, 2006 by Mr. Ney and 
106 cosponsors, and referred to the Committee on Financial 
Services. On May 24, 2006, the full Committee met in open 
session and ordered the bill to be reported with a favorable 
recommendation to the House, as amended, by voice vote. On July 
20, 2006, the Committee reported the bill to the House, as 
amended (H. Rept. 109-589). On July 25, 2006, the House 
considered the bill under suspension of the rules and passed 
the bill as amended by a vote of 415 yeas and 7 nays.
    On July 26, 2006, H.R. 5121 was received in the Senate, 
read twice, and referred to the Senate Committee on Banking, 
Housing, and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

                  MARK-TO-MARKET EXTENSION ACT OF 2006

                         (H.R. 6115; H.R. 5527)

    To extend the authority of the Secretary of Housing and 
Urban Development to restructure mortgages and rental 
assistance for certain assisted multifamily housing.

Summary

    H.R. 6115, the Mark-to-Market Extension Act of 2006 amends 
the Multifamily Assisted Housing Reform and Affordability Act 
of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-
Market program; and (2) provisions of the FHA-insured 
Multifamily Housing Mortgage and Housing Assistance 
Restructuring program regarding projects and programs for which 
binding commitments have been entered into under such Act.

Legislative History

    H.R. 6115, the Mark-to-Market Extension Act of 2006, was 
introduced by Ms. Pryce and four cosponsors on September 20, 
2006 and referred to the Committee on Financial Services. On 
September 27, 2006, the House considered the bill under 
suspension of the rules and passed the bill by a vote of 416 
yeas and 1 nay.
    H.R. 6115 is similar to H.R. 5527, the Mark-to-Market 
Extension Act of 2006, introduced by Mr. Ney and three 
cosponsors on June 6, 2006, and referred to the Committee on 
Financial Services. The bill was referred to the Subcommittee 
on Housing and Community Opportunity on June 7, 2006.
    On June 8, 2006, the Subcommittee considered and approved 
H.R. 5527 for full Committee consideration, by voice vote. On 
June 14, 2006, the full Committee met in open session and 
ordered the bill to be reported with a favorable recommendation 
to the House, as amended, by voice vote. On July 17, 2006, the 
Committee reported the bill to the House, as amended (H. Rept. 
109-572).

                  HOPE VI REAUTHORIZATION ACT OF 2006

                              (H.R. 5347)

    To reauthorize the HOPE VI program for revitalization of 
public housing projects.

Summary

    H.R. 5347, the HOPE VI Reauthorization Act of 2006, amends 
the United States Housing Act of 1937 to extend appropriations 
for FY2007-FY2011 for demolition, site revitalization, 
replacement housing, and tenant-based assistance grants for 
public housing projects.
    Extends the sunset date for such assistance to September 
30, 2011.

Legislative History

    H.R. 5347 was introduced on May 10, 2006 by Mr. Shays and 
28 cosponsors, and referred to the Committee on Financial 
Services. On May 24, 2006, the full Committee met in open 
session and ordered the bill to be reported with a favorable 
recommendation to the House, as amended, by voice vote. On July 
27, 2006, the Committee reported the bill to the House, as 
amended (H. Rept. 109-605). On September 27, 2006, the House 
considered the bill under suspension of the rules and passed 
the bill by voice vote.
    No further action was taken on this legislation in the 
109th Congress.

         THE FHA MULTIFAMILY LOAN LIMIT ADJUSTMENT ACT OF 2006

                              (H.R. 5503)

    To amend the National Housing Act to increase the mortgage 
amount limits applicable to Federal Housing Administration 
(FHA) mortgage insurance for multifamily housing located in 
high-cost areas.

Summary

    H.R. 5503, the FHA Multifamily Loan Limit Adjustment Act of 
2006, amends the National Housing Act to increase high-cost 
area and project-based additional mortgage loan limits for 
Federal Housing Administration (FHA)-insured mortgages for: (1) 
rental housing; (2) cooperative housing; (3) rehabilitation and 
neighborhood conservation housing insurance; (4) moderate 
income and displaced family housing; (5) housing for the 
elderly; and (6) condominiums.

Legislative History

    H.R. 5503, the FHA Multifamily Loan Limit Adjustment Act of 
2006, was introduced by Mr. Gary G. Miller and one cosponsor on 
May 25, 2006, and referred to the Committee on Financial 
Services. On July 26, 2006, the full Committee met in open 
session and ordered the bill to be reported with a favorable 
recommendation to the House by voice vote. On September 8, 
2006, the Committee reported the bill to the House, as amended 
(H. Rept. 109-645). On September 27, 2006, the House considered 
the bill under suspension of the rules and passed the bill by 
voice vote.

                RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH

                             (H. Res. 312)

    Recognizing National Homeownership Month and the importance 
of homeownership in the United States.

Summary

    H. Res. 312, Recognizing National Homeownership Month, 
declares that the House supports the goals and ideals of 
National Homeownership Month, and recognizes the importance of 
homeownership in building strong communities and families.

Legislative History

    H. Res. 312 was introduced by Mr. Gary G. Miller of 
California and 24 cosponsors on June 9, 2005, and referred to 
the Committee on Financial Services. On June 27, 2005, the 
House considered the measure under suspension of the rules and 
the resolution was agreed to by voice vote.

                RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH

                             (H. Res. 854)

    To recognize Homeownership Month and the importance of 
homeownership in the United States.

Summary

    H. Res. 854, Recognizing National Homeownership Month, 
supports the goals and ideals of National Homeownership Month, 
and recognizes the importance of homeownership in building 
strong communities and families.

Legislative History

    H. Res. 854, Recognizing Homeownership Month, was 
introduced by Mr. Gary G. Miller and 44 cosponsors on June 7, 
2006, and referred to the Committee on Financial Services. On 
June 27, 2006, the House considered the resolution under 
suspension of the rules and passed the bill by voice vote.

  SAFE HOUSING IDENTITY EXCEPTION FOR THE LIVES OF DOMESTIC VIOLENCE 
                              VICTIMS ACT

                              (H.R. 2695)

    To amend the McKinney-Vento Homeless Assistance Act.

Summary

    H.R. 2695, the Safe Housing Identity Exception for the 
Lives of Domestic Violence Victims Act--SHIELD Act amends the 
McKinney-Vento Homeless Assistance Act to prohibit disclosure 
of the personally identifying information of victims of 
domestic violence, dating violence, sexual assault, and 
stalking.

Legislative History

    H.R. 2695, the Safe Housing Identity Exception for the 
Lives of Domestic Violence Victims Act, was introduced on May 
26, 2005 by Ms. Moore and 30 cosponsors and referred to the 
Committee on Financial Services. On June 17, 2005, the bill was 
referred to the Subcommittee on Housing and Community 
Opportunity.
    On November 16, 2005, the full Committee met in open 
session and ordered the bill to be reported with a favorable 
recommendation to the House by voice vote. The Committee 
reported the bill to the House (H. Rept. 109-336) on December 
13, 2005.

NATIONAL FLOOD INSURANCE PROGRAM COMMITMENT TO POLICYHOLDERS AND REFORM 
                              ACT OF 2005

                              (H.R. 4320)

    To restore the financial solvency of the national flood 
insurance program, and for other purposes.

Summary

    H.R. 4320, the National Flood Insurance Program Commitment 
to Policyholders and Reform Act of 2005 restores financial 
solvency of the National Flood Insurance Program and increases 
the accountability of the Federal Emergency Management Agency 
with respect to its administration of the program.
    Increases the borrowing authority for the National Flood 
Insurance Program to $22 billion to help cover its contractual 
obligations to flood insurance policyholders, directs the 
Federal Emergency Management Agency to institute reforms in the 
program, increases the penalties for failure to enforce 
mandatory flood policy purchase requirements, and requires a 
study on mandatory flood insurance for mortgaged homes in the 
500-year floodplain.

Legislative History

    H.R. 4320, the National Flood Insurance Program Commitment 
to Policyholders and Reform Act of 2005, was introduced on 
November 15, 2005 by Mr. Oxley and one cosponsor and referred 
to the Committee on Financial Services. On November 16, 2005, 
the full Committee met in open session and ordered the bill to 
be reported as amended with a favorable recommendation to the 
House by voice vote. The Committee reported the bill to the 
House (H. Rept. 109-370) on February 1, 2006.
    No further action was taken on this legislation in the 
109th Congress.

               ZERO DOWNPAYMENT PILOT PROGRAM ACT OF 2005

                              (H.R. 3043)

    To authorize the Secretary of Housing and Urban Development 
to carry out a pilot program to insure zero-downpayment 
mortgages for residences.

Summary

    H.R. 3043, the Zero Downpayment Pilot Act of 2005, would 
authorize a Federal Housing Administration (FHA) pilot program 
for a mortgage insurance product, limited to 50,000 mortgages 
nationwide, without a downpayment requirement by a potential 
borrower or third party. After 5 years, GAO would report on 
whether the agency was able to develop a product that minimized 
risks and thereby limited defaults and foreclosures for 
otherwise very creditworthy families who have no downpayment 
funds at the time of a real estate settlement, while at the 
same time testing whether the agency could develop appropriate 
underwriting and agency review.

Legislative History

    H.R. 3042, to amend the National Housing Act, was 
introduced on June 23, 2005 by Mr. Tiberi and one cosponsor, 
and referred to the Committee on Financial Services. On June 
30, 2005, the bill was referred to the Subcommittee on Housing 
and Community Opportunity.
    The Subcommittee held a legislative hearing on H.R. 3042 on 
June 30, 2005, with testimony from the Director of Financial 
Markets and Community Investment, Government Accountability 
Office and from industry groups and housing advocacy 
organizations.
    On May 24, 2006, the full Committee met in open session and 
ordered the bill to be reported with a favorable recommendation 
to the House, as amended, by voice vote. The Committee reported 
the bill to the House (H. Rept. 109-571) on July 17, 2006.
    No further action was taken on this legislation in the 
109th Congress.

           THE HAWAIIAN HOMEOWNERSHIP OPPORTUNITY ACT OF 2006

                              (H.R. 5851)

    To reauthorize the programs of the Department of Housing 
and Urban Development for housing assistance for Native 
Hawaiians.

Summary

    H.R. 5851, the Hawaiian Homeownership Opportunity Act of 
2006 amends the Native American Housing Assistance and Self-
Determination Act of 1996, and the Housing and Community 
Development Act of 1992, to extend through FY2011 the 
authorization of appropriations for housing assistance for 
Native Americans, and loan guarantees for Native Hawaiian 
housing, respectively.

Legislative History

    H.R. 5851, the Hawaiian Homeownership Opportunity Act of 
2006, was introduced by Mr. Ney and one cosponsor on July 20, 
2006, and referred to the Committee on Financial Services. On 
July 26, 2006, the full Committee met in open session and 
ordered the bill to be reported with a favorable recommendation 
to the House by voice vote. On September 28, 2006, the 
Committee reported the bill to the House (H. Rept. 109-697).

             PRIVATE PROPERTY RIGHTS PROTECTION ACT OF 2005

                              (H.R. 4128)

    To protect private property rights.

Summary

    H.R. 4128, the Private Property Rights Protection Act of 
2005, prohibits any state or political subdivision from 
exercising its power of eminent domain for economic development 
if that state or political subdivision receives federal 
economic development funds during the fiscal year. (Defines 
``economic development'' as taking private property and 
conveying or leasing it to a private entity for commercial 
enterprise carried on for profit or to increase tax revenue, 
the tax base, employment, or general economic health.) Makes a 
state or political subdivision that violates such prohibition 
ineligible for any such funds for two fiscal years. Provides 
that such a state or political subdivision is not ineligible 
for such funds if it returns all real property that was 
improperly taken and replaces or repairs any property that was 
destroyed or damaged.
    Prohibits the federal government from exercising its power 
of eminent domain for economic development.
    Establishes a private cause of action for any private 
property owner who suffers injury as a result of a violation of 
this Act. Provides that a state is not immune from any such 
action in a federal or state court. Places the burden on the 
defendant to show by clear and convincing evidence that the 
taking is not for economic development. Sets the statute of 
limitations for such an action at seven years. Allows the 
prevailing plaintiff's attorney to obtain reasonable attorney's 
fees and expert fees.
    Requires the Attorney General to: (1) compile a list of the 
federal laws under which federal economic development funds are 
distributed; (2) provide to each state and publish on a 
Department of Justice website the text of this Act, a 
description of the rights of property owners under this Act, 
and the compiled list of relevant federal laws; and (3) publish 
such text and description in the Federal Register.
    Requires the Attorney General to submit an annual report to 
the House and Senate Judiciary Committees identifying states or 
political subdivisions that have used eminent domain in 
violation of this Act, that have lost federal economic 
developments funds as a result, and/or that returned property 
to cure a violation.
    Expresses the sense of Congress that: (1) the use of 
eminent domain for economic development is a threat to 
agricultural and other property in rural America; and (2) it is 
the policy of the United States to promote the private 
ownership of property and to protect the legal rights of 
private property owners.
    Prohibits a state or political subdivision from exercising 
its power of eminent domain over property of a religious or 
other nonprofit organization because of the organization's 
nonprofit or tax-exempt status or any related quality if that 
state or political subdivision receives federal economic 
development funds during the fiscal year. Makes a state or 
political subdivision that violates such prohibition ineligible 
for any such funds for two fiscal years.
    Prohibits the federal government from exercising its power 
of eminent domain over property of a religious or other 
nonprofit organization because of the organization's nonprofit 
or tax-exempt status or any related quality.
    Requires the head of each executive department and agency 
to review all rules, regulations, and procedures and report to 
the Attorney General on their activities to comply with this 
Act.
    Expresses the sense of Congress that all precautions should 
be taken to avoid the unfair or unreasonable taking of property 
from survivors of Hurricane Katrina for economic development or 
other private use.

Legislative History

    H.R. 4128 was introduced by Mr. Sensenbrenner on October 
25, 2005 and was referred to the Committee on the Judiciary. 
The Judiciary Committee ordered the bill reported as amended on 
October 27, 2005.
    On October 31, 2005, the Judiciary Committee filed their 
report on the bill (H. Rept. 109-262). The bill was referred to 
the Union Calendar.
    On November 3, 2005, the House agreed to H. Res. 527, a 
rule providing for the consideration of H.R. 4128, by voice 
vote.
    On November 3, 2005, the House considered H.R. 4128 under 
the provisions of H. Res. 527. An exchange of jurisdictional 
correspondence between the Committee on the Judiciary and the 
Committee on Financial Services regarding the term ``Federal 
economic development funds'' was included in the Congressional 
Record.
    On November 3, 2005, the House passed the bill as amended 
by a record vote of 376 yeas and 38 nays.
    On November 4, 2005, the bill was messaged to the Senate. 
The bill was referred to the Committee on the Judiciary.
    No further action on this legislation occurred in the 109th 
Congress.

                  Full Committee Oversight Activities


          OVERSIGHT OF THE SECURITIES AND EXCHANGE COMMISSION

    On May 3, 2006, the Committee on Financial Services held an 
oversight hearing entitled, ``Protecting Investors and 
Fostering Efficient Markets: A Review of the SEC Agenda.'' The 
purpose of the hearing was to discuss current regulatory issues 
relating to the securities industry and the agenda of the 
Securities and Exchange Commission (SEC). SEC Chairman 
Christopher Cox provided testimony to the Committee. Chairman 
Cox's testimony focused on the SEC's efforts to reduce 
accounting complexity, improve disclosure of executive 
compensation, and prioritize and improve financial education 
for retired and elderly investors. Mr. Cox expressed the SEC's 
initiative to improve disclosure in financial reporting through 
the development of interactive data and the technology of 
eXtensible Business Reporting Language, or ``XBRL.'' Mr. Cox 
reiterated the SEC's commitment to developing and expanding the 
use of interactive data for financial reporting to allow 
investors to download, search, and retrieve companies' 
financial information more easily. Mr. Cox's testimony also 
addressed the SEC's rule to require the registration of 
managers of certain hedge funds and the efforts of the SEC to 
address implementation concerns relating to the Section 404 
internal control auditing requirements of the Sarbanes-Oxley 
Act.
    On May 25, 2006, a second day of this hearing was held. The 
Committee heard testimony on executive compensation from 
representatives of industry, a public pension fund, the AFL-
CIO, trade associations, and a think tank.

                           SARBANES-OXLEY ACT

    On April 21, 2005, the Committee on Financial Services held 
an oversight hearing entitled, ``The Impact of the Sarbanes-
Oxley Act.'' The hearing addressed the implementation of the 
provisions of the Sarbanes-Oxley Act of 2002, which was passed 
in the wake of the largest corporate scandals since the 
enactment of the securities laws in the 1930s. The Sarbanes-
Oxley Act is widely considered the most comprehensive corporate 
reform law in recent U.S. history. Providing testimony to the 
Committee were Securities and Exchange Commission (SEC) 
Chairman William H. Donaldson and Public Company Accounting 
Oversight Board (PCAOB) Chairman William J. McDonough.
    Chairman McDonough's testimony focused on the PCAOB's 
progress in fulfilling its mandate under the Sarbanes-Oxley 
Act, to reduce financial reporting fraud and bring stability to 
the markets through oversight of the auditing profession. Mr. 
McDonough discussed the benefits that Section 404 of the Act 
and the PCAOB's inspection process have conferred upon the 
capital markets. Section 404 requires both company management 
and independent auditors to attest to the adequacy and 
effectiveness of a company's internal controls over its 
financial reporting. Mr. McDonough's testimony also addressed 
the costs associated with Section 404 implementation and 
detailed the PCAOB's progress in developing guidelines to 
assist public companies in reducing those costs.
    Chairman Donaldson addressed the Sarbanes-Oxley Act's 
effect on the financial markets, including Section 404's impact 
on improving the financial reporting of public companies. He 
testified that the Act has strengthened the integrity of the 
independent audit, increased executive responsibility, made 
audit committees more sensitive to auditor independence issues, 
and improved enforcement of federal securities laws. Mr. 
Donaldson also discussed issues relating to the costs of 
Section 404 compliance and the effectiveness of the Act's Fair 
Funds provision in collecting and distributing fines and 
disgorgements levied in SEC enforcement actions.
    On September 19, 2006, the Committee held a hearing 
entitled, ``Sarbanes-Oxley at Four: Protecting Investors and 
Strengthening the Markets'' to continue the Committee's 
oversight of the implementation of the Sarbanes-Oxley Act. 
Testifying at the hearing were SEC Chairman Christopher Cox and 
PCAOB Chairman Mark Olson.
    Mr. Cox's testimony centered on the impact of the Sarbanes-
Oxley Act on the financial markets and ongoing SEC efforts to 
address implementation issues faced by public companies. Mr. 
Olson testified regarding the PCAOB's efforts to make internal 
controls audits more efficient, specifically focusing on the 
revision of Auditing Standard No. 2 to assist in the 
implementation of the internal controls requirements of the 
Sarbanes-Oxley Act for both larger and smaller public 
companies.

                    GOVERNMENT SPONSORED ENTERPRISES

    On April 13, 2005, the Committee on Financial Services held 
a hearing entitled, ``The Administration Perspective on GSE 
Regulatory Reform.'' The Committee received testimony on 
proposals to consolidate and strengthen the safety and 
soundness and mission regulation of the housing government 
sponsored enterprises. The Secretary of the Treasury and the 
Secretary of the Department of Housing and Urban Development 
testified at the hearing.
    On March 14, 2006, the Committee on Financial Services held 
a hearing entitled, ``Review of the Rudman Report on Fannie 
Mae.'' The hearing focused on a report by former Senator Warren 
Rudman that resulted from findings by the Office of Federal 
Housing Enterprise Oversight of significant accounting and 
management irregularities at the Federal National Mortgage 
Association, or Fannie Mae. Senator Rudman testified at the 
hearing.

                            SOCIAL SECURITY

    On April 20, 2005, the Committee on Financial Services held 
a hearing entitled, ``Generations Working Together: Financial 
Literacy and Social Security Reform.'' The purpose of the 
hearing was to discuss the need for greater retirement savings, 
concerns regarding the long term solvency of the Social 
Security program, and proposals to give Americans more control 
over their retirement assets. Testimony discussing the breadth 
of Americans' financial literacy and the implications of 
potential Social Security reforms such as privatization was 
provided by former U.S. Senator and Representative Alan 
Simpson, former Representatives Tim Penny and Barbara Kennelly, 
a certified financial planner, and representatives of a think 
tank, and a youth voter turnout organization.

                          TERRORISM INSURANCE

    On July 13, 2005, the Committee on Financial Services held 
a hearing entitled, ``Treasury's Report to Congress on the 
Terrorism Risk Insurance Act (TRIA)''. TRIA was passed in the 
wake of the terrorist attacks of September 11, 2001 to 
stabilize the Nation's insurance market and ensure availability 
of commercial insurance property and casualty coverage. TRIA 
was set to expire on December 31, 2005. The Department of 
Treasury was required by TRIA to report on the effectiveness of 
the program, the likely capacity of the property and casualty 
insurance industry to offer insurance after the termination of 
the program, and the affordability and availability of such 
insurance for various policyholders. Testimony was provided by 
Secretary of the Treasury John T. Snow regarding the Treasury's 
findings and conclusions as well as the Administration's views 
on potential TRIA extensions.
    Secretary Snow testified that TRIA had achieved its goals 
of supporting the industry and stabilizing the private 
insurance market. The Secretary commented on the current 
strength of the Nation's economy and that TRIA as enacted was 
hindering the further development of the insurance market by 
crowding out innovation and capacity. In order to encourage 
development of the private market, Secretary Snow testified 
that the Administration would oppose any extension of TRIA in 
its current form.
    Secretary Snow testified that the Administration might not 
oppose a reformed version of TRIA, if it were temporary in 
nature, reduced taxpayer exposure, and facilitated the 
expansion of the private insurance market. The Secretary listed 
several proposals that could be acceptable to the 
Administration, including raising the program trigger levels, 
eliminating certain lines of coverage, and increasing 
deductibles and co-payments for insurers. The Secretary also 
noted the Administration's support for ``reasonable 
litigation'' reform to ensure that no person would benefit from 
exploiting the legal system following a terrorist attack.

 ASSESSING DATA SECURITY: PREVENTING BREACHES AND PROTECTING SENSITIVE 
                              INFORMATION

    On May 4, 2005, the Committee on Financial Services held a 
hearing entitled `Assessing Data Security: Preventing Breaches 
and Protecting Sensitive Information' to assess current data 
security protections and what additional steps may need to be 
taken in light of several high profile data breaches. Testimony 
was received from private sector witnesses.

 PROTECTING CONSUMERS AND PROMOTING COMPETITION IN REAL ESTATE SERVICES

    On June 15, 2005, the Committee on Financial Services held 
a hearing entitled `Protecting Consumers and Promoting 
Competition in Real Estate Services' to focus on proposals 
relating to the possible participation of financial holding 
companies and national bank subsidiaries in real estate 
brokerage and management activities, and the effect that such 
participation might have on consumers and competitive 
conditions in those industries. Testimony was received from 
former Members and from representatives of the private sector.

                      Monetary and Economic Policy

    On February 17 and July 20, 2005, and February 15 and July 
20, 2006, the Committee received testimony from the Chairman of 
the Federal Reserve Board on the conduct of monetary policy. 
The report continued a tradition of twice-yearly reports by the 
Fed Chairman to the committees of jurisdiction in the House and 
Senate that formerly were referred to as ``Humphrey-Hawkins'' 
hearings after the act that required the testimony. Fed 
Chairman Alan Greenspan delivered the testimony for the two 
2005 hearings, and his successor, the Honorable Ben S. 
Bernanke, did so for the two 2006 hearings.

                     International Financial System

    On April 19, 2005, the Committee on Financial Services held 
a hearing to receive the annual testimony of the Secretary of 
the Treasury regarding ``The State of the International 
Financial System.''
    The hearing was designed to review the current status of 
domestic and international trade issues. Among the issues 
discussed were the Doha round of trade negotiations, how the 
United States could improve its exporting of financial 
services, and the Treasury Department's current agenda.
    On May 17, 2006, the Committee on Financial Services held a 
hearing receiving the annual testimony of the Secretary of the 
Treasury regarding ``The State of the International Financial 
System.'' The hearing was focused on the review of the current 
status of domestic and international trade issues. Among the 
issues discussed were China's revaluation of the Yuan, the Doha 
round of trade negotiations, how the US could improve its 
exporting of financial services and the Treasury Department's 
current agenda.
    The only witness at both hearings was The Honorable John W. 
Snow, Secretary, Department of the Treasury.

   Oversight of the Department of Housing and Urban Development (HUD)

    On March 2, 2005, the Committee held a hearing entitled 
``Oversight of the Department of Housing and Urban 
Development.'' The hearing was designed to receive an outline 
of the fiscal year 2006 HUD budget.
    On March 30, 2006, the Committee held a hearing also 
entitled ``Oversight of the Department of Housing and Urban 
Development.'' The hearing was designed to receive an outline 
of the fiscal year 2007 HUD budget.
    The only witness at both hearings was The Honorable 
Alphonzo Jackson, Secretary of the Department of Housing and 
Urban Development.

                  Strengthening America's Communities

    On April 6, 2005, the Committee held a hearing entitled 
``Strengthening America's Communities: A Review of the 
President's FY2006 Budget Initiative.'' The hearing was 
designed to discuss details of the President's initiative to 
overhaul the way the Federal government funds and administers 
community and economic development. Strengthening America's 
Communities, proposed in the President's FY 2006 budget, is a 
new $3.7 billion program which seeks to reorganize and 
consolidate community and economic development initiatives into 
a new program under the direction of the Department of 
Commerce.
    The witnesses at the hearing were The Honorable Alphonzo 
Jackson, Secretary of the Department of Housing and Urban 
Development; The Honorable Carlos M. Gutierrez, Secretary of 
the Department of Commerce; and Mr. Clay Johnson III, Deputy 
Director for Management, Office of Management and Budget.

                      Full Committee Hearings Held

    Monetary Policy and the State of the Economy. Hearing to 
receive the testimony of the Chairman of the Federal Reserve 
Board of Governors on monetary policy and the state of the 
economy. February 17, 2005. PRINTED, serial no. 109-4.
    Oversight of HUD. Hearing entitled ``Oversight of the 
Department of Housing and Urban Development.'' March 2, 2005. 
PRINTED, serial no. 109-5.
    Strengthening America's Communities. Hearing entitled 
``Strengthening America's Communities: A Review of the 
President's FY2006 Budget Initiative.'' April 6, 2005. PRINTED, 
serial no. 109-13.
    The Administration Perspective on GSE Regulatory Reform. 
Hearing entitled ``The Administration Perspective on GSE 
Regulatory Reform.'' April 13, 2005. PRINTED, serial no. 109-
15.
    International Financial System. Hearing entitled ``The 
State of the International Financial System.'' April 19, 2005. 
PRINTED, serial no. 109-18.
    Generations Working Together: Financial Literacy and Social 
Security Reform. Hearing entitled ``Generations Working 
Together: Financial Literacy and Social Security Reform.'' 
April 20, 2005. PRINTED, serial no. 109-19.
    The Impact of the Sarbanes-Oxley Act. Hearing entitled 
``The Impact of the Sarbanes-Oxley Act.'' April 21, 2005. 
PRINTED, serial no. 109-21.
    Assessing Data Security: Preventing Breaches and Protecting 
Sensitive Information. Hearing entitled ``Assessing Data 
Security: Preventing Breaches and Protecting Sensitive 
Information.'' May 4, 2005. PRINTED, serial no. 109-23.
    Housing Choice Voucher Reform. Hearing entitled ``H.R. 
1999, the State and Local Housing Flexibility Act of 2005.'' 
May 11, 2005. PRINTED, serial no. 109-28.
    Protecting Consumers and Promoting Competition in Real 
Estate Services. Hearing entitled ``Protecting Consumers and 
Promoting Competition in Real Estate Services.'' June 15, 2005. 
Serial no. 109-37.
    Treasury's Report to Congress on the Terrorism Risk 
Insurance Act (TRIA). Hearing entitled ``Treasury's Report to 
Congress on the Terrorism Risk Insurance Act (TRIA).'' July 13, 
2005. PRINTED, serial no. 109-45.
    Native American Land Title Procedures. Joint hearing with 
the Committee on Resources entitled ``Improving Land Title 
Grant Procedures for Native Americans.'' July 19, 2005. 
PRINTED, serial no. 109-46.
    Monetary Policy and the State of the Economy. Hearing to 
receive the testimony of the Chairman of the Federal Reserve 
Board of Governors on monetary policy and the state of the 
economy. July 20, 2005. PRINTED, serial no. 109-47.
    H.R. 4100, The Louisiana Recovery Corporation Act. Hearing 
on H.R. 4100, the Louisiana Recovery Corporation Act. November 
17, 2005. PRINTED, serial no. 109-64.
    H.R. 2990, The Credit Rating Agency Duopoly Relief Act of 
2005. Hearing on H.R. 2990, the Credit Rating Agency Duopoly 
Relief Act of 2005. November 29, 2005. PRINTED, serial no. 109-
66.
    Monetary Policy and the State of the Economy. Hearing to 
receive the testimony of the Chairman of the Federal Reserve 
Board of Governors on monetary policy and the state of the 
economy. February 15, 2006. PRINTED, serial no. 109-72.
    Review of the Rudman Report on Fannie Mae. Hearing entitled 
``Review of the Rudman Report on Fannie Mae.'' March 14, 2006. 
Serial no. 109-77.
    Oversight of HUD. Hearing entitled ``Oversight of the 
Department of Housing and Urban Development.'' March 30, 2006. 
Serial no. 109-81.
    Protecting Investors and Fostering Efficient Markets: A 
Review of the SEC Agenda. Hearing entitled ``Protecting 
Investors and Fostering Efficient Markets: A Review of the SEC 
Agenda.'' May 3 and May 25, 2006. Serial no. 109-90 and 109-97.
    International Financial System. Hearing entitled ``The 
State of the International Financial System.'' May 17, 2006. 
Serial no. 109-92.
    Monetary Policy and the State of the Economy. Hearing to 
receive the testimony of the Chairman of the Federal Reserve 
Board of Governors on monetary policy and the state of the 
economy. July 20, 2006. Serial no. 109-110.
    National Flood Insurance Program. Field hearing entitled 
``A Look at the National Flood Insurance Program and Flood 
Mitigation Efforts: Is Bucks County, Pennsylvania Ready for 
Another Flood?'' August 15, 2006. Serial no. 109-115.
    Foreclosure Prevention. Field hearing entitled ``Community 
Solutions for the Prevention and Management of Foreclosures.'' 
August 23, 2006. Serial no. 109-116.
    Sarbanes-Oxley at Four: Protecting Investors and 
Strengthening the Markets. Hearing entitled ``Sarbanes-Oxley at 
Four: Protecting Investors and Strengthening the Markets.'' 
September 19, 2006. Serial no. 109-121.
 Subcommittee on Capital Markets, Insurance, and Government Sponsored 
                              Enterprises

          (Ratio: 26-23)

   RICHARD H. BAKER, Louisiana, 
             Chairman

PAUL E. KANJORSKI, Pennsylvania      JIM RYUN, Kansas, Vice Chairman
GARY L. ACKERMAN, New York           CHRISTOPHER SHAYS, Connecticut
DARLENE HOOLEY, Oregon               PAUL E. GILLMOR, Ohio
BRAD SHERMAN, California             SPENCER BACHUS, Alabama
GREGORY W. MEEKS, New York           MICHAEL N. CASTLE, Delaware
DENNIS MOORE, Kansas                 FRANK D. LUCAS, Oklahoma
MICHAEL E. CAPUANO, Massachusetts    DONALD A. MANZULLO, Illinois
HAROLD E. FORD, Jr., Tennessee       EDWARD R. ROYCE, California
RUBEN HINOJOSA, Texas                SUE W. KELLY, New York
JOSEPH CROWLEY, New York             VITO FOSSELLA, New York
STEVE ISRAEL, New York               JUDY BIGGERT, Illinois
WM. LACY CLAY, Missouri              GARY G. MILLER, California
CAROLYN McCARTHY, New York           MARK R. KENNEDY, Minnesota
JOE BACA, California                 PATRICK J. TIBERI, Ohio
JIM MATHESON, Utah                   J. GRESHAM BARRETT, South Carolina
STEPHEN F. LYNCH, Massachusetts      GINNY BROWN-WAITE, Florida
BRAD MILLER, North Carolina          TOM FEENEY, Florida
DAVID SCOTT, Georgia                 JIM GERLACH, Pennsylvania
NYDIA M. VELAZQUEZ, New York         KATHERINE HARRIS, Florida
MELVIN L. WATT, North Carolina       JEB HENSARLING, Texas
ARTUR DAVIS, Alabama                 RICK RENZI, Arizona
MELISSA L. BEAN, Illinois            GEOFF DAVIS, Kentucky
DEBBIE WASSERMAN SCHULTZ, Florida    MICHAEL G. FITZPATRICK, 
BARNEY FRANK, Massachusetts,         Pennsylvania
  ex officio                         JOHN CAMPBELL, California \1\
                                     (Vacancy) \2\
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

                         Legislative Activities


                CREDIT RATING AGENCY REFORM ACT OF 2006

                Public Law 109-291 (H.R. 2990; S. 3850)

    To improve ratings quality by fostering competition, 
transparency, and accountability in the credit rating agency 
industry.

Summary

    The Credit Rating Agency Reform Act of 2006 amends the 
Securities Exchange Act of 1934 to provide for the voluntary 
registration of eligible credit rating agencies. As part of the 
registration process, a rating agency must disclose the 
following: any conflicts of interest its business model creates 
and how it manages those conflicts; the methodologies the 
rating agency employs to generate its ratings; short-, mid-, 
and long-term performance statistics; procedures established to 
prevent the misuse of non-public information the agency 
receives when it evaluates an issuer; whether it has a code of 
ethics, and if not, the reasons why; the types of ratings it 
intends to issue; a list of the 20 largest issuers and 
subscribers that use its ratings, on a confidential basis; and 
certification from at least 10 qualified institutional buyers 
that they have used the ratings for at least the three most 
recent years, including two certifications for each type of 
rating the rating agency will issue, on a confidential basis.
    The Act requires each registered credit rating agency to 
establish and enforce written policies and procedures to 
prevent misuse of nonpublic information and to address and 
prevent conflicts of interest. The Act also directs the 
Securities and Exchange Commission (SEC) to adopt rules 
proscribing anti-competitive practices in the credit rating 
industry and to enact reporting and recordkeeping requirements 
for registrants. Under the Act, credit rating agencies submit 
to the SEC's examination process and civil and administrative 
enforcement authority.
    The Act allows the SEC to censure, limit, suspend, or 
revoke a registration if the rating agency fails to maintain 
adequate financial and managerial resources needed to produce 
credible ratings. It expressly states that there is no 
diminution in or waiver of legal rights, privileges, or 
defenses for those rating agencies which opt to register. The 
Act also mandates that the SEC report to the House Committee on 
Financial Services and the Senate Committee on Banking, 
Housing, and Urban Affairs regarding the applications filed by 
aspiring registrants, actions taken on those applications, and 
the views of the SEC on the state of competition in the 
industry and conflicts of interest among rating agencies. 
Finally, the Act requires the GAO to study and report within 3 
to 4 years on the impact of the legislation on the quality of 
ratings, the financial markets, competition and conflicts of 
interest in the industry, and the registration process.

Legislative History

    H.R. 2990, the Credit Rating Agency Duopoly Relief Act of 
2005, was introduced in the House by Mr. Fitzpatrick on June 
20, 2005. The bill was referred to the Committee on Financial 
Services. The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises held a legislative hearing on 
June 29, 2005, and heard testimony on the merits of the 
legislation from executives of several credit rating agencies 
and representatives of an industry trade association, academia, 
and a think tank.
    On November 29, 2005, the full Committee held a legislative 
hearing in Philadelphia, Pennsylvania, at which testimony 
discussing H.R. 2990 was received from representatives of 
several credit rating agencies, a mutual fund trade 
association, and academia.
    The full Committee met in open session on June 14, 2006, to 
consider the legislation and ordered H.R. 2990 reported to the 
House, with an amendment, with a favorable recommendation, by a 
voice vote. H.R. 2990 was reported to the House on July 7, 2006 
(H. Rept. 109-546).
    On July 10, 2005, the Committee on Rules met and reported a 
rule (H. Res. 906) providing for consideration of H.R. 2990 
with one hour of general debate and making two specified 
amendments in order.
    On July 12, 2006, H. Res. 906 was agreed to by a record 
vote of 308 yeas and 113 nays. The House then considered and 
passed H.R. 2990, with an amendment, by a record vote of 255 
yeas and 166 nays.
    On July 13, 2006, H.R. 2990 was received in the Senate, 
read twice, and referred to the Committee on Banking, Housing, 
and Urban Affairs.
    On September 6, 2006, the Senate Committee on Banking, 
Housing, and Urban Affairs reported an original measure, S. 
3850, the Credit Rating Agency Reform Act, to the Senate (S. 
Rept. 109-326). On September 22, 2006, the Senate laid S. 3850 
before the Senate and passed the bill, as amended, by unanimous 
consent.
    On September 25, 2006, S. 3850 was received in the House. 
On September 27, 2006, the House considered S. 3850 under 
suspension of the rules and passed the bill by a voice vote, 
clearing the bill for the White House. On September 28, 2006, 
S. 3850 was presented to the President. The bill was signed 
into law on September 29, 2006, becoming Public Law 109-291.

             NONADMITTED AND REINSURANCE REFORM ACT OF 2006

                              (H.R. 5637)

    To streamline the regulation of nonadmitted insurance and 
reinsurance, and for other purposes.

Summary

    H.R. 5637, the Nonadmitted and Reinsurance Reform Act of 
2006, reforms and modernizes two sectors of the commercial 
insurance marketplace, nonadmitted insurance (also known as 
``surplus lines insurance'') and reinsurance (insurance 
purchased by insurance companies). Specifically, H.R. 5637 
creates a uniform system for nonadmitted insurance premium tax 
payments based upon the home State of the policyholder, 
encourages the States to develop an interstate compact or other 
procedural mechanism for uniform premium tax allocation, and 
establishes regulatory deference for the home State of the 
insured. The bill adopts uniform eligibility requirements for 
nonadmitted insurers as developed and promulgated by the 
National Association of Insurance Commissioners (NAIC) in the 
Nonadmitted Insurance Model Act. H.R. 5637 allows direct access 
to the nonadmitted insurance markets for certain sophisticated 
commercial purchasers, bypassing inefficient state declination 
rules.
    H.R. 5637 streamlines the regulation of reinsurance by 
applying single State regulation for financial solvency and 
credit for reinsurance. Credit for reinsurance determinations 
are determined by the State of domicile of the ceding insurer. 
Reinsurance solvency regulation is governed by the State of 
domicile of the reinsurer, provided such State is NAIC-
accredited or has financial solvency requirements substantially 
similar to the requirements necessary for NAIC accreditation. 
Non-domiciliary States are specifically prohibited from 
applying their reinsurance laws in an extra-territorial manner.

Legislative History

    H.R. 5637 was introduced on June 19, 2006 by Ms. Brown-
Waite and 16 original cosponsors and referred to the Committee 
on Financial Services and in addition to the Committee on the 
Judiciary. Within the Committee on Financial Services, the bill 
was referred to the Subcommittee on Capital Markets, Insurance, 
and Government Sponsored Enterprises on July 18, 2006.
    On June 21, 2006, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
on the subject matter of the legislation, commercial insurance 
modernization. On July 19, 2006, the Subcommittee met in open 
session and approved the bill for full Committee consideration, 
with an amendment, by a voice vote. On July 26, 2006 the full 
Committee met in open session and ordered H.R. 5637 reported to 
the House with a favorable recommendation, as amended, by a 
voice vote. H.R. 5637 was reported to the House on September 
12, 2006 (H. Rept. 109-649, Part I).
    Within the Committee on the Judiciary, the bill was 
referred to the Subcommittee on Commercial and Administrative 
Law on September 18, 2006. The Subcommittee held a hearing on 
the merits of the legislation on September 19, 2006. On 
September 22, 2006, the Committee on the Judiciary was 
discharged from further consideration of H.R. 5637.
    The House considered H.R. 5637 on September 27, 2006, under 
suspension of the rules, and passed the bill by a record vote 
of 417 yeas and no nays. On September 28, 2006, H.R. 5637 was 
received in the Senate.
    No further action was taken on this legislation in the 
109th Congress.

   SECURITIES LITIGATION ATTORNEY ACCOUNTABILITY AND TRANSPARENCY ACT

                              (H.R. 5491)

    To protect investors by fostering transparency and 
accountability of attorneys in private securities litigation.

Summary

    H.R. 5491, the Securities Litigation Attorney 
Accountability and Transparency Act, amends the Securities Act 
of 1933 and the Securities Exchange Act of 1934 to permit 
judges, upon a final judgment against a plaintiff in a private 
securities lawsuit, to impose on the plaintiff's attorneys 
reasonable attorneys' fees and expenses incurred by the 
defendant, if the judge believes that the lawsuit was 
frivolous. The bill requires private securities class-action 
plaintiffs and their attorneys to identify, in sworn 
certifications filed with the court, any conflicts of interest, 
including any direct or indirect payment, between the plaintiff 
and plaintiff's attorneys and between an affiliate of the 
plaintiff and the plaintiff's attorneys. Finally, H.R. 5491 
permits a judge in a private securities class-action lawsuit to 
employ alternative means when approving the lead plaintiff's 
attorney, including the use of a competitive bidding process, 
or auction, for lead counsel selection.

Legislative History

    H.R. 5491 was introduced in the House by Mr. Baker and two 
original cosponsors on May 25, 2006. The bill was referred to 
the Committee on Financial Services and in addition to the 
Committee on the Judiciary. The Subcommittee on Capital 
Markets, Insurance, and Government Sponsored Enterprises held a 
hearing entitled, ``Investor Protection: A Review of 
Plaintiffs'' Attorney Abuses in Securities Litigation and 
Legislative Remedies'' on June 28, 2006, and heard testimony on 
the subject matter of the legislation from a Federal judge, the 
Secretary of the Commonwealth of Massachusetts, a 
representative of a think tank, and a law professor.
    No further action was taken on this legislation in the 
109th Congress.

                   Subcommittee Oversight Activities


                            MARKET STRUCTURE

    On February 15, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``The SEC's Market Structure Proposal: Will It 
Enhance Competition?'' The hearing focused on the SEC's 
Regulation NMS, initially proposed in February 2004 and amended 
and reproposed in December 2004, to enhance trading and 
transparency in the national market system. Testifying before 
the Subcommittee were executives of the New York Stock Exchange 
(NYSE), Nasdaq, electronic communications networks, a broker-
dealer, a market maker, and a floor broker.
    On March 15, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``Regulation NMS: The SEC's View.'' The Subcommittee 
heard testimony from SEC Chairman William H. Donaldson 
regarding issues relating to Regulation NMS, including the 
trade-through rule, sub-penny quoting, market access and market 
data. Much of the SEC Chairman's testimony focused on the need 
to extend the trade-through rule to all market centers to 
better protect investors.

                              MUTUAL FUNDS

    On May 10, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``Mutual Funds: A Review of the Regulatory 
Landscape.'' The purpose of the hearing was to discuss the 
implementation of SEC rules, recently adopted in the wake of 
the mutual fund market timing and late trading scandals first 
uncovered in September 2003, designed to improve mutual fund 
governance, transparency and disclosure. Testifying before the 
Subcommittee were the Acting Director of the SEC's Division of 
Investment Management, a former Director of the SEC's Division 
of Investment Management, and representatives from an industry 
trade association and a mutual fund company.

                     SELF-REGULATORY ORGANIZATIONS

    On November 17, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``Self-Regulatory Organizations: Exploring the Need 
for Reform.'' The purpose of the hearing was to examine the 
SEC's proposed rule and concept release regarding self-
regulatory organizations (SRO). The SEC's proposed rule would 
mandate a majority independent board or directors for SROs; 
completely independent audit, compensation, nominating, 
governance, and regulatory oversight committees; limitation of 
member ownership in SROs; separation of market and regulatory 
functions; and greater disclosure of SRO financial and 
governance information. The SEC's concept release contemplates 
alternative approaches to the current SRO structure with the 
goal of reducing regulatory redundancies created by membership 
with multiple SROs. The Subcommittee heard testimony from 
executives of NASD, the NYSE, the Chicago Board Options 
Exchange, a small broker-dealer, and a representative of an 
industry trade association.

                         CREDIT RATING AGENCIES

    On April 12, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``Reforming Credit Rating Agencies: The SEC's Need 
for Statutory Authority.'' The purpose of the hearing was to 
receive the SEC's views on its need for legislative authority 
to reform and oversee the credit rating agency industry and 
elaboration on the SEC's proposed rule defining the term, 
``nationally recognized statistical rating organization,'' 
those rating agencies the SEC has designated for market 
participants' use. Testimony was received from the Director of 
the SEC's Division of Market Regulation.
    On June 29, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``Legislative Solutions for the Credit Rating 
Duopoly.'' The hearing examined two reform proposals: H.R. 
2990, the Credit Rating Agency Duopoly Relief Act, introduced 
by Mr. Fitzpatrick on June 20, 2005, to foster competition, 
accountability, and transparency in the credit rating agency 
industry; and the SEC's staff outline of a regulatory 
framework, which would codify the SEC's NRSRO designation 
process. Witnesses included executives of several rating 
agencies and representatives of a trade association, academia, 
and a think tank.

                    GOVERNMENT SPONSORED ENTERPRISES

    On February 9, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled ``Accounting Irregularities at Fannie Mae and the 
Effect on Investors.'' In December 2004, the SEC determined 
that certain accounting practices of the Federal National 
Mortgage Association (Fannie Mae) did not comply in certain 
material respects with generally accepted accounting principles 
(GAAP). The hearing focused on this decision and accounting 
issues related to deferred purchase price adjustments and 
derivatives and hedging activities. The sole witness was the 
SEC's Chief Accountant.
    On March 9, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled ``GSE Reform and the Federal Home Loan Bank System.'' 
The hearing explored recent developments regarding GSE 
regulatory structure reform, Securities and Exchange Commission 
registration by Federal Home Loan Banks, Federal Housing 
Finance Board enforcement actions, and corporate governance, 
accounting, and mortgage purchase program issues in the Federal 
Home Loan Bank System. The Chairman of the Federal Housing 
Finance Board, the President of the Federal Home Loan Bank of 
Cincinnati, and executives from three financial institution 
members of Federal Home Loan Banks testified.
    On April 6, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled ``Additional Accounting and Management Failures at 
Fannie Mae--OFHEO's Efforts to Ensure Safe and Sound 
Operations.'' The hearing reviewed the March 2005 agreement 
between the Fannie Mae board of directors and the Office of 
Federal Housing Enterprise Oversight (OFHEO) in March that 
supplemented a 2004 agreement following the finding of 
significant accounting and management irregularities at Fannie 
Mae. The sole witness was OFHEO's Director.
    On June 6, 2006, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``OFHEO's Final Report on Fannie Mae.'' The hearing 
focused on OFHEO's Report of the Special Examination of Fannie 
Mae and an OFHEO consent order signed by Fannie Mae. The sole 
witness was OFHEO's Director.
    On September 7, 2006, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``A Review of the Federal Home Loan Bank System.'' 
The hearing reviewed the status of the FHLBs and their 
regulator, the FHFB, including the latest significant 
developments within the FHLB System. The sole witness was 
FHFB's Chairman.

                         SECURITIES ARBITRATION

    On March 17, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``A Review of the Securities Arbitration System.'' 
The hearing focused on the securities arbitration system, which 
provides an alternative process for resolving securities-
related disputes in lieu of typically more costly and slower 
Federal and State court adjudication. NASD and the NYSE sponsor 
arbitration forums for their members and their customers. 
Witnesses included representatives of the NYSE, NASD, trade 
associations, and academia, and the Secretary of the 
Commonwealth of Massachusetts.

                      INSURANCE REGULATORY REFORM

    On June 16, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``SMART Insurance Reform.'' The hearing focused on 
the need for comprehensive reform in the State regulated 
insurance marketplace and discussed the background and 
evolution of the roadmap and legislative draft of the State 
Modernization and Regulatory Transparency Act (SMART). 
Witnesses included current and former State insurance 
commissioners and officers of the National Association of 
Insurance Commissioners (NAIC).

                        TERRORISM RISK INSURANCE

    On July 27, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``The Future of Terrorism Insurance.'' The hearing 
focused on the current state of the terrorism insurance 
marketplace, the anticipated impact of the expiration of the 
Terrorism Risk Insurance Act (TRIA) on December 31, 2005, the 
Department of the Treasury's June 30, 2005 TRIA report, the 
Administration's position on the future of TRIA, and potential 
short- and long-term solutions for terrorism insurance. 
Witnesses included the Superintendent of Insurance for the 
State of New York, the Insurance Commissioner of Washington, 
D.C., insurance trade associations, a large commercial 
policyholder, and a consumer group.
    On September 27, 2006, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises and the 
Subcommittee of Oversight and Investigations held a hearing 
entitled, ``Protecting Americans from Catastrophic Terrorism 
Risk.'' The hearing focused on the availability of terrorism 
insurance in the private market and how to best protect 
Americans from catastrophic terrorism risk. Witnesses included 
executives from national companies with expertise in the 
business of purchasing or providing terrorism insurance and 
reinsurance coverage and representatives from the terrorism 
insurance marketplace focused on the effects of catastrophic 
terrorism risks on the economy of New York and the surrounding 
region. Witnesses discussed a September 25, 2006 Government 
Accountability Office (GAO) report on nuclear, biological, 
chemical, and radiological risk as well as proposals to solve 
availability and affordability problems associated with 
terrorism risk insurance.

                         SECURITIES LITIGATION

    On June 28, 2006, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``Investor Protection: A Review of Plaintiffs' 
Attorney Abuses in Securities Litigation and Legislative 
Remedies.'' The purpose of the hearing was to review abuses by 
plaintiffs' attorneys of the private securities class-action 
lawsuit process and to examine legislative solutions, including 
H.R. 5491, the Securities Litigation Attorney Accountability 
and Transparency Act. The Subcommittee heard testimony from a 
federal judge, the Secretary of the Commonwealth of 
Massachusetts, a representative of a think tank, and a law 
professor.

                 GLOBAL COMPETITIVENESS OF U.S. MARKETS

    On April 24, 2006, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``America's Capital Markets: Maintaining Our Lead in 
the 21st Century.'' The purpose of the hearing was to take into 
account the challenges the U.S. capital markets face in 
maintaining their competitiveness in a rapidly maturing global 
economy. Testifying at the hearing were a former Member, a 
former Secretary of Commerce and current head of a trade 
association, the chairman of the NYSE Group, Inc., a law 
professor, and representatives of an accounting firm and a 
think tank.

                    FINANCIAL REPORTING TRANSPARENCY

    On March 29, 2006, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``Fostering Accuracy and Transparency in Financial 
Reporting,'' to explore ways to reduce the complexity and 
improve the transparency of financial reporting. The 
Subcommittee heard testimony from the acting chairman of the 
Public Company Accounting Oversight Board, the chairman of the 
Financial Accounting Standards Board, the acting chief 
accountant of the SEC, and representatives of industry and 
several trade associations.

                       NATURAL DISASTER INSURANCE

    On September 13, 2006, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``Stabilizing Insurance Markets for Coastal 
Consumers.'' The hearing focused on the recent disruptions in 
the personal and commercial insurance markets along the coasts 
and potential legislative solutions to reduce post-event market 
distortions caused by natural disasters. Witnesses included 
Florida's State Insurance Commissioner and representatives from 
the property-casualty insurance marketplace.

        TRANSPARENCY IN STATE REGULATION OF INSURER INVESTMENTS

    The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises held a hearing on September 
20, 2006 entitled, ``Improving Transparency in State Regulation 
of Insurer Investments.'' The hearing focused on the NAIC's 
Securities Valuation Office (SVO) and the impact of its 
classification decisions on the market for hybrid securities, 
insurer's investment portfolios, and the broader U.S. capital 
markets. Witnesses included representatives from the life 
insurance marketplace, the securities market, and the NAIC. 
Witness testimony addressed the SVO's decision-making process 
for classifying hybrid securities, the overall transparency of 
the classification process, and the consequences of SVO 
classifications on the hybrid market.

                      INSURANCE REGULATORY REFORM

    On June 21, 2006, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``Commercial Insurance Modernization.'' The hearing 
focused on the need for reform in the nonadmitted insurance and 
reinsurance marketplace. Witnesses included various 
representatives from the nonadmitted insurance and reinsurance 
marketplace. Witness testimony addressed the problems faced by 
nonadmitted consumers, nonadmitted insurers, and reinsurance 
providers in the current regulatory environment and how changes 
proposed in the Nonadmitted and Reinsurance Reform Act of 2006 
will improve the nonadmitted and reinsurance marketplace.

                       Subcommittee Hearings Held

    Accounting Irregularities at Fannie Mae and the Impact on 
Investors. Hearing entitled ``Accounting Irregularities at 
Fannie Mae and the Impact on Investors.'' February 9, 2005. 
PRINTED, serial no. 109-1.
    The SEC's Market Structure Proposal: Will It Enhance 
Competition? Hearing entitled, ``The SEC's Market Structure 
Proposal: Will It Enhance Competition?'' February 15, 2005. 
PRINTED, serial no. 109-2.
    GSE Reform and the Federal Home Loan Bank System. Hearing 
entitled ``GSE Reform and the Federal Home Loan Bank System.'' 
March 9, 2005. PRINTED, serial no. 109-6.
    Regulation NMS: The SEC's View. Hearing entitled, 
``Regulation NMS: The SEC's View.'' March 15, 2005. PRINTED, 
serial no. 109-9.
    A Review of the Securities Arbitration System. Hearing 
entitled, ``A Review of the Securities Arbitration System.'' 
March 17, 2005. PRINTED, serial no. 109-11.
    Additional Accounting and Management Failures at Fannie 
Mae--OFHEO's Efforts to Ensure Safe and Sound Operations. 
Hearing entitled ``Additional Accounting and Management 
Failures at Fannie Mae--OFHEO's Efforts to Ensure Safe and 
Sound Operations.'' April 6, 2005. PRINTED, serial no. 109-12.
    Reforming Credit Rating Agencies: The SEC's Need for 
Statutory Authority. Hearing entitled, ``Reforming Credit 
Rating Agencies: The SEC's Need for Statutory Authority.'' 
April 12, 2005. PRINTED, serial no. 109-14.
    Mutual Funds: A Review of the Regulatory Landscape. Hearing 
entitled, ``Mutual Funds: A Review of the Regulatory 
Landscape.'' May 10, 2005. PRINTED, serial no. 109-26.
    Legislative Solutions for the Rating Agency Duopoly. 
Hearing entitled, ``Legislative Solutions for the Rating Agency 
Duopoly.'' June 29, 2005. PRINTED, serial no. 109-42.
    Self-Regulatory Organizations: Exploring the Need for 
Reform. Hearing entitled, ``Self-Regulatory Organizations: 
Exploring the Need for Reform.'' November 17, 2005. PRINTED, 
serial no. 109-65.
    Fostering Accuracy and Transparency in Financial Reporting. 
Hearing entitled ``Fostering Accuracy and Transparency in 
Financial Reporting.'' March 29, 2006. PRINTED, serial no. 109-
80.
    America's Capital Markets: Maintaining Our Lead in the 21st 
Century. Hearing entitled ``America's Capital Markets: 
Maintaining Our Lead in the 21st Century.'' April 26, 2006. 
PRINTED, serial no. 109-87.
    OFHEO's Final Report on Fannie Mae. Hearing entitled 
``OFHEO's Final Report on Fannie Mae.'' June 6, 2006. PRINTED, 
serial no. 109-98.
    Commercial Insurance Modernization. Hearing entitled 
``Commercial Insurance Modernization.'' June 21, 2006. PRINTED, 
serial no. 109-101.
    Investor Protection: A Review of Plaintiffs' Attorney 
Abuses in Securities Litigation and Legislative Remedies. 
Hearing entitled ``Investor Protection: A Review of Plaintiffs' 
Attorney Abuses in Securities Litigation and Legislative 
Remedies.'' June 28, 2006. PRINTED, serial no. 109-102.
    A Review of the Federal Home Loan Bank System. Hearing 
entitled ``A Review of the Federal Home Loan Bank System.'' 
September 7, 2006. PRINTED, serial no. 109-117.
    Stabilizing Insurance Markets for Coastal Consumers. 
Hearing entitled ``Stabilizing Insurance Markets for Coastal 
Consumers.'' September 13, 2006. PRINTED, serial no. 109-119.
    Improving Transparency in State Regulation of Insurer 
Investments. Hearing entitled ``Improving Transparency in State 
Regulation of Insurer Investments.'' September 20, 2006. 
PRINTED, serial no. 109-122.
    Protecting Americans from Catastrophic Terrorism Risk. 
Hearing entitled ``Protecting Americans from Catastrophic 
Terrorism Risk.'' September 27, 2006. PRINTED, serial no. 109-
123.
Subcommittee on Domestic and International Monetary Policy, Trade, and 
                               Technology

          (Ratio: 14-12)

   DEBORAH PRYCE, Ohio, Chairman

CAROLYN B. MALONEY, New York         JUDY BIGGERT, Illinois,
BERNARD SANDERS, Vermont *             Vice Chairman
MELVIN L. WATT, North Carolina       JAMES A. LEACH, Iowa
MAXINE WATERS, California            MICHAEL N. CASTLE, Delaware
BARBARA LEE, California              FRANK D. LUCAS, Oklahoma
PAUL E. KANJORSKI, Pennsylvania      RON PAUL, Texas
BRAD SHERMAN, California             STEVEN C. LaTOURETTE, Ohio
LUIS V. GUTIERREZ, Illinois          DONALD A. MANZULLO, Illinois
MELISSA L. BEAN, Illinois            MARK R. KENNEDY, Minnesota
DEBBIE WASSERMAN SCHULTZ, Florida    KATHERINE HARRIS, Florida
GWEN MOORE, Wisconsin                JIM GERLACH, Pennsylvania
JOSEPH CROWLEY, New York             RANDY NEUGEBAUER, Texas
BARNEY FRANK, Massachusetts,         TOM PRICE, Georgia
  ex officio                         PATRICK T. McHENRY, North Carolina
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.

                         Legislative Activities


               REAUTHORIZATION OF THE EXPORT-IMPORT BANK

    On April 5, 2006, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
legislative hearing entitled, ``Reauthorization of the Export-
Import Bank of the United States.''
    The hearing focused on H.R. 5068, a bill that would 
reauthorize the Export-Import Bank of the United States and 
make certain changes to the Bank's charter. This legislation 
seeks a five-year reauthorization of the Bank. In addition, 
H.R. 5068 proposes changes to Bank operations in a number of 
areas such as improving its accessibility to small businesses 
and its competitiveness with other nations' export credit 
agencies, encouraging the Bank to work more closely with 
African countries and institutions and have greater 
transparency through additional reports. H.R. 5068 also 
stipulates that the Bank make extensive annual reports.
    The Subcommittee heard testimony from The Honorable James 
H. Lambright, Chairman and President (Acting), Export-Import 
Bank of the United States, Mr. Edmund B. Rice, President, 
Coalition for Employment Through Exports, Mr. James Harmon, 
Chairman, World Resources Institute and Mr. James Morrison, 
President, Small Business Exporters Association of the United 
States.

                FOREIGN INVESTMENT IN THE UNITED STATES

    On May 17, 2006 the Subcommittee held a legislative hearing 
entitled the ``H.R. 5337, Reform of National Security Reviews 
of Foreign Direct Investments Act.'' The hearing focused on 
CFIUS reform, and specifically on H.R. 5337, a bipartisan bill 
introduced by the Majority Whip Mr. Blunt, Chairman Pryce, Mrs. 
Maloney and Mr. Crowley that addressed perceived gaps in the 
national security review process conducted by CFIUS. H.R. 5337 
requires every transaction involving a company controlled by a 
foreign government undergo a 45-day investigation, establishes 
a clear paper trail and a predictable process for all 
transactions, establishes a mandatory analysis of every 
transaction by the Director of National Intelligence and makes 
the Secretaries of the Department of Homeland Security (DHS) 
and the Department of Commerce vice chairmen of CFIUS while 
requiring the signatures on every CFIUS decision by the 
Treasury, Commerce and DHS secretaries, to be delegated no 
lower than their deputies.
    The Subcommittee heard testimony from The Honorable Clay 
Lowery, Assistant Secretary for International Affairs, U.S. 
Department of the Treasury, The Honorable Stewart A. Baker, 
Assistant Secretary for Policy, Planning, and International 
Affairs, U.S. Department of Homeland Security, The Honorable 
Alice Fisher, Assistant Attorney General, Criminal Division, 
U.S. Department of Justice, The Honorable Peter C.W. Flory, 
Assistant Secretary for International Security Policy, U.S. 
Department of Defense, Mr. Douglas Holtz-Eakin, Director of the 
Maurice R. Greenberg Center for Geoeconomic Studies, Council on 
Foreign Relations. Mr. David M. Marchick, Partner, Covington 
and Burling and Mr. John K. Veroneau, Partner, DLA Piper 
Rudnick Gray Cary.

                   Subcommittee Oversight Activities


                    COMBATING TRAFFICKING IN PERSONS

    On April 28, 2005, the Domestic and International Monetary 
Policy, Trade, and Technology Subcommittee held a hearing 
entitled ``Combating Trafficking in Persons: Status Report on 
Domestic and International Developments.''
    The United States and other countries are pursuing a number 
of bilateral and multilateral programs and initiatives to 
combat trafficking. For example, the Departments of State and 
Justice are training foreign law enforcement and immigration 
officers to better identify and impede traffickers and their 
victims at the border. The United States is also working with 
the European Union, the Group of Eight, the United Nations, and 
the Organization for Security and Cooperation in Europe (OSCE).
    The Subcommittee heard testimony from Ambassador John 
Miller, Director, Office to Monitor and Combat Trafficking in 
Persons, U.S Department of State; Ms. Norma Hotaling, Executive 
Director, SAGE, Ms. Tina Frundt, Polaris Project. This hearing 
established a basic understanding of trade in human beings, and 
served as a starting point for future Committee action focusing 
on eliminating the trafficking and exploitation of women and 
children.
    On June 22, 2005 the Subcommittee held a hearing entitled 
``Combating Trafficking in Persons: An International 
Perspective.'' This hearing focused on actions in other 
countries and how the related illegal proceeds may be traced.
    The Subcommittee heard testimony from Mr. Michael E. 
O'Connor, Jr., Director of Operations, South Asia International 
Justice Mission, Ms. Jessica Neuwirth, President, Equality Now, 
Ms. Dorchen A. Leidholdt, Co-Executive Director, Coalition 
Against Trafficking in Women and Ms. Lisa L. Thompson, Liaison 
for the Abolition of Sexual Trafficking, The Salvation Army 
National Headquarters.

                         SOCIAL SECURITY REFORM

    On May 5, 2005, the Domestic and International Monetary 
Policy, Trade, and Technology Subcommittee held a hearing 
entitled ``Social Security Reform: Successes and Lessons 
Learned.''
    The Subcommittee heard testimony from Mr. Gary Amelio, 
Executive Director, Federal Retirement Thrift Investment Board, 
Dr. Estelle James, Consultant and Professor Emeritus, SUNY, 
Stony Brook, Mr. Patrick Purcell, Specialist in Social 
Legislation, Congressional Research Service and Mr. Francis X. 
Cavanaugh, Public Finance Consulting.
    Looking at Social Security reform, the Subcommittee 
evaluated difficulties with the current social security system, 
proposals for reform, and links to financial literacy.

                          DEBT AND DEVELOPMENT

    On June 8, 2005, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled, ``Debt and Development: How to Provide 
Efficient, Effective Assistance to the World's Poorest 
Countries?'' The Subcommittee heard testimony from Dr. Nancy 
Birdsall, President, Center for Global Development, Mr. Sony 
Kapoor, Senior Policy Advisor, Jubilee USA Network and Mr. R. 
Tim McNamar, Member, Bretton Woods Committee.
    The hearing focused on the activities of the United States 
and their membership in five multilateral development banks 
(MDBs): the World Bank, Inter-American Development Bank (IDB), 
Asian Development Bank (ADB), African Development Bank (AfDB), 
and European Bank for Reconstruction and Development (EBRD). 
These institutions provide grants, interest-free loans and 
technical assistance to developing economies. The United States 
also belongs to the International Monetary Fund (IMF), which 
was designed to provide balance of payments support for 
countries experiencing temporary economic difficulties. The 
hearing focused on how these MDB's would continue to support 
the development of Highly Indebted Poor Countries (HIPC) 
through various economic programs.
    On September 27, 2005, the Subcommittee held a hearing 
entitled ``IDA-14: Historic Advance or Incremental Change in 
Debt and Development Policy?''. The International Development 
Association (IDA) loans to the world's poorest nations finance 
investments in health, education, sanitation, infrastructure, 
and institutional reforms needed to promote poverty reduction, 
economic growth, and development. The hearing focused on how 
the reauthorization of IDA (IDA-14) would help to meet the 
goals established in previous debt cancellation agreements.
    The Subcommittee heard testimony from Honorable Timothy D. 
Adams, Under Secretary for International Affairs, Department of 
the Treasury and Mr. Bobby J. Pittman, Jr., Deputy Assistant 
Secretary for Multilateral Development Institutions and Policy, 
Department of the Treasury.

         THE UNITED STATES-EUROPEAN UNION ECONOMIC RELATIONSHIP

    On June 16, 2005, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled ``The U.S.-E.U. Economic Relationship: What 
Comes Next?'' The Subcommittee heard testimony from Mr. Marc 
Lackritz, President, Securities Industry Association, Ms. 
Kathryn Hauser, U.S. Executive Director, Transatlantic Business 
Dialogue, Mr. Gary Litman, Vice President, Europe & Eurasia, 
U.S. Chamber of Commerce and Mr. Frank Nutter, President, 
Reinsurance Association of America.
    The hearing focused on United States and European Union 
financial regulator meeting, which have been carried out for 
the past three years through the Financial Markets Dialogue. 
The U.S. participants are: the Department of the Treasury, the 
Securities and Exchange Commission (SEC), the Public Company 
Accounting Oversight Board (PCAOB), and the Board of Governors 
of the Federal Reserve System (Federal Reserve). When insurance 
issues arise, the National Association of Insurance 
Commissioners (NAIC) participates. The Dialogue is viewed as an 
effective mechanism for fostering transatlantic cooperation and 
increasing the transparency of rule-making. It has successfully 
defused a range of potentially acrimonious conflicts, 
particularly on corporate governance, consolidated supervision, 
and accounting issues.
    The hearing also focused the meetings of this group and 
what current issues and solutions are needed in the areas of 
corporate governance.
    Throughout the 109th Congress, Financial Services Committee 
staff met periodically with the Department of the Treasury, the 
Securities and Exchange Commission (SEC), the Public Company 
Accounting Oversight Board (PCAOB), and the Board of Governors 
of the Federal Reserve System (Federal Reserve) to receive 
updates and provide feedback on Trans-Atlantic financial sector 
issues. Senior Committee majority and minority staff, joined by 
colleagues from the Senate Banking, Housing and Urban Affairs 
Committee, conducted a week of oversight meetings with 
colleagues in European financial and parliamentary capitals at 
the beginning of the first session of the 109th Congress in 
preparation for legislative and oversight responsibilities over 
the next two years.

                  OVERSIGHT OF THE EXPORT-IMPORT BANK

    On November 10, 2005, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology and 
Subcommittee on Oversight and Investigations held a joint 
hearing entitled, ``Oversight of the Export-Import Bank of the 
United States.'' The hearing focused on the progress made by 
the Export-Import Bank of the United States (ExIm Bank) in 
implementing its most recent reauthorization.
    The Subcommittee heard testimony from The Honorable James 
H. Lambright, Chairman and Acting President, Export-Import Bank 
of the United States, Mr. Joseph Watters, Director of 
International Sales, Hoffman International, on behalf of Small 
Business Exporters Association, Mr. Harry G. Hayman, Senior 
Vice President, PNC Bank N.A., on behalf of Bankers Association 
for Finance and Trade and Mr. John D. Sabroske, Director, 
Export Credit and Trade Finance, John Deere Credit.

                           TRADE IN SERVICES

    On November 15, 2005, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
hearing entitled, ``Increasing Efficiency and Economic Growth 
through Trade.'' The hearing focused on the importance of 
expanding free trade in financial services. Government and 
private sector witnesses assessed how the Doha Round of 
multilateral trade negotiations is progressing with respect to 
financial services. They also suggested how the U.S. could 
enhance its own offers in the financial services chapters as 
well as enhance monitoring and implementation. Witnesses also 
provided views on what benefits accrue to U.S. trading partners 
through the financial services chapters of free trade 
agreements.
    The Subcommittee heard testimony from Ms. Christine Bliss, 
Acting Assistant U.S. Trade Representative for Services and 
Investment, Office of the United States Trade Representative, 
The Honorable Clay Lowery, Assistant Secretary of International 
Affairs, Department of the Treasury, Mr. Norman R. Sorensen, 
President and CEO, Principal International, Inc., on behalf of 
the Coalition of Service Industries, Ms. Madeleine L. Champion, 
Managing Director, JPMorgan Chase & Co., on behalf of the 
Bankers Association for Finance and Trade, Mr. Marc Lackritz, 
President, Securities Industry Association, Dr. Sydney J. Key, 
Former Staff Director, Subcommittee on International 
Development, Finance, Trade and Monetary Policy, Committee on 
Banking, Finance and Urban Affairs, U.S. House of 
Representatives, The Honorable Don Evans, Chief Executive 
Officer, Financial Services Forum and Mr. Rob Nichols, 
President and COO, Financial Services Forum.

                FOREIGN INVESTMENT IN THE UNITED STATES

    The Subcommittee held a hearing on March 1, 2006, on the 
Committee on Foreign Investment in the United States (CFIUS) 
entitled, ``Foreign Investment, Jobs and National Security: The 
CFIUS Process.'' The hearing examined the process by which the 
Committee on Foreign Investment in the United States (CFIUS) 
evaluates bids by foreign companies to merge with, acquire or 
otherwise take over U.S. corporations to determine if the 
transaction might compromise national security. The proposed 
acquisition by Dubai Ports World (DP World) of the Peninsular & 
Oriental Steam Navigation Co. (P&O), which handles basic port 
operations around the world including those at six major U.S. 
ports, focused new attention on the CFIUS process.
    The Committee heard testimony from The Honorable Robert M. 
Kimmitt, Deputy Secretary, U.S. Department of Treasury, The 
Honorable Michael P. Jackson, Deputy Secretary, U.S. Department 
of Homeland Security, The Honorable Eric S. Edelman, Under 
Secretary of Defense for Policy, U.S. Department of Defense, 
The Honorable C. David Welch, Assistant Secretary, Bureau of 
Near Eastern Affairs, U.S. Department of State, Mr. James K. 
Glassman, Resident Fellow, American Enterprise Institute, Mr. 
Todd M. Malan, President & CEO, Organization for International 
Investment, Mr. David M. Marchick, Partner, Covington and 
Burling, Mr. William A. Reinsch, President, National Foreign 
Trade Council and Mr. Clark Ervin, Director, Homeland Security 
Initiative, The Aspen Institute.
    On April 27, 2006 the Subcommittee held a hearing entitled, 
``CFIUS and the Role of Foreign Direct Investment in the United 
States.'' The Subcommittee heard testimony from The Honorable 
Donald L. Evans, Chief Executive Officer, The Financial 
Services Forum, Mr. Paul L. Vikner, President and CEO, Mack 
Trucks, Inc., Mr. Jeffrey M. Anderson, Executive Director, 
Virginia Economic Development Partnership and Mr. Daniel K. 
Tarullo, Professor of Law, Georgetown University Law Center.
    The hearing focused on the CFIUS process, and how foreign 
direct investment benefits the American economy. With the 
ongoing debate on CFIUS reform, the hearing gave a sense of how 
the business community felt about reform proposals that might 
limit foreign investment as America's capital markets 
increasingly find themselves competing with other developed and 
developing markets around the world. Also discussed were ideas 
on what CFIUS reform legislation should include and not 
include.

                           COINS AND CURRENCY

    On July 19, 2006, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
hearing entitled, ``Coin and Currency Issues Facing Congress: 
Can We Still Afford Money?'' The hearing focused on several 
coin and currency issues, including H.R. 5077, the ``Numismatic 
Rarities Certainty Act of 2006,'' which was introduced April 4, 
2006, by Mr. Lucas as a response to a variety of situations 
relating to the collecting of old and rare coins. A number of 
the issues addressed in H.R. 5077 have existed in one form or 
another for a century or more. Most revolve around the 
certainty of ownership of numismatic rarities, which can 
literally be worth millions of dollars.
    H.R. 5077 declares that all U.S. Mint-made rarities and 
collectibles from 1932 and earlier be legally owned by whomever 
possesses them, but declares all such items produced by the 
Mint after December 31, 1932, to be the property of the 
government and subject to seizure. Once in the possession of 
the Mint, the items are not to be destroyed, but preserved for 
display or research. If more coins are seized than are 
necessary to display or research, the bill directs that they be 
sold in an orderly fashion and the money used to preserve and 
display the National Numismatic Collection, currently housed 
but essentially not displayed at the Smithsonian Institution.
    A wide variety of other coin- and currency-related issues 
also were discussed, including the Mint's efforts to implement 
the ``Presidential $1 Coin Act'' and the cost of producing 
circulating coins. The cost to produce a one-cent coin has 
risen to more than a penny and the cost to produce a five-cent 
coin is approaching 7 cents. The hearing also allowed the 
Bureau of Engraving and Printing to discuss its final plans for 
a new optically-variable security feature for the $100 Federal 
Reserve Note and a planned redesign of the $5 note in an 
attempt to stay ahead of counterfeiters with increasingly 
sophisticated computer scanners and printers. The hearing also 
examined counterfeiting worldwide, especially by North Korea.
    The Subcommittee heard testimony from Mr. Larry Felix, 
Director, Bureau of Engraving and Printing, U.S. Department of 
the Treasury, Ms. Louise Roseman, Director, Division of Reserve 
Bank Operations and Payment Systems, Board of Governors of the 
Federal Reserve System, Mr. David A. Lebryk, Acting Director, 
U.S. Mint, Mr. Scott Johnson, Deputy Special Agent in Charge, 
Criminal Investigative Division, U.S. Secret Service, Mr. Brent 
D. Glass, Director, National Museum of American History, 
Smithsonian Institution, Mr. Q. David Bowers, Numismatic 
Director, American Numismatic Rarities, LLC, Ms. Beth Deisher, 
Editor, Coin World Magazine, Mr. Christopher Cipoletti, 
Executive Director, American Numismatic Association and Mr. 
Fred Weinberg, Vice Chairman, Industry Council for Tangible 
Assets.

                    RESTITUTION OF HOLOCAUST ASSETS

    On July 27, 2006, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
hearing entitled, ``Review of the Repatriation of Holocaust Art 
Assets in the United States.'' The hearing focused on the 
Conference on Jewish Material Claims Against Germany (Claims 
Conference). The Claims Conference and the American Association 
of Museums have published a survey concerning the progress that 
has been made returning artwork to Holocaust victims over the 
past few years. The hearing also focused on the use of the 
Nazi-Era Provenance Internet Portal which provides a searchable 
registry of objects in U.S. museum collections in which 
ownership changed hands in Continental Europe during the Nazi 
era (1933-1945). At the time of the hearing there were 
approximately 18,000 objects from 151 participating museums 
listed in the Portal with an estimated 2,000 additional pieces 
to be added in the near future. The hearing also focused on new 
approaches to locate stolen or ``covered'' works of art such as 
digitizing Nazi records.
    The Subcommittee heard testimony from Mr. Stuart Eizenstat, 
Former Commissioner, Presidential Advisory Commission on 
Holocaust Assets in the U.S., Covington & Burling, Mr. Gideon 
Taylor, Executive Vice President, Conference on Jewish Material 
Claims Against Germany, Inc., Mr. Edward Able, President and 
CEO, American Association of Museums, Mr. Gilbert S. Edelson, 
Administrative Vice President and Counsel, Art Dealers 
Association of America, Mr. Jim Cuno, President and Director, 
Art Institute of Chicago, on behalf of the Association of Art 
Museum Directors, Mr. Timothy M. Rub, Director, Cleveland 
Museum of Art and Ms. Catherine A. Lillie, Director, Holocaust 
Claims Processing Office, New York State Banking Department.

            INTERNATIONAL FUND FOR AGRICULTURAL DEVELOPMENT

    On September 12, 2006, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
hearing entitled, ``The International Fund for Agricultural 
Development (IFAD) and the Importance of Agricultural 
Development in Sustainable Global Poverty Reduction.''
    In 1974, a World Food Conference (Conference) was organized 
in response to the food crisis of the early 1970's that 
primarily affected the Saharan countries of Africa. The 
Conference resolved that a fund devoted to the agricultural 
development of these countries was to be established and, in 
1977, IFAD officially began operating to finance agricultural 
development projects for the primary purpose of producing food 
in developing countries. The hearing focused on projects 
supported by IFAD, its importance in assisting poor people 
living in rural areas, and the role of the U.S. in replenishing 
the fund. Since 1978, IFAD has invested more than $8.9 billion 
towards 706 projects and programs reaching more than 250 
million poor people. In December of 2005, the U.S. announced a 
pledge of $54 million to IFAD's Seventh Replenishment, which 
represents a 20 percent increase over its $45 million 
contribution to the Sixth Replenishment and maintains 
approximately the same level of burden sharing as it did in the 
previous Replenishment.
    The Subcommittee heard testimony from Rev. David Beckmann, 
President, Bread for the World, Dr. Julie Howard, Executive 
Director, Partnership to Cut Hunger and Poverty In Africa, 
Kevin G. Lowther, Regional Director for Southern Africa, 
Africare and Mr. Bruce McNamer, President and CEO, TechnoServe.

                       Subcommittee Hearings Held

    Trafficking in Persons. Hearing entitled ``Combating 
Trafficking in Persons: Status Report on Domestic and 
International Developments.'' April 28, 2005. PRINTED, serial 
no. 109-22.
    Social Security Reform. Hearing entitled ``Social Security 
Reform: Successes and Lessons Learned.'' May 5, 2005. PRINTED, 
serial no. 109-25.
    Debt and Development. Hearing entitled ``Debt and 
Development: How to Provide Efficient, Effective Assistance to 
the World's Poorest Countries.'' June 8, 2005. PRINTED, serial 
no. 109-35.
    U.S.-E.U. Economic Relationship. Hearing entitled ``The 
U.S.-E.U. Economic Relationship: What Comes Next?'' June 16, 
2005. PRINTED, serial no. 109-39.
    Trafficking in Persons. Hearing entitled ``Combating 
Trafficking in Persons: An International Perspective.'' June 
22, 2005. PRINTED, serial no. 109-40.
    IDA-14. Hearing entitled ``IDA-14: Historic Advance or 
Incremental Change in Debt and development Policy?'' September 
27, 2005. PRINTED, serial no. 109-56.
    Export-Import Bank. Joint Hearing with the Oversight and 
Investigation Subcommittee entitled ``Oversight of the Export-
Import Bank.'' November 10, 2005. PRINTED, serial no. 109-62.
    Trade in Financial Services. Hearing entitled ``Increasing 
Efficiency and Economic growth Through Trade in Financial 
Services.'' November 15, 2005. PRINTED, serial no. 109-63.
    Foreign Investment in the United States. Hearing entitled 
``Foreign Investment, Jobs and National Security: The CFIUS 
Process.'' March 1, 2006. Serial no. 109-75.
    Export-Import Bank. Hearing entitled ``Reauthorization of 
the Export-Import Bank of the United States.'' April 5, 2006. 
Serial no. 109-83.
    Foreign Investment in the United States. Hearing entitled 
``CFIUS and the Role of Foreign Direct Investment in the United 
States.'' April 27, 2006. Serial no. 109-89.
    Foreign Investment in the United States. Hearing entitled 
``H.R. 5337, Reform of National Security Reviews of Foreign 
Direct Investments Act.'' May 17, 2006. Serial no. 109-93.
    Coins and Currency. Hearing entitled ``Coin and Currency 
Issues Facing Congress: Can We Still Afford Money?'' July 19, 
2006. Serial no. 109-109.
    Restitution of Holocaust Assets. Hearing entitled ``Review 
of the Repatriation of Holocaust Art Assets in the United 
States'' July 27, 2006. Serial no. 109-113.
    International Fund for Agricultural Development. Hearing 
entitled ``The International Fund for Agricultural Development 
(IFAD) and the Importance of Agricultural Development in 
Sustainable Global Poverty Reduction.'' September 12, 2006. 
Serial no. 109-118.
       Subcommittee on Financial Institutions and Consumer Credit

          (Ratio: 25-22)

 SPENCER BACHUS, Alabama, Chairman

BERNARD SANDERS, Vermont *           WALTER B. JONES, Jr., North 
CAROLYN B. MALONEY, New York         Carolina, Vice Chairman
MELVIN L. WATT, North Carolina       RICHARD H. BAKER, Louisiana
GARY L. ACKERMAN, New York           MICHAEL N. CASTLE, Delaware
BRAD SHERMAN, California             EDWARD R. ROYCE, California
GREGORY W. MEEKS, New York           FRANK D. LUCAS, Oklahoma
LUIS V. GUTIERREZ, Illinois          SUE W. KELLY, New York
DENNIS MOORE, Kansas                 RON PAUL, Texas
PAUL E. KANJORSKI, Pennsylvania      PAUL E. GILLMOR, Ohio
MAXINE WATERS, California            JIM RYUN, Kansas
DARLENE HOOLEY, Oregon               STEVEN C. LaTOURETTE, Ohio
JULIA CARSON, Indiana                JUDY BIGGERT, Illinois
HAROLD E. FORD, Jr., Tennessee       VITO FOSSELLA, New York
RUBEN HINOJOSA, Texas                GARY G. MILLER, California
JOSEPH CROWLEY, New York             PATRICK J. TIBERI, Ohio
STEVE ISRAEL, New York               TOM FEENEY, Florida
CAROLYN McCARTHY, New York           JEB HENSARLING, Texas
JOE BACA, California                 SCOTT GARRETT, New Jersey
AL GREEN, Texas                      GINNY BROWN-WAITE, Florida
GWEN MOORE, Wisconsin                J. GRESHAM BARRETT, South Carolina
WM. LACY CLAY, Missouri              RICK RENZI, Arizona
JIM MATHESON, Utah                   STEVAN PEARCE, New Mexico
BARNEY FRANK, Massachusetts,         RANDY NEUGEBAUER, Texas
  ex officio                         TOM PRICE, Georgia
                                     PATRICK T. McHENRY, North Carolina
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.

                  Subcommittee Legislative Activities


                    CREDIT UNION CHARTER CHOICE ACT

                              (H.R. 3206)

    To amend the Federal Credit Union Act provisions relating 
to any conversion of a credit union charter to a mutual savings 
bank or savings association charter, and for other purposes.

Summary

    H.R. 3206 amends the Federal Credit Union Act regarding 
conversion of a credit union charter to a mutual savings bank 
or savings association charter, and the nature of disclosures 
made by a converting credit union to its members and of the 
conversion vote. H.R. 3206 intends to make the conversion 
process more clearly defined and uniform.

Legislative History

    H.R. 3206 was introduced by Mr. McHenry on July 12, 2005 
and referred to the House Committee on Financial Services. On 
July 29, 2005 it was subsequently referred to the Subcommittee 
on Financial Institutions and Consumer Credit. The Subcommittee 
held a legislative hearing on May 11, 2006.

                   Subcommittee Oversight Activities


                              BASEL ACCORD

    On May 11, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a joint hearing with the Subcommittee 
on Domestic and International Monetary Policy entitled, ``Basel 
II: Capital Changes in the U.S. Banking System and the Results 
of the Impact Study.'' The Subcommittee has closely monitored 
the Basel II negotiations process and has been interested in 
the impact this agreement will have on financial institutions 
in the U.S., as well as competition in international markets. 
The hearing focused on the effect that the Basel II proposal 
will have on the domestic banking system as well as on the 
recently completed fourth Qualitative Impact Study (QIS4). The 
Subcommittee heard testimony from federal regulators, a 
community bank representative, two economists specializing in 
the housing and mortgage markets, as well as a consultant 
representing financial services firms.
    On September 28, 2005, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Private Sector Priorities for Basel Reform.'' The hearing 
focused on the effect that the Basel II proposal will have on 
the domestic banking system and possible improvements to the 
current proposal. The Subcommittee heard testimony from bank 
executives representing large and small institutions that may 
be affected by the proposed Basel II Accord, as well as from a 
financial trade association.
    On September 14, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, ``A 
Review of Regulatory Proposals on Basel Capital and Commercial 
Real Estate''. The hearing focused on the current status, 
recent developments, and potential impact of proposals from 
financial regulators on Basel capital reform and commercial 
real estate lending guidance. The Subcommittee heard testimony 
from federal regulators, bank executives representing large and 
small institutions that may be affected by the proposed Basel 
II Accord, as well as from a financial trade association, a 
trade association representing securities firms, analytical 
testimony from two witnesses and an academic.

        HURRICANE KATRINA: THE FINANCIAL INSTITUTIONS' RESPONSE

    On September 14, 2005, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Hurricane Katrina: The Financial Institutions' Response.'' 
The hearing focused on the financial services industry, its 
efforts to help victims of Hurricane Katrina, and whether 
legislative and regulatory solutions are needed. The 
Subcommittee heard testimony from bank and credit union 
executives representing large and small institutions and the 
National Association for the Advancement of Colored People.

                  FINANCIAL SERVICES REGULATORY RELIEF

    On June 9, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Financial 
Services Regulatory Relief: The Regulators' Views.'' This 
hearing focused on ways to reduce the regulatory burden on 
insured depository institutions in order to benefit consumers 
and the economy by lowering costs and improving productivity. 
The Subcommittee heard testimony from Federal and State 
banking, thrift and credit union regulators.
    On May 19, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Financial 
Services Regulatory Relief: Private Sector Perspectives.'' This 
hearing focused on financial services industry and regulations 
that they consider outdated or not cost-effective, and gave 
them an opportunity to offer recommendations for alleviating 
the burdens imposed by those regulations. The Subcommittee 
heard testimony from bank and credit union executives 
representing large and small institutions, as well as a 
financial services trade association representing U.S. 
corporations that sponsor employee stock ownership plans.

                     BANKING ON RETIREMENT SECURITY

    On June 23, 2005, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Banking on Retirement Security: A Guaranteed Rate of 
Return.'' The hearing focused on possible reasons that any plan 
to reform Social Security should include a community bank 
option. A community bank/federally insured financial 
institution option would create a banking model with Retirement 
Savings Accounts (RSAs) designed to allow workers to put part 
of their Social Security in a product similar to a federally 
insured certificate of deposit (CD) offered by a community 
bank, savings association, or credit union. The Subcommittee 
heard testimony from community bank executives and a professor.

      LEGISLATIVE SOLUTIONS TO ABUSIVE MORTGAGE LENDING PRACTICES

    On May 24, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a joint hearing with the Subcommittee 
on Housing and Community Opportunity entitled ``Legislative 
Solutions to Abusive Mortgage Lending Practices.'' The hearing 
focused on predatory and abusive mortgage lending practices, 
particularly in the subprime market, and current legislative 
proposals to abate and eliminate such practices. The 
Subcommittee heard testimony from a wide range of interested 
parties, including representatives of the mortgage lending 
industry, the secondary market, consumer groups, and a mortgage 
counseling professional, who discussed the problems associated 
with abusive lending practices and various legislative 
solutions currently pending before this Congress.

                        ENHANCING DATA SECURITY

    On May 18, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled `Enhancing Data 
Security: The Regulators' Perspective.' The hearing focused on 
recent data security breaches that have compromised consumers' 
sensitive financial information and regulatory solutions. The 
Subcommittee heard testimony from three Federal regulators.

            HELPING CONSUMERS OBTAIN THE CREDIT THEY DESERVE

    On May 12, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Helping Consumers 
Obtain the Credit They Deserve.'' The hearing focused on 
promoting greater access to credit through the collection and 
reporting of data that has not traditionally been captured by 
our nation's credit reporting system or by credit scoring 
models used by prospective creditors. The Subcommittee heard 
testimony from one credit data complier, two corporate users of 
consumer credit reports, one consumer witness and one academic 
witness.

     IMPLEMENTATION OF THE CHECK CLEARING FOR THE 21ST CENTURY ACT

    On April 20, 2005, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Implementation of the Check Clearing for the 21st Century 
Act''. This hearing focused on implementation of Check 21. This 
law was signed by the President in the previous Congress, on 
October 28, 2003, and became effective one year later. The 
Subcommittee heard testimony from the Federal Reserve, trade 
associations representing small and large banks, and a trade 
association that develops and maintains the operating rules 
that govern the processing of electronic payments.

         BANK SECRECY ACT'S IMPACT ON MONEY SERVICES BUSINESSES

    On June 21, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``Bank 
Secrecy Act's Impact on Money Services Businesses.'' This 
hearing focused on the oversight and regulation of Money 
Service Businesses (MSBs). Specifically, the hearing sought to 
better understand the impact that the Bank Secrecy Act and 
related financial institution account discontinuance have had 
on MSB entities. The Subcommittee heard testimony from FinCen, 
IRS, and financial service centers.

  HOME MORTGAGE DISCLOSURE ACT: NEWLY COLLECTED DATA AND WHAT IT MEANS

    On June 13, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``Home 
Mortgage Disclosure Act: Newly Collected Data and What It 
Means.'' The hearing focused on 2004 Home Mortgage Disclosure 
Act data, which included information for the first time on loan 
pricing data for higher priced loans. The Subcommittee heard 
testimony from a Governor of the Federal Reserve Board and from 
a number of representatives from the private sector.

      ILCS--A REVIEW OF CHARTER, OWNERSHIP, AND SUPERVISION ISSUES

    On July 12, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``ILCs--a Review of Charter, Ownership, and Supervision 
Issues.'' This hearing focused on industrial loan corporations 
(ILCs), which are state-chartered, federally insured, limited 
purpose financial institutions that are owned by both financial 
and commercial companies. Over the last 20 years, total ILC 
assets have increased by over 3,500 percent. Given their 
growing size and diversity, the purpose of this hearing is to 
review the ILC charter, types of ownership, and current 
regulatory oversight. The Subcommittee heard testimony from 
representatives of the Federal Reserve, FDIC, GAO, state 
regulators, securities industry and community bankers.

  ICANN AND THE WHOIS DATABASE: PROVIDING ACCESS TO PROTECT CONSUMERS 
                             FROM PHISHING

    On July 18, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``ICANN and the Whois Database: Providing Access to Protect 
Consumers from Phishing.'' This hearing focused on the Whois 
database, which is maintained by Internet registrars of the 
registry for Internet sites. The Whois database is one tool law 
enforcement and businesses use to fight phishing and fraudulent 
website postings. The Subcommittee heard testimony from 
representatives from the Commerce Department, FTC, financial 
services and information industries, and privacy experts.

                           FINANCIAL LITERACY

    On September 28, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Improving Financial Literacy: Working Together to Develop 
Private Sector Coordination and Solutions.'' The hearing 
focused on private sector financial literacy programs and their 
coordination of the programs in the community to improve 
America's understanding of basic finance. The Subcommittee 
heard from non-profit and for profit entities that currently 
coordinate financial literacy efforts.

                       Subcommittee Hearings Held

    H.R. 1185, the Deposit Insurance Reform Act of 2005. 
Hearing on H.R. 1185, the ``Deposit Insurance Reform Act of 
2005.'' March 17, 2005. PRINTED, serial no. 109-10.
    H.R. 1042, the Net Worth Amendment for Credit Unions Act. 
Hearing on H.R. 1042, the ``Net Worth Amendment for Credit 
Unions Act.'' April 13, 2005. PRINTED, serial no. 109-16.
    Implementation of the Check Clearing for the 21st Century 
Act. Hearing entitled, ``Implementation of the Check Clearing 
for the 21st Century Act.'' April 20, 2005. PRINTED, serial no. 
109-20.
    Basel II: Capital Changes in the U.S. Banking Systems and 
the Results of the Impact Study. Joint hearing with the 
Subcommittee on Domestic and International Monetary Policy 
entitled ``Basel II: Capital Changes in the U.S. Banking 
Systems and the Results of the Impact Study.'' May 11, 2005. 
Serial no. 109-27.
    Helping Consumers Obtain the Credit They Deserve. Hearing 
entitled ``Helping Consumers Obtain the Credit They Deserve.'' 
May 12, 2005. Serial no. 109-29.
    Enhancing Data Security: The Regulators' Perspective. 
Hearing entitled ``Enhancing Data Security: The Regulators' 
Perspective.'' May 18, 2005. Serial no. 109-31.
    Financial Services Regulatory Relief: Private Sector 
Perspectives. Hearing entitled ``Financial Services Regulatory 
Relief: Private Sector Perspectives.'' May 19, 2005. Serial no. 
109-32.
    Legislative Solutions to Abusive Mortgage Lending 
Practices. Joint hearing with the Subcommittee on Housing and 
Community Opportunity entitled ``Legislative Solutions to 
Abusive Mortgage Lending Practices.'' May 24, 2005. Serial no. 
109-33.
    Financial Services Regulatory Relief: The Regulators' 
Views. Hearing entitled ``Financial Services Regulatory Relief: 
The Regulators' Views.'' June 9, 2005. PRINTED, serial no. 109-
36.
    Banking on Retirement Security: A Guaranteed Rate of 
Return. Hearing entitled ``Banking on Retirement Security: A 
Guaranteed Rate of Return.'' June 23, 2005. Serial no. 109-41.
    Hurricane Katrina: The Financial Institutions' Response. 
Hearing entitled ``Hurricane Katrina: The Financial 
Institutions' Response.'' September 14, 2005. Serial no. 109-
53.
    H.R 3505, the ``Financial Services Regulatory Relief Act of 
2005.'' Hearing on H.R 3505, the ``Financial Services 
Regulatory Relief Act of 2005.'' September 22, 2005. Serial no. 
109-55.
    Private Sector Priorities for Basel Reform. Hearing 
entitled ``Private Sector Priorities for Basel Reform.'' 
September 28, 2005. Serial no. 109-57.
    H.R. 3505, the ``Financial Services Regulatory Relief Act 
of 2005.'' Hearing on H.R. 3505, the ``Financial Services 
Regulatory Relief Act of 2005.'' October 18, 2005. Serial no. 
109-59.
    H.R. 3997, the ``Financial Data Protection Act of 2005.'' 
Hearing on H.R. 3997, the ``Financial Data Protection Act of 
2005.'' November 9, 2005. Serial no. 109-61.
    H.R. 3206, the ``Credit Union Charter Choice Act.'' Hearing 
on H.R. 3206, the ``Credit Union Charter Choice Act.'' May 11, 
2006. Serial no. 109-91.
    H.R. 5341, the ``Seasoned Customer CTR Exemption Act of 
2006.'' Hearing on H.R. 5341. the ``Seasoned Customer CTR 
Exemption Act of 2006.'' May 18, 2006. Serial no. 109-95.
    Home Mortgage Disclosure Act: Newly Collected Data and What 
it Means. Hearing entitled ``Home Mortgage Disclosure Act: 
Newly Collected Data and What it Means.'' June 13, 2006. Serial 
no. 109-99.
    Bank Secrecy Act's Impact on Money Services Businesses. 
Hearing entitled ``Bank Secrecy Act's Impact on Money Services 
Businesses.'' June 21, 2006. Serial no. 109-100.
    ILCs--a Review of Charter, Ownership, and Supervision 
Issues. Hearing entitled ``ILCs--a Review of Charter, 
Ownership, and Supervision Issues.'' July 12, 2006. Serial no. 
109-106.
    ICANN and the Whois Database: Providing Access to Protect 
Consumers from Phishing. Hearing entitled ``ICANN and the Whois 
Database: Providing Access to Protect Consumers from 
Phishing.'' July 18, 2006. Serial no. 109-108.
    Basel--A Review of Regulatory Proposals on Basel Capital 
and Commercial Real Estate. Hearing entitled ``A Review of 
Regulatory Proposals on Basel Capital and Commercial Real 
Estate.'' September 14, 2006. Serial no. 109-120.
    Financial Literacy--Improving Financial Literacy: Working 
Together to Develop Private Sector Coordination and Solutions. 
Hearing entitled ``Improving Financial Literacy: Working 
Together to Develop Private Sector Coordination and 
Solutions.'' September 28, 2006. Serial no. 109-124.
           Subcommittee on Housing and Community Opportunity

          (Ratio: 14-12)

 (VACANCY), Chairman 2

MAXINE WATERS, California            GARY G. MILLER, California,
NYDIA M. VELAZQUEZ, New York           Vice Chair
JULIA CARSON, Indiana                RICHARD H. BAKER, Louisiana
BARBARA LEE, California              WALTER B. JONES, Jr., North 
MICHAEL E. CAPUANO, Massachusetts    Carolina
BERNARD SANDERS, Vermont *           CHRISTOPHER SHAYS, Connecticut
STEPHEN F. LYNCH, Massachusetts      PATRICK J. TIBERI, Ohio
BRAD MILLER, North Carolina          GINNY BROWN-WAITE, Florida
DAVID SCOTT, Georgia                 KATHERINE HARRIS, Florida
ARTUR DAVIS, Alabama                 RICK RENZI, Arizona
EMANUEL CLEAVER, Missouri            STEVAN PEARCE, New Mexico
AL GREEN, Texas                      RANDY NEUGEBAUER, Texas
BARNEY FRANK, Massachusetts,         MICHAEL G. FITZPATRICK, 
  ex officio                         Pennsylvania
                                     GEOFF DAVIS, Kentucky
                                     JOHN CAMPBELL, California \1\
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

* Mr. Sanders is an independent, but caucuses with the Democratic 
Caucus.

                  Subcommittee Legislative Activities


        FHA MANUFACTURED HOUSING LOAN MODERNIZATION ACT OF 2006

                              (H.R. 4804)

    To modernize the manufactured housing loan insurance 
program under title 1 of the National Housing Act.

Summary

    H.R. 4804, the FHA Manufactured Housing Loan Modernization 
Act of 2006 amends the National Housing Act with respect to 
Federal Housing Administration (FHA) housing loan insurance for 
manufactured homes (or lots for such homes).
    Amends Title I of the Federal Housing Administration (FHA) 
manufactured housing personal property mortgage insurance 
program by encouraging more private-sector participation in the 
Title I program, increasing the availability of Title I loans 
for manufactured housing, and improving access for such loans 
to the secondary mortgage market.

Legislative History

    H.R. 4804, the FHA Manufactured Housing Loan Modernization 
Act of 2006, was introduced by Mr. Tiberi and one cosponsor on 
February 16, 2006, and referred to the Committee on Financial 
Services. The bill was referred to the Subcommittee on Housing 
and Community Opportunity on March 21, 2006. On June 8, 2006, 
the Subcommittee considered and approved H.R. 4804 for full 
Committee consideration, by voice vote.
    On June 14, 2006, the full Committee met in open session 
and ordered the bill to be reported as amended with a favorable 
recommendation to the House by voice vote. On July 19, 2006, 
the Committee reported the bill to the House, as amended (H. 
Rept. 109-580). On July 25, 2006, the House considered the bill 
under suspension of the rules and passed the bill as amended by 
a vote of 412-4.
    On July 26, 2006, H.R. 4804 was received in the Senate, 
read twice, and referred to the Senate Committee on Banking, 
Housing, and Urban Affairs.
    No further action was taken on this legislation in the 
109th Congress.

               SAVING AMERICA'S RURAL HOUSING ACT OF 2006

                              (H.R. 5039)

    To establish a program to revitalize rural multifamily 
housing assisted under the Housing Act of 1949.

Summary

    H.R. 5039, Saving America's Rural Housing Act of 2006, 
amends the Housing Act of 1949 to direct the Secretary of 
Agriculture to implement a revitalization program to provide 
financial incentives and other assistance to owners of eligible 
projects through voluntary long-term use agreements entered 
into between the projects.

Legislative History

    H.R. 5039, Saving America's Rural Housing Act of 2006, was 
introduced by Mr. Geoff Davis and ten cosponsors on March 29, 
2006, and referred to the Committee on Financial Services. The 
bill was referred to the Subcommittee on Housing and Community 
Opportunity on April 21, 2006.
    On April 25, 2006, the Subcommittee held a legislative 
hearing on H.R. 5039. On May 23, 2006, the Subcommittee 
considered and approved H.R. 5039 for full Committee 
consideration, as amended. The full Committee met in open 
session on June 14, 2006 and ordered the bill to be reported 
with a favorable recommendation to the House, as amended, by 
voice vote. The Committee reported the bill as amended to the 
House on July 27, 2006, (H. Rept. 109-604).

              NATURAL DISASTER HOUSING REFORM ACT OF 2006

                              (H.R. 5393)

    To provide for the Department of Housing and Urban 
Development to coordinate Federal housing assistance efforts in 
the case of disasters resulting in long-term housing needs.

Summary

    H.R. 5393, the `Natural Disaster Housing Reform Act of 
2006' has two main functions: to designate the Department of 
Housing and Urban Development (HUD) as the lead Federal agency 
in natural disasters (subject to a Stafford Act declaration) 
where long-term housing needs exist and to make changes to the 
Stafford Act to facilitate post-Katrina recovery.
    H.R. 5393 would allow, after a Presidential disaster 
declaration under the Stafford Act, a governor to request that 
the President find a long-term housing response. Upon making a 
finding that disaster victims may be displaced from their 
residences for more than 30 days, the President may designate 
HUD as the lead agency to provide housing assistance to 
disaster victims. Housing assistance is broadly defined in 
order to provide HUD a comprehensive array of options to meet 
long-term housing needs. This flexibility will offer 
significant improvements to existing law that sharply limits 
housing options for disaster victims. While HUD is the lead 
agency, DHS primacy in the management of natural disaster 
response is retained.

Legislative History

    H.R. 5393, the Natural Disaster Housing Reform Act of 2006 
was introduced by Mr. Baker and two cosponsors on May 16, 2006, 
and referred to the Committee on Financial Services and the 
Committee on Transportation and Infrastructure.
    The Financial Services Committee referred the bill to the 
Subcommittee on Housing and Community Opportunity on June 7, 
2006. On June 8, 2006, the Subcommittee considered and approved 
H.R. 5393 by voice vote.
    On June 14, 2006, the full Committee met in open session 
and ordered the bill to be reported with a favorable 
recommendation to the House by voice vote. The Committee 
reported the bill to the House, H. Rept. 109-607, on July 28, 
2006.
    The Committee on Transportation and Infrastructure referred 
the bill to the Subcommittee on Highways, Transit and Pipelines 
on May 17, 2006.
    Portions of H.R. 5393 were included in the FY 07 Homeland 
Security Appropriations bill, which was signed by the 
President, October 4, 2006, becoming Public Law 109-295.

                  SECTION 8 VOUCHER REFORM ACT OF 2006

                              (H.R. 5443)

    To reform the housing choice voucher program under section 
8 of the United States Housing Act of 1937.

Summary

    H.R. 5443, the Section 8 Voucher Reform Act of 2006, amends 
the United States Housing Act of 1937 to set forth exceptions 
to the requirement of initial inspection prior to occupancy, 
especially to allow assistance payments if failure to meet 
standards results only from non-life threatening conditions.
    Prescribes guidelines for income reviews and calculation of 
income. Directs the Secretary of Housing and Urban Development 
to make an annual inflation adjustment to exclusions from such 
calculation.
    Instructs the Secretary to implement a Moving to Work 
Program in which selected public housing agencies may 
participate.
    Authorizes funding for tenant-based vouchers.
    Permits a public housing agency, at its discretion, to 
provide a single grant to be used only as a contribution toward 
the downpayment for the purchase of a dwelling, in lieu of 
monthly assistance payments.

Legislative History

    H.R. 5443, the Section 8 Voucher Reform Act of 2006, was 
introduced by Mr. Ney and three cosponsors on May 22, 2006, and 
referred to the Committee on Financial Services. The bill was 
referred to the Subcommittee on Housing and Community 
Opportunity on June 8, 2006. On the same day, the Subcommittee 
considered and approved H.R. 5443 for full Committee 
consideration, as amended, by a vote of 23 yeas and 2 nays.
    On June 14, 2006, the full Committee met in open session 
and ordered the bill to be reported with a favorable 
recommendation to the House, as amended, by voice vote.

                  MARK-TO-MARKET EXTENSION ACT OF 2006

                    (H.R. 5527) (see also H.R. 6115)

    To extend the authority of the Secretary of Housing and 
Urban Development to restructure mortgages and rental 
assistance for certain assisted multifamily housing.

Summary

    H.R. 5527, the Mark-to-Market Extension Act of 2006 amends 
the Multifamily Assisted Housing Reform and Affordability Act 
of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-
Market program; and (2) provisions of the FHA-insured 
Multifamily Housing Mortgage and Housing Assistance 
Restructuring program regarding projects and programs for which 
binding commitments have been entered into under such Act.

Legislative History

    H.R. 5527, the Mark-to-Market Extension Act of 2006, was 
introduced by Mr. Ney and three cosponsors on June 6, 2006, and 
referred to the Committee on Financial Services. The bill was 
referred to the Subcommittee on Housing and Community 
Opportunity on June 7, 2006.
    On June 8, 2006, the Subcommittee considered and approved 
H.R. 5527 for full Committee consideration, by voice vote. On 
June 14, 2006, the full Committee met in open session and 
ordered the bill to be reported with a favorable recommendation 
to the House, as amended, by voice vote. On July 17, 2006, the 
Committee reported the bill to the House, as amended (H. Rept. 
109-572).

                   Subcommittee Oversight Activities


                        RURAL HOUSING IN AMERICA

    On March 10, 2005, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled ``Oversight of 
the Rural Housing Service and its Fiscal Year 2006 Budget.'' 
The Financial Services Committee has jurisdiction over the 
rural housing programs under the Rural Housing Service (RHS) in 
the Department of Agriculture. The Subcommittee heard testimony 
from the Administrator of the Rural Housing Service, Department 
of Agriculture (USDA) and the Director of the Government 
Accountability Office.
    The hearing was designed to review the Service's fiscal 
year 2006 budget proposal and three reports issued by the 
Government Accountability Office (GAO) entitled ``Rural 
Housing: Changing the Definition of Rural Could Improve 
Eligibility Determinations'' (GAO-05-110), ``Rural Housing 
Service: Agency Has Overestimated Its Rental Assistance Budget 
Needs Over the Life of the Program'' (GAO-04-752), and ``Rural 
Housing Service: Updated Guidance and Additional Monitoring 
Needed for Rental Assistance Distribution Process'' (GAO-04-
937).
    On April 25, 2006, the Subcommittee held a legislative 
hearing on H.R. 5039, Saving America's Rural Housing Act of 
2006, introduced by Mr. Geoff Davis. The bill would create a 
revitalization program, allow for the prepayment of some 
section 515 loans made before 1989, and protect tenants. The 
Subcommittee heard testimony from the Administrator for Rural 
Development Housing and Community Facilities Programs at USDA 
and representatives from a variety of organizations involved 
with the Section 515 program.

                    NATIONAL FLOOD INSURANCE PROGRAM

    The Subcommittee on Housing and Community Opportunity has 
held four hearings in a series focused on the National Flood 
Insurance Program (NFIP).
    On April 14, 2005, the Subcommittee held a hearing entitled 
``Review and Oversight of the National Flood Insurance 
Program.'' The Financial Services Committee has jurisdiction 
over the NFIP under the Federal Emergency Management Agency 
(FEMA) in the Department of Homeland Security. The Subcommittee 
heard testimony from the Acting Mitigation Division Director 
and Federal Insurance Administrator at FEMA and the Director of 
Homeland Security and Justice at the Government Accountability 
Office. The hearing focused on administrative problems facing 
the NFIP and the steps currently being taken by FEMA and the 
private insurance industry to resolve these problems. The 
hearing also addressed the current funding difficulties 
impacting the implementation of the Flood Insurance Reform Act.
    On July 12, 2005, the Subcommittee held a hearing entitled 
``Flood Map Modernization and the Future of the National Flood 
Insurance Program.'' The hearing focused on the $1 billion, 5-
year flood map modernization program at FEMA. The Subcommittee 
heard testimony from the Acting Mitigation Division Director 
and Federal Insurance Administrator at FEMA and the Director of 
Homeland Security and Justice at the Government Accountability 
Office.
    On August 17, 2005, the Subcommittee held a field hearing 
in New Philadelphia, OH entitled ``A Look at the National Flood 
Insurance Program: Is Ohio Ready for a Flood?'' The 
Subcommittee heard testimony from the Acting Mitigation 
Division Director and Federal Insurance Administrator at FEMA 
and several Ohio state and local officials. The hearing focused 
on how state and local governments operate under the NFIP, and 
the steps currently being taken by FEMA, local officials, and 
the insurance industry to resolve problems dealing with 
inconsistencies and delays inherent to the program. The hearing 
examined current implementation difficulties in counties such 
as Tuscarawas, OH; specifically, how implementation of the 
Flood Insurance Reform Act has affected constituents and local 
organizations.
    On October 20, 2005, the Subcommittee held a hearing 
entitled ``Management and Oversight of the NFIP.'' Witnesses 
included Congressmen Richard Baker (LA) and Gene Taylor (MS), 
David Maurstad, Acting Director and Federal Insurance 
Administrator at FEMA, and William Jenkins, Jr., Director, 
Homeland Security and Justice, U.S. Government Accountability 
Office. The hearing focused on GAO's upcoming report on issues 
related to the NFIP, its management and oversight by FEMA, and 
FEMA's implementation of reforms to the NFIP that were mandated 
by the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act 
of 2004 (P.L. 108-264). The hearing also focused on the impact 
of Hurricanes Katrina and Rita on the NFIP and on FEMA's 
response as well as funding difficulties that may confront the 
NFIP in the aftermath of recent hurricanes.

               EMERGENCY HOUSING NEEDS ON THE GULF COAST

    On September 8, 2005, the Subcommittee held a roundtable 
discussion on crucial housing needs in the aftermath of 
Hurricane Katrina. Over 30 representatives from the housing 
industry, from charitable organizations, public housing and 
anti-poverty advocacy groups participated. Several Members of 
Congress also participated. Participants discussed the efforts 
their organizations were taking, what their needs were, and 
what regulatory or legislative solutions might be necessary in 
the immediate future.
    The Subcommittee held seven hearings in a series focused on 
Gulf Coast recovery. The first hearing on September 15, 2005, 
was entitled ``Emergency Housing Needs in the Aftermath of 
Hurricane Katrina.'' The hearing focused on the critical 
housing needs in the aftermath of Hurricane Katrina. The 
Subcommittee heard testimony from the housing industry, 
charitable organizations, and housing advocacy groups.
    On December 8 and December 14, 2005, the Subcommittee held 
hearings entitled ``Housing Options in the Aftermath of 
Hurricanes Katrina and Rita.'' The hearings focused on the 
Federal government's response to the emergency housing needs of 
residents affected by Hurricanes Katrina and Rita, specifically 
FEMA's hotel program for evacuees and the role of HUD housing 
programs in response to disasters. Witnesses included David E. 
Garratt, Acting Director, Recovery Division, Federal Emergency 
Management Agency, and Honorable Brian D. Montgomery, Assistant 
Secretary for Housing/Federal Housing Commissioner and Orlando 
J. Cabrera, Assistant Secretary for Public and Indian Housing, 
Department of Housing and Urban Development.
    On January 13, 2006 and January 14, 2006, the Subcommittee 
held two field hearings in a continuing series of hearings 
entitled ``Housing Options in the Aftermath of Hurricanes 
Katrina and Rita.'' The first hearing was held in New Orleans, 
LA. The second hearing was held in Gulfport, MS. Witnesses at 
the New Orleans hearing included Congressman William Jefferson 
and Mayor C. Ray Nagin, officials representing HUD and FEMA, 
and leaders representing various community groups. Witnesses at 
the second hearing included Gulfport Mayor Brent Warr, 
officials from HUD and FEMA, and leaders representing community 
groups.
    The Subcommittee held a hearing on February 28, 2006 
entitled, ``Fair Housing Issues in the Gulf Coast in the 
Aftermath of Hurricane Katrina and Rita.'' The hearing focused 
on the experiences and challenges faced by displaced families 
and individuals seeking temporary or permanent housing 
replacement. The current state of fair housing enforcement and 
the effect of recent technological advances on enforcement 
practices were examined. Following the hurricanes, offers of 
assistance, including housing assistance, were posted on 
internet web sites. This raised the question of whether the 
internet can complement disaster programs, and whether fair 
housing laws can be enforced on internet postings.
    On March 9, 2006, the Subcommittee held a hearing entitled 
``The Federal Role in Facilitating Recovery and Long-term 
Rebuilding Efforts.'' Donald E. Powell, Federal Coordinator for 
Gulf Coast Rebuilding, U.S. Department of Homeland Security, 
was the only witness. On November 1, 2005, President Bush 
appointed Mr. Powell as the Federal Coordinator for Gulf Coast 
Rebuilding. In that capacity, Mr. Powell was tasked with 
developing a long-term rebuilding plan for the region in the 
aftermath of Hurricanes Katrina, Rita and Wilma, coordinating 
the federal efforts and helping state and local officials reach 
consensus on their vision for the region.
    The hearing focused on the challenges and opportunities of 
both the intermediate recovery and long-term rebuilding efforts 
in the Gulf Coast region, the Federal role in assisting State 
and local governments in establishing and implementing their 
plans for rebuilding and recovery, and the appropriate role for 
the Federal government in these efforts.

                     HOUSING CHOICE VOUCHER REFORM

    On May 11, 2005 and May 17, 2005, two legislative hearings 
were held entitled ``H.R. 1999, The State and Local Housing 
Flexibility Act of 2005.'' The Full Committee held the May 11, 
2005 hearing, and the Subcommittee on Housing and Community 
Opportunity held the May 17, 2005 hearing. The Committee heard 
testimony from the Secretary of the Department of Housing and 
Urban Development. The Subcommittee heard testimony from a 
number of public housing authorities and housing advocacy 
groups.
    Both hearings focused on H.R. 1999, the Administration's 
proposal to reform the Housing Choice Voucher program. The bill 
was introduced in the House by Congressman Gary G. Miller of 
California and by Senator Wayne Allard in the Senate. H.R. 1999 
makes significant changes to the housing choice voucher program 
by providing greater flexibility to Public Housing Authorities 
(PHA) to manage their individual budgets.

                         HOUSING AFFORDABILITY

    The Subcommittee held a legislative hearing on H.R. 3043, 
The Zero Downpayment Pilot Program Act of 2006 on June 30, 
2005. Representatives of the Government Accountability Office, 
industry and consumer groups testified.
    H.R. 3043 was introduced in the House by Mr. Tiberi and Mr. 
David Scott on June 23, 2005 and reflects a legislative 
proposal incorporated in the Administration's FY 2005 and 2006 
budgets for the U.S. Department of Housing and Urban 
Development (HUD). In the 108th Congress, Congressmen Tiberi 
and Scott introduced an earlier version--``Zero Downpayment Act 
of 2004'' on February 3, 2004. The legislative proposal would 
eliminate the downpayment requirement for families and 
individuals who buy homes with FHA-insured mortgages. H.R. 3043 
incorporates the 2004 reported bill as well as the following 
key revisions: (1) establishes the Zero Downpayment program as 
a pilot program; (2) limits the number of mortgages insured 
this pilot program to 50,000, in order to gauge whether zero 
downpayment programs can be underwritten to limit foreclosures; 
and, (3) sunsets the program in 2010, in order to provide an 
opportunity to review the program and determine its 
effectiveness.

                      CHANGING REAL ESTATE MARKET

    On July 25, 2006, the Subcommittee held a hearing entitled 
``The Changing Real Estate Market''. Witnesses included 
representatives from the Department of Justice, the Federal 
Trade Commission, the Government Accountability Office, 
consumer groups and the real estate industry. The hearing 
focused on the growing role of the Internet in real estate 
transactions and its impact on homeownership and consumers. The 
hearing addressed new and innovative brokerage business models, 
multiple listing services, and the implications of state-
imposed minimum-service requirements.

               MORTGAGE BROKER LICENSING AND REGISTRATION

    The Subcommittee held a legislative hearing on September 
29, 2005 entitled ``Licensing and Registration in the Mortgage 
Industry.'' The hearing focused on Title V of H.R. 1295, The 
Responsible Lending Act, introduced by Mr. Ney on March 15, 
2005, and on the benefits, controversies and problems 
surrounding the patchwork nature of State licensing, 
registration and education requirements regarding the mortgage 
industry.
    Mortgage companies are generally licensed by the States. 
However, with the proliferation of predatory lending practices, 
States are moving beyond corporate licensing and requiring the 
licensing of loan officers and, in some cases, support staff. 
Licensing and regulation of the mortgage industry differs 
significantly from State to State. The subcommittee heard 
testimony from the North Carolina Commissioner of Banks, and 
representatives from industry and consumer groups.

                   ABUSIVE MORTGAGE LENDING PRACTICES

    The Subcommittee and the Subcommittee on Financial 
Institutions and Consumer Credit held a joint legislative 
hearing on May 24, 2005 entitled ``Legislative Solutions to 
Abusive Mortgage lending Practices.'' The hearing focused on 
predatory and abusive mortgage lending practices, particularly 
in the subprime market, and current legislative proposals to 
abate and eliminate such practices. Representatives of the 
mortgage lending industry, the secondary market, consumer 
groups, and a mortgage counseling professional discussed the 
problems associated with abusive lending practices and various 
legislative solutions currently pending before this Congress.
    Nationally, subprime mortgage originations have skyrocketed 
since the early 1990s. In 1994, just $34 billion in subprime 
mortgages were originated, compared with over $213 billion in 
2002 and $608 billion in 2004. The proportion of subprime loans 
compared with all home loans also rose dramatically. In 1994, 
subprime mortgages represented five percent of overall mortgage 
originations in the U.S. By 2002, the share had risen to 8.6 
percent, and by the fourth quarter of 2004, the share had grown 
to 24 percent.
    Although subprime lending has increased access to credit to 
those with less-than-perfect credit and low-to-moderate income 
borrowers, it has also in some instances increased abusive 
lending practices that have targeted more vulnerable 
populations, such as minorities and the elderly. These abusive 
practices have become known as ``predatory lending.'' Specific 
terms or practices that many associate with predatory lending 
include excessively high interest rates and fees, balloon 
payments, high loan-to-value ratios, excessive prepayment 
penalties, loan flippings, loan steering, and unnecessary 
single-premium credit insurance.
    Various legislative proposals attempt to limit abusive 
lending practices. Earlier this year, Chairman Ney and 
Congressman Paul Kanjorski introduced H.R. 1295, the 
Responsible Lending Act, which contains a number of new and 
comprehensive solutions to mortgage lending problems and 
abuses. Other legislative proposals to this problem have been 
introduced in the 109th Congress, including H.R. 1182, the 
Prohibit Predatory Lending Act, introduced by Congressman Brad 
Miller and Congressman Melvin Watt.

                   NATIVE AMERICAN LAND TITLE ISSUES

    The Committee on Financial Services held a joint hearing 
with the Committee on Resources on July 19, 2005 entitled 
``Improving Land Title Grant Procedures for Native Americans.'' 
Representatives from the Office of Native American Programs, 
Department of Housing and Urban Development and from the Bureau 
of Indian Affairs (BIA), Department of the Interior testified.
    The hearing focused on the administrative problems facing 
Native Americans seeking homeownership and the process of 
obtaining land title through BIA. Specifically, the hearing 
focused on the BIA's ability to produce timely Title Status 
Reports (TSR) for Native American Lands, as well as how BIA 
affects HUD programs such as the Indian Community Development 
Block Grant Program and the Indian Housing Block Grant Program. 
Since the TSR serves as proof of ``clear title'' for the 
purpose of mortgaging lease-hold interests for property, the 
ability of BIA to issue these reports affects more than 
housing, and has been seen by critics as a major contributing 
factor to the lack of economic development on Native American 
lands.
    The Subcommittee held a field hearing entitled ``Removing 
Barriers to Homeownership for Native Americans'' on July 31, 
2006 in Camp Verde, Arizona. This hearing focused on the 
progress made by the BIA and HUD in removing those barriers to 
federal housing assistance for Native Americans identified in 
the full Committee hearing on July 19, 2005.

                        POWERS OF EMINENT DOMAIN

    The Subcommittee held a field hearing on August 18, 2005 on 
the impact on Ohio communities of the Supreme Court's decision, 
Kelo v. City of New London. The morning session of the hearing 
was held in Hebron, Ohio, and the afternoon session was held in 
Chillicothe, OH. The hearing examined the balance needed 
between governments' power to condemn land for ``public use'' 
while maintaining the rights of citizens who wish to retain 
their private property. Witnesses testified about Ohio's state 
and local laws that regulate condemnation and their personal 
experiences concerning families and businesses that have lost 
private property through condemnation.

               COMMUNITY DEVELOPMENT BLOCK GRANTS (CDBG)

    The Subcommittee on Housing and Community Opportunity held 
three field hearings entitled ``Strengthening Rural Ohio: A 
Review of the Community Development Block Grant Program.'' The 
first hearing was held on Friday, March 24, 2006, in the Knox 
County Commission Hearing Room, Mount Vernon, Ohio. The second 
hearing was held later that same day in the Guernsey County 
Commission Conference Room, Cambridge, Ohio. The third hearing 
was held the following day, on Saturday, March 25, 2006, in the 
Hocking County Emergency Management Agency Conference Room, 
Logan, Ohio. Witnesses included local elected officials and 
representatives of nonprofit organizations.
    The Subcommittee also held a field hearing on the CDBG 
program on April 12, 2006 in Los Angeles, California. Witnesses 
included local officials, and representatives from economic 
development and nonprofit organizations.
    The CDBG program, administered by HUD, is the Federal 
government's largest and most widely available source of 
financial assistance to support State and local government-
directed neighborhood revitalization, housing rehabilitation, 
and economic development activities. These formula-based grants 
are allocated to more than 1,100 entitlement communities 
(metropolitan cities with populations of 50,000 or more, and 
urban counties), the 50 states, Puerto Rico, and the insular 
areas of American Samoa, Guam, the Virgin Islands, and the 
Northern Mariana Islands. The States participating in the CDBG 
Program award grants only to units of general local government 
that carry out development activities, which accounts for the 
investment in rural areas. Annually each State develops funding 
priorities and criteria for selecting projects. Grants are used 
to implement plans intended to address local housing, 
neighborhood revitalization, public services, and 
infrastructure needs, as determined by local officials with 
citizen input.

                     HOUSING FOR MILITARY PERSONNEL

    On February 8, 2006, the Subcommittee on Housing and 
Community Opportunity held a legislative hearing on H.R. 3186, 
Build Houses for Our Military's Enlisted Servicemembers Act, 
introduced by Congressman Jim Ryun. The bill amends the 
Department of Housing and Urban Development Act to exclude 
basic housing assistance amounts received by a member of the 
Armed Forces from consideration as income for any Federal 
housing assistance program.
    The Low Income Housing Tax Credit (LIHTC) was created by 
the Tax Reform Act of 1986 as an alternative method of funding 
to provide housing for low and moderate income families in 
private developments. Presently, HUD's policy is to include the 
military's Basic Allowance for Housing (BAH) as income in its 
calculation for determining if a family meets the income 
qualification for LIHTC housing.
    H.R. 3186 directs HUD to exclude the BAH in its calculation 
of income for the purposes of the LIHTC program. This change 
would allow housing developers to take advantage of the low 
income housing tax credit (LIHTC), and build more low income 
housing in communities near military bases. This bill does not 
increase credit allocation to the states; therefore, there is 
no additional cost to the taxpayer.

                     FEDERAL HOUSING ADMINISTRATION

    On April 5, 2006, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled ``Transforming the Federal 
Housing Administration for the 21st Century.''
    The hearing focused on the Administration's FY 2007 budget 
proposal to reform the Federal Housing Administration's (FHA) 
single-family mortgage insurance activities. Under the 
proposal, FHA would base each borrower's mortgage insurance 
premiums upon the risk that the borrower poses to the FHA 
Mortgage Insurance Fund. Additionally, mortgage insurance 
premiums would be based on the borrower's credit history, loan-
to-value ratio, debt-to-income ratio, and on FHA's historical 
experience with similar borrowers. The Administration believes 
that these changes would decrease premiums for many of FHA's 
traditional borrowers, thereby increasing their access to 
homeownership.
    The Administration's proposal also amends the National 
Housing Act regarding the factors for determining the maximum 
single family mortgage amounts insurable by FHA. Generally, 
under current law, the maximum insurable mortgage is the lesser 
of a maximum allowable dollar amount and an amount based on a 
maximum percentage of appraised value plus the mortgage 
insurance premium. FHA maximum mortgage dollar amounts are 
established with reference to the median home price for the 
area in which the property is located. Under the proposal, the 
FHA could insure the full median house price up to 100 percent 
of the Federal Home Loan Mortgage Corporation Association 
conforming loan limit, now $362,790 for a one-unit property.

                        HOUSING INSURANCE ISSUES

    The Subcommittee held a hearing on Wednesday, April 26, 
2006, entitled ``Title Insurance: Cost and Competition''. This 
hearing focused on the title insurance marketplace and ways to 
make the market more competitive and efficient for consumers. 
Witnesses testified about the status of state and Federal 
investigations, the relationships between title insurers, title 
agents, realtors, and lenders, and the various factors that 
determine the cost of title insurance policies; and about the 
effectiveness of state and federal regulation and oversight. 
Witnesses included a representative from a state insurance 
department, GAO, HUD, a title insurance trade association, a 
small and large title insurance underwriter, realtors, real 
estate service providers, and a consumer group.
    Title insurance is designed to protect homeowners and 
lenders from future claims to their property. Unlike most other 
types of insurance (such as homeowners or automobile insurance) 
that focus on potential future events and are renewed annually, 
title insurance protects against losses arising from past 
defects, and is only paid at the purchase or refinancing of a 
home.
    Last year State and Federal investigators identified 
numerous allegedly illegal title insurance transactions. For 
example, many cases involved so-called ``captive reinsurance 
agreements,'' where several major title insurance companies 
ceded nearly 50 percent of their premium to captive reinsurance 
companies set up by realtors, lenders, homebuilders and 
developers. According to State regulators, primary insurance 
companies use reinsurance to diversify their potential loss 
portfolios and it is unusual for reinsurance to be used in 
title insurance business because loss ratios are minimal. These 
``reinsurers'' supposedly assumed part of the risk of the title 
policies in return for a portion of the title premiums. 
Regulators in Colorado and California determined that 
reinsurance was unnecessary given the very limited risk the 
reinsurer assumed and determined that these payments were in 
effect ``kickbacks'' that raised the cost of title insurance 
for consumers.
    On January 24, 2006, in response to the state and federal 
investigations, Committee on Financial Services Chairman 
Michael G. Oxley asked the GAO to conduct a comprehensive study 
of the title insurance marketplace. The GAO report is expected 
to be completed by September.
    The Subcommittee held a hearing on June 28, 2006 entitled 
``Is America's Housing Market prepared for the Next Natural 
Catastrophe? Among those testifying were Dr. William Gray, 
Professor Emeritus of Atmospheric Science at Colorado State 
University, Kevin McCarty, Florida Insurance Commissioner and 
representatives from various consumer and industry groups. The 
hearing focused on the ability of America's housing market to 
withstand future natural catastrophes in light of recent 
availability and affordability issues surrounding homeowners 
insurance.

                       Subcommittee Hearings Held

    Rural Housing Service. Hearing entitled ``Oversight of the 
Rural Housing Service and its Fiscal Year 2006 Budget.'' March 
10, 2005. PRINTED, serial no. 109-8.
    National Flood Insurance Program, Hearing entitled ``Review 
and Oversight of the Flood Insurance Program.'' April 14, 2005. 
PRINTED, serial no. 109-17.
    Housing Choice Voucher Reform, Legislative Hearing on H.R. 
1999--State and Local Housing Flexibility Act of 2005. May 11, 
2005 and May 17, 2005. PRINTED, serial no. 109-28 and 109-30.
    Zero Downpayment, Legislative Hearing on H.R. 3043--The 
Zero Downpayment Pilot Program Act of 2005. June 30, 2005. 
PRINTED, serial no. 109-43.
    Flood Map Modernization, Hearing entitled ``Flood Map 
Modernization and the Future of the National Flood Insurance 
Program.'' July 12, 2005. PRINTED, serial no. 109-44.
    National Flood Insurance Program, Field Hearing entitled 
``A Look at the National Flood Insurance Program: Is Ohio Ready 
for a Flood?'' August 17, 2005. PRINTED, serial no. 109-
    Eminent Domain, Field Hearing entitled ``Eminent Domain: 
Are Ohio Homeowners at Risk?'' August 18, 2005. PRINTED, serial 
no. 109-51.
    Housing Needs in the Gulf Coast Area, Hearing entitled 
``Emergency Housing Needs in the Aftermath of Hurricane 
Katrina.'' September 15, 2005. PRINTED, serial no. 109-54.
    Mortgage Industry Licensing, Hearing entitled ``Licensing 
and Registration in the Mortgage Industry.'' September 29, 
2005. PRINTED, serial no. 109-58.
    National Flood Insurance Program, Hearing entitled 
``Management and Oversight of the National Flood Insurance 
Program.'' October 20, 2005. PRINTED, serial no. 109-60.
    Housing Needs in the Gulf Coast Area, Hearing entitled 
``Housing Options in the Aftermath of Hurricane Katrina.'' 
December 8, 2005. PRINTED, serial no. 109-67.
    Housing Needs in the Gulf Coast Area, Hearing entitled 
``Housing Options in the Aftermath of Hurricane Katrina.'' 
December 14, 2005. Serial no. 109-68.
    Housing Needs in the Gulf Coast Area, Field hearing in New 
Orleans, LA entitled ``Housing Options in the Aftermath of 
Hurricanes Katrina and Rita.'' January 13, 2006. PRINTED, 
serial no. 109-69.
    Housing Needs in the Gulf Coast Area, Field hearing in 
Gulfport, MS entitled ``Housing Options in the Aftermath of 
Hurricanes Katrina and Rita.'' January 14, 2006. PRINTED, 
serial no. 109-70.
    Military Housing, Legislative hearing on H.R. 3186, Build 
Houses for our Military's Enlisted Servicemembers Act. February 
8, 2006. PRINTED, serial no. 109-71.
    Fair Housing Issues, Hearing entitled ``Fair Housing Issues 
in the Gulf Coast in the Aftermath of Hurricane Katrina,'' 
February 28, 2006. PRINTED, serial no. 109-74.
    Gulf Coast Rebuilding, Hearing entitled ``The Federal Role 
in Facilitating Recovery and Long-term Rebuilding Efforts in 
the Gulf Coast Region,'' March 9, 2006. Serial no. 109-76.
    CDBG Program in Ohio, Field hearing in Mount Vernon, OH, 
entitled ``Strengthening Rural Ohio: A Review of the Community 
Development Block Grant Program,'' March 24, 2006 and March 25, 
2006. Serial no. 109-78 and 109-79.
    Transforming FHA, Hearing entitled ``Transforming the 
Federal Housing Administration for the 21st Century,'' April 5, 
2006. Serial no. 109-82.
    Impact of the CDBG Program, Field hearing in Los Angeles, 
CA entitled ``Community Development Block Grants: The Impact of 
CDBG on our Communities,'' April 12, 2006. Serial no. 109-85.
    Rural Housing Service, Hearing on the Rural Housing Service 
FY 2007 Budget and H.R. 5039, the Saving America's Rural 
Housing Act of 2006, April 25, 2006. Serial no. 109-86.
    Title Insurance, Hearing entitled ``Title Insurance: Cost 
and Competition,'' April 26, 2006. Serial no. 109-88.
    Housing Market, Hearing entitled ``Is America's Housing 
Market Prepared for the Next Natural Catastrophe?'' June 28, 
2006. Serial no. 109-103.
    Real Estate Market, Hearing entitled ``The Changing Real 
Estate Market,'' July 25, 2006. Serial no. 109-112.
    Native American Housing Issues, Field hearing entitled 
``Removing Barriers to Homeownership for Native Americans,'' 
July 31, 2006. Serial no. 109-114.
              Subcommittee on Oversight and Investigations

           (Ratio: 11-9)

   SUE W. KELLY, New York, Chair

LUIS V. GUTIERREZ, Illinois          RON PAUL, Texas
DENNIS MOORE, Kansas                   Vice Chairman
CAROLYN B. MALONEY, New York         EDWARD R. ROYCE, California
STEPHEN F. LYNCH, Massachusetts      STEVEN C. LaTOURETTE, Ohio
ARTUR DAVIS, Alabama                 MARK R. KENNEDY, Minnesota
EMANUEL CLEAVER, Missouri            SCOTT GARRETT, New Jersey
DAVID SCOTT, Georgia                 J. GRESHAM BARRETT, South Carolina
DEBBIE WASSERMAN SCHULTZ, Florida    TOM PRICE, Georgia
GWEN MOORE, Wisconsin                MICHAEL G. FITZPATRICK, 
BARNEY FRANK, Massachusetts,         Pennsylvania
  ex officio                         GEOFF DAVIS, Kentucky
                                     PATRICK T. McHENRY, North Carolina
                                     MICHAEL G. OXLEY, Ohio,
                                       ex officio

                   Subcommittee Oversight Activities


      CONTINUING THE GLOBAL FIGHT TO SHUT DOWN TERRORIST FINANCING

    The Subcommittee on Oversight and Investigations held a 
hearing entitled ``Terrorist Responses to Improved U.S. 
Financial Defenses'' on February 16, 2005. Three witnesses 
testified: the Assistant Secretary of the Treasury for 
Terrorist Financing, the president of a New York merchant bank, 
also a member of the Council on Foreign Relations, and an 
author with special expertise in this subject matter. The 
hearing focused on the successes of recent U.S. initiatives 
against terrorist financing and how terrorists have reacted to 
these successes.
    On May 4, 2005, the Subcommittee on Oversight and 
Investigations, along with the Subcommittee on International 
Terrorism and Nonproliferation of the House International 
Relations Committee, held a joint hearing entitled ``Starving 
Terrorists of Money: The Role of Middle Eastern Financial 
Institutions''. This hearing examined efforts to break the flow 
of charitable donations from certain Muslim organizations to 
terrorist organizations. Witnesses represented the Departments 
of the Treasury and State as well as the American Banking 
Association and a Muslim-American scholar from Georgetown 
University.
    On July 28, 2005, the Subcommittee on Oversight and 
Investigations held a joint hearing with the House Armed 
Services Committee Subcommittee on Terrorism, Unconventional 
Threats and Capabilities entitled ``Who Pays the Iraqi 
Insurgents?'' This hearing focused on the sources of funding 
for the insurgency in Iraq, the methods by which these funds 
enter Iraq, and the efforts the United States is taking to 
enable the Iraqi government to thwart terrorist finance. 
Following the public hearing, a classified briefing was 
initiated for Members and cleared staff. Witnesses included the 
Acting Treasury Assistant Secretary for the Office of Terrorism 
and Financial Intelligence and Department of Defense Counter-
terrorism specialists.
    The Subcommittee on Oversight and Investigations held a 
hearing entitled ``Weapons of Mass Destruction: Stopping the 
Funding--the OFAC Role'' on Thursday, February 16, 2006. This 
hearing examined Treasury's Office of Foreign Asset Control's 
(OFAC) Weapons of Mass Destruction designation program, and how 
it has been implemented and executed. The Director of OFAC 
testified. The Subcommittee also looked at how legitimate U.S. 
business interests are protected from loss or indemnified in 
the event of unforeseen setbacks as a consequence of OFAC 
designations and sanctions.
    The Subcommittee on Oversight and Investigations held a 
hearing entitled ``Counter-Terrorism Financing Foreign Training 
and Assistance: Progress since 9/11'' on April 6, 2006. The 
hearing reviewed the key findings and recommendations of 
Government Accountability Office (GAO) Report 06-19, 
``Terrorist Financing: Better Strategic Planning Needed to 
Coordinate U.S. Efforts to Deliver Counter-Terrorism Financing 
Training and Technical Assistance Abroad.'' This report, 
released in October 2005, found a communications failure 
between key departments in the war against terrorist 
organizations. A key GAO finding spotlighted the lack of an 
integrated strategy for such training efforts by the 
Departments of the Treasury and State as a reason for the 
coordination failure. This finding was the primary focus of the 
Oversight and Investigations Subcommittee hearing. The 
Comptroller General of the U.S. and representatives of the 
Departments of State, Treasury and Justice testified.
    The Subcommittee on Oversight and Investigations held a 
hearing entitled ``The Terrorist Finance Tracking Program'' on 
Tuesday, July 11, 2006. During the June 29, 2006, House floor 
debate on H. Res. 895, Chairman Oxley committed the 
Subcommittee on Oversight and Investigations to hold this 
hearing to look at the Department of the Treasury's Terrorist 
Finance Tracking Program. H. Res. 895 expressed the sense of 
the House in support of U.S. government programs to track 
terrorist financing and to condemn illegal disclosure of 
classified information that impairs the international fight 
against terrorism. The Subcommittee reviewed the subject matter 
with the Treasury Undersecretary for Terrorism and Financial 
Intelligence.
    On Tuesday, July 25, 2006, the Subcommittee on Oversight 
and Investigations and the Committee on Homeland Security 
Subcommittee on Intelligence, Information Sharing, and 
Terrorism Risk Assessment held a joint hearing entitled 
``Terrorism Threats and the Insurance Market.'' The 
Subcommittees focused on the insurance industry's attempts to 
model for terrorism risk and market terrorism risk insurance. 
Industry witnesses also addressed the industry's 
representations that terrorism is an ``uninsurable risk'' due 
to lack of actuarial data and baseline intelligence. Witnesses 
included a broad cross-section from the terrorism insurance 
marketplace, including underwriters, policyholders, and risk 
management experts.
    The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises and the Subcommittee on 
Oversight and Investigations held a joint hearing entitled 
``Protecting Americans from Catastrophic Terrorism Risk'' on 
Thursday, September 27, 2006. The Subcommittees heard from 
experts in the field of terrorism insurance and chief executive 
officers of companies that offer and purchase terrorism risk 
insurance in the primary and secondary markets.

        FANNIE MAE AND THE FIRST BENEFICIAL MORTGAGE FRAUD CASE

    The Subcommittee on Oversight and Investigations held a 
hearing entitled ``Due Diligence in Mortgage Repurchases and 
Fannie Mae: the First Beneficial Mortgage Case'' on Thursday, 
March 10, 2005. The hearing focused on a scheme by a North 
Carolina mortgage company, First Beneficial Mortgage 
Corporation, to sell fraudulent mortgages to the Government 
National Mortgage Association (Ginnie Mae) to generate funds to 
pay Fannie Mae after receiving a Fannie Mae repayment demand. 
Fannie Mae was ordered by the U.S. Court for the Western 
District of North Carolina to forfeit $6.5 million in funds 
that were ``criminally derived'' from illegal activities by 
First Beneficial Mortgage. Representatives from the Department 
of Housing and Urban Development, Office of Federal Housing 
Enterprise Oversight, and Fannie Mae testified.

HELPING OUR INSTITUTIONS BEST USE THEIR FINANCIAL CRIME DETECTION TOOLS

    The Oversight and Investigations Subcommittee convened a 
hearing entitled ``The First Line of Defense: The Role of 
Financial Institutions in Detecting Financial Crimes'' on May 
26, 2005. This hearing looked into the use of Suspicious 
Activity Reports (SARs) by the Financial Crimes Enforcement 
Network (FinCEN) and how that data is made available to law 
enforcement. The panel reviewed progress on the integration of 
money service businesses (MSBs) into the reporting regimen and 
also discussed the new Financial Crimes Enforcement Network 
(FinCEN) Office of Compliance and its efforts to standardize 
Bank Secrecy Act (BSA) requirements. Lastly, the hearing 
examined the phenomenon known as ``defensive'' SAR filings, 
their causes and possible remedies. The Subcommittee received 
testimony from FinCEN, the Justice Department, a state 
regulator, and representatives of the financial services 
sector.

     STRENGTHENING NATIONAL EFFORTS TO PREVENT CONSUMER DATA THEFT

    The Subcommittee on Oversight and Investigations held a 
hearing entitled, ``Credit Card Data Processing: How Secure Is 
It?'' on July 21, 2005. This hearing, the third convened on 
data security breaches by the Financial Services Committee in 
the 109th Congress, focused on a major data breach at 
CardSystems Solutions, a payments processor. In addition, the 
hearing examined potential data security gaps within the credit 
card transaction process. The four major U.S. card systems 
companies testified.

        OVERSIGHT OF THE EXPORT-IMPORT BANK OF THE UNITED STATES

    The House Financial Services Subcommittees on Domestic and 
International Monetary Policy, Trade, and Technology and 
Oversight and Investigations convened a joint hearing, which 
reviewed the implementation of the Export-Import Bank 
Reauthorization Act of 2002, on November 10, 2005. This 
hearing, entitled ``Oversight of the Export-Import Bank of the 
United States,'' evaluated how effectively the Bank has been 
operating under its existing charter. The hearing addressed 
concerns over the Bank's management, structure, transparency 
initiative, information technology capability, and its role in 
supporting small business exporters. It also began exploring 
ideas for how best to enhance the effectiveness and efficiency 
of the Bank's products and services, especially to the U.S. 
small business community. Witnesses included the Chairman of 
the Export-Import Bank and representatives of the small 
business sector.

             OVERSIGHT OF THE OFFICE OF THRIFT SUPERVISION

    The Subcommittee on Oversight and Investigations held a 
hearing entitled ``Oversight of the Office of Thrift 
Supervision'' on Thursday, May 25, 2006. The Subcommittee 
reviewed the regulatory activities of the Office of Thrift 
Supervision (OTS). Witnesses included the Director of the 
Office of Thrift Supervision and other experts in the thrift 
industry.

                   MILITARY FINANCIAL SERVICES NEEDS

    The Subcommittee on Oversight and Investigations held a 
hearing entitled ``Financial Services Needs of Military 
Personnel and Their Families'' on Thursday, May 18, 2006. The 
Subcommittee looked at the financial services needs of U.S. 
military service members, including active duty personnel as 
well as those serving in the Reserves and National Guard, and 
their dependents. The Subcommittee explored current assessments 
of the financial problems faced by these families and the 
solutions the military is making available. Specific concerns 
included service-mandated personal financial planning programs, 
financial educational support for dependents, insurance sales 
to enlisted personnel, and housing allowances. Witnesses 
included representatives from GAO, Navy Federal Credit Union 
and NASD.

    PANDEMIC INFLUENZA PREPAREDNESS IN THE FINANCIAL SERVICES SECTOR

    On Thursday, June 29, 2006, the Subcommittee on Oversight 
and Investigations convened a hearing entitled ``Pandemic 
Influenza Preparedness in the Financial Services Sector.'' This 
hearing looked at how the financial services sector has focused 
considerable attention on issues raised by the possibility of 
an influenza ``pandemic.'' In recognition of this threat, the 
sector has devoted considerable resources to identifying 
industry-specific as well as general business issues and 
appropriate responses. The sector worked with the Federal 
Government to create the Financial Services Sector Coordinating 
Council (``FSSCC'') ``to promote and facilitate coordination of 
financial services sector-wide voluntary activities and 
initiatives designed to improve critical infrastructure 
protection and homeland security.'' Testimony was received from 
the Treasury Department and representatives of the financial 
services sector.

                     DIVERSITY: THE GAO PERSPECTIVE

    The Subcommittee on Oversight and Investigations held a 
hearing on Wednesday, July 12, 2006, entitled ``Diversity: The 
GAO Perspective.'' GAO had prepared a report entitled 
``Financial Services Industry, Overall Trends in Management-
Level Diversity and Diversity Initiatives, 1993-2004'', as the 
result of a formal request from the July 15, 2004, Subcommittee 
hearing on ``Diversity in the Financial Services Industry and 
Access to Capital for Minority-Owned Businesses: Challenges and 
Opportunities.'' At the hearing, GAO examined the status of 
diversity in the financial services industry, initiatives to 
promote diversity, and access to capital by minority- and 
women-owned businesses. GAO concluded that diversity did not 
change much between 1993 and 2004, and that the financial 
services industry has set up various programs to try to 
diversify its workforce. Based on secondary research, GAO found 
that challenges in gaining access to capital exist, pointing to 
problems with discrimination (though limited data exist on this 
issue), and lack of assets to pledge for collateral. 
Nonetheless, some firms, primarily commercial banks, have 
designed products to appeal to minority- and women-owned 
businesses. Witnesses included the GAO and representatives from 
the private sector.

  CONTRIBUTIONS TO THE INVESTIGATION OF THE UNITED NATIONS' ``OIL-FOR-
                             FOOD'' SCANDAL

    The Oversight and Investigations Subcommittee, using 
transaction records supplied by the Committee on International 
Relations, conducted a forensic investigation of the behavior 
of a major European bank as part of the broader United Nations 
Oil-for-Food matter. The professional services of a specially 
detailed Internal Revenue Service forensic accountant 
contributed substantially to this effort. During the course of 
this investigation, the Subcommittee learned that a regulatory 
prosecution as well as a Department of Justice probe was 
underway. After briefing the Members, further Subcommittee 
efforts were suspended pending completion of the ongoing law 
enforcement activities.

                 OVERSIGHT PLAN FOR THE 109TH CONGRESS

    Clause 2(d) of rule X of the Rules of the House of 
Representatives for the 109th Congress requires that each 
standing committee in the first session of a congress adopt an 
oversight plan for the two-year period of the Congress and 
submit the plan to the Committee on Government Reform and the 
Committee on House Administration.
    Clause 1(d)(1) of rule XI requires each committee to submit 
to the House not later than January 2 of each odd-numbered 
year, a report on the activities of that committee under rules 
X and XI during the Congress ending on January 3 of such year. 
Clause 1(d)(3) of rule XI also requires that the report include 
a summary of the oversight plans submitted pursuant to clause 
2(d) of rule X; a summary of the actions taken and 
recommendations made with respect to each such plan; and a 
summary of any additional oversight activities undertaken by 
the committee and any recommendations made or actions taken 
thereon.
    Part A of this section contains the Oversight Plan of the 
Committee on Financial Services for the One Hundred Ninth 
Congress, which the Committee considered and adopted on 
February 2, 2005.
    Part B of this section contains a summary of the actions 
taken to implement that plan and the recommendations made with 
respect to the plan. Additional oversight activities undertaken 
by the Committee, and the recommendations made or actions taken 
thereon, are contained in the specific sections relating to the 
activities of the full Committee and each of the subcommittees.

                                 PART A

   OVERSIGHT PLAN OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE ONE 
                         HUNDRED NINTH CONGRESS

                              ----------                              


February 2, 2005.--Approved by the Committee on Financial Services, as 
                                amended.

                              ----------                              

    Mr. OXLEY, from the Committee on Financial Services, 
submitted to the Committee on Government Reform and the 
Committee on House Administration the following

                                 Report

    Clause 2(d)(1) of rule X of the Rules of the House of 
Representatives for the 109th Congress requires each standing 
committee, not later than February 15 of the first session to 
adopt an oversight plan for the 109th Congress. The oversight 
plan must be submitted simultaneously to the Committee on 
Government Reform and the Committee on House Administration.
    The following agenda constitutes the oversight plan of the 
Committee on Financial Services for the 109th Congress. It 
includes areas in which the Committee and its subcommittees 
expect to conduct oversight during this Congress, but does not 
preclude oversight or investigation of additional matters or 
programs as they arise. The Committee will consult, as 
appropriate, with other committees of the House that may share 
jurisdiction on any of the subjects listed below.

                         Financial Institutions

    Implementation of the USA PATRIOT Act. The Committee will 
monitor the government's efforts to combat terrorist financing, 
including its enforcement of Title III of the USA PATRIOT Act 
(Public Law 107-56) and its implementation of the counter-
terrorist financing provisions included in the Intelligence 
Reform and Terrorism Prevention Act of 2004 (Public Law 108-
796).
    Money Laundering and the Financing of Terrorism. The 
Committee will review enforcement of anti-money laundering laws 
and regulations, including but not limited to those enacted or 
implemented as part of the USA PATRIOT Act. This review will 
include examination of the administration's annual National 
Money Laundering Strategy, a short-term reauthorization of 
which was included in the Intelligence Reform and Terrorism 
Prevention Act of 2004. The Committee will also monitor the 
development of the newly created Office of Terrorism and 
Financial Intelligence, to ensure that adequate resources are 
applied efficiently, and in particular will monitor the 
effectiveness of the Financial Crimes Enforcement Network 
(FinCEN) and ongoing changes at the Office of Foreign Assets 
Control, including adequate allocation of assets at OFAC to 
develop suitable, modern computer systems that allow it to do 
its job effectively.
    Implementation of Gramm-Leach-Bliley Act. The Committee 
will continue to monitor various aspects of the implementation 
of the Gramm-Leach-Bliley Act (GLB) to ensure that the benefits 
of that landmark financial modernization law are fully realized 
by consumers and the financial services sector. Included in the 
Committee's review will be regulatory interpretations of (1) 
GLB's provision authorizing the Federal Reserve Board and the 
Treasury Department to define activities that are ``financial 
in nature,'' and therefore permissible for financial holding 
companies and financial subsidiaries to engage in; and (2) the 
Title II ``push-out'' provisions, relating to regulation of 
certain securities activities conducted within banking 
organizations. The Committee will also review government and 
private sector implementation of the financial privacy 
requirements of Title V of GLB, including the process by which 
consumers are given notice and choice about how their financial 
information is used and disseminated by financial firms.
    Implementation of FACT Act. The Committee will monitor 
government and private sector implementation of the Fair and 
Accurate Credit Transactions (FACT) Act (Public Law 108-159), 
the 2003 legislation that renewed certain key provisions of the 
Fair Credit Reporting Act (FCRA) and gave consumers important 
new rights and protections against identity theft, including 
the ability to obtain free credit reports annually. Among the 
issues the Committee may address are what efforts can be 
undertaken to promote voluntary reporting of data not currently 
being supplied to credit reporting agencies, which could have 
the effect of facilitating greater access to the financial 
mainstream, as well as how the use of credit and credit-based 
insurance scores may affect the availability and affordability 
of financial services and products.
    Financial Privacy and Identity Theft. In addition to 
examining financial privacy issues in the context of the 
implementation of the Gramm-Leach-Bliley and FACT Acts, the 
Committee will continue its focus on combating identity theft 
and other emerging threats to the security of consumers' 
personal financial information.
    Payments System Innovations. The Committee will review 
government and private sector efforts to achieve greater 
innovations and efficiencies in the payments system. With 
passage of the Check 21 Act (Public Law 108-100) during the 
108th Congress, the Committee led the way toward a more modern 
check processing system. The Committee will continue to monitor 
the implementation of the Check 21 Act, as well as other 
improvements to the payments system, including ACH debit 
entries, wire transfers, and international remittances.
    Deposit Insurance Reform. The Committee will review 
proposals to address potential inequities and economic 
distortions in the Federal deposit insurance system, to ensure 
that deposit insurance continues to serve its historic function 
as a source of stability in the banking system and a valued 
safety net for depositors.
    Internet Gambling. The Committee will continue to monitor 
the use of financial instruments which include credit cards, 
checks, electronic funds transfers, and other alternative forms 
of payment in unlawful Internet gambling. The Committee's 
review will focus on the potential misuse of illegal offshore 
Internet gambling sites to facilitate money laundering and 
other criminal activity.
    Basel Capital Accord. The Committee will continue to review 
changes to the Basel Capital Accord, which seeks to establish 
an international minimum standard for assessing regulatory 
capital cushions held by commercial banks, and monitor its 
implementation in the United States. The Basel Accord is 
promulgated by an informal grouping of banking supervisors from 
the Group of Ten countries meeting under the auspices of the 
Bank for International Settlements' Basel Committee on Banking 
Supervision. The members of the Basel Committee negotiated 
changes to the Basel Accord, finalizing the agreement in 2004. 
The Accord will determine the level of capital financial 
institutions must hold against various assets. The Committee 
will examine the need for the recommended changes and will 
address whether the proposed new capital charges will have a 
discriminatory effect on U.S. financial institutions or other 
unintended consequences. The Accord is scheduled to be fully 
implemented in the United States by 2007. The Committee will 
also assess whether adequate arrangements have been made for 
the allocation of responsibilities among home and host 
regulators for reviewing and setting regulatory capital 
requirements within a banking organization. The Committee will 
continue to consider whether legislation is needed to formalize 
the negotiating authority of various Federal banking regulators 
when participating in discussions under the umbrella of the 
Basel Committee on Banking Supervision.
    Credit Unions. The Committee will review issues relating to 
the safety and soundness and regulatory treatment of the credit 
union industry.
    Financial Supervision. The Committee will require Federal 
regulators to provide periodic updates on their safety and 
soundness supervision of the banking, thrift and credit union 
industries, to ensure that systemic risks or other structural 
weaknesses in the financial sector are identified and addressed 
promptly. The trend toward consolidation in the banking 
industry and the growing number of large credit unions serving 
broad fields of membership requires that Federal regulators 
maintain the expertise and risk evaluation systems necessary to 
oversee the activities of the increasingly complex institutions 
under their supervision. The Committee will also consider 
proposals to modernize the federal regulatory structure to 
better reflect the new market for financial services created by 
GLB.
    Regulatory Burden Reduction. The Committee will review the 
current regulatory burden on banks, thrifts, and credit unions 
with the goal of reducing unnecessary or duplicative 
regulations, consistent with consumer protection and safe and 
sound banking practices. The Committee's starting point will be 
the work done in the 108th Congress in developing bipartisan 
regulatory relief legislation (H.R. 1375) that passed the House 
in March 2004. Pursuant to the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996 (EGRPRA), the Federal banking 
agencies and the National Credit Union Administration (NCUA) 
are currently engaged in a review of all existing regulations 
to identify and eliminate those that are outdated, unnecessary, 
or unduly burdensome to insured depository institutions. The 
Committee will monitor the EGRPRA process, which is expected to 
yield legislative proposals for reducing regulatory burdens on 
insured depository institutions.
    Consumer Protections. In addition to issues addressed 
throughout this oversight plan that relate to consumers of 
financial services, the Committee will consider other specific 
consumer protection issues within its jurisdictional purview, 
including, but not limited to, the use of credit reports to 
change the rates and terms of pre-existing accounts, to ensure 
that the financial services industry fulfills its 
responsibility to treat its customers fairly and fully disclose 
the terms on which financial products and services are offered 
to the public.
    Credit Card Regulation. The Committee will continue its 
review of credit card industry practices, which have been the 
subject of Committee oversight hearings in each of the last two 
Congresses. In that regard, the Committee will monitor the 
Federal Reserve Board's recently announced review of the format 
and content of the disclosures required by the Truth in Lending 
Act related to open-end credit arrangements (such as credit 
card accounts). The Committee will also monitor efforts to 
reform the nation's bankruptcy laws, including provisions to 
allow for the netting of financial contracts.
    Credit Counseling. The Committee will review the credit 
counseling industry, which provides financial education and 
debt management services to consumers seeking to address 
excessive levels of personal indebtedness.
    Financial Literacy. The Committee will continue its efforts 
to promote greater financial literacy and awareness among the 
public. As part of these efforts, the Committee will review the 
implementation of Title V of the FACT Act (Public Law 108-159), 
which authorized the creation of a Financial Literacy and 
Education Commission comprised of senior officials from a wide 
cross-section of government agencies. To date, the Commission 
has held several public hearings, created a website and toll-
free hotline, and begun developing a national strategy to 
promote basic financial literacy and education. The Committee 
will also monitor an ongoing General Accountability Office 
(GAO) review mandated by the FACT Act assessing the extent of 
consumers' knowledge and awareness of credit reports, credit 
scores, and the dispute resolution process, and on methods for 
improving financial literacy among consumers. The committee 
will also review the Federal Trade Commissions' efforts to 
implement the Act's National Public Service Multimedia 
Campaign.
    Access to Financial Services. The Committee will continue 
to explore ways to expand access to mainstream financial 
services by traditionally underserved segments of the United 
States population, particularly those without any prior banking 
history (commonly referred to as the ``unbanked''). One area of 
review will be developments in the rapidly expanding 
marketplace for international remittances services used by 
individuals seeking to send funds back to relatives in their 
countries of origin.
    Community Development Financial Institutions Fund. In 
reviewing the expired authorization of the Community 
Development Financial Institutions (CDFI) Fund, created in 1994 
to promote economic revitalization and community development, 
the Committee will examine the record of the Fund in 
implementing reforms pledged in 1997 to eliminate 
irregularities in the grant making process identified during 
the course of an investigation by the Subcommittee on General 
Oversight. The Committee will monitor the CDFI Fund's 
implementation of the New Markets Tax Credits program, which 
was part of the Renewable Communities and New Markets 
initiative enacted into law during the 106th Congress.
    Subprime Lending. The Committee will study the complex 
problem of and potential solutions to abusive and deceptive 
lending in the mortgage industry, particularly among those 
households with imperfect credit.

                               Securities

    Sarbanes-Oxley Act. The Committee will continue to monitor 
and review the implementation and impact of the Sarbanes-Oxley 
Act upon investors, public companies, and the capital markets.
    Public Company Accounting Oversight Board. The Committee 
will examine the work of the Public Company Accounting 
Oversight Board as it completes its first required inspections 
of public company auditors pursuant to the Sarbanes-Oxley Act.
    Financial Accounting Standards Board. The Committee will 
review the recent work of the Financial Accounting Standards 
Board (FASB) and the success of the mechanisms put in place in 
the Sarbanes-Oxley Act to independently fund FASB's operations.
    Corporate Governance. The Committee will study the role and 
actions of directors of public companies and mutual funds in 
light of the governance changes mandated by the Sarbanes-Oxley 
Act, public company listing standards, and the Securities and 
Exchange Commission's (SEC) rulemakings.
    Market Structure. The Committee will monitor and review the 
work of the SEC relating to updating the rules governing the 
National Market System to ensure that any changes adopted 
encourage competition, decrease costs, limit conflicts of 
interest, improve transparency, and protect investors. As part 
of these investigations, it will also examine the issue of 
payment for order flow.
    Credit Rating Agencies. The Committee will assess the role 
and regulation of credit rating agencies to determine if there 
is a need for greater transparency and competition in the 
industry.
    Mutual Funds. The Committee will appraise the impact and 
functioning of the SEC's adopted and proposed rules affecting 
mutual funds to ensure that investors are being protected. In 
particular, the Committee will focus on rules prohibiting late 
trading, limiting market timing, enhancing fee and expense 
disclosure, requiring compliance officers, and strengthening 
corporate governance.
    529 Plans. The Committee will continue to monitor the 
regulation of 529 college tuition savings plans and will 
undertake an examination of the expected regulatory proposals 
of the SEC Chairman's Task Force on College Savings Plans.
    Securities Offering Process. The Committee will review the 
SEC's proposed rule on reforming the securities offering 
process, which aims to modernize outdated rules governing the 
process and facilitate access to information regarding public 
offerings.
    Social Security Reform. The Committee will analyze the 
Administration's proposed Social Security reform and its 
potential impact upon investors and the capital markets, 
including the creation of personal savings retirement accounts.
    Initial Public Offerings (IPO) Allocation. The Committee 
will review current practices regarding the allocation of 
initial public offerings and self-regulatory organizations' 
rules and proposals to improve this process and to increase 
investor access to initial public offerings as well as market 
efficiency and transparency.
    Capital Formation. The Committee will survey regulatory 
impediments to capital formation and seek both regulatory and 
market-based incentives to increase access to capital, 
particularly for business development companies.
    Stock Option Accounting. The Committee will continue to 
assess the impact upon U.S. public and private companies and 
the venture capital industry of the Financial Accounting 
Standards Board's rule mandating the expensing of stock options 
in public company financial statements.
    Investor Restitution. The Committee will appraise the 
operations and efficiency of investor restitution regulations, 
including the Fair Fund provision of the Sarbanes-Oxley Act.
    SRO Regulation. The Committee will evaluate the SEC's 
proposed rule regarding the fair administration, transparency, 
governance, and ownership at self-regulatory organizations.
    SEC Oversight. The Committee will monitor the operations of 
the SEC, particularly the Office of Compliance Inspections and 
Examinations and the newly created Office of Risk Management.
    Hedge Funds. The Committee will analyze the SEC's adopted 
rule to register hedge fund advisers and consider the 
implications of adviser registration, including the potential 
of the hedge fund business moving offshore.
    Bond Pricing Transparency. The Committee will examine the 
efforts being made to improve transparency of the pricing of 
municipal and corporate bonds.
    Access to Broker Information. The Committee will continue 
to examine efforts to improve investor access to information 
regarding brokers, including disciplinary actions.
    Investor Education and Financial Literacy. The Committee 
will continue to promote efforts to encourage investor 
education initiatives and increase financial literacy.
    Financial Markets and Terrorism. The Committee will 
continue its oversight of the implementation of disaster 
preparedness and business continuity measures by the financial 
services industry in the event of a terrorist attack. The 
Committee anticipates receiving a report addressing these 
matters from Federal financial regulators in 2006, pursuant to 
the study mandated in section 7803(e)(1) of P.L. 108-458, the 
Intelligence Reform and Terrorism Prevention Act of 2004.
    Convergence of International Accounting Standards. The 
Committee will review the convergence of international 
accounting standards and United States accounting standards.
    XBRL Accounting. The Committee will consider the SEC's 
concept release and proposed rule on XBRL accounting, or 
eXtensible Business Reporting Language, to determine whether 
XBRL makes the analysis and exchange of corporate information 
more reliable and accessible to investors.
    Securities Arbitration. The Committee will examine 
developments in securities arbitration to determine the impact 
of arbitration rule changes, particularly by the NASD, and how 
the NASD and other industry forums are coping with a 
significant increase in investor claims.
    SIPC. The Committee will review the operations of the 
Securities Investor Protection Corporation and proposals to 
improve its effectiveness

                    Government Sponsored Enterprises

    Regulatory Reform. The Committee will continue to pursue 
efforts to improve the regulatory structure of Fannie Mae, 
Freddie Mac, and the twelve Federal Home Loan Banks (FHLBs), 
collectively known as government sponsored enterprises (GSEs). 
Following accounting irregularities and management 
reorganizations at Fannie Mae and Freddie Mac, as well as 
financial troubles at several of the FHLBs, the Committee has 
sought to strengthen the regulatory oversight of the GSEs. The 
Committee will consider proposals to consolidate GSE 
supervision under an independent regulator that will have 
enforcement and supervisory powers. Currently, the GSEs are 
monitored by several entities. The Office of Federal Housing 
Enterprise Oversight, an independent office within the 
Department of Housing and Urban Development (HUD), regulates 
the safety and soundness of Fannie Mae and Freddie Mac. HUD 
regulates Fannie Mae and Freddie Mac for mission compliance by 
setting affordable housing goals, approving new business 
activities, and conducting fair lending reviews. Similarly, the 
FHLBs are regulated by the Federal Housing Finance Board, an 
independent agency within the executive branch. Its purpose is 
to ensure that the FHLBs operate in a financially safe and 
sound manner and carry out their affordable housing and 
community investment mission programs. The Committee will 
consider creating a new regulator that will have powers similar 
to those of other Federal financial regulators, including the 
ability to set risk-based and minimum capital levels, to 
approve new programs, and to place a GSE into receivership.
    GSEs and Financial Disclosure. The restatements by Fannie 
Mae and Freddie Mac have called into question the integrity of 
their accounting procedures and financial reporting. The 
Committee will examine transparency and market discipline for 
the Government Sponsored Enterprises, including both the status 
of the voluntary registration by Fannie Mae and Freddie Mac 
under the Securities Exchange Act of 1934. Additionally, the 
Committee will consider disclosure of the guarantee fees 
charged by the GSEs, as well as the levels of these fees 
related to the risks assumed by the GSEs.
    Federal Home Loan Bank System. The Committee will monitor 
various regulatory initiatives undertaken by the Federal 
Housing Finance Board, including proposals to require the FHLBs 
to register with the Securities and Exchange Commission, as 
well as allowing the FHLBs to securitize mortgages. The 
Committee will also look to improve the corporate governance of 
the various FHLBs by examining the approval process and terms 
of the Boards of Directors.
    Executive Compensation. The Committee will examine the 
compensation agreements of current and previous executives of 
the GSEs and consider additional action needed to prevent 
excessive compensation in the future and to ensure investor 
restitution.
    Housing Mission. The Department of Housing and Urban 
Development (HUD) recently approved increases in the percentage 
of business that the GSEs must dedicate to affordable housing. 
Citing data that indicates the GSEs are not leading the market 
in affordable housing activity, HUD raised the goals that the 
GSEs are required to meet. The Committee has closely examined 
many of the GSE's affordable housing transactions and found 
that some loans were double counted in order to achieve the 
goals. The Committee will continue to monitor closely the 
affordable housing goals in order to ensure that the GSEs are 
meeting their mission and that HUD is properly enforcing these 
goals. Additionally, the Committee will consider proposals to 
maintain and strengthen the affordable housing mission of the 
GSE's.
    Mortgage Fraud. The Committee has closely monitored the 
issue of mortgage fraud and its impact on home purchasers and 
on Ginnie Mae. The Committee will continue to monitor this 
issue and will encourage the GSEs to assist with the efforts to 
prevent and report cases of mortgage fraud.

                                Housing

    Federal Housing Administration (FHA). The Committee will 
conduct hearings on the FHA program and administrative 
structure, loan commitment authority, actuarial soundness, and 
credit subsidies. The Housing Subcommittee requested GAO 
studies concerning: (1) the performance of FHA and other loans 
that involve down payments; (2) the loan commitment authorities 
of FHA and Rural Housing Service; (3) TOTAL Scorecard; and (4) 
credit subsidy reestimates and actuarial soundness of the 
Mutual Mortgage Insurance Fund (MMIF). The Committee is 
concerned about a $7 billion reestimate during FY 2004. The 
Credit Reform Act requires FHA to estimate the original credit 
subsidy or benefit of its books of business. As the loans age, 
FHA is required to correct estimates regarding the type of 
subsidy or benefits expected. In FY 2004, FHA corrected its 
earlier estimates to state that an additional $7 billion is 
necessary to cover expected FHA insurance claims. The Committee 
will investigate, among other things, whether the re-estimate 
is a barometer of future Mutual Mortgage Insurance Fund 
problems or whether it is an anomaly based on the high 
refinance activity for FY 2004.
    Government National Mortgage Association (GNMA). The 
Committee will conduct a comprehensive review of GNMA to 
determine whether its mission and/or authority meets 
contemporary housing needs that promote affordable housing. The 
Committee requested a GAO review of GNMA as it relates to the 
agency's loss of market share.
    Rural Housing Service's (RHS) Mission. The Committee will 
examine the Rural Housing Service and in particular the 
agency's mission and whether it has served the intended 
population in providing necessary housing loans or guarantees. 
The GAO report entitled ``Rural Housing: Changing the 
Definition of Rural Could Improve Eligibility Determinations'' 
[GAO-05-110], issued on December 3, 2004 would be a major focus 
of this hearing. Additionally, the Committee would also review 
GAO studies concerning (1) RHS's Section 521 Rental Assistance 
Program and, (2) the loan commitment authority of RHS. In 
addition, the Committee will conduct a hearing on the state of 
the Section 515 rental housing stock, including a review of the 
November 2004 report commissioned by the Rural Housing Service, 
entitled ``Rural Rental Housing Comprehensive Property 
Assessment and Portfolio Analysis.
    Home Mortgage Disclosure Act (HMDA). The Committee will 
review new issues involving the Home Mortgage Disclosure Act 
(HMDA). For the first time, the Federal Reserve will release 
information by September 2005, related to new loan pricing data 
that shows whether, and how much, the price of credit varies by 
borrower's race, sex, age, or geographic region. In a joint 
hearing, the Subcommittees on Financial Institutions and 
Housing and Community Opportunity would review this new data to 
understand how it impacts mortgage markets and its utility in 
curbing predatory or discriminatory mortgage lending.
    FY 2006/2007 Budget/Review of Housing and Urban 
Development, Rural Housing Service, National Reinvestment 
Corporation and the National Flood Insurance Program. The 
Committee will conduct hearings to consider the 
Administration's proposals for FY 2006 and 2007. The Committee 
will review and hear testimony from the Administration on those 
budgets under the jurisdiction of the Housing Subcommittee. 
Testimony is expected from the Department of Housing and Urban 
Development, Rural Housing Service, National Reinvestment 
Corporation and the National Flood Insurance Program.
    Section 8 Housing Choice Voucher Program. The Committee 
will conduct additional hearings on the Housing Choice Voucher 
Program. During the past two fiscal years, changes to the 
voucher program were implemented through the appropriations 
process. Moreover, the Administration offered two proposals 
that either block granted voucher funds to states or to the 
relevant local public housing authority. This Committee will 
review the impact of the changes made to the voucher program 
and investigate the current needs of the administrators of the 
voucher program as well as the voucher recipients.
    Timely HAP Payments. The Committee will review the GAO's 
findings, when available, regarding the timeliness of Housing 
Assistance Payments (HAP) for project-based Section 8 
properties.
    Mortgage Finance Reform/Real Estate Settlement Procedures 
Act. The Committee will conduct additional hearings on the Real 
Estate Settlement Procedures Act (RESPA). The Committee held 
hearings in the 108th Congress reviewing the Department of 
Housing and Urban Development's (HUD) proposed rule. While the 
proposed rule was withdrawn by the Administration, the 
Committee will review new proposals, if necessary, and consider 
ways to simplify and streamline the mortgage closing process.
    Housing Counseling. The Committee will review current 
housing counseling programs and whether improvements could be 
made to enhance consumer education as well as prevent abusive 
lending practices. This review will encompass Federal, State, 
private and non-profit efforts to use homeownership counseling 
as a tool to prevent defaults and foreclosures in the mortgage 
markets.
    Public Housing. The Committee will review the public 
housing programs in light of the post-1998 landmark public 
housing reform legislation. Public Law 105-276. In particular, 
the Committee notes that the 1998 legislation provided 
flexibility to the public housing authorities in managing 
public housing developments and programs while at the same time 
targeting housing to low income families. This hearing would 
review whether the law has been fully implemented and determine 
what future directions the Committee should pursue to equip 
public housing authorities and other administrative entities 
with the necessary tools to provide affordable housing. This 
review would also include HUD's Negotiated Rulemaking on 
project-based accounting and management for public housing, the 
Moving to Work program, agency short- and long-range planning, 
and, community service requirements, among other things.
    Colonias. The Committee will review all the programs under 
the jurisdiction of the Subcommittee on Housing and Community 
Opportunity to assess the private and public sector response to 
housing and community development in the Colonias. The Colonias 
are generally identifiable communities in the U.S.-Mexico 
border regions (150 miles of the U.S.-Mexico border excluding 
Metropolitan Statistical Areas with populations exceeding one 
million) of Arizona, California, New Mexico, and Texas that are 
determined to be colonias on the basis of objective criteria, 
including lack of a potable water supply, inadequate sewage 
systems, and a shortage of decent, safe, and sanitary housing.
    National Flood Insurance Program. The Committee will review 
the National Flood Insurance Program and in particular the 
implementation of the Bunning-Bereuter-Blumenauer Flood 
Insurance Reform Act of 2004 (Public Law 108-264). The 
Committee will continue to monitor the National Flood Insurance 
Program's policy sales, premium use, and claims handling 
practices.
    Community Development Block Grant. The Committee will 
follow-up on a July 29, 2003 hearing in Columbus, Ohio where 
concerns were raised about the funding formula created in 1974. 
Moreover, HUD conducted a study of the program and, in 
particular, the allocation of CDBG funds. The Committee will 
review the mission and objective of CDBG funding and whether 
the Housing and Community Development Act of 1974 should be 
adjusted to meet contemporary affordable housing and community 
development needs. The Committee will also review any budget 
proposals, if offered, to make significant funding cuts to CDBG 
block grants or to transfer the jurisdiction of the program, 
with a view to ensuring that the purposes of the program are 
not compromised.
    HUD Mission, Management Reform and Staffing. The Committee 
will review the overall mission, organization, human resource 
and technology of the Department of Housing and Urban 
Development to determine whether the Department is meeting and 
addressing contemporary housing issues. Over the past four 
years, the Administration has conducted a comprehensive review 
of the management and staff structure of the Department. 
Weaknesses, however, continue in some of HUD's programs, 
coupled with a significant number of Federal workers scheduled 
to retire in the next 5-10 years.
    HOPE VI/Mainstreet Program. The Committee will review the 
HOPE VI program as a follow-up to its post-2003 legislation 
providing program authorization through 2006. [Public Law 108-
186.] In addition to the program's authorization extension, 
Congress also included a provision to allow 5 percent of HOPE 
VI funds to assist smaller communities with main street 
revitalization or redevelopment projects. The Committee will 
review the administration of the program and the status of on-
going HOPE VI projects, the economic impact of these programs 
to the community and neighborhoods and the status of the new 
provisions that are designed to assist smaller communities 
through a main street revitalization or redevelopment project.
    Minorities and Homeownership. The Committee will conduct 
hearings to review homeownership rates, particularly for 
underserved markets, e.g. minorities, inner-city neighborhoods, 
and women. While the Committee intends to review the 
traditional methods for increasing homeownership, the Committee 
will also explore new ways in which the minority community can 
achieve homeownership, particularly through local mortgage 
bankers and brokers, or expanding mortgage lines of credit or 
warehouse credit that will result in providing comparable 
market level service and products to underserved communities.
    Homelessness. The Committee will continue to conduct 
hearings on the issue of homelessness, including a review of 
data provided by HUD's new HMIS nationwide homeless count, a 
review of HUD programs which provide housing and services to 
the homeless, and a review of the adequacy of those programs 
and funding levels in addressing the problem of homelessness.
    Housing Preservation. The Committee will continue to hold 
hearings on the issue of preservation of federally assisted 
housing, including the challenge of maintaining housing 
affordability for those federally assisted properties scheduled 
to experience mortgage maturities in the next decade. The 
Committee may conduct a hearing, or series of hearings, on the 
transition of the Mark to Market program from the Office of 
Multi-family Housing and Restructuring to the new Office of 
Affordable Housing Preservation (OAHP) and on efforts by the 
OAHP to provide assistance to affordable housing areas in the 
oversight and preservation of affordable housing programs.'' 
The Committee may conduct a hearing, or series of hearings, on 
HUD's property disposition program, and on the extent to which 
HUD has worked with local housing authorities and non-profit 
organizations to preserve the affordability of HUD's inventory 
of multi-family housing following foreclosure by the borrower.
    Housing Production. The Committee may conduct a hearing or 
series of hearings on the extent to which the existing housing 
stock meets the demand for affordable housing by low-income 
families, seniors, and disabled persons; a review of existing 
housing programs which are used in the construction or 
substantial rehabilitation of affordable housing units; and 
strategies for developing additional affordable housing units.
    Native American Housing Programs. The Committee may hold 
hearings on HUD's programs which create affordable housing 
opportunities for Native Americans.
    Fair Housing. The Committee may conduct hearings on the 
issue of fair housing enforcement, adequacy of resources and 
staffing levels, and the National Fair Housing Training 
Academy.

                               Insurance

    Terrorism Risk Insurance Act. The Committee will continue 
to monitor the terrorism insurance marketplace and conduct 
oversight of the Terrorism Risk Insurance Act of 2002 (Public 
Law 107-297), or ``TRIA,'' which is scheduled to expire on 
December 31, 2005. TRIA's implementation by the Treasury 
Department, State insurance departments, and insurance 
underwriters, agents, and brokers will be reviewed to ensure 
that the goals of the legislation continue to be met. The 
Committee will review the Treasury report required by TRIA and 
due to be delivered in the first half of 2005. The Committee 
will also consider whether to move legislation regarding short 
and long-term proposals for ensuring the continued availability 
of terrorism insurance coverage for consumers as TRIA nears 
expiration and the need to expand TRIA to cover group life 
insurance.
    Military Personnel Financial Protection. The Committee will 
continue its oversight of insurance companies and producers 
selling life insurance on Federal military installations. The 
Committee will consider proposals to improve the conduct of 
financial product sales on bases, restrict and prohibit 
unscrupulous sales tactics, clarify State jurisdiction over 
insurance activities on military installations, and register 
and disseminate information on companies and agents that have 
been banned or restricted from military installations for 
improper activities on military bases.
    Regulatory Modernization. The Committee will continue its 
discussion on initiatives to modernize and improve insurance 
regulation. The Committee will review various ideas for reform, 
including the Federal promotion of State uniformity, State-by-
State improvements, coordination of State regulation through 
the National Association of Insurance Commissioners (NAIC), and 
other reforms for improving the efficiency and effectiveness of 
State insurance regulation.
    Insurance Solvency Regulation. The Committee will continue 
its examination of the NAIC's accreditation program that judges 
the adequacy of State insurance financial regulation. The 
Committee will focus on the steps the NAIC has taken to update 
the program since its inception in the early 1990's and will 
analyze other areas for improving the financial regulation of 
insurers.
    Market Conduct Regulation. The Committee will review the 
need to modernize market conduct supervision to increase 
efficiency to better serve consumers. The Committee will focus 
on the efforts of State insurance regulators to improve market 
conduct oversight, and on various reform proposals to increase 
the coordination, quality, and uniformity of State market 
conduct regulation.
    Producer Licensing Reform. The Committee will continue its 
review of the States' progress in passing and implementing 
uniform or reciprocal insurance producer licensing reform and 
what further measures may be necessary to promote uniformity as 
appropriate in producer licensing. The Committee will monitor 
the continuing external developments involving the 
relationships between insurance carriers and insurance brokers.
    Insurance Product Approval. The Committee will continue its 
review of the need to modernize the State product approval 
process to achieve uniformity, efficiency, and timeliness in 
the regulatory review of insurance rates and forms. This review 
will include an evaluation of the NAIC interstate compact 
proposal as well as the NAIC improvements to State-based 
systems initiative for property and casualty products. The 
Committee will pay particular attention to State legislative 
efforts designed to adopt these proposals, and may consider 
various legislative reform proposals.
    Insurance Fraud. The Committee will continue its 
examination of the efforts by the States, the NAIC, and other 
entities, to locate and fight insurance fraud. The Committee 
will focus on proposals to coordinate State and Federal anti-
fraud efforts and establish a coordinated network of computer 
systems to share appropriate anti-fraud information.
    Insurance Consumer Protections. The Committee will examine 
the regulatory systems established by the States to protect 
consumers' insurance interests. The Committee will also monitor 
the practice of recording consumer inquiries as part of 
consumer claim records.
    Preemption of State Insurance Law. The Committee will 
monitor efforts by Federal agencies to preempt State laws 
governing insurance activities, and will also monitor State 
insurance laws to ensure that they do not significantly 
interfere with federally authorized powers of financial 
institutions.
    Price Controls, Underwriting Criteria, and Availability. 
The Committee will continue its review of insurance 
availability in the States, including the impact of State rate 
regulation on long-term availability and competitive options 
for insurance coverage. The Committee will review the results 
of the study required under section 215 of the FACT Act on the 
impact on consumers of the growing use of credit-based 
insurance scores. The Committee will also examine the 
application of State and Federal antitrust law to insurers and 
insurance activities.
    Insurance Marketing. The Committee will examine a number of 
consumer protection issues concerning the marketing of 
insurance products, potentially including misleading sales and 
marketing representations, the churning of life insurance, 
coercion and pressure tactics, product bundling, and premium 
charges for credit insurance and mortgage insurance. The 
Committee may examine the manner in which insurance brokers are 
compensated for the sale of insurance products and recent State 
investigations of such compensation practices. The Committee 
will specifically focus on industry marketing practices 
targeting military personnel.
    Insurer Licensing. The Committee will continue to examine 
the need to develop uniform and coordinated standards for 
company licensing. The Committee will discuss proposals for 
allowing single point and coordinated electronic license 
application filing systems, as well as proposals for 
establishing licensing uniformity and coordination.
    Surplus Lines. The Committee will continue its review of 
the surplus lines marketplace. The Committee will contemplate 
various reform proposals, including the creation of a uniform 
system of allocation and remittance of surplus lines premium 
taxes and the creation of a uniform filing system.
    Reinsurance. The Committee will continue its review of the 
state of the reinsurance marketplace. It is anticipated that 
the Committee will discuss various proposals to encourage 
greater uniformity and transparency for filing financial 
statements, uniform solvency regulation, and deference to home 
state regulators.
    Viaticals. The Committee will continue to monitor the 
evolution of the viaticals industry. The Committee will 
consider potential reforms, including implementation of uniform 
and reciprocal standards and coordination of State and Federal 
securities regulators to decrease potential fraud.
    Receivership. The Committee will continue to monitor the 
State system of receivership. The Committee will review 
proposed reforms to develop uniform and coordinated 
receivership laws, provide greater transparency and efficiency 
in administration, improve the administration of receiverships 
within the state system, and to protect the interests of the 
insureds, claimants, creditors, and the public.
    Financial Surveillance. The Committee will continue its 
focus on improving financial surveillance to enhance insurance 
solvency regulations, including by reviewing proposals to 
establish a more coordinated and uniform system of financial 
surveillance.
    Risk Retention Act. The Committee will conduct a review of 
alternative risk transfer arrangements to determine their 
effectiveness in offering insureds alternatives to traditional 
property and casualty insurance products. The Committee will 
focus particularly on the Risk Retention Act of 1981 and its 
1986 amendments. The Committee will review the regulatory 
structure created by the Risk Retention Act in order to 
identify any potential problems resulting from the Act's 
partial preemption of State insurance law, and assess the 
benefits of the Act to consider its potential expansion.
    Insurance Litigation Reform. The Committee will monitor 
issues surrounding professional liability insurance to 
determine whether further efficiencies and reforms are 
necessary. The Committee will also review issues surrounding 
reform of insurance settlements, including the adequacy and 
reasonableness of fees and compensation awarded.
    Natural Disaster Insurance. The Committee will review the 
availability and affordability of natural disaster insurance 
for homeowners, and will consider proposals for improving 
insurers' access to capital in the reinsurance, banking, and 
securities markets to ensure adequate capacity and solvency of 
the industry to meet consumer needs. The Committee will pay 
particular attention to the potential benefits of long-term 
reserving, natural disaster securitization, catastrophic 
reinsurance, and industry pooling mechanisms. In addition, the 
Committee will specifically examine the impact of recent 
hurricanes on the Florida insurance marketplace, including the 
ongoing availability and affordability of homeowners insurance 
for consumers. The Committee will also examine programs in 
other States and foreign countries for providing catastrophic 
insurance.
    Workers' Compensation Insurance. The Committee will monitor 
the current state of workers' compensation insurance to 
determine the reasonableness of the level of compensation and 
the types of claims and charges being made, and to consider 
whether further efficiencies or anti-fraud mechanisms can be 
developed.
    Catalogue of Regulated Insurance Products and Federal 
Insurance Programs. The Committee will examine the types of 
financial products with insurance-related features that are 
regulated to various degrees by the States, as well as the 
different regulatory approaches used by the States. The 
Committee will also continue its ongoing review of the scope of 
the Federal Government's involvement and exposure in insuring 
risk, the extent to which the Federal government is displacing 
private insurance, and the degree to which Federal insurance 
programs are not being conducted efficiently or effectively.
    Seniors' Retirement Needs. The Committee will monitor the 
insurance needs particular to those contemplating or currently 
in retirement, including the use of annuities, long-term care 
insurance, insurance pension programs, 401(k)s, as well as 
nursing care insurance and other old age insurance programs. 
The Committee's focus will include newly marketed hybrid 
insurance instruments that incorporate features of securities 
and banking products. The Committee will examine whether 
seniors' assets are being adequately protected and whether 
Federal and State financial regulators are ensuring that 
seniors' products are being properly regulated without any gaps 
in functional oversight.
    Insurance Industry Critical Infrastructure Protection. The 
Committee will continue to examine the ability of the insurance 
industry, State insurance regulators, and the NAIC to protect 
against potential disruptions of the insurance sector from 
physical or cyber attacks by terrorists, as well as natural 
disasters.

                         International Finance

    Annual Report and Testimony by the Secretary of the 
Treasury on International Monetary Fund Reform and the State of 
the International Financial System. The Committee will review 
and assess the annual report to Congress from the Secretary of 
the Treasury on the International Monetary Fund (IMF) and the 
state of the international financial system. Pursuant to 
section 613 of Public Law 105-277, the Committee will hear 
annual testimony from the Secretary of the Treasury on: (1) 
progress made in reforming the IMF; (2) the status of efforts 
to reform the international financial system; (3) compliance by 
borrower countries with the terms and conditions of IMF 
assistance; and (4) the status of implementation of anti-money 
laundering and counterterrorism financing standards by the IMF, 
the multilateral development banks, and other multilateral 
financial policymaking bodies.
    U.S.-E.U. Financial Sector Issues. The Committee will 
continue to monitor efforts by the European Union to build a 
unified financial services market, especially in light of the 
E.U.'s recent expansion to include a total of 25 Member States. 
These efforts include revisions to corporate governance 
standards, adoption of International Accounting Standards, 
efforts to update trading, clearance & settlement, and 
derivatives trading structures, oversight of financial 
conglomerates, transatlantic assessments of equivalency in 
regulatory oversight, and the evolution of relative 
responsibilities between Home and Host regulatory authorities. 
These reforms, upon implementation, will have a significant 
impact on American firms, consumers, investors. The Committee 
is committed to working with the U.S. and European regulators 
to ensure fair access to Europe's financial markets and to 
supporting increased exchanges of views across the Atlantic 
regarding matters of mutual interest.
    U.S. Contributions to the International Financial 
Institutions (IFIs). The Committee will consider 
reauthorization of the International Development Association 
(IDA), the concessional lending window of the International 
Bank for Reconstruction and Development. Special attention will 
be given to efforts to improve transparency of the IFIs, 
efforts to implement anti-corruption measures at the IFIs, and 
the role of grants and loans in promoting economic development. 
The Committee will review U.S. participation in, and the 
effectiveness of U.S. policy toward, the IMF, the World Bank 
Group, and the regional Multilateral Development Banks (MDBs). 
The Committee will also continue to monitor the role that 
remittances by individuals in developed countries to family 
members in developing countries can have in fostering economic 
growth and entrepreneurship and the implications these flows 
holds for development and security policy, given that 
remittance flows substantially exceed the flows of official 
sector development assistance. The Committee will continue to 
monitor the role of the World Bank as non-voting board member 
and trustee of the Global Fund to Fight AIDS, Tuberculosis and 
Malaria in addition to assessing the status of the World Bank's 
programs to reduce HIV/AIDS in developing countries. 
Assessments of the effectiveness of the IFIs in promoting 
development in individual countries will be undertaken as 
needed. The Committee will also monitor the process of 
appointing a new President of the World Bank upon the 
retirement of the current President from that position in the 
spring of 2005.
    Trade in Financial Services. The Chairman and the Ranking 
Member of the Committee continue to serve on the Congressional 
Oversight Group on Trade, pursuant to the Trade Promotion 
Authority Act (Public Law 107-210), which is due for 
reauthorization in 2005. In this capacity, the Committee will 
remain active in the oversight of trade negotiations and will 
consult regularly with the United States Trade Representative 
on matters within the jurisdiction of the Committee, with 
particular emphasis on the financial services and investment 
provisions of bilateral free trade agreements in addition to 
the negotiations within the World Trade Organization that apply 
to financial services. The Committee will monitor negotiations 
for increased trade liberalization in financial services and 
will consult with U.S. counterparts to those negotiations.
    International Debt Relief. The committee will monitor and 
conduct necessary oversight activities regarding the 
implementation of legislation passed in the 106th Congress to 
authorize U.S. funding for the Enhanced Heavily Indebted Poor 
Country (HIPC) Initiative. The committee will assess progress 
made by the IMF and World Bank in granting multilateral debt 
relief to qualified HIPC countries. The Committee will also 
monitor the development and adoption of poverty reduction 
strategies by the HIPC countries, will assess compliance with 
other conditions on U.S. funding specified in the authorizing 
legislation, and assess efforts to address potential shortfalls 
in financing the HIPC Trust Fund. The Committee will continue 
to assess the effectiveness of the current HIPC initiative as 
well as the need for reforms in light of other development 
efforts through the Millennium Challenge Corporation and the 
Millennium Development Goals.
    Millennium Challenge Corporation (MCC). The Committee will 
continue to monitor the participation of the Secretary of the 
Treasury as a member of the board of the MCC. The MCC is 
designed to help developing nations improve their economies and 
standards of living by allocating bilateral development 
assistance based on specific criteria designed to measure 
progress in recipient countries' ability to allocate resources 
in support of good governance, investment in health and 
education, and economic policies that foster economic freedom. 
The Committee will monitor and assess the impact of the MCC on 
the MDBs and debt relief efforts.
    Counter-terrorism Financing Policy. Section 7701 of the 
National Intelligence Reform Act of 2004 (Public Law 108-458) 
notes the significant progress made by the Treasury Department 
in promoting the adoption and implementation of counter-
terrorism standards around the world through the Financial 
Action Task Force (FATF), the IMF, and the MDBs. The Committee 
will continue to monitor the role of the Treasury Department in 
promoting tighter counter-terrorism standards in these 
organizations as well as the evolution of the standards 
themselves as promulgated by FATF.
    Export-Import Bank of the United States. The Committee will 
continue to monitor implementation of the Export-Import Bank 
Reauthorization Act of 2002 (Public Law 107-189) and the Bank's 
competitiveness as compared to foreign export credit agencies. 
Particular emphasis will be placed on the new mandates in that 
law regarding expansion of transactions with small businesses 
and the administration of the ``Tied Aid'' facility. The 
Committee will also review any cases where the President 
invokes Executive power to block Ex-Im financing due to foreign 
policy considerations. During the second session, the Committee 
will consider the reauthorization of the Ex-Im Bank.
    Oil for Food Investigation. At the end of the 108th 
Congress, the Committee on International Relations referred to 
the Financial Services Committee an investigation of the letter 
of credit operation managed by BNParibas for the United 
Nations' Oil for Food program. During the 109th Congress, the 
Financial Services Committee will continue this investigation 
to determine whether any violations of law or regulation 
occurred in the administration of this letters of credit 
operation for the United Nations. It will also seek to 
determine whether issues raised in the investigation provide 
insights into how due diligence requirements for letter of 
credit and/or correspondent banking counterparts may be 
evolving and whether legislation is needed to match the pace of 
change.
    North American Development Bank. The Committee will monitor 
and conduct necessary oversight activities over U.S. 
involvement in the North American Development Bank (NADBank). 
Specifically, the Committee will review the joint reform 
proposal for the NADBank as agreed to by President George W. 
Bush and President Vicente Fox of Mexico.

                Domestic Monetary Policy and Technology

    The Federal Reserve Bank's Conduct of Monetary Policy. The 
Committee will hold hearings to receive the Chairman of the 
Federal Reserve Board of Governor's semi-annual reports on the 
conduct of monetary policy. As part of this effort, the 
Committee will review issues associated with monetary policy 
and the state of the economy, such as developments in 
employment, productivity, and investment and will consider the 
need for updating the government's economic indicators or 
changing the way they are collected, disseminated or used.
    Management and Reform of the Federal Reserve System. The 
Committee will conduct oversight of the operations of the 
Federal Reserve System, including the System's management 
structure, its role in providing financial services, its 
conduct of monetary policy, and its role as a regulator with 
particular attention to compliance with anti-money laundering 
and anti-terrorist financing laws and regulations. Special 
attention will be given to possible consolidation of 
operations, use of technology, control and oversight 
mechanisms, budget processes, pay and benefit levels, system-
wide strategic planning, and security issues.
    Oversight of Agency Management Practices and Outcomes. The 
Committee will conduct oversight of the operations of all 
agencies under its jurisdiction to ensure disclosure of all 
material assets, liabilities, and costs of operations; to 
review agencies' measures taken to minimize waste and 
inefficiency; assess the impacts of agency actions on the 
financial services industry; and determine if the agencies are 
operating at the most efficient level of resources. The 
Committee will require the Federal regulators to report on the 
state of the financial services industry in order to alert 
Congress to any emerging weaknesses and supervisory measures 
being taken to counter such weaknesses. The Committee will 
review, for appropriate action, expired and expiring 
authorizations relating to the agencies.
    Management of the Nation's Money: Activities of the Bureau 
of the Mint and the Bureau of Engraving and Printing. The 
Committee will conduct oversight of the activities of these 
Treasury bureaus as they relate to the printing and striking of 
U.S. currency and coins, and of the financing and minting of 
circulating and commemorative coins, and of Congressional gold 
medals. The Committee will review the efficiency and 
productivity of these bureaus' manufacturing operations, as 
well as the appropriate size of workforces and use of 
facilities. The Committee will monitor the Numismatic Public 
Enterprise Fund and consider the need for making technical 
changes and removing obsolete language from its governing 
statute. The Committee will conduct oversight of issues 
relating to the circulation patterns of coins and currency, 
with an eye towards maximizing their availability and 
usefulness while minimizing the cost to taxpayers and business. 
In particular the Committee will focus on issues relating to 
the new one-dollar coin, including circulation patterns, and 
will continue to seek a true unit cost of production for the 
dollar and other coins.
    Payments System Innovations. The Committee will review 
government and private sector efforts to achieve greater 
innovations and efficiencies in the payments system. The 
Committee will pay particular attention to efficiencies that 
could be created for business through enhancements of the types 
and amounts of information that accompanies electronic 
payments. The Committee will continue to assess the 
implications of new innovations in electronic money and 
electronic payment systems. Among the issues the Committee may 
examine are soundness, security, privacy, access to new 
electronic payment methods, eligibility criteria for issuing 
new payment methods, competing government regulation, threats 
posed to critical infrastructures such as the payments system, 
and new-technology methods of authenticating transactions and 
minimizing fraud.
    Remittances. The Committee will monitor industry and 
government progress towards developing a robust, secure, 
transparent, and inexpensive method by which immigrants may 
send modest amounts of money to family members in their native 
countries.
    Counterfeiting. The Committee will continue its review of 
efforts to detect and combat the counterfeiting of U.S. coins 
and currency in the United States and abroad. Particular 
attention will be paid to anti- counterfeiting successes by the 
United States Secret Service and to ways those efforts can be 
made even more effective. The Committee will examine U.S. anti-
counterfeiting law with an eye towards modernizing it, and will 
examine the integrity of other countries' currencies, including 
counterfeiting of those currencies, to monitor any threats 
posed to the U.S. or world economies.
    Technology and Compliance Monitoring at the Financial 
Crimes Enforcement Network. The Committee will monitor the 
establishment and maintenance at the Financial Crimes 
Enforcement Network (FinCEN) of the BSA Direct program to allow 
secure Internet filing of forms by and notification of 
institutions as required in anti-money laundering and anti-
terrorist financing legislation, as well as FinCEN's 
development of a proprietary e-filing, data warehousing and 
data-interpretation technology. The Committee also will monitor 
FinCEN's efforts at establishing a robust Office of Compliance 
to monitor, enhance and encourage compliance with anti-money 
laundering and anti-terrorist financing legislation and 
regulations. Special attention will be given to FinCEN's 
efforts to attract and maintain top-qualified personnel.
    Critical Infrastructure Protection and Cyber-security. The 
Committee will monitor private-sector and government-wide 
efforts to protect critical financial infrastructure, both 
physical structures and the infrastructure that support them--
such as power, transportation systems--as well as 
telecommunications and computer systems that enable the 
functioning of our financial institutions and of the markets. 
The Committee will monitor interagency coordination on 
protection issues as well as threat assessment.
    Economic Security. The Committee will explore the need for 
Federal economic and financial regulators to prepare for and 
provide a coordinated response to economic events that could 
threaten the Nation's economic security.
    Development of Economic Opportunities. The Committee will 
review economic development programs under the Committee's 
jurisdiction, including programs administered by the 
Appalachian Regional Commission, the Economic Development 
Administration, and the Delta Regional Authority. 
Reauthorization will be considered when appropriate.
    Diversity in the Financial Services Industry. The Committee 
will continue to explore the financial services industry's 
efforts to attract and maintain a diverse workforce, and its 
efforts to enhance access to capital for minority- and women-
owned firms.
    Modernization of the Defense Production Act. The Committee 
will review the Defense Production Act and an ongoing inter-
agency study of the 50-year-old legislation with an eye toward 
eliminating obsolete language and undertaking any reforms 
necessary to keep the legislation available as a useful tool to 
protect national security in the 21st Century.
                                 PART B

  IMPLEMENTATION OF THE OVERSIGHT PLAN OF THE COMMITTEE ON FINANCIAL 
              SERVICES FOR THE ONE HUNDRED NINTH CONGRESS

                              ----------                              


                         Financial Institutions

    Implementation of the USA PATRIOT Act. The Committee 
continued to monitor the Treasury Department's regulatory 
implementation of the anti-money laundering and terrorist 
financing provisions of the USA PATRIOT Act (Public Law 107-56) 
through the 109th Congress.
    On June 29, 2006, the House of Representatives voted 227-
183 in favor of H. Res. 895, a resolution sponsored by Chairman 
Oxley. This resolution expressed the sense of the House in 
support of U.S. government programs to track terrorist 
financing and to condemn illegal disclosure of classified 
information that impairs the international fight against 
terrorism. During floor debate, Chairman Oxley noted that the 
Financial Services Subcommittee on Oversight and Investigations 
would hold a hearing to look at the Department of the 
Treasury's Terrorist Finance Tracking Program. On July 11, 
2006, the Subcommittee on Oversight and Investigations held 
this hearing, entitled ``The Terror Finance Tracking Program.''
    Money Laundering and the Financing of Terrorism. In 
addition to oversight of government and private sector 
implementation of the USA PATRIOT Act, the Committee conducted 
extensive oversight of a variety of other anti-money laundering 
compliance and enforcement issues. Several hearings and 
briefings were held on the Bank Secrecy Act and other anti-
money laundering laws and their regulatory implementation.
    On February 16, 2005, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Terrorist Responses to 
Improved U.S. Financial Defenses.'' The hearing looked at the 
successes of U.S. initiatives against terrorist financing and 
how terrorists have reacted to these successes. It also 
explored the effectiveness of United States efforts with other 
nations in fighting terror financing.
    On May 4, 2005, the Subcommittee on Oversight and 
Investigations held a joint hearing with the Committee on 
International Relations entitled ``Starving Terrorists of 
Money: The Role of Middle Eastern Financial Institutions.'' 
This hearing focused on efforts to break the flow of charitable 
donations from some Muslim organizations to terrorist 
organizations.
    On April 6, 2006, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Counter-Terrorism 
Financing Foreign Training and Assistance: Progress since 9/
11.'' The hearing reviewed the key findings and recommendations 
of GAO Report 06-19, ``Terrorist Financing: Better Strategic 
Planning Needed to Coordinate U.S. Efforts to Deliver Counter-
Terrorism Financing Training and Technical Assistance Abroad.'' 
This report, requested by Senators Grassley, Durbin and 
Collins, and released in October, 2005, found a communications 
failure between key departments in the war against terrorist 
organizations. The report also questioned whether there has 
been any improvement in the U.S. government's efforts in this 
area since release of the ``9/11 Commission'' report in 2004.
    On May 18, 2006, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Bank Secrecy 
Act's Impact on Money Services Businesses.'' The hearing sought 
to better understand the impact that the Bank Secrecy Act and 
related financial institution account discontinuance have had 
on MSB entities.
    Oversight activities included staff visits to the Federal 
Bureau of Investigation and the Financial Crimes Enforcement 
Network of the Treasury Department.
    The Committee also addressed money laundering through 
passage in March 2006 of H.R. 3505, the ``Financial Services 
Regulatory Relief Act of 2005.'' Title VII of H.R. 3505 called 
for modification or elimination of some unnecessary compliance 
requirements in a manner that gave law-enforcement agencies 
adequate information to conduct necessary activities while 
lowering the burden for compliance. The Financial Institutions 
and Consumer Credit Subcommittee Chairman introduced and the 
House passed H.R. 5341, which was based on Title VII of H.R. 
3505. Title VII was not included in S. 2856, the ``Financial 
Services Regulatory Relief Act of 2006'' (P.L. 109-351).
    Implementation of Gramm-Leach-Bliley Act (GLBA). GLBA's 
Title II ``push-out'' provisions, found in S. 2856, the 
``Financial Services Regulatory Relief Act of 2006'' (P.L. 109-
351), direct the SEC and the Federal Reserve Board to adopt a 
single set of rules implementing broker exceptions, after 
consulting with and seeking the concurrence of the Federal 
banking agencies.
    On August 31, 2005, the GAO delivered a report, at the 
Committee Chairman's request, entitled ``Real Estate Brokerage: 
Factors That May Affect Price Competition.'' The report 
concluded that real estate brokerage fees remained uniform 
regardless of market conditions, home prices, or the effort 
required to sell a home.
    On July 25, 2006, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled ``The Changing Real Estate 
Market.'' Department of Justice and GAO witnesses discussed the 
implications of developments taking place in the real estate 
brokerage marketplace.
    Implementation of FACT Act. The Committee, in its role as 
monitor, held a series of staff meetings with the Federal Trade 
Commission and Federal banking agencies on regulatory 
implementation of the Fair and Accurate Credit Transactions 
(FACT) Act (P.L. 108-159).
    Financial Privacy and Identity Theft. The Committee took a 
number of actions including hearings to review the policies and 
procedures of Federal and State governments and the private 
sector to protect sensitive information about consumers from 
improper disclosure, theft, or loss.
    On May 4, 2005, the Committee held a hearing entitled 
``Assessing Data Security: Preventing Breaches and Protecting 
Sensitive Information'' to assess current data security 
protections and what additional steps may need to be taken in 
light of several high profile data breaches.
    On May 18, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Enhancing Data 
Security: The Regulators' Perspective.''
    On July 21, 2005, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Credit Card Data 
Processing: How Secure Is It?'' This hearing, the third held on 
data security breaches by the Financial Services Committee in 
the 109th Congress, addressed the 2005 data breach at 
CardSystems Solutions, a payments processor. In addition, the 
hearing examined potential data security gaps within the credit 
card transaction process.
    A legislative hearing was held on November 9, 2005 on H.R. 
3997, the ``Financial Data Protection Act of 2005.''
    In July 2006, the Committee Chairman and Representatives 
Castle, Hooley, LaTourette and Moore requested a GAO report on 
issues regarding data breaches and the need for timely breach 
notification to consumers. That report is expected during the 
110th Congress.
    On July 18, 2006, the Committee held a hearing entitled 
``ICANN and the Whois Database: Providing Access to Protect 
Consumers from Phishing'' to review tools that law enforcement 
and businesses use to fight ``phishing'' and fraudulent website 
postings.
    Payments System Innovations. On April 20, 2005, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Implementation of the Check Clearing for 
the 21st Century Act.''
    Deposit Insurance Reform. On April 17, 2005, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a legislative hearing on H.R. 1185, the ``Deposit Insurance 
Reform Act of 2005.''
    In 2006, deposit insurance reform was enacted as part of S. 
1932, the ``Deficit Reduction Act of 2005'' (P.L. 109-171). 
Also enacted in 2006 was H.R. 4636, ``Federal Deposit Insurance 
Reform Conforming Amendments of 2005'' (P.L. 109-173). This 
legislation preserves the value of insured deposits at the 
nation's banks, thrifts, and credit unions, advance the 
national priority of enhancing retirement security, and ensure 
that the value, benefits, and costs of deposit insurance are 
allocated fairly.
    Internet Gambling. In 2006, the House passed H.R. 4411, the 
``Unlawful Internet Gambling Enforcement Act of 2006,'' as it 
was included in the conference report for H.R. 4954, the 
``Security and Accountability For Every Port Act'' (P.L. 109-
347). H.R. 4411 was enacted in an effort to prevent the use of 
certain payment instruments, credit cards, and fund transfers 
for unlawful Internet gambling.
    Basel Capital Accord. On March 10, 2005, the Chairman of 
the Subcommittee on Financial Institutions and Consumer Credit 
introduced H.R. 1226, in order to develop a plan for uniform 
U.S. positions on issues before the Basel Committee and to 
provide a review of the most recent recommendation of the Basel 
Committee accord on capital standards.
    On May 11, 2005, the Subcommittees on Financial 
Institutions and Consumer Credit and Domestic and International 
Monetary Policy held a joint hearing entitled ``Basel II: 
Capital Changes in the U.S. Banking System and the Results of 
the Impact Study.''
    On September 28, 2005, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Private Sector Priorities for Basel Reform.''
    The new deposit insurance reform law (P.L. 109-171) 
included a study by the GAO, due in February 2007, on the 
potential impact of Basel capital reform on the U.S. financial 
system.
    On July 26, 2006, Chairman Oxley and Ranking Member Frank 
and the Subcommittee on Financial Institutions and Consumer 
Credit Chairman and Ranker sent a letter to all Federal banking 
regulators on Basel capital reform and commercial real estate. 
They urged that no final action be taken on those separate 
Basel proposals prior to a hearing.
    On September 14, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``A 
Review of Regulatory Proposals on Basel Capital and Commercial 
Real Estate.'' This hearing examined the possible effects of 
Basel capital reform on U.S. financial institutions vis-a-vis 
domestic and foreign competitors and the development of Basel 
II and IA regulatory proposals. The hearing also focused on 
proposed interagency commercial real estate guidance and 
addressed concerns in the banking industry that the guidance 
may have an adverse impact on a number of financial 
institutions and local economies.
    Following these hearings, Financial Services Committee 
staff met regularly with Federal banking regulators to receive 
updates and provide feedback on Basel capital issues.
    Credit Unions. On April 13, 2005, the Subcommittee on 
Financial Institutions and Consumer Credit held a legislative 
hearing entitled ``H.R. 1042, Net Worth Amendment for Credit 
Unions Act,'' a bill which amended the Federal Credit Union 
Act's definition of net worth, so that the retained earnings of 
both credit unions in a merger transaction count toward the net 
worth of the surviving entity, thereby addressing the 
consequences of a Financial Accounting Standards Board rule. 
The House passed H.R. 1042 in 2005 and it was included in S. 
2856, the ``Financial Services Regulatory Relief Act of 2006'' 
(P.L. 109-351).
    On May 11, 2006, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``H.R. 3206, Credit 
Union Charter Choice Act,'' a bill amending the Federal Credit 
Union Act regarding conversion of a credit union charter to a 
mutual savings bank or savings association charter and the 
nature of disclosures made by a converting credit union to its 
members and of the conversion vote. The hearing addressed 
concerns that the National Credit Union Administration, in 
monitoring the conversion process, overreached its authority in 
requiring certain disclosures and procedural actions.
    Financial Supervision. On September 15, 2005, the GAO 
issued a report entitled ``Industrial Loan Corporations: Recent 
Asset Growth and Commercial Interest Highlight Differences in 
Regulatory Authority'' (GAO-05-621).
    On July 12, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``ILCs--A Review of Charter, Ownership, and Supervision 
Issues.'' ILCs are state-chartered, federally insured, limited 
purpose financial institutions, owned by both financial and 
commercial companies. The hearing focused on whether Congress 
should continue to allow commercial companies to own ILCs and 
whether existing ILCs and their holding companies should be 
brought under the Federal Reserve Board's consolidated 
supervision rather than current FDIC supervision. The FDIC 
subsequently established a temporary moratorium on ILC 
applications.
    During the 109th Congress, the Committee exercised 
continuous oversight of insured depository institutions, 
through hearings and staff briefings with relevant Federal 
regulatory agencies.
    On May 25, 2006, the Subcommittee on Oversight and 
Investigations held a hearing on the operations of the Office 
of Thrift Supervision, which focused on thrift supervision and 
compliance issues. The OTS was established in 1989 as a bureau 
of the U.S. Department of the Treasury as part of the 
congressional response to the savings and loan crisis, and is 
the successor organization to the Federal Home Loan Bank Board.
    The GAO released several reports to the Committee regarding 
the Office of the Comptroller of Currency, which supervises 
some 2,000 national banks. Two reports on OCC preemption rules 
were released on October 17, 2005 and April 28, 2006, 
respectively. A report on OCC's consumer assistance was 
released on February 23, 2006.
    Regulatory Relief Burden. On May 19, 2005, the Subcommittee 
on Financial Institutions and Consumer Credit held a hearing 
entitled ``Financial Services Regulatory Relief: Private Sector 
Perspectives.''
    On June 9, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Financial 
Services Regulatory Relief: The Regulators' Views.''
    The Subcommittee on Financial Institutions and Consumer 
Credit held legislative hearings on H.R. 3505, the ``Financial 
Services Regulatory Relief Act of 2005,'' on September 22 and 
October 18, 2005. H.R. 3505 contained a broad range of 
provisions that, taken as a whole, will allow banks, thrifts, 
and credit unions to devote more resources to the business of 
providing financial services and less to compliance with 
outdated and unneeded regulations. In 2006, the House passed 
H.R. 3505 and over 40 of its provisions were included in S. 
2856, the ``Financial Services Regulatory Relief Act of 2006'' 
(P.L. 109-351).
    Financial Services Needs of the Military and Military 
Families. On May 18, 2006, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Financial Services 
Needs of Military Personnel and Their Families.'' The hearing 
addressed the financial services needs of U.S. military service 
members and their dependents, including regular duty personnel 
as well as the Reserves and National Guard. The Subcommittee 
was particularly interested in current assessments of the 
problems faced by these individuals and the solutions being 
used to correct them. Specific concerns include service-
mandated personal financial planning programs, financial 
educational support for dependants, insurance sales to enlisted 
personnel, and housing allowances.
    Pandemic Influenza Preparedness. On June 29, 2006, the 
Subcommittee on Oversight and Investigations held a hearing 
entitled ``Pandemic Influenza Preparedness in the Financial 
Services Sector.'' The financial services sector is focused on 
issues raised by the possibility of an influenza ``pandemic.'' 
In recognition of this threat, the financial services sector is 
devoting considerable resources to identifying industry-
specific as well as general business issues and is formulating 
appropriate responses.
    Management Diversity in the Financial Services Industry. On 
July 12, 2006, the Subcommittee on Oversight and Investigations 
held a hearing entitled ``Diversity: The GAO Report.'' This 
report, Government Accountability Office (GAO) Report 06-617, 
``Financial Services Industry, Overall Trends in Management-
Level Diversity and Diversity Initiatives, 1993-2004'', was 
written in response to a request stemming from the July 15, 
2004, Subcommittee hearing entitled ``Diversity in the 
Financial Services Industry and Access to Capital for Minority-
Owned Businesses: Challenges and Opportunities.'' During that 
earlier hearing, a number of open questions were raised, which 
the GAO was asked to address by means of this report. Committee 
Members asked GAO to examine the status of diversity in the 
financial services industry, financial services industry 
initiatives to promote workforce diversity, particularly at 
senior management levels, and the challenges that minority- and 
women-owned businesses face in obtaining access to capital. 
Based on an examination of trend data from the Equal Employment 
Opportunity Commission covering the period of 1993 through 
2004, and other research obtained from secondary sources, the 
GAO concluded that overall diversity at senior management 
levels in the financial services industry did not change 
substantially, and that increases in representation varied by 
racial/ethnic minority group. The GAO also found that while the 
financial services industry has initiated a variety of programs 
(such as scholarships, internships, retention programs, and 
management incentives) to increase workforce diversity, firm 
management continues to face challenges recruiting and 
retaining minority candidates. Lastly, GAO concluded, based on 
review of studies, that minority- and women-owned businesses 
face challenges in gaining access to capital because many lack 
the assets for collateral and, in some instances, studies 
suggest that lenders discriminate, although conclusive data are 
limited. Nonetheless, some financial institutions, primarily 
commercial banks, have developed strategies to serve minority- 
and women-owned businesses.
    Credit Card Regulation. The Committee passed H.R. 5585, the 
``Financial Netting Improvements Act of 2006'' which amends the 
Federal Deposit Insurance Act and the Federal Credit Union Act, 
and revises treatment of certain agreements entered into before 
appointment of depository institution conservators or 
receivers, including securities contracts, forward contracts, 
swap agreements, and certain walkaway clauses.
    Credit Counseling. Although the Committee took no direct 
oversight action on this topic, the Committee monitored The 
Department of Treasury's counseling efforts for Hurricane 
Katrina and Rita victims.
    Financial Literacy. On April 20, 2005, the Committee held a 
hearing entitled ``Generations Working Together: Financial 
Literacy and Social Security Reform'' to examine how financial 
literacy concepts can help all generations move toward greater 
retirement and investment security.
    On September 28, 2006 the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Improving Financial Literacy: Working Together to Develop 
Private Sector Coordination and Solutions.''
    Committee staff attended Financial Literacy and Education 
Commission meetings and were briefed periodically by the 
Treasury Department on the progress of the Commission. On 
December 4, 2006, the GAO reported the findings of its study 
entitled ``GAO Report on Effectiveness of the Financial 
Literacy and Education Commission.''
    Access to Financial Services. H.R. 3505 contained a 
provision to allow credit unions to offer check cashing and 
money transfer services to those within the field of 
membership, expanding these services beyond credit union 
members. This provision was included in S. 2856, the 
``Financial Services Regulatory Relief Act of 2006'' (P.L. 109-
351).
    On May 12, 2005, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Helping Consumers 
Obtain the Credit They Deserve.'' The hearing focused on 
promoting greater access to credit through the collection and 
reporting of data not traditionally captured by our nation's 
credit reporting system or by credit scoring models used by 
prospective creditors.
    On June 23, 2005, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Banking on Retirement Security: A Guaranteed Rate of 
Return.''
    On September 14, 2005, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Hurricane Katrina: The Financial Institutions' Response.'' 
The hearing focused on the financial services industry, its 
efforts to help victims of Hurricane Katrina, and whether 
legislative and regulatory solutions are needed.
    On May 18, 2006, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Financial Services 
Needs of Military Personnel and Their Families.'' The hearing 
addressed the financial services needs of U.S. military service 
members and their dependents, including regular duty personnel 
as well as the Reserves and National Guard. The Subcommittee 
was particularly interested in current assessments of the 
problems faced by these individuals and the solutions being 
used to correct them. Specific concerns include service-
mandated personal financial planning programs, financial 
educational support for dependants, insurance sales to enlisted 
personnel, and housing allowances.
    Community Development Financial Institutions Fund. Although 
the Committee took no direct oversight action on this topic, 
the Committee monitored developments in this area throughout 
the 109th Congress.
    Subprime Lending. The Committee continued its review of the 
complex problem of abusive and deceptive lending in the 
mortgage industry. The Subcommittees on Financial Institutions 
and Consumer Credit and Housing and Community Opportunity held 
a hearing on May 24, 2005 entitled ``Legislative Solutions to 
Abusive Mortgage Lending Practices.'' The hearing focused on 
predatory and abusive mortgage lending practices, particularly 
in the subprime market, and current legislative proposals to 
abate and eliminate such practices.
    HMDA. On June 13, 2006, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``Home 
Mortgage Disclosure Act: Newly Collected Data and What It 
Means.''

                               Securities

    Sarbanes-Oxley Act. On April 21, 2005, the Committee held a 
hearing entitled, ``The Impact of the Sarbanes-Oxley Act.'' The 
hearing was a continuation of the Committee's monitoring and 
review of the implementation of the Sarbanes-Oxley Act.
    On May 3, 2006, the Committee received testimony from 
Securities and Exchange Commission (SEC) Chairman Christopher 
Cox that addressed the implementation of the Sarbanes-Oxley Act 
during a hearing entitled, ``Protecting Investors and Fostering 
Efficient Markets: A Review of the SEC Agenda.''
    On September 19, 2006, the Committee held an oversight 
hearing entitled, ``Sarbanes-Oxley at Four: Protecting 
Investors and Strengthening the Markets,'' at which testimony 
was given by SEC Chairman Cox and Public Company Accounting 
Oversight Board (PCAOB) Chairman Mark Olson.
    On March 3, 2006, Chairman Oxley and Capital Markets, 
Insurance and Government Sponsored Enterprises Subcommittee 
Chairman Baker sent a letter to SEC Chairman Cox expressing 
their opinion that the SEC currently possesses the authority to 
provide relief from provisions of the Sarbanes-Oxley Act under 
both Section 36(a) of the Securities Exchange Act of 1934 and 
under Sarbanes-Oxley Act Section 3(a). This letter was sent in 
anticipation of recommendations of the SEC's Advisory Committee 
on Smaller Public Companies regarding the easing of regulatory 
requirements under the Sarbanes-Oxley Act.
    Public Company Accounting Oversight Board. As noted above, 
the Committee held three related hearings on the Sarbanes-Oxley 
Act, including the Public Company Accounting Oversight Board in 
its effort to oversee implementation of the Sarbanes-Oxley Act.
    On April 21, 2005, a hearing was held entitled, ``The 
Impact of the Sarbanes-Oxley Act.''
    On May 3, 2006, the Committee received further testimony on 
Sarbanes-Oxley Act implementation during a hearing entitled, 
``Protecting Investors and Fostering Efficient Markets: A 
Review of the SEC Agenda.''
    On September 19, 2006, the Committee held an oversight 
hearing entitled, ``Sarbanes-Oxley at Four: Protecting 
Investors and Strengthening the Markets,'' at which testimony 
on several issues facing the PCAOB was provided by Chairman 
Olson.
    Financial Accounting Standards Board. On March 29, 2006, 
the Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises held a hearing entitled, ``Fostering 
Accuracy and Transparency in Financial Reporting'' to explore 
ways to promote more transparent financial reporting.
    Corporate Governance. In addition to the oversight 
activities on the Sarbanes-Oxley Act and the PCAOB, which 
included reviews of public company corporate governance, on May 
25, 2006, the Committee held the second day of a hearing 
entitled, ``Protecting Investors and Fostering Efficient 
Markets: A Review of the SEC Agenda,'' and received testimony 
on executive compensation issues.
    Market Structure. On February 15, 2005, the Subcommittee on 
Capital Markets, Insurance and Government Sponsored Enterprises 
held a hearing entitled, ``The SEC's Market Structure Proposal: 
Will It Enhance Competition?'' to examine changes in market 
structure proposed by the SEC under Regulation NMS.
    On March 15, 2005, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises continued its 
review of Regulation NMS during a hearing entitled, 
``Regulation NMS: The SEC's View.''
    Credit Rating Agencies. On April 12, 2005, the Subcommittee 
on Capital Markets, Insurance and Government Sponsored 
Enterprises held a hearing entitled, ``Reforming Credit Rating 
Agencies: The SEC's Need for Statutory Authority.'' The purpose 
of the hearing was to review the need for reform in the credit 
rating industry. This hearing and the Committee's activities on 
this issue resulted in Committee consideration of H.R. 2990, 
the Credit Rating Agency Duopoly Relief Act, which provides for 
the voluntary registration of credit rating agencies with the 
SEC, removes conflicts of interest within the ratings process, 
and enhances transparency of rating agencies. H.R. 2990 was 
reported favorably out of the Committee on July 7, 2006, and 
passed the full House on July 12, 2006.
    On June 29, 2005, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
on H.R. 2990 and legislative responses to issues of competition 
and transparency within the credit rating industry entitled, 
``Legislative Solutions for the Rating Agency Duopoly.''
    On November 29, 2005, the Committee held a hearing on H.R. 
2990 entitled, ``The Credit Rating Agency Duopoly Relief Act of 
2005.''
    The Committee's efforts on this issue led to the enactment 
of S. 3850, the Credit Rating Agency Reform Act (Public Law 
109-291), on September 29, 2006.
    Mutual Funds. On May 10, 2005, the Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held a 
hearing entitled, ``Mutual Funds: A Review of the Regulatory 
Landscape.'' The purpose of the hearing was to continue the 
Subcommittee's examination of mutual fund practices and to 
review the impact of SEC rulemakings on the mutual fund 
industry and investors.
    529 Plans. Although the Committee took no direct oversight 
action on this topic, the Committee monitored the developments 
in this area throughout the 109th Congress.

    Securities Offering Process. Although the Committee took no 
direct oversight action on this topic, the Committee monitored 
the developments in this area throughout the 109th Congress.
    Social Security Reform. On April 20, 2005, the Committee 
continued its oversight of Social Security reform issues by 
holding a hearing entitled ``Generations Working Together: 
Financial Literacy and Social Security Reform.''
    On May 5, 2005, the Subcommittee on Domestic and 
International Monetary Policy held a hearing entitled, ``Social 
Security Reform: Successes and Lessons Learned.''
    Finally, on June 23, 2005, the Subcommittee on Financial 
Institutions held a hearing on social security reform entitled, 
``Banking on Retirement Security: A Guaranteed Rate of 
Return.''
    Initial Public Offerings (IPO) Allocation. Although the 
Committee took no direct oversight action on this topic, the 
Committee monitored the developments in this area throughout 
the 109th Congress.
    Capital Formation and Global Competitiveness. On April 26, 
2006, the Subcommittee on Capital Markets, Insurance and 
Government Sponsored Enterprises held a hearing entitled, 
``America's Capital Markets: Maintaining Our Lead in the 21st 
Century.'' The hearing examined the challenges posed to U.S. 
capital markets from rapidly maturing foreign markets, a 
litigious environment, regulation, and addressed ways to 
enhance our competitiveness in the capital formation process.
    The Committee's activities on this issue resulted in the 
House passage of H.R. 436, the Increased Capital Access for 
Growing Business Act, which amends the Investment Company Act 
of 1940 to provide incentives for small business investment, on 
April 6, 2005.
    Stock Option Accounting. Although the Committee took no 
direct oversight action on this topic, the Committee monitored 
the developments in this area throughout the 109th Congress.
    Investor Restitution. Although the Committee took no direct 
oversight action on this topic, the Committee monitored the 
developments in this area throughout the 109th Congress, 
including questions on this topic during SEC oversight 
hearings. Additionally, this included the introduction of H.R. 
5956, the Fair Fund Improvement Act, by Mr. Baker and four 
cosponsors, to address shortcomings in this program.
    SRO Regulation. On November 17, 2005, the Subcommittee on 
Capital Markets, Insurance and Government Sponsored Enterprises 
held a hearing entitled, ``Self-Regulatory Organizations: 
Exploring the Need for Reform.'' During the hearing, the 
Subcommittee heard testimony regarding an SEC proposed rule 
designed to improve the governance and transparency of SROs and 
a concept release contemplating alternative models for self-
regulation of our capital markets.
    SEC Oversight. The Committee continued its oversight of the 
SEC by receiving testimony from SEC Chairman Christopher Cox at 
a May 3, 2006, hearing entitled, ``Protecting Investors and 
Fostering Efficient Markets: A Review of the SEC Agenda.''
    Hedge Funds. The Committee continued to monitor the impact 
of the growth of hedge funds, and implications for America's 
financial markets and individual investors. The Committee's 
activities on this issue resulted in the September 27, 2006, 
House passage of H.R. 6079, the Hedge Fund Study Act, which 
directs the President's Working Group on Financial Markets to 
study and report on hedge fund growth and risk,
    Bond Pricing Transparency. Although the Committee took no 
direct oversight action on this topic, the Committee monitored 
the developments in this area throughout the 109th Congress.
    Access to Broker Information. The Committee continued to 
monitor investor access to information regarding brokers during 
the 109th Congress. The Committee's activities on this issue 
resulted in the House passage of H.R. 1077, the Realtime 
Investor Protection Act, on April 6, 2005. Although H.R. 1077 
failed to pass the Senate, certain provisions of the bill that 
enhance investor access to information about broker-dealers 
were included in the Military Personnel Financial Services 
Protection Act (Public Law 109-290), which was signed into law 
by President Bush on September 29, 2006.
    Investor Education and Financial Literacy. The Committee 
continued its oversight of financial literacy by holding an 
April 20, 2005, hearing on this issue entitled, ``Generations 
Working Together: Financial Literacy and Social Security 
Reform.''
    Convergence of International Accounting Standards. The 
Committee continued to review the convergence of international 
and U.S. accounting standards during a March 29, 2006, 
Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises hearing entitled, ``Fostering Accuracy 
and Transparency in Financial Reporting.''
    XBRL Accounting. On March 29, 2006, the Subcommittee on 
Capital Markets, Insurance and Government Sponsored Enterprises 
held a hearing entitled, ``Fostering Accuracy and Transparency 
in Financial Reporting.''
    In addition, testimony was received from SEC Chairman 
Christopher Cox at a May 3, 2006, full Committee hearing 
entitled, ``Protecting Investors and Fostering Efficient 
Markets: A Review of the SEC Agenda,'' regarding the SEC's 
progress in promoting the use of interactive data in financial 
reporting through the development of the eXtensible Business 
Reporting Language (XBRL) technology.
    Securities Arbitration. The Committee continued its 
examination of developments in securities arbitration during 
the 109th Congress. On March 17, 2005, the Subcommittee on 
Capital Markets, Insurance and Government Sponsored Enterprises 
held a hearing entitled, ``A Review of the Securities 
Arbitration System.'' SIPC. Although the Committee took no 
direct oversight action on this topic, the Committee monitored 
the developments in this area throughout the 109th Congress.
    Securities Litigation. The Committee monitored the abuse of 
the securities litigation process and examined the growing 
costs on U.S. businesses arising from securities class-action 
settlements and judgments during the 109th Congress by holding 
a hearing entitled, ``Investor Protection: A Review of 
Plaintiffs'' Attorney Abuses in Securities Litigation and 
Legislative Remedies,'' on June 28, 2006.
    Abusive Financial Product Sales to Military Personnel. The 
Subcommittee on Capital Markets, Insurance, and Government 
Sponsored Enterprises continued to conduct oversight of 
insurance companies and producers selling insurance on Federal 
military installations. Subcommittee efforts were considered 
and incorporated into the Military Personnel Financial Services 
Protection Act (P. L. 109-290), which was signed into law by 
President Bush on September 29, 2006.
    Hurricane Katrina Relief/Louisiana Recovery Corporation. 
The Committee and the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises oversaw post-
Hurricane Katrina initiatives to repair the Gulf Coast region, 
including H.R. 4100, the Louisiana Recovery Corporation Act, 
which was introduced on October 20, 2005 and passed the 
Committee on December 15, 2005.
    On November 17, 2005, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
on the Louisiana Recovery Corporation Act.
    Financial Accounting Transparency. The Committee continued 
to oversee financial accounting issues at a March 29, 2006, 
Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises hearing entitled, ``Fostering Accuracy 
and Transparency in Financial Reporting.'' Along with other 
matters, the hearing addressed SEC initiatives to enhance the 
transparency and reduce the complexity of financial accounting.

                    Government Sponsored Enterprises

    Regulatory Reform. On April 13, 2005, the Committee held a 
hearing entitled, ``The Administration Perspective on GSE 
Regulatory Reform.'' The hearing focused on H.R. 1461, the 
``Federal Housing Finance Reform Act of 2005,'' which 
established the Federal Housing Finance Agency (FHFA), as an 
independent agency to oversee the safe and sound operation and 
mission function of the housing government sponsored 
enterprises (GSEs). FHFA would assume the GSE supervisory 
duties of the Office of Federal Housing Enterprise Oversight 
(OFHEO), Federal Housing Finance Board (FHFB), and the 
Department of Housing and Urban Development (HUD). The House 
passed H.R. 1461 in 2005.
    On August 30, 2006, Chairman Oxley sent a letter to the 
Secretary of Treasury commending his efforts to hold 
discussions on GSE regulatory reform and urging further action.
    On September 14, 2006, Chairman Oxley and Ranking Member 
Frank, joined by 62 Members on the Committee, sent a letter to 
the Chairman and Ranking Member of the Senate Committee on 
Banking, Housing, and Urban Affairs urging expeditious Senate 
action on GSE regulatory reform legislation.
    GSEs and Financial Disclosure. On February 9, 2005, the 
Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises held a hearing entitled, ``Accounting 
Irregularities at Fannie Mae and the Impact on Investors.'' The 
Securities and Exchange Commission (SEC) had previously 
determined that certain accounting practices of the Federal 
National Mortgage Association (Fannie Mae) did not comply with 
generally accepted accounting principles, or GAAP.
    On April 6, 2005, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``Additional Accounting and Management Failures at 
Fannie Mae--OFHEO's Efforts to Ensure Safe and Sound 
Operations,'' to review a 2005 agreement between Fannie Mae and 
OFHEO.
    On March 14, 2006, the Committee held a hearing entitled, 
``Review of the Rudman Report on Fannie Mae.'' The hearing 
centered on a report by former Senator Warren Rudman that 
resulted from OFHEO's findings of significant accounting and 
management irregularities at Fannie Mae.
    On June 6, 2006, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``OFHEO's Final Report on Fannie Mae,'' to review 
OFHEO's special examination of Fannie Mae.
    Federal Home Loan Bank System. On March 9, 2005, the 
Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises held a hearing entitled, ``GSE Reform and 
the Federal Home Loan Bank System,'' to review developments 
within the Federal Home Loan Bank (FHLB) System.
    On June 30, 2006, Chairman Oxley and Ranking Member Frank 
sent a letter to the FHFB Chairman expressing concerns 
regarding the potential impact of a proposed rule affecting the 
retained earnings and excess stock of the FHLBs.
    On September 7, 2006, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``A Review of the Federal Home Loan Bank System,'' to 
review the status of the FHLB System and its regulator, 
including the FHFB's proposal on retained earnings and excess 
stock.
    Executive Compensation. Although the Committee took no 
direct oversight action on this topic, the Committee monitored 
developments in this area throughout the 109th Congress.
    Housing Mission. The Committee monitored compliance by 
Fannie Mae and the Federal Home Loan Mortgage Corporation 
(Freddie Mac) with HUD's affordable housing goals, to ensure 
that the GSEs are performing their mission and HUD is enforcing 
these goals. H.R. 1461, the ``Federal Housing Finance Reform 
Act of 2005,'' which the House passed in 2005, revised the 
housing goals and created an affordable housing fund.
    Mortgage Fraud. On March 10, 2005, the Subcommittee on 
Oversight and Investigations held a hearing entitled, ``Due 
Diligence in Mortgage Repurchases and Fannie Mae: The First 
Beneficial Case.'' The hearing focused on the recent discovery 
and settlement of fraudulent lending practices involving First 
Beneficial Mortgage, Fannie Mae and Ginnie Mae.

                                Housing

    Federal Housing Administration (FHA) and Government 
National Mortgage Association (GNMA). The Committee provided 
numerous oversights, through hearings, reported legislation and 
GAO investigations regarding FHA and the Government National 
Mortgage Association. In particular, at the beginning of the 
109th Congress, the Committee was concerned about the viability 
and operational components of FHA and whether the agency had a 
necessary role in providing homeownership opportunities in the 
21st century, considering the significant changes in the 
mortgage finance marketplace, since FHA's conception in 1927.
    On April 5, 2006, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled ``Transforming the Federal 
Housing Administration for the 21st Century.'' The hearing 
focused on the Administration's FY 2007 budget proposal to 
reform FHA's single-family mortgage insurance activities. Under 
the proposal, FHA would base each borrower's mortgage insurance 
premiums upon the risk that the borrower poses to the FHA 
Mortgage Insurance Fund. Additionally, mortgage insurance 
premiums would be based on the borrower's credit history, loan-
to-value ratio, debt-to-income ratio, and on FHA's historical 
experience with similar borrowers. The Administration believes 
that these changes would decrease premiums for many of FHA's 
traditional borrowers, thereby increasing their access to 
homeownership. The Committee reported favorably H.R. 5121, the 
``Expanding American Homeownership Act of 2006'' on June 14, 
2006 by voice-vote and the House approved the measure on July 
25, 2006 by a vote of 415-7.
    In addition to the April 5, 2006 hearing, FHA issues were 
paramount in the annual Department of Housing and Urban 
Development (HUD) budget hearings conducted on March 3, 2005 
and March 30, 2006. Additionally, the GAO released the 
following reports related to the Committee's 109th oversight of 
the FHA program: ``Mortgage Financing: HUD Could Realize 
Additional Benefits from Its Mortgage Scorecard,'' April 13, 
2006 (GAO-06-435); ``Hospital Mortgage Insurance Program: 
Program and Risk Management Could be Enhanced,'' February 28, 
2006 (GAO-06-316); ``Mortgage Financing: Additional Action 
Needed to Manage Risks of FHA-Insured Loans with Down Payment 
Assistance,'' November 9, 2005 (GAO-06-24); ``Residential Care 
Facilities Mortgage Insurance Program: Opportunities to Improve 
Program and Risk Management,'' May 24, 2006 (GAO-06-515).
    Rural Housing Service's (RHS) Mission. On March 10, 2005, 
the Subcommittee on Housing and Community Opportunity held a 
hearing entitled ``Oversight of the Rural Housing Service and 
its Fiscal Year 2006 Budget.'' The hearing was designed to 
review RHS's fiscal year 2006 budget proposal as well as three 
reports issued by the GAO during the 108th Congress entitled 
``Rural Housing: Changing the Definition of Rural Could Improve 
Eligibility Determinations'' (GAO-05-110); ``Rural Housing 
Service: Agency Has Overestimated Its Rental Assistance Budget 
Needs Over the Life of the Program'' (GAO-04-752); and ``Rural 
Housing Service: Updated Guidance and Additional Monitoring 
Needed for Rental Assistance Distribution Process'' (GAO-04-
937). At this hearing, the Subcommittee heard testimony from 
the Administrator of the Rural Housing Service, an agency 
within the Department of Agriculture (USDA), and the GAO.
    On April 25, 2006, the Subcommittee held a legislative 
hearing on H.R. 5039, the ``Saving America's Rural Housing Act 
of 2006,'' introduced by Rep. Geoff Davis (KY-4). The bill 
would create a revitalization program for section 515 
properties, allow for the prepayment of some section 515 loans 
made before 1989, and protect tenants. The Subcommittee heard 
testimony from the RHS Administrator and representatives from a 
variety of organizations involved with the Section 515 program.
    On March 10, 2005, the GAO released a report, at the 
request of the Committee, entitled ``Rural Housing Service: 
Overview of Program Issues.''
    Home Mortgage Disclosure Act (HMDA). On June 13, 2006, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Home Mortgage Disclosure Act: Newly 
Collected Data and What It Means.'' This hearing focused on the 
recently implemented Federal Reserve Board regulation under the 
Home Mortgage Disclosure Act that requires mortgage lenders to 
collect, report, and make public new mortgage pricing data and 
what this data means to consumers and lenders. At this hearing, 
the Subcommittee heard testimony from several witnesses, 
including a Federal Reserve Board Governor and organizations 
representing housing industry and advocacy groups.
    FY 2006/2007 Budget/Review of Housing and Urban 
Development, Rural Housing Service, National Reinvestment 
Corporation and the National Flood Insurance Program. On March 
3, 2005, the Committee on Financial Services held a hearing 
entitled ``Oversight of HUD'' to review the Administration's FY 
2006 budget proposal.
    On March 30, 2006, the Committee on Financial Services held 
a hearing entitled ``Oversight of HUD'' to review the 
Administration's FY 2007 budget proposal.
    On March 10, 2005, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled ``Oversight of 
the Rural Housing Service'' to review the Administration's FY 
2006 budget proposal.
    On April 25, 2006, the Subcommittee on Housing and 
Community Opportunity held a hearing on H.R. 5039--Saving Rural 
Housing, which included testimony and review of the 
Administration's FY 2007 budget proposal.
    On April 14, 2005, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled ``Oversight of 
the Flood Insurance Program''.
    On August 23, 2006, the Committee on Financial Services 
held a field hearing in Buck's County, Pennsylvania on the 
status of the National Flood Insurance Program.
    The staff of the Subcommittee on Housing and Community 
Opportunity met with representatives of the National 
Reinvestment Corporation to review their proposed FY 2006 and 
2007 budget proposals and in 2006 also discussed their newly 
drafted strategic plan.
    Section 8 Housing Choice Voucher Program. On May 11, 2005 
and May 17, 2005, two legislative hearings were held entitled 
``H.R. 1999, The State and Local Housing Flexibility Act of 
2005.'' The Full Committee held the May 11, 2005 hearing, and 
the Subcommittee on Housing and Community Opportunity held the 
May 17, 2005 hearing. The Committee heard testimony from the 
Secretary of HUD. The Subcommittee heard testimony from a 
number of public housing authorities and housing advocacy 
groups. Both hearings focused on H.R. 1999, the 
Administration's proposal to reform the Housing Choice Voucher 
program introduced in the House by Rep. Gary G. Miller (CA) and 
by Sen. Wayne Allard (CO) in the Senate. H.R. 1999 makes 
significant changes to the housing choice voucher program by 
providing greater flexibility to Public Housing Authorities 
(PHAs) to manage their individual budgets. The current voucher 
program operates under a complex set of regulations and 
guidelines which make the program overly prescriptive and 
difficult to administer.
    In addition, the Subcommittee on Housing and Community 
Opportunity held a roundtable discussion that focused on the 
future of the Housing Choice Voucher Program on March 17, 2005. 
The goal of these roundtable discussions was to identify the 
top-level issues regarding the current operation, 
administration, and funding of the Housing Choice Voucher 
Program and to craft solutions that would address the 
effectiveness and efficiency of the government's role in the 
administration of the Housing Choice Voucher Program.
    During the 109th Congress, the Republican and Democratic 
staffs met on a regular basis in an effort to craft bipartisan 
legislation that would reform the section 8 Housing Choice 
Voucher Program. H.R. 5443, the ``Section 8 Reform Act of 
2006'' was introduced on May 22, 2006 as the product of the 
bipartisan meetings. On June 14, 2006, the Committee on 
Financial Services approved this reform proposal.
    The Committee requested GAO to conduct several reports 
relating to the Housing Choice Voucher Program.
    On February 18, 2005, the GAO released a report entitled 
``HUD Rental Assistance: Progress and Challenges in Measuring 
and Reducing Improper Rent Subsidies'' (GAO-05-224).
    On April 28, 2006, the GAO released a report entitled 
``Rental Housing Assistance: Policy Decisions and Market 
Factors Explain Changes in the Costs of the Section 8 
Programs'' (GAO-06-405).
    Timely HAP Payments. HUD provides subsidies, known as 
housing assistance payments, under contracts with privately 
owned, multifamily projects so that they are affordable to low-
income households. Project owners have expressed concern that 
HUD has chronically made late housing assistance payments in 
recent years, potentially compromising the ability of owners to 
pay operating expenses, make mortgage payments, or set aside 
funds for repairs. Members of the Committee, including the 
Chairmen and Ranking Minority Members of the Full Financial 
Services Committee and the Subcommittee on Housing and 
Community Opportunity, asked GAO to review the timeliness of 
HUD's monthly housing assistance payments, the factors that 
affect payment timeliness, and the effects of delayed payments 
on project owners.
    On November 15, 2006 GAO released a report (GAO-06-57) 
entitled ``Project-Based Rental Assistance: HUD Should 
Streamline the Process to Ensure Timely Housing Assistance 
Payments.'' GAO recommended that HUD streamline and automate 
the contract renewal and automate the contract renewal process 
to prevent errors and delays. GAO also offered recommendations 
to improve HUD's monitoring of contract funding levels and 
notifying owners about late payments. HUD agreed with GAO's 
conclusions and recommendations.
    Mortgage Finance Reform/Real Estate Settlement Procedures 
Act (RESPA). The Subcommittee on Housing and Community 
Opportunity continued to monitor the need for RESPA reform, 
particularly the adoption of a new rule addressing the issue by 
HUD.
    Housing Counseling. In the 109th Congress, the Committee on 
Financial Services and the Subcommittee on Housing and 
Community Opportunity continued to monitor this issue.
    Public Housing/Housing Preservation. The Committee will 
continue to examine the cost of preserving current public 
housing units and will consider new alternatives to address the 
funding and preservation of public housing. Currently, there 
are about 1.25 million units of public housing worth an 
estimated $90 billion in the United States. Preserving the 
current public housing stock is fundamental to maintaining 
adequate levels of affordable housing in this country. Issues 
related to public housing were addressed during the March 3, 
2005, Committee on Financial Services hearing entitled 
``Oversight of HUD,'' which reviewed the Administration's FY 
2006 budget proposal and again during the March 30, 2006 
hearing entitled ``Oversight of HUD,'' which reviewed the 
Administration's FY 2007 budget proposal.
    In addition, several GAO reports were requested focusing on 
Public Housing and Preservation:
    On October 3, 2005, the GAO released a report entitled 
``Department of Housing and Urban Development Revisions to the 
Public Housing Operating Fund Program'' (GAO-06-107R).
    On December 9, 2005, the GAO released a report entitled 
``Public Housing: Distressed Conditions in Development for 
Elderly and Persons with Disabilities and Strategies Used for 
Improvement'' (GAO-06-163).
    Colonias. The Committee's review of Native American and 
rural housing issues housing is ongoing. On July 31, 2006, the 
Subcommittee on Housing and Community Opportunity held a field 
hearing in Arizona entitled ``Removing Barriers to Native 
American Homewnership.''
    National Flood Insurance Program. The Committee on 
Financial Services and the Subcommittee on Housing and 
Community Opportunity have held five hearings in a series 
focused on oversight of the National Flood Insurance Program 
(NFIP).
    On April 14, 2005, the Subcommittee held a hearing entitled 
``Review and Oversight of the National Flood Insurance 
Program.'' At this hearing, the Subcommittee heard testimony 
from the Acting Mitigation Division Director and Federal 
Insurance Administrator at FEMA and the Director of Homeland 
Security and Justice at the GAO. The hearing focused on 
administrative problems facing the NFIP and the steps currently 
being taken by FEMA and the private insurance industry to 
resolve these problems. The hearing also addressed the current 
funding difficulties impacting the implementation of the 
``Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 
2004.''
    On July 12, 2005, the Subcommittee held a hearing entitled 
``Flood Map Modernization and the Future of the National Flood 
Insurance Program.'' The hearing focused on the $1 billion, 5-
year flood map modernization program at FEMA. The Subcommittee 
heard testimony from the Acting Mitigation Division Director 
and Federal Insurance Administrator at FEMA and the Director of 
Homeland Security and Justice at the GAO.
    On August 17, 2005, the Subcommittee held a field hearing 
in New Philadelphia, Ohio entitled ``A Look at the National 
Flood Insurance Program: Is Ohio Ready for a Flood?'' The 
Subcommittee heard testimony from the Acting Mitigation 
Division Director and Federal Insurance Administrator at FEMA 
and several Ohio state and local officials. The hearing focused 
on how state and local governments operate under the NFIP, and 
the steps currently being taken by FEMA, local officials, and 
the insurance industry to resolve problems dealing with 
inconsistencies and delays inherent to the program. The hearing 
examined current implementation difficulties in counties such 
as Tuscarawas, Ohio--specifically, how implementation of the 
Flood Insurance Reform Act has affected constituents and local 
organizations.
    On October 20, 2005, the Subcommittee held a hearing 
entitled ``Management and Oversight of the NFIP.'' Witnesses 
included Reps. Richard Baker (LA) and Gene Taylor (MS), David 
Maurstad, Acting Director and Federal Insurance Administrator 
at FEMA, and William Jenkins, Jr., Director, Homeland Security 
and Justice at the GAO. The hearing focused on GAO's upcoming 
report on issues related to the NFIP, its management and 
oversight by FEMA, and FEMA's implementation of reforms to the 
NFIP that were mandated by the ``Bunning-Bereuter-Blumenauer 
Flood Insurance Reform Act of 2004.'' The hearing also focused 
on the impact of Hurricanes Katrina and Rita on the NFIP and on 
FEMA's response, as well as funding difficulties that may 
confront the NFIP in the aftermath of recent hurricanes.
    On August 15, 2006, the Full Committee held a field hearing 
in Yardley, Pennsylvania entitled ``A Look at the National 
Flood Insurance Program and Flood Mitigation Efforts: Is Bucks 
County, Pennsylvania Ready for Another Flood?'' This hearing 
focused on the NFIP and the program's response to the June 2006 
flooding in Bucks County and in the Commonwealth of 
Pennsylvania. The hearing also focused on how state and local 
governments operate under the NFIP, and the steps currently 
being taken by FEMA, local officials, and the insurance 
industry to resolve problems dealing with inconsistencies and 
delays inherent in the program. At the hearing, the Committee 
received testimony from David Maurstad, Director and Federal 
Insurance Administrator at FEMA, a representative from the 
insurance industry, and several local officials.
    On January 24, 2006, Rep. Michael G. Oxley, Chairman, 
Committee on Financial Services, requested that the GAO 
complete three reports related to flood insurance and natural 
disaster insurance. The GAO was directed to study 1) government 
legislation to help facilitate mitigation of natural disaster 
insurance losses; 2) wind versus flood hurricane insurance 
issues; and 3) proposals for improving natural catastrophe 
coverage. The report related to mitigation of natural disaster 
insurance losses is expected to be released on February 28, 
2007. The other two reports will be released on a date, yet to 
be determined.
    Community Development Block Grant. The Subcommittee on 
Housing and Community Opportunity held a series of three field 
hearings entitled ``Strengthening Rural Ohio: A Review of the 
Community Development Block Grant Program.'' The first hearing 
was held on March 24, 2006, in Mount Vernon, Ohio. The second 
hearing was held later that same day in Cambridge, Ohio. The 
third hearing was held the following day, on March 25, 2006, in 
Logan, Ohio. Witnesses included local elected officials and 
representatives of nonprofit organizations.
    The Subcommittee also held a field hearing on the CDBG 
program on April 12, 2006 in Los Angeles, California. Witnesses 
included local officials, and representatives from economic 
development and nonprofit organizations.
    On June 14, 2005, Reps. Bob Ney, Chairman, Subcommittee on 
Housing and Community Opportunity and Mike Turner, Chairman, 
Subcommittee on Federalism and the Census, requested that the 
GAO issue a report on alternative formulas to allocate CDBG 
funds. This report is estimated to be issued on April 30, 2007.
    On July 28, 2006, the GAO delivered a report to Congress 
entitled ``Community Development Block Grants: Program Offers 
Recipients Flexibility but Oversight Can Be Improved.'' This 
report was requested by Rep. Bob Ney, Chairman, Subcommittee on 
Housing and Community Opportunity; Sen. Tom Coburn, Chairman, 
Subcommittee on Federal Financial Management, Government 
Information, and International Security; and Rep. Mike Turner, 
Chairman, Subcommittee on Federalism and the Census.
    The CDBG program, administered by HUD, is the Federal 
government's largest and most widely-available source of 
financial assistance to support State and local government-
directed neighborhood revitalization, housing rehabilitation, 
and economic development activities. These formula-based grants 
are allocated to more than 1,100 entitlement communities 
(metropolitan cities with populations of 50,000 or more, and 
urban counties), the 50 states, Puerto Rico, and the insular 
areas of American Samoa, Guam, the Virgin Islands, and the 
Northern Mariana Islands. The States participating in the CDBG 
Program award grants only to units of general local government 
that carry out development activities, which accounts for the 
investment in rural areas. Annually, each State develops 
funding priorities and criteria for selecting projects. Grants 
are used to implement plans intended to address local housing, 
neighborhood revitalization, public services, and 
infrastructure needs, as determined by local officials with 
citizen input.
    HUD Mission, Management Reform and Staffing. The Committee 
held two hearings that combined a review of HUD's annual budget 
proposals as well as their mission and management reform. Those 
two hearings were held on March 3, 2005 and March 30, 2006 
respectively. Additionally, Committee staff was briefed on GAO 
Report GAO-06-1002R--``Managerial Cost Accounting Practices: 
Department of Agriculture and the Department of Housing and 
Urban Development,'' which was delivered to Congress on 
September 21, 2006.
    HOPE VI/Mainstreet Program. The HOPE VI program provides 
competitive grants to PHAs for the demolition and/or 
revitalization of distressed public housing. HOPE VI has been 
popular with many Members of Congress, but it has been 
criticized by the Administration, which argues that grantees 
spend money too slowly, and by tenant advocates, who argue the 
program displaces more families than are housed in new 
developments.
    During the 109th Congress, this Committee responded to 
concerns raised regarding the HOPE VI program by considering 
and approving legislation. In addition to reauthorizing the 
program through FY2006, the legislation established a new form 
of HOPE VI grant to be used to fund the redevelopment of 
distressed Main Street areas in small communities. The 
legislation included several management changes to make the 
program more accountable and sensitive to the people it is 
intended to assist and to address the slow expenditure rate of 
HOPE VI funds.
    Authorization for the HOPE VI program is set to expire at 
the end of FY2006. This Committee approved, and the House 
passed, a one-year reauthorization bill, H.R. 5347, HOPE VI 
Reauthorization Act of 2006, on September 27, 2006. The bill is 
currently awaiting action in the Senate. Future reauthorization 
and program mission will be the focus of debate in the 110th 
Congress.
    Minorities and Homeownership. The Committee conducted 
several hearings reviewing the impact of homeownership activity 
in minority communities. Several legislative initiatives, if 
enacted, would have a disproportionately positive impact on the 
increase in minority homeownership. These legislative 
initiatives include:
          (1) H.R. 797, the ``Native American Housing 
        Enhancement Act of 2005,'' passed by the House on April 
        6, 2005, agreed to by the Senate with an amendment on 
        November 8, 2005 and agreed to by the House on December 
        18, 2005. The bill was signed into law by the President 
        on December 22, 2005, Public Law 109-240;
          (2) H.R. 280, the ``Brownfields Redevelopment 
        Enhancement Act,'' was ordered reported by Committee on 
        March 16, 2005 and passed by the House on December 13, 
        2005;
          (3) H.R. 4804, the ``FHA Manufactured Housing Loan 
        Modernization Act of 2006,'' was reported by the 
        Subcommittee on Housing and Community Opportunity on 
        February 16, 2006, ordered reported by the Committee on 
        June 14, 2006; and passed the House on July 25, 2006 by 
        a vote of 412-4;
          (4) H.R. 5121, the ``Expanding American Homeownership 
        Act of 2006,'' was ordered reported by the Committee on 
        May 24, 2006 and passed by the House on July 25, 2006 
        by a vote of 415-7; and
          (5) H.R. 3043, the ``Zero Downpayment Act of 2005,'' 
        was ordered reported by the Committee on May 24, 2006.
    The Subcommittee on Housing and Community Opportunity held 
several hearings to review issues directly impacting minority 
homeownership, including one on June 30, 2005, entitled 
``Legislative Hearing on H.R. 3043-Zero Downpayment Act of 
2005.''
    On May 24, 2005, The Subcommittee on Housing and Community 
Opportunity held a joint hearing with the Subcommittee on 
Financial Institutions entitled ``Legislative Solutions to 
Abusive Mortgage Lending Practices.''
    On July 19, 2005, the Committee held a joint hearing with 
the Committee on Resources entitled ``Improving Land Title 
Grant Procedures For Native Americans.''
    On April 5, 2006, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled ``Transforming the FHA.''
    On July 25, 2006, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled ``Changing Real Estate 
Markets.''
    On July 31, 2006, the Subcommittee on Housing and Community 
Opportunity held a Field Hearing in Arizona entitled ``Removing 
Barriers to Native American Homeownership.''
    Homelessness. The Homeless Assistance Grants fund the four 
major homeless assistance programs--Shelter Plus Care (S+C), 
the Supportive Housing Program (SHP), Section 8 Moderate 
Rehabilitation Single Room Occupancy (SRO), and Emergency 
Shelter Grants (ESG)--authorized by the McKinney-Vento Homeless 
Assistance Act (P.L. 100-77) and administered by HUD. The Act, 
which was signed into law in 1987, has remained unauthorized 
since 1994. The Committee will continue to monitor the 
administration and funding of these important programs.
    Housing Production. Increasing minority homeownership and 
making sure that families have access to decent affordable 
rental housing in their communities is an important issue 
facing many communities in today's high-cost housing market. 
Oversight of this issue has been an important component that 
permeates throughout most of the Committee's housing hearings 
and legislative agenda. For example, housing production has 
been one of the critical issues of discussion during 
consideration of GSE Reform. H.R. 1461, the ``Federal Housing 
Finance Reform Act of 2005,'' creates a new Affordable Housing 
Fund that could contribute as much as $350 to 400 million for 
the development of affordable housing over the first two years.
    Native American Housing Programs. The Full Committee held a 
joint hearing with the Committee on Resources on July 19, 2005 
entitled ``Improving Land Title Grant Procedures for Native 
Americans.'' Representatives from the Office of Native American 
Programs at HUD, and from the Bureau of Indian Affairs (BIA) at 
the Department of the Interior, testified.
    The hearing focused on the administrative problems facing 
Native Americans seeking homeownership and the process of 
obtaining land title through BIA. Specifically, the hearing 
focused on the BIA's ability to produce timely Title Status 
Reports (TSR) for Native American Lands, as well as how BIA 
affects HUD programs such as the Indian Community Development 
Block Grant Program and the Indian Housing Block Grant Program. 
Since the TSR serves as proof of ``clear title'' for the 
purpose of mortgaging lease-hold interests for property, the 
ability of BIA to issue these reports affects more than 
housing, and has been seen by critics as a major contributing 
factor to the lack of economic development on Native American 
lands.
    On July 31, 2006, the Subcommittee on Housing and Community 
Opportunity held a field hearing entitled ``Removing Barriers 
to Homeownership for Native Americans'' in Camp Verde, Arizona. 
This hearing focused on the progress made by the BIA and HUD in 
removing those barriers to Federal housing assistance for 
Native Americans identified in the Full Committee hearing on 
July 19, 2005.
    Fair Housing. On February 28, 2006, the Subcommittee on 
Housing and Community Opportunity held a hearing entitled 
``Fair Housing Issues in the Gulf Coast in the Aftermath of 
Hurricanes Katrina and Rita.'' This hearing focused on fair 
housing experiences, practices, and challenges faced by 
displaced families and individuals seeking temporary or 
permanent housing replacement. The hearing also focused on the 
current state of fair housing enforcement and whether recent 
technological advances have helped or hindered enforcement 
practices. The Subcommittee heard testimony from Kim Kendrick, 
Assistant Secretary for Fair Housing and Equal Opportunity at 
HUD. Witnesses also included representatives from organizations 
promoting the enforcement of fair housing laws.

                               Insurance

    Terrorism Risk Insurance Act. On July 13, 2005, the 
Committee held a hearing entitled, ``Treasury's Report to 
Congress on the Terrorism Risk Insurance Act.'' The hearing 
focused on the Treasury's report on the effectiveness of the 
Terrorism Risk Insurance Act program and the Administration's 
suggestions to scale back and eventually phase out the program.
    On July 27, 2005, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``The Future of Terrorism Insurance.'' The hearing 
focused on potential short-term and long-term solutions for 
improving the terrorism insurance marketplace. Witnesses 
included a broad cross-section from the terrorism insurance 
marketplace, including underwriters, policyholders and risk-
management experts. In addition to general issues facing the 
terrorism insurance marketplace, witnesses discussed their 
views on appropriate reform measures for the Terrorism Risk 
Insurance Act of 2005.
    On January 24, 2006, Chairman Oxley sent a letter to the 
Government Accountability Office (GAO) requesting a study to 
determine the extent to which risks associated with nuclear, 
biological, chemical and radioactive (NBCR) events are 
measurable and insurable at the private sector as well as 
whether private insurers are currently exposed to NBCR risks 
and the challenges they face in pricing such risk. The GAO 
report was released on September 25, 2006.
    On July 25, 2006, the Subcommittee on Oversight and 
Investigations and the Committee on Homeland Security 
Subcommittee on Intelligence, Information Sharing, and 
Terrorism Risk Assessment held a joint hearing entitled 
``Terrorism Threats and the Insurance Market.'' This hearing 
looked at the insurance industry's attempts to model terrorism 
risk and market for terrorism risk insurance. Witnesses also 
addressed industry representations that terrorism is an 
``uninsurable risk'' due to lack of actuarial data and baseline 
intelligence.
    On September 27, 2006, the Subcommittees on Capital 
Markets, Insurance and Government Sponsored Enterprises, and 
Oversight and Investigations held a joint hearing entitled, 
``Protecting Americans from Catastrophic Terrorism Risk.'' The 
hearing focused on the availability of terrorism insurance in 
the private market and how to best protect Americans from 
catastrophic terrorism risk. Witnesses included various 
representatives from the terrorism insurance marketplace, 
including chief executive officers from national companies with 
expertise in the business of purchasing or providing terrorism 
insurance and reinsurance coverage. Witnesses discussed the GAO 
Report on NBCR risk as well as proposals to solve availability 
and affordability problems associated with terrorism insurance.
    Military Personnel Financial Protection. The Subcommittee 
on Capital Markets, Insurance and Government Sponsored 
Enterprises continued to conduct oversight of insurance 
companies and producers selling insurance on Federal military 
installations. Subcommittee efforts were considered and 
incorporated into the Military Personnel Financial Services 
Protection Act, which was signed into law by President Bush on 
September 29, 2006.
    Regulatory Modernization. On June 16, 2005, the 
Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises held a hearing entitled, ``SMART 
Insurance Reform.'' The hearing focused on the need for 
comprehensive reform of the State system of insurance 
regulation. Witnesses included current and former State 
insurance commissioners and officers of the National 
Association of Insurance Commissioners (NAIC). Witnesses 
discussed unsuccessful efforts by the States to create a more 
uniform and efficient regulatory system. The witnesses 
commented on potential Federal legislative proposals for 
improving State insurance regulation, in particular the 
legislative draft of the State Modernization and Regulatory 
Transparency Act.
    On June 21, 2006, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``Commercial Insurance Modernization.'' Witnesses 
included representatives from the nonadmitted insurance and 
reinsurance marketplace. Witness testimony addressed the 
problems faced by nonadmitted consumers, surplus lines 
insurers, and reinsurance providers in the current regulatory 
environment and how changes proposed in the Nonadmitted and 
Reinsurance Reform Act of 2006 will dramatically improve the 
nonadmitted and reinsurance marketplace.
    Insurance Solvency Regulation. The Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises 
continued to monitor developments in insurance solvency 
regulation. The Subcommittee also held a hearing on June 16, 
2005 that discussed issues related to insurance solvency 
regulation.
    Market Conduct Regulation. The Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held a 
hearing on June 16, 2005 that discussed issues related to 
market conduct regulation.
    Producer Licensing Reform. The Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held 
hearings on June 16, 2005 and June 21, 2006 that addressed 
issues related to producer licensing reform.
    Insurance Product Approval. The Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held a 
hearing on June 16, 2005 that discussed issues related to 
insurance product approval.
    Insurance Fraud. The Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
on June 16, 2005 that discussed issues related to insurance 
fraud.
    Insurance Consumer Protections. The Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held 
hearings on June 16, 2005 and June 21, 2006 that discussed 
issues related to insurance consumer protections.
    Preemption of State Insurance Law. The Subcommittee on 
Capital Markets, Insurance and Government Sponsored Enterprises 
continued to monitor efforts by Federal agencies to preempt 
State laws governing the business of insurance. The 
Subcommittee also monitored State insurance laws to ensure that 
they did not interfere with federally authorized powers 
governing financial institutions.
    Price Controls, Underwriting Criteria, and Availability. 
The Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises monitored developments on this topic 
throughout the 109th Congress. The topic was also discussed in 
hearings held by the Subcommittee on June 16, 2005, July 27, 
2005, June 21, 2006, September 13, 2006, and September 27, 
2006.
    Insurance Marketing. Although the Committee took no direct 
oversight action on this topic, the Committee monitored 
developments in this area throughout the 109th Congress.
    Insurer Licensing. On June 16, 2005, the Subcommittee on 
Capital Markets, Insurance and Government Sponsored Enterprises 
held a hearing that discussed issues related to insurer 
licensing.
    Surplus Lines Insurance. On June 16, 2006, the Subcommittee 
on Capital Markets, Insurance and Government Sponsored 
Enterprises held a hearing that specifically focused on surplus 
lines insurance. The Committee subsequently reported, and the 
House passed, H.R. 5637, The Nonadmitted and Reinsurance Reform 
Act.
    The Subcommittee also held a hearing on June 16, 2005 that 
discussed issues relating to ``surplus lines insurance.''
    Reinsurance. On June 16, 2006, the Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held a 
hearing on reinsurance regulation.
    The Subcommittee also held a hearing on June 16, 2005 that 
discussed issues relating to reinsurance regulation.
    Viaticals. On June 16, 2005, the Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held a 
hearing that discussed issues related to viaticals.
    Receivership. On June 16, 2005, the Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held a 
hearing that discussed issues related to receivership.
    Financial Surveillance. On June 16, 2005, the Subcommittee 
on Capital Markets, Insurance and Government Sponsored 
Enterprises held a hearing featuring issues related to 
``financial surveillance of insurance companies.''
    Risk Retention Act. In response to a request by the 
Committee on Financial Services in the 108th Congress, the GAO 
released a report on the Risk Retention Act (RRA) on August 15, 
2005. The report, entitled ``Risk Retention Groups: Common 
Regulatory Standards and Greater Protections Are Needed'' 
examined the effect of Risk Retention Groups on insurance 
availability and affordability, assessed whether the Risk 
Retention Act (RRA) preemption created regulatory problems, and 
evaluated the sufficiency of the RRA's ownership, control, and 
governance provisions in protecting the best interests of 
insureds. The Subcommittee monitored other developments in this 
area throughout the 109th Congress.
    Insurance Litigation Reform. Although no direct oversight 
action was taken on this topic, the Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises 
continued to monitor developments in this area throughout the 
109th Congress.
    Natural Disaster Insurance. On September 14, 2005, the 
Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises held a briefing with representatives from 
private property and casualty insurance companies to discuss 
the impact of Hurricane Katrina on coastal insurance markets. 
The briefing focused on several topics, including claims 
procedures, coverage issues, mitigation efforts, insurance 
availability, reinsurance capacity, and marketplace impact. On 
November 9, 2005, the Subcommittee held a briefing with State 
insurance commissioners from Louisiana, Florida, Mississippi, 
Texas, and Alabama. This briefing focused on the regulatory 
impact of the 2005 hurricane season.
    On January 24, 2006, in response to the devastating 
hurricane season of 2005 and its after-effects on the personal 
and commercial property insurance marketplace, the Committee on 
Financial Services asked the GAO to examine and conduct a 
comprehensive study concerning the need for government 
involvement to better protect for insured losses resulting from 
natural disasters. The GAO was also asked to examine how 
insurance claims adjusters determine whether storm damage is 
caused by wind or flooding, what mitigation efforts can be used 
to reduce natural disaster insurance losses, and potential 
solutions to decrease the number of uninsured and underinsured 
consumers. The GAO assessment is ongoing.
    On September 13, 2006, the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``Stabilizing Insurance Markets for Coastal 
Consumers.'' Witnesses included the insurance commissioner from 
the State of Florida and representatives from the property and 
casualty insurance marketplace. The hearing focused on the 
disruptions in the personal and commercial insurance markets 
along the coasts and potential legislative solutions to reduce 
post-event market distortions caused by natural disasters.
    Workers' Compensation Insurance. The Committee examined 
workers' compensation insurance issues within the context of 
its oversight of terrorism insurance at hearings on July 27, 
2005 and September 13, 2006. The Committee continued to monitor 
developments in this area throughout the 109th Congress.
    Catalogue of Regulated Insurance Products and Federal 
Insurance Programs. On July 27, 2005 and September 27, 2006, 
the Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises held hearings that covered issues 
relating to Federal insurance programs. It continued to monitor 
this topic throughout the 109th Congress.
    Seniors' Retirement Needs. Although no direct oversight 
action was taken on this topic, the Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises 
continued to monitor developments in this area throughout the 
109th Congress.
    Insurance Industry Critical Infrastructure Protections. 
Although no direct oversight action was taken on this topic, 
the Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises continued to monitor developments in this 
area throughout the 109th Congress.
    Title Insurance. On January 24, 2006, in response to 
several State investigations involving questionable title 
insurance practices, including ``kickbacks'' and fraudulent 
``captive reinsurance agreements'', the Committee asked the GAO 
to conduct a comprehensive study of the title insurance 
marketplace. The GAO released a preliminary report on April 24, 
2006 that focused on the reasonableness of the cost structures 
and agent practices common to the title insurance industry, the 
implications of activities identified in recent State and 
Federal investigations, and the potential need for regulatory 
changes. The GAO investigation is continuing into 2007.
    On April 26, 2006, the Subcommittee on Housing and 
Community Development held a hearing entitled, ``Title 
Insurance: Cost and Competition.'' The hearing focused on the 
title insurance marketplace, recent State and Federal 
investigations, and proposals to make the market more 
competitive and efficient for consumers. The preliminary 
findings of the GAO report were also discussed. Witnesses 
included representatives from the title insurance industry, 
GAO, the Department of Housing and Urban Development, and the 
NAIC.
    On May 24, 2006, the Committee sent a letter to LandAmerica 
Financial Group requesting all documents and records relating 
to Colorado Deputy Insurance Commissioner Erin Toll. The letter 
was in response to testimony from Commissioner Toll on April 
26, 2006, where she suggested in a subcommittee hearing that 
LandAmerica was interfering with her ability to carry out 
Colorado's investigation into the title insurance industry. The 
Committee received the documents from LandAmerica on June 12, 
2006. Committee staff continues to review and evaluate them.
    Transparency in the State Regulation of Insurer 
Investments. On September 20, 2006, the Subcommittee on Capital 
Markets, Insurance and Government Sponsored Enterprises held a 
hearing entitled ``Improving Transparency in State Regulation 
of Insurer Investments.'' The hearing focused on the NAIC's 
Securities Valuation Office and the impact of its 
classification decisions on the market for hybrid securities, 
insurer's investment portfolios, and the broader U.S. capital 
markets. Witnesses included representatives from the life 
insurance marketplace, the securities market, and the NAIC.

                    International Finance and Trade

    Annual report and testimony by the Secretary of the 
Treasury on International Monetary Fund Reform and the State of 
the International Financial System. The Committee held hearings 
to receive the annual report of the Secretary of the Treasury 
on the State of the International Financial System on March 15, 
2005, and May 17, 2006. The Secretary testified on topics 
covering the progress on China's revaluation of the Yuan, the 
Doha round of negotiations, how the US could improve its 
exporting of financial services and the Treasury Department's 
current agenda. The Committee monitored other developments in 
this area throughout the 109th Congress.
    U.S.-E.U. Financial Sector Issues. On June 16, 2005, the 
Subcommittee on Domestic and International Monetary Policy, 
Trade and Technology held a hearing entitled ``The U.S.-E.U. 
Regulatory Dialogue: What Comes Next?'' This hearing examined 
the United States and European Union financial regulator 
meeting. Throughout the 109th Congress, Financial Services 
Committee staff met periodically with the Department of the 
Treasury, the Securities and Exchange Commission (SEC), the 
Public Company Accounting Oversight Board (PCAOB), and the 
Board of Governors of the Federal Reserve System (Federal 
Reserve) to receive updates and provide feedback on Trans-
Atlantic financial sector issues.
    U.S. Contributions to the International Financial 
Institutions (IFIs and other international development 
entities). The Committee held hearings on September 27, 2005 
and September 12, 2006 examining the U.S. participation in the 
fourteenth reauthorization of the International Development 
Association (IDA-14) and oversight of the International Fund 
for Agricultural Development (IFAD) respectively. The Committee 
continued to review U.S. participation in, and the 
effectiveness of, U.S. policy toward, the IMF, the World Bank 
Group and the appointment of a new President, and other 
regional multilateral development banks (MDBs) such as the 
African Development Bank (AfDB), the Asian Development Bank 
(ADB), and the Inter-American Development Bank (IDB) during the 
109th Congress by meeting with representatives from these 
organizations and the U.S. Treasury.
    Trade in Financial Services. On November 15, the 
Subcommittee on Domestic and International Monetary Policy, 
Trade, and Technology held a hearing entitled, `Increasing 
Efficiency and Economic Growth Through Trade in Financial 
Services' that assessed how the Doha Round of multilateral 
trade negotiations were progressing with respect to the 
financial services sector and suggestions of how the U.S. could 
enhance its own offers in the financial services chapters as 
well as enhance monitoring and implementation. With passage of 
the Trade Promotion Authority Act (Pub. L. 107-210), the 
Chairman and Ranking Minority Member of the full Committee were 
named to the Congressional Oversight Group on Trade. In this 
capacity, the Committee was active in the oversight of trade 
negotiations with the Central American Free Trade Agreement 
(CAFTA), Bahrain, Oman, South Korea, Vietnam, Malaysia and 
Peru. Committee staff consulted regularly with staff of the 
U.S. Trade Representative on matters within the jurisdiction of 
the Committee. As part of its oversight responsibilities, the 
Committee monitored negotiations for increased trade 
liberalization and consulted with U.S. counterparts to these 
negotiations.
    On March 17, 2005, Chairman Oxley, Chairman Pryce and the 
Ranking Member of the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology Maloney 
wrote a letter to the Secretary of the Treasury and Acting 
United Stated Trade Representative expressing concern over the 
faltering pace of financial services negotiations at the World 
Trade Organization.
    On November 3, 2005, Chairman Oxley and Chairman Pryce 
wrote a letter to the United States Trade Representative 
requesting an appearance to testify and discuss the goals of 
the United States Trade Representative regarding the financial 
component of the World Trade Organization ministerial meeting 
in December of 2005.
    On July 14, 2006, the Chairman of the full Committee, 
Chairman of the Committee on Science, and three other Members 
of Congress wrote a letter to the Speaker and Majority Leader 
of the U.S. House of Representatives urging consideration of 
the Vietnam Permanent Normal Trade Relations (PNTR) 
legislation.
    International Debt Relief. On June 8 and September 27, 
2005, the Subcommittee on Domestic and International Monetary 
Policy, Trade and Technology held hearings on debt and 
development, and how to provide effective assistance to the 
world's poorest countries. Committee staff monitored efforts to 
renew the government's debt-relief authority.
    Millennium Challenge Corporation (MCC). The Committee 
monitored the activities of the Millennium Challenge 
Corporation through the 109th Congress.
    Export-Import Bank of the United States. In the 109th 
Congress, the Committee continued its oversight 
responsibilities of the Export-Import Bank (Ex-Im) of the 
United States and worked to reauthorize the banks operations, 
which expired on September 30, 2006.
    On November 10, 2005, the Subcommittees on Domestic and 
International Monetary Policy, Trade, and Technology and 
Oversight and Investigations held a joint hearing overseeing 
the operations at the Export-Import Bank of the United States.
    Throughout the 109th Congress, Committee staff met with 
representatives of the Bank and with large-business and small-
business Bank clients to determine how well the Bank was 
serving its clients and how well it was meeting the statutory 
requirements of its last reauthorization, in 2002.
    On April 5, 2006, the Subcommittee held a legislative 
hearing entitled, ``Reauthorization of the Export-Import Bank 
of the United States.'' The hearing focused on H.R. 5068, a 
bill that would reauthorize the Export-Import Bank of the 
United States and make certain changes to the Bank's charter.
    On May 18, 2006, Chairman Oxley and Ranking Member Frank, 
the Chairman and the Ranking Member of the Subcommittee on 
Domestic and International Monetary Policy, Trade, and 
Technology, the Chairwoman of the Subcommittee on Oversight and 
Investigations, and the Chairman of the Committee on Small 
Business wrote a letter to the President of the United States 
urging for nominations of an Inspector General and two Members 
of the Board of Directors for the Export-Import Bank of the 
United States.
    Oil for Food Program. The Committee continued to monitor 
the developments related to the Oil for Food throughout the 
109th Congress.
    North American Development Bank. The Committee continued to 
monitor the operations of the North American Development Bank 
(NADBank) throughout the 109th Congress.
    Trafficking in Persons. On March 15, April 28, and June 22, 
2005, the Subcommittee on Domestic and International Monetary 
Policy, Trade, and Technology held hearings involving the 
combating of trafficking in persons, profiteering from such 
trade and steps the international financial institutions and 
development banks can and are taking to help eradicate such 
trade.
    Holocaust Restitutions. On July 27, 2006, the Subcommittee 
on Domestic and International Monetary Policy, Trade, and 
Technology held a hearing entitled, ``Review of the 
Repatriation of Holocaust Art Assets in the United States.''

                Domestic Monetary Policy and Technology

    The Federal Reserve Bank's Conduct of Monetary Policy. On 
February 17 and July 20, 2005, and February 25 and July 20, 
2006, the Committee on Financial Services held hearings to 
receive the testimony of the Chairman of the Board of Governors 
of the Federal Reserve System, covering the conduct of monetary 
policy and the state of the economy.
    Staff held numerous briefing sessions with staff from the 
Board of Governors.
    Management/Reform of the Federal Reserve System. On 
February 17 and July 20, 2005, and February 25 and July 20, 
2006, the Committee on Financial Services held wide-ranging 
hearings covering many aspects of the operation of the Federal 
Reserve System and the monetary policy activities of its Board 
of Governors.
    On July 19, 2006, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
hearing entitled, ``Coin and Currency Issues Facing Congress: 
Can We Still Afford Money?'' That hearing covered issues 
related to the Federal Reserve's issuance of currency, the 
design of that currency, and the Federal Reserve's role in 
circulation of currency and of coins issued by the Treasury 
Department. The hearing also served as the legislative hearing 
for H.R. 5077, the ``Numismatic Rarities Certainty Act of 
2006.''
    Oversight of Agency Management Practices and Outcomes. On 
November 10, 2005, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
joint hearing with the Subcommittee on Oversight and 
Investigations overseeing the operations at the Export-Import 
Bank of the United States.
    Throughout the 109th Congress, Committee staff met with 
representatives of the Bank and with large-business and small-
business Bank clients to determine how well the Bank was 
serving its clients and how well it was meeting the statutory 
requirements of its last reauthorization, in 2002.
    On April 5, 2006, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
legislative hearing entitled, ``Reauthorization of the Export-
Import Bank of the United States.''
    The Committee monitored the Department of the Treasury and 
selected aspects of the Department of Homeland Security and the 
Department of Justice, as they related to Committee 
jurisdiction, throughout the 109th Congress by meeting with 
agency staff ensure appropriate actions had been taken, to 
review measures taken to minimize waste and inefficiency; to 
assess the impacts of agency actions on the financial services 
industry and other areas under Committee jurisdiction; and to 
determine if the agencies are operating at the most efficient 
level of resources.
    Management of the Nation's Money: Activities of the Bureau 
of the Mint and the Bureau of Engraving and Printing. On July 
19, 2006, the Subcommittee on Domestic and International 
Monetary Policy, Trade, and Technology held a hearing entitled, 
``Coin and Currency Issues Facing Congress: Can We Still Afford 
Money?'' regarding issues dealing with the operation of the 
Bureau of Engraving and Printing and the Bureau of the Mint.
    Throughout the 109th Congress Committee staff met regularly 
with staff of the United States Mint and the Bureau of 
Engraving and Printing on a variety of issues, and Committee 
staff met with the directors of the two bureaus. Committee 
staff also met regularly with staff of the Board of Governors 
of the Federal Reserve System on matters related to the 
distribution and circulation of coins and currency throughout 
the economy.
    On March 8, 2005, Chairman Oxley and Ranking Member Frank 
wrote a letter to the Chairman and Ranking Member of the 
Subcommittee on Science, State, Justice, and Commerce and 
Related Agencies on the Committee on Appropriations to correct 
drafting errors in Public Law 108-447.
    On May 24, 2006, Chairman Oxley and Ranking Member Frank 
wrote a letter to the Senate Majority and Minority Leaders 
urging them to make all appropriate arrangements for the Senate 
to consider and pass H.R. 5401, the ``Lewis and Clark 
Commemorative Coin Correction Act.'' These efforts led to 
enactment of Public Law 109-232.
    Payments System Innovations. The Committee monitored the 
developments in payment system technology throughout the 109th 
Congress, paying particular attention to the ways the system 
might be exploited to fund terrorism or move the proceeds of 
crime, including illegal internet gambling.
    Remittances. Throughout the 109th Congress, the Committee 
conducted vigorous oversight activity of developments in the 
area of remittances, meeting with non-governmental 
organizations and with the International Fund for Agricultural 
Development and the Multilateral Investment Fund as well as 
industry groups focusing on how to improve the ease of 
remitting funds, while lowering costs and improving security 
and transparency of the system.
    Counterfeiting. On July 19, 2006, the Subcommittee on 
Domestic and International Monetary Policy, Trade, and 
Technology held a hearing entitled ``Coin and Currency Issues 
Facing Congress: Can We Still Afford Money?'' The Secret 
Service in collaboration with the Bureau of Engraving and 
Printing, the Bureau of the Mint and the Federal Reserve Board 
discussed the design and security of circulating coins and 
currency.
    Committee staff met regularly with Secret Service staff, 
with the Bureau of Engraving and Printing's staff and with 
staff of the Board of Governors of the Federal Reserve on anti-
counterfeiting matters.
    Technology and Compliance Monitoring at the Financial 
Crimes Enforcement Network (FinCEN). On May 26, 2005, the 
Subcommittee on Oversight and Investigations held a hearing 
entitled ``The First Line of Defense: The Role of Financial 
Institutions in Detecting Financial Crimes.'' Committee staff 
met regularly with staff of FinCEN to monitor developments in 
anti-money laundering and counter-terrorist financing 
activities, and on the development of regulations to be 
followed by financial institutions. The Committee paid 
particular attention to efforts to harmonize compliance 
monitoring between regulators, and spent considerable time 
working to reduce the compliance burden on financial 
institutions without decreasing the flow of information 
essential to law enforcement.
    Critical Infrastructure Protection and Cyber-security. 
Throughout the 109th Congress, the Committee monitored the 
developments in this area, paying particular attention to data 
and identity theft and cyber-attacks on financial institutions.
    Economic Security. Although the Committee took no direct 
oversight action on this topic, the Committee monitored the 
developments in this area throughout the 109th Congress.
    Development of Economic Opportunities. Although the 
Committee took no direct oversight action on this topic, the 
Committee monitored the developments in this area throughout 
the 109th Congress.
    Modernization of the ``Exon-Florio Amendment'' to the 
Defense Production Act. On March 1, April 27, and May 17, 2006, 
the Subcommittee on Domestic and International Monetary Policy, 
Trade, and Technology held hearings on operations of the 
Committee on Foreign Investment in the United States (CFIUS), 
consistent with its jurisdiction over the Defense Production 
Act. The hearings examined the process by which CFIUS evaluates 
bids by foreign companies to merge with, acquire or otherwise 
take over U.S. corporations to determine if the transaction 
might compromise national security and on H.R. 5337, a bill 
that addressed perceived gaps in the national security review 
process overseen by CFIUS. Testimony was taken from the U.S. 
Department of Treasury, the U.S. Department of Homeland 
Security, the U.S. Department of Defense, the U.S. Department 
of Justice and representatives from various private sector 
experts on CFIUS.
    Counter-terrorism Financing Policy. On February 16, April 
7, May 4, 2005, and February 16, April 6, July 11, 2006, the 
Subcommittee on Oversight and Investigations held hearings 
involving different aspects of anti-money laundering and of 
counter-terrorism financing efforts by the United States 
government.
    On July 28, 2005, the Subcommittee on Oversight and 
Investigations held a joint hearing with the House Armed 
Services Committee Subcommittee on Terrorism Unconventional 
Threats and Capabilities entitled, ``Who Pays the Iraqi 
Insurgents?''
    Social Security. On May 5, 2005, the Subcommittee on 
Domestic and International Monetary Policy, Trade, and 
Technology held a hearing entitled, ``Social Security Reform: 
Successes and Lessons Learned.''


                   Appendix I--Committee Legislation

                       PART A--COMMITTEE REPORTS

   Reports filed by the Committee on Financial Services With the House
------------------------------------------------------------------------
          Bill No.            H. Rept. No.              Title
------------------------------------------------------------------------
H.R. 749...................          109-38  Expanded Access to
                                              Financial Services Act of
                                              2005
H.R. 902...................          109-39  Presidential $1 Coin Act of
                                              2005
H.R. 458...................          109-40  Military Personnel
                                              Financial Services
                                              Protection Act
H.R. 804...................          109-44  Treatment of Certain
                                              Payments Under the
                                              National Flood Insurance
                                              Program
H.R. 1185..................          109-67  Federal Deposit Insurance
                                              Reform Act of 2005
H.R. 1224..................          109-81  Business Checking Freedom
                                              Act of 2005
H.R. 68....................         109-133  NASA and JPL 50th
                                              Anniversary Commemorative
                                              Coin Act
H.R. 358...................         109-134  Little Rock Central High
                                              School Desegregation 50th
                                              Anniversary Commemorative
                                              Coin Act
H.R. 280...................         109-138  Brownfields Redevelopment
                                              Enhancement Act
H.R. 1461..................         109-171  Federal Housing Finance
                                              Reform Act of 2005
H.R. 4133..................         109-274  National Flood Insurance
                                              Program Further Enhanced
                                              Borrowing Authority Act of
                                              2005
H.R. 4146..................         109-282  Hurricanes Rita and Wilma
                                              Financial Services Relief
                                              Act of 2005
H.R. 3909..................         109-326  Hurricane Check Cashing
                                              Relief Act of 2005
H.R. 4314..................         109-327  Terrorism Risk Insurance
                                              Revision Act of 2005
H.R. 2695..................         109-336  SHIELD Act
H.R. 3422..................         109-342  Small Public Housing
                                              Authority Act
H.R. 3505..................         109-356  Financial Services
                                              Regulatory Relief Act of
                                              2005
H.R. 4320..................         109-370  National Flood Insurance
                                              Program Commitment to
                                              Policyholders and Reform
                                              Act of 2005
H.R. 4916..................         109-403  First Replenishment of the
                                              Resources of the
                                              Enterprise for the
                                              Americas Multilateral
                                              Investment Fund
H.R. 4973..................         109-410  Flood Insurance Reform and
                                              Modernization Act of 2006
H.R. 4411..................         109-412  Unlawful Internet Gambling
                                              Enforcement Act of 2006
H. Res. 718................         109-414  Requesting the President
                                              and Directing the
                                              Secretary of Homeland
                                              Security to provide to the
                                              House of Representatives
                                              Certain Documents in Their
                                              Possession Relating to the
                                              Dubai Ports World
                                              Acquisition of 6 United
                                              States Commerical Ports
                                              Lease
H.R. 4912..................         109-424  Rural Health Care Capital
                                              Access Act of 2006
H.R. 4127..................         109-453  Financial Data Protection
                                              Act of 2006
H.R. 3997..................         109-454  Financial Data Protection
                                              Act of 2006
H.R. 5117..................         109-500  To exempt persons with
                                              disabilities from the
                                              prohibition against
                                              providing Section 8 rental
                                              assistance to college
                                              students
H.R. 5347..................         109-506  Seasoned Customer CTR
                                              Exemption Act of 2006
H.R. 5337..................         109-523  National Security Foreign
                                              Investment Reform and
                                              Strengthened Transparency
                                              Act of 2006
H.R. 2990..................         109-546  Credit Rating Agency
                                              Duopoly Relief Act of 2006
H.R. 5024..................         109-565  Promoting Transparency in
                                              Financial Reporting Act of
                                              2006
H.R. 5068..................         109-566  Export-Import Bank
                                              Reauthorization Act of
                                              2006
H.R. 3043..................         109-571  Zero Downpayment Pilot
                                              Program Act of 2006
H.R. 5527..................         109-572  Market-to-Market Extension
                                              Act of 2006
H.R. 4804..................         109-580  FHA Manufactured Housing
                                              Loan Modernization Act of
                                              2006
H.R. 5121..................         109-589  Expanding American
                                              Homeownership Act of 2006
H.R. 5039..................         109-604  Saving America's Rural
                                              Housing Act of 2006
H.R. 5347..................         109-605  HOPE VI Reauthorization Act
                                              of 2006
H.R. 5393..................         109-607  Natural Disaster Housing
                                              Reform Act of 2006
H.R. 5503..................         109-645  FHA Multifamily Loan Limit
                                              Adjustment Act of 2006
H.R. 5585..................         109-648  Financial Netting
                                              Improvements Act of 2006
H.R. 5637..................         109-649  Nonadmitted and Reinsurance
                                              Reform Act of 2006
H.R. 5851..................         109-697  Hawaiian Homeownership
                                              Opportunity Act of 2006
------------------------------------------------------------------------

                          PART B--PUBLIC LAWS

    This table lists measures which contained matters within 
the jurisdiction of the Committee on Financial Services which 
were enacted into law during the 109th Congress.

                               Public Laws
------------------------------------------------------------------------
    Public law  No.            Bill No.                  Title
------------------------------------------------------------------------
109-8.................  S. 256...............  Bankruptcy Abuse
                                                Prevention and Consumer
                                                Protection Act of 2005
109-58................  H.R. 6...............  Energy Policy Act of 2005
109-64................  H.R. 804.............  To exclude from
                                                consideration as income
                                                certain payments under
                                                the national flood
                                                insurance program
109-65................  H.R. 3669............  National Flood Insurance
                                                Program Enhanced
                                                Borrowing Authority Act
                                                of 2005
109-106...............  H.R. 4133............  National Flood Insurance
                                                Program Further Enhanced
                                                Borrowing Authority Act
                                                of 2005
109-136...............  H.R. 797.............  Native American Housing
                                                Enhancement Act of 2005
109-144...............  S. 467...............  Terrorism Risk Insurance
                                                Extension Act of 2005
109-145...............  S. 1047..............  Presidential $1 Coin Act
                                                of 2005
109-146...............  H.R. 358.............  Little Rock Central High
                                                School Desegregation
                                                50th Anniversary
                                                Commemorative Coin Act
109-163...............  H.R. 1815............  National Defense
                                                Authorization Act Fiscal
                                                Year 2006
109-171...............  S. 1932..............  Deficit Reduction Act
109-173...............  H.R. 4636............  Federal Deposit Insurance
                                                Reform Conforming
                                                Amendments Act of 2005
109-177...............  H.R. 3199............  USA Patriot Improvement
                                                Reauthorization Act of
                                                2005
109-178...............  S. 2271..............  USA Patriot Act
                                                Additional
                                                Reauthorization
                                                Amendments Act of 2006
109-208...............  S. 2275..............  National Flood Insurance
                                                Program Enhanced
                                                Borrowing Authority Act
                                                of 2006
109-213...............  H.R. 1259............  To award a congressional
                                                gold medal on behalf of
                                                the Tuskegee Airmen,
                                                collectively, in
                                                recognition of their
                                                unique military record,
                                                which inspired
                                                revolutionary reform in
                                                the Armed Forces
109-230...............  H.R. 1953............  San Francisco Old Mint
                                                Commemorative Coin Act
109-232...............  H.R. 5401............  Lewis and Clark
                                                Commemorative Coin
                                                Correction Act
109-240...............  H.R. 4912............  Rural Health Care Capital
                                                Access Act of 2006
109-243...............  H.R. 42..............  Freedom to Display the
                                                American Flag Act of
                                                2005
109-247...............  H.R. 2872............  Louis Braille
                                                Bicentennial--Braille
                                                Literacy Commemorative
                                                Coin Act
109-249...............  H.R. 5117............  To exempt persons with
                                                disabilities from the
                                                prohibition against
                                                providing section 8
                                                rental assistance to
                                                college students
109-267...............  H.R. 5877............  To amend the Iran and
                                                Libya Sanctions Act of
                                                1996 to extend the
                                                authorities provided in
                                                such Act until September
                                                29, 2006
109-281...............  S. 3534..............  YouthBuild Transfer Act
109-285...............  H.R. 5808............  Abraham Lincoln
                                                Commemorative Coin Act
109-287...............  S. 2784..............  Fourteenth Dalai Lama
                                                Congressional Gold Medal
                                                Act
109-290...............  S. 418...............  Military Personnel
                                                Financial Services
                                                Protection Act
109-291...............  S. 3850..............  Credit Rating Agency
                                                Reform Act of 2006
109-293...............  H.R. 6198............  Iran Freedom Support Act
109-347...............  H.R. 4954............  SAFE Port Act
109-351...............  S. 2856..............  Financial Services
                                                Regulatory Relief Act of
                                                2006
109-356...............  H.R. 3508............  2005 District of Columbus
                                                Omnibus Authorization
                                                Act
109-357...............  H.R. 4902............  Byron Nelson
                                                Congressional Gold Medal
                                                Act
109-390...............  H.R. 5585............  Financial Netting
                                                Improvements Act of 2006
109-395...............  S. 2250..............  Congressional Tribute to
                                                Dr. Norman E. Borlaug
                                                Act of 2006
109-438...............  S. 3938..............  Export-Import Bank
                                                Reauthorization Act of
                                                2006
109-455...............  S. 1608..............  U.S. SAFE Web Act of 2006
109-..................  H.R. 5948............  Belarus Democracy
                                                Reauthorization Act of
                                                2006
109-..................  H.R. 6345............  To make a conforming
                                                amendment to the Federal
                                                Deposit Insurance Act
                                                with respect to
                                                examinations of certain
                                                insured depository
                                                institutions
------------------------------------------------------------------------

                  Appendix II--Committee Publications

                       PART A--COMMITTEE HEARINGS

------------------------------------------------------------------------
      Serial No.           Title & Subcommittee            Date(s)
------------------------------------------------------------------------
109-1.................  Accounting Irregularities   February 9, 2005
                         at Fannie Mae and the
                         Impact on Investors
                         (Capital Markets).
109-2.................  The SEC's Market Structure  February 15, 2005
                         Proposal: Will It Enhance
                         Competition? (Capital
                         Markets).
109-3.................  Terrorist Responses to      February 16, 2005
                         Improved U.S. Financial
                         Defenses (Oversight).
109-4.................  Monetary Policy and the     February 17, 2005
                         State of the Economy
                         (Full).
109-5.................  Oversight of the            March 2, 2005
                         Department of HUD (Full).
109-6.................  GSE Reform and the Federal  March 9, 2005
                         Home Loan Bank System
                         (Capital Markets).
109-7.................  Due Diligence in Mortgage   March 10, 2005
                         Repurchases and Fannie
                         Mae: The First Beneficial
                         Case (Oversight).
109-8.................  Oversight Hearing of the    March 10, 2005
                         Rural Housing Service
                         (Housing).
109-9.................  Regulation NMS: The SEC's   March 15, 2005
                         View (Capital Markets).
109-10................  H.R. 1185, the Deposit      March 17, 2005
                         Insurance Reform Act of
                         2005 (Financial
                         Institutions).
109-11................  A Review of the Securities  March 17, 2005
                         Arbitration System
                         (Capital Markets).
109-12................  Additional Accounting and   April 6, 2005
                         Management Failures at
                         Fannie Mae-OFHEO's
                         Efforts to Ensure Safe
                         and Sound Operations
                         (Capital Markets).
109-13................  Strengthening America's     April 6, 2005
                         Communities: A Review of
                         the President's FY2006
                         Budget Initiative (Full).
109-14................  Reforming Credit Rating     April 12, 2005
                         Agencies: The SEC's Need
                         for Statutory Authority
                         (Capital Markets).
109-15................  The Administration          April 13, 2005
                         Perspective on GSE
                         Regulatory Reform (Full).
109-16................  H.R. 1042, the ``Net Worth  April 13, 2005
                         Amendment for Credit
                         Unions Act'' (Financial
                         Institutions).
109-17................  Review and Oversight of     April 14, 2005
                         the National Flood
                         Insurance Program
                         (Housing).
109-18................  The State of the            April 19, 2005
                         International Financial
                         System (Full).
109-19................  Generations Working         April 20, 2005
                         Together: Financial
                         Literacy and Social
                         Security Reform (Full).
109-20................  Implementation of the       April 20, 2005
                         Check Clearing for the
                         21st Century Act
                         (Financial Institutions).
109-21................  The Impact of the Sarbanes- April 21, 2005
                         Oxley Act (Full).
109-22................  Combating Trafficking in    April 28, 2005
                         Persons: Status Report on
                         Domestic and
                         International
                         Developments (Domestic &
                         International).
109-23................  Assessing Data Security:    May 4, 2005
                         Preventing Breaches and
                         Protecting Sensitive
                         Information (Full).
109-24................  Joint Hearing with the      May 4, 2005
                         Committee on
                         International Relations
                         Subcommittee on
                         International Terrorism
                         and Nonproliferation--
                         Starving Terrorists of
                         Money: The Role of Middle
                         Eastern Financial
                         Institutions (Oversight).
109-25................  Social Security Reform:     May 5, 2005
                         Successes and Lessons
                         Learned (Domestic &
                         International).
109-26................  Mutual Funds: A Review of   May 10, 2005
                         the Regulatory Landscape
                         (Capital Markets).
109-27................  Joint hearing--Basel II:    May 11, 2005
                         Capital Changes in the
                         U.S. Banking System and
                         the Results of the Impact
                         Study (Financial
                         Institutions/Domestic &
                         International).
109-28................  H.R. 1999, the State and    May 11, 2005
                         Local Housing Flexibility
                         Act of 2005 (Full).
109-29................  Helping Consumers Obtain    May 12, 2005
                         the Credit They Deserve
                         (Financial Institutions).
109-30................  H.R. 1999, The State and    May 17, 2005
                         Local Housing Flexibility
                         Act of 2005 (Housing).
109-31................  Enhancing Data Security:    May 18, 2005
                         The Regulators'
                         Perspective (Financial
                         Institutions).
109-32................  Financial Services          May 19, 2005
                         Regulatory Relief:
                         Private Sector
                         Perspectives (Financial
                         Institutions).
109-33................  Joint Hearing--Legislative  May 24, 2005
                         Solutions to Abusive
                         Mortgage Lending
                         Practices (Financial
                         Institutions/Housing).
109-34................  The First Line of Defense:  May 26, 2005
                         The Role of Financial
                         Institutions in Detecting
                         Financial Crimes
                         (Oversight).
109-35................  Debt and Development: How   June 8, 2005
                         to Provide Efficient,
                         Effective Assistance to
                         the World's Poorest
                         Countries (Domestic &
                         International).
109-36................  Financial Services          June 9, 2005
                         Regulatory Relief: The
                         Regulators' Views
                         (Financial Institutions).
109-37................  Protecting Consumers and    June 15, 2005
                         Promoting Competition in
                         Real Estate Services
                         (Full).
109-38................  SMART Insurance Reform      June 16, 2005
                         (Capital Markets).
109-39................  The US-EU Economic          June 16, 2005
                         Relationship: What Comes
                         Next? (Domestic &
                         International).
109-40................  Combating Trafficking in    June 22, 2005
                         Persons: An International
                         Perspective (Domestic &
                         International).
109-41................  Banking on Retirement       June 23, 2005
                         Security: A Guaranteed
                         Rate of Return (Financial
                         Institutions).
109-42................  Legislative Solutions for   June 29, 2005
                         the Rating Agency Duopoly
                         (Capital Markets).
109-43................  H.R. 3043, the ``Zero       June 30, 2005
                         Downpayment Pilot Program
                         Act of 2005 (Housing).
109-44................  Flood Map Modernization     July 12, 2005
                         and the Future of the
                         National Flood Insurance
                         Program (Housing).
109-45................  Treasury's Report to        July 13, 2005
                         Congress on the Terrorism
                         Risk Insurance Act (TRIA)
                         (Full).
109-46................  Joint Hearing with the      July 19, 2005
                         Committee on Resources--
                         Improving Land Title
                         Grant Procedures for
                         Native Americans (Full).
109-47................  Monetary Policy and the     July 20, 2005
                         State of the Economy
                         (Full).
109-48................  Credit Card Data            July 21, 2005
                         Processing: How Secure Is
                         It? (Oversight).
109-49................  The Future of Terrorism     July 27, 2005
                         Insurance (Capital
                         Markets).
109-50................  Joint Hearing with the      July 28, 2005
                         Committee on Armed
                         Services Subcommittee on
                         Terrorism, Unconventional
                         Threats and Capabilities
                         entitled ``Who Pays the
                         Iraqi Insurgents?
                         (Oversight).
109-51................  Field Hearing entitled ``A  August 17, 2005
                         Look at the National
                         Flood Insurance Program:
                         Is Ohio Ready for a
                         Flood?'' (Housing).
109-52................  Field Hearing entitled,     August 18, 2005
                         ``Eminent Domain: Are
                         Ohio Homeowners At
                         Risk?'' (Housing).
109-53................  Hurricane Katrina: The      September 14, 2005
                         Financial Institutions'
                         Response (Financial
                         Institutions).
109-54................  Emergency Housing Needs in  September 15, 2005
                         the Aftermath of
                         Hurricane Katrina
                         (Housing).
109-55................  H.R. 3505, the Financial    September 22, 2005
                         Services Regulatory
                         Relief Act of 2005
                         (Financial Institutions).
109-56................  IDA-14: Historic Advance    September 27, 2005
                         or Incremental Change in
                         Debt and Development
                         Policy? (Domestic &
                         International).
109-57................  Private Sector Priorities   September 28, 2005
                         for Basel Reform
                         (Financial Institutions).
109-58................  Licensing and Registration  September 29, 2005
                         in the Mortgage Industry
                         (Housing).
109-59................  H.R. 3505, the Financial    October 18, 2005
                         Services Regulatory
                         Relief Act of 2005
                         (Financial Institutions).
109-60................  Management and Oversight    October 20, 2005
                         of the National Flood
                         Insurance Program
                         (Housing).
109-61................  H.R. 3997, the ``Financial  November 9, 2005
                         Data Protection Act of
                         2005 (Financial
                         Institutions).
109-62................  Joint Hearing--Oversight    November 10, 2005
                         of the Export-Import Bank
                         of the United States
                         (Domestic & International/
                         Oversight).
109-63................  Increasing Efficiency and   November 15, 2005
                         Economic Growth Through
                         Trade in Financial
                         Services (Domestic &
                         International).
109-64................  H.R. 4100, the ``Louisiana  November 17, 2005
                         Recovery Corporation Act
                         (Full).
109-65................  Self-Regulatory             November 17, 2005
                         Organizations: Exploring
                         the Need for Reform
                         (Capital Markets).
109-66................  Field hearing on H.R.       November 29, 2005
                         2990, the ``Credit Rating
                         Agency Duopoly Relief Act
                         of 2005'' (Full).
109-67................  Housing Options in the      December 8, 2005
                         Aftermath of Hurricanes
                         Katrina and Rita
                         (Housing).
109-68................  Housing Options in the      December 14, 2005
                         Aftermath of Hurricanes
                         Katrina and Rita
                         (Housing).
109-69................  Housing Options in the      January 13, 2006
                         Aftermath of Hurricanes
                         Katrina and Rita
                         (Housing).
109-70................  Housing Options in the      January 14, 2006
                         Aftermath of Hurricanes
                         Katrina and Rita
                         (Housing).
109-71................  H.R. 3186, Build Houses     February 8, 2006
                         for Our Military's
                         Enlisted Servicemembers
                         Act (Housing).
109-72................  Monetary Policy and the     February 15, 2006
                         State of the Economy
                         (Full).
109-73................  Weapons of Mass             February 16, 2006
                         Destruction: Stopping the
                         Funding--the OFAC Role
                         (Oversight).
109-74................  Fair Housing Issues in the  February 28, 2006
                         Gulf Coast in the
                         aftermath of Hurricane
                         Katrina and Rita
                         (Housing).
109-75................  Foreign Investment, Jobs    March 1, 2006
                         and National Security:
                         The CFIUS Process
                         (Domestic &
                         International).
109-76................  The Federal Role in         March 9, 2006
                         Facilitating Recovery and
                         Long-term Rebuilding
                         Efforts in the Gulf Coast
                         Region (Housing).
109-77................  Review of the Rudman        March 14, 2006
                         Report on Fannie Mae
                         (Full).
109-78................  Field Hearing entitled      March 24, 2006
                         Strengthening Rural Ohio:
                         A Review of the Community
                         Development Block Grant
                         Program (Housing).
109-79................  Field Hearing entitled      March 25, 2006
                         Strengthening Rural Ohio:
                         A Review of the Community
                         Development Block Grant
                         Program (Housing).
109-80................  Fostering Accuracy and      March 29, 2006
                         Transparency in Financial
                         Reporting (Capital
                         Markets).
109-81................  Oversight of the            March 30, 2006
                         Department of Housing and
                         Urban Development (Full).
109-82................  Transforming the Federal    April 5, 2006
                         Housing Administration
                         for the 21st Century
                         (Housing).
109-83................  Reauthorization of the      April 5, 2006
                         Export-Import Bank of the
                         United States (Domestic &
                         International).
109-84................  Counter-Terrorism           April 6, 2006
                         Financing Foreign
                         Training and Assistance:
                         Progress since 9/11
                         (Oversight).
109-85................  Field Hearing entitled      April 12, 2006
                         Community Development
                         Block Grants (CDBG): The
                         Impact of CDBG on our
                         Communities (Housing).
109-86................  H.R. 5039, the Saving       April 25, 2006
                         America's Rural Housing
                         Act of 2006 (Housing).
109-87................  America's Capital Markets:  April 26, 2006
                         Maintaining Our Lead in
                         the 21st Century (Capital
                         Markets).
109-88................  Title Insurance: Cost and   April 26, 2006
                         Competition (Housing).
109-89................  CFIUS and the Role of       April 27, 2006
                         Foreign Direct Investment
                         in the United States
                         (Domestic &
                         International).
109-90................  Protecting Investors and    May 3, 2006
                         Fostering Efficient
                         Markets: A Review of the
                         S.E.C. Agenda (Full).
109-91................  H.R. 3206, Credit Union     May 11, 2006
                         Charter Choice Act
                         (Financial Institutions).
109-92................  The State of the            May 17, 2006
                         International Financial
                         System (Full).
109-93................  H.R. 5337, Reform of        May 17, 2006
                         National Security Reviews
                         of Foreign Direct
                         Investments Act (Domestic
                         & International).
109-94................  Financial Services Needs    May 18, 2006
                         of Military Personnel and
                         Their Families
                         (Oversight).
109-95................  H.R. 5341, Seasoned         May 18, 2006
                         Customer CTR Exemption
                         Act of 2006 (Financial
                         Institutions).
109-96................  Oversight of the Office of  May 25, 2006
                         Thrift Supervision
                         (Oversight).
109-97................  Protecting Investors and    May 25, 2006
                         Fostering Efficient
                         Markets: A Review of the
                         S.E.C. Agenda (Full).
109-98................  OFHEO's Final Report on     June 6, 2006
                         Fannie Mae (Capital
                         Markets).
109-99................  Home Mortgage Disclosure    June 13, 2006
                         Act: Newly Collected Data
                         and What It Means
                         (Financial Institutions).
109-100...............  Bank Secrecy Act's Impact   June 21, 2006
                         on Money Services
                         Businesses (Financial
                         Institutions).
109-101...............  Commercial Insurance        June 21, 2006
                         Modernization (Capital
                         Markets).
109-102...............  Investor Protection: A      June 28, 2006
                         Review of Plaintiffs'
                         Attorney Abuses in
                         Securities Litigation and
                         Legislative Remedies
                         (Capital Markets).
109-103...............  Is America's Housing        June 28, 2006
                         Market Prepared for the
                         Next Natural Catastrophe?
                         (Housing).
109-104...............  Pandemic Influenza          June 29, 2006
                         Preparedness in the
                         Financial Services Sector
                         (Oversight).
109-105...............  The Terror Finance          July 11, 2006
                         Tracking Program
                         (Oversight).
109-106...............  ILCs--A Review of Charter,  July 12, 2006
                         Ownership, and
                         Supervision Issues
                         (Financial Institutions).
109-107...............  Diversity: the GAO          July 12, 2006
                         Perspective (Oversight).
109-108...............  ICANN and the Whois         July 18, 2006
                         Database: Providing
                         Access to Protect
                         Consumers from Phishing
                         (Financial Institutions).
109-109...............  Coin and Currency Issues    July 19, 2006
                         Facing Congress: Can We
                         Still Afford Money?
                         (Domestic &
                         International).
109-110...............  Monetary Policy and the     July 20, 2006
                         State of the Economy
                         (Full).
109-111...............  Joint Hearing with the      July 25, 2006
                         Committee on Homeland
                         Security Subcommittee on
                         Intelligence, Information
                         Sharing, and Terrorism
                         Risk Assessment--
                         Terrorism Threats and the
                         Insurance Market
                         (Oversight).
109-112...............  The Changing Real Estate    July 25, 2006
                         Market (Housing).
109-113...............  Review of the Repatriation  July 27, 2006
                         of Holocaust Art Assets
                         in the United States
                         (Domestic &
                         International).
109-114...............  Field hearing entitled      July 31, 2006
                         Removing Barriers to
                         Homeownership for Native
                         Americans (Housing).
109-115...............  Field Hearing entitled A    August 15, 2006
                         Look at the National
                         Flood Insurance Program
                         and Flood Mitigation
                         Efforts: Is Bucks County,
                         Pennsylvania Ready for
                         Another Flood? (Full).
109-116...............  Field Hearing entitled      August 23, 2006
                         Community Solutions for
                         the Prevention of and
                         Management of
                         Foreclosures (Full).
109-117...............  A Review of the Federal     September 7, 2006
                         Home Loan Bank System
                         (Capital Markets).
109-118...............  The International Fund for  September 12, 2006
                         Agricultural Development
                         (IFAD) and the Importance
                         of Agricultural
                         Development in
                         Sustainable Global
                         Poverty Reduction
                         (Domestic &
                         International).
109-119...............  Stabilizing Insurance       September 13, 2006
                         Markets for Coastal
                         Consumers (Capital
                         Markets).
109-120...............  A Review of Regulatory      September 14, 2006
                         Proposals on Basel
                         Capital and Commercial
                         Real Estate (Financial
                         Institutions).
109-121...............  Sarbanes-Oxley at Four:     September 19, 2006
                         Protecting Investors and
                         Strengthening the Markets
                         (Full).
109-122...............  Improving Transparency in   September 20, 2006
                         State Regulation of
                         Insurer Investments
                         (Capital Markets).
109-123...............  Protecting Americans from   September 27, 2006
                         Catastrophic Terrorism
                         Risk (Capital Markets/
                         Oversight).
109-124...............  Improving Financial         September 28, 2006
                         Literacy: Working
                         Together to Develop
                         Private Sector
                         Coordination and
                         Solutions (Financial
                         Institutions).
------------------------------------------------------------------------

                        PART B--COMMITTEE PRINTS


------------------------------------------------------------------------
      Serial No.                   Title                    Date
------------------------------------------------------------------------
109-A.................  Rules of the Committee on   February 2005
                         Financial Services for
                         the 109th Congress.
------------------------------------------------------------------------

                                  
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