[House Report 110-929]
[From the U.S. Government Publishing Office]



110th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                     110-929
_______________________________________________________________________

                                     

                                                 Union Calendar No. 602


                         REPORT ON THE ACTIVITY

                                 of the

                    COMMITTEE ON FINANCIAL SERVICES

                                for the

                       ONE HUNDRED TENTH CONGRESS




January 2, 2009.--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, 2009.
Hon. Lorraine Miller,
Clerk,
House of Representatives,
Washington, DC.
    Dear Ms. Miller: Pursuant to clause 1(d) of rule XI of the 
Rules of the House of Representatives for the 110th Congress, I 
present herewith a report on the activity of the Committee on 
Financial Services for the 110th Congress, including the 
Committee's review and study of legislation within its 
jurisdiction, and the oversight activities undertaken by the 
Committee.
            Sincerely,
                                              Barney Frank,
                                                          Chairman.
                            C O N T E N T S

                              ----------                              
                                                                   Page
Letter of Transmittal............................................   III
Jurisdiction.....................................................     1
Rules of the Committee...........................................     4
Membership and Organization......................................    16
Legislative and Oversight Activities.............................    23
Full Committee...................................................    69
Subcommittee on Capital Markets, Insurance, and Government 
  Sponsored Enterprises..........................................    88
Subcommittee on Domestic and International Monetary Policy, 
  Trade, and Technology..........................................   101
Subcommittee on Financial Institutions and Consumer Credit.......   108
Subcommittee on Housing and Community Opportunity................   115
Subcommittee on Oversight and Investigations.....................   121
Oversight Plan for the 110th Congress............................   129
Implementation of the Oversight Plan for the 110th Congress......   153
Appendix I--Committee Legislation: Committee Reports and Public 
  Laws...........................................................   191
Appendix II--Committee Publications: Committee Hearings and 
  Committee Prints...............................................   193


                                                 Union Calendar No. 602
110th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                     110-929

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



 
 REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE 
                             110TH CONGRESS

                                _______
                                

January 2, 2009.--Committed to the Committee of the Whole House on the 
            Statement of the Union and ordered to be printed

                                _______
                                

 Mr. Frank of Massachusetts, from the Committee on Financial Services, 
                        submitted the following

                              R E P O R T

    Clause 1(d) of rule XI of the Rules of the House of 
Representatives for the 110th 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 110th 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 TENTH 
                                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, 
        notwithstanding any intervening order for the previous 
        question, an underlying proposition shall remain 
        subject to further debate or amendment to the same 
        extent as when the question was postponed.

                           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 
five 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.
          (B) Notwithstanding subsection (a)(4), at any hearing 
        of the Committee for the purpose of receiving testimony 
        (other than testimony described in clause (i) or (ii) 
        of subparagraph (A)), the Chair may, in consultation 
        with the ranking minority member, limit the duration of 
        opening statements to ten minutes, to be divided 
        between the Chair and Chair of the pertinent 
        subcommittee, or the Chair's designee, and ten minutes, 
        to be controlled by the ranking minority member, or his 
        designee. Following such time, the duration for opening 
        statements may be extended by either the Chair or 
        ranking minority member for an additional ten minutes 
        each, to be divided at the discretion of the Chair or 
        ranking minority member. The Chair shall provide that 
        the opening statements for all members of the Committee 
        shall be made a part of the hearing record.
          (C) At any hearing of a subcommittee, the Chair of 
        the subcommittee may, in consultation with the ranking 
        minority member of the subcommittee, limit the duration 
        of opening statements to ten minutes, to be divided 
        between the majority and minority. Following such time, 
        the duration for opening statements may be extended by 
        either the Chair of the subcommittee or ranking 
        minority member of the subcommittee for an additional 
        ten minutes each, to be divided at the discretion of 
        the Chair of the subcommittee or ranking minority 
        member of the subcommittee. The Chair of the 
        subcommittee shall ensure that opening statements for 
        all members be made part of the hearing record.
          (D) If the Chair and ranking minority member acting 
        jointly determine that extraordinary circumstances 
        exist necessitating allowing members to make opening 
        statements, subparagraphs (B) or (C), as the case may 
        be, shall not apply to such hearing.

                                 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, including 
                business capital formation and venture capital;
                  (iii) activities involving futures, forwards, 
                options, and other types of derivative 
                instruments;
                  (iv) the Securities and Exchange Commission;
                  (v) secondary market organizations for home 
                mortgages, including the Federal National 
                Mortgage Association, the Federal Home Loan 
                Mortgage Corporation, and the Federal 
                Agricultural Mortgage Corporation;
                  (vi) the Office of Federal Housing Enterprise 
                Oversight;
                  (vii) the Federal Home Loan Banks;
                  (viii) the Federal Housing Finance Board;
                  (ix) terrorism risk insurance; and
                  (x) 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; (viii) 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 landlord/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, but not including terrorism risk 
                insurance; 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 
        Consumer 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.

                                 Rule 8


                        COMMITTEE ADMINISTRATION

                                Records

    (a)(1) There shall be a transcript made of each regular 
meeting and hearing of the Committee, and the transcript may be 
printed if the Chair decides it is appropriate or if a majority 
of the members of the Committee requests such printing. Any 
such transcripts shall be a substantially verbatim account of 
remarks actually made during the proceedings, subject only to 
technical, grammatical, and typographical corrections 
authorized by the person making the remarks. Nothing in this 
paragraph shall be construed to require that all such 
transcripts be subject to correction and publication.
    (2) The Committee shall keep a record of all actions of the 
Committee and of its subcommittees. The record shall contain 
all information required by clause 2(e)(1) of rule XI of the 
Rules of the House and shall be available 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 TENTH CONGRESS

                    COMMITTEE ON FINANCIAL SERVICES


          (Ratio: 37-33)

   BARNEY FRANK, Massachusetts, 
             Chairman

SPENCER BACHUS, Alabama              PAUL E. KANJORSKI, Pennsylvania
DEBORAH PRYCE, Ohio                  MAXINE WATERS, California
MICHAEL N. CASTLE, Delaware          CAROLYN B. MALONEY, New York
PETER KING, New York                 LUIS V. GUTIERREZ, Illinois
EDWARD R. ROYCE, California          NYDIA M. VELAZQUEZ, New York
FRANK D. LUCAS, Oklahoma             MELVIN L. WATT, North Carolina
RON PAUL, Texas                      GARY L. ACKERMAN, New York
STEVEN C. LATOURETTE, Ohio           BRAD SHERMAN, California
DONALD A. MANZULLO, Illinois         GREGORY W. MEEKS, New York
WALTER B. JONES, JR., North Carolina DENNIS MOORE, Kansas
JUDY BIGGERT, Illinois               MICHAEL E. CAPUANO, Massachusetts
CHRISTOPHER SHAYS, Connecticut       RUBEN HINOJOSA, Texas
GARY G. MILLER, California           WM. LACY CLAY, Missouri
SHELLEY MOORE CAPITO, West Virginia  CAROLYN MCCARTHY, New York
TOM FEENEY, Florida                  JOE BACA, California
JEB HENSARLING, Texas                STEPHEN F. LYNCH, Massachusetts
SCOTT GARRETT, New Jersey            BRAD MILLER, North Carolina
GINNY BROWN-WAITE, Florida           DAVID SCOTT, Georgia
J. GRESHAM BARRETT, South Carolina   AL GREEN, Texas
JIM GERLACH, Pennsylvania            EMANUEL CLEAVER, Missouri
STEVAN PEARCE, New Mexico            MELISSA L. BEAN, Illinois
RANDY NEUGEBAUER, Texas              GWEN MOORE, Wisconsin
TOM PRICE, Georgia                   LINCOLN DAVIS, Tennessee
GEOFF DAVIS, Kentucky                PAUL W. HODES, New Hampshire
PATRICK T. MCHENRY, North Carolina   KEITH ELLISON, Minnesota
JOHN CAMPBELL, California            RON KLEIN, Florida
ADAM H. PUTNAM, Florida              TIM MAHONEY, Florida
MICHELE BACHMANN, Minnesota          CHARLES A. WILSON, Ohio
PETER J. ROSKAM, Illinois            ED PERLMUTTER, Colorado
KENNY MARCHANT, Texas\4\             CHRISTOPHER S. MURPHY, Connecticut
THADDEUS MCCOTTER, Michigan\5\       JOE DONNELLY, Indiana
KEVIN MCCARTHY, California\6\        BILL FOSTER, Illinois\1\
DEAN HELLER, Nevada\7\               ANDRE CARSON, Indiana\2\
                                     JACKIE SPEIER, California\3\
                                     DON CAZAYOUX, Louisiana\3\
                                     TRAVIS CHILDERS, Mississippi\3\

                        SUBCOMMITTEE MEMBERSHIPS

 Subcommittee on Capital Markets, Insurance, and Government Sponsored 
                              Enterprises

          (Ratio: 26-23)

 PAUL E. KANJORSKI, Pennsylvania, 
             Chairman

DEBORAH PRYCE, Ohio                  GARY L. ACKERMAN, New York
JEB HENSARLING, Texas                BRAD SHERMAN, California
CHRISTOPHER SHAYS, Connecticut       GREGORY W. MEEKS, New York
MICHAEL N. CASTLE, Delaware          DENNIS MOORE, Kansas
PETER KING, New York                 MICHAEL E. CAPUANO, Massachusetts
FRANK. D. LUCAS, Oklahoma            RUBEN HINOJOSA, Texas
DONALD A. MANZULLO, Illinois         CAROLYN MCCARTHY, New York
EDWARD R. ROYCE, California          JOE BACA, California
STEVEN C. LATOURETTE, Ohio           STEPHEN F. LYNCH, Massachusetts
SHELLEY MOORE CAPITO, West Virginia  BRAD MILLER, North Carolina
ADAM PUTNAM, Florida                 DAVID SCOTT, Georgia
J. GRESHAM BARRETT, South Carolina   NYDIA M. VELAZQUEZ, New York
GINNY BROWN-WAITE, Florida           MELISSA L. BEAN, Illinois
TOM FEENEY, Florida                  GWEN MOORE, Wisconsin
SCOTT GARRETT, New Jersey            LINCOLN DAVIS, Tennessee
JIM GERLACH, Pennsylvania            PAUL W. HODES, New Hampshire
TOM PRICE, Georgia                   RON KLEIN, Florida
GEOFF DAVIS, Kentucky                TIM MAHONEY, Florida
JOHN CAMPBELL, California            ED PERLMUTTER, Colorado
MICHELE BACHMANN, Minnesota          CHRISTOPHER S. MURPHY, Connecticut
PETER J. ROSKAM, Illinois            JOE DONNELLY, Indiana
KENNY MARCHANT, Texas                ANDRE CARSON, Indiana
THADDEUS MCCOTTER, Michigan          JACKIE SPEIER, California
SPENCER BACHUS, Alabama, ex officio  DON CAZAYOUX, Louisiana
                                     TRAVIS CHILDERS, Mississippi
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

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

          (Ratio: 14-12)

   LUIS V. GUTIERREZ, Illinois, 
             Chairman

RON PAUL, Texas                      CAROLYN B. MALONEY, New York
MICHAEL N. CASTLE, Delaware          MAXINE WATERS, California
FRANK D. LUCAS, Oklahoma             PAUL E. KANJORSKI, Pennsylvania
DONALD A. MANZULLO, Illinois         GWEN MOORE, Wisconsin
WALTER B. JONES, North Carolina      GREGORY W. MEEKS, New York
JEB HENSARLING, Texas                DENNIS MOORE, Kansas
TOM PRICE, Georgia                   WILLIAM LACY CLAY, Missouri
PATRICK T. MCHENRY, North Carolina   BILL FOSTER, Illinois
MICHELE BACHMANN, Minnesota          ANDRE CARSON, Indiana
PETER J. ROSKAM, Illinois            MELVIN L. WATT, North Carolina
KENNY MARCHANT, Texas                BRAD SHERMAN, California
DEAN HELLER, Nevada                  KEITH ELLISON. Minnesota
SPENCER BACHUS, Alabama, ex officio  TRAVIS CHILDERS, Mississippi
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

       Subcommittee on Financial Institutions and Consumer Credit

          (Ratio: 25-22)

  CAROLYN B. MALONEY, New York, 
               Chair

JUDY BIGGERT, Illinois               MELVIN L. WATT, North Carolina
TOM PRICE, Georgia                   GARY L. ACKERMAN, New York
DEBORAH PRYCE, Ohio                  BRAD SHERMAN, California
MICHAEL N. CASTLE, Delaware          LUIS V. GUTIERREZ, Illinois
PETER KING, New York                 DENNIS MOORE, Kansas
EDWARD R. ROYCE, California          PAUL E. KANJORSKI, Pennsylvania
STEVEN C. LATOURETTE, Ohio           MAXINE WATERS, California
WALTER B. JONES, North Carolina      RUBEN HINOJOSA, Texas
SHELLEY MOORE CAPITO, West Virginia  CAROLYN MCCARTHY, New York
TOM FEENEY, Florida                  JOE BACA, California
JEB HENSARLING, Texas                AL GREEN, Texas
SCOTT GARRETT, New Jersey            WM. LACY CLAY, Missouri
GINNY BROWN-WAITE, Florida           BRAD MILLER, North Carolina
J. GRESHAM BARRETT, South Carolina   DAVID SCOTT, Georgia
JIM GERLACH, Pennsylvania            EMANUEL CLEAVER, Missouri
STEVAN, PEARCE, New Mexico           MELISSA BEAN, Illinois
RANDY NEUGEBAUER, Texas              LINCOLN DAVIS, Tennessee
GEOFF DAVIS, Kentucky                PAUL W. HODES, New Hampshire
PATRICK T. MCHENRY, North Carolina   KEITH ELLISON, Minnesota
JOHN CAMPBELL, California            RON KLEIN, Florida
KEVIN MCCARTHY, California           CHARLES A. WILSON, Ohio
DEAN HELLER, Nevada                  GREGORY W. MEEKS, New York
SPENCER BACHUS. Alabama ex officio   BILL FOSTER, Illinois
                                     ED PERLMUTTER, Colorado
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

           Subcommittee on Housing and Community Opportunity

          (Ratio: 14-12)

    MAXINE WATERS, California, 
            Chairwoman

SHELLEY MOORE CAPITO, West Virginia  NYDIA M. VELAZQUEZ, New York
STEVAN PEARCE, New Mexico            STEPHEN F. LYNCH, Massachusetts
PETER KING, New York                 EMANUEL CLEAVER, Missouri
JUDY BIGGERT, Illinois               AL GREEN, Texas
CHRISTOPHER SHAYS, Connecticut       WILLIAM LACY CLAY, Missouri
GARY G. MILLER, California           CAROLYN B. MALONEY, New York
SCOTT GARRETT, New Jersey            GWEN MOORE, Wisconsin
RANDY NEUGEBAUER, Texas              KEITH ELLISON, Minnesota
GEOFF DAVIS, Kentucky                CHRISTOPHER S. MURPHY, Connecticut
JOHN CAMPBELL, California            JOE DONNELLY, Indiana
THADDEUS MCCOTTER, Michigan          MICHAEL E. CAPUANO, Massachusetts
KEVIN MCCARTHY, California           CHARLES A. WILSON, Ohio
SPENCER BACHUS, Alabama, ex officio  DON CAZAYOUX, Louisiana
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

              Subcommittee on Oversight and Investigations

           (Ratio: 11-9)

 MELVIN L. WATT, North Carolina, 
             Chairman

GARY G. MILLER, California           LUIS V. GUTIERREZ, Illinois
PATRICK T. MCHENRY, North Carolina   MAXINE WATERS, California 
EDWARD R. ROYCE, California          STEPHEN F. LYNCH, Massachusetts 
RON PAUL, Texas                      EMANUEL CLEAVER, Missouri 
STEVEN C. LATOURETTE, Ohio           MICHAEL E. CAPUANO, Massachusetts 
J. GRESHAM BARRETT, South Carolina   AL GREEN, Texas 
MICHELE BACHMANN, Minnesota          RON KLEIN, Florida 
PETER J. ROSKAM, Illinois            TIM MAHONEY, Florida 
KEVIN MCCARTHY, California           ED PERLMUTTER, Colorado 
SPENCER BACHUS, Alabama, ex officio  JACKIE SPEIER, California 
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

         MEMBERSHIP NOTES

                                 ------                                

\1\Mr. Foster was elected to the Committee on April 1, 2008, filling a 
vacancy created by the death of Mrs. Julia Carson on December 15, 2007. 
Mrs. Carson had ranked immediately after Mr. Ackerman.
\2\Mr. Andre Carson was elected to the Committee on April 1, 2008, 
filling a vacancy created by the resignation of Mr. Sires on March 11, 
2008. Mr. Sires had ranked immediately after Mr. Davis of Tennessee.
\3\Ms. Speier, Mr. Cazayoux and Mr. Childers were elected to the 
Committee on June 10, 2008, filling vacancies created by the 
resignations of Mr. Wexler on June 9, 2008, Mr. Marshall on June 10, 
2008, and Mr. Boren on June 9, 2008. Messrs. Wexler, Marshall and Boren 
had ranked immediately after Mr. Donnelly.
\4\Mr. Marchant was elected to the Committee on March 12, 2007, filling 
a vacancy created by the resignation of Mrs. Blackburn from the 
Committee on March 12, 2007. Mrs. Blackburn had ranked immediately 
after Mr. Putnam.
\5\Mr. McCotter was elected to the Committee on May 10, 2007, filling a 
vacancy created by the resignation of Mr. Renzi from the Committee on 
April 25. 2007. Mr. Renzi had ranked immediately after Mr. Barrett of 
South Carolina.
\6\Mr. McCarthy of California was elected to the Committee on October 
2, 2007, filling a vacancy created by the death of Mr. Gillmor on 
September 5, 2007. Mr. Gillmor had ranked immediately after Mr. Paul.
\7\Mr. Heller was elected to the Committee on February 26, 2008, 
filling a vacancy created by the resignation of Mr. Baker from the 
House on February 2, 2008. Mr. Baker had ranked immediately after Mr. 
Bachus.

                            COMMITTEE STAFF

                             Majority Staff

JEANNE ROSLANOWICK, Staff Director 
         and Chief Counsel
  STEVEN ADAMSKE, Communications 
             Director
       SANDERS ADU, Counsel
 TERRIE ALLISON, Editor/Document 
               Clerk
  STEVE ARAUZ, Assistant System 
           Administrator
  MICHAEL BERESIK, Senior Policy 
             Director
   JEAN CARROLL, Staff Associate
 MEREDITH CONNELLY, Professional 
               Staff
    ELENI CONSTANTINE, Counsel
   RICARDO DELFIN, SeniorCounsel
  THOMAS DUNCAN, General Counsel
       ERIC EDWARDS, Counsel
      ALFRED FORMAN, System 
           Administrator
      THOMAS GLASSIC, Counsel
  TODD HARPER, Professional Staff
       JOHN HUGHES, Counsel
      ERIKA JEFFERS, Counsel
   BRIAN KELLY, Staff Associate
      KELLIE LARKIN, Counsel
 GAIL LASTER, Deputy Chief Counsel
  PATTY LORD, Professional Staff
 MANOS MANOSALVAS, Staff Associate
RICK MAURANO, Senior Professional 
               Staff
     DOMINIQUE MCCOY, Counsel
 DANIEL MCGLINCHEY, Professional 
               Staff
     KATHLEEN MELLODY, Counsel
   SCOTT MORRIS, Chief Economist
 JONATHAN OBEE, Professional Staff
  SCOTT OLSON, Professional Staff
 CHARLA OUERTATANI, Professional 
               Staff
      JASON PITCOCK, Counsel
       LOIS RICHERSON, Clerk
PETER ROBERSON, Professional Staff 
              Member
   GARETT ROSE, Staff Asssociate
 DENNIS SHAUL, Professional Staff
 DEBORAH SILBERMAN, Senior Counsel
    PATIENCE SINGLETON, Counsel
   DAVID SMITH, Chief Economist
  LAWRANNE STEWART, Deputy Chief 
              Counsel
   HEATHER WONG, Press Secretary
       CHARLES YI, Counsel 

                             Minority Staff

         LARRY C. LAVENDER
          Chief of Staff
           WARREN TRYON
       Deputy Chief of Staff
         JAMES H. CLINGER
           Chief Counsel
           CLINTON JONES
          General Counsel

                                 ------                                

  NICOLE C. AUSTIN, Professional 
               Staff
  MICHAEL BORDEN, Senior Counsel
   CINDY VOSPER CHETTI, Senior 
        Professional Staff
 ANTHONY J. CIMINO, Professional 
               Staff
  KEVIN R. EDGAR, Senior Counsel
  PAUL-MARTIN FOSS, Professional 
               Staff
 PETER FREEMAN, Professional Staff
 ANGELA S. GAMBO, Administrative 
             Assistant
 MARISOL GARIBAY, Communications 
             Director
     TALLMAN JOHNSON, Senior 
     Professional Staff Member
 ROSEMARY KEECH, Executive Staff 
             Assistant
   FRANCISCO A. MEDINA, Senior 
              Counsel
  DAVID OXNER, Professional Staff
 JOE PINDER, Senior Professional 
               Staff
 GISELE G. ROGET, Staff Assistant
   JASON SPENCE, Senior Counsel
  AARON T. SPORCK, Professional 
               Staff
  ERIC J. THOMPSON, Professional 
               Staff
LAUREN E. TODOROVICH, Professional 
               Staff
KIM TRIMBLE, Systems Administrator 

                  LEGISLATIVE AND OVERSIGHT ACTIVITIES

    During the 110th Congress, 521 bills were referred to the 
Committee on Financial Services. The full Committee reported to 
the House or was discharged from the further consideration of 
61 measures, not including conference reports. Twenty-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 
110th Congress, including a summary of the activities taken by 
the Committee to implement its Oversight Plan for the 110th 
Congress.

                    COMMITTEE ON FINANCIAL SERVICES

          (Ratio: 37-33)
   BARNEY FRANK, Massachusetts, 
             Chairman

SPENCER BACHUS, Alabama              PAUL E. KANJORSKI, Pennsylvania
DEBORAH PRYCE, Ohio                  MAXINE WATERS, California
MICHAEL N. CASTLE, Delaware          CAROLYN B. MALONEY, New York
PETER KING, New York                 LUIS V. GUTIERREZ, Illinois
EDWARD R. ROYCE, California          NYDIA M. VELQUEZ, New York
FRANK D. LUCAS, Oklahoma             MELVIN L. WATT, North Carolina
RON PAUL, Texas                      GARY L. ACKERMAN, New York
STEVEN C. LATOURETTE, Ohio           BRAD SHERMAN, California
DONALD A. MANZULLO, Illinois         GREGORY W. MEEKS, New York
WALTER B. JONES, JR., North Carolina DENNIS MOORE, Kansas
JUDY BIGGERT, Illinois               MICHAEL E. CAPUANO, Massachusetts
CHRISTOPHER SHAYS, Connecticut       RUBEN HINOJOSA, Texas
GARY G. MILLER, California           WM. LACY CLAY, Missouri
SHELLEY MOORE CAPITO, West Virginia  CAROLYN MCCARTHY, New York
TOM FEENEY, Florida                  JOE BACA, California
JEB HENSARLING, Texas                STEPHEN F. LYNCH, Massachusetts
SCOTT GARRETT, New Jersey            BRAD MILLER, North Carolina
GINNY BROWN-WAITE, Florida           DAVID SCOTT, Georgia
J. GRESHAM BARRETT, South Carolina   AL GREEN, Texas
JIM GERLACH, Pennsylvania            EMANUEL CLEAVER, Missouri
STEVAN PEARCE, New Mexico            MELISSA L. BEAN, Illinois
RANDY NEUGEBAUER, Texas              GWEN MOORE, Wisconsin
TOM PRICE, Georgia                   LINCOLN DAVIS, Tennessee
GEOFF DAVIS, Kentucky                PAUL W. HODES, New Hampshire
PATRICK T. MCHENRY, North Carolina   KEITH ELLISON, Minnesota
JOHN CAMPBELL, California            RON KLEIN, Florida
ADAM H. PUTNAM, Florida              TIM MAHONEY, Florida
MICHELE BACHMANN, Minnesota          CHARLES A. WILSON, Ohio
PETER J. ROSKAM, Illinois            ED PERLMUTTER, Colorado
KENNY MARCHANT, Texas                CHRISTOPHER S. MURPHY, Connecticut
THADDEUS MCCOTTER, Mississippi       JOE DONNELLY, Indiana
KEVIN MCCARTHY, California           BILL FOSTER, Illinois
DEAN HELLER, Nevada                  ANDRE CARSON, Indiana
                                     JACKIE SPEIER, California
                                     DON CAZAYOUX, Louisiana
                                     TRAVIS CHILDERS, Missouri


                  Full Committee Oversight Activities


        EMERGENCY ECONOMIC STABILIZATION ACT/2008 MARKET CRISIS

    Since the collapse of Lehman Brothers in September 2008 and 
the subsequent acceleration of the ongoing market crisis, the 
Committee has held three hearings on the crisis and the 
Emergency Economic Stabilization Act of 2008 (EESA), the 
Federal Government's primary response to the crisis.
    The first hearing in this group was held on September 24, 
2008, before the passage of the EESA, and entitled, ``The 
Future of Financial Services: Exploring Solutions for the 
Market Crisis.'' This hearing primarily focused on the current 
turmoil in the credit markets and recent steps taken by the 
U.S. Department of the Treasury and the Federal Reserve. 
Additionally, the hearing dealt with the then-pending Treasury 
proposal that aimed to stabilize the economy and the 
anticipated impact of that proposal on the nation's economy. 
Witnesses included: Members of Congress; Ben Bernanke, Federal 
Reserve Chairman; and Henry Paulson, Secretary of the Treasury. 
The EESA was enacted on October 3, 2008, as Public Law 110-343.
    The second hearing, held on November 18, 2008, and 
entitled, ``Oversight of Implementation of the Emergency 
Economic Stabilization Act of 2008 and of Government Lending 
and Insurance Facilities: Impact on Economy and Credit 
Availability,'' dealt directly with the programs provided for 
by the EESA. This hearing focused on the programs established 
by Treasury, the Federal Reserve Board, and the Federal Deposit 
Insurance Corporation (FDIC) under the Emergency Economic 
Stabilization Act of 2008 (EESA) or other pre-existing 
authority to address the problems in the credit and financial 
markets; and on the impact those programs are having on the 
availability of credit and on the economy generally. The 
regulatory witnesses were asked to discuss the decision-making 
process concerning use of funds under the Troubled Asset Relief 
(TARP) program and the metrics being used to evaluate the 
impact or success of the programs in achieving the objectives. 
Witnesses also were asked to comment generally on how the 
programs are working, to describe any unintended consequences 
of the facilities established to date and how those 
consequences are being addressed, and to identify any 
additional measure or authorities that might be necessary. 
Witnesses included: Henry Paulson, Secretary of the Treasury; 
Ben Bernanke, Federal Reserve Chairman; Sheila Bair, Federal 
Deposit Insurance Corporation Chairman; and representatives of 
the financial services industry.
    The third hearing was held on December 10, 2008 and was 
entitled, ``Oversight Concerns Regarding Treasury Department 
Conduct of the Troubled Assets Relief Program.'' This hearing 
focused on a December report that the Government Accountability 
Office (GAO) released critiquing Treasury's execution of the 
Troubled Asset Relief Program (TARP). The report concluded that 
while Treasury had taken a number of steps to stabilize U.S. 
financial markets and the banking system, it had yet to fulfill 
key parts of the program. Through the capital purchase program 
(CPP)-a preferred stock and warrant purchase program-Treasury 
provided more than $150 billion in capital to 52 institutions 
as of November 25, 2008. However, Treasury had yet to address a 
number of critical issues, including determining how it will 
ensure that CPP is achieving its intended goals and monitoring 
compliance with limitations on executive compensation and 
dividend payments. Moreover, the report recommended that 
further actions are needed to formalize transition planning 
efforts and establish an effective management structure and an 
essential system of internal control. The GAO was asked to 
discuss its key findings, conclusions and recommendations. The 
Treasury Department was asked to explain its disagreement with 
the GAO's recommendations for monitoring the use of TARP funds 
by participating institutions, and to address in detail its 
plans to quickly and completely implement the recommendations 
in the report. Finally, the Congressional Oversight Panel 
provided its findings and views to date regarding the TARP and 
on the key findings, conclusions and recommendations in the GAO 
report. Witnesses included: Neel Kashkari, Interim Assistant 
Secretary for Financial Stability and Assistant Secretary for 
International Affairs at the Treasury Department; Gene Dodaro, 
Acting Comptroller of the Government Accountability Office; 
Representative Jeb Hensarling, member of the Congressional 
Oversight Panel for the EESA; and Elizabeth Warren, Chair of 
the Congressional Oversight Panel for the EESA.

                   AUTOMOBILE INDUSTRY STABILIZATION

    The Committee has held two hearings regarding potential 
Federal stabilization plans for the U.S. auto industry.
    The first hearing, entitled, ``Stabilizing the Financial 
Condition of the American Automobile Industry,'' was held on 
November 19, 2008. This hearing focused on the situation in the 
U.S. automobile industry, including impact of current credit 
markets and economic conditions, and implications for future 
viability of the industry. Witnesses were asked to discuss the 
potential consequences for the industry and the overall economy 
if the Federal Government takes no action. Witnesses also 
addressed, if the Federal Government does take action, how 
assistance should be structured, what conditions should attach, 
and how energy efficiency standards should be integrated into 
recovery plans to result in a viable industry model. Witnesses 
included: Richard Wagoner, CEO of General Motors; Robert 
Nardelli, CEO of Chrysler; Alan Mulally, CEO of Ford; Ron 
Gettelfinger, United Auto Workers President; and 
representatives from a variety of interested parties.
    The second hearing was held on December 5, 2008, and was 
entitled, ``Review of Industry Plans to Stabilize the Financial 
Condition of the American Automobile Industry.'' This hearing 
focused on the business plans submitted by Chrysler, Ford Motor 
Company, and General Motors (GM) in response to a request from 
House Speaker Nancy Pelosi and Senate Majority Leader Harry 
Reid. Auto maker witnesses were asked to address their business 
plans, including concrete steps to achieve long-term viability, 
planned use of any government funds, conditions that should 
attach to such funds, and commitment to achieve or exceed fuel 
efficiency requirements. The union witness discusses the impact 
of those plans on U.S. auto workers and any plans the UAW has 
to help the U.S. auto industry achieve long-term viability. 
Witnesses provided perspective on the plans, particularly in 
light of prior efforts providing government aid to achieve 
similar results. An environmental witness discussed the 
purposes of section 136 of EESA in facilitating long term 
investments in technology and retooling to achieve improved 
fuel efficiency, and the role that such investment plays in 
ensuring the long term viability of domestic automakers. 
Finally, the Government Accountability Office (GAO) provided a 
framework for restructuring by describing elements essential 
for the success of government aid in such circumstances, and 
lessons learned from prior efforts. Witnesses included: Richard 
Wagoner, CEO of General Motors; Robert Nardelli, CEO of 
Chrysler; Alan Mulally, CEO of Ford; Ron Gettelfinger, United 
Auto Workers President; Gene Dodaro, Acting Comptroller General 
of the GAO; and a number of economists and representatives of 
other interested parties.
    H.R. 7321, the Auto Industry Financing and Restructuring 
Act, passed the House on December 10, 2008, by a 237-170-1 
vote. No further action occurred on this legislation in the 
110th Congress.

                   ABUSIVE MORTGAGE LENDING PRACTICES

    On October 24, 2007, the Committee held a hearing entitled, 
``Legislative Proposals on Reforming Mortgage Practices,'' 
including H.R. 3915, the Mortgage Reform and Anti-Predatory 
Lending Act of 2007. This legislation would: (1) establish a 
Federal duty of care for mortgage loan originators; (2) 
prohibit steering any borrower to a predatory mortgage and 
prime borrowers to subprime mortgages; (3) set a minimum 
standard for all mortgages that borrowers must have a 
reasonable ability to repay; (4) attach limited liability to 
secondary market securitizers who package and sell interest in 
home mortgage loans outside of these standards; (5) expand 
consumer protections for ``high-cost loans'' under the Home 
Ownership and Equity Protection Act; (6) require that all 
mortgage originators, including mortgage brokers and banks that 
originate mortgages, be licensed and registered pursuant to 
qualifying State license law, equivalent Federal banking 
regime, or HUD licensing and registration regime; (7) require 
additional disclosures to borrowers; (8) establish within HUD 
an Office of Housing Counseling; and (9) include protections 
for renters of foreclosed homes. Witnesses included Federal 
banking regulators, consumer advocates, and industry 
representatives. H.R. 3915 was ordered reported by the 
Committee on November 6, 2007. The Committee filed its report 
on November 9, 2007 (H.Rept. 110-441). The bill passed the 
House on November 15, 2007.

                       INDUSTRIAL LOAN COMPANIES

    On April 25, 2007, the House Financial Services Committee 
held a hearing entitled, ``H.R. 698: The Industrial Bank 
Holding Company Act of 2007.'' Witness testimony included 
banking regulators and industry representatives. On May 2, 
2007, H.R. 698 was ordered reported from the Committee. The 
Committee filed its report on May 16, 2007 (H.Rept. 110-155). 
The bill passed the House on May 21, 2007. No further action 
occurred on this legislation in the 110th Congress.

                           INTERNET GAMBLING

    On June 8, 2007, the Committee held a hearing entitled, 
``Can Internet Gambling Be Effectively Regulated to Protect 
Consumers and the Payments System?'' Testimony was heard from 
the private sector witnesses.
    On December 7, 2007, Ranking Member Bachus, along with 
Representatives Goodlatte, Lamar Smith and Forbes, sent a 
letter to the Federal Trade Commission requesting an 
investigation into the practices of some Internet gambling 
companies who were purported to be publishing false information 
about the recently enacted Unlawful Internet Gambling 
Enforcement Act (UIGEA), leading U.S. citizens to believe that 
those online companies can still operate legally.
    On March 14, 2008, Chairman Barney Frank and Rep. Ron Paul 
sent a letter to U.S. Trade Representative Susan Schwab 
requesting the details of a trade agreement between the United 
States and the European Union, Japan, and Canada to compensate 
nations for withdrawing from the GATS gambling commitment.
    On April 21, 2008, Chairman Barney Frank, Subcommittee on 
Domestic and International Monetary Policy Chairman Luis V. 
Gutierrez and Ranking Member Ron Paul, and Rep. Peter King, 
sent a letter to Treasury Secretary Henry Paulson, and Federal 
Reserve Chairman Ben S. Bernanke, asking them to suspend the 
regulations of the Unlawful Internet Gambling Enforcement Act 
(UIGEA). The Members wrote it would be imprudent to devote 
agency resources to the rulemaking process, especially in light 
of likely legislation to prevent their implementation.
    On May 5, 2008, Ranking Member Bachus, along with Senator 
Jon Kyl, wrote letters to Treasury Secretary Henry Paulson and 
Federal Reserve Chairman Ben Bernanke urging the Department and 
the Federal Reserve to fulfill their statutory obligations by 
issuing and implementing final regulations implementing UIGEA.
    On November 10, 2008, Chairman Barney Frank sent letters to 
Secretary Henry Paulson and Ben Bernanke asking them to 
postpone issuing regulations pursuant to the UIGEA. The letter 
expressed disappointment in issuing the regulations so late in 
the administration's term would tie the hands of the incoming 
administration and burden the industry at a time of economic 
crisis, contrary to the intent of the Committee.

                    GARNISHMENT OF FEDERAL BENEFITS

    Chairman Barney Frank sent a letter to financial regulators 
on June 21, 2007, to inquire what actions their respective 
agency have taking to ensure that the financial institutions 
have complied with the Social Security Act's prohibition on the 
garnishment of Federal benefits to veterans, the elderly and 
the disabled. The Chairman wrote the letter in light of news 
that some debt collectors have made use of the national banking 
system to circumvent State and Federal law protecting 
consumers.

                         CREDIT UNION OVERSIGHT

    On March 6, 2008, the Committee held a hearing on the need 
for credit union regulatory relief and improvements to examine 
the need for regulatory relief among credit unions, including 
the Credit Union Regulatory Improvements Act, as well as other 
issues within the industry. Witnesses included: The Honorable 
JoAnn M. Johnson, Chairman, National Credit Union 
Administration, Mr. George Reynolds, Senior Deputy 
Commissioner, Georgia Department of Banking and Finance on 
behalf of the National Association of State Credit Union 
Supervisors , and a number of industry witnesses.

                           CREDIT MONITORING

    On May 20, 2008, the Committee held a hearing to examine 
H.R. 2885, the Credit Monitoring Clarification Act, focusing on 
the growth and use of credit monitoring services. Industry and 
consumer witness testimony concentrated on the need to clarify 
the treatment of these services under the Credit Repair 
Organizations Act (CROA), while still providing adequate 
protections for consumers.

                           HOUSING PRODUCTION

    On July 19, 2007, the Committee held a hearing on H.R. 
2895, The Affordable Housing Trust Fund Act of 2007, which 
would establish a national affordable housing trust fund, with 
dedicated sources of revenue for the production and 
preservation of affordable housing for people with the most 
serious housing problems. Witnesses included representatives 
from HUD, affordable housing advocacy groups and the industry. 
The hearing examined, among other things, how both non-profit 
and for-profit organizations can participate in production 
programs, the extent to which the existing housing stock meets 
the demand for affordable housing by low-income families, 
seniors, and disabled persons; and strategies for developing 
additional affordable housing units. H.R. 2895 was reported out 
of Committee on July 31, 2007.

                REHABILITATION OF FORECLOSED PROPERTIES

    H.R. 5818, the Neighborhood Stabilization Act of 2008.'' 
directed HUD to establish a $15 billion loan and grant program 
to help States and local governments to purchase and 
rehabilitate owner-occupied foreclosed homes, prioritizing 
areas by need. The Act further provided incentives for States 
and local governments to stabilize as many properties as 
possible and to provide housing for families and individuals 
who lost homes to foreclosure. On April 9 and 10, 2008, the 
Committee held a two-day hearing on `Using the FHA for Housing 
Stabilization and Homeownership Retention.' This hearing 
examined a discussion draft of the Housing Stabilization and 
Homeownership Retention Act. The second day of the hearings 
(April 10th) focused on Title III of the discussion draft, 
which became the basis for H.R. 5818. Witnesses on that date 
included representatives of State and local governments, 
housing advocacy groups and minority advocacy groups. The 
Committee ordered reported H.R. 5818 on April 23, 2008, and the 
bill passed the House on May 8, 2008.

              FEDERAL HOUSING ADMINISTRATION MODERNIZATION

    On May 1, 2007, the Committee reported out H.R. 1852, the 
``Expanding American Homeownership Act of 2007,'' a bill that 
includes a number of changes to FHA single- and multifamily 
loan programs, including changes to FHA loan limits and down 
payment requirements, authorizing risk-based premiums for FHA 
loans, reforms to the FHA HECM reverse mortgage loan program, 
and authorization of funding for affordable housing fund grants 
based on net savings from bill changes to the FHA loan 
programs.

         FHA HOUSING STABILIZATION AND HOMEOWNER RETENTION ACT

    On April 9 and 10, 2008, the Committee held hearings on 
using FHA for housing stabilization and homeowners retention, 
highlighting a draft proposal which ultimately became the basis 
for H.R. 5830, the ``FHA Housing Stabilization and Homeowner 
Retention Act.'' On April 24, April 30, and May 1, 2008, the 
Committee held three days of markup on H.R. 5830, ultimately 
reporting out that bill on May 1st. The bill creates a special 
FHA single family loan program to refinance existing mortgages 
for borrowers at risk of foreclosure.

                        NATIVE AMERICAN HOUSING

    The Committee favorably reported legislation to reauthorize 
the Native American Housing Assistance Self Determination Act 
(H.R. 2786) to the House on August 3, 2007.

                   EMERGENCY NEEDS ON THE GULF COAST

    On February 6, 2007, the Committee held a hearing entitled, 
``Federal Housing Response to Hurricane Katrina.'' The hearing 
focused on the loss of affordable rental housing units in the 
Gulf Coast as a result of Hurricane Katrina. Specifically, it 
examined the commitments that were made early on to rebuild 
such housing, and the results to date in the actual restoration 
or rebuilding of lost housing units. The hearing also focused 
on efforts to provide grants and loans to homeowners to help 
them repair homes, and reviewed the Federal response in 
providing rental housing assistance to displaced families and 
individuals.
    On April 26, 2007, Chairman Barney Frank, with Subcommittee 
Chairwoman Maxine Waters wrote to Secretary of the Department 
of Housing and Urban Development (HUD) Alphonso Jackson 
regarding the Committee's intent to continue to monitor the 
status of public housing and its repair and replacement through 
Committee hearings.
    On May 14, 2007, Chairman Frank, with Subcommittee 
Chairwoman Waters and Congressman Al Green wrote to Acting 
Assistant Administrator of the Disaster Assistance Directorate 
of the Federal Emergency Management Agency (FEMA) David Garratt 
regarding the eligibility certification of families continuing 
to receive housing assistance as a result of being displaced by 
the 2005 hurricanes. The letter emphasized the need for FEMA to 
ensure that eligible families were not eliminated from the 
assistance program erroneously.
    On June 12, 2007, Chairman Frank wrote to FEMA 
Administrator R. David Paulison regarding the Memorandum of 
Understanding between FEMA and HUD for the funding of 
rebuilding and repairing of public housing units damaged or 
destroyed by natural disasters.
    On June 29, 2007, Chairman Frank and Subcommittee 
Chairwoman Waters wrote to Acting Assistant Administrator of 
the Disaster Assistance Directorate of FEMA David Garratt 
urging FEMA not to terminate families from FEMA's housing 
assistance program due to difficulties in the eligibility 
recertification process to ensure that eligible families were 
not further displaced.
    On October 17, 2007 and January 23, 2008, Chairman Frank, 
with Subcommittee Chairwoman Waters wrote to Secretary of the 
Department of Housing and Urban Development (HUD) Alphonso 
Jackson urging the Secretary to deny a request from the State 
of Mississippi to redirect the use of Mississippi's CDBG 
disaster recovery funds away from the production and repair of 
affordable housing.
    On December 3, 2007, Chairman Frank wrote to FEMA 
Administrator R. David Paulison urging FEMA not to evict 
families living in trailers until such time as they can secure 
safe, affordable, alternative housing.

           REAUTHORIZATION OF MCKINNEY-VENTO HOMELESS PROGRAM

    On July 30, 2008, the Committee reported out H.R. 840, the 
``Homeless Emergency Assistance and Rapid Transition to Housing 
Act'' (the ``HEARTH'' Act), a bill that reauthorizes and makes 
a number of changes to the McKinney-Vento homeless prevention 
program, including expanding flexibility to assist families 
with children by expanding the definition of ``homeless'' and 
giving localities more flexibility to serve such families; 
providing more funding flexibility to prevent homelessness; and 
codification and modifications of the continuum or care funding 
process.

                        SECTION 8 VOUCHER REFORM

    On May 23, 2007, the Committee reported out H.R. 1851, the 
``Section 8 Voucher Reform Act of 2007,'' a bill that makes 
number of changes to the Section 8 voucher program, including 
reforms to rent policy, inspections, income targeting, and use 
of project-based vouchers, and expansion, reform and re-naming 
of the ``Moving to Work'' program

                           SUPPORTIVE HOUSING

    H.R. 2930, Section 202 Supportive Housing for the Elderly 
Act of 2007 addresses the current structure of the Section 202 
Supportive Housing for Persons with disabilities and the 
modernization of the program. The Committee reported the bill 
favorably on September 25, 2007.
    H.R. 5772, the Frank Melville Supportive Housing Investment 
Act of 2008 concerns the modernization of the Section 811 
Supportive Housing for Persons with Disabilities program. The 
Committee reported the bill favorably on July 30, 2008.

                             PUBLIC HOUSING

    The Committee reviewed the state of public housing 
programs, including the impact of cuts to the public housing 
operating and capital funds and to the HOPE VI program, in the 
context of hearings on the President's Fiscal Year 2008 and 
2009 budgets. The Committee held a briefing on HUD's transition 
to asset based accounting and management, including the impact 
that conversion to asset-based management is having on public 
housing agencies in light of severe funding shortfalls for the 
public housing operating and capital fund programs. The 
Committee considered proposals to eliminate the Community 
Service requirement and to restore the Public Housing Drug 
Elimination program. Subsequently, the Committee favorably 
reported out legislation (the Public Housing Asset Management 
Improvement Act of 2008; H.R. 3521, H.R. 5928, H.R. 6216) that 
addressed HUD's implementation of the Quality Housing Work 
Responsibility Act of 1998. In addition, the Committee 
considered changes to the Moving to Work program as part of the 
Section 8 Voucher Reform Bill (H.R. 1851), which was approved 
by the Committee on May 23, 2007.

                                HOPE VI

    The HOPE VI program provides assistance to public housing 
agencies to improve the living environment for residents of 
severely distressed public housing projects. The Committee held 
several meetings throughout 2008 with HUD staff, including the 
HUD Secretary, to review ongoing efforts HUD efforts to work 
with certain public housing authorities that were scheduled to 
have remaining HOPE VI grant funds eliminated by September 30, 
2008. The Committee also reported legislation (H.R. 3524) to 
re-authorize and modify the HOPE VI program. The bill includes 
a number of important reforms to the program including, 
expanding the number of replacement housing units; ensuring 
that residents have access to revitalized sites; requiring 
monitoring and tracking of displaced residents; and greater 
resident involvement in the planning and re-development 
process. The bill also establishes green development standards 
for HOPE VI revitalizations activities.

                            MILITARY HOUSING

    H.R. 3329, the Homes for Heroes Act of 2008, adds 
additional veterans housing protections to HUD's portfolio. The 
legislation was favorably reported out of the Committee on June 
24, 2008.

                           HOUSING COUNSELING

    The Committee reviewed current housing counseling programs, 
to determine whether current funding levels are adequate to 
meet need, and whether improvements could be made to enhance 
consumer education as well as prevent abusive lending 
practices. This review encompassed Federal, State, private and 
non-profit efforts to use homeownership counseling as a tool to 
prevent defaults and foreclosures in the mortgage markets.

         NATIONAL FLOOD INSURANCE PROGRAM EXTENSION AND REFORM

    H.R. 3121, the Flood Insurance Reform and Modernization Act 
of 2007, was reported out of the Committee on July 26, 2007. 
The bill was a combination of the provisions contained in H.R. 
1682, The Flood Insurance Reform and Modernization Act of 2007 
and H.R. 920, the Multiple Peril Insurance Act of 2007.

                       NATURAL DISASTER INSURANCE

    H.R. 3355, the Homeowners Defense Act of 2007, passed the 
Committee on September 26, 2007. The bill would provide Federal 
encouragement for States to develop State-sponsored reinsurance 
programs designed to enhance the efficiency by which 
catastrophic risks are transferred into the capital markets. 
H.R. 3355 would also assist homeowners in preparing for and 
recovering from damage caused by natural catastrophes.

     FHA SELLER-FINANCED DOWNPAYMENT REFORM AND RISK-BASED PRICING 
                       AUTHORIZATION ACT OF 2008

    On September 16, 2008, the Committee reported out H.R. 
6694, the ``FHA Seller-Financed Downpayment Reform and Risk-
based Pricing Act of 2008.'' The bill would reinstate the FHA 
seller-financed gift downpayment borrowers for more 
creditworthy borrowers and would permit risk-based pricing for 
FHA loans for borrowers below a certain credit score threshold.

                        PROJECT BASED SECTION 8

    The Housing and Community Opportunity Subcommittee held a 
hearing on October 17, 2007 to review the timeliness of Housing 
Assistance Payments (HAP) for project-based Section 8 
properties. The Committee worked with the Committee on 
Appropriations to enact legislation to convert expiring 
project-based Section 8 certificates to project-based vouchers.

                           ENERGY EFFICIENCY

    On June 11, 2008, the Committee held a hearing entitled, 
``H.R. 6078, the Green Resources for Energy Efficient 
Neighborhoods (GREEN) Act.'' The Committee heard testimony from 
HUD, the Government Sponsored Enterprises, the Office of 
Federal Housing Enterprise Oversight, and a variety of housing 
groups. The hearing examined current Federal efforts to promote 
green development, and also focused on a legislative proposal 
to promote green development. The Committee met with HUD staff 
to review a proposal to extend the term of existing energy 
performance contracts from 12 to 20 years.

                          HOUSING PRESERVATION

    The Committee held a hearing on June 19, 2008, entitled, 
``Affordable Housing Preservation and Protection of Tenants.'' 
The Committee held several hearings on the renewal of project-
based voucher contracts in light of HUD's decision to change 
how it funds the renewal of Section 8 HAP contracts. In 
addition, the Committee held a hearing on October 23, 2007 on 
legislation to improve HUD's Mark to Market program. On October 
31, 2007, the Committee ordered the legislation reported (H.R. 
3965).

                             RURAL HOUSING

    The Committee held a hearing on May 8, 2007, to review the 
President's proposed Fiscal Year 2008 budget for rural housing 
programs and to review a proposal to establish a revitalization 
program at the Rural Housing Service to preserve and 
rehabilitate affordable housing under the Section 514, 515, and 
516 multifamily housing programs.

   IMPACT ON HOMEBUYERS AND HOUSING MARKETS OF CONFORMING LOAN LIMIT 
                                INCREASE

    On May 22, 2008, the Committee held a hearing on the impact 
of the conforming loan limit increase temporarily put in place 
under the stimulus bill enacted earlier in the year. Witnesses 
included representatives from organizations in the real estate 
industry affected by the loan limit increases.

                      LIMITED ENGLISH PROFICIENCY

    The Committee reviewed HUD's final guidance on Limited 
English Proficiency, published pursuant to Executive Order 
13166 and worked with HUD and stakeholders to develop 
legislation regarding the implementation of HUD's guidance. An 
amendment was offered to the Section 8 Voucher Reform bill 
(H.R. 1851) to authorize funds for additional translation 
services, including a toll-free hotline, and to identify 
additional documents that were viewed as vital. The Committee 
also worked with the Committee on Appropriations and the Senate 
regarding appropriations to carry out the provisions of the 
amendment.

                              FAIR HOUSING

    On April 11, 2008, the Committee submitted a letter to the 
GAO requesting the agency to conduct a comprehensive review of 
the current state of Federal enforcement of the Fair Housing 
Act and other fair lending statutes. The Committee also 
reviewed the adequacy of resources and staffing levels as part 
of the hearing on the President's Fiscal Year 2008 and 2009 
budget recommendations for the Department.

              HUD MISSION, MANAGEMENT REFORM AND STAFFING

    The Committee reviewed the overall mission, organization, 
human resources and information technology capabilities of the 
Department of Housing and Urban Development to determine 
whether the Department is meeting and addressing housing issues 
in the most efficient manner. This review was not only a part 
of the annual budget process and hearings, but also involved 
legislation to modernize HUD's Federal Housing Administration 
(H.R. 1852).

                          TERRORISM INSURANCE

    H.R. 2761, the Terrorism Risk Insurance Revision and 
Extension Act of 2007, was passed by the Committee on August 1, 
2007. The bill extends the Terrorism Risk Insurance Act of 2002 
(TRIA) for a second time to ensure the continued availability 
of terrorism insurance coverage, limit market disruptions, 
encourage economic development and growth, and maintain the 
economic security of the United States. This bill was signed 
into law on December 26, 2007 (Public Law 110-160).

                  HOLOCAUST-ERA INSURANCE RESTITUTION

    On February 7, 2008, the Committee held a hearing entitled, 
``The Holocaust Insurance Accountability Act of 2007 (H.R. 
1746): Holocaust Era Insurance Restitution After ICHEIC, the 
International Commission on Holocaust Era Insurance Claims.'' 
As introduced, H.R. 1746 required that insurance companies 
doing business in the United States file certain disclosures of 
Holocaust-era insurance policies for publication by the 
Archivist of the United States in a Holocaust Insurance 
Registry. H.R. 1746 also created a Federal cause of action for 
claims arising from out of Holocaust-era insurance policies. 
The hearing was held to determine whether the bill, as 
introduced, provided the most effective way to address unpaid 
claims arising from Holocaust-era insurance policies. To this 
end, representatives of Holocaust survivors and survivor 
groups, former ICHEIC personnel, a representative of the 
Archivist's office and a State Department representative 
testified before the Committee. H.R. 1746 was passed by the 
Committee, as amended, on June 25, 2008.

                             BOND INSURANCE

    On March 12, 2008, the House Committee on Financial 
Services held a hearing entitled, ``Municipal Bond Turmoil: 
Impact on Cities, Towns, and States.'' While the main purpose 
of this hearing was to examine the impact on State and local 
governments and other municipal bond issuers as the credit 
crisis worsened, the Committee also examined the extent to 
which the bond insurance industry contributed to the collapse 
of the auction-rate securities market. Witnesses included a 
cross-section of representatives from different entities hit by 
the municipal bond crisis. These entities included States, 
Federal agencies, and private groups.
    H.R. 6308, the Municipal Bond Fairness Act, was passed by 
the Committee on July 30, 2008. The bill was intended to 
address issues that prevent the efficient functioning of the 
municipal securities market. The bill would do this by 
improving the consistency and comparability of credit ratings 
for all securities and money market instruments and by 
directing the Treasury Department to collect information on the 
municipal bond insurance industry and report its findings to 
Congress.

      THE CONDUCT OF MONETARY POLICY AND THE STATE OF THE ECONOMY

    On February 15 and 16, 2007, July 17 and 18, 2007, February 
26 and 27, 2008, and July 16, 2008, the Committee held hearings 
on the conduct of monetary policy and the state of the economy 
pursuant to the statutory requirements of the Federal Reserve 
Act. The statutory basis for these hearings was first 
established in the 1978 Humphrey-Hawkins Act, and the hearings 
have subsequently been known informally as the Humphrey-Hawkins 
hearings. The Committee received the semi-annual testimony and 
report from the Chairman of the Federal Reserve, Ben S. 
Bernanke, on these four occasions and also received testimony 
from additional witnesses with expertise on the economy and 
particularly on the condition of labor markets in the economy.
    On March 23, 2008, the Committee held a hearing on ``The 
Role of Public Investment in Promoting Economic Growth.'' The 
Committee heard from expert witnesses on the need for new 
public investment to meet critical needs in the United States, 
both in terms of traditional areas of infrastructure such as 
roads and bridges, as well as broader categories of investment 
such as technology, education, and health. The hearing also 
considered the economic basis for public investments as a 
source of productivity enhancement and growth in the economy--
the ``market failure'' basis for a public role, and the 
evidence on the role that public investments have played in 
economic growth historically.

                FOREIGN INVESTMENT IN THE UNITED STATES

    On February 7, 2007, the Committee held a hearing entitled, 
``The Committee on Foreign Investment in the United States 
(CFIUS), One Year After Dubai Ports World.'' The hearing 
considered CFIUS activities during the 12 months that followed 
the Dubai Ports World controversy, assessed the continuing need 
for legislative reform, and considered appropriate measures for 
a legislative reform package. Witnesses included the Honorable 
Clay Lowery, Assistant Secretary of the Treasury for 
International Affairs, industry representatives, and national 
security experts.
    Subsequent to passage of CFIUS reform legislation, Chairman 
Frank and Representatives Maloney and Gutierrez wrote to 
Treasury Secretary Paulson on March 13, 2008, highlighting a 
number of issues for consideration as Treasury was in the 
process of drafting the implementing regulations. The comment 
letter addressed issues relating to foreign government 
investment in the United States as well as the definition of 
``control'' to be used in the new regulations.
    On May 6, 2008, Chairman Frank and Ranking Member Bachus 
wrote to Federal Reserve Chairman Ben Bernanke asking for 
clarification of the Federal Reserve's distinction between 
sovereign wealth funds and foreign government investors for 
purposes of determining whether an investor will be designated 
a bank holding company when it invests in a U.S. bank.

        THE U.S.-CHINA TRADE RELATIONSHIP IN FINANCIAL SERVICES

    On June 6, 2007, the Committee held a hearing entitled, 
``U.S. Interests in Reform of China's Financial Sector.'' 
Witnesses included representatives of U.S. financial services 
firms seeking to do business in China as well as economic 
experts. The hearing examined barriers to doing business in 
China faced by U.S. firms and the broader financial market 
reforms being pursued in China. Findings from this hearing were 
the basis for a subsequent House resolution passed by the House 
of Representatives on September 5, 2007, calling on the Chinese 
government to eliminate discriminatory barriers to entry for 
U.S. and other foreign financial firms.
    On November 26, 2007, staff of the Committee traveled to 
China in advance of the U.S.-China Strategic Economic Dialogue 
meetings to meet with senior officials from key regulatory 
agencies including the central bank, the securities and banking 
regulators, and the newly established China Investment 
Corporation. The delegation raised issues of concern in the 
U.S.-China economic and financial services trade relationship 
and assessed the progress China has made to date in the 
implementation of financial market reforms.
    On December 5, 2007, Chairman Frank and Ranking Member 
Bachus wrote a letter to Treasury Secretary Paulson urging him 
to make financial services market access issues a priority in 
his discussions with Chinese officials under the auspices of 
the U.S.-China Strategic Economic Dialogue.

                   U.S.-RUSSIA ECONOMIC RELATIONSHIP

    On February 12, 2008, Chairman Frank and Rep. Gutierrez 
wrote to Secretary of State Condoleezza Rice, asking her to 
consider the foreign policy implications of approval of U.S. 
Export-Import Bank assistance for an energy project in Russia's 
Sakhalin Islands. The letter raised concerns about the use of 
tax dollars for such a project in light of the Russian 
government's activities in the energy sector, and particularly 
the Russian government's treatment of U.S. investors in the 
Yukos case, a bankrupt Russian petroleum company.

                    EXCHANGE RATES AND ENERGY PRICES

    On July 24, 2008, the Committee held a hearing entitled, 
``Implications of a Weaker Dollar for Oil Prices and the U.S. 
Economy.'' The Committee heard from a panel of economists on 
the role that the dollar's decline was playing on rising energy 
prices in the United States. The hearing also considered the 
broader impact that changes in the value of the dollar could 
have on the economy going forward.

            THE STATE OF THE INTERNATIONAL FINANCIAL SYSTEM

    On June 20, 2007, the Committee held a hearing to receive 
the testimony of Treasury Secretary Henry Paulson on the 
``State of the International Financial System.'' The hearing 
considered the impact of global economic imbalances on the U.S. 
economy, the role currency misalignments were playing in these 
imbalances, the state of IMF reform, and priorities for 
multilateral development assistance.

                         INTERNATIONAL FINANCE

    On January 24, 2007, Chairman Frank wrote to Treasury 
Secretary Paulson expressing concern over the fact that a 
disproportionate share of IFC private equity and investment 
funds were concentrated in countries that were already 
attracting private capital, with no IFC equity investment 
activity in Central America, and very little in Latin America 
or in smaller African countries.
    On May 22, 2007, the Committee held a hearing entitled, 
``The Role and Effectiveness of the World Bank in Combating 
Global Poverty.'' The hearing focused on the importance of 
governance, transparency and accountability at the World Bank n 
order to maximize our ability to wage an effective fight 
against world poverty. Witnesses discussed the governance and 
democratic practices within the Bank; the Bank's anti-poverty 
activities and programs, including the conditions the Bank 
places on countries in which it is active; and the degree to 
which some of the Bank's development strategies might run 
counter to sustainable development goals. The Committee heard 
testimony from Dr. Joseph E. Stiglitz, University Professor at 
Columbia University and Chair of Columbia University's 
Committee on Global Thought; Dr. Robert Hunter Wade, Professor 
of Political Economy at the Development Studies Institute, 
London School of Economics and Political Science; Mr. David 
Beckmann, President, Bread for the World; and Ambassador Stuart 
E. Eizenstat, Co-Chair of the Atlantic Council Commission on 
Transatlantic Leadership for a New Global Economy.
    On May 24, 2007, Chairman Frank and three other House 
committee chairmen sent a letter requesting President Bush seek 
a replacement for World Bank president from a global pool of 
candidates in order to send a signal of the commitment of the 
United States to the Bank's core anti-poverty mission.
    On July 13, 2007, Chairman Frank sent a letter to World 
Bank President Robert Zoellick urging the release of the draft 
report on the effects of pollution problems in China.
    On August 30, 2007, Chairman Frank, Ranking Member Bachus, 
Rep. Waters, Rep. Gutierrez, Rep. Payne, and Rep. Lee wrote to 
the Government Accountability Office requesting a report to 
address the issue of how much funding from the international 
financial institutions and donor governments will be required 
to fulfill the commitments of the Multilateral Debt Relief 
Initiative and what policy conditions countries will be 
required to implement to qualify for debt relief.
    On October 3, 2007, the Committee held a hearing entitled, 
``The Fight Against Global Poverty and Inequality: the World 
Bank's Approach to Core Labor Standards and Employment 
Creation.'' The hearing focused on the role of core labor 
standards in the fight against global poverty and in particular 
on the World Bank's attention to and promotion of core labor 
standards in its operational and lending policies. During the 
hearing, the witnesses shared with the Committee their views on 
the World Bank's annual ``Doing Business'' report; the role of 
unions in developing countries; the Equator Principles, which 
have been adopted by over 50 private banks involved in 
development financing; and what role they believe the World 
Bank should be playing in helping to advance or promote worker 
rights internationally. The Committee heard testimony from Mr. 
Peter Bakvis, Director of the Washington Office of the 
International Trade Union Confederation/Global Unions; Mr. Eric 
Miller, President, Millers Rock Consulting, LLC; Ms. Sandra 
Polaski, Senior Associate and Director of the Trade, Equity and 
Development Program, Carnegie Endowment for International 
Peace; Ms. Thea M. Lee, Policy Director, AFL-CIO; Dr. Ngozi 
Okonjo-Iweala, Distinguished Fellow, Global Economy and 
Development Program, The Brookings Institution; and Ms. Suellen 
Lazarus, Senior Adviser, ABN-AMRO.
    On October 25, 2007, the Committee held a hearing entitled, 
``Transparency of Extractive Industries: High Stakes for 
Resource-Rich Countries, Citizens and International Business,'' 
which examined the development phenomenon known as the 
``resource curse,'' whereby many developing countries rich in 
oil, gas and mineral resources are more likely to become 
authoritarian and corrupt, and experience greater poverty, 
slower growth, and slower development than non-resource rich 
countries, with many ranking near the bottom of most measures 
of human development. The hearing focused on the causes and 
effects of the ``resource curse''; the responses of the 
international community, including the voluntary Extractive 
Industries Transparency Initiative, its progress and its 
limitations; the role of the international financial 
institutions in the extractive industries of developing 
countries; and what more could be done both bilaterally and 
multilaterally to better combat this complex problem. The 
expert civil society and academic witnesses at the hearing 
stressed the importance of going beyond the voluntary approach 
of the Extractive Industries Transparency Initiative and 
focused largely on the need for Congressional legislation to 
make revenue disclosure a mandatory reporting requirement. The 
Committee heard testimony from Professor Terry Lynn Karl, 
Professor of Political Science; Gildred Professor of Latin 
American Studies, Stanford University; Mr. Ian Gary, Senior 
Policy Advisor for Extractive Industries, Oxfam America; Father 
Patrick Lafon, former Secretary General of the Catholic Bishops 
Conference of Cameroon; Mr. David A. Baker, Vice President, 
Environment and Social Responsibility, Newmont Mining 
Corporation; and Mr. Paul Mitchell, President, International 
Council on Mining and Metals.
    On November 8, 2007, the Committee held a hearing on ``H.R. 
2634, the Jubilee Act for Responsible Lending and Expanded Debt 
Cancellation of 2007.'' This hearing focused on the policy 
provisions contained in H.R. 2634, the effects this legislation 
would have on the world's poorest countries that continue to 
suffer under crushing debt burdens. The hearing also explored 
the kinds of conditions that would attach to the additional 
debt relief provided through the bill, and to which countries, 
and discussed the cost of such aid and the possible sources of 
funding. The hearing also looked at the status, the progress, 
and the shortcomings of the two current debt relief programs--
the Highly Indebted Poor Countries (HIPC) Initiative and the 
Multilateral Debt Relief Initiative (MDRI). The issue of 
responsible future lending and borrowing was also discussed, 
along with the problem of so-called ``vulture funds.'' The 
Committee heard testimony from Mr. Neil Watkins, National 
Coordinator, Jubilee USA Network; Ms. Emira Woods, Co-Director, 
Foreign Policy in Focus, Institute for Policy Studies; Mr. 
Gerald F. Flood, Counselor, Office of International Justice and 
Peace, U.S. Conference of Catholic Bishops; and Mr. Aldo 
Caliari, Director, Rethinking Bretton Woods Project, Center of 
Concern.
    On February 8, 2008, the Committee held a hearing titled 
``Negative Implications of the President's Signing Statement on 
the Sudan Accountability and Divestment Act.'' When President 
Bush signed the ``Sudan Accountability and Divestment Act of 
2007'' into law, his signature came with a signing statement 
that asserted the Executive Branch as the arbiter of U.S. 
foreign policy. The purpose of this hearing was to review the 
ongoing deterioration of the situation in Darfur and to examine 
the purpose, meaning, and intent of the President's signing 
statement on the ``Sudan Accountability and Divestment Act of 
2007,'' and its potential effect, if any, on actions authorized 
by the Act. The Committee heard testimony from Mr. Jerry 
Fowler, Executive Director, Save Darfur Coalition; The 
Honorable Patricia M. Wald, Former Judge and Chief Judge of the 
United States Court of Appeals for the District of Columbia 
Circuit; Mr. Paul H. Schwartz, Esq., Partner, Cooley Godward 
Kronish, LLP; and the Honorable Frank T. Caprio, General 
Treasurer, Office of the Rhode Island General Treasurer.
    In March 2008, Chairman Frank led a bipartisan 
Congressional delegation to the African countries of Cape 
Verde, South Africa and Ghana to meet with government 
officials, civil society leaders, and representatives of the 
private sector to discuss issues of economic development, 
impediments to poverty reduction and the role of the 
international financial institutions in these countries. In 
Cape Verde, members were given a first-hand look at the 
remarkable progress Cape Verde, one of the first countries to 
receive a Millennium Challenge Account (MCA) grant, has been 
making under its MCA compact. Cape Verde government also 
expressed concerns that because of some legislative rules under 
which the MCC currently operates, it is possible that Cape 
Verde might not be able to realize the full benefit of the 
program.
    On April 8, 2008, Chairman Frank wrote to the President of 
the National Academy of Sciences to request the National 
Research Council to organize a workshop to examine the impacts 
of the World Bank's labor policies on poverty reduction and 
inequality, the creation of decent jobs, formalization of the 
large informal economies, and the protection of workers.
    On May 14, 2008, the Committee held a hearing entitled, 
``Contributing Factors and International Responses to the 
Global Food Crisis'' that examined the underlying causes of the 
current intense pressures on the world's food system and looked 
at the immediate and urgent short-term humanitarian challenges 
to the crisis. The hearing focused on the particular kind of 
trade policies and other interventions by governments, aid 
agencies, and international institutions--including the World 
Bank, the IMF, and International Fund for Agricultural 
Development--that would be most effective in establishing a 
sustainable and secure food system that meets the basic food 
needs of all people. The Committee heard testimony from Dr. 
Robert Watson, Director, International Assessment of 
Agricultural Knowledge, Science and Technology for Development; 
The Honorable Eva Clayton, Former Special Adviser to the 
Director-General, Food and Agriculture Organization at the 
United Nations; Dr. Raj Patel, Political Economist and Visiting 
Scholar at Center for African Studies, University of 
California, Berkeley; The Honorable Andrew Natsios, Former 
Administrator, U.S. Agency for International Development; and 
Arvind Subramanian, Senior Fellow, the Peterson Institute for 
International Economics and the Center for Global Development.
    On May 22, 2008, Chairman Frank and Rep. Patrick Kennedy 
wrote to Foreign Affairs Committee Chairman Howard Berman 
requesting his support for some legislative changes to the 
Millennium Challenge Account program in order to allow some 
flexibility, at the discretion of the Board, to extend the 
five-year limit on MCA compact implementation in particular 
cases; authorize the possibility of concurrent or subsequent 
compacts in a given country; and allow the MCC to enter into 
compacts on a regional basis when doing so would likely produce 
more effective developmental outcomes.
    On June 18, 2008, the Committee held a hearing titled ``The 
15th Replenishment of the International Development Association 
and the 11th Replenishment of the African Development Fund.'' 
With the multilateral negotiations to replenish the 
concessional facilities of the International Development 
Association and the African Development Fund concluded, the 
Committee heard testimony from the Honorable Clay Lowrey, 
Assistant Secretary for International Affairs, U.S. Department 
of Treasury, discussing the key objectives secured by the U.S. 
in both replenishment agreements, including more effective 
engagement in fragile states; improving results measurement of 
projects and using the information as a management tool; and 
strengthening debt sustainability in countries receiving debt 
relief. The Committee also heard testimony from Mr. David 
Beckmann, President, Bread for the World & Bread for the World 
Institute; Ms. Nuria Molina-Gallart, Policy and Advocacy 
Officer, European Network on Debt and Development; Mr. Edward 
Bell, Senior Program Advisor, International Alert; and Ms. Lori 
Udall, Senior Advisor, The Bank Information Center.
    On June 26, 2008, the Committee held a legislative hearing 
on H.R. 6066, the Extractive Industries Transparency Disclosure 
Act. The legislation would require oil, gas, and mining 
companies listed on U.S. exchanges to publicly disclose the 
payments they make to the governments of the countries from 
which those resources are extracted. This disclosure 
requirement would allow shareholders to make better informed 
assessments of opportunity costs, threats to corporate 
reputation, comparative extraction costs, and long-term 
prospects of the companies in which they invest. Resource 
revenue transparency is also necessary in order for citizens--
the true owners of their country's natural wealth--to be able 
to demand greater accountability from their governments for 
spending that serves the public interest. This form of 
transparency, in conjunction with an increasing active civil 
society, also promises to help create more stable, democratic 
governments. The Committee heard testimony from Ms. Karin 
Lissakers, Director, Revenue Watch Institute; Ms. Faith 
Stevelman, Professor of Law, New York Law School; Mr. Robert 
Jenkins, Chairman, F&C Asset Management; and Mr. Alan 
Detheridge, former Vice President for External Affairs, Royal 
Dutch Shell Group.
    On July 1, 2008, Chairman Frank wrote to Treasury Secretary 
Paulson urging the United States to significantly increase the 
U.S. contribution to the International Fund for Agricultural 
Development (IFAD) to better support its critical work in 
enabling the poor to overcome poverty through an effective 
focus on increasing agricultural productivity.

                      Full Committee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
110-1.................  Federal Housing Response    February 6, 2007
                         to Hurricane Katrina.
110-2.................  Committee on Foreign        February 7, 2007
                         Investment in The United
                         States (CFIUS), One Year
                         After Dubai Ports World.
110-3.................  Monetary Policy and the     February 15, 2007
                         State of the Economy,
                         Part I.
110-4.................  Monetary Policy and the     February 16, 2007
                         State of the Economy,
                         Part II.
110-10................  Empowering Shareholders on  March 8, 2007
                         Executive Compensation:
                         H.R. v1257, the
                         Shareholder Vote on
                         Executive Compensation
                         Act.
110-13................  Hedge Funds and Systemic    March 13, 2007
                         Risk in the Financial
                         Markets.
110-14................  U.S. Department of Housing
                         and Urban Development's
                         Fiscal Year 2008 Budget
                         March 14, 2007.
110-15................  Legislative Proposals On    March 15, 2007
                         Government-Sponsored
                         Enterprise (GSE) Reform.
110-17................  The Role of Public          March 23,2007
                         Investment in Promoting
                         Economic Growth.
110-20................  Household Incomes and       April 4, 2007
                         Housing Costs: A New
                         Squeeze for American
                         Families (Field hearing).
110-25................  H.R. 698, The Industrial    April 26, 2007
                         Bank Holding Company Act
                         of 2007.
110-31................  Private Equity's Effects    May 16, 2007
                         on Workers and Firms.
110-33................  The Role and Effectiveness  May 22, 2007
                         of the World Bank in
                         Combating Global Poverty.
110-35................  U.S. Interests in the       June 6, 2007
                         Reform of China's
                         Financial Services Sector.
110-37................  Can Internet Gambling be    June 8, 2007
                         Effectively Regulated to
                         Protect Consumers and the
                         Payments System?.
110-40................  Improving Federal Consumer  June 13, 2007
                         Protection in Financial
                         Services.
110-41................  Credit Reports: Consumers'  June 19, 2007
                         Ability to Dispute and
                         Change Inaccurate
                         Information.
110-42................  The State of the            June 20, 2007
                         International Financial
                         System.
110-46................  Review of Investor          June 26, 2007
                         Protection and Market
                         Oversight with the Five
                         Commissioners of the
                         Securities and Exchange
                         Commission.
110-48................  Hedge Funds and Systemic    July 11, 2007
                         Risk: Perspectives of the
                         President's Working Group
                         on Financial Markets.
110-51................  Monetary Policy and the     July 17, 2007
                         State of the Economy,
                         Part I.
110-52................  Monetary Policy and the     July 18, 2007
                         State of the Economy,
                         Part II.
110-53................  H.R. 2895, The National     July 19, 2007
                         Affordable Housing Trust
                         Fund Act of v2007.
110-55................  Improving Federal Consumer  July 25, 2007
                         Protection in Financial
                         Services--Consumer and
                         Industry Perspectives.
110-57................  The Effect of Predatory     August 9, 2007
                         Lending and the
                         Foreclosure Crisis on
                         Twin Cities' Communities
                         and Neighborhoods (Field
                         hearing).
110-58................  Recent Events in the        September 5, 2007
                         Credit and Mortgage
                         Markets and Possible
                         Implications for U.S.
                         Consumers and the Global
                         Economy.
110-61................  Legislative and Regulatory  September 20, 2007
                         Options for Minimizing
                         and Mitigating Mortgage
                         Foreclosures.
110-63................  SEC Proxy Access            September 27, 2007
                         Proposals: Implications
                         for Investors.
110-65................  Systemic Risk: Examining    October 2, 2007
                         Regulators' Ability to
                         Respond to Threats to the
                         Financial System.
110-67................  The Fight Against Global    October 3, 2007
                         Poverty and Inequality:
                         The World Bank's Approach
                         to Core Labor Standards
                         and Employment Creation
                         Mort.
110-69................  Mortgage Lending            October 15, 2007
                         Discrimination.
110-74................  Legislative Proposals on    October 24, 2007
                         Reforming Mortgage
                         Practices.
110-75................  Transparency of Extractive  October 25, 2007
                         Industries: High Stakes
                         for Resource-Rich
                         Countries, Citizens, and
                         International Business.
110-79................  Progress in Administration  November 2, 2007
                         and Other Efforts to
                         Coordinate and Enhance
                         Mortgage Foreclosure.
110-80................  H.R. 2634, The Jubilee Act  November 8, 2007
                         for Responsible Lending
                         and Expanded Debt
                         Cancellation of 2007.
110-83................  Accelerating Loan           December 6, 2007
                         Modifications, Improving
                         Foreclosure vPrevention,
                         and Enhancing Enforcement.
110-85................  The Holocaust Insurance     February 7, 2008
                         Accountability Act of
                         2007 (H.R. 1746):
                         Holocaust Era Insurance
                         Restitution After ICHEIC,
                         the International
                         Commission on Holocaust
                         Era Insurance Claims.
110-87................  Negative Implications of    February 8, 2008
                         the President's Signing
                         Statement on the Sudan
                         Accountability and
                         Divestment Act.
110-90................  The Community Reinvestment  February 13, 2008
                         Act: Thirty Years of
                         Accomplishments, but
                         Challenges Remain.
110-92................  Monetary Policy and the     February 26, 2008
                         State of the Economy,
                         Part I.
110-93................  Monetary Policy and the     February 27, 2008
                         State of the Economy,
                         Part II.
110-95................  The Need for Credit Union   March 6, 2008
                         Regulatory Relief and
                         Improvement.
110-97................  Oversight of The            March 11, 2008
                         Department of Housing And
                         Urban Development.
110-99................  Municipal Bond Turmoil:     March 12, 2008
                         Impact on Cities, Towns,
                         and States.
110-103...............  Using FHA for Housing       April 9, 2008
                         Stabilization and
                         Homeownership Retention,
                         Part I.
110-104...............  Using FHA for Housing       April 10, 2008
                         Stabilization and
                         Homeownership Retention,
                         Part II.
110-105...............  Financial Literacy and      April 15, 2008
                         Education: The
                         Effectiveness of
                         Governmental and Private
                         Sector Initiatives.
110-111...............  Contributing Factors and    May 14, 2008
                         International Responses
                         to the Global Food Crisis.
110-112...............  Examining the Need for      May 20, 2008
                         H.R. 2885, the Credit
                         Monitoring Clarification
                         Act.
110-114...............  Targeting Federal Aid to    May 22, 2008
                         Neighborhoods Distressed
                         by the Subprime Mortgage
                         Crisis.
110-119...............  H.R. 6078, The Green        June 11, 2008
                         Resources for Energy
                         Efficient Neighborhoods
                         Act of 2008.
110-121...............  The 15th Replenishment of   June 18, 2008
                         the International
                         Development Association
                         (IDA) and the 11th
                         Replenishment of the
                         African Development Fund
                         (AfDF).
110-122...............  Affordable Housing          June 19, 2008
                         Preservation and
                         Protection of Tenants.
110-124...............  H.R. 6066, Extractive       June 26, 2008
                         Industries Transparency
                         Disclosure Act.
110-127...............  Systemic Risk and the       July 10, 2008
                         Financial Markets.
110-128...............  Monetary Policy and the     July 16, 2008
                         State of the Economy.
110-130...............  Systemic Risk and the       July 24, 2008
                         Financial Markets.
110-131...............  Implications of a Weaker    July 24, 2008
                         Dollar for Oil Prices and
                         the U.S. Economy.
110-132...............  A Review of Mortgage        July 25, 2008
                         Servicing Practices and
                         Foreclosure Mitigation.
110-136...............  The Effects of the          September 6, 2008
                         Foreclosure Crisis on
                         Neighborhoods in
                         California's Central
                         Valley: Challenges and
                         Solutions (Field hearing).
110-139...............  The Implementation of the   September 17, 2008
                         Hope for Homeowners
                         Program and A Review of
                         Foreclosure Mitigation
                         Efforts.
110-140...............  Auction Rate Securities     September 18, 2008
                         Market: A Review of
                         Problems and Potential
                         Resolutions.
110-141...............  The Future of Financial     September 24, 2008
                         Services: Exploring
                         Solutions for the Market
                         Crisis.
110-142...............  Oversight Hearing to        September 25, 2008
                         Examine Recent Treasury
                         and FHFA Actions
                         Regarding the Housing
                         GSEs.
110-143...............  The Future of Financial     October 21, 2008
                         Services Regulation.
110-144...............  Private Sector Cooperation  November 12, 2008
                         with Mortgage
                         Modifications: Ensuring
                         That Investors,
                         Servicers, and Lenders
                         Provide Real Help for
                         Troubled Homeowners.
110-145...............  Oversight of                November 18, 2008
                         Implementation of the
                         Emergency Economic
                         Stabilization Act of 2008
                         and of Government Lending
                         and Insurance Facilities:
                         Impact on Economy and
                         Credit Availability.
110-146...............  Stabilizing the Financial   November 19, 2008
                         Condition of the American
                         Automobile Industry.
110-147...............  Review of Industry Plans    December 5, 2008
                         to Stabilize the
                         Financial Condition of
                         the American Automobile
                         Industry.
110-148...............  Oversight Concerns          December 10, 2008
                         Regarding Treasury
                         Department Conduct of the
                         Troubled Assets Relief
                         Program.
------------------------------------------------------------------------

 Subcommittee on Capital Markets, Insurance, and Government Sponsored 
                              Enterprises


          (Ratio: 26-23)
 PAUL E. KANJORSKI, Pennsylvania, 
             Chairman

DEBORAH PRYCE, Ohio                  GARY L. ACKERMAN, New York
JEB HENSARLING, Texas                BRAD SHERMAN, California
CHRISTOPHER SHAYS, Connecticut       GREGORY W. MEEKS, New York
MICHAEL N. CASTLE, Delaware          DENNIS MOORE, Kansas
PETER KING, New York                 MICHAEL E. CAPUANO, Massachusetts
FRANK. D. LUCAS, Oklahoma            RUBEN HINOJOSA, Texas
DONALD A. MANZULLO, Illinois         CAROLYN McCARTHY, New York
EDWARD R. ROYCE, California          JOE BACA, California
STEVEN C. LaTOURETTE, Ohio           STEPHEN F. LYNCH, Massachusetts
SHELLEY MOORE CAPITO, West Virginia  BRAD MILLER, North Carolina
ADAM PUTNAM, Florida                 DAVID SCOTT, Georgia
J. GRESHAM BARRETT, South Carolina   NYDIA M. VELAZQUEZ, New York
GINNY BROWN-WAITE, Florida           MELISSA L. BEAN, Illinois
TOM FEENEY, Florida                  GWEN MOORE, Wisconsin
SCOTT GARRETT, New Jersey            LINCOLN DAVIS, Tennessee
JIM GERLACH, Pennsylvania            PAUL W. HODES, New Hampshire
TOM PRICE, Georgia                   RON KLEIN, Florida
GEOFF DAVIS, Kentucky                TIM MAHONEY, Florida
JOHN CAMPBELL, California            ED PERLMUTTER, Colorado
MICHELE BACHMANN, Minnesota          CHRISTOPHER S. MURPHY, Connecticut
PETER J. ROSKAM, Illinois            JOE DONNELLY, Indiana
KENNY MARCHANT, Texas                ANDRE CARSON, Indiana
THADDEUS McCOTTER, Michigan          JACKIE SPEIER, California
SPENCER BACHUS, Alabama, ex officio  DON CAZAYOUX, Louisiana
                                     TRAVIS CHILDERS, Mississippi
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

                  Subcommittee Legislative Activities


          TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT

                              (H.R. 2761)


Summary

    As introduced, H.R. 2761 amends the Terrorism Risk 
Insurance Act by revising the requirements for (1) insurer 
deductible; (2) insured loss shared compensation; (3) industry 
insured losses that trigger the program; (4) recoupment of the 
Federal share; (5) certification prerequisites regarding an act 
of terrorism; (6) mandatory availability of program coverage; 
and (7) rate and form filings for coverage. The legislation 
also provides for coverage of group life insurance, and revises 
requirements for: (1) insurer copayment and Federal share of 
compensation; (2) post-event reset for previously impacted 
areas; and (3) mandatory availability of life insurance that 
does not preclude future lawful travel.

Legislative History

    H.R. 2761, the Terrorism Risk Insurance Program 
Reauthorization Act, was introduced on June 18, 2007 by Mr. 
Capuano and 23 original co-sponsors.
    On June 21, 2007 the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a hearing 
entitled, ``Examining a Legislative Solution to Extend and 
Revise the Terrorism Risk Insurance Act.'' The hearing focused 
on H.R. 2761. This legislation extended the Terrorism Insurance 
Program beyond its current expiration date of December 31, 
2007. TRIREA also made several revisions to the existing 
program, such as expanding the availability of insurance to 
protect against nuclear, chemical, biological and radiological 
(NBCR) events; adding group life as a line covered by the 
program; covering domestic terrorism events to $50 million; 
adjusting event trigger levels; and improving program 
administration. Witnesses included David Nason, Assistant 
Secretary for Financial Institutions, U.S. Department of the 
Treasury; Eric Dinallo, the Superintendent of the New York 
Insurance Department; and representatives from a wide variety 
of private entities.
    On July 24, 2007, the Subcommittee considered H.R. 2761 and 
forwarded the bill, as amended, to the Full Committee with a 
favorable recommendation by a record vote of 26 yeas and 17 
nays.
    On August 1, 2007, the Committee on Financial Services 
considered H.R. 2761 and ordered the bill, as amended, reported 
to the House with a favorable recommendation by a record vote 
of 49 yeas and 20 nays.
    On September 6, 2007, the Committee filed its report on the 
bill (H. Rept. 110-318).
    On September 19, 2007, the House passed the bill, as 
amended, by a yea and nay vote of 312-110.
    On November 16, 2007, the bill passed the Senate, as 
amended, by unanimous consent.
    On December 18, 2007, the House concurred in the Senate 
amendment under suspension of the rules by a 360-53 vote.
    On December 26, 2007, the President signed the bill, 
becoming Public Law 110-160.

                     HOMEOWNERS DEFENSE ACT OF 2007

                              (H.R. 3355)


Summary

    As introduced H.R. 3355 provided Federal encouragement for 
States to develop State-sponsored reinsurance programs designed 
to enhance the efficiency by which catastrophic risks are 
transferred into the capital markets.

Legislative History

    H.R. 3355, the Homeowners Defense Act of 2007, was 
introduced on August 3, 2007 by Mr. Klein and one original 
cosponsor. On September 5, 2007, the bill was referred to the 
Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises and to the Subcommittee on Housing and 
Community Opportunity. On September 6, 2007, the two 
subcommittees held a joint hearing entitled, ``H.R. 3355, the 
Homeowners Defense Act of 2007.''
    On September 26, 2007, H.R. 3355 was considered by the 
Committee on Financial Services, and on September 27, 2007, the 
Committee ordered the bill, as amended, reported to the House 
with a favorable recommendation by a record vote of 36 yeas and 
27 nays.
    On October 31, 2007, the Committee filed its report on the 
bill (H. Rept. 110-419).
    On November 8, 2007, H.R. 3355, as amended, passed the 
House by a vote of 258-155.
    On November 13, 2007, H.R. 3355 was referred to the Senate 
Committee on Banking, Housing, and Urban Affairs.
    No further legislative activity on H.R. 3355 occurred in 
the 110th Congress.

            EMERGENCY MORTGAGE LOAN MODIFICATION ACT OF 2008

                              (H.R. 5579)


Summary

    As introduced, H.R. 5579 clarifies certain responsibilities 
of and provides a safe harbor from legal liability for mortgage 
servicers who engage in specified loan modifications and 
workouts.

Legislative History

    H.R. 5579, the Emergency Mortgage Loan Modification Act of 
2008, was introduced on March 11, 2008 by Mr. Castle and an 
original cosponsor. On April 15, 2008, the bill was referred to 
the Subcommittee on Capital Markets, Insurance and Government 
Sponsored Enterprises.
    On April 15, 2008, the Capital Markets Subcommittee held a 
hearing entitled, ``H.R. 5579, the Emergency Mortgage Loan 
Modification Act of 2008''.
    On April 23, 2008, the Committee on Financial Services 
considered the legislation and ordered the bill, as amended, 
favorably reported to the House with a favorable recommendation 
by a voice vote.
    On May 1, 2008, the Committee filed its report on the bill 
(H. Rept. 110-615).
    No further activity on H.R. 5579 occurred in the 110th 
Congress. See also H.R. 3915.

                   INSURANCE INFORMATION ACT OF 2008

                              (H.R. 5840)


Summary

    As introduced, H.R. 5840 would establish within the 
Department of the Treasury the Office of Insurance Information, 
headed by a Deputy Assistant Secretary, to: (1) collect, 
analyze, and disseminate information and issue reports 
regarding all lines of insurance except health insurance; (2) 
establish Federal policy on international insurance matters and 
ensure that State insurance laws are consistent with agreements 
between the United States and a foreign government or 
regulatory entity; and (3) advise the Secretary on major 
domestic and international insurance policy issues.

Legislative Activity

    H.R. 5840, the Insurance Information Act of 2008, was 
introduced on April 17, 2008, by Mr. Kanjorski and four 
original cosponsors.
    On June 10, 2008, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``H.R. 5840, the Insurance Information Act of 2008.''
    On July 9, 2008, the Capital Markets Subcommittee 
considered the bill and ordered H.R. 5840 forwarded to the Full 
Committee with a favorable recommendation by a voice vote.
    No further activity on H.R. 5840 occurred in the 110th 
Congress.

    INCREASING INSURANCE COVERAGE OPTIONS FOR CONSUMERS ACT OF 2008

                              (H.R. 5792)


Summary

    H.R. 5792, as introduced, amends the Liability Risk 
Retention Act of 1986 to cover risk retention groups offering 
commercial property insurance. It also applies the exemption of 
purchasing groups from State law to commercial property 
insurance.

Legislative Activity

    H.R. 5792, the Increasing Insurance Coverage Options for 
Consumers Act of 2008, was introduced by Mr. Dennis Moore of 
Kansas and three original cosponsors on April 15, 2008.
    On April 16, 2008, H.R. 5792 was discussed at a 
Subcommittee on Capital Markets, Insurance, and Government 
Sponsored Enterprises hearing entitled, ``Examining Proposals 
on Insurance Regulatory Reform.'' On July 9, 2008, the bill was 
referred to the Subcommittee.
    On July 9, 2008, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises considered the 
bill and forwarded H.R.5792 to the Full Committee with a 
favorable recommendation by a voice vote.
    No further legislative activity on H.R. 5792 occurred in 
the 110th Congress.

  NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS REFORM ACT OF 
                                  2008

                              (H.R. 5611)


Summary

    H.R. 5611, as introduced, amends the Gramm-Leach-Bliley Act 
to reestablish the National Association of Registered Agents 
and Brokers as a nonprofit corporation whose purpose is to 
provide a mechanism through which licensing, continuing 
education, and other insurance producer qualification 
requirements and conditions can be adopted and applied on a 
multi-State basis, while preserving the right of States to: (1) 
license, supervise, and discipline insurance producers; and (2) 
prescribe and enforce laws and regulations regarding insurance-
related consumer protection and unfair trade practices.

Legislative History

    H.R. 5611, the National Association of Registered Agents 
and Brokers Reform Act of 2008 was introduced by Mr. David 
Scott of Georgia and thirteen original cosponsors on March 13, 
2008.
    On April 16, 2008, H.R. 5611 was discussed at a 
Subcommittee on Capital Markets, Insurance, and Government 
Sponsored Enterprises hearing entitled, ``Examining Proposals 
on Insurance Regulatory Reform.'' On July 9, 2008, the bill was 
referred to the Subcommittee.
    On July 9, 2008, the Capital Markets Subcommittee 
considered the bill and forwarded the legislation, as amended, 
to the Full Committee with a favorable recommendation by a 
voice vote.
    On September 17, 2008, the House considered the bill under 
a motion to suspension the rules and passed the bill by a voice 
vote.
    On October 2, 2008, H.R. 5611 was referred to the Senate 
Committee on Banking, Housing, and Urban Affairs.
    No further activity on H.R. 5611 occurred in the 110th 
Congress.

                   H.R. 6513, SECURITIES ACT OF 2008

                              (H.R. 6513)


Summary

    H.R. 6513, as introduced, amends the Securities Act of 
1933, the Securities Exchange Act of 1934, the Investment 
Advisers Act of 1940, and the Investment Company Act of 1940 to 
authorize the Securities and Exchange Commission (SEC) to 
assess and impose civil penalties in a cease and desist 
proceeding.

Legislative History

    On July 9, 2008, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises considered and 
favorably forwarded a Committee Print, Securities Act of 2008, 
to the Full Committee by a voice vote.
    On July 16, 2008, H.R. 6513, the Securities Act of 2008 was 
introduced by Mr. Kanjorski and fifteen original cosponsors.
    On September 9, 2008, H.R. 6513 is considered in the House 
on a motion to suspend the rules and pass the bill as amended. 
On September 11, 2008, the motion is agreed to by a voice vote.
    On September 12, 2008, H.R. 6513 is referred to the Senate 
Committee on Banking, Housing, and Urban Affairs.
    No further activity on H.R. 6513 occurred in the 110th 
Congress.

                   SUBCOMMITTEE OVERSIGHT ACTIVITIES


                      INSURANCE REGULATORY REFORM

    The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises led the Congress' efforts on 
insurance regulatory reform in the 110th Congress. The 
Subcommittee initiated a series of hearings on insurance 
regulatory reform and heard from a variety of regulators, 
consumer groups, and industry market participants. Hearings 
were held on October 3, 2007, October 30, 2007, and April 16, 
2008. Additionally, the Subcommittee held detailed meetings 
with the Congressional Research Services, the Government 
Accountability Office, State insurance commissioners, 
representatives of the U.S. Department of the Treasury, 
consumer groups, and market participants to examine and review 
insurance regulatory matters.
    Legislation developed from the information gathering, 
meetings, and hearings includes H.R. 5840, the Insurance 
Information Act of 2008; H.R. 5611, the National Association of 
Registered Agents and Brokers; and H.R. 5792, the Increasing 
Insurance Coverage Options for Consumers Act of 2008. Each of 
these legislative efforts were consensus-driven.
    On June 10, 2008, the Subcommittee held a hearing entitled, 
``H.R. 5840, the Insurance Information Act of 2008.'' H.R. 5840 
would create a Federal Office of Insurance Information within 
the Treasury Department to provide advice and expertise on 
insurance policy to the Administration and to the Congress. The 
purpose of the hearing was to examine and solicit comment on 
this bill.
    The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises reviewed H.R. 5611 and H.R. 
5792 at an insurance regulatory reform hearing on April 16, 
2008, entitled, ``Examining Proposals for Insurance Regulatory 
Reform.'' H.R. 5611 would establish a reciprocal licensing 
process for insurance agents and brokers in the various States. 
H.R. 5792 would reform and expand the Product Liability Risk 
Retention Act of 1986 by allowing Risk Retention Groups (RRGs) 
to provide commercial property insurance to their members and 
require all RRGs to implement minimum corporate governance, 
disclosure, and financial reporting standards.
    The Subcommittee marked up and favorably reported H.R. 
5840, H.R. 5611, and H.R. 5792 on July 9, 2008. The full House 
passed H.R. 5611 on September 17, 2008.
    Additionally, in October 2007, Subcommittee Chairman 
Kanjorski and Ranking Member Pryce, along with full Committee 
Ranking Member Bachus, initiated a review by the Government 
Accountability Office regarding the status of previous key GAO 
recommendations related to improving the regulation of 
insurance.

                  BOND INSURANCE AND MUNICIPAL FINANCE

    The Capital Markets Subcommittee was the first to recognize 
the potential systemic risk problems and market disruptions 
that a failure on the part of bond insurers could have. As 
early as late 2007, Subcommittee staff participated in meetings 
with State and Federal regulators regarding the bond insurance 
industry. Staff also met with credit rating agencies and bond 
insurers.
    On January 24, 2008, Subcommittee Chairman Kanjorski wrote 
to Federal and State regulators, initiating an examination of 
the bond insurance industry, focusing on its strength, the 
resulting implications for the financial marketplace and 
municipalities of ratings downgrades, and the potential need 
for regulatory reforms. The letters were sent to Federal 
Reserve; the Federal Reserve Bank of New York; the Office of 
the Comptroller of the Currency; the Securities and Exchange 
Commission; the National Association of Insurance 
Commissioners; and insurance regulators in Maryland, New York, 
and Wisconsin (the three States with the most experience in 
regulating bond insurers).
    On February 13, 2008, the Subcommittee held a hearing 
entitled, ``The State of the Bond Insurance Industry.'' The 
purpose of this hearing was to discuss the implications of 
recent bond insurers' ratings downgrades and implications for 
the stability of our nation's financial sector and the broader 
economy. The hearing also examined the potential consequences 
for many participants in the financial marketplace of bond 
insurer credit downgrades (especially municipalities), the 
existing regulatory system, and the need for reform. The 
Subcommittee's hearing also laid the groundwork for the 
Committee's hearing entitled, ``Municipal Bond Turmoil: Impact 
on Cities, Towns, and States'' on March 12, 2008.
    The Subcommittee's findings on bond insurance from this 
hearing were incorporated into H.R. 6308, Municipal Bond 
Fairness Act, which was passed by the Committee on July 30, 
2008. Additionally, as a result of recommendations made at the 
hearing, Capital Markets Subcommittee Chairman Kanjorski and 
Ranking Member Pryce circulated a letter signed by 41 Members 
of the Financial Services Committee to the leadership of the 
Ways and Means Committee urging consideration of H.R. 2091, to 
permit Federal Home Loan Banks to provide letters of credit to 
municipalities in lieu of purchasing bond insurance. The 
Congress incorporated H.R. 2091 into section 3023 of H.R. 3221, 
the Housing and Economic Recovery Act.
    Finally, Chairman Kanjorski also wrote to the Treasury 
Department and the Federal Reserve to urge them to assist 
States and localities during the credit crisis because of 
ongoing municipal borrowing difficulties.

                          TERRORISM INSURANCE

    Because the Terrorism Risk Insurance Program was set to 
expire on December 31, 2007, the Subcommittee on Capital 
Markets, Insurance, and Government Sponsored Enterprises 
focused much of its initial work in the 110th Congress on 
reviewing this law, considering an extension of it, and 
reviewing statutory changes. On March 5, 2007, the Capital 
Markets Subcommittee held a hearing entitled, ``The Need to 
Extend the Terrorism Risk Insurance Act,'' in the City Council 
Chambers, New York City Hall. The hearing focused on the 
present availability of terrorism insurance in the private 
market. It also explored the need to extend the Terrorism Risk 
Insurance Act (TRIA) as amended by Terrorism Risk Insurance 
Extension Act and whether Congress should consider any 
modifications to the law. Witnesses included Senator Charles 
Schumer, New York City Mayor Michael Bloomberg, and 
representatives from entities directly impacted by any 
extension of TRIA, including insurance and real estate groups.
    On April 24, 2007, the Subcommittee held a hearing 
entitled, ``Policy Options for Extending the Terrorism Risk 
Insurance Act.'' This hearing examined the policy options that 
Congress could consider in the coming months during the debates 
on extending the Terrorism Risk Insurance Program for a second 
time. Witnesses included representatives from a number of 
private entities.
    On June 21, 2007, the Subcommittee convened a hearing 
entitled, ``Examining a Legislative Solution to Extend and 
Revise the Terrorism Risk Insurance Act.'' The hearing focused 
on H.R. 2761, the Terrorism Risk Insurance Revision and 
Extension Act of 2007. This legislation extended the Terrorism 
Insurance Program beyond its current expiration date of 
December 31, 2007. TRIREA also revised the existing program in 
several ways, including expanding the availability of insurance 
to protect against nuclear, chemical, biological and 
radiological (NBCR) events; adding group life as a line covered 
by the program; covering domestic terrorism events; adjusting 
event trigger levels to $50 million; and improving program 
administration. Witnesses included David Nason, Assistant 
Secretary for Financial Institutions, U.S. Department of the 
Treasury; Eric Dinallo, the Superintendent of the New York 
Insurance Department; and representatives from a wide variety 
of private entities.
    On July 24, 2007, the Subcommittee considered and favorably 
forwarded H.R. 2761 to the full Committee. The full Committee 
and the House subsequently passed H.R. 2761, which became 
Public Law 110-160 and is now known as the Terrorism Risk 
Insurance Program Reauthorization Act of 2007.
    Subsequent to enactment of the new law, Subcommittee staff 
participated in Government Accountability Office (GAO) 
briefings on reports required pursuant to the statute. GAO 
briefed staff on February 29, 2008, April 8, 2008, and October 
15, 2008 regarding insurance coverage for nuclear, biological, 
chemical and radiological attacks and insurance coverage in 
high-risk areas.

                       NATURAL DISASTER INSURANCE

    On September 6, 2007, the Subcommittee held a joint hearing 
with the Subcommittee on Housing and Community Opportunity 
entitled, ``H.R. 3355, the Homeowners Defense Act of 2007.'' 
H.R. 3355 provided Federal encouragement for States to develop 
State-sponsored reinsurance programs designed to enhance the 
efficiency by which catastrophic risks are transferred into the 
capital markets. Witnesses included several representatives 
from both the State and Federal government and representatives 
from several insurance and disaster mitigation trade 
organizations.
    The full Committee favorably reported H.R. 3355 on 
September 26, 2007 and the full House passed the legislation on 
November 8, 2007.

             REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

    On March 12, 2007, the Subcommittee held a hearing 
entitled, ``Legislative Proposals on GSE Reform.'' The hearing 
focused on GSE regulatory reform proposals, including H.R. 
1427, the Federal Housing Finance Reform Act of 2007. In 
general, H.R. 1427 sought to establish a new independent 
agency--the Federal Housing Finance Agency--to regulate Fannie 
Mae, Freddie Mac, and the Federal Home Loan Bank System. This 
new regulator would have powers to regulate safety and 
soundness of the GSEs on par with other Federal banking 
regulators, as well as mission oversight powers. The hearing 
also focused on policy issues related to the Federal Home Loan 
Banks. Witnesses included officers from Federal Home Loan 
Banks, several trade associations in the financial industry, 
and financial experts.
    In late March 2007, the Committee considered and voted to 
favorably report H.R. 1427. The House then approved the 
legislation on May 22, 2007. The text of H.R. 1427 was 
subsequently incorporated into H.R. 3221, the Housing and 
Economic Recovery Act of 2008, which became law on July 30, 
2008.

         FEDERAL HOME LOAN BANK ECONOMIC DEVELOPMENT ACTIVITIES

    The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises initiated a review of the 
community and economic development activities of the Federal 
Home Loan Banks authorized by the Gramm-Leach-Bliley Act of 
1999. An initial review determined that in 2007, the Federal 
Home Loan Banks had advances of more than $7.3 billion secured 
by community development, small business, and small 
agribusiness loans. On June 18, 2008, Subcommittee Chairman 
Paul E. Kanjorski wrote to the Government Accountability Office 
to request a study of the community and economic development 
activities of the Federal Home Loan Banks. This study is now in 
progress.

            GOVERNMENT SPONSORED ENTERPRISES AND APPRAISALS

    The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises reviewed and monitored 
developments related to the Home Valuation Code of Conduct 
agreements reached between New York Attorney General Andrew 
Cuomo with Fannie Mae and Freddie Mac in March 2008, and the 
draft agreement's interplay with the appraisal independence 
requirements contained in H.R. 3837, the Escrow, Appraisal and 
Mortgage Servicing Improvements Act. The staff-level activity 
included meetings with State and Federal regulators, 
representatives of the housing finance industry, appraisers, 
and other interested parties.

                         CREDIT RATING AGENCIES

    The Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises monitored and reviewed the 
implementation of the Credit Rating Agency Reform Act of 2006 
via staff meetings and briefings with the Securities and 
Exchange Commission, ratings agencies, and other interested 
parties. The Capital Markets Subcommittee also examined how the 
credit rating agencies contributed to the credit crises at a 
hearing entitled, ``The Role of Credit Rating Agencies in the 
Structured Finance Market'' held on September 27, 2007. 
Witnesses at this hearing included investors, securitizers, 
ratings agency executives, and academics. The Subcommittee's 
findings at this hearing were incorporated into provisions 
contained in H.R. 6308, Municipal Bond Fairness Act, which the 
Committee approved on July 30, 2008.

              EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

    The Subcommittee participated in legislative and hearing 
preparation in conjunction with the full Committee on the 
credit crisis and related economic turmoil. The Subcommittee 
also provided input and leadership to each of the following 
full Committee hearings: ``The Future of Financial Services: 
Exploring Solutions for the Market Crisis'' on September 24, 
2008; ``Oversight Hearing to Examine Recent Treasury and FHFA 
Actions Regarding the House GSEs'' on September 25, 2008; ``The 
Future of Financial Services Regulation'' on October 21, 2008; 
``Oversight of Implementation of the Emergency Economic 
Stabilization Act of 2008 and of Government Lending and 
Insurance Facilities; Impact on Economy and Credit 
Availability'' on November 18, 2008; and ``Oversight Concerns 
Regarding Treasury Department Conduct of the Troubled Assets 
Relief Program'' on December 10, 2008.
    The Subcommittee also focused its oversight on the 
implementation of H.R. 1424, the Emergency Economic 
Stabilization Act of 2008, which became law in October 2008, 
and other existing Federal Government authorities used to help 
stem the economic crisis, especially those related to Federal 
aid provided to American International Group (AIG). 
Subcommittee Chairman Kanjorski sent inquiries to the Chairman 
of the Federal Reserve after press reports that AIG had paid 
for trips to resorts after receiving Federal funds. The letters 
also inquired about executive compensation and corporate 
governance reforms.

                           LOAN MODIFICATIONS

    On April 15, 2008, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises held a hearing 
entitled, ``H.R. 5579, the Emergency Mortgage Loan Modification 
Act.'' H.R. 5579 would provide a safe harbor from investor 
lawsuits for mortgage servicers who engage in loan modification 
activities. The bill, introduced on March 11, 2008, would also 
establish that mortgage servicers who engage in loan 
modifications act in the best interest of pooled mortgages when 
doing so. The purpose of the hearing was to examine and solicit 
comment on this bill. On April 23, 2008, the Committee marked 
up and favorably reported the bill by a voice vote.

                              MARKET DATA

    On December 17, 2007, Subcommittee Chairman Kanjorski wrote 
a letter to Securities and Exchange Commission Chairman Cox 
regarding market data. Chairman Kanjorski expressed concerns in 
the letter about the Commission's course of action on this 
issue, urging the exploration other policy options that would 
better promote fairness and equity. Additionally, Subcommittee 
staff conducted a number of meetings with interested parties, 
including those for and those against the proposal.

                         SOVEREIGN WEALTH FUNDS

    On March 5, 2008, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises along with the 
Subcommittee on Domestic and International Monetary Policy held 
a joint hearing entitled, ``Foreign Government Investment in 
the U.S. Economy and Financial Sector.'' Sovereign wealth 
funds--investment funds owned by national governments--are the 
most visible source of foreign government investment in the 
United States at present. Because these funds have increasingly 
made investments in U.S-owned banks, private companies, equity 
funds, and real property, among other assets, the Subcommittees 
held a hearing to examine the implications for the U.S. 
financial system. Witnesses from the Federal Reserve, the 
Securities and Exchange Commission, and the Department of the 
Treasury, along with executives from some of the foreign 
sovereign wealth funds, appeared at the hearing.

                         SECURITIES ACT OF 2008

    During 2007 and early 2008, the staff of the Subcommittee 
on Capital Markets, Insurance, and Government Sponsored 
Enterprises reviewed recommendations made by the Securities and 
Exchange Commission to refine its authorities, enhance its 
oversight, and improve enforcement. On July 16, 2008, 
Subcommittee Chairman Kanjorski introduced H.R. 6513, the 
Securities Act of 2008, along with Subcommittee Ranking Member 
Pryce, Chairman Frank, and Ranking Member Bachus. On September 
11, 2008, the House passed this bill under suspension of the 
rules. The Securities Act would amend the Federal securities 
laws to enhance the effectiveness of the Securities and 
Exchange Commission's enforcement, corporation finance, trading 
and markets, investment management, and examination programs, 
and promote other purposes. The bill would also ensure that 
U.S. exchanges could compete on a level playing field with 
their foreign counterparts by modernizing portfolio-based 
margining requirements for the customers of broker-dealers.

                  DERIVATIVES AND CREDIT DEFAULT SWAPS

    The rapid growth of structured financial products, along 
with their complexity and lack of transparency, has raised 
concerns about the risks they pose to individual financial 
institutions and to the entire financial system. To address 
these concerns, Subcommittee Chairman Kanjorski on July 22, 
2008, requested a review by the Government Accountability 
Office of a number of issues related to derivatives and credit 
default swaps, and subsequently full Committee Ranking Member 
Bachus joined the request. In light of the role that credit 
default swaps played in the downfall of American International 
Group and the intervention by the Federal Reserve, GAO was 
asked to expedite its work about the degree of oversight these 
products receive from financial market regulators and to make 
recommendations for regulatory reform.
    In addition to this request of the GAO, Subcommittee staff 
participated in numerous meetings and briefings throughout the 
110th Congress with a number of parties involved in derivatives 
markets, from issuers to regulators. It focused much of its 
attention during the second half of 2008 on efforts by the New 
York Federal Reserve to improve transparency for credit default 
swaps by establishing a clearinghouse.

                              HEDGE FUNDS

    On January 24, 2008, the Government Accountability Office--
at the request of Chairman Kanjorski, Chairman Frank, and 
Congressman Capuano--issued a report entitled, ``Hedge Funds: 
Regulators and Market Participants Are Taking Steps to 
Strengthen Market Discipline, but Continued Attention Is 
Needed.'' The report highlighted the potential systemic risk 
hedge funds carry, examined what kind of regulation is already 
in place, and noted the progress that has been made toward 
imposing market discipline on hedge funds. Chairman Kanjorski, 
Chairman Frank, and Congressman Capuano wrote a follow-up 
letter on March 14, 2008 to Acting Comptroller Dodaro 
requesting further study and a follow-up report.
    On August 14, 2008, the Government Accountability Office 
issued a second report requested by Subcommittee Chairman 
Kanjorski, Chairman Frank, Congressman Capuano, and others 
entitled, ``Defined Benefit Pension Plans: Guidance Needed to 
Better Inform Plans of the Challenges and Risks of Investing in 
Hedge Funds and Private Equity.'' The report examined the 
increasing levels of investment by private pension plans in 
hedge funds and private equity funds. It concluded that those 
investment vehicles have lower levels of liquidity, less 
transparency, are more financially unpredictable, and have 
greater levels of risk than traditional investments. The report 
suggested that the Secretary of Labor--currently charged with 
monitoring the investments and other aspects of pension plans--
provide more guidance in the area of investments in hedge and 
equity funds by pension plans.

                        AUCTION RATE SECURITIES

    In early 2008, the credit crisis resulted in illiquid 
markets for auction rate securities and auction rate preferred 
securities. The Subcommittee staff reviewed these developments 
with regulators, market participants, and investors.
    On February 28, 2008, Subcommittee Chairman Kanjorski, 
Chairman Frank, and Ranking Member Bachus wrote to the 
Securities and Exchange Commission urging that issuers be 
permitted to bid in auctions for their own securities. The 
Commission responded favorably permitting many hospitals and 
universities to lower their financing costs significantly.
    On April 21, 2008, Subcommittee Chairman Kanjorski and 
Chairman Frank also wrote to the Commission urging fast action 
on pending requests from mutual funds seeking regulatory 
clearance to issue new securities that could facilitate the 
redemption of auction rate preferred securities. Ranking Member 
Bachus wrote a similar letter independently. The Commission 
responded on June 13, 2008, with a no-action letter to allow 
the mutual fund companies to move forward.
    Despite these efforts, many retail investors during the 
summer of 2008 remain trapped in frozen auction rate securities 
and unable to sell them. Additionally, student loan originators 
that relied on auction rate securities to finance their 
operations also continued to experience difficulties. To 
examine these issues, the staff of the Subcommittee worked with 
the full Committee to prepare for the September 18, 2008 
hearing on ``Auction Rate Securities Market: A Review of 
Problems and Potential Resolutions.''

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
110-8.................  The Need to Extend the      March 5, 2007
                         Terrorism Risk Insurance
                         Act.
110-12................  Legislative Proposals on    March 12, 2007
                         GSE Reform.
110-24................  Policy Options for          April 24, 2007
                         Extending the Terrorism
                         Risk Insurance Act (TRIA).
110-43................  Examining A Legislative     June 21, 2007
                         Solution to Extend and
                         Revise the Terrorism Risk
                         Insurance Act (TRIA).
110-60................  H.R. 3355, the Homeowners   September 6, 2007
                         Defense Act of 2007
                         (Joint Hearing with
                         Subcommittee on Housing
                         and Community
                         Opportunity).
110-62................  The Role of Credit Rating   September 27, 2007
                         Agencies in the
                         Structured Finance Market.
110-66................  The Need for Insurance      October 3, 2007
                         Regulatory Reform.
110-77................  Additional Perspectives on  October 30, 2007
                         the Need for Insurance
                         Regulatory Reform.
110-91................  The State of the Bond       February 14, 2008
                         Insurance Industry.
110-94................  Foreign Government          March 5, 2008
                         Investment in the U.S.
                         Economy and Financial
                         Sector (Joint Hearing
                         with Subcommittee on
                         Domestic and
                         International Monetary
                         Policy, Trade, and
                         Technology).
110-106...............  H.R. 5579, the Emergency    April 15, 2008
                         Mortgage Loan
                         Modification Act of 2008.
110-107...............  Examining Proposals on      April 16, 2008
                         Insurance Regulatory
                         Reform.
110-118...............  H.R. 5840, The Insurance    June 10, 2008
                         Information Act of 2008.
------------------------------------------------------------------------

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


          (Ratio: 14-12)

Luis V. Gutierrez, Illinois, Chair

RON PAUL, TEXAS                      CAROLYN B. MALONEY, NEW YORK
MICHAEL N. CASTLE, DELAWARE          MAXINE WATERS, CALIFORNIA
FRANK D. LUCAS, OKLAHOMA             PAUL E. KANJORSKI, PENNSYLVANIA
DONALD A. MANZULLO, ILLINOIS         GWEN MOORE, WISCONSIN
WALTER B. JONES, NORTH CAROLINA      GREGORY W. MEEKS, NEW YORK
JEB HENSARLING, TEXAS                DENNIS MOORE, KANSAS
TOM PRICE, GEORGIA                   WILLIAM LACY CLAY, MISSOURI
PATRICK T. MCHENRY, NORTH CAROLINA   BILL FOSTER, ILLINOIS
MICHELE BACHMANN, MINNESOTA          ANDRE CARSON, INDIANA
PETER J. ROSKAM, ILLINOIS            MELVIN L. WATT, NORTH CAROLINA
KENNY MARCHANT, TEXAS                BRAD SHERMAN, CALIFORNIA
DEAN HELLER, NEVADA                  KEITH ELLISON. MINNESOTA
SPENCER BACHUS, ALABAMA, ex officio  TRAVIS CHILDERS, MISSISSIPPI
                                     BARNEY FRANK, MASSACHUSETTS, ex 
                                     officio

                  Subcommittee Legislative Activities


                      FOREIGN DIVESTMENT STRATEGY

    On March 20, 2007, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
legislative hearing entitled, ``H.R. 180, The Darfur 
Accountability and Divestment Act.'' The Subcommittee discussed 
the merits of legislation requiring the U.S. Treasury Secretary 
to establish a list of companies whose business activities in 
Sudan directly support the genocidal practices of the regime in 
Khartoum. The members also discussed granting authority to 
State and local governments who choose to divest their pension 
fund holdings from companies on the list and establishing a 
``safe harbor'' for managers of mutual funds and corporate 
pension managers who choose to do the same. The Subcommittee 
also debated a measure in H.R. 180 to ban U.S. Government 
procurement contracts with companies on the Treasury list and 
authorizes the prohibition of these types of contracts at the 
State and local level. The Subcommittee heard testimony from 
the sponsor of the legislation, Rep. Barbara Lee, and from Rep. 
Frank Wolf, Rep. Donald M. Payne and Senator Sam Brownback. The 
Subcommittee also received testimony from Mr. Omer Ismail, 
Fellow, Kennedy School of Government at Harvard's Carr Center 
for Human Rights Policy, Mr. John Prendergast, Senior Adviser, 
International Crisis Group, Mr. Michael L. Williams, 
Commissioner, Railroad Commission of Texas, Mr. Kenneth Bacon, 
President, Refugees International, Mr. Adam Sterling, Director, 
Sudan Divestment Task Force, and Mr. J. Stephen Morrison, 
Director, Africa Program, Center for Strategic & International 
Studies.

                           COINS AND CURRENCY

    On March 11, 2008, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
legislative hearing entitled, ``H.R. 5512, the Coin 
Modernization and Taxpayer Savings Act.'' The Subcommittee 
addressed the U.S. Mint's concerns that pennies and nickels 
cost more to produce than their face value due to rising prices 
of copper and zinc. The U.S. Mint and related industry 
representatives testified on the proposal to alter the metallic 
composition of pennies and nickels as a way to reduce 
production costs. The Subcommittee heard testimony from 
Honorable Edmund C. Moy, Director, U.S. Mint, The Honorable Jay 
W. Johnson, Consultant, Collector's Universe, Former Director 
of the U.S. Mint, Former Member of Congress, Mr. Richard M. 
Geerdes, President & Chief Executive Officer, National 
Automatic Merchandising Association , and Mr. Michael J. Brown, 
Vice President of U.S. Public Affairs, Barrick Gold 
Corporation.

                   Subcommittee Oversight Activities


                     INTERNATIONAL MONEY TRANSFERS

    On March 7, 2007, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled, ``The Role of Remittances in Leveraging 
Sustainable Development in Latin America and the Caribbean.'' 
The hearing focused on the increasing sums of remittances 
flowing into Latin America and the Caribbean from the U.S. and 
around the world, and discussed how these remittances can be 
leveraged by individuals, communities, banks, credit unions, 
international institutions, governments and NGOs and used for 
long-term development opportunities in the region. The 
Subcommittee heard testimony from Sergio Bendixen, President, 
Bendixen and Associates, Dr. Manuel Orozco, Remittances and 
Development Program, Inter-American Dialogue. Dr. Elisabeth 
Rhyne Senior Vice President, ACCION International, Ms. Nitza 
Segui Albino, International Migrants' Development Fund, and Mr. 
Bruce McNamer President & CEO, TechnoServe, Inc.
    On May 17, 2007, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled, ``Remittances: Access, Transparency and 
Market Efficiency--A Progress Report.'' The hearing examined 
consumer access to remittance transfer outlets, the costs 
associated with sending remittances, current levels of 
transparency regarding fees and exchange rates, and the effect 
of competition in the market place. The Subcommittee focused on 
the progress made by the industry in reducing consumer fees 
over the last several years, and explored whether these 
improvements are due primarily to increased competition in the 
market place, pressure from legislators or a combination of the 
two. The Subcommittee heard testimony from Ms. Annette LoVoi, 
Field Director, Appleseed, Ms. Beatriz Ibarra, Assets Policy 
Analyst, National Council of La Raza, Mr. David Grace, Vice 
President, Association Services, World Council of Credit 
Unions, Mr. Tom Haider, Vice President Government Affairs, 
Associate General Counsel and Chief Compliance Officer, 
MoneyGram International, Mr. Mark A. Thompson, Associate 
General Counsel, The Western Union Company, and Mr. James C. 
Orr, Chairman, Microfinance International Corporation

                          TERRORIST FINANCING

    On April 18, 2007, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
joint hearing with the Subcommittee on Terrorism 
Nonproliferation, and Trade of the Committee on Foreign 
Affairs, entitled, ``Isolating Proliferators and Sponsors of 
Terror: The Use of Sanctions and the International Financial 
System to Change Regime Behavior.'' The subcommittees discussed 
methods of discouraging private and public sector investments 
in Iran. Among the issues considered was legislation to require 
the U.S. Treasury Secretary to create a list of companies that 
invest over certain dollar amount thresholds in the Iranian 
energy sector. The subcommittees also discussed legislation 
allowing State and local pension funds to divest from Iran, 
should they choose to do so, and creating a ``safe harbor'' for 
mutual fund managers and private pension managers who wish to 
divest from Iran. The subcommittees received testimony from Ms. 
Patricia McNerney, Principal Deputy Assistant Secretary, Bureau 
of International Security and Nonproliferation, U.S. Department 
of State, Mr. Paul E. Simons, Deputy Assistant Secretary, 
Bureau of Economic, Energy, and Business Affairs, U.S. 
Department of State, Mr. Adam J. Szubin, Director, Office of 
Foreign Assets Control, U.S. Department of the Treasury, Mr. 
Daniel Glaser, Bureau of Terrorist Financing and Financial 
Crimes, Deputy Assistant Secretary, U.S. Department of the 
Treasury, The Honorable Sarah Steelman, Treasurer, State of 
Missouri, Mr. Roger W. Robinson, Jr., President and Chief 
Executive Officer, Conflict Securities Advisory Group, Mr. Jack 
Blum, Counsel, Baker Hostetler (former Special Counsel for 
Senate Foreign Relations Subcommittee on Terrorism, Narcotics, 
and International Operations), David L. Asher, Ph.D., Senior 
Associate Fellow, The Heritage Foundation, and Mr. Victor 
Comras, The Eren Law Firm (Former member of the United Nations 
al-Qaeda monitoring group).

                    FOREIGN CURRENCY EXCHANGE RATES

    On May 9, 2007, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology, along with 
the Committee on Ways and Means Subcommittee on Trade, and the 
Committee on Energy and Commerce Subcommittee on Commerce, 
Trade, and Consumer Protection, held a joint hearing entitled, 
``Currency Manipulation and Its Effects on American Businesses 
and Workers.'' The hearing considered the extent to which Asian 
currencies, and particularly the Chinese renminbi and the 
Japanese yen, are significantly undervalued as a result of 
their governments' interventions in currency markets. The 
hearing also discussed the impact of undervalued currencies on 
U.S. businesses and workers, and considered what action, if 
any, the United States should take to address exchange rate 
manipulation by other countries. The subcommittees heard 
testimony from The Honorable Donald L. Evans, Chief Executive 
Officer, Financial Services Forum, former Secretary, U.S. 
Department of Commerce, Mr. M. Brian O'Shaughnessy, President 
and Chief Executive Officer, Revere Copper Products, Inc., 
Stephen S. Roach, Ph.D., Managing Director and Chief Global 
Economist, Morgan Stanley, C. Fred Bergsten, Ph.D., Director, 
Peterson Institute for International Economics, Mustafa 
Mohatarem, Ph.D., Chief Economist, General Motors Corporation, 
Ms. Thea M. Lee, Policy Director, American Federation of Labor 
and Congress of Industrial Organizations, Mr. William Hickey, 
President, Lapham-Hickey Steel Corporation, The Honorable Mark 
Sobel, Deputy Assistant Secretary for International Monetary 
and Financial Policy, U.S. Department of Treasury, The 
Honorable Stephen Claeys, Deputy Assistant Secretary for 
Antidumping and Countervailing Duty Operations, U.S. Department 
of Commerce, and The Honorable Daniel Brinza, Assistant U.S. 
Trade Representative for Monitoring and Enforcement, Office of 
the U.S. Trade Representative.

              UNITED STATES-RUSSIAN ECONOMIC RELATIONSHIP

    On October 17, 2007, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled, ``U.S.-Russia Economic Relationship: 
Implications of the Yukos Affair.'' The hearing focused on the 
losses suffered by U.S. shareholders as a result of the Yukos 
Russian Petroleum Company bankruptcy matter and the panel 
discussed whether the situation created an uncertainty among 
potential investors, which could result in a substantial loss 
of investment for Russia and impede its integration into the 
global economy. The Subcommittee heard testimony from Dr. 
Anders lund, Senior Fellow, Peterson Institute for 
International Economics, Dr. Clifford Gaddy, Senior Fellow, The 
Brookings Institution, Mr. Timothy Osborne, Senior Partner, 
Wiggin, Osborne, Fullerlove, and Mr. David Satter, Senior 
Fellow, Hudson Institute.

                FOREIGN INVESTMENT IN THE UNITED STATES

    On March 5, 2008, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology and the 
Subcommittee on Capital Markets, Insurance, and Government 
Sponsored Enterprises held a joint hearing entitled, ``Foreign 
Government Investment in the U.S. Economy and Financial 
Sector.'' The subcommittees heard from three sovereign wealth 
funds with records of stable commercial investment in the 
United States, and this marked the first time any sovereign 
wealth fund appeared before a Congressional committee. The 
subcommittees primarily focused on why these funds were 
created, what their investment goals are, and what degree of 
transparency they pursue in their operations. The subcommittees 
also discussed changes made to the CFIUS process through the 
Foreign Investment and National Security Act and considered the 
need for any additional domestic or international policy 
responses, including the development of best practices for 
sovereign wealth funds. During the hearing, the subcommittees 
heard testimony from The Honorable David McCormick, Under 
Secretary for International Affairs, U.S. Department of the 
Treasury, Mr. Ethiopis Tafara, Director, Office of 
International. Affairs, Securities and Exchange Commission, Mr. 
Scott Alvarez, General Counsel, Board of Governors of the 
Federal Reserve System, Mr. Martin Skancke, Director General, 
Asset Management Department, Ministry of Finance, Norway, Mr. 
Simon Israel, Executive Director, Temasek Holdings Ltd., David 
Denison, President and CEO, Canada Pension Plan Invmt. Board, 
and Dr. Matthew Slaughter, Professor, Tuck School of Business, 
Dartmouth College.
    In May 2008, the Subcommittee Chairman led a Congressional 
Delegation (CODEL) to the United Arab Emirates and Egypt to 
meet with officials of sovereign wealth funds and other foreign 
leaders. The primary purpose of the CODEL was to meet with the 
managers and decision-makers at these large investment funds to 
assure them that America is open to foreign direct investment, 
while also outlining potential concerns about active foreign 
investment in certain sectors of the U.S. economy. The trip 
gave members of the delegation a deeper insight into how these 
funds operate and an understanding that all sovereign wealth 
funds are not the same in terms of government control and 
investment strategy. In addition to various representatives of 
the U.A.E. government, members of the CODEL met with 
representatives from the Abu Dhabi Investment Authority, the 
Mubadala Development Company, Dubai International Capital and 
Dubai World. In Egypt the delegation met with President Mubarak 
and Central Bank Governor Farouk el Okdah.
    On September 10, 2008, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled, ``Sovereign Wealth Funds: New Challenges from 
a Changing Landscape.'' The Subcommittee discussed recent 
changes, both approved and proposed, in the regulation of 
sovereign wealth fund investments and practices, focusing in 
particular on changes Congress made to the CFIUS in 2007 and 
the IMF's International Working Group of Sovereign Wealth 
Funds' agreement on accepted principles and practices. 
Following up on the issues raised in the Joint Subcommittee 
hearing in March 2008, the Subcommittee will focused on issues 
of transparency and good governance with respect to specific 
funds. The subcommittee also discussed the impact sovereign 
wealth funds have on financial stability based on their 
investment decisions and the sheer size of the funds. Finally, 
the subcommittee debated concerns about sovereign wealth funds 
that take more active approaches to investment, seeking not 
just to invest in, but to control U.S. companies. The 
subcommittee received testimony from Dr. Edwin M. Truman, 
Senior Fellow, The Peterson Institute for International 
Economics, Dr. Brad W. Setser, Fellow for Geoeconomics, Council 
on Foreign Relations, and Dr. Daniel Drezner, Professor of 
International Politics, The Fletcher School, Tufts University.
    Throughout the 110th Congress, Committee and Subcommittee 
staff held numerous meetings with representatives of sovereign 
wealth funds, including the Government Pension Fund-Global of 
Norway, the Mubadala Development Company, and Temasek Holdings 
Ltd. The purposes of these meetings were to discuss changes 
Congress made to the CFIUS in 2007, transparency and good-
governance practices within the funds, and potential concerns 
regarding sensitive investments in U.S. companies. During the 
110th, Committee and Subcommittee staff also met regularly with 
senior personnel and staff of the U.S. Treasury Department and 
industry stakeholders to discuss implementation of the Foreign 
Investment and National Security Act regulations.

                           COINS AND CURRENCY

    On July 30, 2008, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
hearing entitled, ``Examining Issues Related to Tactilely 
Distinguishable Currency.'' In May 2008 the U.S. Court of 
Appeals for the D.C. Circuit, in the American Council of the 
Blind v. Paulson, upheld a ruling of the U.S. District Court of 
the District of Columbia that the U.S. was in violation of the 
Rehabilitation Act for failing to make its currency 
``accessible.'' The Subcommittee held a hearing to determine 
what steps the Treasury Department has taken to make U.S. 
currency accessible. During the hearing, the Bureau of 
Engraving and Printing, advocates for the blind and related 
industry representatives testified regarding the benefit of 
adding tactilely distinguishable characteristics to our 
currency, and on some of the technical obstacles that must be 
overcome in doing so. The Subcommittee heard testimony from Mr. 
Larry R. Felix, Director, Bureau of Engraving and Printing, 
U.S. Department of Treasury, Ms. Melanie Brunson, Executive 
Director, American Council of the Blind, Mr. Marc Maurer, 
President, National Federation of the Blind, Mr. Cyrus Habib, 
Disability Advocate, Mr. Richard M. Geerdes, President and 
Chief Executive Officer, National Automatic Merchandising 
Association, and Mr. Jeffrey G. Knoll, Executive Vice President 
and Corporate Counsel, Cummins-Allison Corporation
    During the 110th Congress, Committee and Subcommittee staff 
met regularly with staff of the United States Mint and the 
Bureau of Engraving and Printing on a variety of issues. On 
several occasions, 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 to financial institutions.

                     INTERNET GAMBLING REGULATIONS

    On April 2, 2008, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled, ``Pending UIGEA Regulations: Burden without 
Benefit?'' The hearing focused on issues related to regulations 
proposed by the U.S. Treasury Department and the Federal 
Reserve Board for the Unlawful Internet Gambling Enforcement 
Act (UIGEA), for which the comment period concluded December 
12, 2007. More than 200 comments were received during the 
comment period and the subcommittee discussed many of the 
issues raised in those comment letters. The Subcommittee 
received testimony from The Honorable Valerie Abend, Deputy 
Assistant Secretary, U.S. Department of the Treasury, Ms. 
Louise L. Roseman, Director, Division of Reserve Bank 
Operations and Payment Systems, Board of Governors of the 
Federal Reserve System, Mr. Wayne Abernathy, American Bankers 
Association, Ms, Harriet May, President and Chief Executive 
Officer, Government Employees Credit Union, on behalf of the 
Credit Union National Association, Mr. Leigh Williams, 
President of BITS, on behalf of Financial Services Roundtable, 
and Mr. Ted Teruo Kitada, Senior Company Counsel, Wells Fargo 
Bank, N.A.

                           DEVELOPMENT FUNDS

    On June 5, 2008, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held a 
hearing entitled, ``Examining the Administration's Proposal to 
Establish a Multilateral Clean Technology Fund.'' The hearing 
focused on the President's requested 3-year, $2 billion 
authorization for a U.S. contribution to help establish a 
multilateral ``Clean Technology Fund'' to be administered by 
the World Bank as an independent trust fund, with the purpose 
of deploying clean technology to reduce greenhouse gas 
emissions in major developing economies. In particular, the 
subcommittee discussed a number of potential concerns about the 
proposed fund by advocacy groups and experts working in the 
field. The Subcommittee heard testimony from The Honorable 
David McCormick, Under Secretary for International Affairs, 
U.S. Department of the Treasury, Mr. Brent Blackwelder, 
President, Friends of the Earth, Mr. David Wheeler, Senior 
Fellow, Center for Global Development, Mr. Jacob Werksman, 
Program Director, World Resources Institute, and Mr. Andrew 
Deutz, Senior Policy Advisor, The Nature Conservancy.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
110-9.................  The Role of Remittances in  March 7, 2007
                         Leveraging Sustainable
                         Development in Latin
                         America and the Caribbean.
110-16................  H.R. 180, The Darfur        March 20, 2007
                         Accountability and
                         Divestment Act of 2007.
110-22................  Isolating Proliferators     April 18, 2007
                         and Sponsors of Terror:
                         The Use of Sanctions and
                         the International
                         Financial System to
                         Change Regime Behavior.
110-29................  Currency Manipulation and   May 9, 2007
                         Its Effects on U.S.
                         Businesses and Workers
                         (Joint Hearing with Ways
                         and Means Subcommittee on
                         Trade and Energy and
                         Commerce Subcommittee on
                         Commerce, Trade and
                         Consumer Protection).
110-32................  Remittances: Access,        May 17, 2007
                         Transparency, and Market
                         Efficiency--A Progress
                         Report.
110-71................  U.S.-Russia Economic        October 17, 2007
                         Relationship:
                         Implications of the Yukos
                         Affair.
110-94................  Foreign Government          March 5, 2008
                         Investment in the U.S.
                         Economy and Financial
                         Sector (Joint Hearing
                         with Subcommittee on
                         Capital Markets,
                         Insurance, and Government
                         Sponsored Enterprises.
110-98................  H.R. 5512, The Coin         March 11, 2008
                         Modernization and
                         Taxpayer Savings Act of
                         2008.
110-102...............  Proposed UIGEA              April 2, 2008
                         Regulations: Burden
                         Without Benefit?.
110-117...............  Examining the               June 5, 2008
                         Administration's Proposal
                         to Establish a
                         Multilateral Clean
                         Technology Fund.
110-135...............  Examining Issues Related    July 30, 2008
                         to Tactilely
                         Distinguishable Currency.
110-137...............  Sovereign Wealth Funds:     September 10, 2008
                         New Challenges from a
                         Changing Landscape.
------------------------------------------------------------------------

       Subcommittee on Financial Institutions and Consumer Credit


          (Ratio: 25-22)

  CAROLYN B. MALONEY, New York, 
               Chair

JUDY BIGGERT, Illinois               MELVIN L. WATT, North Carolina
TOM PRICE, Georgia                   GARY L. ACKERMAN, New York
DEBORAH PRYCE, Ohio                  BRAD SHERMAN, California
MICHAEL N. CASTLE ,Delaware          LUIS V. GUTIERREZ, Illinois
PETER KING, New York                 DENNIS MOORE, Kansas
EDWARD R. ROYCE, California          PAUL E. KANJORSKI, Pennsylvania
STEVEN C. LATOURETTE, Ohio           MAXINE WATERS, California
WALTER B. JONES, North Carolina      RUBEN HINOJOSA, Texas
SHELLEY MOORE CAPITO, West Virginia  CAROLYN MCCARTHY, New York
TOM FEENEY, Florida                  JOE BACA, California
JEB HENSARLING, Texas                AL GREEN, Texas
SCOTT GARRETT, New Jersey            WM. LACY CLAY, Missouri
GINNY BROWN-WAITE, Florida           BRAD MILLER, North Carolina
J. GRESHAM BARRETT, South Carolina   DAVID SCOTT, Georgia
JIM GERLACH, Pennsylvania            EMANUEL CLEAVER, Missouri
STEVAN, PEARCE, New Mexico           MELISSA BEAN, Illinois
RANDY NEUGEBAUER, Texas              LINCOLN DAVIS, Tennessee
GEOFF DAVIS, Kentucky                PAUL W. HODES, New Hampshire
PATRICK T. MCHENRY, North Carolina   KEITH ELLISON, Minnesota
JOHN CAMPBELL, California            RON KLEIN, Florida
KEVIN MCCARTHY, California           CHARLES A. WILSON, Ohio
DEAN HELLER, Nevada                  GREGORY W. MEEKS, New York
SPENCER BACHUS, Alabama, ex officio  BILL FOSTER, Illinois
                                     ED PERLMUTTER, Colorado
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

                  Subcommittee Legislative Activities


             CREDIT CARDHOLDERS' BILL OF RIGHTS ACT OF 2008

                              (H.R. 5244)


Summary

    H.R. 5244, the ``Credit Cardholders' Bill of Rights,'' 
provides protections against anticompetitive, unfair and 
deceptive, but unfortunately common, credit card practices. The 
bill: (1) ends unfair, arbitrary interest rate increases; (2) 
allows consumers to set hard credit limits; (3) stops excessive 
``Over-the-Limit'' fees; (4) ends unfair penalties for 
cardholders who pay on time; (5) requires fair allocation of 
consumer payments; (6) protects cardholders from due date 
gimmicks; (6) prevents companies from using misleading terms 
and damaging consumers' credit ratings; (7) protects consumers 
from high-fee subprime credit cards; and (8) bars issuing 
credit cards to minors.

Legislative History

    H.R. 5244, the Credit Cardholders' Bill of Rights was 
introduced by Subcommittee Chair Maloney and 45 cosponsors on 
February 7, 2008 and was referred to the House Committee on 
Financial Services.
    On April 17, 2008 the House Financial Services Committee 
referred the bill to the Subcommittee on Financial Institutions 
and Consumer Credit.
    On March 13, 2008, the Subcommittee held the first of two 
legislative hearings on the bill. This legislative hearing, 
entitled, ``The Credit Cardholders' Bill of Rights: New 
Protections for Consumers,'' focused on the provisions of H.R. 
5244 that bar or restrict a number of controversial credit card 
practices, particularly ``any time-any reason'' rate increases, 
also called ``risk-based repricing.'' Witnesses included: Prof. 
Elizabeth Warren, Harvard Law School; Greg Baer, Deputy General 
Counsel, Regulatory and Public Policy, Bank of America; 
Professor Adam Levitin, Georgetown University Law Center; John 
Finneran, General Counsel, Capital One; Professor Lawrence 
Ausubel, University of Maryland; Ms.Carter Franke, Marketing 
Executive, JPMorgan Chase, and Professor Katherine Porter, 
University of Iowa Law School.
    On Thursday, April 17, 2008, the Subcommittee on Financial 
Institutions and Consumer Credit held the second legislative 
hearing, entitled, ``Legislative Hearing on H.R. 5244, The 
Credit Cardholders' Bill of Rights: Providing New Protections 
for Consumers.'' The first of the four panels was composed of 
Senators with similar bills who requested to appear at this 
hearing to comment on H.R. 5244: Senators Carl Levin and Ron 
Wyden. The second panel was composed of individual cardholders: 
Ms. Susan Wones, from Denver, Colorado; Mr. Steven Autrey, from 
Fredericksburg, Virginia; and Mr. Stephen Strachan, from York, 
Pennsylvania, who described their experience with credit cards 
and the effects of changes to the rate or other terms of the 
card on their financial affairs. The third panel was composed 
of representatives from the relevant Federal banking 
regulators: Ms. Sandra Braunstein, Director, Consumer Affairs 
Division, Board of Governors of the Federal Reserve System; Mr. 
Marty Gruenberg, Deputy Director, Federal Deposit Insurance 
Corporation; Ms. Julie Williams, Deputy Director and General 
Counsel, Office of the Comptroller of the Currency and Mr. John 
Bowman, General Counsel, Office of Thrift Supervision. The 
fourth panel was composed of issuers and consumer advocates: 
Mr. John Carey, Chief Administrative Officer and Executive Vice 
President, Citi Cards, Citigroup Inc.; Mr. Larry Sharnak, 
Executive Vice President and General Manager, U.S. Consumer 
Cards, American Express Company; Mr. Carlos Minetti, Executive 
Vice President, Cardmember Services and Banking, Discover 
Financial Services; Mr. Travis B. Plunkett, Legislative 
Director, Consumer Federation of America; Ms. Linda Sherry, 
Director, National Priorities, Consumer Action; and Mr. Ed 
Mierzwinski, Consumer Program Director, U.S. Public Interest 
Research Group.
    The Subcommittee was discharged on July 31, 2008.
    On July 31, 2008, the full Committee met in open session 
and ordered the bill to be reported, as amended, with a 
favorable recommendation on a recorded vote of 39 yeas and 27 
nays. The Committee reported the bill to the House, H. Rept. 
110-857, on September 16, 2008.
    On September 23, 2008, the House adopted H.Res. 1476, 
providing for the consideration of H.R. 5244 under a structured 
rule, by a recorded vote of 220 yeas and 194 nays. Also on that 
day, the House passed the bill by a recorded vote of 312 yeas 
and 112 nays. On September 24, 2008, the bill was received in 
the Senate. On October 2, 2008 the bill was read twice and 
referred to the Committee on Banking, Housing and Urban 
Affairs.
    No further action on this legislation was taken in the 
110th Congress.

          THE CONSUMER OVERDRAFT PROTECTION FAIR PRACTICES ACT

                               (H.R. 946)


Summary

    H.R. 946, the Consumer Overdraft Protection Fair Practices 
Act, provides for disclosure at the ATM or point of sale when a 
transaction will trigger an overdraft fee, and requires the 
customer be given the opportunity to decline the transaction. 
It would also require that overdraft protection plans be 
treated as extensions of credit for the purposes of the Truth 
in Lending Act, that account holders be informed of the terms 
of the plan, and that consumers affirmatively opt in upon 
opening the account if they want such a service. It also 
prohibits banks from intentionally manipulating the order of 
deposits and withdrawals to generate overdraft fees.

Legislative History

    H.R. 946, the ``Consumer Overdraft Protection Fair 
Practices Act,'' was introduced on February 8, 2007 by 
Subcommittee Chair Maloney and two original cosponsors and was 
referred to the Committee on Financial Services. On April 12, 
2007, the bill was referred to the Subcommittee on Financial 
Institutions and Consumer Credit.
    On July 11, 2007, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Overdraft Protection: Fair Practices for Consumers'' to 
examine issues raised by overdraft protection plans and the 
provisions of H.R. 946. Witnesses included: Mr. Eric Halperin, 
Director, Washington Office, Center for Responsible Lending; 
Mr. Oliver I. Ireland, Partner, Morrison & Foerster LLP; Ms. 
Chi Chi Wu, Staff Attorney, National Consumer Law Center; Ms. 
Nessa Feddis, Senior Federal Counsel, American Bankers 
Association; Ms. Sarah Ludwig, Executive Director, Neighborhood 
Economic Development Advocacy Project; Ms. Mary Cunningham, 
President & CEO, USA Federal Credit Union, and Ms. Jean Ann 
Fox, Director of Consumer Protection, Consumer Federation of 
America.
    No further action on this bill was taken in the 110th 
Congress.

               THE FINANCIAL CONSUMER HOTLINE ACT OF 2007

                              (H.R. 4332)


Summary

    This legislation directs the Federal Financial Institutions 
Examination Council (FFIEC), a statutory interagency body 
empowered to prescribe uniform principles and standards for 
financial institutions, to set up the toll-free number and 
website. The Federal Reserve, the Federal Deposit Insurance 
Corporation (FDIC), the National Credit Union Administration 
(NCUA), the Office of the Comptroller of the Currency (OCC), 
and the Office of Thrift Supervision (OTS) are all members of 
FFIEC. This legislation also directs FFIEC to work with State 
banking regulators to integrate State regulated banks into the 
hotline service.

Legislative History

    H.R. 4332 was introduced by Subcommittee Chair Maloney with 
Chairman Frank on December 6, 2007. On that date it was 
referred to the Committee on Financial Services. The bill was 
referred to the Subcommittee on Financial Institutions and 
Consumer Credit on December 10, 2007.
    On December 12, 2007, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled, ``The Financial Consumer Hotline Act of 2007: 
Providing Consumers with Easy Access to the Appropriate Banking 
Regulator.'' The purpose of the hearing was to obtain comments 
from regulators and consumer advocates on the bill. Witnesses 
on the first panel included: Mr. John G. Walsh, Chief of Staff 
and Public Affairs, Office of the Comptroller of the Currency; 
Ms. Sandra Braunstein, Director of Consumer and Community 
Affairs, Board of Governors of the Federal Reserve System; Ms. 
Sandra L. Thompson, Director, Division of Supervision and 
Consumer Protection, Federal Deposit Insurance Corporation; Ms. 
Montrice Yakimov, Managing Director for Compliance and Consumer 
Protection, Office of Thrift Supervision; Mr. Leonard Skiles, 
Executive Director, National Credit Union Administration; and 
The Honorable Richard Neiman, Superintendent of Banks, New York 
State Banking Department. Witnesses on the second panel 
included: Ms. Jeannine Kenney, Senior Policy Analyst, Consumers 
Union and Mr. Ed Mierzwinski, Consumer Program Director, U.S. 
Public Interest Research Group.
    The bill was considered under suspension of the rules on 
April 29, 2008. On motion to suspend the rules and pass the 
bill it was agreed to by the Yeas and Nays on a roll call vote 
of 408--1. On April 30, 2008, the bill was received in the 
Senate and read twice and referred to the Committee on Banking, 
Housing, and Urban Affairs.
    No further action on this legislation was taken in the 
110th Congress.

                   Subcommittee Oversight Activities


                       SUBPRIME MORTGAGE LENDING

    On March 27, 2007, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Subprime and Predatory Mortgage Lending: New Regulatory 
Guidance, Current Market Conditions and Effects on Regulated 
Financial Institutions.'' The hearing focused on the steps 
Federal financial regulators had taken to address problems in 
the subprime mortgage market. It also examined the potential 
safety and soundness as well as the broader economic impact 
subprime mortgage lending could have on the U.S. economy. The 
Subcommittee heard testimony from Federal and State regulators, 
three representatives of consumer advocacy groups, two 
representatives from trade associations representing banks and 
mortgage lenders as well as an economist.
    On May 8, 2007, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled, ``The Role of the 
Secondary Market in Subprime Mortgage Lending.'' The hearing 
focused on how the secondary market had contributed to the 
expansion of the subprime mortgage loans and the role of the 
secondary market with regard to remedies for homeowners and 
reforms to the primary subprime lending market. The 
Subcommittee heard testimony from a federally regulated 
financial institution, a credit rating agency, a mortgage 
servicer, two consumer groups representing homeowners, and two 
lawyers who have experience in securities law.
    On February 11, 2008, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in New 
York City entitled, ``Effects of the Subprime Mortgage Crisis 
in New York City and Efforts to Help Struggling Homeowners.'' 
The hearing focused on the impact of the subprime mortgage 
crisis has had on New York City with a focus on identifying 
neighborhoods most heavily impacted. The field hearing also 
explored the assistance available to struggling homeowners and 
what additional steps needed to be taken to prevent future 
problems in the subprime mortgage market. The Subcommittee 
heard testimony from the Speaker of the New York City Council, 
a representative from the New York State Banking Department, 
two consumer advocacy groups on behalf of New York homeowners, 
and a trade association representing mortgage bankers.

                           CREDIT CARD REFORM

    On April 26, 2007, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Credit Card Practices: Current Regulatory and Consumer 
Issues.'' Credit card practices have drawn increased attention 
as consumer credit card debt continues to rise at an ever-
increasing rate. The hearing examined certain billing, pricing, 
and disclosure issues and whether Federal or State regulation 
or legislation was needed to address them. Witnesses include 
both industry and consumer representatives as well as 
academics: Ms. Linda Sherry, Director, National Priorities, 
Consumer Action; Ms. Cindy Zeldin, Federal Affairs Coordinator, 
Economic Opportunity Programs, Demos: A Network for Ideas & 
Action; Mr. Arthur E. Wilmarth, Jr., Professor of Law, George 
Washington University Law School; Mr. Todd J. Zywicki, 
Professor of Law, George Mason University Law School; Mr. 
Edward L. Yingling, President and CEO, American Bankers 
Association and Mr. Oliver I. Ireland, Morrison and Foerster.
    On June 7, 2007, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled, ``Improving Credit 
Card Consumer Protection: Recent Industry and Regulatory 
Initiatives'' This hearing focused on the proposal by the 
Federal Reserve to amend Regulation Z under the Truth in 
Lending Act and response to that proposal from industry, 
consumer groups, and small businesses. In addition, the hearing 
examined recent industry reforms, including initiatives to rein 
in certain practices such as universal default and double-cycle 
billing that had come under heavy criticism. The witnesses on 
the first panel included principals from the Board of Governors 
of the Federal Reserve, the Office of the Comptroller of the 
Currency, the Federal Deposit Insurance Corporation, the Office 
of Thrift Supervision, and the National Credit Union 
Administration, as well as the Superintendent of the New York 
State Banking Department representing the Council of State 
Banking Supervisors. The second panel consisted of 
representatives from Citi, Bank of America and Capital One, the 
Center for Responsible Lending, the U.S. Public Interest 
Research Group, the law firm of Sidley and Austin, and the 
National Small Business Association.
    On Tuesday, August 7, 2007, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing entitled, 
``Credit Cards and Older Americans'' in the Halfmoon Senior 
Center, Halfmoon, New York. Congresswoman Kirsten Gillibrand 
also participated in that hearing. The hearing examined the 
rising level of personal debt, especially among fixed income 
older Americans, as well as options older consumers have and 
the special challenges they face when trying to reduce credit 
card debt. Witnesses included; Mr. Robert O'Connell, Executive 
Council, AARP-New York; Ms. Katie Porter, Associate Professor, 
College of Law, University of Iowa; Ms. Barbara Whipple, 
Barbaruolo Law Firm, PC; and Mr. David Billet, Director of 
Legislation and Government Affairs, New York State Banking 
Department.
    On Thursday, June 26, 2008, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Problem Credit Card Practices Affecting Students.'' This 
hearing focused on the special issues that arise in the context 
of credit card marketing to students (especially college 
students), the accumulation of credit card debt by students, 
and the response to those issues from issuers, students, 
universities, and State authorities, with a view to whether 
Federal legislation is needed. Witnesses included: Mr. Benjamin 
Lawsky, Deputy Counselor and Special Assistant to the Attorney 
General of New York; Ms. Christine Lindstrom, Director, Higher 
Education Debt Project, USPIRG; Mr. Brett Thurman, President, 
Undergraduate Student Government, University of Illinois at 
Chicago; Mr. Kenneth J. Clayton, Managing Director and General 
Counsel, ABA Card Policy Council, American Bankers Association; 
Ms. Erica L. Williams, Policy and Advocacy Manager, Campus 
Progress Action; and Mr. Bruce A. Neiser, Director of Strategic 
Programs and Alliances, National Endowment for Financial 
Education.

EXPEDITED FUNDS AVAILABILITY DOLLAR LIMITS ADJUSTMENT ACT OF 2008, H.R. 
                                  6871

    On June 11, 2007, Chairman Frank and Subcommittee Chair 
Maloney wrote to Federal Reserve Chairman Bernanke requesting, 
among other things, input from the Federal Reserve on whether 
the statutory dollar amounts included under the EFAA should be 
indexed for inflation or increased to a specific dollar amount. 
The guidance received from the Federal Reserve in response to 
this request was incorporated into the text of H.R. 6871, the. 
``Expedited Funds Availability Dollar Limits Adjustment Act of 
2008.'' The bill directs the Federal Reserve to issue 
regulations within a year to make a one-time adjustment to 
certain statutory dollar amount limits under the Expedited 
Funds Availability Act and to index these amounts at least 
every five years based on a cost-of-living adjustment.
    H.R. 6871 was introduced on September 11, 2008, by 
Subcommittee Chair Maloney with Chairman Frank and was referred 
to the Committee on Financial Services. The Committee met in 
open session on September 16, 2008, and ordered H.R. 6871 
favorably reported to the House by voice vote. The Committee 
report was filed on December 9, 2008 (H.Rept. 110-917). No 
further action on this legislation occurred in the 110th 
Congress.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
110-18................  Subprime and Predatory      March 27, 2007
                         Lending: New Regulatory
                         Guidance, Current Market
                         Conditions, and Effects
                         on Regulated Financial
                         Institutions.
110-26................  Credit Card Practices:      April 26, 2007
                         Current Consumer and
                         Regulatory Issues.
110-28................  The Role of the Secondary   May 8, 2007
                         Market in Subprime
                         Mortgage Lending.
110-36................  Improving Credit Card       June 7, 2007
                         Consumer Protection:
                         Recent Industry and
                         Regulatory Initiatives.
110-49................  Overdraft Protection: Fair  July 11, 2007
                         Practices for Consumers.
110-56................  Credit Cards and Older      August 7, 2007
                         Americans (Field Hearing).
110-84................  H.R. 4332, The Financial    December 12, 2007
                         Consumer Hotline Act of
                         2007: Providing Consumers
                         with Easy Access to the
                         Appropriate Banking
                         Regulator.
110-89................  Effects of the Subprime     February 11, 2008
                         Mortgage Crisis in New
                         York City and Efforts to
                         Help Struggling
                         Homeowners (Field
                         Hearing).
110-100...............  The Credit Cardholders'     March 13, 2008
                         Bill of Rights: Providing
                         New Protections for
                         Consumers.
110-109...............  H.R. 5244, The Credit       April 17, 2008
                         Cardholders' Bill of
                         Rights: Providing New
                         Protections for Consumers.
110-125...............  Problem Credit Card         June 26, 2008
                         Practices Affecting
                         Students.
------------------------------------------------------------------------

           Subcommittee on Housing and Community Opportunity


          (Ratio: 14-12)

 MAXINE WATERS, CALIFORNIA, Chair

SHELLEY MOORE CAPITO, WEST VIRGINIA  NYDIA M. VELAZQUEZ, NEW YORK
STEVAN PEARCE, NEW MEXICO            STEPHEN F. LYNCH, MASSACHUSETTS
PETER KING, NEW YORK                 EMANUEL CLEAVER, MISSOURI
JUDY BIGGERT, ILLINOIS               AL GREEN, TEXAS
CHRISTOPHER SHAYS, CONNECTICUT       WILLIAM LACY CLAY, MISSOURI
GARY G. MILLER, CALIFORNIA           CAROLYN B. MALONEY, NEW YORK
SCOTT GARRETT, NEW JERSEY            GWEN MOORE, WISCONSIN
RANDY NEUGEBAUER, TEXAS              KEITH ELLISON, MINNESOTA
GEOFF DAVIS, KENTUCKY                CHRISTOPHER S. MURPHY, CONNECTICUT
JOHN CAMPBELL, CALIFORNIA            JOE DONNELLY, INDIANA
THADDEUS MCCOTTER, MICHIGAN          MICHAEL E. CAPUANO, MASSACHUSETTS
KEVIN MCCARTHY, CALIFORNIA           CHARLES A. WILSON, OHIO
SPENCER BACHUS, ALABAMA, ex officio  DON CAZAYOUX, LOUISIANA
                                     BARNEY FRANK, MASSACHUSETTS, ex 
                                     officio

                  Subcommittee Legislative Activities


                     LEAD-SAFE HOUSING FOR KIDS ACT

                         (H.R. 3397/H.R. 6309)


Summary

    H.R. 3397, the Lead-Safe Housing for Kids Act of 2007 
lowers the environmental intervention blood lead level for 
children in residing in HUD housing as equal to the lower of: 
(1) ten micrograms of lead per deciliter; or (2) the elevated 
blood lead level of concern for a child under six years of age 
recommended by the Centers for Disease Control and Prevention.

Legislative History

    H.R. 3397 was introduced by Mr. Ellison on August 3, 2007, 
and was referred to the Committee on Financial Services. On 
October 19, 2007, the bill was referred to the Subcommittee on 
Housing and Community Opportunity.
    On May 14, 2008, the Subcommittee considered and forwarded 
the legislation, as amended, to the Full Committee with a 
favorable recommendation by voice vote.
    On June 19, 2008, Mr. Ellison introduced a similar bill, 
H.R. 6309, the Lead-Safe Housing for Kids Act of 2008. On June 
24, 2008, the Committee on Financial Services met in open 
session and ordered reported H.R. 6309, as amended, with a 
favorable recommendation to the House by voice vote. On July 
29, 2008, the Committee filed a report on the bill (H. Rept. 
110-788).
    On July 31, 2008, the House considered the H.R. 6309 under 
suspension of the rules and passed the bill as amended by voice 
vote.
    No further action was taken on this legislation in the 
110th Congress.

                      HOMES FOR HEROES ACT OF 2008

                              (H.R. 3329)


Summary

    H.R. 3329, the Homes for Heroes Act, provides housing 
assistance for very low-income veterans.

Legislative History

    H.R. 3329, the Homes for Heroes Act, was introduced by Mr. 
Al Green of Texas on August 2, 2007. On May 9, 2008, the bill 
was referred to the Subcommittee on Housing and Community 
Opportunity.
    On May 14, 2008, the Subcommittee considered the bill and 
forwarded the legislation, as amended, to the Full Committee 
with a favorable recommendation by voice vote.
    On June 24, 2008, the Committee on Financial Services met 
in open session and ordered reported H.R. 3329, as amended, 
with a favorable recommendation to the House by voice vote.
    On July 9, 2008, the House considered H.R. 3329 under 
suspension of the rules and passed the bill as amended by a 
412-9 vote.
    No further action was taken on this legislation in the 
110th Congress.

                        SECTION 8 VOUCHER REFORM

    On March 9, 2007, the Subcommittee on Housing and Community 
Opportunity held a hearing on H.R. 1851, the ``Section 8 
Voucher Reform Act.'' Witnesses included HUD Assistant 
Secretary for Public and Indian Housing Cabrera, 
representatives of public housing agency organizations, and 
housing advocates.

              FEDERAL HOUSING ADMINISTRATION MODERNIZATION

    On April 19, 2007, the Subcommittee held a hearing on H.R. 
1852, the ``Expanding American Homeownership Act of 2007'' and 
issues relating to FHA modernization. Witnesses included FHA 
Commissioner Montgomery, as well as various organizations 
representing members active in FHA loans.

                     NATIVE AMERICAN HOUSING ISSUES

    The Subcommittee on Housing and Community Opportunity held 
a hearing on June 6, 2007 entitled, ``H.R. 2786, 
Reauthorization of the Native American Housing Assistance and 
Self-Determination Act (NAHASDA).'' The focus of the hearing 
was the reauthorization of the program, including its funding 
allocation process and the improvement of its oversight and 
management. Witnesses included representatives of Indian 
housing groups as well as Native American tribes receiving 
NAHASDA funds.

         NATIONAL FLOOD INSURANCE PROGRAM EXTENSION AND REFORM

    On June 12, 2007, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``The Flood Insurance 
Reform and Modernization Act of 2007, H.R. 1682.'' Based on 
legislation that passed the House in the 109th Congress, H.R. 
1682 was designed to restore the financial solvency of and 
reform the National Flood Insurance Program (NFIP). The purpose 
of the hearing was to evaluate the effectiveness of this 
legislation in light of the experience of the NFIP following 
the 2005 hurricane season. Testifying before the subcommittee 
was a representative from the Federal Emergency Management 
Agency (which administers the NFIP) and several representatives 
from private sector groups.
    On July 17, 2007 the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``H.R. 920, the Multiple 
Peril Insurance Act of 2007.'' H.R. 920 would create a new 
program in the NFIP to allow policyholders to purchase wind and 
flood coverage in one policy. H.R. 920 would require premiums 
for the new optional wind coverage to be risk-based and 
actuarially sound so that the program would be required to 
collect enough premiums to pay claims. The purpose of the 
hearing was to assess and discuss the legislation and examine 
what impact this legislation would have on the NFIP and the 
private insurance market. Testifying before the Subcommittee 
were several Members of the House, a representative from FEMA, 
a representative from the National Association of Insurance 
Commissioners and several representatives from private sector 
groups.

                           SUPPORTIVE HOUSING

    On September 6, 2007, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled, ``H.R. 2930, 
Section 202 Supportive Housing for the Elderly Act of 2007.'' 
The hearing focused on the current structure of the Section 202 
Supportive Housing for Persons with disabilities and the 
modernization of the program.
    On June 20, 2008, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``H.R. 5772, the Frank 
Melville Supportive Housing Investment Act of 2008.'' The 
hearing focused on the modernization of the Section 811 
Supportive Housing for Persons with Disabilities program.

                    AFFORDABLE HOUSING PRESERVATION

    On October 23, 2007, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled, ``H.R. 647, the 
Mark-to-Market Extension Act of 2007.'' The hearing focused on 
HUD's Mark-to-Market program, which reduces Section 8 subsidies 
to FHA-insured properties with above-market rents and 
restructures the mortgages of these properties so that owners 
can operate more effectively on less income and by charging 
more competitive rents. The subcommittee heard testimony from 
representatives from HUD, resident groups and owners of Section 
8 housing.

                   Subcommittee Oversight Activities


                   EMERGENCY NEEDS ON THE GULF COAST

    On February 22 and 23, 2007, the Subcommittee on Housing 
and Community Opportunity held field hearings entitled, 
``Solving the Affordable Housing Crisis in the Gulf Region Post 
Katrina: Why no progress and what are the obstacles to 
success?'' in New Orleans, Louisiana and Gulfport, Mississippi. 
The hearings focused on the status of affordable housing 
recovery in the affected in the Gulf Coast, including the 
rebuilding of private homes, rental, assisted and public 
housing. The Committee reported favorably H.R 1227, the ``Gulf 
Coast Hurricane Housing Recovery Act of 2007'' on March 16, 
2007.
    On May 8, 2008, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``Emergency CDBG Funds in 
the Gulf Coast: Uses, Challenges, and Lessons for the Future.'' 
The hearing examined the ways in which the affected Gulf Coast 
States put into action their CDBG disaster recovery funds, 
focusing on the continuing unmet affordable housing needs of 
residents.
    On June 4, 2008, the Subcommittee on Housing and Community 
Opportunity held a joint hearing with the Subcommittee on 
Emergency Communications, Preparedness, and Response of the 
Committee on Homeland Security entitled, ``Examining the Roles 
and Responsibilities of HUD and FEMA in Responding to the 
Affordable Housing Needs of Gulf Coast States Following 
Emergencies and Natural Disasters.'' The hearing focused on the 
availability and use of recovery funds for the rebuilding and 
redevelopment of public housing damaged or destroyed by natural 
disasters.

                             PUBLIC HOUSING

    On June 4, 2008, the Subcommittee on Housing and Community 
Opportunity held a joint hearing with the Committee on Homeland 
Security, Subcommittee on Emergency Communications, 
Preparedness, and Response. The joint hearing focused on 
barriers to the repair of damaged public housing units 
following Presidentially-declared emergencies or natural 
disasters and on the joint roles and responsibilities of HUD 
and FEMA in responding to housing needs following such 
emergencies or natural disasters. The Subcommittees heard 
testimony from representatives of HUD, FEMA public housing 
industry groups and tenant advocates from Mississippi and 
Louisiana.

                                HOPE VI

    On June 21, 2007, the Housing and Community Opportunity 
Subcommittee held a hearing to review the HOPE VI program, 
including the need for reauthorization, the impact of funding 
cuts on the ability of the program to meet the needs of 
distressed public housing developments, the benefits of mixed-
use communities, and the implementation of Main Street 
Partnership.

           REAUTHORIZATION OF MCKINNEY-VENTO HOMELESS PROGRAM

    On October 4, 2007 and October 16, 2007, the Subcommittee 
held hearings on H.R. 840, the ``Homeless Emergency Assistance 
and Rapid Transition to Housing Act'' (the ``HEARTH Act''), 
Witnesses included the Senate sponsor and lead cosponsor of 
counterpart Senate legislation, HUD Deputy Assistant Secretary 
for Special Needs Mark Johnston, Executive Director of the 
United States Interagency Council on Homelessness Philip 
Mangano, and representatives of various organizations active in 
homeless issues.

        FHA DOWN PAYMENT ASSISTANCE PROGRAMS AND RELATED ISSUES

    On June 22, 2007, the Subcommittee held a hearing on the 
FHA gift downpayment seller-financed loan program. Witnesses 
included the HUD Office of Single Family Housing Program 
Development Director, the HUD IG, the GAO, representatives from 
program sponsors, and housing advocates.

                             RURAL HOUSING

    On May 8, 2007, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``Rural Housing Programs: 
Review Fiscal year 2008 Budget and Pending Rural Housing 
Legislation.'' The Subcommittee heard testimony from the 
Administrator of the Rural Housing Service (RHS), Department of 
Agriculture (USDA), and from the Assistant Secretary for 
Community Planning and Development, Department of Housing and 
Urban Development. The hearing was designed to review the RHS's 
fiscal year 2008 budget proposal.

                    AFFORDABLE HOUSING PRESERVATION

    On July 10, 2007, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``Affordable Housing 
Preservation: Lessons from Starrett City.'' The subcommittee 
heard testimony from New York State and New York City officials 
and from tenant advocacy groups. The hearing focused on the 
proposed sale of Starrett City, the largest affordable housing 
development in the country and located in New York City, and 
the implications for existing tenants regarding continued 
affordability.

                            MILITARY HOUSING

    The Subcommittee on Housing and Community opportunity held 
a hearing entitled, ``Affordable Housing Needs of America's 
Low-Income Housing Veterans'' on December 5, 2007. Witnesses 
included representatives from the U.S. Department of Veterans 
Affairs, the U.S. Government Accountability Office, 
homelessness advocacy groups, and veterans advocacy groups. The 
focus of the hearing was on the affordable housing needs of 
low-income veterans, and included a mention of H.R. 3329, the 
Homes for Heroes Act of 2008.

                      NATIONAL DISASTER INSURANCE

    On March 27, 2007 the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``Perspectives on Natural 
Disaster Insurance.'' This hearing explored various approaches 
proposed to handle the issue of natural disaster insurance, 
including, but not limited to, the provisions of various bills 
that were pending before Congress at the time. Witnesses 
included Representatives Taylor, Klein, Mahoney and Brown-
Waite, a representative of the National Association of 
Insurance Commissioners and representatives of several 
insurance trade organizations.
    On September 6, 2007, the Subcommittee on Housing and 
Community Opportunity and the Subcommittee on Capital Markets, 
Insurance and Government Sponsored Enterprises held a joint 
hearing entitled, ``H.R. 3355, the Homeowners Defense Act of 
2007.'' The Homeowners'' Defense Act would provide Federal 
encouragement for States to develop State-sponsored reinsurance 
programs designed to enhance the efficiency by which 
catastrophic risks are transferred into the capital markets. 
Witnesses included several Federal and State government 
representatives, as well as representatives from several 
insurance and consumer protection organizations.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
110-5.................  Solving the Affordable      February 22, 2007
                         Housing Crisis in the
                         Gulf Coast Region Post-
                         Katrina, Part I (Field
                         Hearing).
110-6.................  Solving the Affordable      February 23, 2007
                         Housing Crisis in the
                         Gulf Coast Region Post-
                         Katrina, Part II (Field
                         Hearing).
110-11................  The Section 8 Voucher       March 9, 2007
                         Reform Act.
110-19................  Perspectives On Natural     March 27, 2007
                         Disaster Insurance.
110-21................  Possible Responses to       April 17, 2007
                         Rising Mortgage
                         Foreclosures.
110-23................  The Expanding American      April 19, 2007
                         Homeownership Act of
                         2007: H.R. 1852 and
                         Related FHA Modernization
                         Issues.
110-27................  Rural Housing Programs:     May 8, 2007
                         Review of Fiscal Year
                         2008 Budget and Pending
                         Rural Housing Legislation.
110-34................  Reauthorization of the      June 6, 2007
                         Native American Housing
                         Assistance and Self-
                         Determination Act.
110-38................  The Flood Insurance Reform  June 12, 2007
                         and Modernization Act of
                         2007, H.R. 1682.
110-44................  4Reauthorization of the     June 21, 2007
                         Hope VI Program.
110-45................  Homeowner Downpayment       June 22, 2007
                         Assistance Programs and
                         Related Issues.
110-47................  Affordable Housing          July 10, 2007
                         Preservation: Lessons
                         from Starrett City.
110-50................  H.R. 920, The Multiple      July 17, 2007
                         Peril Insurance Act of
                         2007.
110-59................  H.R. 3355, the Homeowners   September 6, 2007
                         Defense Act of 2007
                         (Joint Hearing with
                         Capital Markets,
                         Insurance, and Government
                         Sponsored Enterprises).
110-68................  Reauthorization of the      October 4, 2007
                         McKinney-Vento Homeless
                         Assistance Act, Part I.
110-70................  Reauthorization of the      October 16, 2007
                         McKinney-Vento Homeless
                         Assistance Act, Part II.
110-72................  The Impact of Late Housing  October 17, 2007
                         Assistance Payments on
                         Tenants and Owners in the
                         Project-Based Rental
                         Assistance Program.
110-73................  H.R. 647, The Mark-to-      October 23, 2007
                         Market Extension Act of
                         2007.
110-76................  Affordable Housing Needs    October 29, 2007
                         in the City of Houston:
                         Unique Challenges and
                         Opportunities (Field
                         Hearing).
110-81................  Foreclosure Prevention and  November 30, 2007
                         Intervention: the
                         Importance of Loss
                         Mitigation Strategies in
                         Keeping Families in their
                         Homes (Field Hearing).
110-82................  Affordable Housing Needs    December 5, 2007
                         of America's Low-Income
                         Veterans.
110-96................  The Use of Federal Housing  March 8, 2008
                         and Economic Development
                         Funds in St. Louis: From
                         ``Team 4'' Into the
                         Future (Field Hearing).
110-101...............  Public Housing              March 15, 2008
                         Redevelopment Strategies:
                         Implications for Jordan
                         Downs, its Community, and
                         Residents (Field Hearing).
110-108...............  H.R. 5679, The Foreclosure  April 16, 2008
                         Prevention and Sound
                         Mortgage Servicing Act of
                         2008.
110-..................
110...................  Emergency CDBG Funds in     May 8, 2008
                         the Gulf Coast: Uses,
                         Challenges, and Lessons
                         for the Future.
110-115...............  Targeting Federal Aid to    May 22, 2008
                         Neighborhoods Distressed
                         by the Subprime Mortgage
                         Crisis (Joint Hearing
                         with Subcommittee on
                         Domestic Policy of the
                         Committee on Oversight
                         and Government Reform).
110-116...............  Examining the Roles and     June 4, 2008
                         Responsibilities of HUD
                         and FEMA in Responding to
                         the Affordable Housing
                         Needs of Gulf Coast
                         States (Joint Hearing
                         with Subcommittee on
                         Emergency Communications,
                         Preparedness, and
                         Response of the Committee
                         on Homeland Security).
110-123...............  H.R. 5772, The Frank        June 20, 2008
                         Melville Supportive
                         Housing Investment Act of
                         2008.
110-126...............  Federal Spending            July 9, 2008
                         Requirements in Housing
                         and Community Development
                         Programs: Challenges in
                         2008 and Beyond.
110-134...............  Affordable Housing in West  July 29, 2008
                         Virginia: Challenges in
                         the Eastern Panhandle
                         (Field Hearing).
------------------------------------------------------------------------

              Subcommittee on Oversight and Investigations


           (Ratio: 11-9)

 MELVIN L. WATT, North Carolina, 
               Chair

GARY G. MILLER, California           LUIS V. GUTIERREZ, Illinois
PATRICK T. McHENRY, North Carolina   MAXINE WATERS, California
EDWARD R. ROYCE, California          STEPHEN F. LYNCH, Massachusetts
RON PAUL, Texas                      EMANUEL CLEAVER, Missouri
STEVEN C. LaTOURETTE, Ohio           MICHAEL E. CAPUANO, Massachusetts
J. GRESHAM BARRETT, South Carolina   AL GREEN, Texas
MICHELE BACHMANN, Minnesota          RON KLEIN, Florida
PETER J. ROSKAM, Illinois            TIM MAHONEY, Florida
KEVIN McCARTHY, California           ED PERLMUTTER, Colorado
SPENCER BACHUS, Alabama, ex officio  JACKIE SPEIER, California
                                     BARNEY FRANK, Massachusetts, ex 
                                     officio

                   Subcommittee Oversight Activities


     THE INSURANCE CLAIMS PROCESS AFTER HURRICANES KATRINA AND RITA

    The Oversight & Investigations Subcommittee held a series 
of hearings in the 110th Congress on the insurance claims 
payment process following Hurricanes Katrina and Rita. The 
first hearing entitled, ``Insurance Claims Payment Processes in 
the Gulf Coast after the 2005 Hurricanes'' was held on February 
28, 2007. The hearing examined several concerns, including 
potential overpayment of claims by the National Flood Insurance 
Program (NFIP) due to nonpayment or underpayment of wind claims 
by private Write-Your-Own (WYO) insurance companies. Another 
concern is a potential conflict of interest as these same WYO 
insurance companies licensed by the NFIP to adjust flood claims 
paid by the NFIP simultaneously adjust their own wind claims 
paid by private insurance companies. Several members of 
Congress from the Gulf Coast region testified about the 
specific challenges to their constituents and communities 
following Hurricanes Katrina and Rita. A witness from the 
Federal Emergency Management Agency (FEMA) and the Mississippi 
Attorney General testified about the ongoing government efforts 
to provide oversight of the NFIP and investigate potential 
fraud against the program.
    The second hearing entitled, ``National Flood Insurance 
Program: Issues Exposed by the 2005 Hurricanes'' held on June 
12, 2007 was a joint hearing with the Committee on Homeland 
Security, Subcommittee on Management, Oversight & 
Investigations. This hearing examined two interim reports 
issued by the U.S. Government Accountability Office (GAO) and 
Department of Homeland Security, Office of Inspector General 
(DHS-IG). Witnesses from the GAO and DHS-IG testified that FEMA 
lacked access to critical wind files maintained by private 
insurers under the WYO program to conduct proper oversight, 
however at that point in time, they did not have enough 
evidence to prove systematic defrauding of the NFIP by private 
insurers.
    A GAO report entitled, ``NATIONAL FLOOD INSURANCE PROGRAM: 
Greater Transparency and Oversight of Wind and Flood Damage 
Determinations Are Needed,'' (GAO-08-28) was released in 
December 2007. This report is a follow-up to the interim report 
discussed at the June 2007 hearing. The GAO found that because 
the NFIP does not systematically collect and analyze both wind 
and flood damage claims data, it hurts FEMA's oversight and 
quality assurance reinspection function. The GAO recommended 
that FEMA have access to both flood and wind files to ensure 
proper oversight. The DHS-IG report entitled, ``Hurricane 
Katrina: Wind Versus Flood Issues,'' (OIG-08-97) was issued in 
September 2008 and is a follow-up to the DHS-IG interim report. 
As part of its investigation, DHS-IG subpoenaed insurance files 
from about 100 damaged properties in Mississippi, Louisiana and 
Alabama and found that the NFIP did not improperly pay for wind 
damage. The DHS-IG did not find systematic defrauding of the 
NFIP by private WYO insurance companies; however, it 
recommended that FEMA have access to insurers' wind files to 
foster proper oversight.
    In addition, the Subcommittee has been conducting an 
independent investigation into the insurance claims payment 
crisis after Hurricanes Katrina and Rita. During the 110th 
Congress, the Subcommittee issued voluntary document requests 
to certain insurance companies, engineering firms and 
adjustment firms that were operating in the Gulf Coast when the 
hurricanes struck in 2005, yielding over 10,000 pages of 
documents. A staff report on the investigation is pending.
    The Subcommittee's work in this area helped inform the work 
of the Housing Subcommittee and the Full Committee in crafting 
H.R. 3121 (Flood Insurance Reform and Modernization Act of 
2007) which would expand the NFIP to include wind damage, among 
other reforms. H.R. 3121 passed the House in September 2007 and 
amended by the Senate in May 2008. While the House appointed 
conferees subsequently, no further legislative activity 
occurred on H.R. 3121. In September 2008, legislation was 
enacted to extend the NFIP to allow House and Senate 
negotiators to complete work on a permanent extension to the 
program.

            MONEY LAUNDERING AND THE FINANCING OF TERRORISM

    The Subcommittee held a hearing on May 10, 2007 entitled, 
``Suspicious Activity and Currency Transaction Reports: 
Balancing Law Enforcement Utility and Regulatory Requirements'' 
to examine the costs and benefits of ongoing regulatory and 
filing requirements, and opportunities to decrease the 
regulatory burden of complying with these and other statutes 
without impairing the operations of law enforcement. A 
representative from the Financial Crimes Enforcement Network 
(FinCEN) testified that the reports filed by financial 
institutions under the Bank Secrecy Act, which include 
Suspicious Activity Reports (SARs) and Currency Transaction 
Reports (CTRs), on financial transactions that raise suspicions 
of money laundering, terrorist financing or other financial 
misconduct, are necessary to law enforcement. A witness from 
the FBI Counterterrorism Division also testified that these 
filings are necessary for law enforcement purposes, even if it 
is difficult to draw a direct link between a SAR or CTR filing 
and law enforcement activity. Financial institution witnesses 
representing the American Bankers Association, Financial 
Services Roundtable and Independent Community Bankers of 
America testified about the cost and regulatory burdens of SAR 
and CTR filings and the tension with law enforcement, including 
the phenomenon of ``defensive filings'' where some financial 
institutions may ``overfile'' SARs and CTRs even in marginal 
cases to avoid potential liability.

 THE HOME MORTGAGE DISCLOSURE ACT AND FEDERAL FAIR LENDING ENFORCEMENT

    The Subcommittee held a hearing entitled, ``Rooting Out 
Discrimination in Mortgage Lending: Using HMDA as a Tool for 
Fair Lending Enforcement'' on July 25, 2007. A representative 
from the Federal Reserve--the agency that implements the Home 
Mortgage Disclosure Act (HMDA) through Regulation C--testified 
at the hearing along with representatives from the other 
Federal financial services agencies, including the Federal 
Deposit Insurance Corporation (FDIC), the Office of Thrift 
Supervision (OTS), the Office of the Comptroller of the 
Currency (OCC), and the National Credit Union Administration 
(NCUA). The Federal Trade Commission, the Department of 
Justice, and the Department of Housing and Urban Development 
also testified. The hearing examined 2004 and 2005 HMDA data, 
which revealed that there continue to be disparities in the 
incidence of higher-priced lending across racial and ethnic 
lines. The hearing also studied how Federal financial services 
agencies use HMDA data in their fair lending examinations of 
institutions under their authority. Most agencies use HMDA data 
as a screening tool to identify disparities in mortgage lending 
that warrant closer scrutiny. Several witnesses commented on 
the limitations of the HMDA data alone in accurately assessing 
patterns of mortgage lending to minorities. A number of the 
witnesses from consumer and civil rights organizations 
recommended that additional data be required to be collected 
under HMDA, including information on borrower's credit history, 
debt-to-income ratio, or loan-to-property value ratio. A 
similar hearing entitled, ``Mortgage Lending Disparities,'' to 
review HMDA data patterns in the Greater Boston area was held 
by the Committee in Roxbury, Massachusetts on October 15, 2007.
    On April 11, 2008, Subcommittee Chairman Melvin Watt and 
Financial Services Committee Chairman Barney Frank, along with 
14 other Committee members, sent the Government Accountability 
Office a letter requesting that it conduct a comprehensive 
review of the current state of Federal enforcement of the 
Federal fair lending laws. That review is pending.

              DIVERSITY IN THE FINANCIAL SERVICES INDUSTRY

    The Subcommittee held a series of hearings in the 110th 
Congress examining issues related to diversity in the financial 
services sector. The first hearing, held on October 30, 2007, 
was entitled, ``Preserving and Expanding Minority Banks.'' The 
hearing examined the role of minority-owned financial 
institutions in the U.S. economy, as well as the effectiveness 
of Section 308 of the Financial Institutions Reform, Recovery 
and Enforcement Act of 1989 (FIRREA), which requires the 
Department of Treasury, in consultation with the Federal 
Deposit Insurance Corporation and the Office of Thrift 
Supervision, to promote and preserve minority-owned financial 
institutions. Hearing witnesses included representatives from 
the Federal financial services agencies including OTS, FDIC, 
OCC, and the Federal Reserve Board, as well as minority-owned 
financial institutions.
    At this hearing, a Government Accountability Office (GAO) 
representative testified about a GAO report entitled, 
``MINORITY BANKS: Regulators Need to Better Assess 
Effectiveness of Support Efforts,'' (GAO-07-6), issued in 
October 2006. In this report, the GAO noted that many of the 
minority banks are located in urban areas and serve distressed 
communities and populations that have traditionally been 
underserved by financial institutions. The GAO found, among 
other things, that none of the banking regulators have 
routinely surveyed minority-owned financial institutions within 
their jurisdiction to assess the effectiveness of support 
efforts to minority banks, nor have they established outcome-
oriented performance measures to gauge results. As a result, 
GAO concluded that regulators were not well positioned to 
assess the results of their efforts, or to identify areas for 
improvement. The GAO also noted that some minority bank 
officials commented that a provision in the Community 
Reinvestment Act (CRA) that allows regulators to give favorable 
CRA consideration to majority institutions that form 
partnerships with minority financial institutions through 
capital investments, loan participations and other ventures to 
help meet the credit needs of local communities was not 
effectively helping minority banks.
    As a result of the record established at this hearing, 
Subcommittee Chairman Melvin Watt introduced H.R. 4043, the 
``Preserving and Expanding Minority Depository Institutions 
Act,'' on November 1, 2007. This bill would expand the 
requirements of Section 308 of FIRREA to the Federal Reserve 
and the Office of the Comptroller of the Currency and require 
all agencies subject to the provision to submit an annual 
report to the Congress on their efforts to promote and preserve 
minority-owned financial institutions. H.R. 4043 passed the 
House by voice vote on December 5, 2007.
    On September 24, 2007, the House passed by voice vote H. 
Con. Res. 140, the ``Financial Services Diversity Initiative,'' 
which was introduced by Representative Gregory Meeks. This 
concurrent resolution recognizes the low presence of minorities 
in the financial services industry, particularly in upper 
levels of management. It also expresses the sense of Congress 
that active measures should be taken to increase the 
demographic diversity of the financial services industry.
    Partially in response to this concurrent resolution, the 
Subcommittee held another hearing entitled, ``Diversity in the 
Financial Services Sector'' on February 7, 2008. Hearing 
witnesses included representatives from the GAO, the U.S. Equal 
Employment Opportunity Commission (EEOC), as well as financial 
services diversity executives, foundations and think tanks that 
study diversity trends. The hearing examined a GAO report 
entitled, ``Overall Trends in Management-Level Diversity and 
Diversity Initiatives, 1993-2004,'' (GAO-06-843T) that was 
issued on July 12, 2006. In this report, the GAO found that 
over an 11-year time period, diversity at the management level 
in the financial services sector did not increase 
significantly. Possible solutions to this continuing problem 
discussed at the hearing included improving the data (including 
EEOC data) on workforce diversity, increasing internship and 
mentoring opportunities for minorities and women, and 
encouraging efforts by the private sector to communicate both 
internally and externally the business case for diversity. 
Another issue raised by members at the hearing was the need to 
monitor the level of workforce diversity within the Federal 
financial services agencies.
    The issue of workforce diversity in the public sector was 
later addressed in legislation by Representative Maxine Waters, 
a member of the Subcommittee, who worked to include a provision 
in the Housing and Economic Recovery Act of 2008 (P.L. 110-
289), which was signed into law on July 30, 2008, to establish 
within each regulated government-sponsored enterprise an Office 
of Minority and Women Inclusion to handle all matters relating 
to diversity in management, employment, and business 
activities.

               AVAILABILITY OF NATURAL DISASTER INSURANCE

    The Subcommittee held a field hearing on February 11, 2008 
in West Palm Beach, Florida entitled, ``The Homeowners'' 
Insurance Crisis and its Impact on Communities, Homeowners and 
the Economy.'' Florida's Insurance Commissioner testified, 
along with the mayor of Wellington, Florida and a local 
resident about the financial impact on State and local 
governments and residents of natural catastrophes and the 
withdrawal of insurance companies from coastal markets.
    The hearing explored possible solutions to the insurance 
coverage crisis, including H.R. 3355 (The Homeowners' Defense 
Act of 2007), introduced by Representatives Klein and Mahoney, 
both of Florida, that would create a consortium for State-
sponsored insurance funds to voluntarily bundle catastrophic 
risk with one another, and transfer that risk to the private 
markets through the use of catastrophe bonds and reinsurance 
contracts, among other reforms. H.R. 3355 passed the House of 
Representatives in November 2007 and currently awaits Senate 
action. Representatives from the Florida Association of 
Realtors and Independent Insurance Agents and Brokers of 
America testified in support of H.R. 3355 and supported the 
idea of a comprehensive solution to the insurance crisis as a 
result of natural catastrophes.

                      CREDIT SCORING AND INSURANCE

    The Subcommittee held two hearings on the use of consumer 
credit information to underwrite and rate personal lines of 
insurance, including automobile and homeowners' insurance. The 
first hearing, held on October 2, 2007, was entitled, ``Credit-
Based Insurance Scores: Are They Fair?'' Under Section 215 of 
the Fair and Accurate Credit Transactions (FACT) Act, the 
Federal Trade Commission (FTC) and the Federal Reserve, in 
consultation with the Office of Fair Housing and Equal 
Opportunity of the Department of Housing and Urban Development, 
are required to study whether credit scores and credit-based 
insurance scores affect the availability and affordability of 
financial services and products. On July 19, 2007, the FTC 
released the first portion of the statutorily required report 
entitled, ``Credit-Based Insurance Scores: Impacts on Consumers 
of Automobile Insurance'' that examined the use of credit-based 
insurance scores to rate and underwrite automobile insurance. 
The second portion of that report, addressing homeowners' 
insurance, is pending.
    Hearing witnesses included representatives from the FTC, 
several State insurance commissioners and civil rights 
organizations. The hearing examined State regulations and laws 
governing the use of credit-based insurance scores. The hearing 
also addressed the FTC report, and whether the validity of the 
report was compromised because the underlying data was supplied 
by the insurance industry on a voluntary basis and did not 
cover the entire automobile insurance market. Subsequently, the 
FTC decided to use its subpoena authority to compel data from a 
large cross section of insurance companies to complete the 
pending homeowners' insurance study.
    A second hearing entitled, ``The Impact of Credit-Based 
Insurance Scoring on the Availability and Affordability of 
Insurance'' was held by the Subcommittee on May 21, 2008. This 
hearing examined more generally the use of consumer credit 
information in the underwriting and rating of personal lines of 
insurance. Witnesses included representatives from the FTC, the 
National Association of Insurance Commissioners, the National 
Conference of Insurance Legislators, and a number of civil 
rights and consumer organizations.
    As a result of concerns raised during these hearings about 
the impact of the use of credit-based insurance scores on 
consumers, particularly low-income and minority consumers, two 
members of the Subcommittee introduced separate bills relating 
to the use of consumer credit information for insurance 
purposes. Representative Luis Gutierrez introduced H.R. 5633, 
the ``Nondiscriminatory Use of Consumer Reports and Consumer 
Information Act of 2008,'' on March 13, 2008, and 
Representative Maxine Waters introduced H.R. 6062, the 
``Personal Lines of Insurance Fairness Act of 2008,'' on May 
15, 2008. Neither bill was considered by the Financial Services 
Committee during the 110th Congress.

 REGULATORY RESTRICTIONS PROHIBITING COLLECTION AND PUBLICLY REPORTING 
              RACIAL AND GENDER DATA OF NONMORTGAGE CREDIT

    The Subcommittee held a hearing entitled, ``The GAO Report 
on Regulation B: Should Lenders Be Required to Collect Race and 
Gender Data of Borrowers for All Loans?'' on July 17, 2008. 
This hearing examined the impact of the current provision under 
Regulation B, which implements the Equal Credit Opportunity Act 
(ECOA), prohibiting lenders from collecting and publicly 
reporting racial and gender information of loan applicants for 
nonmortgage credit.
    In July 2007, Subcommittee Chairman Melvin Watt, along with 
Financial Services Committee Chairman Barney Frank and 
Financial Institutions and Consumer Credit Subcommittee Chair 
Carolyn Maloney, asked the Government Accountability Office 
(GAO) to review the impact of removing the general prohibition 
under Regulation B on collecting certain types of data. The GAO 
conducted this review and their report entitled, ``FAIR 
LENDING: Race and Gender Data Are Limited for Non-Mortgage 
Lending'' (GAO-08-1023T) was publicly released at the 
Subcommittee hearing. The GAO found that most studies suggest 
that discrimination may play a role in certain types of 
nonmortgage lending but that data limitations impede efforts by 
researchers and regulators to fully understand the issue. These 
difficulties were also highlighted almost ten years ago in 1999 
by the former heads of several Federal banking agencies in a 
joint comment letter to the Federal Reserve in which they 
stated that collecting racial and gender data of nonmortgage 
loan applicants would greatly assist private sector and 
government detention of discriminatory practices and increase 
access to credit to economically disadvantaged groups.
    Hearing witnesses included representatives from the GAO, 
the Federal Reserve, financial services and consumer advocacy 
organizations. While the witness from the financial services 
sector expressed concerns about the potential costs to the 
industry of increased data collection if the prohibition under 
Regulation B was eliminated, some of the other witnesses 
questioned whether these costs would be significant, noting 
that because many lenders already collect and publicly report 
data required under the Home Mortgage Disclosure Act, they may 
already have in place the necessary computer systems and 
training to collect similar data from nonmortgage credit 
applicants.

                             CREDIT SCORES

    The Subcommittee held a hearing on July 29, 2008 entitled, 
``What Borrowers Need to Know About Credit Scoring Models and 
Credit Scores.'' The hearing examined a number of issues 
relating to credit scoring, including how consumer reporting 
agencies develop credit scoring models; the use of credit 
scores by lenders to determine whether credit is extended to 
consumers and on what terms; consumers' access to and 
understanding of credit scores; and the use of nontraditional 
data in assessing consumers' creditworthiness. Witnesses 
included representatives from the nationwide consumer reporting 
agencies, academia, and consumer advocacy organizations.

      REFORM OF THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

    The Subcommittee held a hearing on September 16, 2008 
entitled, ``HUD's Proposed RESPA Rule.'' The hearing explored 
the U.S. Department of Housing and Urban Development (HUD)'s 
proposed rule on the Real Estate Settlement Procedures Act 
(RESPA). There have been several attempts at RESPA reform over 
its 30-year history. The latest effort, which began in 2005, 
was the result of a series of round-table interviews and formal 
comments from consumer and industry groups, as well as 
government entities such as the Federal Reserve and the Federal 
Trade Commission.
    In a letter dated August 7, 2008, over 240 members of 
Congress strongly criticized the proposed RESPA rule as overly 
confusing to consumers and costly to small business. The 
bipartisan letter urged HUD to withdraw the proposed rule and 
open a new joint rulemaking with the Federal Reserve to 
coordinate with Fed regulations under the Truth-in-Lending Act 
(TILA), which is closely related with RESPA. Hearing witnesses 
representing the real-estate settlement industry also sought 
withdrawal of the rule and a joint rulemaking with the Federal 
Reserve. All of the hearing witnesses, including consumer 
witnesses, criticized some aspects of the proposed rule, 
including its potential costs and consumer confusion about 
multiple and sometimes conflicting forms.
    The RESPA rule was finalized and published in the Federal 
Register on November 17, 2008.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
110-7.................  Insurance Claims Payment    February 28, 2007
                         Process in the Gulf Coast
                         After the 2005 Hurricanes.
110-30................  Suspicious Activity and     May 10, 2007
                         Currency Transaction
                         Reports: Balancing Law
                         Enforcement Utility and
                         Regulatory.
110-39................  National Flood Insurance    June 12, 2007
                         Program: Issues Exposed
                         by the 2005 Hurricanes
                         (Joint Hearing with
                         Subcommittee on
                         Management,
                         Investigations, and
                         Oversight of the
                         Committee on Homeland
                         Security.
110-54................  Rooting Out Discrimination  July 25, 2007
                         in Mortgage Lending:
                         Using HMDA as a Tool for
                         Fair Lending Enforcement.
110-64................  Credit-Based Insurance      October 2, 2007
                         Scores: Are they Fair?.
110-78................  Preserving and Expanding    October 30, 2007
                         Minority Banks.
110-86................  Diversity in the Financial  February 7, 2008
                         Services Sector.
110-88................  The Homeowners' Insurance   February 11, 2008
                         Crisis and its Impact on
                         Communities, Homeowners,
                         and the Economy (Field
                         Hearing).
110-113...............  The Impact of Credit-Based  May 21, 2008
                         Insurance Scoring on the
                         Availability and
                         Affordability of
                         Insurance.
110-129...............  GAO Report on Regulation    July 17, 2008
                         B: Should Lenders Be
                         Required to Collect Race
                         and Gender Data of
                         Borrowers for All Loans.
110-133...............  What Borrowers Need to      July 29, 2008
                         Know About Credit Scoring
                         Models and Credit Scores.
110-138...............  HUD's Proposed RESPA Rule.  September 16, 2008
------------------------------------------------------------------------

                 OVERSIGHT PLAN FOR THE 110TH CONGRESS

    Clause 2(d) of rule X of the Rules of the House of 
Representatives for the 110th 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 Oversight and 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 Tenth 
Congress, which the Committee considered and adopted on 
February 13, 2007.
    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 TENTH CONGRESS

                              ----------                              


  February 13, 2007.--Approved by the Committee on Financial Services

                              ----------                              

    Mr. FRANK, from the Committee on Financial Services, 
submitted to the Committee on Oversight and 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 110th Congress requires each standing 
committee, not later than February 15 of the first session to 
adopt an oversight plan for the 110th Congress. The oversight 
plan must be submitted simultaneously to the Committee on 
Oversight and Government Reform and the Committee on House 
Administration.
    The following agenda constitutes the oversight plan of the 
Committee on Financial Services for the 110th 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. Any areas mentioned in the oversight 
plan may be considered by the Financial Services Committee, the 
four subcommittees of jurisdiction or the Subcommittee on 
Oversight and Investigations. 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

    Industrial Loan Companies. The Committee will continue to 
review the growth in the number of industrial loan companies, 
the impact of this growth on the historic separation between 
banking and commerce. Legislation is necessary in this area.
    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. The 
Committee may examine whether, after the FACT Act is 
implemented, there remain barriers for consumers in maintaining 
accurate and complete consumer reporting files. The Committee 
will seek to determine if additional efforts need to be 
undertaken to promote voluntary reporting of data not currently 
being supplied to credit reporting agencies, to facilitate 
greater access to affordable financial products and services.
    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, regulatory voids created by 
agency interpretations of the application or enforcement of 
State law over national banks, Federal thrifts and their 
affiliates or subsidiaries, marketing tactics, rising fees, and 
penalties on credit card, payday, mortgages and other consumer 
loans, unfair or deceptive acts or practices, 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. The Committee will also consider industry 
practices with respect to overdraft protection programs, 
deposit hold periods, and other fees.
    Provision of Credit to Military Personnel. The Committee 
will monitor the implementation of Section 670 of the John 
Warner National Defense Authorization Act for Fiscal Year 2007, 
Pub. L. 109-364, Section 670, ``Limitations on Terms of 
Consumer Credit Extended to Service members and Dependents.'' 
The Department of Defense is currently drafting the 
implementing regulations for this law, and the Committee will 
carefully review the impact that short-term unsecured loans are 
having on the financial well-being of servicemembers, their 
families, and the overall readiness of the armed services. The 
Committee will also examine the potential impact that the law 
will have on financial institutions and on the availability and 
affordability of credit for military personnel.
    Data Security and Identity Theft. Building on the 
Committee's longstanding role in developing laws governing 
companies' handling of sensitive personal financial information 
about consumers (including the Gramm-Leach-Bliley Act and the 
FACT Act), the Committee will continue to seek legislation that 
better protects the security and confidentiality of such 
information from any loss, unauthorized access, or misuse. The 
Committee will analyze whether a national uniform data security 
standard which preempts State laws would better protect 
consumers, decrease costs, reduce regulatory conflict, and 
minimize frivolous lawsuits. The Committee will also review the 
appropriate standard for providing notices of data breaches to 
the affected consumers. Finally, the Committee will examine the 
extent to which State ``file freeze'' laws have been successful 
in protecting individuals from identity theft.
    Data Security for Government Agencies. The Committee will 
examine major data security breaches at government agencies to 
ensure that personal financial information is properly 
safeguarded and that the affected individuals receive prompt 
notification where that is appropriate.
    Mortgage 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. The Committee recognizes that 
extending credit to underserved segments of the population has 
positive aspects and the Committee's effort will be to decrease 
the amount of abuses without undermining such access to credit. 
In targeting abusive practices, the Committee will be cognizant 
of the need to avoid policy prescriptions that result in 
shutting off credit to underserved borrowers. The 2005 Home 
Mortgage Disclosure Act (HMDA) data, like the 2004 HMDA data, 
continued to show substantial disparities in the incidence of 
higher-priced lending across racial and ethnic lines, with 
Black and Hispanic borrowers more likely to obtain loans with 
prices above the pricing thresholds than non-Hispanic white 
borrowers. The Committee will continue to examine HMDA data to 
help assess patterns of home mortgage lending to minority 
populations while recognizing the inherent limitations of any 
set of data. The Committee will extend its inquiry to examine 
all relevant factors.
    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.
    Diversity within the Federal Financial Services Agencies. 
The Committee will examine the level of racial, ethnic and 
gender diversity at senior management levels within the Federal 
financial services agencies. The Committee will also examine 
the policies, programs and initiatives used by these agencies 
to obtain and retain racial, ethnic and gender diversity among 
their senior managers and officers.
    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 continue to monitor the implementation and 
impact of the Check Clearing for the 21st Century (Check 21) 
Act (Public Law 108-100). As part of this effort, the Committee 
will review the pending Federal Reserve study on the effects of 
the adoption of the Check 21 Act on the financial services 
industry, including the appropriateness of the current maximum 
hold periods and amount limits provided under the Electronic 
Funds Availability Act, and the GAO report evaluating the 
implementation and administration of the Check 21 Act. The 
Committee will also review improvements to the payments system, 
including ACH debit entries, wire transfers, and international 
remittances.
    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 Accord seeks to 
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 (1) result in a more safe and sound 
banking system; (2) have a discriminatory effect on any class 
of U.S. financial institutions; (3) create unnecessarily 
burdensome regulatory requirements; or (4) result in other 
unintended consequences. 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 on the topic.
    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. The Committee's 
work in this area will include an examination of (1) the costs 
and benefits of ongoing regulatory and filing requirements, and 
(2) opportunities to decrease the burden of complying with 
these and similar statutes without impairing the operations of 
law enforcement. This review will include an examination of the 
administration's annual National Money Laundering Strategy. he 
Committee will also monitor the 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 (OFAC), including adequate allocation of assets at OFAC 
to develop suitable, modern computer systems that allow it to 
do its job effectively. The Committee will also monitor the 
data mining and examination of personal financial information 
conducted by government agencies, to ensure that an appropriate 
balance is struck between law enforcement priorities and the 
protection of civil liberties.
    Money Service Businesses' Access to Financial Institution 
Services. The Committee will examine why financial institutions 
continue to sever their relationships with Money Services 
Businesses (MSBs) and assess the effectiveness of FinCEN 
regulatory guidance to both MSBs and financial institutions, 
and review actions that regulators can take to ensure that such 
MSBs are not denied access to the banking system.
    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 seek updates 
on consumer compliance supervision of financial institutions 
and review the regulatory enforcement of the Community 
Reinvestment Act, consumer protections, and agency customer 
service. The Committee may examine regulatory restrictions that 
prohibit the collection and public dissemination of racial and 
gender data of small business loans. The Committee will review 
the adequacy of the current reporting requirements under the 
Home Mortgage Disclosure Act. In October 2006, the Government 
Accountability Office (GAO) issued a report, ``MINORITY BANKS: 
Regulators Need to Better Assess Effectiveness of Support 
Efforts,'' at the request of a number of Democratic members of 
the Committee. The Committee will continue to monitor the 
Federal financial agencies' efforts to promote and preserve 
minority-owned financial institutions by paying close attention 
to the agencies' progress in implementing the goals outlined in 
GAO's October 2006 report.
    Commercial Real Estate Guidance. The Committee will review 
and monitor the Federal banking regulatory agencies' 
implementation of the Commercial Real Estate Guidance issued by 
three of the four agencies. The Committee continues to be 
concerned over the lack of regulatory uniformity in this area. 
The Committee will examine whether there is a need to include 
participation by State supervisors. The Committee intends to 
monitor the agencies' application of the Guidance to ensure 
that the thresholds that were incorporated in the Guidance are 
not applied as arbitrary ceilings, but, instead, as indicators 
showing that further analysis is warranted.
    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.
    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 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. 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.
    Deposit Insurance Reform. The Committee will monitor the 
implementation of the Deposit Insurance Reform Act of 2005 and 
the Federal Deposit Insurance Reform Conforming Amendments Act 
of 2005, 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.
    Credit Unions. The Committee will review issues relating to 
the conversion policies and procedures, community reinvestment, 
safety and soundness and regulatory treatment of the credit 
union industry.
    Regulatory Burden Reduction. The Committee will review the 
current regulatory burden on banks, thrifts, and credit unions 
with the goal of reducing unnecessary, duplicative, or overly 
burdensome regulations, consistent with consumer protection and 
safe and sound banking practices. The Committee's starting 
point will be the work done in the 109th Congress that resulted 
in passage of the ``Financial Services Regulatory Relief Act of 
2006'' (Public Law 109-351), but which did not include a number 
of provisions included in the House-passed regulatory relief 
bill, H.R. 3505.
    Credit Card Regulation. The Committee will continue its 
review of credit card industry practices, particularly relating 
to marketing, fees and disclosures. The Committee will monitor 
the Federal Reserve Board's 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).
    Remittances. The Committee will review the marketing and 
disclosure practices of financial institutions and money 
transmitters who offer international remittance services to 
consumers seeking to send funds to relatives in other 
countries.
    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.
    Community Development Financial Institutions Fund. The 
Community Development Financial Institutions (CDFI) Fund was 
created in 1994 to promote economic revitalization and 
community development. The Committee will continue to oversee 
the Fund's operations, particularly its progress in 
implementing reforms to make the grantmaking process fair and 
transparent. In addition, the Committee will examine the 
contribution of the Fund to community development and its 
measurement of the effect of its efforts in rural, urban, 
suburban, and Native American communities. The Committee will 
examine the extent to which demand for this program has 
increased, and whether authorization levels should be adjusted, 
and the effect that proposed Administration budget cuts would 
have on the Fund's ability to foster community development 
across the country. The Committee will also monitor the CDFI 
Fund's administration of the New Markets Tax Credits program, 
which was recently extended through 2008.
    Community Reinvestment Act. The Committee will review the 
manner and efficacy of the financial services agencies in 
assuring compliance with the Community Reinvestment Act (CRA), 
including the degree to which the regulators are consistent in 
applying the regulations to all institutions. The Committee 
wants to ensure that CRA loans, services, and investments are 
efficiently directed to the low and moderate income 
communities, and will also examine how well institutions are 
complying with the revised CRA regulations that were recently 
adopted. The Committee will review the effect the revised 
regulations have had on institutions' lending, services, and 
investments in the communities in which they are located.
    Appraisals. The Government Accountability Office in a 2003 
study found that 69 percent of States need more staffing for 
appraisal industry oversight, and 40 percent needed more 
resources to support related litigation efforts. Since then, 
anecdotal media reports about appraisal fraud, lender pressure, 
and faulty appraisals have continued to grow. The Committee 
will examine these matters, the effectiveness of the Appraisal 
Subcommittee of the Federal Financial Institutions Examination 
Counsel in overseeing State-based appraisal enforcement and 
licensing programs, and the need for appraisal regulatory 
reform.
    Credit Monitoring. The Committee will study the development 
of the credit monitoring industry and the need for enhancing 
the protection that consumers purchasing this service have.

                               Securities

    SEC Oversight. The Committee will monitor the operations of 
the Securities and Exchange Commission (SEC) and the impact of 
efforts to improve the coordination, effectiveness, and 
efficiency of its functions, including with respect to its 
supervisory and inspection functions; its efforts to provide 
investors with improved access to financial data filed with the 
SEC; and its initiatives to reduce regulatory duplication and 
promote regulatory cooperation. The Committee will also review 
proposals to enhance the functions of the SEC and for greater 
consolidation of domestic market regulation.
    Sarbanes-Oxley Act. The Committee will continue to monitor 
the impact of the Sarbanes-Oxley Act on investors, public 
companies, and markets, particularly with respect to the 
efforts of the SEC and Public Company Accounting Oversight 
Board (PCAOB) to improve the efficiency of implementation of 
the internal control requirements under section 404 of that 
Act, the impact of the Act's corporate governance reforms, and 
the adequacy of investor protections provided by the Act 
generally.
    Public Company Accounting Oversight Board (PCAOB). The 
Committee will review the PCAOB's oversight of public company 
auditors, including reforms of auditing standards and the 
results of the PCAOB's inspection program.
    Financial Accounting Standards Board (FASB). The Committee 
will review the work of the FASB to improve financial 
accounting standards, including progress on efforts to reach 
convergence with the International Accounting Standards Board 
on accounting standards, continued consideration of the 
appropriate form for standards, and the implications of 
increased incorporation of market valuations under accounting 
standards.
    Convergence of International Accounting Standards. The 
Committee will review progress on efforts to converge generally 
accepted accounting practices in the United States and 
International Accounting Standards and toward acceptance of 
financial reports using the converged standards in the US and 
abroad.
    Corporate Governance. The Committee will review 
developments and issues concerning corporate governance in 
public companies, including proposals to increase 
accountability to shareholders through enhanced shareholder 
access to management's proxy, shareholder nomination of 
directors, and majority voting. The Committee also will review 
issues raised with respect to the integrity of the shareholder 
voting process.
    Executive Compensation. The Committee will review the SEC's 
recent regulation requiring greater transparency in disclosures 
of executive compensation arrangements, and consider 
legislative proposals to increase accountability to 
shareholders in public companies and empower shareholders to 
rein in executive pay where they deem appropriate. The 
Committee also may explore other current executive compensation 
and disclosure issues, including back-dating of stock options.
    Market Structure. The committee will monitor the 
implementation of the SEC's revised rules governing the 
National Market System, including Regulation NMS, and the 
implications of those changes for securities markets and 
investors. The Committee also will monitor developments in 
exchange governance and the growth and innovation of exchange 
trading systems, competition among the numerous exchange and 
alternative trading venues, exchange mergers, market data 
distribution and fees, and other developments in the securities 
and options markets, such as penny pricing of options 
contracts, portfolio margining, the growth of Exchange Traded 
Funds (ETFs), and the use of practices like payment for order 
flow.
    International Exchange Mergers. The Committee will monitor 
the impact of cross-border exchange mergers in the securities 
and related markets, as well as implications for the continued 
oversight of combined organizations by national authorities.
    SRO Regulation. The Committee will review the effectiveness 
of self-regulatory organizations in the securities markets and 
assess the impact of proposed mergers of the regulatory 
functions on the securities markets, market participants, and 
investors, including the impact of harmonization of rules and 
arbitration systems.
    Securities Arbitration. The Committee will examine the 
impact of mandatory arbitration requirements on securities 
investors, as well as the balance, fairness, and efficiency of 
the current arbitration system.
    Investment Companies. The Committee will review the current 
state of regulation of investment companies and their advisors 
with respect to mutual fund operations, governance, disclosure, 
and sales, including the impact on investors of recent rule 
changes and court decisions. The Committee also will review the 
effectiveness and efficiency of the approval process for new 
products, such as exchange-traded funds.
    Hedge Funds. The Committee will examine the current state 
of the hedge fund markets to assess the impact of their growth, 
scope of activities, and prominence in financial markets. The 
Committee will review the potential impact of hedge funds 
activities on markets, investors, financial intermediaries, and 
companies.
    Global Competitiveness of U.S. Financial Markets. The 
Committee will examine recent data and studies concerning the 
competitive position of the U.S. financial markets and 
exchanges. The Committee also will assess proposals to enhance 
the competitiveness of U.S. markets, including those to 
streamline regulation of U.S. financial markets and 
institutions and to consolidate oversight of exchanges in a 
single regulator, as well as proposed corporate governance and 
litigation reform.
    Federal/State Allocation of Enforcement Responsibilities. 
The Committee will examine the impact of several pieces of 
legislation over the last decade streamlining securities 
registration and regulation and allocating responsibilities 
between State and Federal authorities. In particular, the 
Committee will examine the impact of this legislation on the 
enforcement of the securities laws and whether loopholes have 
been created that permit fraudulent securities offerings to 
escape either Federal or State law enforcement.
    Rating Agency Reform. The Committee will monitor the SEC's 
implementation of legislation to improve oversight of 
securities rating agencies.
    Business Continuity Planning. The Committee will monitor 
the implementation of the Interagency Paper on Sound Practices 
to Strengthen the Resilience of the U.S. Financial System as 
well as the related efforts of all participants in the 
securities industry to improve business continuity planning to 
protect investors against the effects of natural disasters, 
terrorism events, and pandemics. The Committee will also review 
the impact of global mergers and alliances and their impact on 
business continuity planning.
    SIPC. The Committee will examine the operations, 
initiatives and activities of the Securities Investor 
Protection Corporation (SIPC) and possible opportunities to 
better protect investors.
    Fair Fund. The Committee will examine the success of 
Federal regulators in implementing the Fair Fund provision 
established under the Sarbanes-Oxley Act to distribute civil 
fines and ill-gotten gains from corporate wrongdoers to 
defrauded investors. The Committee will review options for 
improving the operations of the Fair Fund.

                    Government Sponsored Enterprises

    Regulatory Reform. The Committee will continue efforts to 
improve the regulatory structure of the housing-related 
government sponsored enterprises (GSEs), including Fannie Mae, 
Freddie Mac, and the Federal Home Loan Banks (FHLBs). The 
Committee will consider proposals to consolidate GSE 
supervision under an independent regulator with enhanced 
supervisory and enforcement powers similar to those of the bank 
regulatory agencies.
    GSEs and Financial Disclosure. The Committee will review 
the progress of the financial restatements by Freddie Mac, 
Fannie Mae, and some FHLBs. The Committee also will review the 
status and results of registration with the SEC by the GSEs.
    Federal Home Loan Bank System. The Committee will monitor 
the Federal Home Loan Bank system's ability to fulfill its 
housing mission and provide liquidity to member banks in a safe 
and sound manner. The Committee will also monitor the various 
regulatory initiatives undertaken by the Federal Housing 
Finance Board (FHFB) to alter the capital requirements of the 
Federal Home Loan Banks.
    Farm Credit System. The Committee will examine recent 
proposals to expand the scope of permissible activities for 
institutions that are part of the Farm Credit System and the 
implications for local communities and financial institutions.
    Board Director Appointments. The Committee will monitor the 
progress of the FHFB in fulfilling its statutory obligation to 
appoint directors to the boards on each of the FHLBs.
    FHLB Community and Economic Development. The Committee will 
focus on the efforts to advance community and economic 
development within the FHLB system, including the 
implementation of the enhanced targeted economic development 
lending for small business, small farms, and small agri-
businesses allowed under the Gramm-Leach-Bliley Act and of the 
performance of the FHLBs in implementing the FHFB's community 
investment cash advance regulation.
    REFCorp Payments. The Committee will monitor the efforts of 
the housing GSEs to pay the obligations of the Resolution 
Funding Corporation (REFCorp) established to cover the costs of 
resolving the savings-and-loan crisis and the policy 
implications for the GSEs upon the satisfaction of the 
remaining REFCorp debts.

                                Housing

    Federal Housing Response to Hurricane Katrina. The 
Committee will conduct a hearing or series of hearings on the 
housing reconstruction needs created by Hurricane Katrina, 
including the availability of affordable housing for low-income 
families, the impact of Katrina on public and assisted housing, 
and the impact of communities experiencing an influx of persons 
from the Gulf Coast after Hurricane Katrina hit. In addition, 
the Committee will examine the role of government in long-term 
housing, as well as economic and infrastructure recovery of the 
Gulf Coast region and the ability of homeowners to rebuild, 
including the availability of homeowner's insurance. The 
Committee will also be reviewing potential funding sources for 
the production, repair, and reconstruction of affordable 
housing in areas affected by Katrina, including funding that 
could be made available through a GSE Affordable Housing Fund.
    FY 2008 Budget for the Department of Housing and Urban 
Development, the Rural Housing Service, the Neighborhood 
Reinvestment Corporation and the National Flood Insurance 
Program. The Committee will conduct a hearing or hearings to 
consider Administration FY 2008 budget proposals for these 
agencies and programs, including receiving testimony from 
relevant agencies.
    Housing Production. The Committee may conduct a hearing or 
series of hearings on proposals to create a National Housing 
Trust Fund, possible funding mechanisms for this fund, and how 
both non-profit and for-profit organizations can participate in 
production programs. Issues to be considered include 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 Federal housing programs which 
can be used in the construction or substantial rehabilitation 
of affordable housing units; and strategies for developing 
additional affordable housing units.
    Housing Tax Credit Programs. The Committee may conduct a 
hearing or series of hearings on legislative and administrative 
proposals to provide for better coordination between the Low 
Income Housing Tax Credit Program and Federal housing programs 
under the Department of Housing and Urban Development and the 
Rural Housing Service which are used in conjunction with 
housing tax credits.
    Housing Preservation. The Committee will hold hearings on 
the importance of preserving 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 will 
review HUD's policies and performance in approving proposals by 
owners to preserve and rehabilitate older assisted housing 
projects. The Committee may also explore other related topics, 
such as prepayment policies, troubled projects, renewal of 
expiring project-based voucher contracts and transfer of 
project-based section 8 contracts. 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. Further, the 
Committee will review the circumstances by which current owners 
choose to leave the program and how incentives can be used, 
coupled with a reduced regulatory burden, to encourage 
continued participation by the private sector.
    Public Housing. The Committee will review the state of 
public housing programs, including the impact of cuts to the 
public housing operating and capital funds and to the HOPE VI 
program, and the impact of the elimination of the Drug 
Elimination Program. The Committee also will review HUD's 
implementation of the Quality Housing Work Responsibility Act 
of 1998 (QHWRA), including the impact that conversion to asset-
based management is having on public housing agencies in light 
of severe funding shortfalls for the public housing operating 
and capital fund programs; the Community Service requirement; 
the performance to date of Moving to Work agencies; and areas 
where unnecessary regulation could be curtailed, while fully 
maintaining protections for tenants. In particular, the 
Committee notes that QHWRA 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, and the Committee will review which provisions from 
this 1998 act still have not been implemented by HUD.
    HOPE VI. The Committee will review the HOPE VI program, 
including the need for reauthorization, the impact of funding 
cuts on the ability of the program to meet the needs of 
distressed public housing developments, the benefits of mixed-
use communities, and the implementation of Mainstreet 
Partnership. The Committee will review the progress by past 
HOPE VI award recipients of implementing and completing their 
revitalization plans, including the amount of funds that remain 
unspent in some HOPE VI accounts.
    Section 8 Housing Choice Voucher Program. The Committee 
will conduct a hearing or hearings on the Housing Choice 
Voucher Program. Such review may include consideration of 
legislation to reform the voucher funding formula, and to 
streamline the current voucher rent and inspection rules. The 
Committee will examine the adequacy and effectiveness of the 
voucher program in addressing the needs of low-income people. 
As part of this review, the Committee will examine the impact 
of high concentrations of tenant households on low- and middle-
income communities that may already have high concentrations of 
low-income residents and solutions such as mixed-use 
communities and transitioning to homeownership.
    Federal Housing Administration (FHA). The Committee will 
conduct hearings on the FHA single family loan program, 
including the causes and impact of the declining market share 
of the FHA program in relation to the overall mortgage market, 
the appropriate level of FHA loan limits in high-cost areas, 
the level of default and foreclosure rates, loss mitigation 
efforts, and program administration issues. In addition, the 
Committee will review the extent to which modernization of the 
FHA single-family program may address declining market share. 
The Committee will review legislation to authorize FHA to 
insure single family zero down payment loans and loans to 
borrowers with higher credit risk than FHA currently serves. 
The Committee will also review other FHA loan programs, 
including multi-family housing loans, manufactured housing 
loans, reverse mortgage loans (HECMs), and hospital and health 
care loans.
    Downpayment Assistance. The Committee may review the 
American Dream Downpayment Program, as it sunsets at the end of 
2007, to examine its record in moving low-income families to 
homeownership.
    Rural Housing Service (RHS). The Committee will conduct 
hearings to consider legislation to create a revitalization 
program at the Rural Housing Service to preserve and 
rehabilitate affordable housing under the Section 514, 515, and 
516 multifamily housing programs.
    HUD Mission, Management Reform and Staffing. The Committee 
will review the overall mission, organization, human resources 
and information technology capabilities of the Department of 
Housing and Urban Development to determine whether the 
Department is meeting and addressing housing issues in the most 
efficient manner.
    Project-Based Section 8 Program. The Committee will review 
the GAO's findings regarding the timeliness of Housing 
Assistance Payments (HAP) for project-based Section 8 
properties. In addition, the Committee will review HUD's policy 
on the renewal of expiring project-based Section 8 contracts as 
well as expiring project-based Section 8 certificates.
    Limited English Proficiency. The Committee will also review 
the Department of Housing and Urban Development's final 
guidance on Limited English Proficiency, published pursuant to 
Executive Order 13166.
    Section 202 Elderly and Section 811 Disabled Housing. The 
Committee may hold a hearing on the Section 202 and 811 
supportive housing programs for the elderly and disabled, 
including proposals to preserve the existing housing stock of 
202 and 811 projects and to increase refinancing flexibility 
for such projects to carry out needed rehabilitation of older 
properties.
    Community Development Block Grant (CDBG) Program. The 
Committee will hold a hearing on the mission and objectives of 
CDBG funding and other HUD community development programs, 
including HUD implementation of these programs.
    Homelessness. The Committee will review the McKinney-Vento 
homeless assistance program, including the implications of data 
provided by HUD's Homeless Management Information Strategies 
(HMIS) nationwide homeless count.
    Oversight of Federal Housing Programs. The Committee may 
hold oversight hearings on other Federal housing programs run 
by the Department of Housing and Urban Development and the 
Rural Housing Services.
    National Flood Insurance Program. The Committee will 
conduct a hearing to consider legislation to reform the 
National Flood Insurance Program. The Committee will continue 
to monitor the National Flood Insurance Program's policy sales, 
premium use, claims handling practices, mandatory purchase 
requirements, and subsidization of repetitive loss on 
nonresidential, vacation, and second home properties. In 
addition, the Committee will continue its review of the 
implementation of the Bunning-Bereuter-Blumenauer Flood 
Insurance Reform Act of 2004 (P.L. 108-264).
    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.
    Native American Housing Programs. The Committee will 
conduct hearings to consider legislation to reauthorize the 
Native American Housing Assistance Self Determination Act. The 
Committee will also continue to examine land title issues on 
Indian lands in connection with home ownership.
    Mortgage Foreclosures. The Committee may hold a hearing on 
the issue of home mortgage foreclosures, and the impact on 
borrowers of such foreclosures.
    Housing Counseling. The Committee will review current 
housing counseling programs, to determine whether current 
funding levels are adequate to meet need, 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.
    Fair Housing. The Committee will review fair housing 
enforcement, including the adequacy of resources and staffing 
levels, and the National Fair Housing Training Academy.
    Mortgage Finance Reform/Real Estate Settlement Procedures 
Act. The Committee may review issues related to the Real Estate 
Settlement Procedures Act (RESPA), including a Government 
Accountability Office report regarding the title insurance 
industry that is due this year.
    Escrows. The Committee will generally explore problems 
related to establishing and servicing escrow accounts. This 
examination will also focus on the need to advance Federal 
reforms to require escrow accounts for those homeowners with 
less-than-perfect credit scores or high-cost mortgages.
    Mortgage Broker Licensing and Oversight. The Committee will 
explore ongoing State efforts to improve mortgage broker 
licensing and oversight, as well as proposed Federal solutions 
in this area to better protect homebuyers.

                               Insurance

    Terrorism Risk Insurance. If not extended, the Terrorism 
Risk Insurance Program established under the Terrorism Risk 
Insurance Act of 2002 (Public Law 107-297), as amended by the 
Terrorism Risk Insurance Extension Act of 2005 (Public Law 109-
144), will expire on December 31, 2007. In order to ensure the 
continued availability of terrorism insurance coverage and 
protect the economic security of the United States, the 
Committee will work to extend the program and make needed 
changes to the Act.
    Sales of Insurance and Securities Products to 
Servicemembers. In response to abuses in the marketing and sale 
of securities and life insurance products to servicemembers, 
the 109th Congress enacted the Military Personnel Financial 
Services Protection Act (Public Law 109-290). The Act requires 
or requests a variety of actions and reports by various 
agencies and entities, including the Securities and Exchange 
Commission, the Department of Defense, the Inspector General of 
the Department of Defense, State insurance and securities 
regulators, and the National Association of Insurance 
Commissioners (NAIC). The Committee will monitor implementation 
of the Act and review these pending reports and actions.
    Regulatory Modernization. For more than 130 years, the 
States have had the primary responsibility for regulating the 
business of insurance, and in recent years many industry 
participants have called on policymakers to modernize and 
improve insurance regulation to reflect the realities of the 
21st Century. Potential policy options to improve the 
efficiency and effectiveness of the insurance regulatory system 
include establishing an optional Federal charter for insurers, 
promoting greater State uniformity in insurance regulation via 
Federal legislation, and advancing by the NAIC of a coordinated 
State regulatory modernization effort. The Committee will 
continue to evaluate these policy alternatives.
    Agent and Broker Licensing Reform. As part of the Gramm-
Leach-Bliley Act (Public Law 106-102), Congress sought to 
establish greater reciprocity or uniformity thresholds for non-
resident producer licensing. Since then, many States have made 
considerable progress in streamlining their licensing systems. 
Nevertheless, the Committee will review the progress of the 
States in passing and implementing uniformity and reciprocity 
reforms for insurance agent and broker licensing. The Committee 
will also evaluate what other measures might help to promote 
even greater uniformity and reciprocity while still assuring 
sufficient consumer protections.
    Life Insurance Product Approval. The current State-by-State 
system for approving new life insurance products has resulted 
in economic inefficiencies and delays in bringing life 
insurance products to market. In order to fix this problem, the 
Interstate Insurance Product Regulation Commission was 
established to streamline such reviews. The Commission expects 
to begin accepting product filings for new life insurance 
products in early 2007. The Committee will assess the 
effectiveness of this State-led effort to achieve appropriate 
levels of uniformity and promote efficiency in the process of 
approving new life insurance products.
    Insurance Consumer Protections. Consumer advocates have 
raised concerns about the practice of recording consumer 
inquiries as part of consumer claim records. They have also 
identified a number of problematic insurance marketing 
practices like misleading sales and marketing representations, 
the churning of life insurance policies, coercion and pressure 
tactics, and product bundling. The Committee will examine the 
systems established by the States to protect consumers from 
such practices.
    Credit Scoring and Insurance. The U.S. Supreme Court has 
under consideration in its current term several consolidated 
cases involving when insurers need to inform individuals about 
adverse information contained in their credit reports that 
affects their premiums. The Committee will examine the 
forthcoming decision.
    Discrimination in Insurance. Section 215 of the Fair and 
Accurate Credit Transactions Act (Public Law 108-159) requires 
the Federal Trade Commission and the Federal Reserve, in 
consultation with the Office of Fair Housing and Equal 
Opportunity of the Department of Housing and Urban Development, 
to study and report to Congress on the effects of credit scores 
and credit-based insurance scores on the availability and 
affordability of financial products. The Committee will review 
this study. The Committee will also monitor the effects of 
other insurance companies' underwriting and rating practices 
and policies to assess whether they unfairly decrease the 
availability and affordability of insurance coverage in certain 
geographical areas, particularly those that contain higher 
concentrations of racial and ethnic minority groups.
    Availability of Natural Disaster Insurance. In light of 
recent withdrawals from some insurance markets like those along 
the Gulf Coast and the Northeast Corridor, the Committee will 
review the general availability of insurance across the United 
States. This review will focus on availability and 
affordability of natural disaster insurance for homeowners and 
businesses, and the effects the 2005 hurricane season had on 
the insurance marketplace. The Committee will also explore 
existing programs in foreign countries and the States for 
providing insurance or reinsurance for natural catastrophes. 
The Committee will also examine policy proposals for addressing 
market failures, including the potential to create an all-
perils policy.
    Uninsured Disaster Losses. Natural disasters often impose 
uninsured financial costs on individuals, private insurers, and 
Federal, State, and local governments. The Committee will 
therefore study how those at-risk are informed of the 
availability of Federal programs and private insurance 
coverage, and how well individuals, businesses, and local 
governments understand the risks they assume for uninsured 
disaster losses as a result of their choices. The Committee 
will also examine the extent to which risks are shared between 
government programs and private insurance and the extent to 
which the two cover disaster losses.
    Mega-Catastrophes. While the property and casualty 
insurance industry has absorbed the costliest insured event in 
U.S. history--Hurricane Katrina in 2005--without any systemic 
failure, many experts have begun to debate whether insurers and 
their reinsurance partners have the financial capacity to 
absorb losses from even larger or multiple ``mega-
catastrophes'' that may occur in the future as the result of 
global warming or other factors. The Committee will examine 
whether sufficient insurance and reinsurance capital exists to 
handle a mega-catastrophe and, if necessary, what prudent 
reforms would improve insurers' access to capital in order to 
ensure adequate capacity in and solvency of the industry and to 
meet consumer needs.
    Katrina Claims. After Hurricane Katrina, many consumers 
experienced frustration in the processing of their claims, in 
terms of the timeliness and payments attributable to wind or 
water damage. The Committee will examine the claims-paying 
process used by private insurance companies and the need for 
possible reforms.
    Surplus Lines and Reinsurance. In the 109th Congress, the 
House passed H.R. 5637, the Nonadmitted and Reinsurance Reform 
Act of 2006. To promote greater efficiency in the surplus lines 
and reinsurance marketplaces used by large and sophisticated 
entities to obtain coverage against losses, the Committee will 
continue its review of these matters.
    Guarantee Funds. To protect policyholders in the event of 
an insolvency of an insurer, the States have in place a system 
of guarantee funds. The Committee will continue to monitor this 
system.
    Viaticals and Life Settlements. During the 1980s, the 
viaticals industry emerged as the AIDS epidemic took hold. More 
recently, a life settlement industry has developed to allow 
those who are not dying a chance to sell their life insurance 
policies for lump sum payments. The Committee will continue to 
monitor the evolution of these marketplaces. The Committee will 
also examine the efforts of State and Federal regulators to 
decrease the potential fraud and abuse in them, but also 
protect the interests of policyholders.
    Retirement Products. With the tremendous growth of 
personally controlled retirement savings over the last two 
decades and the coming wave of retirements of the Baby Boom 
generation, individuals will need to insure that their savings 
last throughout their retirements rather than relying heavily 
on former employers to manage pension assets and provide stable 
payments. The Committee will monitor the response of the 
insurance industry to these developments. The Committee's focus 
may include an examination of hybrid annuity instruments that 
incorporate features of insurance, securities and banking 
products. The Committee will explore the ability of financial 
regulators to adequately protect consumers of such annuity 
products and whether any gaps in functional oversight exist.
    Business Continuity Planning. Business continuity planning 
has become a focus for all participants in the financial 
industry, including insurers, in light of terrorist attacks, 
large-scale natural disasters like Hurricane Katrina, and 
potential pandemics like avian flu. The Committee will continue 
to examine the ability of the insurance industry, State 
insurance regulators, the NAIC, and other interested parties to 
protect against potential disruptions in the insurance 
marketplace.
    Insurance Investments. The long-term nature of many 
insurance investments makes the industry a source of 
alternative funding for community improvements and large-scale 
infrastructure projects. In Massachusetts, two specifically 
created pools--one for property-and-casualty insurers and one 
for life insurers--already work to help fund the development of 
affordable housing, commercial and industrial real estate, 
small business, and other community projects. The Committee may 
examine ways to facilitate the ability of insurance companies 
to invest in the areas in which they conduct business or that 
need assistance.
    Insurance Intermediaries Practices. During the past two 
years, a number of cases of bid-rigging and kickbacks between 
insurance brokers and insurers have come to light. While the 
States have largely settled these investigations, the Committee 
may examine the extent to which the States have been 
unsuccessful in addressing and resolving the problems and in 
providing redress to insurance purchasers harmed by the 
practices.
    Risk Retention Groups. Two decades have now passed since 
Congress enacted the Risk Retention Act of 1981 and its 1986 
amendments. The Committee may review the regulatory structure 
created by these laws to identify any potential problems 
resulting from the Act's partial preemption of State insurance 
law, assess the Act's effectiveness, and determine whether 
additional refinements to the Act could benefit insurance 
consumers.
    Reinsurance. Reinsurance is a tool that helps insurers to 
manage risk, but the insurance industry, particularly after 
large-scale disasters, sometimes experiences supply 
contractions and steep increases in reinsurance premiums. The 
Committee will study the present ability of insurers to obtain 
reinsurance in the United States and the ways in which to 
enhance its availability.
    International Developments. The business of insurance is no 
longer local or even national. The capital pools provided by 
the reinsurance industry and the adoption of international 
trade agreements have made the insurance industry a global one. 
The Committee may explore how the current State-by-State 
insurance regulatory system fits into this evolving global 
marketplace.
    Insurance Information. After the September 11, 2001 
terrorist attacks and Hurricane Katrina, many noted that the 
Federal Government lacked an in-house resource for obtaining 
information about the insurance industry. A centralized 
insurance informational resource center within the Federal 
Government could help to better coordinate responses after 
disasters, enhance international discussions on insurance 
issues, and provide expert advice to both Congress and Federal 
financial regulators on issues affecting the insurance 
industry. The Committee may explore the options for improving 
the access of Federal policymakers to insurance information.

                         International Finance

    Annual Report and Testimony by the Secretary of the 
Treasury on the State of the International Financial System and 
International Monetary Fund Reform. The Committee will review 
and assess the annual report to Congress from the Secretary of 
the Treasury on the state of the international financial system 
and the International Monetary Fund (IMF). Pursuant to section 
613 of Public Law 105-277, the Committee will hear annual 
testimony from the Secretary of the Treasury on the contents of 
this report, as well as on matters relating to the 
international financial institutions and international economic 
issues generally. The Committee will also conduct oversight of 
U.S. participation in the reform efforts currently being 
considered by the IMF's management and board, including changes 
to the IMF's voting shares, lending arrangements, lending 
conditionality, and country surveillance activities. Should any 
reforms that are approved by the IMF's board require a change 
in the institution's charter, the Committee will be prepared to 
consider any necessary authorizing legislation.
    U.S.-E.U. Financial Sector Issues. The Committee will 
continue to monitor the progress of the European Union to build 
a unified financial services market, including implementation 
of revisions to corporate governance standards, adoption of 
International Accounting Standards, oversight of financial 
conglomerates and other regulatory structures. The Committee 
also will monitor assessments of regulatory equivalency in the 
U.S. and E.U., as well as developments in the allocation of 
home and host state responsibilities in connection with 
organizations and activities that cross jurisdictions.
    U.S. Oversight over the International Financial 
Institutions (IFIs). The Committee will review U.S. 
participation in, and the effectiveness of U.S. policy toward, 
the International Monetary Fund (IMF), the World Bank Group, 
and the regional Multilateral Development Banks (MDBs). The 
Committee will consider the findings of the Independent 
Evaluation Group's 2006 ``Annual Review of Development 
Effectiveness'' of World Bank programs. The Committee will 
examine how some growth strategies appear more effective at 
reducing poverty than others and assess the degree to which 
economic growth has translated into sustained poverty reduction 
in Bank-assisted countries. The Committee will also look at how 
increasing income inequality has been shown to undermine the 
poverty-reducing effect of growth in a number of countries.
    The Committee will hold hearings to evaluate the role and 
effectiveness of the multilateral development institutions in 
helping to reduce poverty and foster growth in Africa, Latin 
America, and in other poor regions in the world. The committee 
will examine the role of trade and investment in promoting 
growth and reducing poverty in Africa and elsewhere, with 
particular attention to how the distribution of the gains of 
economic growth within a country are essential to sustainable 
growth. The Committee will monitor any effort by institutions 
to fund projects with further sales of gold reserves.
    Replenishment of the International Development Association 
(IDA). The Committee will consider legislation to authorize 
funds for the 15th replenishment of IDA, the concessional 
lending window of the International Bank for Reconstruction and 
Development. Special attention will be given to degree to which 
previous congressionally mandated reforms to improve 
transparency and improve anti-corruption measures at the IFIs 
have been adopted.
    The African Development Bank (AfDB) and the African 
Development Fund (AfDF). The Committee will monitor and conduct 
necessary oversight activities with respect to continued U.S. 
support for these regional African development institutions 
that focus on promoting sustainable economic growth and poverty 
reduction in Africa.
    International Debt Relief. The Committee will monitor and 
conduct necessary oversight activities regarding the 
Multilateral Debt Relief Initiative (MDRI) proposed by the G8 
finance minister in 2005 and formally adopted in 2006. The MDRI 
provides 100% debt relief to select countries that are already 
participating in the joint-IMF/World Bank Heavily Indebted Poor 
Countries (HIPC) program. Under the initiative, all pre-
existing IMF, World Bank, and African Development Bank (AfDB) 
debt will be cancelled for any country that completes the HIPC 
program. The IMF will internally fund its debt relief in part 
with the money it obtained from the sale of some IMF gold in 
the late 1990s, while the World Bank and AfDB will be 
compensated by G8 donors. In March 2006, donors agreed to a 
financing package for the MDRI that stipulates additional donor 
contributions over time to ensure delivery of fresh resources 
for poverty reduction for the World Bank and the AfDB.
    Last fall, the Board of Governors on the Inter-American 
Development Bank (IDB) announced that it would cancel the debts 
of five impoverished countries in Latin America. The Committee 
will closely monitor the implementation, scope and duration of 
this debt cancellation program.
    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.
    Counter-terrorism Financing Policy. The Committee will 
continue to monitor the role of 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 as well as the evolution of 
the standards themselves as promulgated by FATF. The Committee 
will also monitor the Office of Technical Assistance at 
Treasury, its coordination with the other agencies in the 
Terrorist Financing Working Group and its assessment and 
alignment of resources in the delivery of counter-terrorism 
financing training and technical assistance abroad.
    Global Fund to Fight AIDS, Tuberculosis and Malaria. 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.
    Exchange Rates. The Committee will review and assess the 
semi-annual report to Congress from the Secretary of the 
Treasury on International Economic and Exchange Rate Policies 
pursuant to the Omnibus Trade and Competitiveness Act of 1988. 
The Committee will monitor developments related to the exchange 
rate policies of the United States' major trading partners and 
will pay particular attention to the policies of countries that 
seek to maintain a fixed exchange rate for their currencies. 
The Committee will assess the effects of these currency 
practices on the competitiveness of U.S. firms and on the 
stability of the international financial system.
    Global capital flows. The Committee will monitor the 
effects of the flow of capital globally, and in particular, 
trends in foreign countries' investments of their large 
currency reserves in the United States and other countries. The 
Committee will assess the effects of the investment of these 
reserves on global financial stability and on multilateral 
policy initiatives. The Committee will also assess U.S. and 
multilateral polices on the regulation of capital flows.
    Committee on Foreign Investment in the United States. The 
Committee will act on legislation to reform the process by 
which foreign investments into the United States are assessed 
for their national security implications through the 
interagency Committee on Foreign Investment in the United 
States (CFIUS). The Committee will closely monitor CFIUS 
actions to seek to ensure that foreign investments that pose 
legitimate threats to national security are either rejected or 
the threats are effectively mitigated. The Committee will also 
monitor the extent to which the United States maintains a 
policy of openness toward foreign investment, so that 
investments that pose no threat to national security are able 
to go forward.
    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). 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, including the financial services and investment 
provisions of bilateral and regional trade agreements, as well 
the financial services elements of multilateral trade 
negotiations and actions within the World Trade Organization. 
The Committee will also monitor the progress of the United 
States' trading partners in meeting their financial services 
and investment commitments under existing trade and investment 
agreements.
    Export-Import Bank of the United States. The Committee will 
monitor implementation of the Export-Import Bank 
Reauthorization Act of 2006 (Public Law 109-438), with 
particular emphasis on the new mandates in the law regarding 
export assistance for small businesses, and women and minority-
owned businesses. The Committee will also closely monitor the 
Bank's competitiveness relative to foreign export credit 
agencies (ECAs), with particular attention to competitiveness 
with the export credit practices of countries that are not 
members of the Organization for Economic Co-operation and 
Development.
    North American Development Bank. The Committee will monitor 
and conduct necessary oversight activities over U.S. 
participation in the North American Development Bank (NADBank) 
and the status of U.S. efforts to implement reforms at the 
Bank.

         The Economy, Domestic Monetary Policy, and Technology

    The Economy and Its Impact on Living Standards. The 
Committee will examine the extent to which changes in the 
economy, and in particular changes in labor and capital 
markets, as well as changes in public policy, have altered the 
way in which policymakers should think about the relationship 
between economic growth, productivity growth, and growth in 
employment and incomes. The Committee will examine these 
relationships in an effort to determine policy responses that 
will increase our ability to improve the standard of living for 
American families.
    Conduct of Monetary Policy by the Board of Governors of the 
Federal Reserve System. The Committee will hold hearings to 
receive the Chairman of the Board of Governors of the Federal 
Reserve System'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, including whether the current path of monetary policy 
is consistent with the triple goals--maximum employment, stable 
prices, and moderate long-term interest rates--set forth in the 
Federal Reserve Reform Act of 1977 (P.L. 95-188). The Committee 
will continue to monitor the Federal Reserve Board to see if 
ways can be found to make its activities more transparent, 
consistent with the increased transparency the institution has 
shown over the past decade and a half.
    Management of 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.
    Defense Production Act. The Committee will review the 
Defense Production Act and its authorities to determine their 
effectiveness in promoting national security. The Committee 
will consider reauthorization of the DPA authorities prior to 
their expiration in 2008.
    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, as appropriate, of the 
activities of these Treasury bureaus as they relate to the 
printing and minting of U.S. currency and coins, and of the 
operation of U.S. Mint programs for producing Congressionally 
authorized commemorative coins and Congressional gold medals. 
The Committee also will monitor the Mint's first year of 
operation of the Presidential $1 Coin Act, and how well the 
Mint and Federal Reserve gauge and meet consumer demand for the 
new 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.
    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 efforts by the 
United States Secret Service and to ways those efforts can be 
made more effective.
    The U.S. Treasury Department's Financial Crimes Enforcement 
Network (FinCEN). The Committee will continue to oversee the 
operations of FinCEN and the Bureau's ongoing efforts to 
implement its regulatory mandates pursuant to the Bank Secrecy 
Act (BSA), as amended, to crack down on money laundering and 
terrorist financing activities. The Committee will monitor 
FinCEN's implementation of the BSA Direct program to allow 
secure Internet filing of forms by and notification of 
institutions as required by law. The Committee will oversee 
FinCEN's efforts to implement a statutory provision in section 
6302 of the Intelligence Reform and Terrorism Prevention Act of 
2004 (Public Law 108-458), that required the Treasury Secretary 
issue regulations requiring financial institutions to report 
certain cross-border electronic transfers to FinCEN.
    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.
    Treasury's Office of Foreign Asset Control (OFAC). The 
Committee will continue to monitor the functions of OFAC as its 
workload increases, and study ways of improving its working 
relationship with financial institutions.
    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, when appropriate, economic development programs under 
the Committee's jurisdiction, including programs administered 
by the Appalachian Regional Commission, the Economic 
Development Administration (EDA), the Delta Regional Authority. 
Reauthorization will be considered when appropriate. Existing 
law authorizes the EDA through fiscal year 2008. As part of the 
next EDA reauthorization process, the Committee intends to 
assert its jurisdiction over this agency and review the 
agency's work.

                                 Part B


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

                              ----------                              


                         Financial Institutions

    Industrial Loan Companies. The Committee continued to 
review the growth in the number of industrial loan companies 
and the impact of this growth on the historic separation 
between banking and commerce. On April 25, 2007, the Committee 
held a hearing entitled, ``H.R. 698: The Industrial Bank 
Holding Company Act of 2007,'' focusing on the proposed 
legislation to prohibit commercial firms from owning industrial 
loan companies and to establish regulation of holding companies 
that own industrial loan companies. On May 2, 2007, H.R. 698 
was ordered reported from the Committee. The Committee filed 
its report on May 16, 2007 (H.Rept. 110-155). The bill passed 
the House on May 21, 2007.
    Implementation of the FACT Act. On June 19, 2007, the 
Committee held a hearing entitled, ``Credit Reports: 
Consumers'' Ability to Dispute and Change Inaccurate 
Information.'' The focus of the hearing was improving the 
accuracy and integrity of consumer information submitted to 
credit bureaus. The Committee reviewed factors that continue to 
impair the accuracy, completeness, or integrity of information 
in credit reports, evaluated the effectiveness of the consumer 
dispute reinvestigation process under the Fair Credit Reporting 
Act (FCRA), and explored recommendations for improving the 
process. The Committee devoted a significant portion of the 
hearing to reviewing the status of the implementation of Sec. 
312 of the Fair and Accurate Credit Transactions Act (FACT Act) 
which directs Federal banking and credit union regulators and 
the FTC to promulgate accuracy and integrity rules for 
information furnishers report to credit reporting agencies. The 
Committee heard testimony from representatives from the Federal 
Reserve and Federal Trade Commission as well as the credit 
reporting industry, privacy experts, and attorneys who have 
litigation cases involving inaccurate information. Most of the 
witnesses shared the Committee's concerns about the delay in 
the issuance of the Sec. 312 guidelines and regulations which 
had been due on December 1, 2004. The Committee urged the 
agencies to expedite the rulemaking process and continued to 
monitor the implementation of final regulations and guidelines.
    Provision of Credit to Military Personnel. While the 
implementation of Section 670 of the John Warner National 
Defense Authorization Act for Fiscal Year 2007, Pub. L. 109-
364, Section 670, ``Limitations on Terms of Consumer Credit 
Extended to Service members and Dependents,'' is under the 
jurisdiction of the Department of Defense and therefore mostly 
a matter for the Armed Services Committee, the Financial 
Services Committee continues to monitor the impact that short-
term unsecured loans are having on the financial well-being of 
servicemembers, their families, and the overall readiness of 
the armed services. The Committee has also overseen the efforts 
of financial institutions and regulators to increase the 
availability and affordability of credit for military 
personnel.
    Financial Literacy. On April 15, 2008, the Committee held a 
hearing entitled, ``Financial Literacy and Education: The 
Effectiveness of Governmental and Private Sector Initiatives.'' 
The hearing focused on the continuing need for financial 
literacy and the status of current Federal, State, and private 
sector financial education initiatives. The hearing also 
examined the effectiveness of the Financial Literacy and 
Education Commission which was established pursuant to Title V 
of the FACT Act to coordinate efforts of the Federal Government 
and encourage government and private sector initiatives to 
promote financial literacy. Recommendations for improving 
existing financial literacy programs were also explored. The 
Committee heard testimony from the U.S. Treasurer, 
representatives from the Federal bank regulatory agencies, the 
State Treasurer of Arizona, as well as representatives from 
non-profit organizations promoting financial literacy and 
savings, civil rights groups, and consumer organizations.
    Community Development Financial Institutions Fund. The 
Committee continued to monitor the operations of the Community 
Development Financial Institutions Fund to insure that its 
authorization levels are appropriate in light of ongoing needs 
of lower-income consumers and distressed communities. On March 
4, 2008, Committee urged the Budget Committee to increase 
funding for the CDFI Fund in FY2009 over the amount requested 
by the Administration after examining data which showed that 
the demand for CDFI Fund grants increased dramatically between 
FY2007 and FY2008. The Committee also urged the Budget 
Committee to restore funding for the Bank Enterprise Act and 
Native American initiatives which was eliminated in the 
Administration's FY2009 budget. The held a hearing during the 
first session of the 110th Congress at which several minority-
owned banks and regulators pointed to the success of the BEA 
program which provides critical funding for minority, community 
and rural banks.
    The Committee also continued to monitor the CDFI Fund's 
oversight system to insure the objectivity of the grant making 
process and the adequacy of systems tracking the performance of 
grant recipients. In February 2008, the Treasury Department's 
Office of the Inspector General briefed Committee staff on the 
status of investigations regarding the transparency of the 
CDFI's grant-making process and the Fund's post-grant 
administration.
    Community Reinvestment Act. On February 13, 2008, the 
Committee held a hearing entitled, ``The Community Reinvestment 
Act: Thirty Years of Accomplishments, but Challenges Remain.'' 
The hearing examined the status of the Community Reinvestment 
Act with particular attention focused on the impact of CRA on 
increasing loans, investments, and services in underserved 
communities over the last thirty years. The Committee also 
reviewed current challenges that prevent CRA from being more 
effective and explored whether CRA obligations should be 
extended beyond insured banks and thrifts. In addition, the 
hearing examined how well institutions were complying with 
recent revisions to CRA regulations and explored ways to update 
the law to reflect changes in the financial services arena. The 
Committee heard testimony from Federal and State bank 
regulators, academics, CRA advocates, bankers with expertise in 
community development, and representatives from banking 
industry trade associations.
    The Committee also continued to monitor proposed changes to 
CRA regulations and examine their potential impact on 
institutions' lending, services and investments. On April 28, 
2008, Chairman Frank sent a letter to the four Federal bank 
regulatory agencies urging them to follow the long-established 
practice of allowing flexibility in granting CRA credit for 
investments in multi-bank nationwide, regional and statewide 
community development funds. He was concerned that an 
interpretation contained in newly proposed CRA Guidance would 
``undermine efforts to expand affordable housing in the United 
States.''
    Data Security and Identity Theft. Building on the 
Committee's long-standing role in developing laws governing 
companies' handling of sensitive personal financial information 
about consumers (including the Gramm-Leach-Bliley Act and the 
FACT Act), the Committee continued to monitor and carefully 
review the extent to which State laws have been successful in 
protecting individuals from any loss, unauthorized use, misuse, 
fraud or identity theft.
    Mortgage Lending. Mortgage lending proved to be one of the 
committee's primary focuses. In addition to holding a number of 
hearings reviewing the causes and consequences of previous 
mortgage lending and securitization practices, foreclosure 
mitigation and systemic risk, the Committee passed a numerous 
pieces of legislation designed to curb abusive mortgage 
practices, improve the oversight of the mortgage government-
sponsored enterprises, and establish refinance options for at-
risk borrowers. Several bills have become law including the 
Housing and Economic Recovery Act and Emergency Economic 
Stabilization Act.
    Diversity in the Financial Services Industry. On February 
7, 2008, the Subcommittee on Oversight and Investigations held 
a hearing entitled, ``Diversity in the Financial Services 
Sector,'' to explore the financial services industry's efforts 
to attract and retain a diverse workforce and other challenges 
faced by minority-owned firms.
    Diversity within the Federal Financial Services Agencies. 
On October 30, 2007, the Subcommittee on Oversight and 
Investigations held a hearing entitled, ``Preserving and 
Expanding Minority Banks,'' to review Federal financial 
agencies' efforts to promote and preserve minority-owned 
financial institutions in order to determine whether the 
agencies had implemented the recommendations contained in the 
Government Accountability Office report entitled, ``MINORITY 
BANKS: Regulators Need to Better Assess Effectiveness of 
Support Efforts,'' issued in October 2006. Following that 
hearing, the Committee ordered reported to the House on 
November 7, 2007, H.R. 4043, the ``Preserving and Expanding 
Minority Depository Institutions Act.'' The bill would expand 
the requirements to promote and preserve minority-owned banks 
under Section 308 of the Financial Institutions Reform, 
Recovery and Enforcement Act of 1989 to the Federal Reserve and 
the Office of the Comptroller of the Currency and require all 
agencies subject to the provision to submit an annual report to 
Congress on their efforts. H.R. 4043 passed the House by voice 
vote on December 5, 2007.
    As part of the process of reviewing the level of workforce 
diversity within the Federal financial services agencies, on 
June 26, 2007, the Committee reported H. Con. Res. 140, the 
``Financial Services Diversity Initiative,'' to the House by 
voice vote. The concurrent resolution, among other things, 
encourages Federal and State financial services agencies to 
build and retain a diverse staff. H. Con. Res. 140 passed the 
House by voice vote on September 24, 2007.
    Payment System Innovations. On June 11, 2007, Chairman 
Frank and Financial Institutions and Consumer Subcommittee 
Chair Carolyn Maloney wrote to Federal Reserve Chairman 
Bernanke requesting, among other things, for the input from the 
Federal Reserve on determining whether the statutory dollar 
amounts included under the Expedited Funds Availability Act 
(EFAA) should be indexed for inflation or increased to a 
specific dollar amount. The guidance received from the staff of 
the Federal Reserve in response to this request was 
incorporated into the text of H.R. 6871, the ``Expedited Funds 
Availability Dollar Limits Adjustment Act of 2008.'' The bill 
would make a one-time increase of certain dollar amount limits 
under the EFAA and direct the Federal Reserve to make cost-of-
living adjustments on these amounts at least every five years. 
The Committee reported the bill to the House by voice vote on 
September 16, 2008.
    Committee staff met with staff from the Government 
Accountability Office to review the report issued in October 
2008 entitled, ``CHECK 21 ACT: Most Consumers Have Accepted and 
Banks Are Progressing Toward Full Adoption of Check 
Truncation.''
    Basel Capital Accord. The Committee continued to review the 
ongoing implementation of the Basel II Capital Accord and its 
impact on risk management and systemic risk.
    Implementation of the USA PATRIOT Act. Committee staff met 
regularly with staff of the agencies charged with the 
implementation of efforts to combat terrorist financing. These 
discussions included enforcement of Title III of the USA 
PATRIOT Act (Public Law 107-56) and 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. Committee 
staff met regularly with staff of the Office of Terrorism and 
Financial Intelligence, the Financial Crimes Enforcement 
Network (FinCEN), and the Office of Foreign Assets Control 
(OFAC) to discuss enforcement of anti-money laundering laws and 
regulations. On May 10, 2007, the Subcommittee on Oversight and 
Investigation held a hearing ``Suspicious Activity and Currency 
Transaction Reports: Balancing Law Enforcement Utility and 
Regulatory Requirements.'' Following the hearing, on July 19, 
2007, Chairman Frank, Ranking Member Bachus, and Rep. Lynch 
wrote a letter to GAO requesting a comprehensive examination of 
the current framework for achieving the goals of BSA. GAO is 
expected to issue the report in early February of 2009.
    Money Service Businesses' Access to Financial Institution 
Services. Committee staff met with financial institutions, 
Money Services Businesses (MSBs), and FinCEN to examine why 
financial institutions continue to sever their relationships 
with MSBs and to assess the effectiveness of FinCEN regulatory 
guidance to both MSBs and financial institutions. On June 24, 
2008, H.R. 4049, the ``Money Service Business Act of 2008,'' 
was ordered reported from the Committee by voice vote. The bill 
would allow MSBs that register with required agencies to self-
certify compliance with anti-money laundering provisions and 
would set forth civil and criminal for violations of the Act. 
H.R. 4049 passed the House on July 22, 2008.
    Access to Financial Services. The Committee continued to 
explore ways to expand access to mainstream financial services 
by traditionally underserved segments of the United States 
population. The Committee staff met with minority bankers, 
community development bankers, community organizations, and 
FDIC staff to discuss ways to improve access for currently 
unbanked individuals. Community organizations recommended 
improvements to the CRA service test that would provide 
additional incentives for depository institutions to provide 
low-cost bank accounts for the individuals lacking a prior 
banking history. In addition, the Committee reviewed current 
Federal and State programs aimed at transitioning unbanked 
populations into traditional insured depository institutions 
customers including the FDIC's national initiative, Alliance 
for Economic Inclusion, and efforts in New York, California and 
Texas that would reward banks with government deposits for 
opening branches in neighborhoods with little or no banking 
services. The Committee will continue to monitor initiatives 
that target the unbanked.
    Implementation of Gramm-Leach-Bliley Act. The Committee has 
continued 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.
    Deposit Insurance Reform. The Committee continued to 
monitor the implementation of the Deposit Insurance Reform of 
2005 to ensure that deposit insurance continues to serve its 
historic function as a source of stability in the banking 
system and a safety net for depositors. During the 
consideration of the Emergency Economic Stabilization Act, 
deposit insurance coverage for banks and credit unions was 
expanded from $100,000 per account to $250,000. This was 
particularly important for small businesses, which rely on 
their bank deposits to meet payroll and other critical needs. 
The increase will ensure that they have access to their working 
capital at all times, and discourage them from moving funds due 
to concerns about a particular institution. According to the 
Federal Reserve, for the smallest businesses (less than 10 
employees, which are 80 percent of small businesses), raising 
the limit will have a major impact: 75 percent fewer firms will 
have uninsured deposits and the amount of their deposits 
remaining uninsured will fall by two-thirds. The insurance 
increase also gives small banks greater parity with the 
temporary money market fund insurance recently implemented by 
the Treasury Department. This will help keep deposits in banks 
and promote their stability.
    Credit Unions/Regulatory Burden Reduction. The Committee 
held an oversight hearing relating to credit union issues on 
March 6, 2008, focusing on safety and soundness and regulatory 
treatment of the industry. Subsequently, H.R. 6312, the Credit 
Union, Bank and Thrift Regulatory Relief Act of 2008 was 
introduced on June 19, 2008 and passed the House under 
suspension of the rules on June 24, 2008.
    Credit Card Regulation. The Committee and the Subcommittee 
on Financial Institutions held a total of eight hearings, and 
multiple briefings and meetings, dealing in whole or in part 
with the need for reform of certain credit card practices 
through regulation, voluntary action, or legislation. Among 
other things, these hearings and briefings reviewed the 
adequacy of regulatory efforts as of the respective hearing 
dates. The full Committee hearings were held on June 13 and 
July 25, 2007. The Subcommittee hearings were held on April 26, 
June 7, and August 7, 2007, and on March 13, April 17, and June 
26, 2008.
    In May 2007, the Federal Reserve proposed improvements to 
the format and content of disclosures required by the Truth-in-
Lending Act and the Subcommittee reviewed this proposal in the 
hearing of June 7, 2007, as well as in staff briefings.
    In February 2008, Financial Institutions Subcommittee Chair 
Maloney introduced H.R. 5244, the Credit Cardholders' Bill of 
Rights, which addressed a number of abusive practices. The 
Subcommittee held legislative hearings on the bill on March 13, 
2008, and April 17, 2008.
    In May 2008, the Federal Reserve, the Office of Thrift 
Supervision (OTS), and the National Credit Union Administration 
(NCUA) issued a joint notice of proposed rulemaking under the 
agencies' authority to limit unfair and deceptive practices 
pursuant to the FTC Act. The proposed rule identified several 
of the practices addressed by H.R. 5244 as ``unfair and 
deceptive'' under the FTC Act. Agency representatives briefed 
Committee staff about the proposed rule shortly after it was 
issued.
    The Committee ordered H.R. 5244 reported on July 31, 2008. 
On August 14, 2008, Chairman Frank and Subcommittee Chair 
Maloney sent a letter to Federal Reserve Chairman Bernanke, OTS 
Director Reich, and NCUA Chairman Fryzel commending them on the 
proposed rules to curb abusive credit card practices and urging 
them to include additional consumer protections from H.R. 5244.
    H.R. 5244 passed the House by a vote of 312 to 112 on 
September 23, 2008. The joint proposed rules were issued in 
final form on December 18, 2008.
    Remittances. The Committee continued its review of the 
marketing and disclosure practices of financial institutions 
and money transmitters who offer international remittance 
services to consumers seeking to send funds to relatives in 
other countries, holding a hearing in the Subcommittee on 
Domestic and International Monetary Policy, Trade and 
Technology on March 7, 2007, ``The Role of Remittances in 
Leveraging Sustainable Development in Latin America and the 
Caribbean.'' The hearing focused on the increasing sums of 
remittances flowing into Latin America and the Caribbean from 
the U.S. and around the world, and discussed how these 
remittances can be leveraged by individuals, communities, 
banks, credit unions, international institutions, governments 
and NGOs and used for long-term development opportunities in 
the region. On May 17, 2007, the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology held 
another hearing entitled, ``Remittances: Access, Transparency 
and Market Efficiency--A Progress Report.'' The hearing 
examined consumer access to remittance transfer outlets, the 
costs associated with sending remittances, current levels of 
transparency regarding fees and exchange rates, and the effect 
of competition in the market place. The Subcommittee focused on 
the progress made by the industry in reducing consumer fees 
over the last several years, and explored whether these 
improvements are due primarily to increased competition in the 
market place, pressure from legislators or a combination of the 
two.
    Credit Counseling. The Committee continued to monitor the 
credit counseling industry, which provides financial education 
and debt management services to consumers seeking to address 
excessive levels of personal debt. Consumer advocates briefed 
Committee staff on the rise in complaints against for-profit 
credit counseling organization for abusive and deceptive 
practices as the economy has worsened. In addition, Committee 
staff met with a nonprofit credit counseling organization to 
discuss the controversial practice of funneling consumers into 
debt consolidation plans (known as debt management plans) which 
require consumers to repay a portion of the debt even when they 
would benefit from other options including filing bankruptcy. 
The Committee will continue to review these issues.
    Appraisals. The Committee continued to review problems with 
the appraisal industry and its regulation. On October 24, 2007, 
the Committee held a hearing entitled, ``Legislative Proposals 
on Reforming Mortgage Practices.'' Among the matters discussed 
was how H.R. 3837, the Escrow, Appraisal, and Mortgage 
Servicing Improvements Act, would address deficiencies in 
appraisal regulation and enhance appraisal independence. On 
November 7, 2007, the Committee amended and reported H.R. 3837 
by a voice vote. On November 15, 2007, the House by a voice 
vote added H.R. 3837 to H.R. 3915, the Mortgage Reform and 
Anti-Predatory Lending Act of 2007, as an amendment offered by 
Mr. Kanjorski. The House then passed H.R. 3915 with the 
Kanjorski amendment included. During 2008, the Committee staff 
reviewed the appraisal independence reforms contained in the 
Home Ownership and Equity Protection Act rulemaking by the 
Federal Reserve, as well as the appraisal reform agreement 
reached by New York Attorney General Andrew Cuomo with Fannie 
Mae and Freddie Mac.
    Credit Monitoring. On May 20, 2008, the full committee 
convened a hearing on H.R. 2885, the Credit Monitoring 
Clarification Act, introduced by Chairman Kanjorski and 
Congressman Royce to refine the treatment of credit monitoring 
services under existing law and to provide new rights for 
consumers buying credit monitoring products. The bill would 
amend the Credit Repair Organizations Act to eliminate legal 
ambiguity and uncertainty in the marketplace.

                               Securities

    SEC Oversight. The Committee continued its oversight of the 
Securities and Exchange Commission (SEC) by receiving testimony 
from the SEC Commissioners at a June 26, 2007 hearing entitled, 
``A Review of Investor Protection and Market Oversight with the 
Five Commissioners of the Securities and Exchange Commission.'' 
The hearing focused on five issues--SEC enforcement policy; 
private litigation; hedge funds; Sarbanes-Oxley Act Section 
404; and Corporate Governance and Proxy Access--and addressed 
issues related to systemic risk, market structure, arbitration, 
credit rating agency reform, and FAIR funds.
    On September 27, 2007, the Committee held a hearing 
entitled, ``SEC Proxy Access Proposals: Implications for 
Investors'' as a follow-up to the June 26th oversight hearing. 
The purpose of the hearing was to obtain the perspective of 
investors (including public and private pension funds, 
investment companies, and other institutional investors) on 
amendments to the proxy rules proposed by the SEC in July, 
2007.
    On November 28, 2007, Chairman Frank released a statement 
expressing disappointment with the SEC's action to adopt 
amendments to the proxy rules that would restrict shareholder 
access to company proxies.
    On July 12, 2007, Chairman Frank sent a letter to SEC 
Chairman Christopher Cox regarding the posting by the SEC on 
its website public companies listed to have investments in 
terrorist-financed states on the SEC's website. Chairman Frank 
expressed concern in how the list was compiled--citing 
companies that have previously disclosed divestment from 
terrorist-financed states, and other discrepancies--and called 
for the SEC to consider a new methodology for creating a more 
accurate list. The SEC subsequently removed the list from its 
website.
    On July 30, 2007, Chairman Frank and Representative John 
Conyers, Jr., Chairman of the House Judiciary Committee, filed 
an amicus brief in the case of Stoneridge Investment Partners 
v. Scientific-Atlanta and Motorola before the U.S. Supreme 
Court. The brief expressed their view that third parties who 
knowingly engage in manipulative or deceptive acts as a part of 
a scheme to defraud investors should be held liable for their 
actions under the Federal securities laws. Chairman Frank and 
Chairman Conyers filed the brief after the Solicitor General of 
the United States declined to file an amicus brief in support 
of investors, apparently as a result of political pressure from 
the White House. During the June 26, 2007 oversight hearing 
before the Financial Services Committee at the end of June, SEC 
Chairman Cox testified that the SEC had voted to ask the 
Solicitor General to support its legal position in favor of 
investors.
    On March 12, 2008, the Committee held a hearing entitled, 
``Municipal Bond Turmoil: Impact on Cities, Towns, and 
States,'' with public and private sector witnesses.
    On April 4, 2008, Chairman Frank sent a letter to SEC 
Chairman Cox, calling on the SEC to broaden its investigation 
of questionable trading of Bear Stearns stock in the days 
preceding its collapse to include trading activity in the stock 
of all of the large investment banks. Chairman Frank noted 
that, ``Depending on what the Commission finds, this may lead 
to a broader inquiry into short selling by the SEC and 
Congress.''
    On April 23, 2008, Chairman Frank and Subcommittee on 
Capital Markets, Insurance and Government Sponsored Enterprises 
Chairman Paul E. Kanjorski sent a letter to SEC Chairman Cox 
regarding the loss of liquidity in the market for auction rate 
preferred securities. The letter sought the SEC's views on the 
reluctance of investment companies to redeem these securities, 
and requested that the SEC take action to determine whether 
brokers who sold auction rate preferred securities did so using 
deceptive or misleading practices.
    On July 9, 2008, the Capital Markets Subcommittee approved 
a committee print which became H.R. 6513, Securities Act of 
2008, to amend the Federal securities laws to enhance the 
effectiveness of the SEC's enforcement, corporation finance, 
trading and markets, investment management, and examination 
programs, and for other purposes. The bill passed the House on 
September 11, 2008.
    Sarbanes-Oxley Act. On June 26, 2007, the Committee 
received testimony from the SEC Commissioners that addressed 
the implementation of the Sarbanes-Oxley Act during a hearing 
entitled, ``A Review of Investor Protection and Market 
Oversight with the Five Commissioners of the Securities and 
Exchange Commission.''
    On July 26, 2007, Chairman Frank sent a letter to the SEC 
Chairman Cox praising the work of the Commission in working 
with the Public Company Accounting Oversight Board (PCAOB) to 
complete revisions to the PCAOB's auditing standard for 
internal controls (Auditing Standard 5) in a way that addresses 
concerns of excessive regulatory burdens without compromising 
the benefits for investors.
    Public Company Accounting Oversight Board (PCAOB). Although 
no direct oversight action was taken on this topic, the 
Committee continued to review the PCAOB's oversight of public 
company auditors, including reforms of auditing standards and 
the results of the PCAOB's inspection program.
    Financial Accounting Standards Board (FASB). Although no 
direct oversight action was taken on this topic, the Committee 
continued to review the work of the FASB to improve financial 
accounting standards, including progress on efforts to reach 
convergence with the International Accounting Standards Board 
(IASB) on accounting standards, continued consideration of the 
appropriate form for standards, and the implications of 
increased incorporation of market valuation under accounting 
standards.
    On July 25, 2007, Chairman Frank issued a statement 
praising SEC Chairman Cox for clarifying FAS 140 in a way that 
will allow mortgage lenders to provide help at the earliest 
possible moments to people who might otherwise be trapped in 
bad loans or forced into foreclosure. On June 15, 2007, 
Chairman Frank, Paul E. Kanjorski, Maxine Waters, Luis V. 
Gutierrez, Keith Ellison, Christopher S. Murphy, Brad Miller, 
Marcy Kaptur, Carolyn Maloney, Mel Watt and Charles A. Wilson 
had sent a letter to Chairman Cox asking for clarification on 
FAS 140, which provides accounting standards for transfers of 
financial assets that become part of mortgage-backed 
securities. Chairman Cox's July 25, 2007 response clarified 
that institutions can make loan modifications when a default is 
reasonably foreseeable, rather than waiting until the borrower 
actually defaults.
    On September 18, 2008, the Committee held a hearing 
entitled, ``Auction Rate Securities Market: A Review of 
Problems and Potential Resolutions.''
    H.R. 3505, the ``Securities Law Technical Corrections Act 
of 2007'' made technical corrections to the Securities Act of 
1933, the Securities Exchange Act of 1934, the Trust Indenture 
Act of 1939, the Investment Company Act of 1940 and the 
Investment Advisers Act of 1940, and to make conforming changes 
to those laws for the repeal of the Public Utility Holding 
Company Act of 1935. Introduced by Mr. Peter Roskam on 
September 7, 2007, the bill was referred to the Committee and 
passed by the House on December 6, 2007 under suspension of the 
rules by a 404-0 vote. The substance of the bill was passed 
again by the House as a part of H.R. 6513, the Securities Act 
of 2008, on September 11, 2008.
    Convergence of International Accounting Standards. Although 
no direct oversight action was taken on this topic, the 
Committee continued to review progress on efforts to converge 
generally accepted accounting practices in the United States 
and International Accounting Standards and toward acceptance of 
financial reports using the converged standards in the U.S. and 
abroad. Committee staff met on numerous occasions with staff 
from the SEC, the FASB, and international governing bodies, 
with industry experts and investor groups to discuss 
developments in accounting standards and particularly to 
discuss the effects of fair value accounting on the global 
financial and credit crises.
    Corporate Governance. The Committee received testimony 
concerning issues relating to shareholder access to management 
proxies at two hearings: June 26, 2007 hearing entitled, ``A 
Review of Investor Protection and Market Oversight with the 
Five Commissioners of the Securities and Exchange Commission'' 
and a September 27, 2007, hearing entitled, ``SEC Proxy Access 
Proposals: Implications for Investors'' as a follow-up to the 
oversight hearing held in June, 2007. The Committee continued 
to review and monitor other developments concerning corporate 
governance in public companies and the integrity of the 
shareholder voting process.
    Executive Compensation. The Committee held a legislative 
hearing on March 8, 2007, entitled, ``Empowering Shareholders 
on Executive Compensation: H.R. 1257, the Shareholder Vote on 
Executive Compensation Act.'' H.R. 1257, which was ordered 
reported by the Committee on March 28, 2007, does not set any 
limits on pay, but would ensure that shareholders have an 
opportunity to give a non-binding up or down advisory vote on a 
company's executive pay practices, and a separate advisory vote 
if a company gives a new, not yet disclosed, ``golden 
parachute'' while simultaneously negotiating to buy or sell a 
company. The bill was passed by the House on April 20, 2007.
    Market Structure. Although no direct oversight action was 
taken on this topic, the Committee continued to monitor 
developments in this area throughout the 110th Congress. 
Committee staff met on numerous occasions with staff from the 
SEC and the exchanges, with industry experts and investor 
groups to discuss developments in exchange governance and the 
growth and innovation of exchange trading systems, competition 
among the numerous exchange and alternative trading venues, 
exchange mergers, market data distribution and fees, and other 
developments. The Committee's efforts led to passage by the 
Committee on September 28, 2007 of H.R. 2868 to provide greater 
flexibility in applying the National Securities Markets 
Improvement Act of 1996 to permit certain national securities 
exchanges to establish lower-tier markets that would be 
governed by State law, subject to SEC approval. The bill would 
facilitate development of domestic markets for smaller 
companies that do not meet higher primary market listing 
standards, and to allow the exempted exchanges to compete more 
effectively in the global marketplace. The bill was passed by 
the House on October 23, 2007.
    International Exchange Mergers. Although no direct 
oversight action was taken on this topic, the Committee 
continued to monitor the impact of cross-border exchange 
mergers and implications for oversight throughout the 110th 
Congress. Committee staff met with staff of the SEC and with 
staff of international governing bodies as well as with 
industry experts to discuss developments in these areas.
    SRO Regulation. Although no direct oversight action was 
taken on this topic, the Committee continued to monitor 
developments in this area throughout the 110th Congress. 
Committee staff met with representatives from the SROs to 
discuss the merger of the regulatory arms of the NYSE and 
NASDAQ into the Financial Institution Regulatory Agency (FINRA) 
and the harmonization of the rules of those entities.
    Securities Arbitration. Although no direct oversight action 
was taken on this topic, the Committee continued to monitor 
developments in this area throughout the 110th Congress.
    On April 25, 2007, Chairman Frank sent a letter to SEC 
Chairman Cox expressing concern about suggestions that the SEC 
could begin permitting public companies to impose mandatory 
arbitration requirements on shareholders through the securities 
registration process. Extending mandatory arbitration to the 
relationship between shareholders and public companies could 
require investors to risk losing their rights under Federal 
securities laws in order to invest in the public markets.
    Investment Companies. Although no direct oversight action 
was taken on this topic, the Committee continued to monitor 
developments in this area throughout the 110th Congress. 
Committee staff met several times with staff of the SEC's 
Division of Investment Management on issues related to 
regulation of investment companies and advisors, including 
mutual fund operations, governance, disclosure, and sales 
practices.
    The Committee has closely followed events related to Money 
Market Mutual funds, particularly following the bankruptcy of 
Lehman Brothers. On September 16, 2008, the net asset value per 
share of the Reserve Primary Fund, a large money market mutual 
fund, dropped below $1.00 because of the fund's exposure to 
Lehman debt securities. It was the first time in 14 years that 
a fund had ``broken the buck.'' A significant run on money 
market mutual funds ensued. The Committee received testimony on 
these issues in hearings held on October 21, 2008 (``Regulatory 
Restructuring and Reform of the Financial System'') and 
November 18, 2008 (``Oversight of Implementation of the 
Emergency Economic Stabilization Act of 2008 and of Government 
Lending and Insurance Facilities; Impact on Economy and Credit 
Availability'').
    Hedge Funds. On March 13, 2007, the Committee held a 
hearing entitled, ``Hedge Funds and Systemic Risk in the 
Financial Markets.''
    On July 22, 2007, the Committee held a hearing entitled, 
``Hedge Funds and Systemic Risk: Perspectives of The 
President's Working Group on Financial Markets.''
    In January 2008, the GAO issued a report entitled, ``Hedge 
Funds: Regulators and Market Participants Are Taking Steps to 
Strengthen Market Discipline, but Continued Attention Is 
Needed.'' This report was requested in 2006 by Chairman Frank, 
Subcommittee on Capital Markets, Insurance and Government-
Sponsored Enterprises Chairman Paul E. Kanjorski, and Rep. 
Michael Capuano. After reviewing the findings of the GAO, 
Chairman Frank, Chairman Kanjorski, and Rep. Capuano are asking 
for a follow-up GAO study to assist in determining whether 
further legislative and regulatory reforms are required.
    In addition, the GAO is expected to release a more 
extensive report examining the scope of public and private 
pension funds' investments in hedge funds.
    Global Competitiveness of U.S. Financial Markets. Although 
no direct oversight action was taken on this topic, the 
Committee continued to monitor the competitive position of the 
U.S. financial markets and exchanges, and to assess proposals 
to enhance the competitiveness of U.S. markets. The Committee 
received testimony on these issues in a July 11, 2007 hearing 
entitled, ``Hedge Funds and Systemic Risk: Perspectives of the 
President's Working Group on Financial Markets.''
    Federal/State Allocation of Enforcement Responsibilities. 
Although no direct oversight action was taken on this topic, 
the Committee continued to monitor developments in this area 
throughout the 110th Congress.
    Rating Agency Reform. On September 27, 2007, the 
Subcommittee on Capital Markets, Insurance and Government-
Sponsored Enterprises held a hearing entitled, ``The Role of 
Credit Rating Agencies in the Structured Finance Market.''
    The Committee received testimony on the impact of rating 
agency actions on the municipal bond market at a March 12, 2008 
hearing entitled, ``Municipal Bond Turmoil: Impact on Cities, 
Towns, and States.''
    On June 20, 2008, Chairman Frank introduced H.R. 6308, the 
Municipal Bond Fairness Act, to eliminate the ability of the 
rating agencies to use separate standards for municipal bonds 
and other bonds. The bill would require credit rating agencies 
that choose to seek designation as a nationally recognized 
statistical rating organization (NRSRO) to use rating symbols 
consistently for every security to which they are assigned.
    A companion bill, H.R. 6333,the Municipal Bond Market 
Support Act, would increase demand for certain municipal 
bonds--and therefore lower borrowing costs for issuers--by 
raising the bank qualified limit for small issuers to $30 
million (from $10 million), which has been unchanged since 
1986. The new limit would also be indexed to inflation. Bank 
qualified bonds are those bonds banks are eligible to purchase 
without disallowing a portion of their interest expense 
deduction.
    Business Continuity Planning. Although no direct oversight 
action was taken on this topic, the Committee continued to 
monitor developments in this area throughout the 110th 
Congress. In March 2007, the GAO delivered a Report to Congress 
entitled, ``Financial Market Preparedness: Significant Progress 
Has Been Made, but Pandemic Planning and Other Challenges 
Remain.''
    SIPC. Although no direct oversight action was taken on this 
topic, the Committee continued to monitor developments in this 
area throughout the 110th Congress. The Committees monitoring 
efforts on these issues in the 110th Congress resulted in a 
provision related to portfolio margining as it relates to SIPC 
in H.R. 6513, the Securities Act of 2008, passed by the House 
on September 11, 2008.
    Fair Fund. On June 26, 2007, during a hearing entitled, ``A 
Review of Investor Protection and Market Oversight with the 
Five Commissioners of the Securities and Exchange Commission,'' 
the Committee received testimony from the SEC Commissioners 
that addressed the oversight and administration of the Fair 
Fund by the SEC, specifically, delays in disbursements of the 
funds, and the difficulty in identifying investors harmed by 
marked fraud, particularly in the absence of self-
identification such as through private litigation.

                    Government Sponsored Enterprises

    Regulatory Reform. Two legislative hearings were held to 
focus on obtaining input from industry experts and regulators 
to proposals for regulatory reform of the housing Government 
Sponsored Enterprises (GSE) and the Federal Home Loan Banks. On 
March 12, 2007, the Subcommittee on Capital Markets, Insurance 
and Government Sponsored Enterprises held the first hearing, 
entitled, ``Legislative Proposals on GSE Reform.'' On March 15, 
2007, the Committee held a hearing entitled, ``Legislative 
Proposals on GSE Reform.'' The Committee responded to concerns 
by considering and reporting GSE reform legislation (H.R. 1427) 
on March 29, 2007. H.R. 1427 passed the House on May 22, 2007. 
This bill was passed later by the House as a part of H.R. 3221 
on July 23, 2008 and became Public Law 110-289 on July 30, 
2008.
    On January 29, 2008, the House passed, as a part of H.R. 
5140, the ``Economic Stimulus Act of 2008,'' legislation (H.R. 
5153) to allow the Federal Housing Administration (FHA) and the 
Government Sponsored Enterprises (GSE) of Fannie Mae and 
Freddie Mac to temporarily increase the conforming loan limits 
in higher-priced housing markets and thereby make more 
financing available to a larger number of communities across 
the country. The loan-limit increases expire at the end of 
2008.
    GSEs and Financial Disclosure. On September 25, 2008, the 
Committee held a hearing entitled, ``Oversight Hearing to 
Examine Recent Treasury and FHFA Action Regarding the Housing 
GSEs
    Federal Home Loan Bank System. Two legislative hearings 
were held to focus on obtaining input from industry experts and 
regulators to proposals for regulatory reform of the housing 
Government Sponsored Enterprises (GSE) and the Federal Home 
Loan Banks. On March 12, 2007, the Subcommittee on Capital 
Markets, Insurance, and Government Sponsored Enterprises held 
the first hearing, entitled, ``Legislative Proposals on GSE 
Reform.'' On March 15, 2007, the Committee held a hearing 
entitled, ``Legislative Proposals on GSE Reform.'' The 
Committee responded to concerns by considering and ordering 
reported GSE reform legislation (H.R. 1427) on March 29, 2007. 
H.R. 1427 passed the House on May 22, 2007. Reform legislation 
was later passed by the House on July 23, 2008, as a part of 
H.R. 3221, and became Public Law 110-289 on July 30, 2008.
    Farm Credit System. Although no direct oversight action was 
taken on this topic, the Committee continued to monitor 
developments in this area throughout the 110th Congress. 
Chairman Frank and Ranking Member Spencer Bachus offered an 
amendment in the House (H. Amdt. 702) to remove a provision 
from the farm bill (H.R. 2419) that would have expanded the 
powers of the government-sponsored Farm Credit System into non-
farm lending. The amendment was passed on July 26, 2007.
    Board Director Appointments. Chairman Frank and Chairman 
Kanjorski took a lead on this issue in the 110th Congress. 
Because of their efforts, the Housing and Economic Recovery Act 
of 2008 included language ensuring the independence of board 
directors.
    FHLB Community and Economic Development. Although no direct 
oversight action was taken on this topic, the Committee 
continued to monitor developments in this area throughout the 
110th Congress. Staff held meetings with interested parties. 
Chairman Kanjorski has requested a Government Accountability 
Office study on Federal Home Loan Bank Economic Development 
Activities to better understand the nature and extent--
including actual dollar amounts from the banks individually and 
collectively--of economic development actions the banks have 
taken.
    REFCorp Payments. Although no direct oversight action was 
taken on this topic, the Committee continued to monitor 
developments in this area throughout the 110th Congress.

               Systemic Risk and Regulatory Restructuring

    On September 5, 2007, the Committee held a hearing 
entitled, ``Recent Events in the Credit and Mortgage Markets 
and Possible Implications for U.S. Consumers and the Global 
Economy,'' with testimony from governmental witnesses.
    On October 2, 2007, the Committee held a hearing entitled, 
``Systemic Risk: Examining Regulators' Ability to React to 
Threats in the Financial System,'' with testimony from private 
sector witnesses.
    On July 10, 2008, the Committee held a hearing entitled, 
``Systemic Risk and the Financial Markets,'' with testimony 
from the Secretary of the Treasury and the Chairman of the 
Federal Reserve.
    On July 24, 2008, the Committee held a second hearing 
entitled, ``Systemic Risk and the Financial Markets,'' with 
testimony from the Chairman of the SEC and the President of the 
Federal Reserve Bank of New York.
    On September 24, 2008, the Committee held a hearing 
entitled, ``The Future of Financial Services: Exploring 
Solutions for the Market Crisis,'' with testimony from the 
Secretary of the Treasury and the Chairman of the Federal 
Reserve.
    On October 21, 2008, the Committee held a hearing entitled, 
``The Future of Financial Services Regulation,'' with testimony 
from private sector witnesses.

                                Housing

    Housing Production. On July 19, 2007, the Committee held a 
hearing on H.R. 2895, The Affordable Housing Trust Fund Act of 
2007, which would establish a national affordable housing trust 
fund, with dedicated sources of revenue for the production and 
preservation of affordable housing for people with the most 
serious housing problems. Witnesses included representatives 
from HUD, affordable housing advocacy groups and the industry. 
The bill was reported out of Committee on July 31, 2007.
    Rehabilitation of Foreclosed Properties. H.R. 5818, the 
Neighborhood Stabilization Act of 2008.'' directed HUD to 
establish a $15 billion loan and grant program to help States 
and local governments to purchase and rehabilitate owner-
occupied foreclosed homes, prioritizing areas by need. The Act 
further provided incentives for States and local governments to 
stabilize as many properties as possible and to provide housing 
for families and individuals who lost homes to foreclosure. On 
April 9 and 10, 2008, the Committee held a two-day hearing on 
``Using the FHA for Housing Stabilization and Homeownership 
Retention.'' This hearing examined a discussion draft of the 
Housing Stabilization and Homeownership Retention Act. The 
second day of the hearings (April 10th) focused on Title III of 
the discussion draft, which became the basis for H.R. 5818. 
Witnesses on that date included representatives of State and 
local governments, housing advocacy groups and minority 
advocacy groups. H.R. 5818. The Committee passed H.R. 5818 on 
April 23, 2008.
    Federal Housing Administration. On April 19, 2007, the 
Housing Subcommittee held a hearing on H.R. 1852, the 
``Expanding American Homeownership Act of 2007'' and issues 
relating to FHA modernization. Witnesses included FHA 
Commissioner Montgomery, as well as various organizations 
representing members active in FHA loans. On May 1, 2007, the 
Committee reported out H.R. 1852, with amendments. The bill 
that includes a number of changes to FHA single- and 
multifamily loan programs, including changes to FHA loan limits 
and down payment requirements, authorizing risk-based premiums 
for FHA loans, reforms to the FHA HECM reverse mortgage loan 
program, and authorization of funding for affordable housing 
fund grants based on net savings from bill changes to the FHA 
loan programs.
    FHA Refinancing Opportunities for Homeowners at Risk of 
Foreclosure. On April 9 and 10, 2008, the Subcommittee hearings 
on using FHA for housing stabilization and homeowners 
retention, highlighting a draft proposal which ultimately 
became the basis for H.R. 5830, the ``FHA Housing Stabilization 
and Homeowner Retention Act.'' Witnesses included senior 
officials from HUD, the Federal Reserve, the OCC, the OTS, and 
the FDIC, as well as Mayors, Governors, and a number of housing 
advocates. On April 24, April 30, and May 1, 2008, the 
Committee held three days of markup on H.R. 5830, ultimately 
reporting out that bill on May 1st. The bill creates a special 
FHA single family loan program to refinance existing mortgages 
for borrowers at risk of foreclosure
    Native American Housing. On May 8, 2007, the Subcommittee 
on Housing and Community Opportunity held a hearing entitled, 
``Reauthorization of the Native American Housing Assistance and 
Self-Determination Act.'' The hearing focused on 
reauthorization of NAHASDA. The Committee favorably reported 
legislation to reauthorize the Native American Housing 
Assistance Self Determination Act, H.R. 2786, to the House on 
August 3, 2007, and ultimately became Public Law 110-411.
    Federal Housing Response to Hurricane Katrina. The 
Committee continued to monitor the recovery and rebuilding 
efforts in the Gulf Coast. The Committee and the Subcommittee 
on Housing and Community Opportunity held hearings on the 
housing recovery, including the availability of affordable 
housing, the production and repair of public and assisted 
housing as well as the roles and responsibilities of the 
Federal Emergency Management Agency and the Department of 
Housing and Urban Development in responding to housing needs 
resulting from natural disasters.
    On February 6, 2007, the Committee held a hearing entitled, 
``Federal Housing Response to Hurricane Katrina.'' The hearing 
focused on the loss of affordable rental housing units in the 
Gulf Coast as a result of Hurricane Katrina. Specifically, it 
examined the commitments that were made early on to rebuild 
such housing, and the results to date in the actual restoration 
or rebuilding of lost housing units. The hearing also focused 
on efforts to provide grants and loans to homeowners to help 
them repair homes, and reviewed the Federal response in 
providing rental housing assistance to displaced families and 
individuals. Finally, the hearing examined the critical role 
that the availability of affordable rental housing to working 
families had on efforts to rebuild areas devastated by Katrina 
and restore the local economy.
    On February 22 and 23, 2007, the Subcommittee on Housing 
and Community Opportunity held field hearings entitled, 
``Solving the Affordable Housing Crisis in the Gulf Region Post 
Katrina: Why no progress and what are the obstacles to 
success?'' in New Orleans, Louisiana and Gulfport, Mississippi. 
The hearings focused on the status of affordable housing 
recovery in the affected in the Gulf Coast, including the 
rebuilding of private homes, rental, assisted and public 
housing.
    On December 12, 2007, Chairwoman Waters wrote to HUD 
Secretary Alphonso Jackson urging him to rescind his demolition 
order for New Orleans' ``Big Four'' public housing developments 
and to replace any destroyed public housing units on a one-for-
one basis.
    On December 19, 2007, Chairwoman Waters, with Chairman 
Frank, wrote to the New Orleans City Council, urging them to 
delay demolition of the City's ``Big Four'' public housing 
developments.
    On February 28, 2008, Chairwoman Waters wrote to FEMA 
Administrator Paulison expressing her concern about the high 
levels of formaldehyde found in trailers the agency provided to 
evacuees following Hurricanes Katrina and Rita.
    On April 3, 2008, Chairwoman Waters wrote to Mississippi 
Governor Haley Barbour, urging him to reconsider the State's 
plans to transfer $600 million from housing programs to the 
redevelopment of the Port of Gulfport.
    On May 8, 2008, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``Emergency CDBG Funds in 
the Gulf Coast: Uses, Challenges, and Lessons for the Future.'' 
The hearing examined the ways in which the affected Gulf Coast 
States put into action their CDBG disaster recovery funds, 
focusing on the continuing unmet affordable housing needs of 
residents.
    On June 4, 2008, the Subcommittee on Housing and Community 
Opportunity held a joint hearing with the Subcommittee on 
Emergency Communications, Preparedness, and Response of the 
Committee on Homeland Security entitled, ``Examining the Roles 
and Responsibilities of HUD and FEMA in Responding to the 
Affordable Housing Needs of Gulf Coast States Following 
Emergencies and Natural Disasters.'' The hearing focused on the 
availability and use of recovery funds for the rebuilding and 
redevelopment of public housing damaged or destroyed by natural 
disasters.
    On July 8, 2008, Chairwoman Waters wrote to HUD Secretary 
Preston, urging him to remedy any administrative problems 
preventing pre-Katrina voucher holders from returning to New 
Orleans.
    In addition to these hearings, the issues involving Gulf 
Coast rebuilding were addressed during the annual HUD budget 
hearings conducted on March 14, 2007 and March 11, 2008.
    Homelessness. On October 4, 2007 and October 16, 2007, the 
Housing Subcommittee held hearings on H.R. 840, the ``Homeless 
Emergency Assistance and Rapid Transition to Housing Act'' (the 
``HEARTH Act''), Witnesses included the Senate sponsor and lead 
cosponsor of counterpart Senate legislation, HUD Deputy 
Assistant Secretary for Special Needs Mark Johnston, Executive 
Director of the United States Interagency Council on 
Homelessness Philip Mangano, and representatives of various 
organizations active in homeless issues. On July 30, 2008, the 
Committee reported out H.R. 840, the ``Homeless Emergency 
Assistance and Rapid Transition to Housing Act'' (the 
``HEARTH'' Act), a bill that reauthorizes and makes a number of 
changes to the McKinney-Vento homeless prevention program, 
including expanding flexibility to assist families with 
children by expanding the definition of ``homeless'' and giving 
localities more flexibility to serve such families; providing 
more funding flexibility to prevent homelessness; and 
codification and modifications of the continuum or care funding 
process.
    Section 8 Housing Choice Voucher Program. On March 12, 
2007, the Housing Subcommittee held a hearing on H.R. 1851, the 
``Section 8 Voucher Reform Act.'' Witnesses included HUD PIH 
Assistant Secretary Cabrera, representatives of public housing 
agency organizations, and housing advocates. On May 23, 2007, 
the Committee reported out H.R. 1851, with amendments. The bill 
makes number of changes to the Section 8 voucher program, 
including reforms to rent policy, inspections, income 
targeting, and use of project-based vouchers, and expansion, 
reform and re-naming of the ``Moving to Work'' program.
    Section 202 Elderly and Section 811 Disabled Housing. The 
Committee (specifically the Subcommittee on Housing and 
Community Opportunity) held legislative hearings on the 
preservation and production of supportive housing for the 
elderly and persons with disabilities. In addition, the 
Committee addressed the issue of funding for supportive housing 
for the elderly and persons with disabilities at the annual 
Committee hearing on the budget for Department of Housing and 
Urban Development on March 14, 2007 and March 11, 2008.
    H.R. 2930, Section 202 Supportive Housing for the Elderly 
Act of 2007 addresses the current structure of the Section 202 
Supportive Housing for Persons with disabilities and the 
modernization of the program. The Committee ordered reported 
the bill favorably on September 25, 2007. H.R. 5772, the Frank 
Melville Supportive Housing Investment Act of 2008 addresses 
the modernization of the Section 811 Supportive Housing for 
Persons with Disabilities program. The Committee ordered 
reported the bill favorably on July 30, 2008.
    Public Housing. The Committee reviewed the state of public 
housing programs, including the impact of cuts to the public 
housing operating and capital funds and to the HOPE VI program, 
in the context of hearings on the President's Fiscal Year 2008 
and 2009 budgets. The Committee held a briefing on HUD's 
transition to asset based accounting and management. The 
Committee favorably reported out legislation (the Public 
Housing Asset Management Improvement Act of 2008; H.R. 3521, 
H.R. 5928, H.R. 6216) that addressed HUD's implementation of 
the Quality Housing Work Responsibility Act of 1998. In 
addition, the Committee approved changes to the Moving to Work 
program as part of the Section 8 Voucher Reform Bill, H.R. 
1851, which was reported out of Committee on May 23, 2007.
    On June 4, 2008, the Subcommittee on Housing and Community 
Opportunity held a joint hearing with the Committee on Homeland 
Security, Subcommittee on Emergency Communications, 
Preparedness, and Response. The joint hearing focused on 
barriers to the repair of damaged public housing units 
following Presidentially-declared emergencies or natural 
disasters and on the joint roles and responsibilities of HUD 
and FEMA in responding to housing needs following such 
emergencies or natural disasters. The subcommittees heard 
testimony from representatives of HUD, FEMA public housing 
industry groups and tenant advocates from Mississippi and 
Louisiana.
    HOPE VI. On June 21, 2007, the Subcommittee on Housing and 
Community Opportunity held a hearing to review the HOPE VI 
program, including the need for reauthorization, the impact of 
funding cuts on the ability of the program to meet the needs of 
distressed public housing developments, the benefits of mixed-
use communities, and the implementation of Main Street 
Partnership. The Subcommittee conducted several meetings with 
HUD staff and held a hearing to review the progress by past 
HOPE VI award recipients of implementing and completing their 
revitalization plans, including the amount of funds that remain 
unspent in some HOPE VI accounts.
    On September 26, 2007, the Committee reported legislation, 
H.R. 3524 to re-authorize and modify the HOPE VI program. The 
bill would provide grants to housing authorities to revitalize 
severely distressed public housing developments. The Committee 
also held several meetings throughout 2008 with HUD staff, 
including the HUD Secretary, to review ongoing efforts HUD 
efforts to work with certain public housing authorities that 
were scheduled to have remaining HOPE VI grant funds eliminated 
by September 30, 2008. H.R. 3524 passed the House on January 
17, 2008.
    On July 9, 2008, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``Federal Spending 
Requirements in Housing and Community Development Programs: 
Challenges in 2008 and Beyond.'' The hearing focused on how 
current Federal spending requirements, such as the cancellation 
of unspent funds, for some of the nation's most needed housing 
and community development programs can affect the functioning 
of these programs. The hearing also examined the need for H.R. 
6347, the HOPE VI Amendment Act of 2008 and HUD's efforts to 
work with FY 2002 HOPE VI grantees facing cancellation of their 
grants on September 30, 2008.
    Military Housing. H.R. 3329, the Homes for Heroes Act of 
2008, adds additional veterans housing protections to HUD's 
portfolio. The legislation was favorably reported out of the 
Committee on June 24, 2008.
    Foreclosure Prevention and Neighborhood Stabilization. On 
November 30, 2007, the Subcommittee on Housing and Community 
Opportunity held a field hearing in Los Angeles, California 
entitled, ``Foreclosure Prevention and Intervention: The 
Importance of Loss Mitigation Strategies in Keeping Families in 
Their Homes.'' The hearing focused on the need for mortgage 
servicers to increase their efforts to work with homeowners 
with troubled mortgages on ways to make their mortgages more 
affordable to avoid foreclosure. The subcommittee heard 
testimony from the Mayor of Los Angeles and representatives 
from HUD, the Federal Deposit Insurance Corporation, the State 
of California, the County of Los Angeles, the City Council of 
Oakland, banks, mortgage servicers, mortgage brokers, 
homeowners, real estate agents, housing counseling 
organizations, and consumer advocacy groups.
    On April 16, 2008, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled, ``H.R. 5679, The 
Foreclosure Prevention and Sound Mortgage Servicing Act of 
2008.'' The hearing focused on proposed legislation to require 
mortgage servicers to engage in loss mitigation activities 
before foreclosing on a home. The subcommittee heard from 
representatives from HUD, the US Department of Veterans 
Affairs, Fannie Mae, Freddie Mac, the Hope Now Alliance, 
mortgage servicers, and banking, housing counseling, and 
consumer groups.
    On May 22, 2008, the Subcommittee on Housing and Community 
Opportunity held a joint hearing with the Domestic Policy 
Subcommittee of the Committee on Oversight and Government 
Reform entitled, ``Targeting Federal Aid to Neighborhoods 
Distressed by the Subprime Mortgage Crisis.'' The hearing 
focused on the availability of relevant data and how best to 
use those data, to target Federal funds to neighborhoods with 
high incidences of abandoned and foreclosed properties. The 
Subcommittees heard testimony from representatives from HUD, 
research organizations, and housing developers.
    On June 16, 2008, the Subcommittee on Housing and Community 
Opportunity held a field hearing in Cleveland, Ohio entitled, 
``Foreclosure Problems and Solutions: Federal, State, and Local 
Efforts to Address the Foreclosure Crisis in Ohio.'' The 
hearing focused on the extent of foreclosures in Ohio and 
various programs that have been implemented at the Federal, 
State, and local level to minimize foreclosures and to assist 
homeowners. The subcommittee heard testimony from 
representatives from HUD; the Federal Home Loan Bank; the State 
of Ohio; the City of Cleveland; the Counties of Lake, Lucas, 
and Mahoning; and real estate, housing counseling, banking, and 
legal services groups.
    Housing Counseling. The Committee reviewed current housing 
counseling programs to determine whether current funding levels 
are adequate to meet need, and whether improvements could be 
made to enhance consumer education as well as prevent abusive 
lending practices. This review encompassed Federal, State, 
private and non-profit efforts to use homeownership counseling 
as a tool to prevent defaults and foreclosures in the mortgage 
markets. H.R. 3019, the Expand and Preserve Home Ownership 
Through Counseling Act, which among other things, establishes a 
Office of Housing Counseling at HUD, was included in H.R. 3915, 
the Mortgage Reform and Anti-Predatory Lending Act of 2007, and 
H.R. 5830, the FHA Housing Stabilization and Homeownership 
Retention Act of 2008. Both H.R. 3915 and H.R. 5830 were 
favorably reported out of Committee. H.R. 5830 also provided 
mortgage counseling and legal assistance for troubled 
borrowers. In addition, the FHA Modernization bill, H.R. 1851, 
and also favorably reported out of the Committee, contains 
several provisions to address the counseling needs of FHA 
borrowers.
    Flood Insurance. H.R. 3121, The Flood Insurance Reform and 
Modernization Act of 2007, was reported out of the Committee on 
July 26, 2007. The bill was a combination of the provisions 
contained in H.R. 1682, The Flood Insurance Reform and 
Modernization Act of 2007 and H.R. 920, the Multiple Peril 
Insurance Act of 2007.
    Natural Disaster Insurance. H.R. 3355, the Homeowners 
Defense Act of 2007.'' passed the Committee on September 26, 
2007. The bill would provide Federal encouragement for States 
to develop State-sponsored reinsurance programs designed to 
enhance the efficiency by which catastrophic risks are 
transferred into the capital markets. H.R. 3355 would also 
assist homeowners in preparing for and recovering from damage 
caused by natural catastrophes.
    Down Payment Assistance. On June 22, 2007, the Housing 
Subcommittee held a hearing on the FHA gift downpayment seller-
financed loan program. Witnesses included the HUD Office of 
Single Family Housing Program Development Director, the HUD IG, 
the GAO, representatives from program sponsors, and housing 
advocates. On September 16, 2008, the Committee reported out 
H.R. 6694, the ``FHA Seller-Financed Downpayment Reform and 
Risk-based Pricing Act of 2008.'' The bill would reinstate the 
FHA seller-financed gift downpayment borrowers for more 
creditworthy borrowers and would permit risk-based pricing for 
FHA loans for borrowers below a certain credit score threshold.
    Project-Based Section 8 Program. The Housing and Community 
Opportunity Subcommittee held a hearing on October 17, 2007 to 
review the timeliness of Housing Assistance Payments (HAP) for 
project-based Section 8 properties. The Committee worked with 
the Committee on Appropriations to enact legislation to convert 
expiring project-based Section 8 certificates to project-based 
vouchers.
    Energy Efficiency. On June 11, 2008, the Committee held a 
hearing entitled, ``H.R. 6078, the Green Resources for Energy 
Efficient Neighborhoods (GREEN) Act.'' The Committee heard 
testimony from HUD, the Government Sponsored Enterprises, the 
Office of Federal Housing Enterprise Oversight, and a variety 
of housing groups. The hearing examined current Federal efforts 
to promote green development, and also focused on a legislative 
proposal to promote green development. The Committee met with 
HUD staff to review a proposal to extend the term of existing 
energy performance contracts from 12 to 20 years.
    Affordable Housing Preservation. The Committee focused on 
the importance of preserving 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 examined 
the circumstances by which current owners choose to leave the 
program and how incentives can be used, coupled with a reduced 
regulatory burden, to encourage continued participation by the 
private sector. The Committee held a hearing on June 19, 2008 
entitled, ``Affordable Housing Preservation and Protection of 
Tenants.'' Finally, the hearing focused on draft legislation to 
accomplish these objectives that was developed with input from 
industry and tenant organizations. The Committee held several 
hearings on the renewal of project-based voucher contracts in 
light of HUD's decision to change how it funds the renewal of 
Section 8 Housing Assistance Payments (HAP) contracts. In 
addition, the Committee held a hearing on October 23, 2007 on 
legislation to improve HUD's Mark to Market program (H.R. 
3965). On October 31, 2007, the Committee ordered reported the 
legislation.
    On July 10, 2007, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``Affordable Housing 
Preservation: Lessons from Starrett City.'' The Subcommittee 
heard testimony from New York State and New York City officials 
and from tenant advocacy groups. The hearing focused on the 
proposed sale of Starrett City, the largest affordable housing 
development in the country, and the implications for existing 
tenants regarding continued affordability.
    On October 17, 2007, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled, ``The Impact of 
Late Housing Assistance Payments on Tenants and Owners in the 
Project-Based Rental Assistance Program.'' The hearing focused 
on HUD's policy of ``short-funding'' Section 8 contracts, i.e. 
only providing enough funding to carry the contract through the 
end of HUD's Fiscal Year rather than the end of the contract 
term. The subcommittee heard testimony from representatives 
from HUD, the Government Accountability Office, and resident, 
owner, and advocacy groups.
    On October 23, 2007, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled, ``H.R. 647, the 
Mark-to-Market Extension Act of 2007.'' The hearing focused on 
HUD's Mark-to-Market program, which reduces Section 8 subsidies 
to FHA-insured properties with above-market rents and 
restructures the mortgages of these properties so that owners 
can operate more effectively on less income and by charging 
more competitive rents. The subcommittee heard testimony from 
representatives from HUD, resident groups and owners of Section 
8 housing.
    On October 29, 2007, the Subcommittee on Housing and 
Community Opportunity held a field hearing in Houston, Texas 
entitled, ``Affordable Housing Needs in the City of Houston: 
Unique Challenges and Opportunities.'' The hearing focused on 
impediments to the provision of affordable housing in Houston. 
The subcommittee heard testimony representatives from HUD, the 
City of Houston, the State of Texas, the Housing Authority of 
the City of Houston, and low-income and fair housing advocacy 
groups.
    On July 29, 2008, the Subcommittee on Housing and Community 
Opportunity held a field hearing in Martinsburg, West Virginia 
entitled, ``Affordable Housing in West Virginia: Challenges in 
the Eastern Panhandle.'' The hearing focused on impediments to 
the provision of affordable housing in West Virginia's Eastern 
Panhandle. The subcommittee heard testimony from 
representatives from HUD, the US Department of Agriculture's 
Office of Rural Development, the State of West Virginia, the 
City of Martinsburg, the Martinsburg Housing Authority, and 
veterans and housing development groups.
    Housing Tax Credit Programs. The Committee worked with the 
Committee on Ways and Means, HUD, and affordable housing 
advocates to develop a set of legislative proposals to 
facilitate the use of the Low Income Housing Tax Credit with 
HUD and Rural Housing Service programs. These proposals were 
included as part of H.R. 3221 that passed the House on July 23, 
2008, and became Public Law 110-289 on July 30, 2008.
    Community Development. On March 8, 2008, the Subcommittee 
on Housing and Community Opportunity held a field hearing in 
St. Louis, Missouri entitled, ``The Use of Federal Housing and 
Economic Development Funds in St. Louis: From `Team 4' into the 
Future.'' The hearing focused on the operation of certain 
housing and economic development programs administered by the 
Department of Housing and Urban Development and the 
implications of the City of St. Louis' experience with the Team 
4 economic development plan for current and future economic 
revitalization initiatives in the City. The Subcommittee heard 
from representatives from HUD, the City of St. Louis, the City 
of Cincinnati, research organizations, and community advocacy 
groups.
    Rural Housing Service. The Committee held a hearing on May 
8, 2007, to review the President's proposed Fiscal Year 2008 
budget for rural housing programs and to review a proposal to 
establish a revitalization program at the Rural Housing Service 
to preserve and rehabilitate affordable housing under the 
Section 514, 515, and 516 multifamily housing programs.
    Conforming Loan Limits Under Stimulus Bill. On May 22, 
2008, the Committee held a hearing on the impact of the 
conforming loan limit increase temporarily put in place under 
the stimulus bill enacted earlier in the year. Witnesses 
included representatives from organizations in the real estate 
industry affected by the loan limit increases.
    Limited English Proficiency. The Committee reviewed the 
Department of Housing and Urban Development's final guidance on 
Limited English Proficiency, published pursuant to Executive 
Order 13166 and worked with HUD and stakeholders to develop 
legislation regarding the implementation of HUD's guidance. An 
amendment was offered to the Section 8 Voucher Reform bill to 
authorize funds for additional translation services, including 
a toll-free hotline, and to identify additional documents that 
were viewed as vital. The Committee also worked with the 
Committee on Appropriations and the Senate to get funds 
appropriated to carry out the provisions of the amendment.
    Fair Housing. On April 11, 2008, the Committee submitted a 
letter to the GAO requesting the agency to conduct a 
comprehensive review of the current state of Federal 
enforcement of the Fair Housing Act and other fair lending 
statutes. The Committee also reviewed the adequacy of resources 
and staffing levels as part of the hearing on the President's 
Fiscal Year 2008 and 2009 budget recommendations for the 
Department.
    HUD Mission, Management Reform and Staffing. The Committee 
reviewed the overall mission, organization, human resources and 
information technology capabilities of the Department of 
Housing and Urban Development to determine whether the 
Department is meeting and addressing housing issues in the most 
efficient manner. This review was not only a part of the annual 
budget process and hearings, but also involved legislation to 
modernize HUD's Federal Housing Administration (H.R. 1852). The 
HUD budget hearings were held on March 14, 2007 and March 11, 
2008. The hearing on H.R. 1851 was held on April 19, 2007, and 
the bill was reported out of Committee on May 23, 2007.
    Project-Based Section 8 Program. The Subcommittee on 
Housing and Community Opportunity held a hearing on October 17, 
2007 to review the timeliness of Housing Assistance Payments 
(HAP) for project-based Section 8 properties. In addition, the 
Subcommittee reviewed HUD's policy on the renewal of expiring 
project-based Section 8 contracts.
    Rural Housing. On May 8, 2007, the Subcommittee on Housing 
and Community Opportunity held a hearing entitled, ``Rural 
Housing Programs: Review Fiscal year 2008 Budget and Pending 
Rural Housing Legislation.'' The Subcommittee heard testimony 
from the Administrator of the Rural Housing Service, Department 
of Agriculture (USDA), and from the Assistant Secretary for 
Community Planning and Development, Department of Housing and 
Urban Development. The hearing was designed to review the 
Service's fiscal year 2008 budget proposal.
    Affordable Housing Preservation. On July 10, 2007, the 
Subcommittee on Housing and Community Opportunity held a 
hearing entitled, ``Affordable Housing Preservation: Lessons 
from Starrett City.'' The Subcommittee heard testimony from New 
York State and New York City officials and from tenant advocacy 
groups. The hearing focused on the proposed sale of Starrett 
City, the largest affordable housing development in the 
country, and the implications for existing tenants regarding 
continued affordability.
    Section 202 Elderly and Section 811 Disabled Housing. The 
Subcommittee held legislative hearings on the preservation and 
production of supportive housing for the elderly and persons 
with disabilities.
    On September 6, 2007, the Subcommittee on Housing and 
Community Opportunity held a hearing entitled, ``H.R. 2930, 
Section 202 Supportive Housing for the Elderly Act of 2007.'' 
The hearing focused on the delegated underwriting of grants for 
the production of supportive housing for the elderly, as well 
as refinancing flexibility to allow aging affordable properties 
to address physical needs and maintain long-term affordability.
    On June 20, 2008, the Subcommittee on Housing and Community 
Opportunity held a hearing entitled, ``H.R. 5772, the Frank 
Melville Supportive Housing Investment Act of 2008.'' The 
hearing focused on the delegated underwriting for section 811 
grants, the transfer of section 811-funded tenant-based 
vouchers to the section 8 housing choice voucher program and 
the authorization of a demonstration program to create a 
project-based rental assistance program to develop new 
supportive housing units in mixed-use developments.
    Military Housing. The Subcommittee on Housing and Community 
opportunity held a hearing entitled, ``Affordable Housing Needs 
of America's Low-Income Housing Veterans'' on December 5, 2007. 
Witnesses included representatives from the U.S. Department of 
Veterans Affairs, the U.S. Government Accountability Office, 
homelessness advocacy groups, and veterans advocacy groups. The 
focus of the hearing was on the affordable housing needs of 
low-income veterans, and included a mention of H.R. 3329, the 
Homes for Heroes Act of 2008.
    National Flood Insurance Program. On June 12, 2007, the 
Subcommittee on Housing and Community Opportunity held a 
hearing entitled, ``The Flood Insurance Reform and 
Modernization Act of 2007, H.R. 1682.'' Based on legislation 
that passed the House in the 109th Congress, H.R. 1682 was 
designed to restore the financial solvency of and reform the 
National Flood Insurance Program (NFIP). On June 12, 2007, the 
Subcommittee on Oversight and Investigation held a joint 
hearing with the House Committee on Homeland Security 
Subcommittee on Management, Investigations and Oversight which 
explored issues related to the National Flood Insurance Program 
and the adjustment of flood insurance claims following the 2005 
hurricane season. On July 17, 2007 the Subcommittee on Housing 
and Community Opportunity held a hearing entitled, ``H.R. 920, 
the Multiple Peril Insurance Act of 2007.'' H.R. 920 would 
create a new program in the NFIP to allow policyholders to 
purchase wind and flood coverage in one policy.
    Mortgage Finance Reform. The Subcommittee held a hearing on 
September 16, 2008 entitled, ``HUD's Proposed RESPA Rule.'' The 
hearing explored the U.S. Department of Housing and Urban 
Development (HUD)'s proposed rule on the Real Estate Settlement 
Procedures Act (RESPA). The RESPA rule was finalized by the 
Office of Management & Budget on November 7, 2008, and was 
published in the Federal Register on November 17, 2008.

                               Insurance

    Terrorism Risk Insurance Act. On March 5, 2007, the 
Subcommittee on Capital Markets, Insurance, and Government 
Sponsored Enterprises held a hearing entitled, ``The Need to 
Extend the Terrorism Risk Insurance Act,'' in the City Council 
Chambers, New York City Hall. The hearing focused on the 
present availability of terrorism insurance in the private 
market. It also explored the need to extend TRIA as amended by 
TRIEA and whether Congress should consider any modifications to 
the law. Witnesses included Senator Charles Schumer, New York 
City Mayor Michael Bloomberg, and representatives from entities 
directly impacted by any extension of TRIA, including insurance 
and real estate groups.
    On April 24, 2007, the Subcommittee held a hearing 
entitled, ``Policy Options for Extending the Terrorism Risk 
Insurance Act.'' This hearing examined the policy options that 
Congress could consider in the coming months during the debates 
on extending the Terrorism Risk Insurance Program for a second 
time. Witnesses included representatives from a number of 
private entities.
    On June 21, 2007 the Subcommittee held a hearing entitled, 
``Examining a Legislative Solution to Extend and Revise the 
Terrorism Risk Insurance Act.'' The hearing focused on H.R. 
2761, the Terrorism Risk Insurance Revision and Extension Act 
of 2007. This legislation extended the Terrorism Insurance 
Program beyond its current expiration date of December 31, 
2007. TRIREA also made several revisions to the existing 
program, such as expanding the availability of insurance to 
protect against nuclear, chemical, biological and radiological 
(NBCR) events; adding group life as a line covered by the 
program; covering domestic terrorism events to $50 million; 
adjusting event trigger levels; and improving program 
administration. Witnesses included David Nason, Assistant 
Secretary for Financial Institutions, U.S. Department of the 
Treasury; Eric Dinallo, the Superintendent of the New York 
Insurance Department; and representatives from a wide variety 
of private entities.
    H.R. 2761, the Terrorism Risk Insurance Revision and 
Extension Act of 2007, was ordered reported by the Committee on 
August 1, 2007. The bill extends the Terrorism Risk Insurance 
Act of 2002 (TRIA) for a second time to ensure the continued 
availability of terrorism insurance coverage, limit market 
disruptions, encourage economic development and growth, and 
maintain the economic security of the United States. This bill 
was signed into law on December 26, 2007.
    Sales of Insurance and Securities Products to 
Servicemembers. The Committee continued to conduct oversight of 
insurance companies and producers selling insurance on Federal 
military installations. Committee staff has consulted with the 
Department of Defense and the National Association of Insurance 
Commissioners (NAIC) staff concerning the implementation of the 
Military Personnel Financial Services Protection Act (P.L. 109-
290), which became law on September 29, 2006. The 2006 Act 
required the NAIC and the DoD to issue reports regarding the 
sales of insurance to servicemembers. The NAIC issued reports 
in March and September of 2007 detailing the States' efforts to 
implement the Act. In April 2008, the DoD issued a study 
covering the implementation of the Act and the impact of 
revised DoD Instruction 1344.07 (guidelines concerning the 
sales of insurance and other financial products to active 
servicemembers). The Committee has reviewed all of these 
reports and continues to monitor the Act's implementation.
    Regulatory Modernization. On October 3, 2007, the 
Subcommittee on Capital Markets, Insurance, and Government 
Sponsored Enterprises held a hearing entitled, ``The Need for 
Insurance Regulatory Reform.'' The first in a series of three 
hearings, this hearing focused on the need for insurance 
regulatory reform, including detailing costs, marketplace 
inefficiencies, developments in global markets, and policy 
rationales for pursuing regulatory reform. Since the enactment 
of the Gramm-Leach-Bliley Act, some key participants in the 
insurance industry believe that they have faced a competitive 
disadvantage vis-a-vis banks and securities firms in the U.S., 
while others cited developments in the global economy as the 
need for pursuing regulatory reform. Many insurers also believe 
that the current system of insurance is inefficient and costly, 
and some have produced studies to estimate these financial 
amounts. Witnesses included representatives from the National 
Association of Insurance Commissioners and from several 
insurance trade organizations.
    On October 30, 2007 the Subcommittee held a hearing 
entitled, ``Additional Perspectives on the Need for Insurance 
Regulatory Reform.'' This hearing focused on the same general 
topics as the Subcommittee's October 3, 2007 hearing- the need 
for insurance regulatory reform, including detailing costs, 
marketplace inefficiencies, developments in global markets, and 
policy rationales for pursuing regulatory reform. Witnesses 
included representatives from the National Association of 
Insurance Commissioners and from several insurance trade 
organizations.
    On April 16, 2008 the Subcommittee held a hearing entitled, 
``Examining Proposals on Insurance Regulatory Reform.'' The 
purpose of this hearing was to allow Members to hear about 
different proposals on how best to reform insurance regulation. 
Each witness was to discuss one option for insurance regulatory 
reform, its merits, and what problems the solution seeks to 
solve. This hearing was intended to be a positive discussion of 
the proposals, and no witnesses were asked to testify against 
another proposal. Witnesses included David Nason, Assistant 
Secretary for Financial Institutions, Department of the 
Treasury; Eric Dinallo, Superintendent, Department of 
Insurance, State of New York; and representatives from several 
insurance trade organizations.
    Agent and Broker Licensing Reform. The Capital Markets 
Subcommittee reviewed H.R. 5611, the National Association of 
Registered Agents and Brokers Reform Act of 2008, at an 
insurance regulatory reform hearing on April 16, 2008. H.R. 
5611 would establish a reciprocal licensing process for 
insurance agents and brokers in the various States. The 
legislation was marked-up and favorably forwarded to the 
Committee on July 9, 2008. The House passed H.R. 5611 on 
September 17, 2008.
    Life Insurance Product Approval. The Capital Markets 
Subcommittee reviewed life insurance product approvals as part 
of the Subcommittee's work on insurance regulatory reform. The 
Subcommittee held a series of hearings on insurance regulatory 
reform on October 3, 2007, October 30, 2007 and April 16, 2008.
    Insurance Consumer Protections. The Capital Markets 
Subcommittee reviewed insurance consumer protections as part of 
the Subcommittee's work on insurance regulatory reform. The 
Subcommittee held a series of hearings on insurance regulatory 
reform on October 3, 2007, October 30, 2007 and April 16, 2008.
    On October 2, 2007 and May 21, 2008 the Oversight and 
Investigations Subcommittee held hearings to discuss issues 
related to insurance consumer protections.
    Credit Scoring and Insurance. The Oversight and 
Investigations Subcommittee held two hearings on the use of 
consumer credit information to underwrite and rate personal 
lines of insurance, including automobile and homeowners' 
insurance. The first hearing, held on October 2, 2007, was 
entitled, ``Credit-Based Insurance Scores: Are They Fair?'' 
Under Section 215 of the Fair and Accurate Credit Transactions 
(FACT) Act, the Federal Trade Commission (FTC) and the Federal 
Reserve, in consultation with the Office of Fair Housing and 
Equal Opportunity of the Department of Housing and Urban 
Development, are required to study whether credit scores and 
credit-based insurance scores affect the availability and 
affordability of financial services and products. On July 19, 
2007, the FTC released the first portion of the statutorily 
required report entitled, ``Credit-Based Insurance Scores: 
Impacts on Consumers of Automobile Insurance'' that examined 
the use of credit-based insurance scores to rate and underwrite 
automobile insurance. The second portion of that report, 
addressing homeowners' insurance, is pending. Hearing witnesses 
included representatives from the FTC, several State insurance 
commissioners and civil rights organizations. The hearing 
examined State regulations and laws governing the use of 
credit-based insurance scores. The hearing also addressed the 
FTC report, and whether the validity of the report was 
compromised because the underlying data was supplied by the 
insurance industry on a voluntary basis and did not cover the 
entire automobile insurance market. Subsequently, the FTC 
decided to use its subpoena authority to compel data from a 
large cross section of insurance companies to complete the 
pending homeowners' insurance study.
    A second hearing entitled, ``The Impact of Credit-Based 
Insurance Scoring on the Availability and Affordability of 
Insurance'' was held by the Subcommittee on May 21, 2008. This 
hearing examined more generally the use of consumer credit 
information in the underwriting and rating of personal lines of 
insurance. Witnesses included representatives from the FTC, the 
National Association of Insurance Commissioners, the National 
Conference of Insurance Legislators, and a number of civil 
rights and consumer organizations. As a result of concerns 
raised during these hearings about the impact of the use of 
credit-based insurance scores on consumers, particularly low-
income and minority consumers, two members of the Subcommittee 
introduced separate bills relating to the use of consumer 
credit information for insurance purposes.
    Discrimination in Insurance. On October 2, 2007 and May 21, 
2008 the Oversight and Investigations Subcommittee held 
hearings to discuss issues related to discrimination in 
insurance.
    Availability of Natural Disaster Insurance. On March 27, 
2007 the Subcommittee on Housing and Community Opportunity held 
a hearing entitled, ``Perspectives on Natural Disaster 
Insurance.'' This hearing explored various approaches proposed 
to handle the issue of natural disaster insurance, including, 
but not limited to, the provisions of various bills that were 
pending before Congress at the time. Witnesses included 
Representatives Taylor, Klein, Mahoney and Brown-Waite, a 
representative of the National Association of Insurance 
Commissioners and representatives of several insurance and 
disaster mitigation trade organizations.
    On September 6, 2007, the Subcommittee on Capital Markets, 
Insurance, and Government Sponsored Enterprises and the 
Subcommittee on Housing and Community Opportunity held a joint 
hearing entitled, ``H.R. 3355, the Homeowners Defense Act of 
2007.'' H.R. 3355 provided Federal encouragement for States to 
develop State-sponsored reinsurance programs designed to 
enhance the efficiency by which catastrophic risks are 
transferred into the capital markets. Witnesses included 
several representatives from both the State and Federal 
government and representatives from several insurance and 
disaster mitigation trade organizations. H.R. 3355 was ordered 
reported by the Financial Services Committee on September 26, 
2007 and passed the House on November 2, 2007.
    The Oversight and Investigations Subcommittee held a field 
hearing on February 11, 2008 in West Palm Beach, Florida 
entitled, ``The Homeowners'' Insurance Crisis and its Impact on 
Communities, Homeowners and the Economy.'' Florida's Insurance 
Commissioner testified, along with the mayor of Wellington, 
Florida and a local resident about the financial impact on 
State and local governments and residents of natural 
catastrophes and the withdrawal of insurance companies from 
coastal markets. The hearing explored possible solutions to the 
insurance coverage crisis, including H.R. 3355 (The Homeowners' 
Defense Act of 2007). Representatives from the Florida 
Association of Realtors and Independent Insurance Agents and 
Brokers of America testified in support of H.R. 3355 and 
supported the idea of a comprehensive solution to the insurance 
crisis as a result of natural catastrophes.
    Uninsured Disaster Losses. Although the Committee took no 
direct oversight action on this topic, the Committee monitored 
developments in this area throughout the 110th Congress.
    Mega-Catastrophes. On March 27, 2007 the Subcommittee on 
Housing and Community Opportunity held a hearing to discuss 
issues related to mega-catastrophes.
    Katrina Claims. The Oversight & Investigations Subcommittee 
held a series of hearings in the 110th Congress on the 
insurance claims payment process following Hurricanes Katrina 
and Rita. The first hearing entitled, ``Insurance Claims 
Payment Processes in the Gulf Coast after the 2005 Hurricanes'' 
was held on February 28, 2007. The hearing examined several 
concerns, including potential overpayment of claims by the 
National Flood Insurance Program (NFIP) due to nonpayment or 
underpayment of wind claims by private Write-Your-Own Insurance 
(WYO) companies. Another concern is a potential conflict of 
interest as these same WYO insurance companies licensed by the 
NFIP to adjust flood claims paid by the NFIP simultaneously 
adjust their own wind claims paid by private insurance 
companies. Several members of Congress from the Gulf Coast 
region testified about the specific challenges to their 
constituents and communities following Hurricanes Katrina and 
Rita. A witness from the Federal Emergency Management Agency 
(FEMA) and the Mississippi Attorney General testified about the 
ongoing government efforts to provide oversight of the NFIP and 
investigate potential fraud against the program.
    The second hearing entitled, ``National Flood Insurance 
Program: Issues Exposed by the 2005 Hurricanes'' held on June 
12, 2007 was a joint hearing with the Committee on Homeland 
Security, Subcommittee on Management, Oversight & 
Investigations. This hearing examined two interim reports 
issued by the U.S. Government Accountability Office (GAO) and 
Department of Homeland Security, Office of Inspector General 
(DHS-IG). Witnesses from the GAO and DHS-IG testified that FEMA 
lacked access to critical wind files maintained by private 
insurers under the Write-Your-Own (WYO) program to conduct 
proper oversight, however at that point in time, they did not 
have enough evidence to prove systematic defrauding of the NFIP 
by private insurers.
    A GAO report entitled, ``NATIONAL FLOOD INSURANCE PROGRAM: 
Greater Transparency and Oversight of Wind and Flood Damage 
Determinations Are Needed,'' (GAO-08-28) was released in 
December 2007. This report is a follow-up to the interim report 
discussed at the June 2007 hearing. The GAO found that because 
the NFIP does not systematically collect and analyze both wind 
and flood damage claims data, it hurts FEMA's oversight and 
quality assurance reinspection function. The GAO recommended 
that FEMA have access to both flood and wind files to ensure 
proper oversight. The DHS-IG report entitled, ``Hurricane 
Katrina: Wind Versus Flood Issues,'' (OIG-08-97) was issued in 
September 2008 and is a follow-up to the DHS-IG interim report. 
As part of its investigation, DHS-IG subpoenaed insurance files 
from about 100 damaged properties in Mississippi, Louisiana and 
Alabama and found that the NFIP did not improperly pay for wind 
damage. The DHS-IG did not find systematic defrauding of the 
NFIP by private WYO insurance companies; however, it 
recommended that FEMA have access to insurers' wind files to 
foster proper oversight.
    In addition, the Subcommittee has been conducting an 
independent investigation into the insurance claims payment 
crisis after Hurricanes Katrina and Rita. During the 110th 
Congress, the Subcommittee issued voluntary document requests 
to certain insurance companies, engineering firms and 
adjustment firms that were operating in the Gulf Coast when the 
hurricanes struck in 2005, yielding over 10,000 pages of 
documents. A staff report on the investigation is pending.
    The Subcommittee's work in this area helped inform the work 
of the Housing Subcommittee and the Full Committee in crafting 
H.R. 3121, the Flood Insurance Reform and Modernization Act of 
2007, which would expand the NFIP to include wind damage, among 
other reforms. H.R. 3121 was ordered reported by the Financial 
Services Committee on July 26, 2007.
    Surplus Lines and Reinsurance. H.R. 1065, the Nonadmitted 
and Reinsurance Reform Act of 2007 passed the House on June 25, 
2007. H.R. 1065 streamlines the regulation of surplus lines 
insurance and reinsurance. This legislation closely mirrors 
similar legislation passed by the Committee in the 109th 
Congress and the Committee monitored developments in this area 
throughout the 110th Congress.
    Guarantee Funds. Although the Committee took no direct 
oversight action on this topic, the Committee monitored 
developments in this area throughout the 110th Congress. The 
Capital Markets Subcommittee held meetings with both the 
association for life and health guarantee funds and the 
association for property/casualty guarantee funds.
    Viaticals and Life Settlements. Although the Committee took 
no direct oversight action on this topic, the Committee 
monitored developments in this area throughout the 110th 
Congress.
    Retirement Products. Although the Committee took no direct 
oversight action on this topic, the Committee monitored 
developments in this area throughout the 110th Congress.
    Business Continuity Planning. Although the Committee took 
no direct oversight action on this topic, the Committee 
monitored developments in this area throughout the 110th 
Congress.
    Insurance Investments. Although the Committee took no 
direct oversight action on this topic, the Committee monitored 
developments in this area throughout the 110th Congress.
    Insurance Intermediaries Practices. Although the Committee 
took no direct oversight action on this topic, the Committee 
monitored developments in this area throughout the 110th 
Congress.
    International Developments. On February 7, 2008 the 
Committee held a hearing to discuss issues related to 
international insurance developments.
    On October 3, 2007, October 30, 2007, April 16, 2008, and 
June 10, 2008, the Subcommittee on Capital Markets, Insurance, 
and Government Sponsored Enterprises held hearings in which 
international insurance developments were discussed.
    Risk Retention Groups. H.R. 5792, the Increasing Insurance 
Coverage Options for Consumers Act of 2008, would reform and 
expand the Product Liability Risk Retention Act of 1986 by 
allowing Risk Retention Groups (RRGs) to provide commercial 
property insurance to their members and require all RRGs to 
implement minimum corporate governance, disclosure, and 
financial reporting standards. The Subcommittee on Capital 
Markets, Insurance, and Government Sponsored Enterprises 
reviewed H.R. 5792 at an insurance regulatory reform hearing on 
April 16, 2008.
    The legislation was subsequently marked-up and favorably 
forwarded to the Committee on July 9, 2008.
    Reinsurance. On October 3 and 20, 2007, and again on April 
16, 2008, the Subcommittee on Capital Markets, Insurance, and 
Government Sponsored Enterprises held hearings to discuss 
issues related to reinsurance.
    Insurance Information. On June 10, 2008 the Subcommittee on 
Capital Markets, Insurance, and Government Sponsored 
Enterprises held a hearing entitled, ``H.R. 5840, the Insurance 
Information Act of 2008.'' H.R. 5840 would create a Federal 
Office of Insurance Information within the Department of the 
Treasury to provide advice and expertise on insurance policy to 
the Administration and to Congress. The purpose of the hearing 
was to examine and solicit comment on this bill. Witnesses 
included representatives from the Department of Treasury, the 
National Association of Insurance Commissioners, the National 
Conference of Insurance Legislators and several insurance trade 
organizations.
    The legislation was subsequently marked-up and favorably 
forwarded to the Committee on July 9, 2008.
    Holocaust-era Insurance Claims. On February 7, 2008, the 
Committee held a hearing entitled, ``The Holocaust Insurance 
Accountability Act of 2007 (H.R. 1746): Holocaust Era Insurance 
Restitution After ICHEIC, the International Commission on 
Holocaust Era Insurance Claims.'' As introduced, H.R. 1746 
required that insurance companies doing business in the United 
States file certain disclosures of Holocaust-era insurance 
policies for publication by the Archivist of the United States 
in a Holocaust Insurance Registry. H.R. 1746 also created a 
Federal cause of action for claims arising from out of 
Holocaust-era insurance policies. The hearing was held to 
determine whether the bill, as introduced, provided the most 
effective way to address unpaid claims arising from Holocaust-
era insurance policies. Representatives of Holocaust survivors 
and survivor groups, former ICHEIC personnel, a representative 
of the Archivist's office and a State Department representative 
testified before the Committee.
    H.R. 1746 was amended and was ordered reported from the 
Committee on June 25, 2008. As amended, H.R. 1746: (i) requires 
that insurance companies respond within 90 days to any new 
inquiry received from any potential beneficiary of any 
Holocaust-era insurance policy; and (ii) creates a Federal 
cause of action for claims arising from Holocaust-era insurance 
policies on which the claimant has not previously made a claim. 
The bill was sequentially referred to the Judiciary Committee 
on August 1, 2008.
    Bond Insurance. On February 14, 2008 the Subcommittee on 
Capital Markets, Insurance, and Government Sponsored 
Enterprises held a hearing entitled, ``The State of the Bond 
Insurance Industry.'' The purpose of this hearing was to 
discuss the implications of recent bond insurers' ratings 
downgrades and implications for the stability of our nation's 
financial sector and the broader economy. The hearing also 
examined the potential consequences for many participants in 
the financial marketplace of bond insurer credit downgrades, 
the existing regulatory system, and the need for reform. 
Witnesses included Eliot Spitzer, the Governor of New York; 
Eric Dinallo, Superintendent of the New York State Insurance 
Department; officials from the Securities and Exchange 
Commission, the Department of the Treasury, the Federal Reserve 
and Wilkes-Barre, PA; and representatives of a number of 
private entities.
    On March 12, 2008, the Committee held a hearing entitled, 
``Municipal Bond Turmoil: Impact on Cities, Towns, and 
States.'' While the main purpose of this hearing was to examine 
the impact on State and local governments and other municipal 
bond issuers as the current credit crisis worsens, the 
Committee also examined the extent to which the bond insurance 
industry contributed to the collapse of the auction-rate 
securities market. Witnesses included a cross-section of 
individuals representing different entities hit by the 
Municipal Bond crisis. These entities included States, Federal 
agencies, and private groups.
    The efforts of the Committee and subcommittee were 
incorporated into H.R. 6308, Municipal Bond Fairness Act, which 
was ordered reported by the Committee on July 30, 2008.

                         International Finance

    Annual Report and Testimony by the Secretary of the 
Treasury on the State of the International Financial System and 
International Monetary Fund Reform. The Committee received the 
testimony of the Secretary of the Treasury on the state of the 
international financial system on June 20, 2007.
    U.S. Oversight over the International Financial 
Institutions (IFIs). On May 22, 2007, the Committee held a 
hearing entitled, ``The Role and Effectiveness of the World 
Bank in Combating Global Poverty.'' The hearing focused on the 
importance of governance, transparency and accountability at 
the World Bank in order to maximize our ability to wage an 
effective fight against world poverty. Witnesses discussed the 
governance and democratic practices within the Bank; the Bank's 
anti-poverty activities and programs, including the conditions 
the Bank places on countries in which it is active; and the 
degree to which some of the Bank's development strategies might 
run counter to sustainable development goals.
    On May 24, 2007, Chairman Frank and three other House 
committee chairmen sent a letter requesting President Bush seek 
a replacement for World Bank president from a global pool of 
candidates in order to send a signal of the commitment of the 
United States to the Bank's core anti-poverty mission.
    On July 13, 2007 Chairman Frank sent a letter to World Bank 
President Robert Zoellick urging the release of the draft 
report on the effects of pollution problems in China.
    On October 3, 2007, the Committee held a hearing entitled, 
``The Fight against Global Poverty and Inequality: the World 
Bank's Approach to Core Labor Standards and Employment 
Creation.'' The hearing focused on the role of core labor 
standards in the fight against global poverty and in particular 
on the World Bank's attention to and promotion of core labor 
standards in its operational and lending policies. During the 
hearing, the witnesses shared with the Committee their views on 
the World Bank's annual ``Doing Business'' report; the role of 
unions in developing countries; the Equator Principles, which 
have been adopted by over 50 private banks involved in 
development financing; and what role they believe the World 
Bank should be playing in helping to advance or promote worker 
rights internationally.
    On April 8, 2008, Chairman Frank wrote to the President of 
the National Academy of Sciences to request the National 
Research Council to organize a workshop to examine the impacts 
of the World Bank's labor policies on poverty reduction and 
inequality, the creation of decent jobs, formalization of the 
large informal economies, and the protection of workers.
    On April 8, 2008, Chairman Frank wrote to the President of 
the National Academy of Sciences to request the National 
Research Council to organize a workshop to examine the impacts 
of the World Bank's labor policies on poverty reduction and 
inequality, the creation of decent jobs, formalization of the 
large informal economies, and the protection of workers.
    On May 14, 2008, the Committee held a hearing entitled, 
``Contributing Factors and International Responses to the 
Global Food Crisis'' that examined the underlying causes of the 
intense pressures on the world's food system and looked at the 
immediate and urgent short-term humanitarian challenges to the 
crisis. The hearing focused on the particular kind of trade 
policies and other interventions by governments, aid agencies, 
and international institutions--including the World Bank, the 
IMF, and International Fund for Agricultural Development--that 
would be most effective in establishing a sustainable and 
secure food system that meets the basic food needs of all 
people.
    On July 1, 2008, Chairman Frank wrote to Treasury Secretary 
Paulson urging the United States to significantly increase the 
U.S. contribution to the International Fund for Agricultural 
Development (IFAD) to better support its critical work in 
enabling the poor to overcome poverty through an effective 
focus on increasing agricultural productivity.
    On October 25, 2007, the Committee held a hearing entitled, 
``Transparency of Extractive Industries: High Stakes for 
Resource-Rich Countries, Citizens and International Business,'' 
which examined the development phenomenon known as the 
``resource curse,'' whereby many developing countries rich in 
oil, gas and mineral resources are more likely to become 
authoritarian and corrupt, and experience greater poverty, 
slower growth, and slower development than non-resource rich 
countries, with many ranking near the bottom of most measures 
of human development. The hearing focused on the causes and 
effects of the ``resource curse''; the responses of the 
international community, including the voluntary Extractive 
Industries Transparency Initiative, its progress and its 
limitations; the role of the international financial 
institutions in the extractive industries of developing 
countries; and what more could be done both bilaterally and 
multilaterally to better combat this complex problem. The 
expert civil society and academic witnesses at the hearing 
stressed the importance of going beyond the voluntary approach 
of the Extractive Industries Transparency Initiative and 
focused largely on the need for Congressional legislation to 
make revenue disclosure a mandatory reporting requirement.
    On June 26, 2008, the Committee held a legislative hearing 
on H.R. 6066, the Extractive Industries Transparency Disclosure 
Act. The legislation would require oil, gas, and mining 
companies listed on U.S. exchanges to publicly disclose the 
payments they make to the governments of the countries from 
which those resources are extracted. This disclosure 
requirement would allow shareholders to make better informed 
assessments of opportunity costs, threats to corporate 
reputation, comparative extraction costs, and long-term 
prospects of the companies in which they invest. Resource 
revenue transparency is also necessary in order for citizens--
the true owners of their country's natural wealth--to be able 
to demand greater accountability from their governments for 
spending that serves the public interest. This form of 
transparency, in conjunction with an increasing active civil 
society, also promises to help create more stable, democratic 
governments.
    Replenishment of the International Development Association 
and African Development Fund. On June 18, 2008, the Committee 
held a hearing titled ``The 15th Replenishment of the 
International Development Association and the 11th 
Replenishment of the African Development Fund.'' On June 25, 
2008, the Committee approved by voice vote H.R. 6306, a bill to 
authorize appropriations for the United States contributions 
to, the fifteenth replenishment of the International 
Development Association (IDA-15) and the eleventh replenishment 
of the African Development Fund (AfDF-11).
    International Debt Relief. On November 8, 2007, the 
Committee held a legislative hearing on ``H.R. 2634, the 
Jubilee Act for Responsible Lending and Expanded Debt 
Cancellation of 2007.'' This hearing focused on the policy 
provisions contained in H.R. 2634, the effects this legislation 
would have on the world's poorest countries that continue to 
suffer under crushing debt burdens. On April 3, 2008, the 
Committee ordered reported H.R. 2634, and the bill was approved 
by the House on April 16, 2008.
    Chairman Frank, Ranking Member Bachus, Rep. Waters, Rep. 
Gutierrez, Rep. Payne, and Rep. Lee wrote to the Government 
Accountability Office on August 30, 2007 requesting a report to 
address the issue of how much funding from the international 
financial institutions and donor governments will be required 
to fulfill the commitments of the Multilateral Debt Relief 
Initiative and what policy conditions countries will be 
required to implement to qualify for debt relief.
    Millenium Challenge Corporation (MCC). In March 2008, 
Chairman Frank led a bipartisan Congressional delegation to the 
African countries of Cape Verde, South Africa and Ghana to meet 
with government officials, civil society leaders, and 
representatives of the private sector to discuss issues of 
economic development, impediments to poverty reduction and the 
role of the international financial institutions in these 
countries. In Cape Verde, members were given a first-hand look 
at the remarkable progress Cape Verde--one of the first 
countries to receive a Millennium Challenge Account (MCA) 
grant--has been making under its MCA compact. Cape Verdean 
government officials shared their concern with members about 
some of the legislative rules under which the MCC currently 
operates, which may make it difficult for Cape Verde to fully 
realize the benefit of the program.
    On May 22, 2008, Chairman Frank and Rep. Patrick Kennedy 
wrote to Foreign Affairs Committee Chairman Howard Berman 
requesting his support for some legislative changes to the 
Millennium Challenge Account program in order to allow some 
flexibility, at the discretion of the Board, to extend the 
five-year limit on MCA compact implementation in particular 
cases; to authorize the possibility of concurrent or subsequent 
compacts in a given country; and to allow the MCC to enter into 
compacts on a regional basis when doing so would likely produce 
more effective developmental outcomes.
    Counter-terrorism Financing Policy. The Sudan 
Accountability and Divestment Act of 2007, H.R. 180 in the 
House, was passed unanimously by both the House and Senate in 
December 2007 and was signed into law as S. 2271 by President 
Bush on December 31, 2007 (Public Law 110-174). The Act 
authorizes, but does not mandate, States and localities that 
choose to do so to adopt measures to divest public assets from 
companies involved in the targeted business sectors in Sudan. 
The Act authorizes, but does not mandate, mutual funds and 
private pension fund managers to sell securities of companies 
involved in the targeted business sectors in Sudan, and 
provides a ``safe harbor'' for divestment decisions made in 
accordance with the Act. Fund managers will still be required 
to observe all other normal fiduciary responsibilities and must 
disclose their divestment decisions pursuant to SEC 
regulations. The Act requires Federal Government contractors to 
certify that they are not conducting business operations in any 
of the targeted business sectors in Sudan; subject to waiver by 
the President if he determines and certifies to Congress that 
it is in the national interest. Requires the Secretaries of the 
Departments of State and Treasury to report on the efficacy of 
current Sudan-related sanctions. In order to help ensure that 
State and private investment decisions will not conflict with 
future foreign policies and objectives established by the 
Federal Government, the Act sets forth conditions for the 
sunset of the Act.
    On February 8, 2008, the Committee held a hearing titled 
``Negative Implications of the President's Signing Statement on 
the Sudan Accountability and Divestment Act.'' When President 
Bush signed the ``Sudan Accountability and Divestment Act of 
2007'' into law, his signature came with a signing statement 
that could undermine the law's effectiveness by including 
language threatening State and local governments that act 
according to the law. The purpose of this hearing was to review 
the ongoing deterioration of the situation in Darfur; draw 
attention to the Administration's efforts to question 
Congress's foreign policy judgment that the U.S. government 
should support State decisions not to finance the atrocities 
and genocide in Sudan; and to examine the purpose, meaning, and 
intent of the President's signing statement on the ``Sudan 
Accountability and Divestment Act of 2007,'' and its potential 
effect, if any, on actions authorized by the Act.
    H.R. 2347, the ``Iran Sanctions Enabling Act of 2007'' was 
approved by the Committee on May 23, 2007. It passed the House 
under suspension of the rules on July 31, 2007 on a 408-6 roll 
call vote. The legislation permits the divestment from 
companies with investments of $20,000,000 or more in Iran's 
energy sector in order to pressure the Iranian regime to cease 
its incitement to commit genocide, and its production of 
nuclear weapons. The bill directs the Federal Government to 
produce a list of companies that have qualifying investments in 
Iran. State governments, local governments, and educational 
institutions are then authorized by the legislation to divest 
their mutual and pension fund assets from companies on the 
list, as well as companies having an investment in, or carrying 
on a trade or business in Iran. The legislation permits 
investment and pension plan managers to divest from companies 
listed without breaching their fiduciary responsibilities to 
their investors. It recommends through a sense of Congress that 
the Federal Retirement Thrift Investment Board should consider 
efforts to provide a terror-free international investment 
option among the funds of the Thrift Savings Plan. The 
legislation includes a sunset provision stating that the Act 
shall terminate 30 days after the date on which the President 
has certified to Congress that Iran no longer satisfies the 
requirements for designation as a state-sponsor of terrorism 
and that Iran has ceased the pursuit, acquisition, and 
development of nuclear, biological, and chemical weapons and 
ballistic missiles and ballistic missile launch technology.
    Exchange rates. The Committee assessed the findings and 
conclusions of each of the reports on International Economic 
and Exchange Rate Policies issued by the Secretary of the 
Treasury in 2007/2008. The Committee also assessed progress 
toward a reform of multilateral exchange rate surveillance in 
the International Monetary Fund.
    Global capital flows. The Committee continued to monitor 
global capital flows, the distortions in capital flows 
associated with global imbalances, and the emergence of 
sovereign wealth funds as large scale sources of investment in 
the United States and globally.
    Committee on Foreign Investment in the United States 
(CFIUS). On February 7, 2007, the Committee held a hearing 
entitled, ``The Committee on Foreign Investment in the United 
States (CFIUS), One Year After Dubai Ports World.'' The hearing 
considered CFIUS activities during the 12 months that followed 
the Dubai Ports World controversy, assessed the continuing need 
for legislative reform, and considered appropriate measures for 
a legislative reform package. The Committee reported a CFIUS 
reform bill, which was passed by the House and Senate and 
signed into law by the President on July 26, 2007 (P.L. 110-
49). The Committee monitored the drafting of implementing 
regulations for the legislation.
    Trade in Financial Services. The Committee monitored the 
negotiation of financial services and investment provisions in 
the U.S.-Korea Free Trade Agreement and focused on the China's 
progress in meeting its WTO commitments on financial services. 
The Committee conducted an oversight hearing on the U.S.-China 
financial services trade relationship, which resulted in 
passage of a House resolution calling on China to make further 
progress on market access for U.S. financial firms. On December 
5th, 2007, Chairman Frank and Ranking Member Bachus wrote a 
letter to Treasury Secretary Paulson urging him to make 
financial services market access issues a priority in his 
discussions with Chinese officials under the auspices of the 
U.S.-China Strategic Economic Dialogue.
    Export-Import Bank of the United States. The Committee 
continued to monitor implementation of reforms contained in the 
Bank's 2006 reauthorization. In August 2007, Chairman Frank and 
Rep. Ron Klein wrote to Ex-Im Bank Chairman James Lambright and 
Treasury Secretary Henry Paulson to highlight a transaction 
that would involve use of the Tied Aid Credit Fund, something 
that was emphasized in the 2006 reforms as an important 
competitiveness tool for the Bank.
    North American Development Bank. The Committee continued to 
monitor the U.S. participation in the North American 
Development Bank and the implementation of reforms at the Bank 
aimed at increasing the lending activity of the Bank in Mexico 
and the United States.

         The Economy, Domestic Monetary Policy, and Technology

    The Economy and Its Impact on Living Standards. In February 
2007, the Committee began the practice of pairing the hearing 
on the conduct of monetary policy with a second day of 
testimony from outside experts on issues associated with the 
well being of workers and the impact of current economic 
conditions on living standards.
    Conduct of Monetary Policy by the Board of Governors of the 
Federal Reserve System. The Committee conducted hearings in 
February and July, 2007 and 2008. These hearings were 
supplemented with companion hearings in order to bring expert 
perspective on the issues beyond that of the Federal Reserve 
Chairman's.
    Defense Production Act. In January 2008, the Committee 
staff began a series of briefings with the agencies charged 
with carrying out Titles I and III of the Defense Production 
Act (DPA) in order to determine the effectiveness of the DPA in 
promoting national security. The Committee received a 
statutorily mandated report from the DPA agencies in June and a 
report from the Government Accountability Office on reform of 
the DPA authorities. The Committee moved forward with a one-
year extension of the DPA authorities in September with the 
intent of considering a multi-year authorization in the context 
of a DPA reform bill in 2009.
    Management of the Nation's Money: Activities of the Bureau 
of the Mint and the Bureau of Engraving and Printing. Committee 
and Subcommittee staff met regularly with staff of the United 
States Mint and the Bureau of Engraving and Printing on a 
variety of issues. On several occasions, 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 to financial institutions. On 
March 11, 2008, the Subcommittee on Domestic and International 
Monetary Policy, Trade, and Technology held a legislative 
hearing entitled, ``Coin Modernization and Taxpayer Savings Act 
of 2008'' regarding H.R. 5512 and the problem of pennies and 
nickels costing more to produce than their face value. The 
United States Mint and related industry representatives 
testified on the proposed solution of changing the metallic 
composition of pennies and nickels to reduce production costs. 
On July 30, 2008, the Subcommittee on Domestic and 
International Monetary Policy, Trade, and Technology held a 
hearing entitled, ``Examining Issues Related to Tactilely 
Distinguishable Currency.'' The Bureau of Engraving and 
Printing, advocates for the blind and related industry 
representatives testified on the benefit of adding tactilely 
distinguishable characteristics to our currency and on some of 
the technical obstacles that must be overcome in making these 
changes.
    Counterfeiting. Committee staff met with staff and the 
Director of the Bureau of Engraving and Printing (BEP) to 
discuss measures being taken to prevent counterfeiting. These 
discussions covered features added to the newly redesigned $100 
bill to prevent counterfeiting of the denomination.
    The U.S. Treasury Department's Financial Crimes Enforcement 
Network (FinCEN): Committee staff met regularly with staff and 
the Director of FinCEN. On April 4, 2008, Chairman Frank 
visited FinCEN headquarters in Virginia and met with its 
Director to discuss FinCEN operations and its enforcement of 
BSA. On May 10, 2007, the Subcommittee on Oversight and 
Investigation held a hearing ``Suspicious Activity and Currency 
Transaction Reports: Balancing Law Enforcement Utility and 
Regulatory Requirements.'' Following the hearing, on July 19, 
2007, Chairman Frank, Ranking Member Bachus, and Rep. Lynch 
wrote a letter to GAO requesting a comprehensive examination of 
the current framework for achieving the goals of BSA and the 
responsibilities of FinCEN. GAO is expected to issue the report 
in early February of 2009.
    Critical Infrastructure Protection and Cyber-security. 
Committee staff continued to monitor private-sector and 
government-wide efforts to protect critical financial 
infrastructure.
    Treasury's Office of Foreign Asset Control (OFAC). 
Committee staff continued to monitor functions of OFAC and held 
meetings with its staff. Committee staff also increased 
outreach to related industry.

                   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. 556...................          110-24  Foreign Investment and
                                              National Security Act of
                                              2007
H.R. 835...................          110-50  Hawaiian Home Ownership
                                              Opportunity Act of 2007
H.R. 1227..................          110-51  Gulf Coast Hurricane
                                              Housing Recovery Act of
                                              2007
H.R. 1515..................          110-86  To amend the Housing and
                                              Community development Act
                                              of 1974 to treat certain
                                              communities as
                                              metropolitan cities for
                                              purposes of the community
                                              development block grant
                                              program
H.R. 1257..................          110-88  Shareholder Vote on
                                              Executive Compensation Act
H.R. 1676..................         110-102  Native American
                                              Homeownership Opportunity
                                              Act
H.R. 1675..................         110-106  Preservation Approval
                                              Process Improvement Act of
                                              2007
H.R. 1427..................         110-142  Federal Housing Finance
                                              Reform Act of 2007
H.R. 698...................         110-155  Industrial Bank Holding
                                              Company Act of 2007
H.R. 1980..................         110-204  Housing Assistance Council
                                              Authorization Act of 2007
H.R. 1982..................         110-205  Rural Housing and Economic
                                              Development Improvement
                                              Act of 2007
H.R. 2139..................         110-206  FHA Manufactured Housing
                                              Loan Modification Act of
                                              2007
H.R. 1851..................         110-216  Section 8 Voucher Reform
                                              Act of 2007
H.R. 1852..................         110-217  Expanding American
                                              Homeownership Act of 2007
H.R. 2547..................         110-234  FDIC Enforcement
                                              Enhancement Act
H.R. 2347..................         110-277  Iran Sanctions Enabling Act
                                              of 2007
H. Con. Res. 140...........         110-278  Financial Services
                                              Diversity Initiative
H.R. 2786..................         110-295  Native American Housing
                                              Assistance and Self-
                                              Determination Act of 2007
H.R. 2761..................         110-318  Terrorism Risk Insurance
                                              Revision and Extension Act
                                              of 2007
H.R. 3121..................         110-340  Flood Insurance Reform and
                                              Modernization Act of 2007
H.R. 2895..................         110-362  National Affordable Housing
                                              Trust Fund Act of 2007
H.R. 3002..................         110-363  Native American Economic
                                              Development and
                                              Infrastructure for Housing
                                              Act
H.R. 2868..................         110-380  To eliminate the exemption
                                              from State regulation for
                                              certain securities
                                              designated by national
                                              securities exchanges
H.R. 2787..................         110-415  CJ's Home Protection Act of
                                              2007
H.R. 3355..................         110-419  Homeowners Defense Act of
                                              2007
H.R. 3915..................         110-441  Mortgage Reform and Anti-
                                              Predatory Lending Act of
                                              2007
H.R. 2930..................         110-463  Section 202 Supportive
                                              Housing for the Elderly
                                              Act of 2007
H.R. 3873..................         110-464  ction 515 Rural Housing
                                              Property Transfer
                                              Improvement Act
H.R. 4043..................         110-465  Reserving and Expanding
                                              Minority Depository
                                              Institutions Act
H.R. 4050..................         110-466  Levee-Like Structure
                                              Consideration Act
H.R. 3526..................         110-472  To include all banking
                                              agencies within the
                                              existing regulatory
                                              authority under the
                                              Federal Trade Commission
                                              Act with respect to
                                              depository institutions,
                                              and for other purposes
H.R. 3524..................         110-507  HOPE VI Improvement and
                                              Reauthorization Act of
                                              2007
H.R. 3959..................         110-510  To amend the National Flood
                                              Insurance Act of 1968 to
                                              provide for the phase-in
                                              of actuarial rates for
                                              certain pre-FIRM
                                              properties
H.R. 3521..................         110-521  Public Housing Asset
                                              Management Improvement Act
                                              of 2007
H.R. 2634..................         110-575  Jubilee Act for Responsible
                                              Lending and Expanded Debt
                                              Cancellation of 2008
H.R. 3965..................         110-579  Mark-to-Market Extension
                                              and Enhancement Act of
                                              2007
H.R. 5579..................         110-615  Emergency Mortgage Loan
                                              Modification Act of 2008
H.R. 5818..................         110-616  Neighborhood Stabilization
                                              Act of 2008
H.R. 5830..................         110-619  FHA Housing Stabilization
                                              and Homeownership
                                              Retention Act of 2008
H.R. 6184..................         110-748  America's Beautiful
                                              National Parks Quarter
                                              Dollar Coin Act of 2008
H.R. 6309..................         110-788  Lead-Safe Housing for Kids
                                              Act of 2008
H.R. 1746..................         110-820  Holocaust Insurance
                                              Accountability Act of 2008
H.R. 6308..................         110-835  nicipal Bond Fairness Act
H.R. 5772..................         110-845  Frank Melville Supportive
                                              Housing Investment Act of
                                              2008
H.R. 5244..................         110-857  Credit Cardholders' Bill of
                                              Rights Act of 2008
H.R. 6694..................         110-905  FHA Seller-Financed
                                              Downpayment Reform and
                                              Risk-Based Pricing
                                              Authorization Act of 2008
H.R. 840...................         110-906  Homeless Emergency and
                                              Rapid Transition to
                                              Housing Act of 2007
H.R. 6870..................         110-910  Payments System Protection
                                              Act of 2008
H.R. 6871..................         110-917  Expedited Funds
                                              Availability Dollar Limits
                                              Adjustment Act of 2008
------------------------------------------------------------------------

                          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 110th Congress.

                               Public Laws
------------------------------------------------------------------------
    Public Law No.             Bill No.                  Title
------------------------------------------------------------------------
110-3.................  H.R. 188.............  To provide a new
                                                effective date for the
                                                applicability of certain
                                                provisions of law to
                                                Public Law 105-331
110-35................  H.R. 1675............  Preservation Approval
                                                Process improvement Act
                                                of 2007
110-37................  H.R. 1676............  Native American Home
                                                Ownership Opportunity
                                                Act of 2007
110-49................  H.R. 556.............  Foreign Investment and
                                                National Security Act of
                                                2007
110-82................  H.R. 2358............  Native American $1 Coin
                                                Act
110-95................  S. 474...............  To award a congressional
                                                gold medal to Michael
                                                Ellis DeBakey, MD
110-147...............  H.R. 3703............  To amend section
                                                5112(p)(1)(A) of title
                                                31, United States Code,
                                                to allow an exception
                                                from the $1 coin
                                                dispensing capability
                                                requirement for certain
                                                vending machines
110-160...............  H.R. 2761............  Terrorism Risk Insurance
                                                Program Reauthorization
                                                Act of 2007
110-174...............  S. 2271..............  Sudan Accountability and
                                                Divestment Act of 2007
110-185...............  H.R. 5140............  Economic Stimulus Act of
                                                2008
110-192...............  H.R. 5478............  To provide for the
                                                continued minting and
                                                issuance of certain $1
                                                coins in 2008
110-209...............  H.R. 4286............  To award a congressional
                                                gold medal to Daw Aung
                                                San Suu Kyi in
                                                recognition of her
                                                courageous and
                                                unwavering commitment to
                                                peace, nonviolence,
                                                human rights, and
                                                democracy in Burma
110-241...............  H.R. 4008............  Credit and Debit Card
                                                Receipt Clarification
                                                Act of 2007
110-259...............  S. 254...............  To award posthumously a
                                                Congressional gold medal
                                                to Constantino Brumidi
110-260...............  S. 682...............  Edward William Brooke III
                                                Congressional Gold Medal
                                                Act
110-277...............  H.R. 634.............  American Veterans
                                                Disabled for Life
                                                Commemorative Coin Act
110-289...............  H.R. 3221............  Housing and Economic
                                                Recovery Act of 2008
110-293...............  H.R. 5501............  Tom Lantos and Henry J.
                                                Hyde United States
                                                Global Leadership
                                                Against HIV/AIDS,
                                                Tuberculosis, and
                                                Malaria Reauthorization
                                                Act of 2008
110-315...............  H.R. 4137............  Private Student Loan
                                                Transparency and
                                                Improvement Act of 2008
110-343...............  H.R. 1424............  Emergency Economic
                                                Stabilization Act of
                                                2008
110-357...............  H.R. 3229............  National Infantry Museum
                                                and Soldier Center
                                                Commemorative Coin Act
110-363...............  H.R. 5872............  Boy Scouts of America
                                                Centennial Commemorative
                                                Coin Act
110-367...............  H.R. 6894............  Defense Production Act
                                                Extension and
                                                Reauthorization of 2008
110-411...............  H.R. 2786............  Native American Housing
                                                Assistance and Self-
                                                Determination Act of
                                                2007
110-413...............  H.R. 7198............  Stephanie Tubbs Jones
                                                Gift of Life Medal Act
                                                of 2008
110-420...............  H.R. 4544............  Code Talkers Recognition
                                                Act of 2007
110-450...............  H.R. 5714............  United States Army
                                                Commemorative Coin Act
                                                of 2008
110-456...............  H.R. 6184............  America's Beautiful
                                                National Parks Quarter
                                                Dollar Coin Act of 2008
------------------------------------------------------------------------

                  Appendix II--Committee Publications


                       part a--committee hearings


------------------------------------------------------------------------
      Serial No.           Title & Subcommittee            Date(s)
------------------------------------------------------------------------
110-1.................  Federal Housing Response    February 6, 2007
                         to Hurricane Katrina
                         (Full).
110-2.................  Committee on Foreign        February 7, 2007
                         Investment in The United
                         States (CFIUS), One Year
                         After Dubai Ports World
                         (Full).
110-3.................  Monetary Policy and the     February 15, 2007
                         State of the Economy,
                         Part I (Full).
110-4.................  Monetary Policy and the     February 16, 2007
                         State of the Economy,
                         Part II (Full).
110-5.................  Solving the Affordable      February 22, 2007
                         Housing Crisis in the
                         Gulf Coast Region Post-
                         Katrina, Part I (Housing
                         Field Hearing).
110-6.................  Solving the Affordable      February 23, 2007
                         Housing Crisis in the
                         Gulf Coast Region Post-
                         Katrina, Part II (Housing
                         Field Hearing).
110-7.................  Insurance Claims Payment    February 28, 2007
                         Process in the Gulf Coast
                         After the 2005 Hurricanes
                         (Oversight).
110-8.................  The Need to Extend the      March 5, 2007
                         Terrorism Risk Insurance
                         Act (Capital Markets
                         Field Hearing).
110-9.................  The Role of Remittances in  March 7, 2007
                         Leveraging Sustainable
                         Development in Latin
                         America and the Caribbean
                         (Domestic and
                         International).
110-10................  Empowering Shareholders on  March 8, 2007
                         Executive Compensation:
                         H.R. 1257, the
                         Shareholder Vote on
                         Executive Compensation
                         Act (Full).
110-11................  The Section 8 Voucher       March 9, 2007
                         Reform Act (Housing).
110-12................  Legislative Proposals on    March 12, 2007
                         GSE Reform (Capital
                         Markets).
110-13................  Hedge Funds and Systemic    March 13, 2007
                         Risk in the Financial
                         Markets (Full).
110-14................  U.S. Department of Housing  March 14, 2007
                         and Urban Development's
                         Fiscal Year 2008 Budget
                         (Full).
110-15................  Legislative Proposals On    March 15, 2007
                         Government-Sponsored
                         Enterprise (GSE) Reform
                         (Full).
110-16................  H.R. 180, The Darfur        March 20, 2007
                         Accountability and
                         Divestment Act of 2007
                         (Domestic and
                         International).
110-17................  The Role of Public          March 23,2007
                         Investment in Promoting
                         Economic Growth (Full).
110-18................  Subprime and Predatory      March 27, 2007
                         Lending: New Regulatory
                         Guidance, Current Market
                         Conditions, and Effects
                         on Regulated Financial
                         Institutions (Financial
                         Institutions).
110-19................  Perspectives On Natural     March 27, 2007
                         Disaster Insurance
                         (Housing).
110-20................  Foreclosure Problems and    April 4, 2007
                         Solutions: Federal,
                         State, and Local Efforts
                         to Address the
                         Foreclosure Crisis in
                         Ohio (Full Committee
                         Field Hearing).
110-21................  Possible Responses to       April 17, 2007
                         Rising Mortgage
                         Foreclosures (Housing).
110-22................  Isolating Proliferators     April 18, 2007
                         and Sponsors of Terror:
                         The Use of Sanctions and
                         the International
                         Financial System to
                         Change Regime Behavior
                         (Domestic and
                         International).
110-23................  The Expanding American      April 19, 2007
                         Homeownership Act of
                         2007: H.R. 1852 and
                         Related FHA Modernization
                         Issues (Housing).
110-24................  Policy Options for          April 24, 2007
                         Extending the Terrorism
                         Risk Insurance Act (TRIA)
                         (Capital Markets).
110-25................  H.R. 698, The Industrial    April 26, 2007
                         Bank Holding Company Act
                         of 2007 (Full).
110-26................  Credit Card Practices:      April 26, 2007
                         Current Consumer and
                         Regulatory Issues
                         (Financial Institutions).
110-27................  Rural Housing Programs:     May 8, 2007
                         Review of Fiscal Year
                         2008 Budget and Pending
                         Rural Housing Legislation
                         (Housing).
110-28................  The Role of the Secondary   May 8, 2007
                         Market in Subprime
                         Mortgage Lending
                         (Financial Institutions).
110-29................  Joint Hearing on Currency   May 9, 2007
                         Manipulation and Its
                         Effects on U.S.
                         Businesses and Workers
                         (Domestic and
                         International, Ways and
                         Means Subcommittee on
                         Trade and Energy and
                         Commerce Subcommittee on
                         Commerce, Trade and
                         Consumer Protection).
110-30................  Suspicious Activity and     May 10, 2007
                         Currency Transaction
                         Reports: Balancing Law
                         Enforcement Utility and
                         Regulatory (Oversight).
110-31................  Private Equity's Effects    May 16, 2007
                         on Workers and Firms
                         (Full).
110-32................  Remittances: Access,        May 17, 2007
                         Transparency, and Market
                         Efficiency--A Progress
                         Report (Domestic and
                         International).
110-33................  The Role and Effectiveness  May 22, 2007
                         of the World Bank in
                         Combating Global Poverty
                         (Full).
110-34................  Reauthorization of the      June 6, 2007
                         Native American Housing
                         Assistance and Self-
                         Determination Act
                         (Housing).
110-35................  U.S. Interests in the       June 6, 2007
                         Reform of China's
                         Financial Services Sector
                         (Full).
110-36................  Improving Credit Card       June 7, 2007
                         Consumer Protection:
                         Recent Industry and
                         Regulatory Initiatives
                         (Financial Institutions).
110-37................  Can Internet Gambling be    June 8, 2007
                         Effectively Regulated to
                         Protect Consumers and the
                         Payments System? (Full).
110-38................  The Flood Insurance Reform  June 12, 2007
                         and Modernization Act of
                         2007, H.R. 1682 (Housing).
110-39................  Joint Hearing on National   June 12, 2007
                         Flood Insurance Program:
                         Issues Exposed by the
                         2005 Hurricanes
                         (Oversight and Homeland
                         Security Subcommittee on
                         Management,
                         Investigations and
                         Oversight).
110-40................  Improving Federal Consumer  June 13, 2007
                         Protection in Financial
                         Services (Full).
110-41................  Credit Reports: Consumers'  June 19, 2007
                         Ability to Dispute and
                         Change Inaccurate
                         Information (Full).
110-42................  The State of the            June 20, 2007
                         International Financial
                         System (Full).
110-43................  Examining A Legislative     June 21, 2007
                         Solution to Extend and
                         Revise the Terrorism Risk
                         Insurance Act (TRIA)
                         (Capital Markets).
110-44................  Reauthorization of the      June 21, 2007
                         Hope VI Program (Housing).
110-45................  Homeowner Downpayment       June 22, 2007
                         Assistance Programs and
                         Related Issues (Housing).
110-46................  Review of Investor          June 26, 2007
                         Protection and Market
                         Oversight with the Five
                         Commissioners of the
                         Securities and Exchange
                         Commission (Full).
110-47................  Affordable Housing          July 10, 2007
                         Preservation: Lessons
                         from Starrett City
                         (Housing).
110-48................  Hedge Funds and Systemic    July 11, 2007
                         Risk: Perspectives of the
                         President's Working Group
                         on Financial Markets
                         (Full).
110-49................  Overdraft Protection: Fair  July 11, 2007
                         Practices for Consumers
                         (Financial Institutions).
110-50................  H.R. 920, The Multiple      July 17, 2007
                         Peril Insurance Act of
                         2007 (Housing).
110-51................  Monetary Policy and the     July 17, 2007
                         State of the Economy,
                         Part I (Full).
110-52................  Monetary Policy and the     July 18, 2007
                         State of the Economy,
                         Part II (Full).
110-53................  H.R. 2895, The National     July 19, 2007
                         Affordable Housing Trust
                         Fund Act of 2007 (Full).
110-54................  Rooting Out Discrimination  July 25, 2007
                         in Mortgage Lending:
                         Using HMDA as a Tool for
                         Fair Lending Enforcement
                         (Oversight).
110-55................  Improving Federal Consumer  July 25, 2007
                         Protection in Financial
                         Services--Consumer and
                         Industry Perspectives
                         (Full).
110-56................  Credit Cards and Older      August 7, 2007
                         Americans (Financial
                         Institutions Field
                         Hearing).
110-57................  The Effect of Predatory     August 9, 2007
                         Lending and the
                         Foreclosure Crisis on
                         Twin Cities' Communities
                         and Neighborhoods (Full
                         Committee Field Hearing).
110-58................  Recent Events in the        September 5, 2007
                         Credit and Mortgage
                         Markets and Possible
                         Implications for U.S.
                         Consumers and the Global
                         Economy (Full).
110-59................  H.R. 2930, The Section 202  September 6, 2007
                         Supportive Housing for
                         the Elderly Act of 2007
                         (Housing).
110-60................  Joint Hearing on H.R.       September 6, 2007
                         3355, The Homeowners
                         Defense Act of 2007
                         (Housing and Capital
                         Markets).
110-61................  Legislative and Regulatory  September 20, 2007
                         Options for Minimizing
                         and Mitigating Mortgage
                         Foreclosures (Full).
110-62................  The Role of Credit Rating   September 27, 2007
                         Agencies in the
                         Structured Finance Market
                         (Capital Markets).
110-63................  SEC Proxy Access            September 27, 2007
                         Proposals: Implications
                         for Investors (Full).
110-64................  Credit-Based Insurance      October 2, 2007
                         Scores: Are they Fair?
                         (Oversight).
110-65................  Systemic Risk: Examining    October 2, 2007
                         Regulators' Ability to
                         Respond to Threats to the
                         Financial System (Full).
110-66................  The Need for Insurance      October 3, 2007
                         Regulatory Reform
                         (Capital Markets).
110-67................  The Fight Against Global    October 3, 2007
                         Poverty and Inequality:
                         The World Bank's Approach
                         to Core Labor Standards
                         and Employment Creation
                         (Full).
110-68................  Reauthorization of the      October 4, 2007
                         McKinney-Vento Homeless
                         Assistance Act, Part I
                         (Housing).
110-69................  Mortgage Lending            October 15, 2007
                         Discrimination (Full).
110-70................  Reauthorization of the      October 16, 2007
                         McKinney-Vento Homeless
                         Assistance Act, Part II
                         (Housing).
110-71................  U.S.-Russia Economic        October 17, 2007
                         Relationship:
                         Implications of the Yukos
                         Affair (Domestic and
                         International).
110-72................  The Impact of Late Housing  October 17, 2007
                         Assistance Payments on
                         Tenants and Owners in the
                         Project-Based Rental
                         Assistance Program
                         (Housing).
110-73................  H.R. 647, The Mark-to-      October 23, 2007
                         Market Extension Act of
                         2007 (Housing).
110-74................  Legislative Proposals on    October 24, 2007
                         Reforming Mortgage
                         Practices (Full).
110-75................  Transparency of Extractive  October 25, 2007
                         Industries: High Stakes
                         for Resource-Rich
                         Countries, Citizens, and
                         International Business
                         (Full).
110-76................  Affordable Housing Needs    October 29, 2007
                         in the City of Houston:
                         Unique Challenges and
                         Opportunities (Housing
                         Field Hearing).
110-77................  Additional Perspectives on  October 30, 2007
                         the Need for Insurance
                         Regulatory Reform
                         (Capital Markets).
110-78................  Preserving and Expanding    October 30, 2007
                         Minority Banks
                         (Oversight).
110-79................  Progress in Administration  November 2, 2007
                         and Other Efforts to
                         Coordinate and Enhance
                         Mortgage Foreclosure
                         (Full).
110-80................  H.R. 2634, The Jubilee Act  November 8, 2007
                         for Responsible Lending
                         and Expanded Debt
                         Cancellation of 2007
                         (Full).
110-81................  Foreclosure Prevention and  November 30, 2007
                         Intervention: the
                         Importance of Loss
                         Mitigation Strategies in
                         Keeping Families in their
                         Homes (Housing Field
                         Hearing).
110-82................  Affordable Housing Needs    December 5, 2007
                         of America's Low-Income
                         Veterans (Housing).
110-83................  Accelerating Loan           December 6, 2007
                         Modifications, Improving
                         Foreclosure Prevention,
                         and Enhancing Enforcement
                         (Full).
110-84................  H.R. 4332, The Financial    December 12, 2007
                         Consumer Hotline Act of
                         2007: Providing Consumers
                         with Easy Access to the
                         Appropriate Banking
                         Regulator (Financial
                         Institutions).
110-85................  The Holocaust Insurance     February 7, 2008
                         Accountability Act of
                         2007 (H.R. 1746):
                         Holocaust Era Insurance
                         Restitution After ICHEIC,
                         the International
                         Commission on Holocaust
                         Era Insurance Claims
                         (Full).
110-86................  Diversity in the Financial  February 7, 2008
                         Services Sector
                         (Oversight).
110-87................  Negative Implications of    February 8, 2008
                         the President's Signing
                         Statement on the Sudan
                         Accountability and
                         Divestment Act (Full).
110-88................  The Homeowners' Insurance   February 11, 2008
                         Crisis and its Impact on
                         Communities, Homeowners,
                         and the Economy
                         (Oversight Field Hearing).
110-89................  Effects of the Subprime     February 11, 2008
                         Mortgage Crisis in New
                         York City and Efforts to
                         Help Struggling
                         Homeowners (Financial
                         Institutions Field
                         Hearing).
110-90................  The Community Reinvestment  February 13, 2008
                         Act: Thirty Years of
                         Accomplishments, but
                         Challenges Remain (Full).
110-91................  The State of the Bond       February 14, 2008
                         Insurance Industry
                         (Capital Markets).
110-92................  Monetary Policy and the     February 26, 2008
                         State of the Economy,
                         Part I (Full).
110-93................  Monetary Policy and the     February 27, 2008
                         State of the Economy,
                         Part II (Full).
110-94................  Joint Hearing on Foreign    March 5, 2008
                         Government Investment in
                         the U.S. Economy and
                         Financial Sector
                         (Domestic and
                         International and Capital
                         Markets).
110-95................  The Need for Credit Union   March 6, 2008
                         Regulatory Relief and
                         Improvement (Full).
110-96................  The Use of Federal Housing  March 8, 2008
                         and Economic Development
                         Funds in St. Louis: From
                         ``Team 4'' Into the
                         Future (Housing Field
                         Hearing).
110-97................  Oversight of The            March 11, 2008
                         Department of Housing And
                         Urban Development (Full).
110-98................  H.R. 5512, The Coin         March 11, 2008
                         Modernization and
                         Taxpayer Savings Act of
                         2008 (Domestic and
                         International).
110-99................  Municipal Bond Turmoil:     March 12, 2008
                         Impact on Cities, Towns,
                         and States (Full).
110-100...............  The Credit Cardholders'     March 13, 2008
                         Bill of Rights: Providing
                         New Protections for
                         Consumers (Financial
                         Institutions).
110-101...............  Public Housing              March 15, 2008
                         Redevelopment Strategies:
                         Implications for Jordan
                         Downs, its Community, and
                         Residents (Housing Field
                         Hearing).
110-102...............  Proposed UIGEA              April 2, 2008
                         Regulations: Burden
                         Without Benefit?
                         (Domestic and
                         International).
110-103...............  Using FHA for Housing       April 9, 2008
                         Stabilization and
                         Homeownership Retention,
                         Part I (Full).
110-104...............  Using FHA for Housing       April 10, 2008
                         Stabilization and
                         Homeownership Retention,
                         Part II (Full).
110-105...............  Financial Literacy and      April 15, 2008
                         Education: The
                         Effectiveness of
                         Governmental and Private
                         Sector Initiatives (Full).
110-106...............  H.R. 5579, the Emergency    April 15, 2008
                         Mortgage Loan
                         Modification Act of 2008
                         (Capital Markets).
110-107...............  Examining Proposals on      April 16, 2008
                         Insurance Regulatory
                         Reform (Capital Markets).
110-108...............  H.R. 5679, The Foreclosure  April 16, 2008
                         Prevention and Sound
                         Mortgage Servicing Act of
                         2008 (Housing).
110-109...............  H.R. 5244, The Credit       April 17, 2008
                         Cardholders' Bill of
                         Rights: Providing New
                         Protections for Consumers
                         (Financial Institutions).
110-110...............  Emergency CDBG Funds in     May 8, 2008
                         the Gulf Coast: Uses,
                         Challenges, and Lessons
                         for the Future (Housing).
110-111...............  Contributing Factors and    May 14, 2008
                         International Responses
                         to the Global Food Crisis
                         (Full).
110-112...............  Examining the Need for      May 20, 2008
                         H.R. 2885, the Credit
                         Monitoring Clarification
                         Act (Full).
110-113...............  The Impact of Credit-Based  May 21, 2008
                         Insurance Scoring on the
                         Availability and
                         Affordability of
                         Insurance (Oversight).
110-114...............  The Impact on Homebuyers    May 22, 2008
                         and the Housing Market of
                         a Conforming Loan Limit
                         Increase (Full).
110-115...............  Joint Hearing on Targeting  May 22, 2008
                         Federal Aid to
                         Neighborhoods Distressed
                         by the Subprime Mortgage
                         Crisis (Housing and
                         Oversight and Government
                         Reform Subcommittee on
                         Domestic policy).
110-116...............  Joint Hearing on Examining  June 4, 2008
                         the Roles and
                         Responsibilities of HUD
                         and FEMA in Responding to
                         the Affordable Housing
                         Needs of Gulf Coast
                         States Following
                         Emergencies and Natural
                         Disasters (Housing and
                         Homeland Security
                         Subcommittee on Emergency
                         Communications,
                         Preparedness and
                         Response).
110-117...............  Examining the               June 5, 2008
                         Administration's Proposal
                         to Establish a
                         Multilateral Clean
                         Technology Fund (Domestic
                         and International).
110-118...............  H.R. 5840, The Insurance    June 10, 2008
                         Information Act of 2008
                         (Capital Markets).
110-119...............  H.R. 6078, The Green        June 11, 2008
                         Resources for Energy
                         Efficient Neighborhoods
                         Act of 2008 (Full).
110-120...............  Foreclosure Problems and    June 16, 2008
                         Solutions: Federal,
                         State, and Local Efforts
                         to Address the
                         Foreclosure Crisis in
                         Ohio (Housing Field
                         Hearing).
110-121...............  The 15th Replenishment of   June 18, 2008
                         the International
                         Development Association
                         (IDA) and the 11th
                         Replenishment of the
                         African Development Fund
                         (AfDF) (Full).
110-122...............  Affordable Housing          June 19, 2008
                         Preservation and
                         Protection of Tenants
                         (Full).
110-123...............  H.R. 5772, The Frank        June 20, 2008
                         Melville Supportive
                         Housing Investment Act of
                         2008 (Housing).
110-124...............  H.R. 6066, the Extractive   June 26, 2008
                         Industries Transparency
                         Disclosure Act (Full).
110-125...............  Problem Credit Card         June 26, 2008
                         Practices Affecting
                         Students (Financial
                         Institutions).
110-126...............  Federal Spending            July 9, 2008
                         Requirements in Housing
                         and Community Development
                         Programs: Challenges in
                         2008 and Beyond (Housing).
110-127...............  Systemic Risk and the       July 10, 2008
                         Financial Markets (Full).
110-128...............  Monetary Policy and the     July 16, 2008
                         State of the Economy
                         (Full).
110-129...............  GAO Report on Regulation    July 17, 2008
                         B: Should Lenders Be
                         Required to Collect Race
                         and Gender Data of
                         Borrowers for All Loans
                         (Oversight).
110-130...............  Systemic Risk and the       July 24, 2008
                         Financial Markets (Full).
110-131...............  Implications of a Weaker    July 24, 2008
                         Dollar for Oil Prices and
                         the U.S. Economy (Full).
110-132...............  A Review of Mortgage        July 25, 2008
                         Servicing Practices and
                         Foreclosure Mitigation
                         (Full).
110-133...............  What Borrowers Need to      July 29, 2008
                         Know About Credit Scoring
                         Models and Credit Scores
                         (Oversight).
110-134...............  Affordable Housing in West  July 29, 2008
                         Virginia: Challenges in
                         the Eastern Panhandle
                         (Housing Field Hearing).
110-135...............  Examining Issues Related    July 30, 2008
                         to Tactilely
                         Distinguishable Currency
                         (Domestic and
                         International).
110-136...............  The Effects of the          September 6, 2008
                         Foreclosure Crisis on
                         Neighborhoods in
                         California's Central
                         Valley: Challenges and
                         Solutions (Full Committee
                         Field Hearing).
110-137...............  Sovereign Wealth Funds:     September 10, 2008
                         New Challenges from a
                         Changing Landscape
                         (Domestic and
                         International).
110-138...............  HUD's Proposed RESPA Rule   September 16, 2008
                         (Oversight).
110-139...............  The Implementation of the   September 17, 2008
                         Hope for Homeowners
                         Program and A Review of
                         Foreclosure Mitigation
                         Efforts (Full).
110-140...............  Auction Rate Securities     September 18, 2008
                         Market: A Review of
                         Problems and Potential
                         Resolutions (Full).
110-141...............  The Future of Financial     September 24, 2008
                         Services: Exploring
                         Solutions for the Market
                         Crisis (Full).
110-142...............  Oversight Hearing to        September 25, 2008
                         Examine Recent Treasury
                         and FHFA Actions
                         Regarding the Housing
                         GSEs (Full).
110-143...............  The Future of Financial     October 21, 2008
                         Services Regulation
                         (Full).
110-144...............  Private Sector Cooperation  November 12, 2008
                         with Mortgage
                         Modifications Ensuring
                         That Investors,
                         Servicers, and Lenders
                         Provide Real Help for
                         Troubled Homeowners
                         (Full).
110-145...............  Oversight of                November 18, 2008
                         Implementation of the
                         Emergency Economic
                         Stabilization Act of 2008
                         and of Government Lending
                         and Insurance Facilities:
                         Impact on Economy and
                         Credit Availability
                         (Full).
110-146...............  Stabilizing the Financial   November 19, 2008
                         Condition of the American
                         Automobile Industry
                         (Full).
110-147...............  Review of Industry Plans    December 5, 2008
                         to Stabilize the
                         Financial Condition of
                         the American Automobile
                         Industry (Full).
110-148...............  Oversight Concerns          December 10, 2008
                         Regarding Treasury
                         Department Conduct of the
                         Troubled Assets Relief
                         Program (Full).
------------------------------------------------------------------------

                        part b--committee prints


------------------------------------------------------------------------
      Serial No.                   Title                    Date
------------------------------------------------------------------------
110-A.................  Rules of the Committee on   March 2007
                         Financial Services for
                         the 110th Congress.
------------------------------------------------------------------------

                                  
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