[House Report 112-121]
[From the U.S. Government Publishing Office]


                                                  Union Calendar No. 71

112th Congress, 1st Session - -- - - - - - - - - - House Report 112-121

               FIRST SEMIANNUAL REPORT ON THE ACTIVITIES

                                 OF THE

                    COMMITTEE ON FINANCIAL SERVICES

                                 OF THE

                        HOUSE OF REPRESENTATIVES

                               DURING THE

                      ONE HUNDRED TWELFTH CONGRESS

                              PURSUANT TO

                Clause 1(d) Rule XI of the Rules of the 
                        House of Representatives




 June 24, 2011.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                               ______
                      
                       U.S. GOVERNMENT PRINTING OFFICE
99-006                   WASHINGTON : 2011
                    


                         LETTER OF TRANSMITTAL

                              ----------                              

                          House of Representatives,
                           Committee on Financial Services,
                                     Washington, DC, June 24, 2011.
Hon. Karen Lehman Haas,
Clerk of the House of Representatives,
Washington, DC.
    Dear Ms. Haas: Pursuant to clause 1(d) of rule XI of the 
Rules of the House of Representatives for the 112th Congress, I 
present herewith a report on the activity of the Committee on 
Financial Services for the 112th Congress, including the 
Committee's review and study of legislation within its 
jurisdiction, and the oversight activities undertaken by the 
Committee.
            Sincerely,
                                            Spencer Bachus,
                                                          Chairman.





                            C O N T E N T S

                              ----------                              
                                                                   Page
Jurisdiction.....................................................     1
Memorandum of Understanding......................................     2
Rules of the Committee...........................................     3
Membership and Organization......................................    32
Legislative and Oversight Activities.............................    39
Subcommittee on Capital Markets and Government Sponsored 
  Enterprises....................................................    72
Subcommittee on Domestic Monetary Policy and Technology..........    84
Subcommittee on Financial Institutions and Consumer Credit.......    86
Subcommittee on Insurance, Housing and Community Opportunity.....    91
Subcommittee on International Monetary Policy and Trade..........    97
Subcommittee on Oversight and Investigations.....................    99
Oversight Plan for the 112th Congress............................   101
Implementation of the Oversight Plan for the 112th Congress......   128
House Rule XI 1(d)(2)(E) Hearings................................   153
House Resolution 72 Activity.....................................   154
Appendix I--Committee Legislation................................   157
    Part A--Committee Reports....................................   157
    Part B--Public Laws..........................................   158
Appendix II--Committee Publications..............................   159
    Part A--Committee Hearings...................................   159
    Part B--Committee Prints.....................................   161


                                                  Union Calendar No. 71
112th Congress                                                   Report

                        HOUSE OF REPRESENTATIVES
 1st Session                                                    112-121

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



 
FIRST SEMIANNUAL REPORT ON THE ACTIVITIES OF THE COMMITTEE ON FINANCIAL 
                    SERVICES FOR THE 112TH CONGRESS

                                _______
                                

 June 24, 2011.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

  Mr. Bachus, 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 112th Congress requires that each 
standing committee, not later than the 30th day after June 1 
and December 1, 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(h) of rule X of the Rules of the House of 
Representatives for the 112th 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 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.
    (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


                     U.S. House of Representatives


                             112th Congress


                             First Session


                                 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 
three calendar days before the time of the meeting.
    (2) The Chair shall provide to each member of the 
Committee, at least three 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) At least 24 hours prior to the commencement of a 
meeting for the markup of legislation, the Chair shall cause 
the text of such legislation to be made publicly available in 
electronic form.
    (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) To the extent feasible, members and witnesses may use 
the Committee equipment for the purpose of presenting 
information electronically during a meeting or hearing provided 
the information is transmitted to the appropriate Committee 
staff in an appropriate electronic format at least one business 
day before the meeting or hearing so as to ensure display 
capacity and quality. The content of all materials must relate 
to the pending business of the Committee and conform to the 
rules of the House. The confidentiality of the material will be 
maintained by the technical staff until its official 
presentation to the Committee members. For the purposes of 
maintaining the official records of the committee, printed 
copies of all materials presented, to the extent practicable, 
must accompany the presentations.
    (6) 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 addition to any other requirement of these rules or 
the Rules of the House, including clause 2(e)(1)(B) of rule XI, 
the Chair shall make the record of the votes on any question on 
which a record vote is demanded publicly available for 
inspection at the offices of the Committee and in electronic 
form on the Committee's Web site not later than one business 
day after such vote is taken. Such record shall include in 
electronic form the text of the amendment, motion, order, or 
other proposition, the name of each member voting for and each 
member voting against such amendment, motion, order, or 
proposition, and the names of those members of the committee 
present but not voting. With respect to any record vote on any 
motion to report or record vote on any amendment, a record of 
such votes 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 of the committee present but not voting.
    (5) Postponed Record Votes.--
          (A) Subject to subparagraph (B), the Chairman may 
        postpone further proceedings when a record vote is 
        ordered on the question of approving any measure or 
        matter or adopting an amendment. The Chairman may 
        resume proceedings on a postponed request at any time, 
        but no later than the next meeting day.
          (B) In exercising postponement authority under 
        subparagraph (A), the Chairman shall take all 
        reasonable steps necessary to notify members on the 
        resumption of proceedings on any postponed record vote;
          (C) When proceedings resume on a postponed question, 
        not-withstanding any intervening order for the previous 
        question, an underlying proposition shall remain 
        subject to further debate or amendment to the same 
        extent as when the question was postponed.

                           Hearing Procedures

    (d)(1)(A) The Chair shall make public announcement of the 
date, place, and subject matter of any committee hearing at 
least one week before the commencement of the hearing, unless 
the Chair, with the concurrence of the ranking minority member, 
or the Committee by majority vote with a quorum present for the 
transaction of business, determines there is good cause to 
begin the hearing sooner, in which case the Chair shall make 
the announcement at the earliest possible date.
    (B) Not less than three days before the commencement of a 
hearing announced under this paragraph, the Chair shall provide 
to the members of the Committee a concise summary of the 
subject of the hearing, or, in the case of a hearing on a 
measure or matter, a copy of the measure or materials relating 
to the matter in question and a concise explanation of the 
measure or matter to be considered. At the same time the Chair 
provides the information required by the preceding sentence, 
the Chair shall also provide to the members of the Committee a 
final list consisting of the names of each witness who is to 
appear before the Committee at that hearing. The witness list 
may not be modified within 24 hours of a hearing, unless the 
Chair, with the concurrence of the ranking minority member, 
determines there is good cause for such modification.
    (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 hereof) or contract (or 
        subcontract thereof) received during the current fiscal 
        year or either of the two preceding fiscal years. Such 
        disclosure statements, with appropriate redactions to 
        protect the privacy of the witness, shall be made 
        publicly available in electronic form not later than 
        one day after the witness appears.
    (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 three 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 Monetary Policy 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 five years 
        and not more than twenty five 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, after 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 designees, and ten 
        minutes, to be controlled by the ranking minority 
        member, or the ranking minority member's designees. 
        Following such time, the duration for opening 
        statements may be extended by agreement between the 
        Chairman and ranking minority member, 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 Subcommittee Chair or Chair's designees and 
        ten minutes, to be controlled by the ranking minority 
        member of the Subcommittee or the ranking minority 
        member's designees. Following such time, the duration 
        for opening statements may be extended by agreement 
        between the Chair of the subcommittee and ranking 
        minority member of the subcommittee, 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 shall be made a 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 six subcommittees of the Committee as 
follows:
          (A) Subcommittee on capital markets and government 
        sponsored enterprises.--The jurisdiction of the 
        Subcommittee on Capital Markets 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 Federal Housing Finance Agency; and
                  (vii) the Federal Home Loan Banks.
          (B) Subcommittee on domestic monetary policy and 
        technology.--The jurisdiction of the Subcommittee on 
        Domestic Monetary Policy 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; 
                and,
                  (vi) development of new or alternative forms 
                of currency.
          (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) all matters related to the Bureau of 
                Consumer Financial Protection;
                  (iii) the chartering, branching, merger, 
                acquisition, consolidation, or conversion of 
                financial institutions;
                  (iv) 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;
                  (v) creditor remedies and debtor defenses, 
                Federal aspects of the Uniform Consumer Credit 
                Code, credit and debit cards, and the 
                preemption of State usury laws;
                  (vi) consumer access to financial services, 
                including the Home Mortgage Disclosure Act and 
                the Community Reinvestment Act;
                  (vii) 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;
                  (viii) deposit insurance; and
                  (ix) consumer access to savings accounts and 
                checking accounts in financial institutions, 
                including lifeline banking and other consumer 
                accounts.
          (D) Subcommittee on insurance, housing and community 
        opportunity.--The jurisdiction of the Subcommittee on 
        Insurance, Housing and Community Opportunity includes--
                  (i) insurance generally; terrorism risk 
                insurance; private mortgage insurance; 
                government sponsored insurance programs, 
                including those offering protection against 
                crime, fire, flood (and related land use 
                controls), earthquake and other natural 
                hazards; the Federal Insurance Office;
                  (ii) 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; 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;
                  (iii) 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; and,
                  (iv) the qualifications for and designation 
                of Empowerment Zones and Enterprise Communities 
                (other than matters relating to tax benefits).
          (E) Subcommittee on international monetary policy and 
        trade.--The jurisdiction of the Subcommittee on 
        International Monetary Policy and Trade includes--
                  (i) 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;
                  (ii) international trade, including but not 
                limited to the activities of the Export-Import 
                Bank;
                  (iii) the International Monetary Fund, its 
                permanent and temporary agencies, and all 
                matters related thereto; and
                  (iv) 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.
          (F) 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 and 
        Government Sponsored Enterprises shall be comprised of 
        35 members, 20 elected by the majority caucus and 15 
        elected by the minority caucus.
          (B) The Subcommittee on Domestic Monetary Policy and 
        Technology shall be comprised of 14 members, 8 elected 
        by the majority caucus and 6 elected by the minority 
        caucus.
          (C) The Subcommittee on Financial Institutions and 
        Consumer Credit shall be comprised of 30 members, 17 
        elected by the majority caucus and 13 elected by the 
        minority caucus.
          (D) The Subcommittee on Insurance, Housing and 
        Community Opportunity shall be comprised of 18 members, 
        10 elected by the majority caucus and 8 elected by the 
        minority caucus.
          (E) The Subcommittee on International Monetary Policy 
        and Trade shall be comprised of 14 members, 8 elected 
        by the majority caucus and 6 elected by the minority 
        caucus.
          (F) The Subcommittee on Oversight and Investigations 
        shall be comprised of 18 members, 10 elected by the 
        majority caucus and 8 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 in electronic form 
and 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.

      Audio and Video Coverage of Committee Hearings and Meetings

    (c)(1) To the maximum extent feasible, the Committee shall 
provide audio and video coverage of each hearing or meeting for 
the transaction of business in a manner that allows the public 
to easily listen to and view the proceedings; and,
    (2) maintain the recordings of such coverage in a manner 
that is easily accessible to the public.
                               APPENDIX 1

    Applicable Provisions of Clauses 1, 2, and 4 of Rule XI and 
Clauses 2 and 3 of Rule XIII of the Rules of the House of 
Representatives for the 112th Congress:

                            January 5, 2011

       Rule XI: Procedures of Committees and Unfinished Business

             Clauses 1 and 2: Rules for Standing Committees

                               In general

    1. (a)(1)(A) The Rules of the House are the rules of its 
committees and subcommittees so far as applicable.
    (B) Each subcommittee is a part of its committee and is 
subject to the authority and direction of that committee and to 
its rules, so far as applicable.
    (2)(A) In a committee or subcommittee--
          (i) a motion to recess from day to day, or to recess 
        subject to the call of the Chair (within 24 hours), 
        shall be privileged; and
          (ii) a motion to dispense with the first reading (in 
        full) of a bill or resolution shall be privileged if 
        printed copies are available.
    (B) A motion accorded privilege under this subparagraph 
shall be decided without debate.
    (b)(1) Each committee may conduct at any time such 
investigations and studies as it considers necessary or 
appropriate in the exercise of its responsibilities under rule 
X. Subject to the adoption of expense resolutions as required 
by clause 6 of rule X, each committee may incur expenses, 
including travel expenses, in connection with such 
investigations and studies.
    (2) A proposed investigative or oversight report shall be 
considered as read in committee if it has been available to the 
members for at least 24 hours (excluding Saturdays, Sundays, or 
legal holidays except when the House is in session on such a 
day).
    (3) A report of an investigation or study conducted jointly 
by more than one committee may be filed jointly, provided that 
each of the committees complies independently with all 
requirements for approval and filing of the report.
    (4) After an adjournment sine die of the last regular 
session of a Congress, an investigative or oversight report may 
be filed with the Clerk at any time, provided that a member who 
gives timely notice of intention to file supplemental, 
minority, or additional views shall be entitled to not less 
than seven calendar days in which to submit such views for 
inclusion in the report.
    (c) Each committee may have printed and bound such 
testimony and other data as may be presented at hearings held 
by the committee or its subcommittees. All costs of 
stenographic services and transcripts in connection with a 
meeting or hearing of a committee shall be paid from the 
applicable accounts of the House described in clause 1(k)(1) of 
rule X.
    (d)(1) Not later than the 30th day after June 1 and 
December 1, a committee shall submit to the House a semiannual 
report on the activities of that committee.
    (2) Such report shall include--
          (A) separate sections summarizing the legislative and 
        oversight activities of that committee under this rule 
        and rule X during the applicable period;
          (B) in the case of the first such report, a summary 
        of the oversight plans submitted by the committee under 
        clause 2(d) of rule X;
          (C) a summary of the actions taken and 
        recommendations made with respect to the oversight 
        plans specified in subdivision (B);
          (D) a summary of any additional oversight activities 
        undertaken by that committee and any recommendations 
        made or actions taken thereon; and
          (E) a delineation of any hearings held pursuant to 
        clauses 2(n), (O), or (p) of this rule.
    (3) After an adjournment sine die of a regular session of a 
Congress, or after December 15, whichever occurs first, the 
chair of a committee may file the second or fourth semiannual 
report described in subparagraph (1) with the Clerk at any time 
and without approval of the committee, provided that--
          (A) a copy of the report has been available to each 
        member of the committee for at least seven calendar 
        days; and
          (B) the report includes any supplemental, minority, 
        or additional views submitted by a member of the 
        committee.

                       Adoption of written rules

    2. (a)(1) Each standing committee shall adopt written rules 
governing its procedure. Such rules--
          (A) shall be adopted in a meeting that is open to the 
        public unless the committee, in open session and with a 
        quorum present, determines by record vote that all or 
        part of the meeting on that day shall be closed to the 
        public;
          (B) may not be inconsistent with the Rules of the 
        House or with those provisions of law having the force 
        and effect of Rules of the House; and
          (C) shall in any event incorporate all of the 
        succeeding provisions of this clause to the extent 
        applicable.
    (2) Each committee shall make its rules publicly available 
in electronic form and submit such rules for publication in the 
Congressional Record not later than 30 days after the chair of 
the committee is elected in each odd-numbered year.
    (3) A committee may adopt a rule providing that the chair 
be directed to offer a motion under clause 1 of rule XXII 
whenever the chair considers it appropriate.

                          Regular meeting days

    (b) Each standing committee shall establish regular meeting 
days for the conduct of its business, which shall be not less 
frequent than monthly. Each such committee shall meet for the 
consideration of a bill or resolution pending before the 
committee or the transaction of other committee business on all 
regular meeting days fixed by the committee unless otherwise 
provided by written rule adopted by the committee.

                    Additional and special meetings

    (c)(1) The chairman of each standing committee may call and 
convene, as the chair considers necessary, additional and 
special meetings of the committee for the consideration of a 
bill or resolution pending before the committee or for the 
conduct of other committee business, subject to such rules as 
the committee may adopt. The committee shall meet for such 
purpose under that call of the chairman.
    (2) Three or more members of a standing committee may file 
in the offices of the committee a written request that the 
chair call a special meeting of the committee. Such request 
shall specify the measure or matter to be considered. 
Immediately upon the filing of the request, the clerk of the 
committee shall notify the chair of the filing of the request. 
If the chair does not call the requested special meeting within 
three calendar days after the filing of the request (to be held 
within seven calendar days after the filing of the request) a 
majority of the members of the committee may file in the 
offices of the committee their written notice that a special 
meeting of the committee will be held. The written notice shall 
specify the date and hour of the special meeting and the 
measure or matter to be considered. The committee shall meet on 
that date and hour. Immediately upon the filing of the notice, 
the clerk of the committee shall notify all members of the 
committee that such special meeting will be held and inform 
them of its date and hour and the measure or matter to be 
considered. Only the measure or matter specified in that notice 
may be considered at that special meeting.

                       Temporary absence of chair

    (d) A member of the majority party on each standing 
committee or subcommittee thereof shall be designated by the 
chair of the full committee as the vice chair of the committee 
or subcommittee, as the case may be, and shall preside during 
the absence of the chair from any meeting. If the chair and 
vice chair of a committee or subcommittee are not present at 
any meeting of the committee or subcommittee, the ranking 
majority member who is present shall preside at that meeting.

                           Committee records

    (e)(1)(A) Each committee shall keep a complete record of 
all committee action which shall include--
          (i) in the case of a meeting or hearing transcript, 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 involved; and
          (ii) a record of the votes on any question on which a 
        record vote is demanded.
    (B)(i) Except as provided in subdivision (B)(ii) and 
subject to paragraph (k)(7), the result of each such record 
vote shall be made available by the committee for inspection by 
the public at reasonable times in its offices and also made 
publicly available in electronic form within 48 hours of such 
record vote. Information so available shall include a 
description of the amendment, motion, order, or other 
proposition, the name of each member voting for and each member 
voting against such amendment, motion, order, or proposition, 
and the names of those members of the committee present but not 
voting.
    (ii) The result of any record vote taken in executive 
session in the Committee on Ethics may not be made available 
for inspection by the public without an affirmative vote of a 
majority of the members of the committee.
    (2)(A) Except as provided in subdivision (B), all committee 
hearings, records, data, charts, and files shall be kept 
separate and distinct from the congressional office records of 
the member serving as its chair. Such records shall be the 
property of the House, and each Member, Delegate, and the 
Resident Commissioner shall have access thereto.
    (B) A Member, Delegate, or Resident Commissioner, other 
than members of the Committee on Ethics, may not have access to 
the records of that committee respecting the conduct of a 
Member, Delegate, Resident Commissioner, officer, or employee 
of the House without the specific prior permission of that 
committee.
    (3) Each committee shall include in its rules standards for 
availability of records of the committee delivered to the 
Archivist of the United States under rule VII. Such standards 
shall specify procedures for orders of the committee under 
clause 3(b)(3) and clause 4(b) of rule VII, including a 
requirement that nonavailability of a record for a period 
longer than the period otherwise applicable under that rule 
shall be approved by vote of the committee.
    (4) Each committee shall make its publications available in 
electronic form to the maximum extent feasible.
    (5) To the maximum extent practicable, each committee 
shall--
          (A) provide audio and video coverage of each hearing 
        or meeting for the transaction of business in a manner 
        that allows the public to easily listen to and view the 
        proceedings; and
          (B) maintain the recordings of such coverage in a 
        manner that is easily accessible to the public.
    (6) Not later than 24 hours after the adoption of any 
amendment to a measure or matter considered by a committee, the 
chair of such committee shall cause the text of each such 
amendment to be made publicly available in electronic form.

                    Prohibition against proxy voting

    (f) A vote by a member of a committee or subcommittee with 
respect to any measure or matter may not be cast by proxy.

                       Open meetings and hearings

    (g)(1) Each meeting for the transaction of business, 
including the markup of legislation, by a standing committee or 
subcommittee thereof (other than the Committee on Standards of 
Official Conduct or its subcommittees) shall be open to the 
public, including to radio, television, and still photography 
coverage, except when the committee or subcommittee, in open 
session and with a majority present, determines by record vote 
that all or part of the remainder of the meeting on that day 
shall be in executive session because disclosure of matters to 
be considered would endanger national security, would 
compromise sensitive law enforcement information, would tend to 
defame, degrade, or incriminate any person, or otherwise would 
violate a law or rule of the House. Persons, other than members 
of the committee and such noncommittee Members, Delegates, 
Resident Commissioner, congressional staff, or departmental 
representatives as the committee may authorize, may not be 
present at a business or markup session that is held in 
executive session. This subparagraph does not apply to open 
committee hearings, which are governed by clause 4(a)(1) of 
rule X or by subparagraph (2).
    (2)(A) Each hearing conducted by a committee or 
subcommittee (other than the Committee on Ethics or its 
subcommittees) shall be open to the public, including to radio, 
television, and still photography coverage, except when the 
committee or subcommittee, in open session and with a majority 
present, determines by record vote that all or part of the 
remainder of that hearing on that day shall be closed to the 
public because disclosure of testimony, evidence, or other 
matters to be considered would endanger national security, 
would compromise sensitive law enforcement information, or 
would violate a law or rule of the House.
    (B) Notwithstanding the requirements of subdivision (A), in 
the presence of the number of members required under the rules 
of the committee for the purpose of taking testimony, a 
majority of those present may--
          (i) agree to close the hearing for the sole purpose 
        of discussing whether testimony or evidence to be 
        received would endanger national security, would 
        compromise sensitive law enforcement information, or 
        would violate clause 2(k)(5); or
          (ii) agree to close the hearing as provided in clause 
        2(k)(5).
    (C) A Member, Delegate, or Resident Commissioner may not be 
excluded from nonparticipatory attendance at a hearing of a 
committee or subcommittee (other than the Committee on Ethics 
or its subcommittees) unless the House by majority vote 
authorizes a particular committee or subcommittee, for purposes 
of a particular series of hearings on a particular article of 
legislation or on a particular subject of investigation, to 
close its hearings to Members, Delegates, and the Resident 
Commissioner by the same procedures specified in this 
subparagraph for closing hearings to the public.
    (D) The committee or subcommittee may vote by the same 
procedure described in this subparagraph to close one 
subsequent day of hearing, except that the Committee on 
Appropriations, the Committee on Armed Services, and the 
Permanent Select Committee on Intelligence, and the 
subcommittees thereof, may vote by the same procedure to close 
up to five additional, consecutive days of hearings.
    (3)(A) The chair of a committee shall announce the date, 
place, and subject matter of--
          (i) a committee hearing, which may not commence 
        earlier than one week after such notice; or
          (ii) a committee meeting, which may not commence 
        earlier than the third day on which members have notice 
        thereof.
    (B) A hearing or meeting may begin sooner than specified in 
subdivision (A) in either of the following circumstances (in 
which case the chair shall make the announcement specified in 
subdivision (A) at the earliest possible time):
          (i) the chair of the committee, with the concurrence 
        of the ranking minority member, determines that there 
        is good cause; or
          (ii) the committee so determines by majority vote in 
        the presence of the number of members required under 
        the rules of the committee for the transaction of 
        business.
    (C) An announcement made under this subparagraph shall be 
published promptly in the Daily Digest and made publicly 
available in electronic form.
    (D) This subparagraph and subparagraph (4) shall not apply 
to the Committee on Rules.
    (4) At least 24 hours prior to the commencement of a 
meeting for the markup of legislation, or at the time of an 
announcement under subparagraph (3)(B) made within 24 hours 
before such meeting, the chair of the committee shall cause the 
text of such legislation to be made publicly available in 
electronic form.
    (5) Each committee shall, to the greatest extent 
practicable, require witnesses who appear before it to submit 
in advance written statements of proposed testimony and to 
limit their initial presentations to the committee to brief 
summaries thereof. In the case of a witness appearing in a 
nongovernmental capacity, a written statement of proposed 
testimony shall include a curriculum vitae and a disclosure of 
the amount and source (by agency and program) of each Federal 
grant (or subgrant thereof) or contract (or subcontract 
thereof) received during the current fiscal year or either of 
the two previous fiscal years by the witness or by an entity 
represented by the witness. Such statements, with appropriate 
redactions to protect the privacy of the witness, shall be made 
publicly available in electronic form not later than one day 
after the witness appears.
    (6)(A) Except as provided in subdivision (B), a point of 
order does not lie with respect to a measure reported by a 
committee on the ground that hearings on such measure were not 
conducted in accordance with this clause.
    (B) A point of order on the ground described in subdivision 
(A) may be made by a member of the committee that reported the 
measure if such point of order was timely made and improperly 
disposed of in the committee.
    (7) This paragraph does not apply to hearings of the 
Committee on Appropriations under clause 4(a)(1) of rule X.

                          Quorum requirements

    (h)(1) A measure or recommendation may not be reported by a 
committee unless a majority of the committee is actually 
present.
    (2) Each committee may fix the number of its members to 
constitute a quorum for taking testimony and receiving 
evidence, which may not be less than two.
    (3) Each committee (other than the Committee on 
Appropriations, the Committee on the Budget, and the Committee 
on Ways and Means) may fix the number of its members to 
constitute a quorum for taking any action other than one for 
which the presence of a majority of the committee is otherwise 
required, which may not be less than one-third of the members.
    (4)(A) Each committee may adopt a rule authorizing the 
chairman of a committee or subcommittee--
          (i) to postpone further proceedings when a record 
        vote is ordered on the question of approving a measure 
        or matter or on adopting an amendment; and
          (ii) to resume proceedings on a postponed question at 
        any time after reasonable notice.
    (B) A rule adopted pursuant to this subparagraph shall 
provide that 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.

                    Limitation on committee sittings

    (i) A committee may not sit during a joint session of the 
House and Senate or during a recess when a joint meeting of the 
House and Senate is in progress.

                  Calling and questioning of witnesses

    (j)(1) Whenever a hearing is conducted by a committee on a 
measure or matter, the minority members of the committee shall 
be entitled, upon request to the chair by a majority of them 
before the completion of the hearing, to call witnesses 
selected by the minority to testify with respect to that 
measure or matter during at least one day of hearing thereon.
    (2)(A) Subject to subdivisions (B) and (C), each committee 
shall apply the five minute rule during the questioning of 
witnesses in a hearing until such time as each member of the 
committee who so desires has had an opportunity to question 
each witness.
    (B) A committee may adopt a rule or motion permitting a 
specified number of its members to question a witness for 
longer than five minutes. The time for extended questioning of 
a witness under this subdivision shall be equal for the 
majority party and the minority party and may not exceed one 
hour in the aggregate.
    (C) A committee may adopt a rule or motion permitting 
committee staff for its majority and minority party members to 
question a witness for equal specified periods. The time for 
extended questioning of a witness under this subdivision shall 
be equal for the majority party and the minority party and may 
not exceed one hour in the aggregate.

                           Hearing procedures

    (k)(1) The chair at a hearing shall announce in an opening 
statement the subject of the hearing.
    (2) A copy of the committee rules and of this clause shall 
be made available to each witness on request.
    (3) Witnesses at hearings may be accompanied by their own 
counsel for the purpose of advising them concerning their 
constitutional rights.
    (4) The chair may punish breaches of order and decorum, and 
of professional ethics on the part of counsel, by censure and 
exclusion from the hearings; and the committee may cite the 
offender to the House for contempt.
    (5) Whenever it is asserted by a member of the committee 
that the evidence or testimony at a hearing may tend to defame, 
degrade, or incriminate any person, or it is asserted by a 
witness that the evidence or testimony that the witness would 
give at a hearing may tend to defame, degrade, or incriminate 
the witness--
          (A) notwithstanding paragraph (g)(2), such testimony 
        or evidence shall be presented in executive session if, 
        in the presence of the number of members required under 
        the rules of the committee for the purpose of taking 
        testimony, the committee determines by vote of a 
        majority of those present that such evidence or 
        testimony may tend to defame, degrade, or incriminate 
        any person; and
          (B) the committee shall proceed to receive such 
        testimony in open session only if the committee, a 
        majority being present, determines that such evidence 
        or testimony will not tend to defame, degrade, or 
        incriminate any person.
    In either case the committee shall afford such person an 
opportunity voluntarily to appear as a witness, and receive and 
dispose of requests from such person to subpoena additional 
witnesses.
    (6) Except as provided in subparagraph (5), the chairman 
shall receive and the committee shall dispose of requests to 
subpoena additional witnesses.
    (7) Evidence or testimony taken in executive session, and 
proceedings conducted in executive session, may be released or 
used in public sessions only when authorized by the committee, 
a majority being present.
    (8) In the discretion of the committee, witnesses may 
submit brief and pertinent sworn statements in writing for 
inclusion in the record. The committee is the sole judge of the 
pertinence of testimony and evidence adduced at its hearing.
    (9) A witness may obtain a transcript copy of the testimony 
of such witness given at a public session or, if given at an 
executive session, when authorized by the committee.

              Supplemental, minority, or additional views

    (l) If at the time of approval of a measure or matter by a 
committee (other than the Committee on Rules) a member of the 
committee gives notice of intention to file supplemental, 
minority, or additional views for inclusion in the report to 
the House thereon, that member shall be entitled to not less 
than two additional calendar days after the day of such notice 
(excluding Saturdays, Sundays, and legal holidays except when 
the House is in session on such a day) to file such views, in 
writing and signed by that member, with the clerk of the 
committee.

                  Power to sit and act; subpoena power

    (m)(1) For the purpose of carrying out any of its functions 
and duties under this rule and rule X (including any matters 
referred to it under clause 2 of rule XII), a committee or 
subcommittee is authorized (subject to subparagraph (3)(A))--
          (A) to sit and act at such times and places within 
        the United States, whether the House is in session, has 
        recessed, or has adjourned, and to hold such hearings 
        as it considers necessary; and
          (B) to require, by subpoena or otherwise, the 
        attendance and testimony of such witnesses and the 
        production of such books, records, correspondence, 
        memoranda, papers, and documents as it considers 
        necessary.
    (2) The chair of the committee, or a member designated by 
the chair, may administer oaths to witnesses.
    (3)(A)(i) Except as provided in subdivision (A)(ii), a 
subpoena may be authorized and issued by a committee or 
subcommittee under subparagraph (1)(B) in the conduct of an 
investigation or series of investigations or activities only 
when authorized by the committee or subcommittee, a majority 
being present. The power to authorize and issue subpoenas under 
subparagraph (1)(B) may be delegated to the chair of the 
committee under such rules and under such limitations as the 
committee may prescribe. Authorized subpoenas shall be signed 
by the chair of the committee or by a member designated by the 
committee.
    (ii) In the case of a subcommittee of the Committee on 
Ethics, a subpoena may be authorized and issued only by an 
affirmative vote of a majority of its members.
    (B) A subpoena duces tecum may specify terms of return 
other than at a meeting or hearing of the committee or 
subcommittee authorizing the subpoena.
    (C) Compliance with a subpoena issued by a committee or 
subcommittee under subparagraph (1)(B) may be enforced only as 
authorized or directed by the House.
    (n)(1) Each standing committee, or a subcommittee thereof, 
shall hold at least one hearing during each 120-day period 
following the establishment of the committee on the topic of 
waste, fraud, abuse, or mismanagement in Government programs 
which that committee may authorize.
    (2) A hearing described in subparagraph (1) shall include a 
focus on the most egregious instances of waste, fraud, abuse, 
or mismanagement as documented by any report the committee has 
received from a Federal Office of the Inspector General or the 
Comptroller General of the United States.
    (o) Each committee, or a subcommittee thereof, shall hold 
at least one hearing in any session in which the committee has 
received disclaimers of agency financial statements from 
auditors of any Federal agency that the committee may authorize 
to hear testimony on such disclaimers from representatives of 
any such agency.
    (p) Each standing committee, or a subcommittee thereof, 
shall hold at least one hearing on issues raised by reports 
issued by the Comptroller General of the United States 
indicating that Federal programs or operations that the 
committee may authorize are at high risk for waste, fraud, and 
mismanagement, known as the `high-risk list' or the `high-risk 
series'.

      Clause 4: Audio and visual coverage of committee proceedings

    4. (a) The purpose of this clause is to provide a means, in 
conformity with acceptable standards of dignity, propriety, and 
decorum, by which committee hearings or committee meetings that 
are open to the public may be covered by audio and visual 
means--
          (1) for the education, enlightenment, and information 
        of the general public, on the basis of accurate and 
        impartial news coverage, regarding the operations, 
        procedures, and practices of the House as a legislative 
        and representative body, and regarding the measures, 
        public issues, and other matters before the House and 
        its committees, the consideration thereof, and the 
        action taken thereon; and
          (2) for the development of the perspective and 
        understanding of the general public with respect to the 
        role and function of the House under the Constitution 
        as an institution of the Federal Government.
    (b) In addition, it is the intent of this clause that radio 
and television tapes and television film of any coverage under 
this clause may not be used, or made available for use, as 
partisan political campaign material to promote or oppose the 
candidacy of any person for elective public office.
    (c) It is, further, the intent of this clause that the 
general conduct of each meeting (whether of a hearing or 
otherwise) covered under authority of this clause by audio or 
visual means, and the personal behavior of the committee 
members and staff, other Government officials and personnel, 
witnesses, television, radio, and press media personnel, and 
the general public at the hearing or other meeting, shall be in 
strict conformity with and observance of the acceptable 
standards of dignity, propriety, courtesy, and decorum 
traditionally observed by the House in its operations, and may 
not be such as to--
          (1) distort the objects and purposes of the hearing 
        or other meeting or the activities of committee members 
        in connection with that hearing or meeting or in 
        connection with the general work of the committee or of 
        the House; or
          (2) cast discredit or dishonor on the House, the 
        committee, or a Member, Delegate, or Resident 
        Commissioner or bring the House, the committee, or a 
        Member, Delegate, or Resident Commissioner into 
        disrepute.
    (d) The coverage of committee hearings and meetings by 
audio and visual means shall be permitted and conducted only in 
strict conformity with the purposes, provisions, and 
requirements of this clause.
    (e) Whenever a hearing or meeting conducted by a committee 
or subcommittee is open to the public, those proceedings shall 
be open to coverage by audio and visual means. A committee or 
subcommittee chair may not limit the number of television or 
still cameras to fewer than two representatives from each 
medium (except for legitimate space or safety considerations, 
in which case pool coverage shall be authorized).
    (f) Each committee shall adopt written rules to govern its 
implementation of this clause. Such rules shall contain 
provisions to the following effect:
          (1) If audio or visual coverage of the hearing or 
        meeting is to be presented to the public as live 
        coverage, that coverage shall be conducted and 
        presented without commercial sponsor ship.
          (2) The allocation among the television media of the 
        positions or the number of television cameras permitted 
        by a committee or subcommittee chair in a hearing or 
        meeting room shall be in accordance with fair and 
        equitable procedures devised by the Executive Committee 
        of the Radio and Television Correspondents' Galleries.
          (3) Television cameras shall be placed so as not to 
        obstruct in any way the space between a witness giving 
        evidence or testimony and any member of the committee 
        or the visibility of that witness and that member to 
        each other.
          (4) Television cameras shall operate from fixed 
        positions but may not be placed in positions that 
        obstruct unnecessarily the coverage of the hearing or 
        meeting by the other media.
          (5) Equipment necessary for coverage by the 
        television and radio media may not be installed in, or 
        removed from, the hearing or meeting room while the 
        committee is in session.
          (6)(A) Except as provided in subdivision (B), 
        floodlights, spotlights, strobe lights, and flashguns 
        may not be used in providing any method of coverage of 
        the hearing or meeting.
          (B) The television media may install additional 
        lighting in a hearing or meeting room, without cost to 
        the Government, in order to raise the ambient lighting 
        level in a hearing or meeting room to the lowest level 
        necessary to provide adequate television coverage of a 
        hearing or meeting at the current state of the art of 
        television coverage.
          (7) If requests are made by more of the media than 
        will be permitted by a committee or subcommittee chair 
        for coverage of a hearing or meeting by still 
        photography, that coverage shall be permitted on the 
        basis of a fair and equitable pool arrangement devised 
        by the Standing Committee of Press Photographers.
          (8) Photographers may not position themselves between 
        the witness table and the members of the committee at 
        any time during the course of a hearing or meeting.
          (9) Photographers may not place themselves in 
        positions that obstruct unnecessarily the coverage of 
        the hearing by the other media.
          (10) Personnel providing coverage by the television 
        and radio media shall be currently accredited to the 
        Radio and Television Correspondents' Galleries.
          (11) Personnel providing coverage by still 
        photography shall be currently accredited to the Press 
        Photographers' Gallery.
          (12) Personnel providing coverage by the television 
        and radio media and by still photography shall conduct 
        themselves and their coverage activities in an orderly 
        and unobtrusive manner.

               Rule XIII: Calendars and Committee Reports


                Clause 2: Filing and printing of reports

    2. (a)(1) Except as provided in subparagraph (2), all 
reports of committees (other than those filed from the floor) 
shall be delivered to the Clerk for printing and reference to 
the proper calendar under the direction of the Speaker in 
accordance with clause 1. The title or subject of each report 
shall be entered on the Journal and printed in the 
Congressional Record.
    (2) A bill or resolution reported adversely (other than 
those filed as privileged) shall be laid on the table unless a 
committee to which the bill or resolution was referred requests 
at the time of the report its referral to an appropriate 
calendar under clause 1 or unless, within three days 
thereafter, a Member, Delegate, or Resident Commissioner makes 
such a request.
    (b)(1) It shall be the duty of the chair of each committee 
to report or cause to be reported promptly to the House a 
measure or matter approved by the committee and to take or 
cause to be taken steps necessary to bring the measure or 
matter to a vote.
    (2) In any event, the report of a committee on a measure 
that 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 a written request for 
the filing of the report, signed by a majority of the members 
of the committee, has been filed with the clerk of the 
committee. The clerk of the committee shall immediately notify 
the chair of the filing of such a request. This subparagraph 
does not apply to a report of the Committee on Rules with 
respect to a rule, joint rule, or order of business of the 
House, or to the reporting of a resolution of inquiry addressed 
to the head of an executive department.
    (c) All supplemental, minority, or additional views filed 
under clause 2(l) of rule XI by one or more members of a 
committee shall be included in, and shall be a part of, the 
report filed by the committee with respect to a measure or 
matter. When time guaranteed by clause 2(l) of rule XI has 
expired (or, if sooner, when all separate views have been 
received), the committee may arrange to file its report with 
the Clerk not later than one hour after the expiration of such 
time. This clause and provisions of clause 2(l) of rule XI do 
not preclude the immediate filing or printing of a committee 
report in the absence of a timely request for the opportunity 
to file supplemental, minority, or additional views as provided 
in clause 2(l) of rule XI.

                      Clause 3: Content of reports

    3. (a)(1) Except as provided in subparagraph (2), the 
report of a committee on a measure or matter shall be printed 
in a single volume that--
          (A) shall include all supplemental, minority, or 
        additional views that have been submitted by the time 
        of the filing of the report; and
          (B) shall bear on its cover a recital that any such 
        supplemental, minority, or additional views (and any 
        material submitted under paragraph (c)(3)) are included 
        as part of the report.
    (2) A committee may file a supplemental report for the 
correction of a technical error in its previous report on a 
measure or matter. A supplemental report only correcting errors 
in the depiction of record votes under paragraph (b) may be 
filed under this subparagraph and shall not be subject to the 
requirement in clause 4 or clause 6 concerning the availability 
of reports.
    (b) With respect to each record vote on a motion to report 
a measure or matter of a public nature, and on any amendment 
offered to the measure or matter, the total number of votes 
cast for and against, and the names of members voting for and 
against, shall be included in the committee report. The 
preceding sentence does not apply to votes taken in executive 
session by the Committee on Ethics.
    (c) The report of a committee on a measure that has been 
approved by the committee shall include, separately set out and 
clearly identified, the following:
          (1) Oversight findings and recommendations under 
        clause 2(b)(1) of rule X.
          (2) The statement required by section 308(a) of the 
        Congressional Budget Act of 1974, except that an 
        estimate of new budget authority shall include, when 
        practicable, a comparison of the total estimated 
        funding level for the relevant programs to the 
        appropriate levels under current law.
          (3) An estimate and comparison prepared by the 
        Director of the Congressional Budget Office under 
        section 402 of the Congressional Budget Act of 1974 if 
        timely submitted to the committee before the filing of 
        the report.
          (4) A statement of general performance goals and 
        objectives, including outcome-related goals and 
        objectives, for which the measure authorizes funding.
    (d) Each report of a committee on a public bill or public 
joint resolution shall contain the following:
          (1)(A) An estimate by the committee of the costs that 
        would be incurred in carrying out the bill or joint 
        resolution in the fiscal year in which it is reported 
        and in each of the five fiscal years following that 
        fiscal year (or for the authorized duration of any 
        program authorized by the bill or joint resolution if 
        less than five years);
          (B) a comparison of the estimate of costs described 
        in subdivision (A) made by the committee with any 
        estimate of such costs made by a Government agency and 
        submitted to such committee; and
          (C) when practicable, a comparison of the total 
        estimated funding level for the relevant programs with 
        the appropriate levels under current law.
          (2)(A) In subparagraph (1) the term ``Government 
        agency'' includes any department, agency, 
        establishment, wholly owned Government corporation, or 
        instrumentality of the Federal Government or the 
        government of the District of Columbia.
          (B) Subparagraph (1) does not apply to the Committee 
        on Appropriations, the Committee on House 
        Administration, the Committee on Rules, or the 
        Committee on Ethics, and does not apply when a cost 
        estimate and comparison prepared by the Director of the 
        Congressional Budget Office under section 402 of the 
        Congressional Budget Act of 1974 has been included in 
        the report under paragraph (c)(3).
    (e)(1) Whenever a committee reports a bill or joint 
resolution proposing to repeal or amend a statute or part 
thereof, it shall include in its report or in an accompanying 
document--
          (A) the text of a statute or part thereof that is 
        proposed to be repealed; and
          (B) a comparative print of any part of the bill or 
        joint resolution proposing to amend the statute and of 
        the statute or part thereof proposed to be amended, 
        showing by appropriate typographical devices the 
        omissions and insertions proposed.
    (2) If a committee reports a bill or joint resolution 
proposing to repeal or amend a statute or part thereof with a 
recommendation that the bill or joint resolution be amended, 
the comparative print required by subparagraph (1) shall 
reflect the changes in existing law proposed to be made by the 
bill or joint resolution as proposed to be amended.
    (f)(1) A report of the Committee on Appropriations on a 
general appropriation bill shall include--
          (A) a concise statement describing the effect of any 
        provision of the accompanying bill that directly or 
        indirectly changes the application of existing law; and
          (B) a list of all appropriations contained in the 
        bill for expenditures not currently authorized by law 
        for the period concerned (excepting classified 
        intelligence or national security programs, projects, 
        or activities), along with a statement of the last year 
        for which such expenditures were authorized, the level 
        of expenditures authorized for that year, the actual 
        level of expenditures for that year, and the level of 
        appropriations in the bill for such expenditures.
    (2) Whenever the Committee on Appropriations reports a bill 
or joint resolution including matter specified in clause 
1(b)(2) or (3) of rule X, it shall include--
          (A) in the bill or joint resolution, separate 
        headings for ``Rescissions'' and ``Transfers of 
        Unexpended Balances''; and
          (B) in the report of the committee, a separate 
        section listing such rescissions and transfers.
    (g) Whenever the Committee on Rules reports a resolution 
proposing to repeal or amend a standing rule of the House, it 
shall include in its report or in an accompanying document--
          (1) the text of any rule or part thereof that is 
        proposed to be repealed; and
          (2) a comparative print of any part of the resolution 
        proposing to amend the rule and of the rule or part 
        thereof proposed to be amended, showing by appropriate 
        typographical devices the omissions and insertions 
        proposed.
    (h)(1) It shall not be in order to consider a bill or joint 
resolution reported by the Committee on Ways and Means that 
proposes to amend the Internal Revenue Code of 1986 unless--
          (A) the report includes a tax complexity analysis 
        prepared by the Joint Committee on Internal Revenue 
        Taxation in accordance with section 4022(b) of the 
        Internal Revenue Service Restructuring and Reform Act 
        of 1998; or
          (B) the chair of the Committee on Ways and Means 
        causes such a tax complexity analysis to be printed in 
        the Congressional Record before consideration of the 
        bill or joint resolution.
    (2)(A) It shall not be in order to consider a bill or joint 
resolution reported by the Committee on Ways and Means that 
proposes to amend the Internal Revenue Code of 1986 unless--
          (i) the report includes a macro-economic impact 
        analysis:
          (ii) the report includes a statement from the Joint 
        Committee on Internal Revenue Taxation explaining why a 
        macroeconomic impact analysis is not calculable; or
          (iii) the chair of the Committee on Ways and Means 
        causes a macroeconomic impact analysis to be printed in 
        the Congressional Record before consideration of the 
        bill or joint resolution.
    (B) In subdivision (A), the term ``macroeconomic impact 
analysis'' means--
          (i) an estimate prepared by the Joint Committee on 
        Internal Revenue Taxation of the changes in economic 
        output, employment, capital stock, and tax revenues 
        expected to result from enactment of the proposal; and
          (ii) a statement from the Joint Committee on Internal 
        Revenue Taxation identifying the critical assumptions 
        and the source of data underlying that estimate.
   MEMBERSHIP AND ORGANIZATION OF THE COMMITTEE ON FINANCIAL SERVICES


                    ONE HUNDRED AND TWELFTH CONGRESS

                    COMMITTEE ON FINANCIAL SERVICES

          (Ratio: 34-27)

 SPENCER BACHUS, Alabama, Chairman

Barney Frank, Massachusetts, Ranking MemberNSARLING, Texas, Vice 
MAXINE WATERS, California            Chairman
CAROLYN B. MALONEY, New York         PETER T. 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           DONALD A. MANZULLO, Illinois
BRAD SHERMAN, California             WALTER B. JONES, North Carolina
GREGORY W. MEEKS, New York           JUDY BIGGERT, Illinois
MICHAEL E. CAPUANO, Massachusetts    GARY G. MILLER, California
RUBEN HINOJOSA, Texas                SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
CAROLYN MCCARTHY, New York           SCOTT GARRETT, New Jersey
JOE BACA, California                 RANDY NEUGEBAUER, Texas
STEPHEN F. LYNCH, Massachusetts      PATRICK T. MCHENRY, North Carolina
BRAD MILLER, North Carolina          JOHN CAMPBELL, California
DAVID SCOTT, Georgia                 MICHELE BACHMANN, Minnesota
AL GREEN, Texas                      THADDEUS G. MCCOTTER, Michigan
EMANUEL CLEAVER, Missouri            KEVIN MCCARTHY, California
GWEN MOORE, Wisconsin                STEVAN PEARCE, New Mexico
KEITH ELLISON, Minnesota             BILL POSEY, Florida
ED PERLMUTTER, Colorado              MICHAEL G. FITZPATRICK, 
JOE DONNELLY, Indiana                Pennsylvania
ANDRE CARSON, Indiana                LYNN A. WESTMORELAND, Georgia
JAMES A. HIMES, Connecticut          BLAINE LUETKEMEYER, Missouri
GARY C. PETERS, Michigan             BILL HUIZENGA, Michigan
JOHN C. CARNEY, JR., Delaware        SEAN P. DUFFY, Wisconsin
                                     NAN A. S. HAYWORTH, New York
                                     JAMES B. RENACCI, Ohio
                                     ROBERT HURT, Virginia
                                     ROBERT J. DOLD, Illinois
                                     DAVID SCHWEIKERT, Arizona
                                     MICHAEL G. GRIMM, New York
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     STEVE STIVERS, Ohio
                                     STEPHEN LEE FINCHER, Tennessee\1\
                        SUBCOMMITTEE MEMBERSHIPS

  Subcommittee on Capital Markets and Government Sponsored Enterprises

          (Ratio: 20-15)

    SCOTT GARRETT, New Jersey, 
             Chairman

MAXINE WATERS, California, Ranking MemberD SCHWEIKERT, Arizona, Vice 
GARY L. ACKERMAN, New York           Chairman
BRAD SHERMAN, California             PETER T. KING, New York
RUBEN HINOJOSA, Texas                EDWARD R. ROYCE, California
STEPHEN F. LYNCH, Massachusetts      FRANK D. LUCAS, Oklahoma
BRAD MILLER, North Carolina          DONALD A. MANZULLO, Illinois
CAROLYN B. MALONEY, New York         JUDY BIGGERT, Illinois
GWEN MOORE, Wisconsin                JEB HENSARLING, Texas
ED PERLMUTTER, Colorado              RANDY NEUGEBAUER, Texas
JOE DONNELLY, Indiana                JOHN CAMPBELL, California
ANDRE CARSON, Indiana                THADDEUS G. MCCOTTER, Michigan
JAMES A. HIMES, Connecticut          KEVIN MCCARTHY, California
GARY C. PETERS, Michigan             STEVAN PEARCE, New Mexico
AL GREEN, Texas                      BILL POSEY, Florida
KEITH ELLISON, Minnesota             MICHAEL G. FITZPATRICK, 
BARNEY FRANK, Massachusetts, ex officionnsylvania
                                     NAN A.S. HAYWORTH, New York
                                     ROBERT HURT, Virginia
                                     ROBERT J. DOLD, Illinois
                                     MICHAEL G. GRIMM, New York
                                     STEVE STIVERS, Ohio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

        Subcommittee on Domestic Monetary Policy and Technology

           (Ratio: 8-6)

     RON PAUL, Texas, Chairman

WM. LACY CLAY, Missouri, Ranking MemberLTER B. JONES, North Carolina, 
CAROLYN B. MALONEY, New York         Vice Chairman
GREGORY W. MEEKS, New York           FRANK D. LUCAS, Oklahoma
AL GREEN, Texas                      PATRICK T. MCHENRY, North Carolina
EMANUEL CLEAVER, Missouri            BLAINE LUETKEMEYER, Missouri
GARY C. PETERS, Michigan             BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioN A. S. HAYWORTH, New York
                                     DAVID SCHWEIKERT, Arizona
                                     SPENCER BACHUS, Alabama, ex 
                                     officio
I74Subcommittee on Financial Institutions and Consumer Credit
          (Ratio: 17-13)

    SHELLEY MOORE CAPITO, West 
        Virginia, Chairman

CAROLYN B. MALONEY, New York, Ranking Member. RENACCI, Ohio, Vice 
LUIS V. GUTIERREZ, Illinois          Chairman
MELVIN L. WATT, North Carolina       EDWARD R. ROYCE, California
GARY L. ACKERMAN, New York           DONALD A. MANZULLO, Illinois
RUBEN HINOJOSA, Texas                WALTER B. JONES, North Carolina
CAROLYN MCCARTHY, New York           JEB HENSARLING, Texas
JOE BACA, California                 PATRICK T. MCHENRY, North Carolina
BRAD MILLER, North Carolina          THADDEUS G. MCCOTTER, Michigan
DAVID SCOTT, Georgia                 KEVIN MCCARTHY, California
NYDIA M. VELAZQUEZ, New York         STEVAN PEARCE, New Mexico
GREGORY W. MEEKS, New York           LYNN A. WESTMORELAND, Georgia
STEPHEN F. LYNCH, Massachusetts      BLAINE LUETKEMEYER, Missouri
JOHN CARNEY, JR., Delaware           BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioAN P. DUFFY, Wisconsin
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     MICHAEL G. GRIMM, New York
                                     STEPHEN LEE FINCHER, Tennessee
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

      Subcommittee on Insurance, Housing and Community Opportunity

           (Ratio: 10-8)

      JUDY BIGGERT, Chairman

LUIS V. GUTIERREZ, Illinois, Ranking Member HURT, Virginia, Vice 
MAXINE WATERS, California            Chairman
NYDIA M. VELAZQUEZ, New York         GARY G. MILLER, California
EMANUEL CLEAVER, Missouri            SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
MELVIN L. WATT, North Carolina       SCOTT GARRETT, New Jersey
BRAD SHERMAN, California             PATRICK T. MCHENRY, North Carolina
MICHAEL E. CAPUANO, Massachusetts    LYNN A. WESTMORELAND, Georgia
BARNEY FRANK, Massachusetts, ex officioAN P. DUFFY, Wisconsin
                                     ROBERT J. DOLD, Illinois
                                     STEVE STIVERS, Ohio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio
        Subcommittee on International Monetary Policy and Trade

           (Ratio: 8-6)

   GARY G. MILLER, California, 
             Chairman

CAROLYN MCCARTHY, New York, Ranking MemberT J. DOLD, Illinois, Vice 
GWEN MOORE, Wisconsin                Chairman
ANDRE CARSON, Indiana                RON PAUL, Texas
DAVID SCOTT, Georgia                 DONALD A. MANZULLO, Illinois
ED PERLMUTTER, Colorado              JOHN CAMPBELL, California
JOE DONNELLY, Indiana                MICHELE BACHMANN, Minnesota
BARNEY FRANK, Massachusetts, ex officioADDEUS G. MCCOTTER, Michigan
                                     BILL HUIZENGA, Michigan
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

              Subcommittee on Oversight and Investigations

           (Ratio: 10-8)

 RANDY NEUGEBAUER, Texas, Chairman

MICHAEL E. CAPUANO, Massachusetts, Ranking MemberITZPATRICK, 
STEPHEN F. LYNCH, Massachusetts      Pennsylvania, Vice Chairman
MAXINE WATERS, California            PETER T. KING, New York
JOE BACA, California                 MICHELE BACHMANN, Minnesota
BRAD MILLER, North Carolina          STEVAN PEARCE, New Mexico
KEITH ELLISON, Minnesota             BILL POSEY, Florida
JAMES A. HIMES, Connecticut          NAN A.S. HAYWORTH, New York
JOHN C. CARNEY, JR., Delaware        JAMES B. RENACCI, Ohio
BARNEY FRANK, Massachusetts, ex officioANCISCO ``QUICO'' CANSECO, Texas
                                     STEPHEN LEE FINCHER, Tennessee
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

         MEMBERSHIP NOTES

                                 ------                                

\1\Mr. Fincher was elected to the Committee on May 11, 2011, filling a 
vacancy created by the resignation of Mr. Marchant on March 15, 2011. 
Mr. Marchant had ranked immediately after Ms. Bachmann.
The following members are on leave from the Committee on Financial 
Services: Mr. Dreier, ranking immediately before Mr. Bachus; and Mr. 
Sessions, ranking immediately after Dr. Paul.
                            COMMITTEE STAFF
                             Majority Staff

         LARRY C. LAVENDER
          Chief of Staff
           WARREN TRYON
       Deputy Chief of Staff
         JAMES H. CLINGER
           Chief Counsel
        JEFFREY W. EMERSON
      Deputy Chief of Staff--
          Communications
        NATALIE N. MCGARRY
  Parliamentarian/Senior Counsel

     TERISA L. ALLISON, Editor
STEVE F. ARAUZ, Assistant Systems 
           Administrator
  NICOLE C. AUSTIN, Professional 
               Staff
 JOHN R. BARTLING, Senior Counsel
 NORMAN R. BISHOP, Staff Assistant
  SUSAN MITCHELL BLAVIN, Counsel
  MICHAEL BORDEN, Senior Counsel
  CHARA R. BRAY, Press Assistant
 E. CHASE BURGESS, Staff Assistant
    ANTHONY J. CIMINO, Senior 
        Professional Staff
       JOHN W. COLE, Counsel
  ANDREW DUKE, Professional Staff
  KEVIN R. EDGAR, Senior Counsel
   MARK D. EPLEY, Senior Counsel
EMILY J. FRUMBERG, Staff Assistant
 ANGELA S. GAMBO, Administrative 
             Assistant
 MARISOL GARIBAY, Communications 
             Director
     JASON M. GOGGINS, Counsel
  LESLI GOOCH, Professional Staff
     MARGARET E. HENSON, Clerk
     TALLMAN JOHNSON, Senior 
        Professional Staff
   CLINTON COLUMBUS JONES, III, 
          General Counsel
ROSEMARY E. KEECH, Executive Staff 
             Assistant
  THOMAS L. KREBS, Senior Counsel
     W. WALTON LILES, Counsel
    JONATHAN E. MADISON, Staff 
             Assistant
 SAMUEL C. MAHLER, Staff Assistant
 LYDIA J. MASHBURN, Professional 
               Staff
 KYLIN B. MCCARDLE, Professional 
               Staff
   FRANCISCO A. MEDINA, Senior 
              Counsel
 JOE PINDER, Senior Professional 
               Staff
  BLAKE J. PONEK, Staff Assistant
  JAMES KIMBLE V. RATLIFF, III, 
        Professional Staff
  CLIFFORD ROBERTI, Professional 
               Staff
  GISELE G. ROGET, Senior Analyst
 CHRIS RUSSELL, Professional Staff
     EDWARD G. SKALA, Senior 
        Professional Staff
 CALEB J. SMITH, Director of New 
               Media
AARON T. SPORCK Professional Staff
  MICHAEL STALEY, Policy Advisor
 ALEXANDER H. TEEL, Professional 
               Staff
KIM TRIMBLE, Systems Administrator
   ANNA BARTLETT WRIGHT, Staff 
             Assistant
                             Minority Staff

       JEANNE M. ROSLANOWICK
 Staff Director and Chief Counsel
        MICHAEL T. BERESIK
       Deputy Staff Director
           KELLIE LARKIN
       Legislative Director
          HARRY D. GURAL
      Communications Director

 MEREDITH CONNELLY, Professional 
               Staff
  KRISTOFOR S. ERICKSON, Senior 
        Professional Staff
  ALFRED J. FORMAN, JR., Systems 
           Administrator
 BRUNO FREITAS, Professional Staff
  MARIA E. GIESTA, Professional 
               Staff
   ERIKA JEFFERS, Senior Counsel
   GAIL W. LASTER, Deputy Chief 
              Counsel
  PATRICIA A. LORD, Professional 
               Staff
   MARCOS F. MANOSALVAS, Staff 
             Associate
 KATHRYN J. MARKS, Senior Counsel
DOMINIQUE M. MCCOY, Senior Counsel
   DANIEL P. MCGLINCHEY, Senior 
        Professional Staff
 SCOTT A. OLSON, Policy Director, 
              Housing
 MARK R. RANSLEM, Staff Associate
  KIRK SCHWARZBACH, Professional 
               Staff
  DAVID A. SMITH, Chief Economist
  LAWRANNE STEWART, Deputy Chief 
              Counsel
   ADRIANNE G. THREATT, Senior 
              Counsel
    ADDIE M. WHISENANT, Press 
             Secretary
                  LEGISLATIVE AND OVERSIGHT ACTIVITIES

    From January through May 2011 of the first session of the 
112th Congress, 164 bills were referred to the Committee on 
Financial Services. The full Committee reported to the House or 
was discharged from the further consideration of 6 measures. 
During this period, the Committee did not consider any 
conference reports. No 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 
112th Congress, including a summary of the activities taken by 
the Committee to implement its Oversight Plan for the 112th 
Congress.
                    COMMITTEE ON FINANCIAL SERVICES


          (Ratio: 34-27)

 SPENCER BACHUS, Alabama, Chairman

BARNEY FRANK, Massachusetts, Ranking MemberNSARLING, Texas, Vice 
MAXINE WATERS, California            Chairman
CAROLYN B. MALONEY, New York         PETER T. 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           DONALD A. MANZULLO, Illinois
BRAD SHERMAN, California             WALTER B. JONES, North Carolina
GREGORY W. MEEKS, New York           JUDY BIGGERT, Illinois
MICHAEL E. CAPUANO, Massachusetts    GARY G. MILLER, California
RUBEN HINOJOSA, Texas                SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
CAROLYN MCCARTHY, New York           SCOTT GARRETT, New Jersey
JOE BACA, California                 RANDY NEUGEBAUER, Texas
STEPHEN F. LYNCH, Massachusetts      PATRICK T. MCHENRY, North Carolina
BRAD MILLER, North Carolina          JOHN CAMPBELL, California
DAVID SCOTT, Georgia                 MICHELE BACHMANN, Minnesota
AL GREEN, Texas                      THADDEUS G. MCCOTTER, Michigan
EMANUEL CLEAVER, Missouri            KEVIN MCCARTHY, California
GWEN MOORE, Wisconsin                STEVAN PEARCE, New Mexico
KEITH ELLISON, Minnesota             BILL POSEY, Florida
ED PERLMUTTER, Colorado              MICHAEL G. FITZPATRICK, 
JOE DONNELLY, Indiana                Pennsylvania
ANDRE CARSON, Indiana                LYNN A. WESTMORELAND, Georgia
JAMES A. HIMES, Connecticut          BLAINE LUETKEMEYER, Missouri
GARY C. PETERS, Michigan             BILL HUIZENGA, Michigan
JOHN C. CARNEY, JR., Delaware        SEAN P. DUFFY, Wisconsin
                                     NAN A. S. HAYWORTH, New York
                                     JAMES B. RENACCI, Ohio
                                     ROBERT HURT, Virginia
                                     ROBERT J. DOLD, Illinois
                                     DAVID SCHWEIKERT, Arizona
                                     MICHAEL G. GRIMM, New York
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     STEVE STIVERS, Ohio
                                     STEPHEN LEE FINCHER, Tennessee


                    COMMITTEE ON FINANCIAL SERVICES


                 Full Committee Legislative Activities


                 FHA REFINANCE PROGRAM TERMINATION ACT

                               (H.R. 830)


Summary

    H.R. 830, the FHA Refinance Program Termination Act, would 
rescind all unobligated balances made available for the program 
by Title I of the Emergency Economic Stabilization Act (12 
U.S.C. 5230) that have been allocated for use under the FHA 
Refinance Program (pursuant to Mortgagee Letter 2010-23 of the 
Secretary of Housing and Urban Development). The bill would 
also terminate the program and void the Mortgagee Letter 
pursuant to which it was implemented, with concessions made for 
current participants in the program.

Legislative History

    On February 28, 2011, H.R. 830 was introduced by 
Representative Robert Dold and was referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
830 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, Special Inspector General for the 
Troubled Asset Relief Program (SIGTARP); The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the Federal Housing Administration; The Honorable Mercedes 
Marquez, Assistant Secretary, Community Planning and 
Development, Department of Housing and Urban Development (HUD); 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, U.S. Government Accountability Office (GAO); and 
Ms. Katie Jones, Analyst in Housing Policy, Congressional 
Research Service, Library of Congress.
    On March 3, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 33 yeas and 22 nays. The Committee Report was 
filed on March 7, 2011 (H. Rept. 112-25).
    On March 9, 2011, the House adopted H. Res. 150, providing 
for the consideration of H.R. 830 under a structured rule, by a 
record vote of 240 yeas and 180 nays. On March 10, 2011, the 
House considered H.R. 830 and passed the bill, with amendments, 
by a record vote of 256 yeas and 171 nays.

           EMERGENCY MORTGAGE RELIEF PROGRAM TERMINATION ACT

                               (H.R. 836)


Summary

    H.R. 836, the Emergency Mortgage Relief Program Termination 
Act, would rescind all unobligated balances made available for 
the Emergency Mortgage Relief Program under section 1496(a) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(P.L. 111-203), which was signed into law on July 21, 2010, and 
terminate the program. The bill also calls for a study by the 
Department of Housing and Urban Development (HUD) to identify 
best practices for how existing mortgage assistance programs 
can be applied to veterans, active duty military personnel, and 
their relatives.

Legislative History

    On February 28, 2011, H.R. 836 was introduced by 
Representative Jeb Hensarling and was referred to the Committee 
on Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
830 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, Special Inspector General for the 
Troubled Asset Relief Program (SIGTARP); The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the Federal Housing Administration; The Honorable Mercedes 
Marquez, Assistant Secretary, Community Planning and 
Development, Department of Housing and Urban Development (HUD); 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, U.S. Government Accountability Office (GAO); and 
Ms. Katie Jones, Analyst in Housing Policy, Congressional 
Research Service, Library of Congress.
    On March 3, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 33 yeas and 22 nays. The Committee Report was 
filed on March 7, 2011 (H. Rept. 112-26).
    On March 9, 2011, the House adopted H. Res. 151, providing 
for the consideration of H.R. 836 under a structured rule, by 
voice vote. On March 11, 2011, the House considered H.R. 836 
and passed the bill, with amendments, by a record vote of 242 
yeas and 177 nays.

                          HAMP TERMINATION ACT

                               (H.R. 839)


Summary

    H.R. 839, the HAMP Termination Act, would terminate the 
authority of the Treasury Department to provide any new 
assistance to homeowners under the Home Affordable Modification 
Program (HAMP) authorized under Title I of the Emergency 
Economic Stabilization Act (12 U.S.C. 5230), while preserving 
any assistance already provided to HAMP participants on a 
permanent or trial basis. The bill also provides for a study by 
the Treasury Department to identify best practices for how 
existing mortgage assistance programs can be applied to 
veterans, active duty military personnel, and their relatives.

Legislative History

    On February 28, 2011, H.R. 839 was introduced by 
Representative Patrick McHenry and was referred to the 
Committee on Financial Services. The bill has eight cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
830 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, Special Inspector General for the 
Troubled Asset Relief Program (SIGTARP); The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the Federal Housing Administration; The Honorable Mercedes 
Marquez, Assistant Secretary, Community Planning and 
Development, Department of Housing and Urban Development (HUD); 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, U.S. Government Accountability Office (GAO); and 
Ms. Katie Jones, Analyst in Housing Policy, Congressional 
Research Service, Library of Congress.
    On March 9, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 32 yeas and 23 nays. The Committee Report (Part 
1) was filed on March 11, 2011 (H. Rept. 112-31) and Part 2 of 
the Committee Report was filed on March 14, 2011 (H. Rept. 112-
31 Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 839 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 29, 2011, the 
House considered H.R. 839 and passed the bill, with amendments, 
by a record vote of 252 yeas and 170 nays, with 1 member voting 
present.

                          NSP TERMINATION ACT

                               (H.R. 861)


Summary

    H.R. 861, the NSP Termination Act, would rescind all 
unobligated balances made available for the Neighborhood 
Stabilization Program (NSP) authorized by the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Public Law 111-203; 
124 Stat. 2209; 42 U.S.C. 5301 note) and terminate the program.

Legislative History

    On March 1, 2011, H.R. 861 was introduced by Representative 
Gary Miller and was referred to the Committee on Financial 
Services. The bill has four cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
830 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, Special Inspector General for the 
Troubled Asset Relief Program (SIGTARP); The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the Federal Housing Administration; The Honorable Mercedes 
Marquez, Assistant Secretary, Community Planning and 
Development, Department of Housing and Urban Development (HUD); 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, U.S. Government Accountability Office (GAO); and 
Ms. Katie Jones, Analyst in Housing Policy, Congressional 
Research Service, Library of Congress.
    On March 3, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 31 yeas and 24 nays. The Committee Report (Part 
1) was filed on March 11, 2011 (H. Rept. 112-32), and Part 2 of 
the Committee Report was filed on March 14, 2011 (H. Rept. 112-
32 Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 861 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 16, 2011, the 
House considered H.R. 861 and passed the bill, with amendments, 
by a record vote of 242 yeas and 182 nays.

   RESPONSIBLE CONSUMER FINANCIAL PROTECTION REGULATIONS ACT OF 2011

                              (H.R. 1121)


Summary

    H.R. 1121, the Responsible Consumer Financial Protection 
Regulations Act of 2011, would amend Section 1011 of the Dodd-
Frank Act Wall Street Reform and Consumer Protection Act (P.L. 
111-203), by replacing the Director of the Consumer Financial 
Protection Bureau (CFPB) with a five-person Commission. The 
CFPB Commission would be empowered to prescribe regulations and 
issue orders to implement laws within the CFPB's jurisdiction. 
One of the five seats on the CFPB Commission would be filled by 
the Vice Chairman for Supervision of the Federal Reserve 
System. Each of the four remaining members of the Commission 
would be appointed by the President; no more than two of those 
four Commissioners may be from the same political party. 
Although the Chair of the Commission would fulfill the 
executive and administrative functions of the CFPB, the Chair's 
discretion would be bounded by policies set by the whole 
Commission.

Legislative History

    On March 16, 2011, H.R. 1121 was introduced by Chairman 
Bachus and referred to the Committee on Financial Services. The 
bill has 34 cosponsors.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1121 entitled ``Oversight of the Consumer Financial 
Protection Bureau.'' Ms. Elizabeth Warren, Special Advisor to 
the Secretary of the Treasury for the Consumer Financial 
Protection Bureau, Department of the Treasury, testified.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1121 entitled ``Legislative Proposals to Improve the 
Structure of the Consumer Financial Protection Bureau.'' 
Witnesses included: Ms. Leslie R. Andersen, President and Chief 
Executive Officer, Bank of Bennington on behalf of the American 
Bankers Association; Ms. Lynette W. Smith, President and Chief 
Executive Officer, Washington Gas Light FCU on behalf of the 
National Association of Federal Credit Unions; Mr. Jess Sharp, 
Executive Director, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce; Mr. Hilary Shelton, Director, NAACP 
Washington Bureau and Senior VP for Advocacy and Policy, NAACP; 
Mr. Noah H. Wilcox, President and Chief Executive Officer, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Mr. Rod Staatz, President and Chief 
Executive Officer, SECU of Maryland on behalf of the Credit 
Union National Association; Mr. Richard Hunt, President, 
Consumer Bankers Association; and Prof. Adam J. Levitin, 
Georgetown University Law Center.
    On May 4, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit met in open session and ordered the bill 
favorably reported to the full Committee by a record vote of 13 
yeas and 7 nays.
    On May 12, 2011, the full Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 33 yeas and 24 nays.

 CONSUMER FINANCIAL PROTECTION SAFETY AND SOUNDNESS IMPROVEMENT ACT OF 
                                  2011

                              (H.R. 1315)


Summary

    H.R. 1315, the Consumer Financial Protection Safety and 
Soundness Improvement Act of 2011, amends Section 1023 of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Dodd-Frank Act) (P.L. 111-203) to streamline the Financial 
Stability Oversight Council's (FSOC) review and oversight of 
Consumer Financial Protection Bureau (CFPB) rules and 
regulations that may undermine the safety and soundness of U.S. 
financial institutions. The bill makes three major changes: (1) 
it lowers the threshold required to set aside regulations from 
a two-thirds vote of the FSOC's voting membership to a simple 
majority, excluding the CFPB; (2) it clarifies that the FSOC 
must set aside any CFPB regulation that is inconsistent with 
the safe and sound operations of U.S. financial institutions; 
and (3) it eliminates the 45-day time limit for the FSOC to 
review and vote on regulations.

Legislative History

    On April 1, 2011, H.R. 1315 was introduced by 
Representative Sean Duffy and was referred to the Committee on 
Financial Services. The bill has four cosponsors.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
a draft of H.R. 1315 entitled ``Oversight of the Consumer 
Financial Protection Bureau.'' Ms. Elizabeth Warren, Special 
Advisor to the Secretary of the Treasury for the Consumer 
Financial Protection Bureau, Department of the Treasury, 
testified.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1315 entitled ``Legislative Proposals to Improve the 
Structure of the Consumer Financial Protection Bureau.'' 
Witnesses included: Ms. Leslie R. Andersen, President and Chief 
Executive Officer, Bank of Bennington on behalf of the American 
Bankers Association; Ms. Lynette W. Smith, President and Chief 
Executive Officer, Washington Gas Light FCU on behalf of the 
National Association of Federal Credit Unions; Mr. Jess Sharp, 
Executive Director, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce; Mr. Hilary Shelton, Director, NAACP 
Washington Bureau and Senior VP for Advocacy and Policy, NAACP; 
Mr. Noah H. Wilcox, President and Chief Executive Officer, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Mr. Rod Staatz, President and Chief 
Executive Officer, SECU of Maryland on behalf of the Credit 
Union National Association; Mr. Richard Hunt, President, 
Consumer Bankers Association; and Prof. Adam J. Levitin, 
Georgetown University Law Center.
    On May 4, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit met in open session and ordered the bill 
favorably reported to the full Committee by a record vote of 13 
yeas and 9 nays.
    On May 12, 2011, the full Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 35 yeas and 22 nays.

   BUREAU OF CONSUMER FINANCIAL PROTECTION TRANSFER CLARIFICATION ACT

                              (H.R. 1667)


Summary

    H.R. 1667, the Bureau of Consumer Financial Protection 
Transfer Clarification Act, amends Section 1062 of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act) (P.L. 111-203). The Dodd-Frank Act shifts consumer 
protection functions to the Consumer Financial Protection 
Bureau (CFPB) from the Federal Reserve, the Federal Deposit 
Insurance Corporation (FDIC), the National Credit Union 
Administration (NCUA), the Office of the Comptroller of the 
Currency (OCC), the Office of Thrift Supervision (OTS) and the 
Department of Housing and Urban Development (HUD). H.R. 1667 
would delay any further transfer of powers until the later of 
the following: (1) July 21, 2011; or (2) the date on which the 
Director of the CFPB is confirmed by the Senate.

Legislative History

    On May 2, 2011, H.R. 1667 was introduced by Representative 
Shelley Moore Capito and was referred to the Committee on 
Financial Services. The bill has fourteen cosponsors.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
a draft of H.R. 1667 entitled ``Oversight of the Consumer 
Financial Protection Bureau.'' Ms. Elizabeth Warren, Special 
Advisor to the Secretary of the Treasury for the Consumer 
Financial Protection Bureau, Department of the Treasury, 
testified.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1667 entitled ``Legislative Proposals to Improve the 
Structure of the Consumer Financial Protection Bureau.'' 
Witnesses included: Ms. Leslie R. Andersen, President and Chief 
Executive Officer, Bank of Bennington on behalf of the American 
Bankers Association; Ms. Lynette W. Smith, President and Chief 
Executive Officer, Washington Gas Light FCU on behalf of the 
National Association of Federal Credit Unions; Mr. Jess Sharp, 
Executive Director, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce; Mr. Hilary Shelton, Director, NAACP 
Washington Bureau and Senior VP for Advocacy and Policy, NAACP; 
Mr. Noah H. Wilcox, President and Chief Executive Officer, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Mr. Rod Staatz, President and Chief 
Executive Officer, SECU of Maryland on behalf of the Credit 
Union National Association; Mr. Richard Hunt, President, 
Consumer Bankers Association; and Prof. Adam J. Levitin, 
Georgetown University Law Center.
    On May 4, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit met in open session and ordered the bill 
favorably reported to the full Committee by a record vote of 13 
yeas and 8 nays.
    On May 12, 2011, the full Committee held a markup and 
ordered the bill favorably reported to the House by a record 
vote of 35 yeas and 22 nays.

TO FACILITATE IMPLEMENTATION OF TITLE VII OF THE DODD-FRANK WALL STREET 
 REFORM AND CONSUMER PROTECTION ACT, PROMOTE REGULATORY COORDINATION, 
                      AND AVOID MARKET DISRUPTION

                              (H.R. 1573)


Summary

    H.R. 1573, To facilitate implementation of Title VII of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act, 
promote regulatory coordination, and avoid market disruption, 
would extend the statutory deadline for certain provisions of 
Title VII of the Dodd-Frank Act from July 2011 to September 30, 
2012. The legislation provides additional time for the 
Commodity Futures Trading Commission (CFTC) and the Securities 
and Exchange Commission (SEC) to write and vet the rules to 
implement the derivatives title, conduct cost-benefit analysis, 
consider the interdependence and cumulative impact of the 
rules, and determine the appropriate sequencing of effective 
dates. The legislation realigns the United States with the G20 
agreement to move to reporting and central clearing by December 
2012, reducing the likelihood of divergence in international 
regulatory regimes and mitigating negative consequences to the 
competitive position of U.S. markets and market participants. 
H.R. 1573 maintains the current timeframe for the SEC and CFTC 
to issue final rules defining key terms such as swap, swap 
dealer, security-based swap dealer, major swap participant, 
major security-based swap participant and eligible contract 
participant, and for requiring record retention and regulatory 
reporting for swaps. The bill provides for interim authority to 
designate swap data repositories for the purposes of receiving 
the data. H.R. 1573 requires the SEC and CFTC to hold public 
hearings to take testimony and comment on proposed rules before 
they are made final, and factor those comments into cost-
benefit analysis and the timing of effective dates. Finally, 
H.R. 1573 provides the SEC and CFTC authority to exempt certain 
persons from registration and/or other regulatory requirements 
if they are subject to comparable supervision by another 
regulatory authority, if there are information-sharing 
arrangements in effect between the Commissions and that 
regulatory authority, and if it is in the public interest.

Legislative History

    On April 15, 2011, H.R. 1573 was introduced by 
Representatives Lucas, Bachus, Conaway and Garrett, and was 
referred to the House Financial Services and House Agriculture 
Committees. The bill has twenty-two cosponsors.
    On February 15, 2011, the Committee held an oversight 
hearing on the implementation of Title VII of the Dodd-Frank 
Act entitled, ``Assessing the Regulatory, Economic and Market 
Implications of the Dodd-Frank Derivatives Title.'' Witnesses 
included: The Honorable Mary Schapiro, Chairman, U.S. 
Securities and Exchange Commission; The Honorable Gary Gensler, 
Chairman, U.S. Commodity Futures Trading Commission; The 
Honorable Daniel K. Tarullo, Member, Federal Reserve Board of 
Governors; Mr. Craig Reiners, Director of Commodity Risk 
Management, MillerCoors, on behalf of the Coalition for 
Derivatives End-Users; Mr. Donald F. Donahue, Chairman & Chief 
Executive Officer, The Depository Trust & Clearing Corporation 
(DTCC); Mr. Terry Duffy, Executive Chairman, CME Group; Mr. Don 
Thompson, Managing Director and Associate General Counsel, 
JPMorgan Chase, on behalf of the Securities Industry and 
Financial Markets Association (SIFMA); Mr. Jamie Cawley, Chief 
Executive Officer, Javelin, on behalf of the Swaps and 
Derivatives Market Association (SDMA); and Mr. Christopher 
Giancarlo, Executive Vice President, Corporate Development, GFI 
Group Inc.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing on 
related derivatives legislation where Mr. Luke Zubrod, 
Director, Chatham Financial, testified on behalf of the 
Coalition for Derivatives End-Users on the need to extend title 
VII's statutory deadlines for rulemaking to allow regulators 
sufficient time to incorporate recommendations, craft 
thoughtful rules, and conduct adequate cost-benefit analyses.
    On May 24, 2011, the full Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 30 yeas and 24 nays.

                   FLOOD INSURANCE REFORM ACT OF 2011

                              (H.R. 1309)


Summary

    H.R. 1309, the Flood Insurance Reform Act of 2011, 
reauthorizes the National Flood Insurance Program (NFIP) 
through September 30, 2016, and amends the National Flood 
Insurance Act to ensure the immediate and near-term fiscal and 
administrative health of the NFIP. The bill also ensures the 
NFIP's continued viability by encouraging broader participation 
in the program, increasing financial accountability, 
eliminating unnecessary rate subsidies, and updating the 
program to meet the needs of the 21st century. The key 
provisions of H.R. 1309 include: (1) a five-year 
reauthorization of the NFIP; (2) a three-year delay in the 
mandatory purchase requirement for certain properties in newly 
designated Special Flood Hazard Areas (SFHAs); (3) a phase-in 
of full-risk, actuarial rates for areas newly designated as 
SFHAs; (4) a reinstatement of the Technical Mapping Advisory 
Council; and (5) an emphasis on greater private sector 
participation in providing flood insurance coverage.

Legislative History

    On April 1, 2011, H.R. 1309 was introduced by 
Representative Judy Biggert and referred to the Committee on 
Financial Services. The bill has nineteen cosponsors.
    On March 11, 2011 and April 1, 2011, the Subcommittee on 
Insurance, Housing and Community Opportunity held legislative 
hearings entitled ``Legislative Proposals to Reform the 
National Flood Insurance Program,'' on a discussion draft of 
H.R. 1309. On March 11, 2011, the Subcommittee received written 
testimony from Craig Fugate, Administrator, Federal Emergency 
Management Agency and the following witnesses testified: Orice 
Williams Brown, Managing Director, Government Accountability 
Office (GAO); Sally McConkey, Vice Chair, Association of State 
Flood Plain Managers and Manager, Coordinated Hazard Assessment 
and Mapping Program, Illinois State Water Survey; Sandra G. 
Parrillo, Chair, National Association of Mutual Insurance 
Companies and President and CEO of Providence Mutual; Spencer 
Houldin, Chair, Government Affairs Committee, Independent 
Insurance Agents and Brokers of America and President, Ericson 
Insurance Services; Steve Ellis, Vice President, Taxpayers for 
Common Sense, on behalf of the SmarterSafer Coalition; Donna 
Jallick, Vice President, Harleysville Insurance; Barry 
Rutenberg, First Vice Chairman, National Association of Home 
Builders; Frank Nutter, President, Reinsurance Association of 
America; Terry Sullivan, Sullilvan Realty, Inc., on behalf of 
The National Association of Realtors; and Maurice Veissi, 
President-Elect, National Association of Realtors, and 
Principal, Veissi & Associates. On April, 1, 2011, Craig 
Fugate, Administrator, Federal Emergency Management Agency 
(FEMA), was the only witness.
    On April 6, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity met in open session and ordered the 
bill, as amended, favorably reported to the full Committee by 
voice vote.
    On May 12, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 54 yeas and 0 nays.

                  Full Committee Oversight Activities


                           ECONOMIC RECOVERY

    On January 26, 2011, the Committee on Financial Services 
held a hearing entitled ``Promoting Economic Recovery and Job 
Creation: The Road Forward.'' The purpose of this hearing was 
to provide leading economists, academics, business owners and 
citizens an opportunity to share their views about the barriers 
to economic growth, and to discuss macroeconomic issues and 
trends facing the country and affecting job creation. Witnesses 
discussed the effectiveness of the Federal Reserve's 
``quantitative easing'' policy; the impact of regulatory 
uncertainty on job growth; and the consequences of federal 
housing policy on the economy. Witnesses also shared their 
views on the effect the national debt and budget deficit will 
have on the long-term health of the economy. The witnesses for 
this hearing included: Dr. William Poole of the University of 
Delaware; Professor John B. Taylor of Stanford University; Dr. 
Donald Kohn of the Brookings Institute; Professor Hal S. Scott 
of Harvard Law School; Mr. Eric Hoffman of Hoffman Media, LLC; 
Mr. Charles Maddy, III of Summit Financial Group; Mr. Andrew 
Bursky of Atlas Holdings, LLC; and Mr. Ken Brody of Taconic 
Capitol.

                              DERIVATIVES

    On February 15, 2011, the Committee on Financial Services 
held a hearing entitled ``Assessing the Regulatory, Economic 
and Market Implications of the Dodd-Frank Derivatives Title.'' 
This hearing reviewed Title VII of the Dodd-Frank Act from the 
perspectives of both the federal regulators and market 
participants. Among the issues discussed were implementation 
timeline concerns, proposed rulemakings, and the impact on 
various market participants, including non-financial companies 
that use derivatives contracts to hedge against legitimate 
business risks. The Committee received testimony from the 
following witnesses: The Honorable Mary Schapiro, Chairman, 
U.S. Securities and Exchange Commission; The Honorable Gary 
Gensler, Chairman, U.S. Commodity Futures Trading Commission; 
The Honorable Daniel K. Tarullo, Member, Federal Reserve Board 
of Governors; Craig Reiners, Director of Commodity Risk 
Management, MillerCoors, on behalf of the Coalition for 
Derivatives End-Users; Donald F. Donahue, Chairman & Chief 
Executive Officer, the Depository Trust & Clearing Corporation 
(DTCC); Terry Duffy, Executive Chairman, the CME Group; Don 
Thompson, Managing Director and Associate General Counsel, 
JPMorgan, on behalf of the Securities Industry and Financial 
Markets Association (SIFMA); Jamie Cawley, Chief Executive 
Officer, Javelin, on behalf of the Swaps and Derivatives Market 
Association (SDMA); and Christopher Giancarlo, Executive Vice 
President, Corporate development, the GFI Group Inc.

      THE FINAL REPORT OF THE FINANCIAL CRISIS INQUIRY COMMISSION

    On February 16, 2011, the Committee on Financial Services 
held a hearing entitled ``The Final Report of the Financial 
Crisis Inquiry Commission.'' This hearing was held pursuant to 
Section 5 of the ``Fraud Enforcement and Recovery Act of 2009'' 
(Public Law 111-21), which required the Committee to hold a 
hearing on the contents of the final report of the Financial 
Crisis Inquiry Commission (FCIC) within 120 days of its 
issuance. The FCIC was created by Congress in 2009 ``to examine 
the causes, domestic and global, of the current financial and 
economic crisis in the United States'' The Commission issued 
its final report on January 27, 2011, accompanied by dissenting 
views filed by individual Commissioners. The hearing focused on 
the findings of the Commission's final report and the 
commissioners' assessments of the efficacy of the reforms 
contained in the Dodd-Frank Act. In addition, the hearing 
examined the reasons for the Commission's inability to reach 
consensus in its findings with regard to the causes of the 
financial crisis. The Committee received testimony from the 
following witnesses: The Honorable Phil Angelides, Chairman of 
the FCIC; The Honorable Bill Thomas, Vice Chairman of the FCIC; 
and four other FCIC members: Dr. Douglas Holtz-Eakin, The 
Honorable Brooksley Born, Mr. Peter Wallison, and Mr. Byron 
Georgiou.

      OVERSIGHT OF THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

    On March 1, 2011, the Committee on Financial Services held 
a hearing entitled ``Oversight of the Department of Housing and 
Urban Development (HUD).'' The hearing focused on the proposed 
budget for HUD for fiscal year 2012. HUD Secretary Shaun 
Donovan was the only witness. Secretary Donovan's testimony 
outlined the Administration's proposal to increase HUD's budget 
by $747 million (1.6 percent) over fiscal year 2010, to a total 
of $47.8 billion for fiscal year 2012. As noted by the 
Committee, if adopted, the Administration's fiscal year 2012 
budget request for HUD would result in a funding increase for 
HUD of $6.3 billion (15 percent) since President Obama took 
office.

              MONETARY POLICY AND THE STATE OF THE ECONOMY

    On March 2, 2011, the Committee on Financial Services held 
a hearing entitled ``Monetary Policy and the State of the 
Economy,'' to receive the Federal Reserve Board's semi-annual 
report on monetary policy and the state of the economy. The 
Honorable Ben S. Bernanke, Chairman of the Federal Reserve 
Board, was the sole witness.

                            MORTGAGE REFORM

    On March 1, 2011, the Committee on Financial Services held 
a hearing entitled ``Mortgage Finance Reform: An Examination of 
the Obama Administration's Report to Congress.'' The Secretary 
of the Treasury, Timothy Geithner, was the only witness. 
Secretary Geithner presented the Administration's views on the 
future of America's housing finance system, including options 
for reforming the Government Sponsored Enterprises (GSEs) and 
reducing government support of the mortgage market.

                      Full Committee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-1.................  Promoting Economic          January 26, 2011
                         Recovery and Job
                         Creation: The Road
                         Forward.
112-5.................  Assessing the Regulatory,   February 15, 2011
                         Economic and Market
                         Implications of the Dodd-
                         Frank Derivatives Title.
112-6.................  The Final Report of the     February 16, 2011
                         Financial Crisis Inquiry
                         Commission.
112-9.................  Mortgage Finance Reform:    March 1, 2011
                         An Examination of the
                         Obama Administration's
                         Report to Congress.
112-10................  Oversight of the            March 1, 2011
                         Department of Housing and
                         Urban Development (HUD).
112-11................  Monetary Policy and the     March 2, 2011
                         State of the Economy.
------------------------------------------------------------------------

  Subcommittee on Capital Markets and Government Sponsored Enterprises


          (Ratio: 20-15)

    SCOTT GARRETT, New Jersey, 
             Chairman

MAXINE WATERS, California, Ranking MemberD SCHWEIKERT, Arizona, Vice 
GARY L. ACKERMAN, New York           Chairman
BRAD SHERMAN, California             PETER T. KING, New York
RUBEN HINOJOSA, Texas                EDWARD R. ROYCE, California
STEPHEN F. LYNCH, Massachusetts      FRANK D. LUCAS, Oklahoma
BRAD MILLER, North Carolina          DONALD A. MANZULLO, Illinois
CAROLYN B. MALONEY, New York         JUDY BIGGERT, Illinois
GWEN MOORE, Wisconsin                JEB HENSARLING, Texas
ED PERLMUTTER, Colorado              RANDY NEUGEBAUER, Texas
JOE DONNELLY, Indiana                JOHN CAMPBELL, California
ANDRE CARSON, Indiana                THADDEUS G. MCCOTTER, Michigan
JAMES A. HIMES, Connecticut          KEVIN MCCARTHY, California
GARY C. PETERS, Michigan             STEVAN PEARCE, New Mexico
AL GREEN, Texas                      BILL POSEY, Florida
KEITH ELLISON, Minnesota             MICHAEL G. FITZPATRICK, 
BARNEY FRANK, Massachusetts, ex officionnsylvania
                                     NAN A. S. HAYWORTH, New York
                                     ROBERT HURT, Virginia
                                     ROBERT J. DOLD, Illinois
                                     MICHAEL G. GRIMM, New York
                                     STEVE STIVERS, Ohio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


    FANNIE MAE AND FREDDIE MAC ACCOUNTABILITY AND TRANSPARENCY FOR 
                         TAXPAYERS ACT OF 2011

                               (H.R. 31)


Summary

    H.R. 31, the Fannie Mae and Freddie Mac Accountability and 
Transparency for Taxpayers Act of 2011, would expand the 
reporting requirements and enhance the authority of the Federal 
Housing Finance Agency's (FHFA's) Office of Inspector General. 
H.R. 31 would require the FHFA Inspector General to report 
quarterly to Congress on the status of the conservatorships of 
the Government Sponsored Enterprises (GSEs), Fannie Mae and 
Freddie Mac, including the extent of taxpayer liabilities, the 
GSEs' investment and foreclosure mitigation strategies, and 
management and personnel matters at the GSEs. H.R. 31 would 
require that these reports be publicly available. H.R. 31 would 
also grant the Inspector General additional law enforcement and 
personnel-hiring authorities.

Legislative History

    H.R. 31 was introduced by Representative Judy Biggert on 
January 5, 2011 and referred to the Committee on Financial 
Services. The bill has 19 cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 31 entitled ``Legislative Hearing on Immediate 
Steps to Protect Taxpayers from the Ongoing Bailout of Fannie 
Mae and Freddie Mac.'' The Subcommittee received testimony from 
the following witnesses: Edward DeMarco, Acting Director of the 
Federal Housing Finance Agency; The Hon. John H. Dalton, 
President of the Housing Policy Council, Financial Services 
Roundtable; Christopher Papagianis, Managing Director, 
Economics21; Edward Pinto, Resident Fellow, American Enterprise 
Institute; Bob Nielsen, Chairman of the Board, National 
Association of Home Builders; and Ron Phipps, President, 
National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by a voice vote.

              THE CHURCH PLAN INVESTMENT CLARIFICATION ACT

                               (H.R. 33)


Summary

    H.R. 33, the Church Plan Investment Clarification Act, 
would make a technical correction to Public Law 108-359, which 
prevents church pension plans from investing in collective 
trusts. The bill would allow church pension plans to invest in 
collective trusts by broadening an exemption in the current 
law. In 2003, Congress attempted to achieve this result, but 
omitted a necessary exemption from the Securities Act of 1933 
to provide parallel treatment for church plans with exemptions 
in the Investment Company Act of 1940 and the Securities 
Exchange Act of 1934. Without this correction, collective 
trusts will not accept investments from church pension plans.

Legislative History

    H.R. 33 was introduced by Representative Judy Biggert on 
January 5, 2011 and referred to the Committee on Financial 
Services.
    On March 10, 2011, the Subcommittee held a hearing entitled 
``Oversight of the Securities and Exchange Commission's 
Operations, Activities, Challenges and FY 2012 Budget 
Request.'' The Subcommittee received testimony from the 
following witnesses: Mr. Robert Cook, Director, Division of 
Trading and Markets, Securities and Exchange Commission (SEC); 
Ms. Meredith Cross, Director, Division of Corporation Finance, 
SEC: Mr. Robert Khuzami, Director, Division of Enforcement, 
SEC; Ms. Eileen Rominger, Director, Division of Investment 
Management, SEC; and Mr. Carlo di Florio, Director, Office of 
Compliance Inspections and Examinations, SEC. During the 
hearing, Representative Biggert asked Ms. Meredith Cross, the 
Securities and Exchange Commission's Director of Corporation 
Finance, to comment on the need for legislation to modify the 
treatment of church pension plan investments in collective 
trusts.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by a voice vote.

              THE UNITED STATES COVERED BONDS ACT OF 2011

                               (H.R. 940)


Summary

    H.R. 940, the United States Covered Bonds Act of 2011, 
would establish the statutory framework necessary to start a 
covered bonds market in the United States. The bill would 
provide legal certainty for covered bonds in three ways: 
specifying the categories of eligible issuers and eligible 
cover-pool assets; mandating an asset coverage test for cover 
pools and audits by an independent asset monitor; and 
clarifying applicable securities and tax matters. H.R. 940 
creates a separate resolution process for covered bond 
programs. The bill requires the Secretary of the Treasury, in 
consultation with applicable prudential regulators, to serve as 
the primary regulator of the covered bonds market.

Legislative History

    H.R. 940 was introduced by Representative Scott Garrett on 
March 8, 2011 and referred to the Committee on Financial 
Services and the Committee on Ways and Means. The bill has one 
cosponsor.
    On March 11, 2011, the Subcommittee held a legislative 
hearing on H.R. 940 entitled ``Legislative Proposals to Create 
a Covered Bond Market in the United States.'' The Subcommittee 
received testimony from the following witnesses: Mr. Scott 
Stengel, Partner, King & Spalding LLP, on behalf of the U.S. 
Covered Bond Council; Mr. Bert Ely, Ely & Company, Inc.; Mr. 
Tim Skeet, Amias Berman & Co., on behalf of the International 
Capital Market Association; Mr. Ralph Daloisio, Managing 
Director, Natixis, on behalf of the American Securitization 
Forum; and Mr. Stephen G. Andrews, President and Chief 
Executive Officer, Bank of Alameda.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by voice vote.

               THE BURDENSOME DATA COLLECTION RELIEF ACT

                              (H.R. 1062)


Summary

    H.R. 1062, the Burdensome Data Collection Relief Act, would 
repeal Section 953(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (P.L. 111-203), which requires publicly 
traded companies to disclose the median of the annual total 
compensation of all employees of the company (other than the 
Chief Executive Officer), the annual total compensation of the 
CEO, and a ratio comparing those two numbers.

Legislative History

    H.R. 1062 was introduced by Representative Nan Hayworth on 
March 14, 2011 and referred to the Committee on Financial 
Services. The bill has seven cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on H.R. 1062 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
full Committee by a record vote of 20 yeas and 12 nays.

            THE SMALL COMPANY CAPITAL FORMATION ACT OF 2011

                              (H.R. 1070)


Summary

    H.R. 1070, the Small Company Capital Formation Act of 2011, 
would increase the offering threshold for companies exempted 
from Securities and Exchange Commission (SEC) registration 
under SEC Regulation A from $5 million to $50 million. The bill 
also requires the SEC to re-examine the threshold every two 
years and report to Congress on decisions regarding the 
adjustment of the threshold. The bill provides the SEC with the 
authority to increase the threshold.

Legislative History

    H.R. 1070 was introduced by Representative David Schweikert 
on March 14, 2011 and referred to the Committee on Financial 
Services. The bill has seventeen cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on H.R. 1070 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by voice vote.

       THE SMALL BUSINESS CAPITAL ACCESS AND JOB PRESERVATION ACT

                              (H.R. 1082)


Summary

    H.R. 1082, the Small Business Capital Access and Job 
Preservation Act, would exempt advisers to private equity funds 
from U.S. Securities and Exchange Commission registration 
requirements as mandated by Title IV of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (P.L. 111-203).

Legislative History

    H.R. 1082 was introduced by Representative Robert Hurt on 
March 15, 2011 and was referred to the Committee on Financial 
Services. The bill has nine cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on H.R. 1082 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
full Committee by a record vote of 19 yeas and 13 nays.

             EQUITY IN GOVERNMENT COMPENSATION ACT OF 2011

                              (H.R. 1221)


Summary

    H.R. 1221, the Equity in Government Compensation Act of 
2011, would suspend the current compensation packages for all 
wage-grade employees at Fannie Mae and Freddie Mac and 
establish a compensation system for the executive officers that 
is consistent with that of the Executive Schedule and the 
Senior Executive Service of the Federal Government and for all 
other employees that is in accordance with the General 
Schedule. The bill would also express the sense of the Congress 
that the 2010 pay packages for Fannie Mae's and Freddie Mac's 
senior executives were excessive and that the money should be 
returned to taxpayers.

Legislative History

    H.R. 1221 was introduced by Chairman Bachus on March 29, 
2011 and referred to the Committee on Financial Services and 
the Committee on Oversight and Government Reform. The bill has 
six cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1221 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Edward DeMarco, Acting 
Director of the Federal Housing Finance Agency (FHFA), The Hon. 
John H. Dalton, President of the Housing Policy Council, 
Financial Services Roundtable; Christopher Papagianis, Managing 
Director, Economics21; Edward Pinto, Resident Fellow, American 
Enterprise Institute; Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by a record vote of 27 yeas and 
6 nays.

                  GSE SUBSIDY ELIMINATION ACT OF 2011

                              (H.R. 1222)


Summary

    H.R. 1222, the GSE Subsidy Elimination Act of 2011, would 
mandate that the Federal Housing Finance Agency gradually 
require Fannie Mae and Freddie Mac to increase the fees they 
charge for guaranteeing payments of principal and interest on 
mortgages that they securitize. H.R. 1222 also directs the FHFA 
to consider the conditions of the financial market in raising 
the GSEs' guarantee fees to ensure that its actions do not 
disrupt a housing recovery.

Legislative History

    H.R. 1222 was introduced by Representative Randy Neugebauer 
on March 29, 2011 and referred to the Committee on Financial 
Services. The bill has six cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1222 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Edward DeMarco, Acting 
Director of the Federal Housing Finance Agency (FHFA); The Hon. 
John H. Dalton, President of the Housing Policy Council, 
Financial Services Roundtable; Christopher Papagianis, Managing 
Director, Economics21; Edward Pinto, Resident Fellow, American 
Enterprise Institute; Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
full Committee by a record vote of 25 yeas and 9 nays.

            GSE CREDIT RISK EQUITABLE TREATMENT ACT OF 2011

                              (H.R. 1223)


Summary

    H.R. 1223, the GSE Credit Risk Equitable Treatment Act of 
2011, would clarify that a GSE loan purchase or asset-backed 
security issuance would not affect the status of the underlying 
assets. The bill is designed to ensure that mortgages held or 
securitized by Fannie Mae and Freddie Mac and asset-backed 
securities issued by them are treated similarly as other 
mortgages and asset-backed securities for purposes of the 
credit risk retention requirements in Section 941 of the Dodd-
Frank Act.

Legislative History

    H.R. 1223 was introduced by Representative Scott Garrett on 
March 29, 2011 and referred to the Committee on Financial 
Services. The bill has three cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1223 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Edward DeMarco, Acting 
Director of the Federal Housing Finance Agency (FHFA), The Hon. 
John H. Dalton, President of the Housing Policy Council, 
Financial Services Roundtable; Christopher Papagianis, Managing 
Director, Economics21; Edward Pinto, Resident Fellow, American 
Enterprise Institute; Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by a record vote of 34 yeas and 
0 nays.

                GSE PORTFOLIO RISK REDUCTION ACT OF 2011

                              (H.R. 1224)


Summary

    H.R. 1224, the GSE Portfolio Risk Reduction Act of 2011, 
would accelerate and formalize the reductions in the size of 
the portfolios of the Government Sponsored Enterprises, by 
setting annual limits on the maximum size of each GSE's 
retained portfolio, ratcheting the limits down over five years 
until they reached a sustainable level. In the first year, the 
GSEs would have their portfolios capped at no more than $700 
billion, declining to $600 billion for year two, $475 billion 
for year three, $350 billion for year four, and finally to $250 
billion in year five.

Legislative History

    H.R. 1224 was introduced by Representative Jeb Hensarling 
on March 29, 2011 and referred to the Committee on Financial 
Services. The bill has five cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1224 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Edward DeMarco, Acting 
Director of the Federal Housing Finance Agency (FHFA); The Hon. 
John H. Dalton, President of the Housing Policy Council, 
Financial Services Roundtable; Christopher Papagianis, Managing 
Director, Economics21; Edward Pinto, Resident Fellow, American 
Enterprise Institute; Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported by a record vote of 20 yeas and 14 nays.

                 GSE DEBT ISSUANCE APPROVAL ACT OF 2011

                              (H.R. 1225)


Summary

    H.R. 1225, the GSE Debt Issuance Approval Act of 2011, 
would require the Treasury Department to approve any new debt 
issuances by the GSEs. If the Treasury Department chooses to 
approve a debt issuance, it must explain and justify its 
decision to Congress and the Federal Housing Finance Agency 
(FHFA) within 7 days.

Legislative History

    H.R. 1225 was introduced by Representative Stevan Pearce on 
March 29, 2011 and referred to the Committee on Financial 
Services. The bill has five cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1225 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Edward DeMarco, Acting 
Director of the Federal Housing Finance Agency (FHFA); The Hon. 
John H. Dalton, President of the Housing Policy Council, 
Financial Services Roundtable; Christopher Papagianis, Managing 
Director, Economics21; Edward Pinto, Resident Fellow, American 
Enterprise Institute; Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
full Committee by a record vote of 18 yeas, 0 nays and 1 
present.

                  GSE MISSION IMPROVEMENT ACT OF 2011

                              (H.R. 1226)


Summary

    H.R. 1226, the GSE Mission Improvement Act of 2011, would 
repeal the GSEs' affordable housing goals. Fannie Mae and 
Freddie Mac, as GSEs, were vested with unique, governmentally-
derived advantages. Given their dominant role in the mortgage 
market, Congress has required them to set minimum percentage-
of-business goals for mortgage purchases. These affordable 
housing (or lending) goals have been designed to promote 
higher-risk as well as low-income lending and lending in 
underserved geographic areas.

Legislative History

    H.R. 1226 was introduced by Representative Ed Royce on 
March 29, 2011 and referred to the Committee on Financial 
Services. The bill has five cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1226 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Edward DeMarco, Acting 
Director of the Federal Housing Finance Agency (FHFA); The Hon. 
John H. Dalton, President of the Housing Policy Council, 
Financial Services Roundtable; Christopher Papagianis, Managing 
Director, Economics21; Edward Pinto, Resident Fellow, American 
Enterprise Institute; Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported by voice vote.

             GSE RISK AND ACTIVITIES LIMITATION ACT OF 2011

                              (H.R. 1227)


Summary

    H.R. 1227, the GSE Risk and Activities Limitation Act of 
2011, would prohibit the Government Sponsored Enterprises 
(GSEs) from offering, undertaking, transacting, conducting or 
engaging in any new business activities while in 
conservatorship or receivership. By preventing Fannie Mae or 
Freddie Mac from initiating new projects, as defined by Federal 
Housing Finance Agency (FHFA) regulation, Congress would be 
limiting their size and market dominance. Under current law, 
the FHFA Director must pre-approve a proposed GSE activity or 
product to determine whether it is in the public interest and 
consistent with the safety and soundness of the Enterprise or 
the financial system.

Legislative History

    H.R. 1227 was introduced by Representative David Schweikert 
on March 29, 2011 and referred to the Committee on Financial 
Services. The bill has six cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1227 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Edward DeMarco, Acting 
Director of the Federal Housing Finance Agency (FHFA); The Hon. 
John H. Dalton, President of the Housing Policy Council, 
Financial Services Roundtable; Christopher Papagianis, Managing 
Director, Economics21; Edward Pinto, Resident Fellow, American 
Enterprise Institute; Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by voice vote.

           THE ASSET-BACKED MARKET STABILIZATION ACT OF 2011

                              (H.R. 1539)


Summary

    H.R. 1539, the Asset-Backed Market Stabilization Act of 
2011, would repeal Section 939G of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (P.L. 111-203), thereby 
reinstating SEC Rule 436(g). Under the Securities Act, the 
written consent of an ``expert''--which includes any person who 
prepared or certified a portion of a statement or prospectus 
filed with the SEC--must be included in the filing, and the 
consenting expert is subject to liability for misstatements in 
the prepared or certified portion of the registration statement 
or prospectus. Rule 436(g) exempted ``nationally recognized 
statistical rating organizations'' (NRSROs) from being 
considered ``experts'' if their ratings were included in a 
registration statement or prospectus. Rule 436(g)'s repeal in 
the Dodd-Frank Act prompted NRSROs to refuse to consent to the 
inclusion of their ratings in statements and prospectuses, 
causing dislocation in the asset-backed securities market.

Legislative History

    H.R. 1539 was introduced by Representative Steve Stivers on 
April 14, 2011 and was referred to the Committee on Financial 
Services. The bill has three cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on the draft version of H.R. 1539 entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' The Subcommittee received 
testimony from the following witnesses: Mr. Kenneth A. Bertsch, 
President and CEO, Society of Corporate Secretaries & 
Governance Professionals; Mr. Tom Deutsch, Executive Director, 
American Securitization Forum; Ms. Pam Hendrickson, Chief 
Operating Officer, The Riverside Company; Mr. David Weild, 
Senior Advisor, Grant Thornton, LLP; Mr. Luke Zubrod, Director, 
Chatham Financial on behalf of the Coalition for Derivatives 
End-Users; and Mr. Damon Silvers, Policy Director and Special 
Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
full Committee by a record vote of 18 yeas and 14 nays.

          BUSINESS RISK MITIGATION AND PRICE STABILIZATION ACT

                              (H.R. 1610)


Summary

    H.R. 1610, the Business Risk Mitigation and Price 
Stabilization Act, would exempt non-financial end-users of 
derivatives products from having to post margin as required 
under Title VII of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (P.L. 111-203).

Legislative History

    H.R. 1610 was introduced by Representative Michael Grimm on 
April 15, 2011 and was referred to the Committee on Financial 
Services and the Committee on Agriculture. The bill has ten 
cosponsors.
    On February 15, 2011, the Committee held an oversight 
hearing on the implementation of Title VII of the Dodd-Frank 
Act entitled, ``Assessing the Regulatory, Economic and Market 
Implications of the Dodd-Frank Derivatives Title.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable Mary Schapiro, Chairman, U.S. Securities and 
Exchange Commission; The Honorable Gary Gensler, Chairman, U.S. 
Commodity Futures Trading Commission; The Honorable Daniel K. 
Tarullo, Member, Federal Reserve Board of Governors; Mr. Craig 
Reiners, Director of Commodity Risk Management, MillerCoors, on 
behalf of the Coalition for Derivatives End-Users; Mr. Donald 
F. Donahue, Chairman & Chief Executive Officer, The Depository 
Trust & Clearing Corporation (DTCC); Mr. Terry Duffy, Executive 
Chairman, CME Group; Mr. Don Thompson, Managing Director and 
Associate General Counsel, JPMorgan Chase, on behalf of the 
Securities Industry and Financial Markets Association (SIFMA); 
Mr. Jamie Cawley, Chief Executive Officer, Javelin, on behalf 
of the Swaps and Derivatives Market Association (SDMA); and Mr. 
Christopher Giancarlo, Executive Vice President, Corporate 
Development, GFI Group Inc.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on the draft version of H.R. 1610 entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' The Subcommittee received 
testimony from the following witnesses: Mr. Kenneth A. Bertsch, 
President and CEO, Society of Corporate Secretaries & 
Governance Professionals; Mr. Tom Deutsch, Executive Director, 
American Securitization Forum; Ms. Pam Hendrickson, Chief 
Operating Officer, The Riverside Company; Mr. David Weild, 
Senior Advisor, Grant Thornton, LLP; Mr. Luke Zubrod, Director, 
Chatham Financial on behalf of the Coalition for Derivatives 
End-Users; and Mr. Damon Silvers, Policy Director and Special 
Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the full Committee by a record vote of 19 yeas and 
13 nays.

          FANNIE MAE AND FREDDIE MAC TRANSPARENCY ACT OF 2011

                               (H.R. 463)

    On May 25, 2011, the Subcommittee held a legislative 
hearing entitled ``Transparency, Transition and Taxpayer 
Protection: More Steps to End the GSE Bailout.'' The hearing 
focused on seven legislative proposals primarily designed to 
scale back the role played by the GSEs in the U.S. mortgage 
market and limit further taxpayer exposure. The legislative 
texts considered included: H.R. 463, the Fannie Mae and Freddie 
Mac Transparency Act of 2011, and discussion drafts by 
Representatives Manzullo, Royce, Hurt, Fitzpatrick, Stivers and 
Neugebauer. The Subcommittee received testimony from the 
following witnesses: Edward DeMarco, Acting Director of the 
Federal Housing Finance Agency; Dr. Anthony Sanders, Mercatus 
Center Senior Scholar and Distinguished Professor of Real 
Estate Finance, George Mason University; Mr. David John, Senior 
Research Fellow in Retirement Security and Financial 
Institutions, The Heritage Foundation; Dr. Sheila Crowley, 
President, National Low Income Housing Coalition; and Mr. Kelly 
William Cobb, Government Affairs Manager, Americans for Tax 
Reform.

                   Subcommittee Oversight Activities


                    GOVERNMENT SPONSORED ENTERPRISES

    On February 9, 2011, the Subcommittee held a hearing 
entitled ``GSE Reform: Immediate Steps to Protect Taxpayers and 
End the Bailout.'' The hearing examined proposals for reforming 
the housing finance system and reducing the role of government 
in subsidizing the mortgage market. The Subcommittee received 
testimony from the following witnesses: Mr. Mark Calabria, 
Director of Financial Regulation Studies, Cato Institute; Mr. 
Anthony Randazzo, Director, Economic Research, Reason 
Foundation; Mr. Alex Pollock, Resident Fellow, American 
Enterprise Institute; and Ms. Sarah Wartell, Executive Vice 
President, Center for American Progress.

 OVERSIGHT AND RESTRUCTURING OF THE SECURITIES AND EXCHANGE COMMISSION 
                                 (SEC)

    On March 10, 2011, the Subcommittee held a hearing entitled 
``Oversight of the Securities and Exchange Commission's 
Operations, Activities, Challenges and FY 2012 Budget 
Request.'' The Subcommittee received testimony from the 
following witnesses: Mr. Robert Cook, Director, Division of 
Trading and Markets, Securities and Exchange Commission (SEC); 
Ms. Meredith Cross, Director, Division of Corporation Finance, 
SEC; Mr. Robert Khuzami, Director, Division of Enforcement, 
SEC; Ms. Eileen Rominger, Director, Division of Investment 
Management, SEC; and Mr. Carlo di Florio, Director, Office of 
Compliance Inspections and Examinations, SEC.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-2.................  GSE Reform: Immediate       February 9, 2011
                         Steps to Protect
                         Taxpayers and End the
                         Bailout.
112-14................  Oversight of the            March 10, 2011
                         Securities and Exchange
                         Commission's Operations,
                         Activities, Challenges
                         and FY 2012 Budget
                         Request.
112-17................  Legislative Proposals to    March 11, 2011
                         Create a Covered Bond
                         Market in the United
                         States.
112-19................  Legislative Proposals to    March 16, 2011
                         Promote Job Creation,
                         Capital Formation, and
                         Market Certainty.
112-22................  Legislative Hearing on      March 31, 2011
                         Immediate Steps to
                         Protect Taxpayers from
                         the Ongoing Bailout of
                         Fannie Mae and Freddie
                         Mac.
112-27................  Understanding the           April 14, 2011
                         Implications and
                         Consequences of the
                         Proposed Rule on Risk
                         Retention.
112-29................  Legislative Proposals to    May 11, 2011
                         Address the Negative
                         Consequences of the Dodd-
                         Frank Whistleblower
                         Provisions.
112-33................  Transparency, Transition    May 25, 2011
                         and Taxpayer Protection:
                         More Steps to End the GSE
                         Bailout.
------------------------------------------------------------------------

        Subcommittee on Domestic Monetary Policy and Technology


           (Ratio: 8-6)

    RON PAUL, Texas, Chairman 

WM. LACY CLAY, Missouri, Ranking MemberLTER B. JONES, North Carolina, 
CAROLYN B. MALONEY, New York         Vice Chairman
GREGORY W. MEEKS, New York           FRANK D. LUCAS, Oklahoma
AL GREEN, Texas                      PATRICK T. MCHENRY, North Carolina
EMANUEL CLEAVER, Missouri            BLAINE LUETKEMEYER, Missouri
GARY C. PETERS, Michigan             BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioN A. S. HAYWORTH, New York
                                     DAVID SCHWEIKERT, Arizona
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                   Subcommittee Oversight Activities


                          THE ECONOMY AND JOBS

    On February 9, 2011, the Subcommittee held a hearing 
entitled ``Can Monetary Policy Really Create Jobs?'' The focus 
of the hearing was the effectiveness of Federal Reserve policy 
in creating jobs. The purpose of the hearing was twofold: 
first, to examine whether the Federal Reserve is meeting, or 
ever could meet, its mandates of maintaining stable prices and 
high employment when prices and employment rates are high; and 
second, to examine whether the Fed's accommodative monetary 
policy has implications for long-term employment prospects. The 
Subcommittee received testimony from the following witnesses: 
Dr. Thomas J. DiLorenzo, Professor of Economics, Sellinger 
School of Business, Loyola University; Dr. Richard Vedder, 
Professor of Economics, Ohio University; and Dr. Josh Bivens, 
Economic Policy Institute, Washington, D.C.

                   MONETARY POLICY AND RISING PRICES

    On March 17, 2011, the Subcommittee held a hearing entitled 
``The Relationship of Monetary Policy and Rising Prices.'' The 
purpose of the hearing was to examine whether the stimulative 
monetary policy the Federal Reserve has recently engaged in 
will trigger inflation. The Subcommittee received testimony 
from the following witnesses: Mr. Lewis E. Lehrman, Senior 
Partner, L.E. Lehrman & Co; Mr. James Grant, Editor, Grant's 
Interest Rate Observer; and Professor Joseph T. Salerno, Pace 
University.

                         BULLION COIN PROGRAMS

    On April 7, 2011, the Subcommittee held a hearing entitled 
``Bullion Coin Programs of the United States Mint: Can They Be 
Improved?'' The purpose of the hearing was to examine possible 
improvements to the Mint's bullion programs. The Subcommittee 
received testimony from the following witnesses: Beth Deisher, 
Editor, Coin World Magazine; Terrence Hanlon, President, Dillon 
Gage Metals Division; Ross Hansen, Founder, Northwest 
Territorial Mint; and Raymond Nessim, Chief Executive Officer, 
Manfra, Tordella & Brookes, Inc.

                  MONETARY POLICY AND THE DEBT CEILING

    On May 11, 2011, the Subcommittee held a hearing entitled 
``Monetary Policy and the Debt Ceiling: Examining the 
Relationship between the Federal Reserve and Government Debt.'' 
The purpose of the hearing was to examine the role that the 
federal government's debt plays in the central bank's monetary 
policy decision making and the effect of that role on the 
budget deficit. The hearing focused on examining the link 
between the Federal Reserve and government debt, including 
whether the Treasury Department can increase the government 
debt as the Federal Reserve increases the monetary base; how 
the Federal Reserve purchases government debt to conduct 
monetary policy; the role of the Federal Reserve in financing 
government budget deficits; the impact of current monetary and 
fiscal policy on the cost of financing the government's debt; 
and the issue of raising the debt ceiling. The Subcommittee 
received testimony from the following witnesses: Dr. Richard 
Ebeling, Professor of Economics, Northwood University; Mr. Bert 
Ely, Ely & Company, Inc.; and Dr. Matthew J. Slaughter, Dean, 
Tuck School of Business, Dartmouth College.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-3.................  Can Monetary Policy Really  February 9, 2011
                         Create Jobs?.
112-20................  The Relationship of         March 17, 2011
                         Monetary Policy and
                         Rising Prices.
112-25................  Bullion Coin Programs of    April 7, 2011
                         the United States Mint:
                         Can They Be Improved?.
112-28................  Monetary Policy and the     May 11, 2011
                         Debt Ceiling: Examining
                         the Relationship Between
                         the Federal Reserve and
                         Government Debt.
------------------------------------------------------------------------

       Subcommittee on Financial Institutions and Consumer Credit


          (Ratio: 17-13)

    SHELLEY MOORE CAPITO, West 
        Virginia, Chairman

CAROLYN B. MALONEY, New York, Ranking Member. RENACCI, Ohio, Vice 
LUIS V. GUTIERREZ, Illinois          Chairman
MELVIN L. WATT, North Carolina       EDWARD R. ROYCE, California
GARY L. ACKERMAN, New York           DONALD A. MANZULLO, Illinois
RUBEN HINOJOSA, Texas                WALTER B. JONES, North Carolina
CAROLYN MCCARTHY, New York           JEB HENSARLING, Texas
JOE BACA, California                 PATRICK T. MCHENRY, North Carolina
BRAD MILLER, North Carolina          THADDEUS G. MCCOTTER, Michigan
DAVID SCOTT, Georgia                 KEVIN MCCARTHY, California
NYDIA M. VELAZQUEZ, New York         STEVAN PEARCE, New Mexico
GREGORY W. MEEKS, New York           LYNN A. WESTMORELAND, Georgia
STEPHEN F. LYNCH, Massachusetts      BLAINE LUETKEMEYER, Missouri
JOHN CARNEY, JR., Delaware           BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioAN P. DUFFY, Wisconsin
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     MICHAEL G. GRIMM, New York
                                     STEPHEN LEE FINCHER, Tennessee
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


         RESPONSIBLE CONSUMER FINANCIAL PROTECTION REGULATIONS 
                              ACT OF 2011

                              (H.R. 1121)


Summary

    H.R. 1121, the Responsible Consumer Financial Protection 
Regulations Act of 2011, would amend Section 1011 of the Dodd-
Frank Act Wall Street Reform and Consumer Protection Act (P.L. 
111-203), by replacing the Director of the Consumer Financial 
Protection Bureau (CFPB) with a five-person Commission. The 
CFPB Commission would be empowered to prescribe regulations and 
issue orders to implement laws within the CFPB's jurisdiction. 
One of the five seats on the CFPB Commission would be filled by 
the Vice Chairman for Supervision of the Federal Reserve 
System. Each of the four remaining members of the Commission 
would be appointed by the President; no more than two of those 
four Commissioners may be from the same political party. 
Although the Chair of the Commission would fulfill the 
executive and administrative functions of the CFPB, the Chair's 
discretion would be bounded by policies set by the whole 
Commission.

Legislative History

    On March 16, 2011, H.R. 1121 was introduced by Chairman 
Bachus and referred to the Committee on Financial Services. The 
bill has 34 cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on H.R. 1121 entitled ``Oversight of the Consumer 
Financial Protection Bureau.'' Ms. Elizabeth Warren, Special 
Advisor to the Secretary of the Treasury for the Consumer 
Financial Protection Bureau, Department of the Treasury, 
testified.
    On April 6, 2011, the Subcommittee held a legislative 
hearing on H.R. 1121 entitled ``Legislative Proposals to 
Improve the Structure of the Consumer Financial Protection 
Bureau.'' The Subcommittee received testimony from the 
following witnesses: Ms. Leslie R. Andersen, President and 
Chief Executive Officer, Bank of Bennington on behalf of the 
American Bankers Association; Ms. Lynette W. Smith, President 
and Chief Executive Officer, Washington Gas Light FCU on behalf 
of the National Association of Federal Credit Unions; Mr. Jess 
Sharp, Executive Director, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce; Mr. Hilary Shelton, 
Director, NAACP Washington Bureau and Senior VP for Advocacy 
and Policy, NAACP; Mr. Noah H. Wilcox, President and Chief 
Executive Officer, Grand Rapids State Bank on behalf of the 
Independent Community Bankers of America; Mr. Rod Staatz, 
President and Chief Executive Officer, SECU of Maryland on 
behalf of the Credit Union National Association; Mr. Richard 
Hunt, President, Consumer Bankers Association; and Prof. Adam 
J. Levitin, Georgetown University Law Center.
    On May 4, 2011, the Subcommittee met in open session and 
ordered the bill favorably reported to the full Committee by a 
record vote of 13 yeas and 7 nays.
    On May 12, 2011, the full Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 33 yeas and 24 nays.

 CONSUMER FINANCIAL PROTECTION SAFETY AND SOUNDNESS IMPROVEMENT ACT OF 
                                  2011

                              (H.R. 1315)


Summary

    H.R. 1315, the Consumer Financial Protection Safety and 
Soundness Improvement Act of 2011, amends Section 1023 of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Dodd-Frank Act) (P.L. 111-203) to streamline the Financial 
Stability Oversight Council's (FSOC's) review and oversight of 
Consumer Financial Protection Bureau (CFPB) rules and 
regulations that may undermine the safety and soundness of U.S. 
financial institutions. The bill makes three major changes: (1) 
it lowers the threshold required to set aside regulations from 
a two-thirds vote of the FSOC's voting membership to a simple 
majority, excluding the CFPB Director; (2) it clarifies that 
the FSOC must set aside any CFPB regulation that is 
inconsistent with the safe and sound operations of U.S. 
financial institutions; and (3) it eliminates the 45-day time 
limit for the FSOC to review and vote on regulations.

Legislative History

    On April 1, 2011, H.R. 1315 was introduced by 
Representative Sean Duffy and was referred to the Committee on 
Financial Services. The bill has four cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on a draft of H.R. 1315 entitled ``Oversight of the 
Consumer Financial Protection Bureau.'' Ms. Elizabeth Warren, 
Special Advisor to the Secretary of the Treasury for the 
Consumer Financial Protection Bureau, Department of the 
Treasury, testified.
    On April 6, 2011, the Subcommittee held a legislative 
hearing on H.R. 1315 entitled ``Legislative Proposals to 
Improve the Structure of the Consumer Financial Protection 
Bureau.'' The Subcommittee received testimony from the 
following witnesses: Ms. Leslie R. Andersen, President and 
Chief Executive Officer, Bank of Bennington on behalf of the 
American Bankers Association; Ms. Lynette W. Smith, President 
and Chief Executive Officer, Washington Gas Light FCU on behalf 
of the National Association of Federal Credit Unions; Mr. Jess 
Sharp, Executive Director, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce; Mr. Hilary Shelton, 
Director, NAACP Washington Bureau and Senior VP for Advocacy 
and Policy, NAACP; Mr. Noah H. Wilcox, President and Chief 
Executive Officer, Grand Rapids State Bank on behalf of the 
Independent Community Bankers of America; Mr. Rod Staatz, 
President and Chief Executive Officer, SECU of Maryland on 
behalf of the Credit Union National Association; Mr. Richard 
Hunt, President, Consumer Bankers Association; and Prof. Adam 
J. Levitin, Georgetown University Law Center.
    On May 4, 2011, the Subcommittee met in open session and 
ordered the bill favorably reported to the full Committee by a 
record vote of 13 yeas and 9 nays.
    On May 12, 2011, the full Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 35 yeas and 22 nays.

   BUREAU OF CONSUMER FINANCIAL PROTECTION TRANSFER CLARIFICATION ACT

                              (H.R. 1667)


Summary

    H.R. 1667, the Bureau of Consumer Financial Protection 
Transfer Clarification Act, amends Section 1062 of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act) (P.L. 111-203). The Dodd-Frank Act shifts consumer 
protection functions to the Consumer Financial Protection 
Bureau (CFPB) from the Federal Reserve, the Federal Deposit 
Insurance Corporation (FDIC), the National Credit Union 
Administration (NCUA), the Office of the Comptroller of the 
Currency (OCC), the Office of Thrift Supervision (OTS) and the 
Department of Housing and Urban Development (HUD). H.R. 1667 
would delay any further transfer of powers until the later of 
the following: (1) July 21, 2011; or (2) the date on which the 
Director of the CFPB is confirmed by the Senate.

Legislative History

    On May 2, 2011, H.R. 1667 was introduced by Representative 
Shelley Moore Capito and was referred to the Committee on 
Financial Services. The bill has fourteen cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on a draft of H.R. 1667 entitled ``Oversight of the 
Consumer Financial Protection Bureau.'' Ms. Elizabeth Warren, 
Special Advisor to the Secretary of the Treasury for the 
Consumer Financial Protection Bureau, Department of the 
Treasury, testified.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1667 entitled ``Legislative Proposals to Improve the 
Structure of the Consumer Financial Protection Bureau.'' The 
Subcommittee received testimony from the following witnesses: 
Ms. Leslie R. Andersen, President and Chief Executive Officer, 
Bank of Bennington on behalf of the American Bankers 
Association; Ms. Lynette W. Smith, President and Chief 
Executive Officer, Washington Gas Light FCU on behalf of the 
National Association of Federal Credit Unions; Mr. Jess Sharp, 
Executive Director, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce; Mr. Hilary Shelton, Director, NAACP 
Washington Bureau and Senior VP for Advocacy and Policy, NAACP; 
Mr. Noah H. Wilcox, President and Chief Executive Officer, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Mr. Rod Staatz, President and Chief 
Executive Officer, SECU of Maryland on behalf of the Credit 
Union National Association; Mr. Richard Hunt, President, 
Consumer Bankers Association; and Prof. Adam J. Levitin, 
Georgetown University Law Center.
    On May 4, 2011, the Subcommittee met in open session and 
ordered the bill favorably reported to the full Committee by a 
record vote of 13 yeas and 8 nays.
    On May 12, 2011, the full Committee held a markup and 
ordered the bill favorably reported to the House by a record 
vote of 35 yeas and 22 nays.

                   Subcommittee Oversight Activities


                            INTERCHANGE FEES

    On February 17, 2011, the Subcommittee held a hearing 
entitled ``Understanding the Federal Reserve's Proposed Rule on 
Interchange Fees: Implications and Consequences of the Durbin 
Amendment.'' The hearing examined the Federal Reserve Board's 
December 16, 2010 proposed rule to implement Section 1075 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(P.L. 111-203), relating to the fees charged to merchants when 
processing debit card transactions. The Subcommittee received 
testimony from the following witnesses: Sarah Raskin, Member, 
Federal Reserve Board of Governors; Frank Michael, President 
and CEO of Allied Credit Union on behalf of the Credit Union 
National Association; David Kemper, Chairman, President & CEO 
of Commerce Bank on behalf of the American Bankers Association 
and the Consumer Bankers Association; Doug Kantor, Partner, 
Steptoe & Johnson on behalf of the Merchant Payments Coalition; 
Josh Floum, General Counsel, Visa; and David Seltzer, Vice 
President and Treasurer of 7-Eleven on behalf of the Retail 
Industry Leaders Association.

                      REGULATORY BURDEN REDUCTION

    On March 2, 2011, the Subcommittee held a hearing entitled 
``The Effect of Dodd-Frank on Small Financial Institutions and 
Small Businesses,'' to address the challenges faced by 
community-based financial institutions and their small business 
clientele from the implementation of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (P.L. 111-203). The hearing 
focused on the effectiveness of Dodd-Frank's exemptions for 
institutions with less than $10 billion in assets, particularly 
the exemption from the Consumer Financial Protection Bureau's 
examination and enforcement authority. In addition, the hearing 
examined the link between the effects of Dodd-Frank on small 
institutions and the ability of small businesses to secure 
loans. The Subcommittee received testimony from the following 
witnesses: Albert C. Kelly, Jr., President and Chief Executive 
Officer, Spirit Bank, on behalf of the American Bankers 
Association; John Buckley, President and Chief Executive 
Officer, Gerber Federal Credit Union on behalf of the National 
Association of Federal Credit Unions; O. William Cheney, 
President and Chief Executive Officer, Credit Union National 
Association; Chris Stinebert, President and Chief Executive 
Officer, American Financial Services Association; James D. 
MacPhee, Chairman, Independent Community Bankers of America; 
Peter Skillern, Executive Director, Community Reinvestment 
Association of North Carolina; Jess Sharp, Executive Director, 
Center for Capital Markets Competiveness, U.S. Chamber of 
Commerce; Robert Nielsen, Chairman of the Board, National 
Association of Home Builders; John M. Schaible, Chairman, Atlas 
Federal; and David Borris, Main Street Alliance.

                             FDIC OVERSIGHT

    On May 26, 2011, the Subcommittee held a hearing entitled 
``FDIC Oversight: Examining and Evaluating the Role of the 
Regulator during the Financial Crisis and Today.'' The 
Honorable Sheila C. Bair, Chairman of the Federal Deposit 
Insurance Corporation, was the only witness. The hearing 
focused on issues pertaining to the Deposit Insurance Fund, 
bank capital requirements, consumer financial protection 
initiatives, debit interchange fees, the designation of 
systemically important financial institutions, the authority to 
resolve failed financial institutions, the Dodd-Frank Act's 
regulatory impact on financial institutions of varying sizes, 
and mortgage servicing practices.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-8.................  Understanding the Federal   February 17, 2011
                         Reserve's Proposed Rule
                         on Interchange Fees:
                         Implications and
                         Consequences of the
                         Durbin Amendment.
112-12................  The Effect of Dodd-Frank    March 2, 2011
                         on Small Financial
                         Institutions and Small
                         Businesses.
112-18................  Oversight of the Consumer   March 16, 2011
                         Financial Protection
                         Bureau.
112-24................  Legislative Proposals to    April 6, 2011
                         Improve the Structure of
                         the Consumer Financial
                         Protection Bureau.
112-34................  FDIC Oversight: Examining   May 26, 2011
                         and Evaluating the Role
                         of the Regulator During
                         the Financial Crisis and
                         Today.
------------------------------------------------------------------------

      Subcommittee on Insurance, Housing and Community Opportunity


           (Ratio: 10-8)

 JUDY BIGGERT, Illinois, Chairman

LUIS V. GUTIERREZ, Illinois, Ranking Member HURT, Virginia, Vice 
MAXINE WATERS, California            Chairman
NYDIA M. VELAZQUEZ, New York         GARY G. MILLER, California
EMANUEL CLEAVER, Missouri            SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
MELVIN L. WATT, North Carolina       SCOTT GARRETT, New Jersey
BRAD SHERMAN, California             PATRICK T. MCHENRY, North Carolina
MICHAEL E. CAPUANO, Massachusetts    LYNN A. WESTMORELAND, Georgia
BARNEY FRANK, Massachusetts, ex officioAN P. DUFFY, Wisconsin
                                     ROBERT J. DOLD, Illinois
                                     STEVE STIVERS, Ohio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


                          NSP TERMINATION ACT

                               (H.R. 861)


Summary

    H.R. 861, the NSP Termination Act, would rescind all 
unobligated balances made available for the Neighborhood 
Stabilization Program (NSP) authorized by the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Public Law 111-203; 
124 Stat. 2209; 42 U.S.C. 5301 note) and terminate the program.

Legislative History

    On March 1, 2011, H.R. 861 was introduced by Representative 
Gary Miller and was referred to the Committee on Financial 
Services. The bill has four cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 861 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, Special Inspector 
General for the Troubled Asset Relief Program (SIGTARP); The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the Federal Housing Administration; The 
Honorable Mercedes Marquez, Assistant Secretary, Community 
Planning and Development, Department of Housing and Urban 
Development (HUD); Mr. Matthew J. Scire, Director, Financial 
Markets and Community Investment, U.S. Government 
Accountability Office (GAO); and Ms. Katie Jones, Analyst in 
Housing Policy, Congressional Research Service, Library of 
Congress.
    On March 3, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 31 yeas and 24 nays. The Committee Report (Part 
1) was filed on March 11, 2011 (H. Rept. 112-32), and Part 2 of 
the Committee Report was filed on March 14, 2011 (H. Rept. 112-
32 Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 861 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 16, 2011, the 
House considered H.R. 861 and passed the bill, with amendments, 
by a record vote of 242 yeas and 182 nays.

                 FHA REFINANCE PROGRAM TERMINATION ACT

                               (H.R. 830)


Summary

    H.R. 830, the FHA Refinance Program Termination Act, would 
rescind all unobligated balances made available for the program 
by Title I of the Emergency Economic Stabilization Act (P.L. 
110-343) that have been allocated for use under the FHA 
Refinance Program (pursuant to Mortgagee Letter 2010-23 of the 
Secretary of Housing and Urban Development). The bill would 
also terminate the program and void the Mortgagee Letter 
pursuant to which it was implemented, with concessions made for 
current participants in the program.

Legislative History

    On February 28, 2011, H.R. 830 was introduced by 
Representative Robert Dold and was referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 830 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, Special Inspector 
General for the Troubled Asset Relief Program (SIGTARP); The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the Federal Housing Administration; The 
Honorable Mercedes Marquez, Assistant Secretary, Community 
Planning and Development, Department of Housing and Urban 
Development (HUD); Mr. Matthew J. Scire, Director, Financial 
Markets and Community Investment, U.S. Government 
Accountability Office (GAO); and Ms. Katie Jones, Analyst in 
Housing Policy, Congressional Research Service, Library of 
Congress.
    On March 3, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 33 yeas and 22 nays. The Committee Report was 
filed on March 7, 2011 (H. Rept. 112-25).
    On March 9, 2011, the House adopted H. Res. 150, providing 
for the consideration of H.R. 830 under a structured rule, by a 
record vote of 240 yeas and 180 nays. On March 10, 2011, the 
House considered H.R. 830 and passed the bill, with amendments, 
by a record vote of 256 yeas and 171 nays.

                          HAMP TERMINATION ACT

                               (H.R. 839)


Summary

    H.R. 839, the HAMP Termination Act, would terminate the 
authority of the Treasury Department to provide any new 
assistance to homeowners under the Home Affordable Modification 
Program (HAMP) authorized under Title I of the Emergency 
Economic Stabilization Act (12 U.S.C. 5230), while preserving 
any assistance already provided to HAMP participants on a 
permanent or trial basis. The bill also provides for a study by 
the Treasury Department to identify best practices for how 
existing mortgage assistance programs can be applied to 
veterans, active duty military personnel, and their relatives.

Legislative History

    On February 28, 2011, H.R. 839 was introduced by 
Representative Patrick McHenry and was referred to the 
Committee on Financial Services. The bill has eight cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 839 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, Special Inspector 
General for the Troubled Asset Relief Program (SIGTARP); The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the Federal Housing Administration; The 
Honorable Mercedes Marquez, Assistant Secretary, Community 
Planning and Development, Department of Housing and Urban 
Development (HUD); Mr. Matthew J. Scire, Director, Financial 
Markets and Community Investment, U.S. Government 
Accountability Office (GAO); and Ms. Katie Jones, Analyst in 
Housing Policy, Congressional Research Service, Library of 
Congress.
    On March 9, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 32 yeas and 23 nays. The Committee Report (Part 
1) was filed on March 11, 2011 (H. Rept. 112-31) and Part 2 of 
the Committee Report was filed on March 14, 2011 (H. Rept. 112-
31 Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 839 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 29, 2011, the 
House considered H.R. 839 and passed the bill, with amendments, 
by a record vote of 252 yeas and 170 nays, with 1 member voting 
present.

           EMERGENCY MORTGAGE RELIEF PROGRAM TERMINATION ACT

                               (H.R. 836)


Summary

    H.R. 836, the Emergency Mortgage Relief Program Termination 
Act, would rescind all unobligated balances made available for 
the Emergency Mortgage Relief Program under section 1496(a) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act, 
which was signed into law on July 21, 2010, and terminate the 
program. The bill also calls for a study by the Department of 
Housing and Urban Development (HUD) to identify best practices 
for how existing mortgage assistance programs can be applied to 
veterans, active duty military personnel, and their relatives.

Legislative History

    On February 28, 2011, H.R. 836 was introduced by 
Representative Jeb Hensarling and was referred to the Committee 
on Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 836 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, Special Inspector 
General for the Troubled Asset Relief Program (SIGTARP); The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the Federal Housing Administration; The 
Honorable Mercedes Marquez, Assistant Secretary, Community 
Planning and Development, Department of Housing and Urban 
Development (HUD); Mr. Matthew J. Scire, Director, Financial 
Markets and Community Investment, U.S. Government 
Accountability Office (GAO); and Ms. Katie Jones, Analyst in 
Housing Policy, Congressional Research Service, Library of 
Congress.
    On March 3, 2011, the full Committee met in open session 
and ordered the bill favorably reported to the House by a 
record vote of 33 yeas and 22 nays. The Committee Report was 
filed on March 7, 2011 (H. Rept. 112-26).
    On March 9, 2011, the House adopted H. Res. 151, providing 
for the consideration of H.R. 836 under a structured rule, by 
voice vote. On March 11, 2011, the House considered H.R. 836 
and passed the bill, with amendments, by a record vote of 242 
yeas and 177 nays.

                   FLOOD INSURANCE REFORM ACT OF 2011

                              (H.R. 1309)


Summary

    H.R. 1309, the Flood Insurance Reform Act of 2011, 
reauthorizes the National Flood Insurance Program (NFIP) 
through September 30, 2016, and amends the National Flood 
Insurance Act to ensure the immediate and near-term fiscal and 
administrative health of the NFIP. The bill also ensures the 
NFIP's continued viability by encouraging broader participation 
in the program, increasing financial accountability, 
eliminating unnecessary rate subsidies, and updating the 
program to meet the needs of the 21st century. The key 
provisions of H.R. 1309 include: (1) a five-year 
reauthorization of the NFIP; (2) a three-year delay in the 
mandatory purchase requirement for certain properties in newly 
designated Special Flood Hazard Areas (SFHAs); (3) a phase-in 
of full-risk, actuarial rates for areas newly designated as 
Special Flood Hazard; (4) a reinstatement of the Technical 
Mapping Advisory Council; and (5) an emphasis on greater 
private sector participation in providing flood insurance 
coverage.

Legislative History

    H.R. 1309 was introduced by Representative Biggert on April 
1, 2011 and referred to the Committee on Financial Services.
    On April 1, 2011, H.R. 1309 was introduced by 
Representative Judy Biggert and referred to the Committee on 
Financial Services. The bill has 19 cosponsors.
    On March 11, 2011 and April 1, 2011, the Subcommittee held 
legislative hearings entitled ``Legislative Proposals to Reform 
the National Flood Insurance Program,'' on a discussion draft 
of H.R. 1309. On March 11, 2011, the Subcommittee received 
written testimony from Craig Fugate, Administrator, Federal 
Emergency Management Agency and the following witnesses 
testified: Orice Williams Brown, Managing Director, Government 
Accountability Office (GAO); Sally McConkey, Vice Chair, 
Association of State Flood Plain Managers and Manager, 
Coordinated Hazard Assessment and Mapping Program, Illinois 
State Water Survey; Sandra G. Parrillo, Chair, National 
Association of Mutual Insurance Companies and President and CEO 
of Providence Mutual; Spencer Houldin, Chair, Government 
Affairs Committee, Independent Insurance Agents and Brokers of 
America and President, Ericson Insurance Services; Steve Ellis, 
Vice President, Taxpayers for Common Sense, on behalf of the 
SmarterSafer Coalition; Donna Jallick, Vice President, 
Harleysville Insurance; Barry Rutenberg, First Vice Chairman, 
National Association of Home Builders; Frank Nutter, President, 
Reinsurance Association of America; Terry Sullivan, Sullilvan 
Realty, Inc., on behalf of The National Association of 
Realtors; and Maurice Veissi, President-Elect, National 
Association of Realtors, and Principal, Veissi & Associates. On 
April 1, 2011, Craig Fugate, Administrator, Federal Emergency 
Management Agency (FEMA), was the only witness.
    On April 6, 2011, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the full 
Committee by voice vote.
    On May 12, 2011, the full Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 54 yeas and 0 nays.

                   Subcommittee Oversight Activities


                     THE FUTURE OF HOUSING FINANCE

    On February 16, 2011, the Subcommittee held a hearing 
entitled ``Are there Government Barriers to the Housing 
Recovery?'' The hearing focused on the current state of the 
housing finance market and how to facilitate the return of 
private sector capital into the mortgage markets. The hearing 
included testimony from the following witnesses: David Stevens, 
Assistant Secretary for Housing and Commissioner of the Federal 
Housing Administration, U.S. Department of Housing and Urban 
Development; Theodore ``Ted'' Tozer, President, Government 
National Mortgage Association (GNMA); Phyllis Caldwell, Chief, 
Homeownership Preservation Office, U.S. Department of Treasury; 
Douglas Holtz-Eakin, President, American Action Forum and 
former director of the Congressional Budget Office; Michael A. 
J. Farrell, Chairman, President & CEO, Annaly Capital 
Management, Inc.; Faith Schwartz, Executive Director, HOPE Now; 
and Julia Gordon, Senior Policy Counsel, Center for Responsible 
Lending.
    On May 25, 2011, the Subcommittee held a hearing entitled 
``Legislative Proposals to Determine the Future Role of FHA, 
RHS and GNMA in the Single- and Multi-Family Mortgage 
Markets.'' The hearing focused on HUD's Federal Housing 
Administration (FHA) and USDA's Rural Housing Service (RHS) 
single- and multi-family programs. The hearing also examined 
legislative proposals to improve the financial condition of 
FHA, RHS and the GNMA, the agency of HUD that guarantees the 
timely payment of principal and interest on securities backing 
mortgages insured by FHA and other government agencies. The 
Subcommittee received testimony from the following witnesses: 
Katie Alitz, President, Council for Affordable and Rural 
Housing; Michael D. Berman, Chairman, Mortgage Bankers 
Association; Mark A. Calabria, Director of Financial Regulation 
Studies, Cato Institute; Peter Carey, President and CEO, Self-
Help Housing Enterprises, Inc.; Brian Chappelle, Partner, 
Potomac Partners; Peter W. Evans, Partner, Moran and Company; 
Basil Petrou, Managing Partner, Federal Financial Analytics, 
Inc.; Ron Phipps, President, Phipps Realty; and Barry 
Rutenberg, First Vice Chairman, National Association of Home 
Builders.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                  Title                   Date(s)
------------------------------------------------------------------------
112-7................  Are There Government        February 16, 2011
                        Barriers to the Housing
                        Market Recovery?.
112-13...............  Legislative Proposals to    March 2, 2011
                        End Taxpayer Funding for
                        Ineffective Foreclosure
                        Mitigation Programs.
112-16...............  Legislative Proposals to    March 11, 2011
                        Reform the National Flood
                        Insurance Program, Part I.
112-23...............  Legislative Proposals to    April 1, 2011
                        Reform the National Flood
                        Insurance Program, Part
                        II.
112-32...............  Legislative Proposals to    May 25, 2011
                        Determine the Future Role
                        of FHA, RHS and GNMA in
                        the Single- and Multi-
                        Family Mortgage Markets.
------------------------------------------------------------------------

        Subcommittee on International Monetary Policy and Trade


           (Ratio: 8-6)

   GARY G. MILLER, California, 
             Chairman

CAROLYN MCCARTHY, New York, Ranking MemberT J. DOLD, Illinois, Vice 
GWEN MOORE, Wisconsin                Chairman
ANDRE CARSON, Indiana                RON PAUL, Texas
DAVID SCOTT, Georgia                 DONALD A. MANZULLO, Illinois
ED PERLMUTTER, Colorado              JOHN CAMPBELL, California
JOE DONNELLY, Indiana                MICHELE BACHMANN, Minnesota
BARNEY FRANK, Massachusetts, ex officioADDEUS G. MCCOTTER, Michigan
                                     BILL HUIZENGA, Michigan
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


                   EXPORT-IMPORT BANK REAUTHORIZATION

    On March 10, 2011, the Subcommittee held a hearing entitled 
``The Role of the Export-Import Bank in U.S. Competitiveness 
and Job Creation.'' The purpose of the hearing was to examine 
the role of the Export-Import Bank in fostering job growth by 
helping U.S. companies compete in the international export 
market. The hearing focused on how to improve the operations of 
the Export-Import Bank in supporting U.S. companies as they 
export to international markets. The Subcommittee received 
testimony from the following witnesses: Mr. Karan Bhatia, Vice 
President and Senior Counsel, General Electric; Mr. Scott 
Scherer, Senior Vice President, Boeing Capital Corporation; Mr. 
David Ickert, Vice President of Finance, Air Tractor, Inc.; and 
Mr. Kevin Law, President & CEO, Long Island Association.
    On May 24, 2011, the Subcommittee held a legislative 
hearing entitled ``Legislative Proposals on Securing American 
Jobs Through Exports: Export-Import Bank Reauthorization.'' The 
purpose of the hearing was to examine a legislative proposal to 
reauthorize the charter of the Export-Import Bank (the Bank) of 
the United States. The proposal would reauthorize the Bank for 
4 years; authorize the Bank to invest in technology in order to 
improve servicing, underwriting, and accounting of 
transactions; gradually increase the exposure cap, which is the 
total amount of financing that the Bank is able to extend, from 
$100 billion to $160 billion; direct the Ex-Im Bank to 
establish clear guidelines with respect to the content of goods 
and services for which the Bank will provide financing; require 
the Bank to establish guidelines for Bank products available to 
services firms; and require the Bank to report to Congress if 
its default rate exceeds two percent, explain the reasons for a 
default rate increase, and propose a plan that would reduce the 
default rate below two percent. The Subcommittee received 
testimony from the following witnesses: the Honorable Fred 
Hochberg, Chairman and President, Export-Import Bank of the 
United States; Ms. Donna K. Alexander, Chief Executive Officer, 
Bankers' Association for Finance and Trade--International 
Financial Services Association (BAFT-IFSA); Ms. Thea Lee, 
Deputy Chief of Staff, American Federation of Labor and 
Congress of Industrial Organizations (AFL-CIO); Mr. Osvaldo 
Luis Gratacos, Inspector General for the Export-Import Bank; 
Mr. John Hardy, President, Coalition for Employment Through 
Exports (CEE); and Dr. Matthew Slaughter, Associate Dean for 
the MBA Program, Tuck School of Business, Dartmouth College.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-15................  The Role of the Export-     March 10, 2011
                         Import Bank in U.S.
                         Competitiveness and Job
                         Creation.
112-31................  Legislative Proposals on    May 24, 2011
                         Securing American Jobs
                         Through Exports: Export-
                         Import Bank
                         Reauthorization.
------------------------------------------------------------------------

              Subcommittee on Oversight and Investigations


           (Ratio: 10-8)

 RANDY NEUGEBAUER, Texas, Chairman

MICHAEL E. CAPUANO, Massachusetts, Ranking MemberITZPATRICK, 
STEPHEN F. LYNCH, Massachusetts      Pennsylvania, Vice Chairman
MAXINE WATERS, California            PETER T. KING, New York
JOE BACA, California                 MICHELE BACHMANN, Minnesota
BRAD MILLER, North Carolina          STEVAN PEARCE, New Mexico
KEITH ELLISON, Minnesota             BILL POSEY, Florida
JAMES A. HIMES, Connecticut          NAN A. S. HAYWORTH, New York
JOHN C. CARNEY, JR., Delaware        JAMES B. RENACCI, Ohio
BARNEY FRANK, Massachusetts, ex officioANCISCO ``QUICO'' CANSECO, Texas
                                     STEPHEN LEE FINCHER, Tennessee
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                   Subcommittee Oversight Activities


                             GSE LEGAL FEES

    On February 15, 2011, the Subcommittee held a hearing 
entitled ``An Analysis of the Post-Conservatorship Legal 
Expenses of Fannie Mae and Freddie Mac.'' The hearing explored 
issues related to the Federal Housing Finance Agency's (FHFA's) 
oversight of legal fees incurred by Fannie Mae and Freddie Mac 
since the companies' entry into conservatorship in September 
2008. FHFA disclosed at the hearing that taxpayers have spent 
more than $162 million defending Fannie Mae and Freddie Mac and 
their former top executives in civil lawsuits accusing them of 
fraud. The Subcommittee received testimony from the following 
witnesses: Mr. Edward DeMarco, Acting Director, FHFA; Mr. 
Alfred Pollard, General Counsel, FHFA; Mr. Michael Williams, 
Chief Executive Officer, Fannie Mae; Mr. Timothy J. Mayopoulos, 
General Counsel, Fannie Mae; and the Honorable Mike DeWine, 
Attorney General of Ohio.

                      COSTS OF THE DODD-FRANK ACT

    On March 30, 2011, the Subcommittee held a hearing on ``The 
Costs of Implementing the Dodd-Frank Act: Budgetary and 
Economic.'' The Subcommittee received testimony from the 
following witnesses: the Honorable Jill E. Sommers, 
Commissioner, Commodity Futures Trading Commission; Mr. Douglas 
W. Elmendorf, Director, Congressional Budget Office (CBO); Mr. 
Jeffrey Lacker, President, Federal Reserve Bank of Richmond; 
Douglas Holtz-Eakin, Ph.D., President, American Action Forum; 
James Angel, Ph.D., CFA, Associate Professor of Finance, 
McDonough School of Business, Georgetown University; James 
Overdahl, Ph.D., Vice President NERA Economic Consulting, 
former Chief Economist for the Securities Exchange Commission 
(SEC); and David Min, Associate Director of Financial Markets 
Policy, Center for American Progress.

           OVERSIGHT OF FINANCIAL STABILITY OVERSIGHT COUNCIL

    On April 14, 2011, the Subcommittee held a hearing on 
``Oversight of the Financial Stability Oversight Council.'' The 
hearing focused on the efforts of the Financial Stability 
Oversight Council (Council), an inter-agency body established 
under the Dodd-Frank Act to monitor and contain risk to the 
financial system, to implement Title I of the Act. In 
particular, the hearing examined the Council's execution of its 
mandate to identify financial institutions that will be subject 
to enhanced supervision and prudential standards; the Council's 
coordination of rulemaking among financial regulatory agencies; 
the Council's studies on regulations that might affect the 
competitiveness of U.S. financial institutions in the global 
market for financial services; and the Council's efforts to 
monitor insurance on the federal level. The Subcommittee 
received testimony from the following witnesses: Gary Gensler, 
Chairman, Commodity Futures Trading Commission (CFTC); Jeffrey 
A. Goldstein, Under Secretary for Domestic Finance, Treasury 
Department; John Huff, Director, Missouri Department of 
Insurance, Financial Institutions, and Professional 
Registration; J. Nellie Liang, Director, Office of Financial 
Stability Policy and Research, Federal Reserve Board; Robert W. 
Cook, Director of Division of Trading and Markets, Securities 
and Exchange Commission; Arthur J. Murton, Director, Division 
of Insurance and Research, Federal Deposit Insurance 
Corporation; and Tim Long, Chief National Bank Examiner and 
Senior Deputy Comptroller for Regulatory Policy, Office of the 
Comptroller of the Currency.

                            SECURITIES FRAUD

    On May 13, 2011, the Subcommittee held a hearing entitled 
``The Stanford Ponzi Scheme: Lessons for Protecting Investors 
from the Next Securities Fraud.'' This hearing reviewed the 
failure of the Securities and Exchange Commission (SEC) and the 
Financial Industry Regulatory Authority (FINRA) to uncover a 
Ponzi scheme allegedly orchestrated by Houston businessman 
Allen Stanford that defrauded thousands of U.S. investors. The 
hearing also focused on what steps the SEC and FINRA could take 
to prevent similar securities frauds in the future. The 
Subcommittee received testimony from the following witnesses: 
Mr. David Kotz, Inspector General, SEC; Mr. Robert Khuzami, 
Director of the Division of Enforcement, SEC; Mr. Carlo di 
Florio, Director of Office of Compliance Inspections and 
Examinations, SEC; Mr. Richard Ketchum, Chief Executive 
Officer, FINRA; Ms. Julie Preuitt, Assistant Regional Director, 
SEC Fort Worth Regional Office; Mr. Charles Rawl, a former 
Stanford Group Company employee and whistleblower; and Mr. 
Stanford Kauffman, a victim of the Stanford fraud.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-4.................  An Analysis of the Post-    February 15, 2011
                         Conservatorship Legal
                         Expenses of Fannie Mae
                         and Freddie Mac.
112-21................  The Costs of Implementing   March 30, 2011
                         the Dodd-Frank Act:
                         Budgetary and Economic.
112-26................  Oversight of the Financial  April 14, 2011
                         Stability Oversight
                         Council.
112-30................  The Stanford Ponzi Scheme:  May 13, 2011
                         Lessons for Protecting
                         Investors from the Next
                         Securities Fraud.
------------------------------------------------------------------------

                 OVERSIGHT PLAN FOR THE 112TH CONGRESS

    Clause 2(d) of rule X of the Rules of the House of 
Representatives for the 112th 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 the 30th day after June 1 and 
December 1 a semiannual report on the activities of that 
committee under rules X and XI during the Congress of such 
year. Clause 1(d)(2)(B) 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 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 Twelfth 
Congress, which the Committee considered and adopted on 
February 10, 2011.
    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 TWELFTH CONGRESS


  February 10, 2011.--Approved by the Committee on Financial Services

                              ----------                              

    Mr. BACHUS, 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 112th Congress requires each standing 
committee, not later than February 15 of the first session, to 
adopt an oversight plan for the 112th 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 112th 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 
five 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.

     The Dodd-Frank Wall Street Reform and Consumer Protection Act

    Enacted in response to the financial crisis of 2008 and the 
bail-outs of large Wall Street firms at taxpayer expense, the 
Dodd-Frank Act (P.L. 111-203) represents the most extensive 
change in the regulation of financial institutions since the 
Great Depression. The Dodd-Frank Act requires federal 
regulators to undertake more than 240 rule-makings and to carry 
out over 60 studies. The implementation of the Dodd-Frank Act 
will affect not only every financial institution that does 
business in the United States but also non-financial 
institutions and consumers as well. The Dodd-Frank Act holds 
out the promise that it will ``promote the financial stability 
of the United States by improving accountability and 
transparency in the financial system,'' ``end `too big to 
fail,''' ``protect the American taxpayer by ending bailouts,'' 
and ``protect consumers from abusive financial services 
practices.'' One of the primary tasks of the Committee in the 
112th Congress will therefore be to oversee the implementation 
of the Dodd-Frank Act to ensure that these objectives are being 
met. The Committee will conduct careful oversight and 
monitoring of the financial regulators charged with 
implementing the Dodd-Frank Act to ensure that they prudently 
exercise the new authority conferred upon them under the Act 
without unduly hampering the ability of consumers and 
businesses to obtain credit, or the ability of capital market 
participants to allocate capital to productive uses, mitigate 
risk, and grow the economy. In particular, the Committee will 
seek to ensure that regulators carefully and transparently 
assess the costs and benefits of regulations called for by the 
Dodd-Frank Act in order to strike an appropriate balance 
between prudent regulation and economic growth. The Committee 
will assess the results of the implementation of the Dodd-Frank 
Act in order to improve those parts of the Act that work well 
while changing those parts that do not, and to identify and 
remedy unintended consequences, such as restrictions of access 
to credit by consumers and businesses, impediments to 
investment and job creation, or higher costs of doing business 
that will be passed on to consumers. The Committee will also 
examine the international response to the Dodd-Frank Act to 
determine if the law could place the United States financial 
services industry at a competitive disadvantage.

                 Specific Dodd-Frank Oversight Matters

    Financial Stability Oversight Council (FSOC). The Dodd-
Frank Act creates an interagency body--the Financial Stability 
Oversight Council--charged with identifying, monitoring and 
addressing potential threats to U.S. financial stability. The 
Dodd-Frank Act requires the FSOC to report annually to 
Congress, to be followed by testimony by the Secretary of the 
Treasury in his capacity as FSOC Chairman. The Committee will 
conduct significant oversight over the FSOC, monitoring among 
other things the extent to which its designation of 
``systemically significant'' firms may create an expectation 
among market participants that the government will not permit 
these firms to fail, as well as the effectiveness of the FSOC 
in making financial markets more stable and resilient.
    Office of Financial Research (OFR). The Dodd-Frank Act 
creates a new ``Office of Financial Research'' housed within 
the Department of the Treasury and grants it broad powers to 
compel the production of information and data from financial 
market participants. The OFR is to use this information to 
conduct research designed to improve the quality of financial 
regulation, and to monitor and report on systemic risk. Section 
153 of the Dodd-Frank Act requires the OFR to report annually 
to Congress on the state of the U.S. financial system, and 
requires the Director of the OFR to testify annually before the 
Committee on the OFR's activities and its assessment of 
systemic risk. The Committee will conduct oversight of the OFR 
to ensure that the OFR's requests for data are not unduly 
burdensome or costly and that the confidentiality of the data 
that it collects is strictly maintained. The Committee will 
also assess whether the OFR duplicates data collection efforts 
already being undertaken by other regulatory bodies.
    Volcker Rule. On January 22, 2011, the Financial Stability 
Oversight Council issued recommendations on the implementation 
of Section 619 of the Dodd-Frank Act--the so-called Volcker 
Rule--which bars bank holding companies from engaging in 
proprietary trading and severely limits their ability to 
sponsor and invest in hedge funds and private equity. The 
Federal regulators have nine months to promulgate regulations 
based upon the FSOC's recommendations. The Committee will 
oversee the regulators' implementation of the Volcker Rule to 
ensure that it does not result in unintended consequences for 
U.S. economic competitiveness and job creation, or for the 
liquidity and efficiency of U.S. capital markets.

                            Capital Markets

    Oversight and Restructuring of the Securities and Exchange 
Commission (SEC). The Committee will monitor all significant 
aspects of the SEC's operations to ensure that it fulfills its 
Congressional mandate. The Committee will carefully examine the 
SEC's budget requests to ensure that the agency deploys its 
resources effectively. The Committee will carefully examine the 
operations and organizational structure of the SEC, placing an 
emphasis on its supervisory and inspection functions. The 
Committee will also consider the impact of separating the SEC's 
examination and policy functions and whether such functions 
should be consolidated. The Committee will review the various 
reports and studies of the organizational structure and 
management of the SEC mandated by the Dodd-Frank Act, including 
the study being conducted by the Boston Consulting Group, to 
determine whether legislative reforms are needed to address the 
SEC's organizational structure and ensure that the SEC 
efficiently and effectively fulfills its investor protection 
mission. The Committee will also monitor steps taken by the SEC 
in response to findings by the Government Accountability Office 
that the SEC failed to maintain effective internal controls 
over its financial reporting, due to material weaknesses 
involving SEC's internal control over information systems and 
its financial reporting and accounting processes.
    Derivatives. The Committee will examine the operations, 
growth and structure of the over-the-counter (OTC) derivatives 
market. The Committee will explore how the Dodd-Frank Act 
fundamentally reforms the use of OTC derivatives and how the 
SEC, the Commodity Futures Trading Commission (CFTC), the 
Federal Reserve, and the Department of Treasury are 
implementing new rules required by the Dodd-Frank Act to govern 
the OTC marketplace. The Committee will review whether the pace 
and breadth of rulemaking required by the Dodd-Frank Act may 
lead to unintended consequences in the area of jobs, the 
economy, the proper functioning of U.S. capital markets, 
international competitiveness, and appropriate risk mitigation. 
The Committee will examine all facets of the derivatives 
market, including clearing, exchange or swap execution facility 
trading; the roles of dealers, inter-dealer brokers, data 
repositories, clearinghouses, and end-users; trade and price 
reporting; and ownership and governance restrictions. The 
Committee will examine any requirements that federal regulators 
impose on ``end-users'' who use swaps to hedge against or 
mitigate risks. The Committee will examine transparency and 
clarity for the derivatives markets. The Committee will closely 
monitor Dodd-Frank implementation so that the new regulations 
foster market efficiency, provide market participants with 
important market information, and provide price transparency 
through the increased use of swap execution facilities and 
clearing organizations, when appropriate. The Committee will 
also examine the Dodd-Frank Act's prohibition of federal 
assistance to a ``swaps entity,'' which includes swap dealers 
and major swap participants (and the equivalents in security-
based swaps), securities and futures exchanges, swap execution 
facilities (SEFs), and clearing organizations registered with 
the CFTC, the SEC, or any other federal or state agency. This 
prohibition will be examined against other provisions of the 
Dodd-Frank Act which allow for ``financial market utilities'' 
to have access to the Federal Reserve discount window in times 
of crisis.
    Credit Rating Agencies. The Committee will examine the 
continuing role that credit rating agencies, also known as 
Nationally Recognized Statistical Ratings Organizations 
(NRSROs), play in the United States financial markets, the 
SEC's oversight of NRSROs, how NRSROs are compensated, and 
whether their methodologies accurately reflect the risks 
associated with different debt instruments. The Committee will 
examine the impact of the Dodd-Frank Act on competition among 
current NRSROs, and on new and prospective NRSRO entrants. The 
Committee will examine the effect of the repeal of Rule 436(g) 
under the Securities Act of 1933, which resulted in significant 
disruption in the asset-backed securities marketplace. The 
Committee will examine the implementation by federal regulators 
of provisions in the Dodd-Frank Act requiring them to establish 
new standards for evaluating credit-worthiness that do not 
include references to ratings issued by NRSROs.
    Securitization and Risk Retention. The Committee will 
monitor the joint risk retention rule-making pursuant to 
Section 941 of the Dodd-Frank Act to ensure that the 
development and implementation of the risk retention rules 
promote sound underwriting practices without constricting the 
flow of credit and destabilizing an already fragile housing 
market, and that those rules appropriately differentiate among 
multiple asset classes. The Committee will focus particular 
attention on the joint rulemaking to define a class of 
``qualified residential mortgages'' (QRMs) that will be exempt 
from risk retention requirements. The Committee will also 
comprehensively examine the asset backed securities market, the 
securitization of mortgages and issues related to the 
assignment and servicing of securitized mortgages.
    Regulation and Oversight of Broker-Dealers and Investment 
Advisers. The Committee will examine the study mandated by 
Section 913 of the Dodd-Frank Act, which requires the SEC to 
review the effectiveness of the legal and regulatory standards 
of care applicable to broker-dealers and investment advisers 
when providing personalized investment advice to retail 
customers. The Committee will also examine the study mandated 
by Section 914 of the Dodd-Frank Act, which requires the SEC to 
report on the need for enhanced examination and enforcement 
resources for investment advisers, and on whether self-
regulatory organizations or user fees should be used to augment 
SEC and state oversight of investment advisers.
    Advisers to Private Funds. The Committee will examine the 
functions served by advisers to private funds, including hedge 
funds, private equity funds, and venture capital funds in the 
United States financial marketplace. The Committee will review 
the role hedge funds and private pools of capital serve in the 
capital markets, and their interaction with investors, 
financial intermediaries, and public companies. The Committee 
will examine the Dodd-Frank Act's mandate that advisers to 
private funds with more than $150 million in assets under 
management register with the SEC under the Investment Advisers 
Act of 1940.
    Securities Investor Protection Corporation (SIPC). The 
Committee will review the operations, initiatives, and 
activities of the Securities Investor Protection Corporation, 
as well as the application of the Securities Investor 
Protection Act (SIPA). In light of SIPC's exposure to the 
failures of Bernard L. Madoff Investment Securities and Lehman 
Brothers, the Committee will examine SIPC's existing reserves, 
member broker-dealer assessments, access to private and public 
lines of credit, and coverage levels, as well as proposals to 
improve SIPC's operations and management. The Committee will 
also review the impact of the provisions of the Dodd-Frank Act 
that amend the Securities Investor Protection Act, and the work 
and recommendations of the SIPC Modernization Task Force.
    Municipal Securities. In light of concerns over potential 
defaults by state, county, city, and local governments, the 
Committee will monitor the health of the United States 
municipal securities markets and consider reforms to increase 
transparency in that segment of the capital markets. The 
Committee will also consider the apparent trend in the 
municipal bond market away from the issuance of general 
obligation bonds toward revenue bonds, and the implications of 
that trend on the possibility of defaults. The Committee will 
also consider the possible consequences of state and municipal 
budget shortfalls and possible defaults on the municipal debt 
markets and the U.S. financial system. The Committee will also 
examine provisions of the Dodd-Frank Act designed to strengthen 
the oversight of the municipal securities industry and broaden 
municipal securities market protections to cover unregulated 
market participants and their financial transactions with 
municipal entities.
    Municipal Securities Rulemaking Board (MSRB). The Committee 
will review the operations, initiatives and activities of the 
Municipal Securities Rulemaking Board. The Committee will 
review the changes imposed by the Dodd-Frank Act, which altered 
the MSRB's governance to include the protection of state and 
local government issuers, public pension plans, and others 
whose credit stands behind municipal bonds, in addition to 
protecting investors and the public interest. The Committee 
will also review the MSRB's regulation of municipal advisors.
    Capital Formation. The Committee will survey regulatory 
impediments to capital formation and seek both regulatory and 
market-based incentives to increase access to capital, 
particularly for those small companies contemplating an initial 
public offering. The Committee will also examine the SEC's 
efforts to fulfill its Congressional mandate of promoting 
capital formation.
    Equity/Option Market Structure. The Committee will review 
recent developments in the United States equity and option 
markets and the SEC's response to those developments. The 
Committee will closely monitor the SEC to ensure that the 
Commission follows its mandate to promote fair, orderly and 
efficient markets, and that any new regulations foster market 
efficiency, competition and innovation, and are based on 
economic and empirical market data. The Committee will also 
monitor the work of the Joint CFTC-SEC Advisory Committee on 
Emerging Regulatory Issues, as it develops regulatory or 
legislative recommendations that attempt to respond to the 
extraordinary market movements on May 6, 2010.
    Covered Bonds. The Committee will review the potential for 
covered bonds to increase mortgage and broader asset class 
financing, improve underwriting standards, and strengthen 
United States financial institutions by providing a new funding 
source with greater transparency, thereby fostering increased 
liquidity in the capital markets. The Committee will also 
review whether existing regulatory initiatives, including the 
Department of the Treasury's ``Best Practices for Residential 
Covered Bonds'' and the FDIC's covered bond policy statement to 
``facilitate the prudent and incremental development of the 
U.S. covered bond market'' are sufficient to foster the 
creation of a covered bond market in the United States, or 
whether additional regulatory or legislative initiatives are 
necessary.
    Corporate Governance. The Committee will review 
developments and issues concerning corporate governance at 
public companies. The Committee will examine how the Dodd-Frank 
Act will impact the corporate governance practices of all 
issuers, particularly small public companies. The Committee 
will also examine the services provided by proxy advisory firms 
to shareholders and issuers and will consider current SEC 
proposals that seek to modernize corporate governance 
practices. The Committee will continue to monitor the effect 
that the Sarbanes-Oxley Act of 2002 has on the capital markets; 
the impact of the permanent exemption from Section 404(b) for 
public companies with less than $75 million in market 
capitalization included in Dodd-Frank; and proposals to further 
modify this exemption.
    Employee Compensation. The Committee will monitor the 
implementation of provisions in the Dodd-Frank Act governing 
the compensation practices at public companies and financial 
institutions. Among the issues to be examined are the 
independent compensation committee requirement; the required 
disclosure and compilation of data to compare the pay of the 
CEO with the median pay of all employees of every public 
company; the clawback of erroneously awarded employee 
compensation; and the authority given to federal regulators to 
prohibit incentive-based compensation structures that encourage 
``inappropriate risks'' at financial institutions with more 
than $1 billion in assets.
    Securities Litigation. The Committee will examine the 
effectiveness of the Private Securities Litigation Act of 1995 
in protecting issuers from frivolous lawsuits while preserving 
the ability of investors to pursue legitimate actions.
    Securities Arbitration. The Committee will examine 
developments in securities arbitration, including the impact of 
the arbitration-related provisions contained in the Dodd-Frank 
Act, specifically Section 921, which provide the SEC with the 
authority to restrict mandatory pre-dispute arbitration, and 
the impact that the exercise of that authority could have on 
existing arbitration agreements and on issuers and investors 
generally.
    Securities Fraud. The Committee will review the SEC's 
compliance, inspections, examinations, and enforcement 
functions to ensure that adequate mechanisms exist to prevent 
and detect securities fraud. The Committee will also monitor 
the SEC's implementation and adherence to the reforms 
recommended by the SEC's Office of Inspector General resulting 
from the Commission's failure to detect either the Bernard 
Madoff or Allen Stanford Ponzi schemes.
    Mutual Funds. The Committee will examine the state and 
operation of the U.S. mutual fund industry. This examination 
will include reviewing the SEC's regulation of money market 
mutual funds, and any proposed changes to the calculation of a 
money market funds' ``net asset value'' (NAV). The Committee 
will also review any proposals by the Financial Stability 
Oversight Council to designate non-bank financial institutions 
such as mutual funds as ``Systemically Important Financial 
Institutions.''
    Public Company Accounting Oversight Board (PCAOB). The 
Committee will review the operations, initiatives and 
activities of the PCAOB. The Committee will also monitor the 
PCAOB's exercise of its new authority to register, inspect and 
discipline the auditors of broker-dealers, and the impact that 
this increased oversight may have on the PCAOB's operations. 
The Committee will also review the extent to which the PCAOB's 
new authority to share information with its foreign 
counterparts is sufficient to permit PCAOB inspectors to 
examine non-U.S. auditors. The Committee will also monitor the 
PCAOB's oversight of the auditors of financial statements of 
Chinese companies that register and trade their securities in 
the United States.
    Financial Accounting Standards Board (FASB). The Committee 
will review the initiatives of the Financial Accounting 
Standards Board (FASB) and its responsiveness to all segments 
of the capital markets; the FASB's relationship with the SEC; 
and proposals to enhance Congressional oversight of the FASB. 
The Committee will monitor and review the FASB's specific 
projects, including but not limited to fair value accounting 
for financial instruments, particularly as it affects small 
community banks; multi-employer pension plans; loss 
contingencies; and lease accounting, to ensure that any 
revisions provide useful information to investors without 
disrupting the capital markets or improperly burdening issuers 
and preparers.
    Government Accounting Standards Board (GASB). The Committee 
will review the role of the Government Accounting Standards 
Board (GASB), which formulates accounting standards for the 
voluntary use of state and local governments that issue 
securities. The Committee will review the implementation of 
Section 978 of the Dodd-Frank Act, which directs the SEC to 
require the Financial Industry Regulatory Authority (FINRA) to 
collect fees from its members (broker-dealers and other 
securities professionals) and to remit such fees to the 
Financial Accounting Foundation, GASB's parent organization.
    Convergence of International Accounting Standards. The 
Committee will review efforts by the SEC, the FASB, and the 
International Accounting Standards Board to achieve robust, 
uniform international accounting standards. The Committee will 
also monitor the SEC's plans to incorporate those standards as 
part of United States financial reporting requirements.
    Business Continuity Planning. The Committee will continue 
its oversight of the implementation of disaster preparedness 
and business continuity measures by the financial services 
industry in order to minimize the disruptions of critical 
operations in the United States financial system in the event 
of natural disasters, terrorist attacks, or pandemics.

                    Government Sponsored Enterprises

    Charter Restructuring for Government Sponsored Enterprises 
(GSEs). On September 7, 2008, the Federal Housing Finance 
Agency (FHFA) placed Fannie Mae and Freddie Mac into 
conservatorship. To date, Fannie Mae has tapped $88 billion and 
Freddie Mac has used nearly $63 billion in taxpayer funds, 
making the GSE conservatorship the costliest of all the 
taxpayer bail-outs carried out over the past three years. The 
decision to bail out Fannie Mae and Freddie Mac and place them 
in conservatorship has raised fundamental questions about the 
viability of their public-private organizational structure. The 
Committee will examine proposals to modify or terminate Fannie 
Mae's and Freddie Mac's statutory charters.
    GSE Regulatory Reform. The Committee will monitor the 
activities of the Federal Housing Finance Agency, which was 
established in 2008 to oversee Fannie Mae, Freddie Mac and the 
Federal Home Loan Banks, and will consider its effectiveness. 
The Committee will also consider the appropriate role, if any, 
for the Federal government in the secondary mortgage market.
    Federal Home Loan Bank (FHLB) System. The Committee will 
monitor the capital requirements, financial health, and 
stability of the FHLB System, as well as the FHLB System's 
ability to fulfill its housing mission and provide liquidity to 
the cooperative's member banks in a safe and sound manner. The 
Committee will pay particular attention to recent reports that 
some of the Federal Home Loan Banks may fall below required 
capital levels.
    FHLB Community and Economic Development. The Committee will 
review 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 the performance of the FHLBs in 
implementing the community investment cash advance regulation.
    Resolution Funding Corporation (REFCorp) Payments. The 
Committee will monitor the efforts of the housing GSEs to pay 
the obligations of REFCorp, which was 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.
    Legal Fees. The Committee will examine the expenditure of 
more than $160 million in federal funds to defend Fannie Mae, 
Freddie Mac and their top executives in lawsuits since the GSE 
conservatorship began in September 2008. The Committee will 
consider ways to limit further taxpayer exposure.
    GSE Contracting with Non-Profits. To ensure that the GSEs 
are not engaging in risky activities that undermine the 
conservatorships, the Committee will examine the relationships 
that Fannie Mae and Freddie Mac maintain with non-profit 
organizations that provide services, including housing 
counseling, to potential homeowners. The Committee will also 
examine whether the payments non-profits receive for services 
provided to the GSEs are appropriate; whether GSE funds 
provided to non-profits are used for political activities; and 
whether adequate procedures are in place to protect the GSEs 
from fraud.
    GSE Foreclosure and Loan Modification Protocols. The 
Committee will review Fannie Mae's and Freddie Mac's guidance 
to mortgage servicers and participation in government mortgage 
modification programs generally to ensure that undue political 
influence does not result in even greater losses to taxpayers 
from the GSE conservatorships.
    Mortgage Putbacks and Repurchase Agreements. The Committee 
will monitor Fannie Mae's and Freddie Mac's mortgage putback 
and repurchase agreements with loan originators to ensure that 
these agreements are consistent with market practice and the 
FHFA's conservatorship responsibilities.

               Financial Institutions and Consumer Credit

    Bureau of Consumer Financial Protection (CFPB). The 
Committee will oversee the establishment, operations, and 
activities of the new Bureau of Consumer Financial Protection 
established under title X of the Dodd-Frank Act. Under the Act, 
the CFPB is to begin operations on or before July 21, 2011, 
when the consumer protection functions and rule-writing 
authority of other Federal financial regulators will transfer 
to the new agency. The Committee will seek to ensure that the 
CFPB's rules and enforcement initiatives protect consumers 
against unfair and deceptive practices without stifling 
economic growth, job creation, or reasonable access to credit. 
The Committee will examine whether the CFPB's budget is 
appropriate and will ask whether the CFPB's budget should be 
subject to Congressional appropriations. The Committee will 
evaluate the powers of its presidentially-appointed director to 
write rules, supervise compliance, and enforce consumer 
protection laws. The Committee will monitor the impact of CFPB 
rules on small businesses and on financial institutions with 
fewer than $10 billion of assets. The Committee will receive 
the statutorily required semi-annual testimony of the Director, 
once he or she is nominated and confirmed.
    Troubled Asset Relief Program (TARP) and other Initiatives 
to Stabilize the Financial System. The Committee will continue 
to examine closely the operation of the TARP authorized by the 
Emergency Economic Stabilization Act (EESA). This oversight 
will include working with the Government Accountability Office, 
the Congressional Oversight Panel, and the Special Inspector 
General for TARP to ensure that the program adequately protects 
taxpayer interests and that its operations are transparent and 
accountable. The Committee will also ensure that Treasury 
regularly reports to the Committee on matters of lending, 
liquidity, and safety and soundness related to those financial 
institutions receiving TARP funds or guarantees. The Committee 
will also examine carefully whether the recipients of TARP 
funds are spending the money appropriately, with special 
attention paid to any instances of waste, fraud, and abuse. The 
Committee will concentrate on issues related to the distortion 
of TARP fund distribution caused by political pressure and 
interference rather than the judgment of the regulators. The 
Committee will carefully analyze the unwinding of TARP 
facilities and programs to ensure that taxpayer recoveries are 
maximized and remaining funds are used for deficit reduction, 
as contemplated by EESA.
    ``Too Big to Fail.'' The Committee also will examine the 
application by Federal regulators of the ``too big to fail'' 
doctrine and the designation of ``systemically significant'' 
institutions to determine if these are effective, fair or 
rational public policy distinctions. The Committee will also 
consider whether the Dodd-Frank Act and the ``orderly 
resolution authority'' set forth in Title II of the Act provide 
an effective mechanism for imposing market discipline and 
promoting financial stability. The Committee will ask whether 
government actions to prop up large, complex financial 
institutions imply that other institutions are ``too small to 
save,'' and if recent interventions by the Treasury Department 
and Federal Reserve have prejudiced local and community banks 
and credit unions at the expense of institutions the regulators 
believe are ``too big to fail.'' As part of that review, the 
Committee will study the ways that financial institutions have 
expanded and the incentives that drove them to grow. Attention 
will be given to the conversion of investment banks to bank 
holding companies during the financial crisis and their long-
term impact on the U.S. economy and regulatory structure. The 
Committee will closely evaluate the government agencies and 
offices which are now responsible for the supervision and 
potential resolution of ``systemically significant'' financial 
institutions. In examining the ``too big to fail'' issue, the 
bailout of the American International Group (AIG) will be 
carefully reviewed to determine whether the disparate treatment 
of large creditors and small creditors was consistent with the 
American expectation of equal treatment of all by government 
agencies.
    Financial Supervision. The Committee will continue to 
examine Federal regulators' 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 Committee may 
also ask each financial regulatory agency to review its 
promulgated rules and identify those which may be unnecessarily 
burdensome or outdated. Additionally, the Committee's 
examination of the regulatory system will encompass the trend 
toward consolidation in the banking industry, which requires 
Federal regulators to maintain the expertise and risk 
evaluation systems necessary to oversee the activities of the 
increasingly complex institutions under their supervision. As 
an extension of this examination, the Committee will assess the 
degree to which the increasing concentration of bank assets in 
the largest institutions may contribute to a regulatory 
environment that discriminates against the smaller, but much 
more numerous community banks. The Committee will review the 
``Interagency Statement on Meeting the Credit Needs of 
Creditworthy Small Business Borrowers'' issued by the federal 
financial institutions regulatory agencies and the state 
supervisors on February 10, 2010, to ensure that the policy is 
being appropriately implemented by examiners in the field.
    Basel III. The Committee will examine new global bank 
capital and liquidity rules being developed by the Basel 
Committee on Banking Supervision, paying particular attention 
to implementation, compliance burdens and global coordination.
    Interchange Fees. The Committee will examine general issues 
involving the setting of interchange fees. In particular, the 
Committee will evaluate the Federal Reserve's rulemaking under 
Section 1075 of the Dodd-Frank Act and its effect on merchants, 
banks, credit unions, consumers, and the payment processing 
networks. Section 1075 requires the Federal Reserve to 
establish, by July 2011, a price cap for debit card interchange 
fees, mandating that the fee be ``reasonable and proportional'' 
to the cost incurred by the issuing bank.
    Financial Crisis Inquiry Commission (FCIC). The Financial 
Crisis Inquiry Commission was created by Congress in 2009 to 
``examine the causes, domestic and global, of the current 
financial and economic crisis in the United States'' (P.L. 111-
21). The Commission issued its final report on January 27, 
2011, accompanied by dissenting views filed by individual 
Commissioners. The statute creating the FCIC requires that its 
chairperson appear before the Committee to present its findings 
not later than 120 days after the issuance of its final report.
    Mortgage Servicing. The Committee will continue its review 
of deficiencies in mortgage servicing practices, including 
irregularities in the foreclosure documentation process. This 
review will encompass recent reports that active-duty military 
families have been overcharged on their mortgages or have faced 
wrongful foreclosures. The Committee will assess whether 
comprehensive national servicing standards are necessary and 
appropriate, and if so, how such standards should be 
implemented. To the extent the regulatory agencies seek to 
implement national mortgage servicing standards, the Committee 
will review those standards to ensure that proper authority 
exists for such regulations and that deficient practices are 
adequately addressed without unduly increasing the cost of 
mortgage financing.
    Small Business Lending Fund and the State Small Business 
Credit Initiative. The Committee will examine the Treasury 
Department's implementation of the Small Business Jobs Act of 
2010, with a specific focus on the Small Business Lending Fund 
(SBLF). The Committee will evaluate the program's effectiveness 
at encouraging new lending to small business and protecting 
taxpayers from losses on the government's injections of capital 
in banks.
    Deposit Insurance. The Committee will monitor the solvency 
of the Deposit Insurance Fund and changes to the assessments 
charged by the FDIC as mandated by the Dodd-Frank Act 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.
    Bank Failures. The Committee will examine the process the 
FDIC uses to supervise and, if necessary, resolve community 
banks and the procedures followed by the FDIC and other bank 
supervisors in making this determination. Some observers have 
noted there are inconsistencies in the application of FDIC 
practices as a bank moves into prompt corrective action and 
towards a failure. Further, the Committee will study the costs 
and benefits of loss share agreements to the deposit insurance 
fund and the American taxpayer. The Committee will also study 
how the FDIC's resolution procedures, including but not limited 
to loss share agreements, affect access to credit for small 
business customers of a failed bank. The Committee will examine 
the effectiveness of FDIC guidance and its subsequent 
application in the FDIC's supervision of community banks, 
particularly as it relates to appraisals of real estate assets.
    Credit Unions. The Committee will review issues relating to 
the safety and soundness and regulatory treatment of the credit 
union industry. In particular, the Committee will examine the 
failures in the corporate credit union system and evaluate 
possible reforms to the system and to the National Credit Union 
Administration (NCUA).
    Regulatory Burden Reduction. The Committee will continue to 
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.
    Credit Scores and Credit Reports. The Committee will 
continue to monitor the accuracy and use of credit reports and 
credit scores with a specific focus on their impact on the 
availability of consumer credit.
    Internet Gambling. The Committee will continue to oversee 
the implementation of the Unlawful Internet Gambling 
Enforcement Act (UIGEA) and whether the final regulations 
drafted by the Treasury Department and Federal Reserve, in 
consultation with the Justice Department, will effectively 
curtail illegal Internet gambling.
    Access to Financial Services. The Committee will continue 
to explore ways to expand access to mainstream financial 
services by traditionally underserved segments of the U.S. 
population, particularly those without any prior banking 
history (commonly referred to as ``the unbanked'').
    Credit Card Regulation. The Committee will continue its 
review of credit card industry practices, particularly those 
relating to marketing, fees and disclosures. The Committee will 
monitor the implementation of recent Federal Reserve 
regulations (i) defining unfair and deceptive credit card 
industry practices and (ii) making the format and content of 
credit card disclosures required by Truth in Lending more 
effective. The Committee will also continue to evaluate the 
impact of the Credit CARD Act of 2009 (Public Law 111-24) on 
credit availability to consumers and small businesses alike and 
will study whether the rules have led to higher consumer costs 
for other financial products.
    Community Development Financial Institution Fund. The 
Committee will continue to oversee the operations of the 
Community Development Financial Institutions Fund (CDFI Fund) 
which was created in 1994 to promote economic revitalization 
and community development. The Committee will examine the CDFI 
Fund's contributions to community revitalization and measure 
its impact on efforts in rural, urban, suburban, and Native 
American communities. The Committee will also monitor the CDFI 
Fund's administration of the New Markets Tax Credit program 
(NMTC), including reviewing the efforts being taken by the Fund 
to assist minority-owned community development entities to 
effectively compete for allocations under the NMTC program.
    Community Reinvestment Act of 1977. The Committee will 
continue to review developments and issues related to the 
Community Reinvestment Act of 1977 (CRA). The Committee will 
also explore recommendations for updating or eliminating CRA 
requirements in light of changes in the financial services 
sector.
    Credit Counseling. The Committee will continue to 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 
investors, consumers, and the general public. As part of these 
efforts, the Committee will monitor the operations, and 
evaluate the efficacy, of the Financial Literacy and Education 
Commission. The Commission was established to coordinate 
efforts of the Federal government and encourage government and 
private sector initiatives to promote financial literacy.
    Discrimination in Lending. The Committee will examine the 
effectiveness of Federal fair lending oversight and enforcement 
efforts.
    Diversity in Financial Services. The Committee will 
continue to explore the financial services industry's efforts 
to attract and retain a diverse workforce. The Committee will 
also review the policies, programs, and initiatives of the 
Federal financial regulators to promote, obtain, and report on 
supplier diversity, particularly with the use of asset 
managers, investment bankers, and other providers of 
professional services under any programs to assist troubled 
financial institutions. The Committee will continue to monitor 
Federal regulators' efforts to implement the diversity 
requirements of the Dodd-Frank Act.
    Money Laundering and the Financing of Terrorism. The 
Committee will review the enforcement of anti-money laundering 
and counter-terrorist financing laws and regulations. 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. The Committee will examine 
emerging threats in the financing of terrorist activities and 
the use of informal methods of transferring value, while 
keeping in consideration the fact that these services are 
lifelines for some immigrants' families overseas. The Committee 
will also monitor the practice of 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.
    Data Security and Identity Theft. Building on the 
Committee's long-standing role in developing laws governing the 
handling of sensitive personal financial information about 
consumers, including the Gramm-Leach-Bliley Act and the Fair 
and Accurate Credit Transactions Act (FACT Act), the Committee 
will continue to evaluate the need for legislation that better 
protects the security and confidentiality of such information 
from any loss, unauthorized access, or misuse. The scope of 
this review will encompass the data security policies and 
protocols of the Federal agencies within the Committee's 
jurisdiction. The Committee will also examine the threats of 
cyber crime against individuals, businesses and financial 
institutions to identify best practices that can protect 
against identify theft and related cyber crimes.
    Money Services Businesses' Access to Banking Services. The 
Committee will examine the availability of account services to 
Money Services Businesses (MSBs) and assess the effectiveness 
of the Financial Crimes Enforcement Network (FinCEN) and 
Internal Revenue Service regulation of MSBs, and of FinCEN 
regulatory guidance to both MSBs and financial institutions. 
The Committee will review steps that could be taken to provide 
MSBs with appropriate access to the banking system.
    Appraisals. The Committee will examine reports of appraisal 
fraud and the effectiveness of the Appraisal Subcommittee of 
the Federal Financial Institutions Examination Council in 
overseeing State-based appraisal enforcement and licensing 
programs, and the need for appraisal regulatory reform. The 
Committee will also explore the implementation of the appraisal 
independence standards adopted by the Federal Reserve in its 
2008 rulemaking under the Home Ownership and Equity Protection 
Act.
    Transaction Account Guarantee Program. Section 343 of the 
Dodd-Frank Act extends the Transaction Account Guarantee 
Program (originally set to expire on December 31, 2010), 
pursuant to which the FDIC guarantees all funds held in 
qualifying noninterest-bearing accounts at insured depository 
institutions, for an additional two years. The Committee will 
monitor the program to ensure that taxpayers are adequately 
protected from losses.

                               Insurance

    National Flood Insurance Program (NFIP). The Committee will 
review and consider proposed reforms to the National Flood 
Insurance Program, which is currently authorized through 
September 30, 2011. Since 2006, the Government Accountability 
Office has designated the NFIP as a high-risk program because 
of its potential to incur billions of dollars in losses and 
because the program faces serious financial, structural, and 
managerial challenges. Due to extraordinary losses incurred 
following the hurricanes in 2005, the program carries a debt of 
$17.5 billion as of December 31, 2010.
    Federal Insurance Office (FIO). The Committee will monitor 
the establishment of the new Federal Insurance Office created 
under Title V of the Dodd-Frank Act, paying particular 
attention to the FIO's limited scope of authority and specific 
functions. The Committee will work to ensure that the new 
office is focused on developing expertise on insurance matters 
and does not impose unwarranted or excessive data collection 
burdens on the insurance sector or on small insurers in 
particular. The Committee will also monitor implementation of 
the FIO's authority to coordinate policy and represent the U.S. 
on international insurance issues, as well as implementation of 
new joint authority for Treasury and the U.S. Trade 
Representative to negotiate international agreements on 
insurance measures. The Committee will also examine 
recommendations on improving U.S. insurance regulation made by 
the director of the Federal Insurance Office, which must be 
submitted to Congress by January of 2012.
    State-Based Insurance Reforms. The Committee will monitor 
the implementation of provisions included in Title V of the 
Dodd-Frank Act to streamline the regulation of non-admitted 
(surplus lines) insurance and reinsurance. In monitoring these 
and other state-based insurance regulatory reform efforts, the 
Committee will seek to assess whether they are achieving 
uniform standards to enhance the efficiency and effectiveness 
of state insurance and reinsurance regulation.
    Impact of Dodd-Frank Act Implementation on the Insurance 
Sector. The Committee will monitor implementation of various 
provisions in the Dodd-Frank Act for their potential impact on 
the insurance sector--including but not limited to the new 
Financial Stability Oversight Council, the new Orderly 
Liquidation Authority, the new Office of Financial Research, 
and the new Consumer Financial Protection Bureau, as well as 
new restrictions on proprietary trading and investments 
(Volcker Rule), revised capital standards for bank and thrift 
holding companies (the Collins Amendment), and new rules for 
swaps and derivatives that affect end users--to ensure that new 
regulations do not impose unwarranted or excessive burdens on 
the insurance sector that might result in higher costs for 
individuals or businesses that purchase insurance products and 
services or result in unintended consequences for U.S. economic 
competitiveness and job creation.
    State Insurance Guaranty Funds. The Committee will monitor 
the capacity and effectiveness of State Insurance Guaranty 
Funds to enhance stability in the insurance sector and to 
ensure that the financial interests of insurance policyholders 
are sufficiently protected in cases where insurance companies 
become insolvent.
    Terrorism Risk Insurance Program. The Committee will review 
the Terrorism Risk Insurance Program, which expires on December 
31, 2014, for its ongoing impact on the private commercial 
property insurance market and economic stability.

                                Housing

    Housing and Urban Development, Rural Housing Service, 
National Reinvestment Corporation. The Committee will review 
the Department of Housing and Urban Development (HUD) budget. 
The Department's budget has increased steadily in recent years, 
from $31.92 billion in fiscal year 2005 to $46.998 billion in 
fiscal year 2010. The Committee will also review current HUD 
programs with the goal of identifying program spending cuts or 
eliminating inefficient and duplicative programs. Given the 
continued rise in HUD discretionary spending levels, the 
Committee will review unauthorized programs to determine 
whether they should continue to receive funding. The Committee 
will review and hear testimony from the Administration on those 
budgets under its jurisdiction. Testimony is expected from HUD, 
the Rural Housing Service, and the National Reinvestment 
Corporation.
    HUD Inspector General Reports. The Committee has received 
multiple reports from the HUD Inspector General outlining 
improper implementation, poor oversight, and misuse of funds in 
several of HUD's programs. The Committee will conduct a hearing 
with the HUD Inspector General in an effort to better 
understand the program deficiencies outlined in these reports.
    Federal Housing Administration (FHA)--Single Family. 
Increased delinquencies and foreclosures across the nation have 
had a detrimental effect on the financial health of the FHA 
program. The most recent actuarial report for fiscal year 2010, 
released in November, found that the capital reserve ratio for 
the Mutual Mortgage Insurance Fund (MMIF) was 0.50 percent, 
well below the statutorily mandated level of 2 percent. This is 
particularly troubling at a time when FHA's share of the single 
family mortgage market continues to increase. The Committee 
will examine the appropriate role for the FHA program in the 
mortgage finance system, and the ability of the FHA to manage 
its mortgage portfolio and mitigate its risk.
    Federal Housing Administration (FHA)--Multi-Family. The FHA 
Multi-family program offers loan guarantees to address 
specialized mortgage financing needs, such as mortgage 
insurance for rehabilitating, developing, and refinancing 
apartment buildings, nursing home facilities, and nonprofit 
hospitals. The Committee will exercise oversight of the FHA's 
General Risk and Special Risk Insurance fund to ensure that 
losses to the fund will not expose taxpayers to loss.
    Government Foreclosure Mitigation Programs. The Committee 
will review the Obama Administration's well-intentioned but 
unsuccessful foreclosure mitigation initiatives, including the 
Making Home Affordable Program (HAMP). The Administration 
predicted that HAMP would keep some 3 to 4 million families at 
risk of foreclosure in their homes. Nearly two years after the 
program's inception, it has fallen far short of those goals: 
last December, the Congressional Oversight Panel estimated that 
HAMP would ultimately prevent only 700,000 to 800,000 
foreclosures. The Administration's foreclosure mitigation 
initiatives--including those administered by Fannie Mae and 
Freddie Mac--have been characterized by persistently high rates 
of redefault, and the hundreds of thousands of homeowners who 
have failed trial modifications are often left worse off than 
if they had never participated in the programs. Though the 
Administration has attempted to fix its foreclosure mitigation 
initiatives--making hundreds of programmatic changes over the 
course of the last two years--the Committee will examine the 
reasons these programs remain a failure; whether they can ever 
be successful; and whether there are better ways to spend the 
public's money. The Committee will also consider possible 
unintended consequences of foreclosure mitigation programs, 
including delays in the foreclosure process caused by strategic 
defaulters who seek mortgage modifications with no intention of 
complying with the modified terms; losses resulting from such 
strategic defaults that are borne by neighborhoods, investors, 
and taxpayers; and the impediments such strategic defaults pose 
to the stabilization of home prices and housing market 
recovery.
    Section 8 Housing Choice Voucher Program. The Committee 
will continue its effort to reform HUD's largest rental 
assistance program. The Committee will review the rising costs 
of the Section 8 program. Funding for the Section 8 program in 
fiscal year 2009 was $16.817 billion and rose to $18.184 in 
fiscal year 2010. The Committee will review changes that can be 
made to the voucher program and assess the needs of the 
administrators of the voucher program as well as the voucher 
recipients.
    Housing Counseling. Between HUD and NeighborWorks, housing 
counseling programs have received $475 million since 2008. This 
is a substantial commitment of Federal dollars, and many of 
these counseling programs receive funding with little oversight 
or accountability. Accordingly, the Committee will conduct a 
comprehensive review of current housing counseling programs 
within HUD and NeighborWorks. The review will encompass 
Federal, State, private and non-profit efforts to use housing 
counseling funds with the goal of reducing or eliminating 
funding that is duplicative or ineffective.
    Government National Mortgage Association (GNMA). The 
Committee will conduct a comprehensive review of GNMA to 
determine whether its mission and/or authority meets 
contemporary housing needs that promote affordable housing. The 
Committee has requested that the Government Accountability 
Office review GNMA, focusing on the agency's solvency and its 
capacity to handle its increased market share.
    HOPE VI. The HOPE VI program provides grants to public 
housing authorities (PHAs) to demolish severely distressed 
public housing units and replace them with mixed-income 
developments. Previous Administrations have proposed 
eliminating funding for HOPE VI in their budget proposals 
because of delays and inefficiencies in the program. The 
Committee will review the effectiveness of HOPE VI, the reasons 
for the backlog of unspent funds, and whether the program has 
met its initial objectives.
    Public Housing. The Committee will review HUD's public 
housing programs. The spend-out rate for public housing funds 
continues to be slow and inefficient, and billions of dollars 
that have been committed remain unspent.
    Mortgage Broker Licensing and Oversight. The Committee will 
monitor implementation of the S.A.F.E. Mortgage Licensing Act 
of 2008, which established a mortgage originator licensing 
system and registry to better protect homebuyers.
    Loan Originator Compensation. The Committee will examine 
the implementation of proposed rules issued by the Federal 
Reserve governing mortgage origination compensation, which are 
scheduled to become effective April 1, 2011. The Committee is 
concerned that the rules may have an adverse impact on the 
ability of small businesses that originate mortgages to remain 
in business. The Committee will also review the interaction of 
existing real estate settlement rules with rules mandated by 
the Dodd-Frank Act.
    Homelessness. Currently, programs at seven different 
Federal agencies address homelessness, including HUD, the 
Department of Education (DOE), the Department of Veterans 
Affairs (VA), the Department of Justice (DOJ), and the 
Department of Health & Human Services (HHS). The Committee will 
consider alternatives to this fragmented structure, including 
improving coordination or consolidating Federal homelessness 
programs in order to reduce costs and improve oversight and 
transparency. The Committee will review the effectiveness of 
HUD programs and services for homeless veterans, children, 
youth, and families.
    Review of the Manufactured Housing Improvement Act. In 
2000, the Manufactured Housing Improvement Act was signed into 
law with the goals of improving the process and standards under 
which manufactured homes are built; establishing a private 
sector consensus committee that would make recommendations to 
the Secretary of the Department of Housing and Urban 
Development (HUD) at least every two years on ways to keep the 
HUD code up to date; and clarifying the scope of Federal 
preemption and providing HUD with additional staff and 
resources. The Committee will review the implementation of this 
law to date, and consider complaints that certain aspects of 
the law have not been fully or properly implemented by HUD.

                International Monetary Policy and Trade

    Job Creation and U.S. Competitiveness. The Committee will 
examine United States international monetary and trade policies 
with an eye toward ensuring that those policies support the 
ability of U.S. companies to be competitive in the 
international marketplace, thereby promoting domestic job 
creation and economic opportunity.
    China. The Committee will monitor the implications of 
China's economic growth and policies on the U.S. and global 
economy. As China's economy and footprint expands, the degree 
to which it adopts responsible policies and practices that do 
not distort global markets or unfairly disadvantage its trading 
partners will be examined. Principal areas that the Committee 
will assess are currency exchange rates, China's role in 
multilateral bodies, and foreign access to China's domestic 
market.
    Export-Import Bank of the United States. The Export-Import 
Bank (Ex-Im Bank) is chartered by Congress to contribute to the 
employment of U.S. workers through financing exports of U.S. 
manufactured goods and services. The charter under which the 
Ex-Im Bank operates expires on September 30, 2011, and the 
Committee will therefore consider the Bank's reauthorization. 
The Ex-Im Bank has been a self-sustaining agency funded by the 
income it receives through its financing programs. The 
Committee will examine the Bank's policies and programs to 
ensure the continued fiscal soundness of the Bank. In addition, 
as part of the reauthorization process, the Committee plans to 
review the effectiveness of the Bank's financing programs in 
supporting the global competitiveness of U.S. companies, small 
and large, particularly given the liquidity challenges American 
businesses currently face. The Committee will also consider how 
the Bank can better compete with foreign credit export agencies 
to ensure that U.S. firms are not operating at a disadvantage 
against their foreign counterparts.
    International Trade. The Committee recognizes that American 
jobs are supported by U.S. exports, U.S. companies operating 
abroad, and foreign firms operating in the United States. The 
Committee will oversee existing trade programs, and consider 
policies within the Committee's jurisdiction to promote U.S. 
international trade so that American companies are globally 
competitive. The Committee will oversee the progress of the 
National Export Initiative and other Administration proposals 
to increase U.S. exports and create jobs in the United States. 
The Committee will remain active in the oversight of trade 
negotiations as they relate to the global competitiveness of 
the American financial services sector, to ensure such 
agreements improve access to foreign markets, increase trade 
opportunities for American businesses, and create jobs 
domestically. The Committee will consider the impacts of the 
recently agreed to U.S.-South Korea Free Trade Agreement and 
the pending U.S. Free Trade Agreements with Panama and Colombia 
and other agreements.
    Market Access. The Committee will assess opportunities to 
expand market access for U.S. companies and the financial 
services sector, and to promote policies that can bring about 
reciprocal market access with developing nations that currently 
limit or prevent U.S. firms from entering and operating within 
their national borders. In particular, the Committee will 
examine market access issues with regard to nations with which 
the U.S. has entered into free trade agreements.
    Extractive Industries and Conflict Materials. The Committee 
will monitor the implementation of provisions in title XV of 
the Dodd-Frank Act imposing new disclosure requirements 
relating to so-called conflict minerals and extractive 
industries, to ensure that the underlying objectives of the 
provisions are met but that unnecessary compliance burdens for 
U.S. firms are minimized.
    Annual Report and Testimony by the Secretary of the 
Treasury on International Monetary Fund Reform and the State of 
the International Financial System. The Committee will review 
and assess the annual report to Congress from the Secretary of 
the Treasury on the 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 (1) progress 
made in reforming the IMF; (2) the status of efforts to reform 
the international financial system; (3) compliance by borrower 
countries with the terms and conditions of IMF assistance; and 
(4) the status of implementation of anti-money laundering and 
counterterrorism financing standards by the IMF, the 
multilateral development banks, and other multilateral 
financial policymaking bodies. The Committee is interested in 
hearing from the Secretary of the Treasury on international 
exchange rate policies and practices; the U.S. trade deficit; 
the implications of the accumulation of U.S. debt instruments 
in the accounts of its largest trading partners; and how U.S. 
international monetary policies and programs are promoting U.S. 
global competitiveness and contributing to the success of 
American businesses.
    Conduct of the International Financial Institutions (IFIs) 
and Possible U.S. Contributions. The Committee will consider 
any Administration request that the U.S. contribute to the 
replenishment of the concessional lending windows at the World 
Bank, the African Development Bank, and the Asian Development 
Bank. Concessional windows provide grants and below market-rate 
financing to the world's poorest nations; because the financing 
terms are discounted, the lending vehicles are not self-
sustaining and require contributions from wealthier member 
nations. During consideration of any such request, the 
Committee will assess the effectiveness of these lending 
facilities in achieving economic development and promoting 
global economic stability. In addition, the Committee will 
consider the policies of the IFIs to ensure effective use of 
resources and appropriate alignment with U.S. interests in 
promoting economic growth and stability. Additionally, the 
Administration is expected to request that the Committee 
authorize funding for the U.S. share of the general capital 
increase (GCI) for the World Bank (International Bank for 
Reconstruction and Development), the Inter-American Development 
Bank, the Asian development Bank, the African Development Bank, 
the European Bank for Reconstruction and Development, and the 
International Finance Corporation. In examining such 
authorization requests, the Committee will consider the reforms 
each institution has agreed to make, as well as the missions 
and comparative strengths of each institution.
    Haiti. The Committee will continue to closely monitor the 
dire economic situation facing the people of Haiti and examine 
appropriate policy responses to help alleviate one of the worst 
cases of human misery in the hemisphere. The Committee will 
also consider the impact of the Inter-American Development 
Bank's capital increase proposal on Haiti over the next decade.
    International Monetary Fund (IMF). The Committee will 
assess the IMF's actions during and after the financial crisis 
to determine how best to leverage U.S. resources through this 
multilateral institution. This examination will center on the 
IMF's lending policies, its surveillance programs, and its 
reform efforts related to member-nation representation.
    Iran Sanctions. The Committee will monitor the 
implementation of the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (Public Law 111-
195). Particular focus will be placed on whether financial 
services-related aspects of the law have been executed in 
accordance with the law's intent, and what the impact of such 
policies has been.
    Eurozone Distress. The Committee will monitor the economic 
distress in the Eurozone, which stems from unsustainable levels 
of sovereign debt in several European countries, and its impact 
on the U.S. and global economy. Further deterioration in the 
Eurozone's fiscal health may have implications beyond the 
continent's borders. Consequently, the Committee will examine 
actions taken by the IMF, the European Union and other nations 
to address the sovereign debt issues in the Eurozone. The 
Committee will also explore how best to protect U.S. interests 
while also ensuring that taxpayer dollars are not used to bail 
out foreign governments that have followed reckless fiscal 
paths.
    Global Capital Flows. The Committee will monitor the flow 
of capital globally. The buildup of large currency reserves in 
surplus nations can lead to imbalances in capital allocations 
and asset bubbles that threaten global economic stability. The 
Committee will assess the implications of the investment of 
these reserves on global financial stability.

                Domestic Monetary Policy and Technology

    The Economy and Jobs. In light of efforts to stimulate the 
economy through increased spending and accommodative Federal 
Reserve policies, the Committee will examine the extent to 
which changes in the economy, particularly those resulting from 
the economic crisis, have challenged assumptions about the 
relationship between monetary policy, government expenditures, 
deficits, employment, and economic growth. The Committee will 
examine the effectiveness and consequences of the extraordinary 
and simultaneous measures undertaken by the Federal Reserve and 
the executive branch on economic growth and employment. The 
Committee also will examine the effects of mounting Federal 
debt and annual Federal budget deficits on economic recovery 
and long-term economic growth.
    Conduct of Monetary Policy by the Board of Governors of the 
Federal Reserve System. The Committee will thoroughly examine 
the process by which the Federal Reserve sets and executes its 
monetary policy goals, while respecting the independence of the 
Federal Reserve's decision-making. The Committee will review 
the recent history of monetary policy decisions and examine the 
Federal Reserve's plan for removing excess liquidity from the 
economy after recovery is firmly established to prevent 
inflation. The Committee will examine the quality of economic 
data the Federal Reserve uses to make its decisions, the 
accuracy and utility of the Federal Reserve's econometric 
models, and the effect of the Federal Reserve's legislative 
mandates on its decisions. The Committee will pay particular 
attention to the upcoming Government Accountability Office 
audit of the Federal Reserve and seek further audits to ensure 
that the Federal Reserve's monetary policy decisions are based 
on the best data and models, and that it successfully executes 
open market operations to reach its goals. Of particular 
interest to the Committee will be the second round of 
quantitative easing undertaken by the Federal Reserve. As part 
of this review, 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 
and the state of the economy.
    General Oversight of the Federal Reserve System. The 
Committee will conduct oversight of the operations of the 
Federal Reserve Board of Governors and the Federal Reserve 
System, including management structure, organizational changes 
mandated by the Dodd-Frank Act, and the role of the Federal 
Reserve in the supervision of systemically significant banks 
and non-bank financial institutions. As part of this review, 
the Committee will hold statutorily required semi-annual 
hearings to receive testimony from the Federal Reserve's Vice 
Chairman for Supervision, a position created by Section 1108 of 
the Dodd-Frank Act that the Obama Administration has not yet 
filled.
    Defense Production Act. The Committee will continue to 
monitor the effectiveness of the Defense Production Act and its 
individual authorities in promoting national security.
    Committee on Foreign Investment in the United States 
(CFIUS). The Committee will continue to monitor the 
implementation of the Foreign Investment and National Security 
Act of 2007, which reformed the Committee on Foreign Investment 
in the United States (CFIUS). The Committee will seek to ensure 
that CFIUS fulfills its statutory mandate to identify and 
address those foreign investments that pose legitimate threats 
to national security. 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 proceed.
    Activities of the U.S. Mint and the Bureau of Engraving and 
Printing. The Committee will conduct oversight of the 
activities of these Treasury bureaus as they relate to the 
printing and 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 will examine methods to reduce the cost of 
minting coins. The Committee will examine efforts to make 
currency more accessible to the visually impaired. 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, and will examine the counterfeiting 
of rare or investment-grade coins, U.S.-made and otherwise. The 
Committee will examine the difficulties the Bureau of Engraving 
and Printing has experienced in producing the newest series of 
$100 bills, as well as the difficulties the U.S. Mint has 
experienced in meeting investor and collector demand for 
bullion coin products. The Committee also will begin an 
examination of the long-term demand for circulating coins and 
banknotes, and consider appropriate measures to maintain an 
adequate supply of each, while controlling costs to the 
taxpayer.
    The Financial Crimes Enforcement Network (FinCEN). The 
Committee will examine the operations of FinCEN and its ongoing 
efforts to implement its regulatory mandates pursuant to the 
Bank Secrecy Act (BSA), to combat money laundering and 
terrorist financing activities. The Committee will examine 
means to reduce the burden on financial institutions in 
complying with BSA regulations, while maintaining the utility 
of the filings required by the BSA to law enforcement. The 
Committee will examine the confidentiality of BSA reports and 
examine the guidance issued by FinCEN to BSA examiners to 
foster more uniform examination and enforcement practices.
    The 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.
    Payment System Innovations. The Committee will review 
government and private sector efforts to achieve greater 
innovations and efficiencies in the payments system. The 
Committee will examine payment system alternatives, including 
prepaid credit cards, the use of mobile devices to transfer and 
store value, web-based value-transfer systems, remote check 
deposit, and informal money transfer systems, businesses or 
networks, to determine both the efficiencies they can provide 
to customers, businesses and financial institutions, and their 
susceptibility to money laundering and terrorism financing, and 
other financial crimes.

       Clause 2(d)(1)(F) of Rule X of the House on Proposed Cuts

    Clause 2(d)(1)(F) of rule X of the Rules of the House of 
Representatives for the 112th Congress requires each standing 
committee to include in its oversight plan proposals to cut or 
eliminate programs, including mandatory spending programs, that 
are inefficient, duplicative, outdated, or more appropriately 
administered by State or local governments.
    The unsustainable Federal deficit caused by unchecked 
spending remains the most daunting challenge facing the U.S. 
economy. The deficit has created uncertainty among families, 
investors, and small business owners who do not know whether 
the value of saving and investment undertaken today will be 
eroded through inflation and higher taxes in the years ahead 
resulting from ever-increasing Federal deficits. Last month, 
the Congressional Budget Office issued its ten-year ``Budget 
and Economic Outlook,'' in which it estimated that the fiscal 
2011 federal deficit will reach a record level of $1.48 
trillion. The CBO's analysis confirms that the nation's current 
fiscal path is unsustainable. Only by making the difficult 
choices that are necessary to put the nation's fiscal house in 
order can the 112th Congress lay the groundwork for ensuring 
America's prosperity for future generations.
    The following are Federal programs under the jurisdiction 
of the Committee on Financial Services that will be reviewed 
for possible cuts, elimination, or consolidation into other 
Federal programs.
    HOPE VI/Choice Neighborhoods. The Hope VI Program was 
established to convert public housing developments that were 
distressed or dangerous into mixed-use, more viable housing. 
Both the Bush and the Obama Administrations have recommended 
eliminating HOPE VI funding in their budget proposals. The 
Obama Administration proposed replacing the HOPE VI program 
with a new Choice Neighborhoods Initiative. However, rather 
than eliminating HOPE VI and replacing the program with Choice 
Neighborhoods, both were funded in the FY 2010 budget. The HOPE 
VI program received $200 million in the fiscal year 2010 
budget, with $60 million going to Choice Neighborhoods. Current 
unobligated funds for fiscal year 2010 total $198 million. The 
Committee recommends that the HOPE VI program be eliminated.
    Community Development Block Grants (CDBG). The CDBG program 
provides federal funds to cities and localities to help them 
address housing and community development. Rather than building 
communities, however, the CDBG program operates like a revenue 
sharing program for the states and localities. CDBG funds are 
allocated by a formula through which 70 percent of the funds 
are directed to ``entitlement communities''--which are central 
cities of metropolitan areas, cities with populations of 50,000 
or more, and urban counties--and the remaining 30 percent is 
directed to states for use in small, non-entitlement 
communities. The fiscal year 2010 budget included $4.45 billion 
for the program. The Committee will consider ways to scale back 
the CDBG program, including but not limited to changes in the 
current distribution of CDBG formula funds. In addition, the 
Committee will review the eligible activities and oversight and 
administration of the program with the aim of ensuring that 
funds are used in an appropriate manner and with the express 
purpose of reducing the cost of the program.
    Brownfields Economic Development Initiative (BEDI). The 
BEDI program offers grants to localities for the redevelopment 
of abandoned, idled and underused industrial and commercial 
facilities where expansion and redevelopment is burdened by 
real or potential environmental contamination. BEDI is a 
competitive grant program whose purposes are served through 
much larger and more flexible Federal programs. Fiscal year 
2010 funding was $18 million. The BEDI program is duplicative 
of other programs administered by the Environmental Protection 
Agency, and the Committee recommends that it be eliminated.
    Rural Housing and Economic Development (RHED). The RHED 
program provides grants to non-profits for capacity building at 
the state and local level for rural housing and economic 
development. This program is duplicative of other rural 
development funding programs administered by the Department of 
Agriculture. It was zeroed out by both the Bush and Obama 
Administrations in their budgets. Fiscal year 2010 funding for 
this program was $25 million. The Committee recommends that it 
be eliminated.
    Neighborhood Stabilization Program (NSP). Authorized under 
the American Recovery and Reinvestment Act of 2009, the NSP 
allocates federal financial assistance to states and local 
governments with high concentrations of foreclosed homes, 
subprime mortgage loans, and delinquent home mortgages. Two 
rounds of NSP funding have already been provided to states and 
localities, and the Dodd-Frank Act provided for a third round 
of grants to local governments and states to purchase and 
rehabilitate vacant and foreclosed properties. As a result, 
Federal funds continue to be directed to a program whose 
effectiveness has been questioned. For example, HUD Secretary 
Shaun Donovan announced in May 2010 that HUD would likely 
recapture and redistribute approximately $1 billion in 
unobligated NSP funds. In light of current budget deficits and 
the concerns raised regarding the administration and oversight 
of this program, the Committee recommends that the $1 billion 
in unobligated NSP funds be rescinded and that the program be 
eliminated.
    Sustainable Communities. In the 2010 Consolidated 
Appropriations Act (Public Law 111-117), Congress provided a 
total of $150 million to HUD for a Sustainable Communities 
initiative. The goal of this grant program is to improve 
regional planning efforts that integrate housing and 
transportation decisions, and increase state, regional, and 
local capacity to incorporate livability, sustainability, and 
social equity values into land use plans and zoning. While the 
goals of the program have merit, the nation cannot afford 
another new program and the Committee believes that these 
decisions are best left to state and local governments and 
zoning boards. The Sustainable Communities program has yet to 
be authorized, and the Committee recommends that it be 
eliminated.
    Public Housing Capital Fund. In fiscal year 2009, Congress 
approved $2.45 billion for the Public Housing Capital Fund, 
which funds large capital projects and modernization projects. 
However, the spend-out rate for these funds continues to be 
slow and inefficient. Billions of committed dollars remain 
unexpended: in fact, HUD has only just recently awarded the $4 
billion in public housing capital funds included in the 2009 
Economic Stimulus. The Committee therefore recommends 
rescinding unobligated capital fund balances after 36 months.
    FHA Refinance Program. On March 26, the Administration 
announced a new FHA Refinance Program for underwater 
homeowners. Treasury indicated that the program would be funded 
with $8 billion in TARP funds that had originally been set 
aside for HAMP. The program was implemented on September 7, 
2010, and will continue until December 31, 2012. According to a 
December 13, 2010, report by the Congressional Research 
Service, FHA had received only 35 applications as of the end of 
October 2010. Rather than funding another ineffective 
foreclosure mitigation program, the Committee recommends that 
the $8 billion in TARP funds that has been set aside for this 
program be returned to the taxpayer.
    Making Home Affordable Programs. On February 18, 2009, 
President Obama announced a three-part ``Making Home Affordable 
Program'' with the stated goal of helping 9 million borrowers 
at risk of foreclosure or seeking to refinance high-cost 
mortgages. The plan included (1) a refinancing program for 
mortgages owned by Fannie Mae or Freddie Mac (known as the Home 
Affordable Refinance plan); (2) a $75 billion loan modification 
program (known as the Home Affordable Modification plan); and 
(3) a commitment of $200 billion to purchase Fannie and Freddie 
preferred stock. Funding for the modification plan is derived 
from the Troubled Asset Relief Program (TARP) and the 
Government Sponsored Enterprises (GSEs), and the GSE preferred 
stock purchases drew from funds authorized by the Housing and 
Economic Recovery Act of 2008 (HERA). As described in more 
detail earlier in this Oversight Plan, HAMP has not met the 
goals set for it. HAMP's foreclosure mitigation initiatives 
have failed to help a sufficient number of distressed 
homeowners to justify the program's cost. Accordingly, the 
Committee recommends rescinding unspent and unobligated 
balances currently committed to these programs.
    NeighborWorks America. NeighborWorks is a government-
chartered, nonprofit corporation with a national network of 
affiliated organizations that engage in community reinvestment 
activities, such as generating investment and providing 
training and technical assistance related to affordable 
housing. NeighborWorks has received congressional 
appropriations to provide grants, training, and technical 
assistance, and last year received $133 million in its base 
appropriation and $65 million through the National Foreclosure 
Mitigation Counseling Program. However, HUD has multiple 
counseling programs, and the Dodd-Frank Act established a new 
Office of Housing Counseling to coordinate housing counseling 
programs. The Committee recommends that the counseling 
operations under NeighborWorks be moved to HUD's new Housing 
Counseling Office. Consolidating counseling programs under HUD 
in the newly established office will eliminate overlapping and 
duplicative functions, and allow for better oversight of funds 
spent on housing counseling. Moreover, many of the tasks that 
NeighborWorks currently performs are duplicative of existing 
HUD programs and can be consolidated, which could eliminate the 
need for the annual appropriation for NeighborWorks.
    Legal Assistance. The Dodd-Frank Act authorized $35 million 
for grants to organizations that offer legal assistance to low- 
and moderate-income homeowners and tenants for home ownership 
preservation, foreclosure prevention and tenancy-related home 
foreclosures. The Committee recommends that unexpended and 
unobligated amounts be reviewed.
    Emergency Homeowner Relief Fund. The Dodd-Frank Act 
established a $1 billion Emergency Homeowner Relief Fund, which 
provides loans or credit advances to borrowers who cannot pay 
their mortgages because of unemployment or reduction in income. 
Administered by HUD, emergency mortgage relief payments may be 
provided for up to twelve months and extended once for up to 
twelve additional months. Because these loans increase the 
amount of the borrower's indebtedness, the borrower is not 
likely to pay back either the original amount of principal or 
the additional loans made under the program. The borrower thus 
derives no benefit from the program, and the government suffers 
a loss from the eventual default. The Committee therefore 
recommends that the unexpended and unobligated amounts be 
rescinded.
                                 Part B


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


                 Specific Dodd-Frank Oversight Matters


Financial Stability Oversight Council (FSOC).

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
structure of the Financial Stability Oversight Council (FSOC), 
an interagency body created by the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (P.L. 111-203) (the Dodd-
Frank Act) to identify, monitor, and address potential threats 
to the U.S. financial system. The Dodd-Frank Act requires the 
FSOC to report annually to Congress, to be followed by 
testimony by the Secretary of the Treasury in his capacity as 
FSOC Chairman.
    On April 14, 2011, the Oversight and Investigations 
Subcommittee held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' Witnesses included 
Chairman Gary Gensler of the Commodity Futures Trading 
Commission and Treasury Under Secretary for Domestic Finance 
Jeffrey A. Goldstein, as well as representatives of other 
agencies serving on the panel including the National 
Association of Insurance Commissioners designee to the Council, 
the Federal Reserve, the Securities Exchange Commission, the 
Federal Deposit Insurance Corporation, and the Office of the 
Comptroller of the Currency. The hearing examined the 
performance of the Council's statutory responsibilities, 
especially the mandate in Section 113 of the Dodd-Frank Act to 
identify financial institutions that will be subject to 
enhanced supervision by the Federal Reserve and heightened 
prudential standards. During the hearing, Members from both the 
majority and minority expressed concern about the lack of 
transparency in the rulemaking process for Section 113 
designations. Members likewise expressed disappointment that 
the Administration had yet to nominate a voting Council member 
having insurance expertise pursuant to Section 111, and about 
the Council's reported failure to provide or clear staff to 
assist the non-voting insurance representative selected by the 
National Association of Insurance Commissioners.
    On May 4, 2011, as a follow-up to the April 14 hearing, 
Oversight and Investigation Subcommittee Chairman Neugebauer 
and Ranking Member Capuano sent a letter to the member agencies 
of the FSOC requesting that they resubmit the rule on the 
``Authority to Require Supervision and Regulation of Certain 
Nonbank Financial Companies'' for another round of notice and 
comment, and include in the revised proposal a more detailed 
description of the decision-making criteria and metrics that 
are contemplated for the final rule.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' In her testimony, FDIC Chairman 
Sheila Bair discussed the criteria for determining whether a 
non-bank financial institution should be deemed systemically 
important, and fielded questions about the impact that 
designating financial institutions as systemically important 
could have on consolidation in the banking industry and on 
borrowing costs.

Volcker Rule

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
regulatory implementation of the Volcker Rule (Section 619 of 
the Dodd-Frank Act) to ensure that it does not result in 
unintended consequences for U.S. economic competitiveness and 
job creation, or for the liquidity and efficiency of U.S. 
capital markets. The Volcker Rule bars bank holding companies 
from engaging in proprietary trading and severely limits their 
ability to sponsor and invest in hedge funds and private equity
    On January 22, 2011, the Financial Stability Oversight 
Council issued recommendations to the agencies charged with 
promulgating regulations to implement the Volcker Rule. On 
January 26, the Volcker Rule was the subject of discussion at a 
full Committee hearing entitled ``Promoting Economic Recovery 
and Job Creation: The Road Forward.'' Witnesses, including 
academics and business owners, expressed concerns that the 
Volcker Rule could compromise international competitiveness, 
undermine the safety and soundness of financial institutions 
and limit investment capital for businesses, including small 
businesses. During the hearing Professor Hal S. Scott of 
Harvard Law School stated that there should be no Volcker Rule.
    On March 15, 2011, Chairman Bachus and Oversight and 
Investigations Subcommittee Chairman Neugebauer wrote the 
member agencies of the FSOC requesting information about the 
use and application of comments submitted to the FSOC regarding 
its study prepared under Section 619 of Dodd-Frank. The letter 
requested the production of materials used by the Council to 
develop its approach to implementing the Volcker Rule. In 
response to this request, a letter dated June 10, 2011 and 
signed by Treasury Secretary Timothy Geithner referred Chairman 
Bachus and Subcommittee Chairman Neugebauer to FSOC's study 
mandated by Dodd-Frank on Volcker Rule implementation.

          Capital Markets and Government Sponsored Enterprises


Oversight and Restructuring of the Securities and Exchange Commission 
        (SEC)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor and 
review all aspects of the Securities and Exchange Commission's 
(SEC) budget, operations, structure and fulfillment of its 
Congressional mandate.
    On March 10, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Oversight of the Securities and Exchange Commission's 
Operations, Activities, Challenges and FY 2012 Budget 
Request.'' The hearing provided broad oversight of the SEC, 
including its FY2012 budget request, the implementation of 
various provisions mandated by the Dodd-Frank Act, and a review 
of SEC regulatory initiatives beyond the Dodd-Frank Act.
    Chairman Bachus and Representatives Garrett, Hensarling, 
and Neugebauer sent SEC Chairman Schapiro two letters--one on 
February 24, 2011 and one on February 28, 2011--expressing 
concerns regarding the SEC's General Counsel, David Becker, 
having participated in matters related to the Bernard L. Madoff 
Investment Securities fraud despite having inherited and 
liquidated his mother's Madoff account.
    On March 15, 2011, Chairman Bachus and Representative 
Neugebauer sent Chairman Schapiro a letter inquiring about the 
SEC's involvement in a study of the SEC's organizational 
structure that was mandated by Section 967 of the Dodd-Frank 
Act and was completed by the Boston Consulting Group and 
submitted to Congress on March 10, 2011.

Derivatives

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
operations, growth and structure of the over-the-counter (OTC) 
derivatives market, and the implementation of new rules 
required by the Dodd-Frank Act to govern the OTC marketplace.
    On February 15, 2011, the Committee on Financial Services 
held a hearing entitled ``Assessing the Regulatory, Economic 
and Market Implications of the Dodd-Frank Derivatives Title.'' 
This hearing provided broad oversight of Title VII of the Dodd-
Frank Act from the perspectives of both the federal regulators 
and market participants. The hearing examined the 
implementation timeline for the SEC and CFTC to complete the 
rules mandated by Title VII, substantive questions about the 
proposed rulemakings, and the impact on various market 
participants, including the potential negative impact on non-
financial companies that use derivatives contracts to hedge 
against legitimate business risks.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' One of the legislative 
proposals discussed during that hearing was a draft bill to 
amend the definitions of ``major swap participant'' and ``major 
security-based swap participant'' in the Commodity Exchange Act 
and the Securities Exchange Act of 1934, respectively. Based on 
the testimony received at that hearing, Representative Grimm 
introduced H.R. 1610, the Business Risk Mitigation and Price 
Stabilization Act of 2011, on April 15, 2011, which would 
exempt derivatives end-users from having to post margin as 
required under Title VII of the Dodd-Frank Act.
    On April 6, 2011, Chairman Bachus, Agriculture Committee 
Chairman Lucas and Senators Stabenow and Johnson wrote to the 
Secretary of the Treasury and the Chairmen of the SEC, CFTC and 
Federal Reserve about the importance of establishing a 
regulatory regime that will not create economic disincentives 
for end-users to access the derivatives markets. The letter 
urged the regulators to exempt end-users from margin 
requirements and seek to limit other regulatory burdens that 
could have the unintended effect of driving up costs for end 
users. The letter also stressed the importance of national and 
international regulatory coordination to avoid regulatory 
arbitrage and competitive disadvantages for U.S. companies.
    On April 15, 2011, Representatives Lucas, Bachus, Conaway, 
and Garrett introduced H.R. 1573, which would extend the 
deadline for implementing Title VII of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act by 18 months, which 
realigns the United States with the G20 agreement to move to 
reporting and central clearing by December 2012. H.R. 1573 
maintains the current timeframe for the SEC and CFTC to issue 
final rules defining key terms and maintains the current 
timeframe for the rules requiring record retention and 
regulatory reporting for swaps. H.R. 1573 also requires the SEC 
and CFTC to hold public hearings to take testimony and comment 
on proposed rules before they are made final, and factor those 
comments into cost-benefit analysis and the timing of effective 
dates. Finally, H.R. 1573 provides the SEC and CFTC authority 
to exempt certain persons from registration and/or other 
regulatory requirements if they are subject to comparable 
supervision by another regulatory authority, if there are 
information sharing arrangements in effect between the 
Commissions and that regulatory authority, and if it is in the 
public interest.

Credit Rating Agencies

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
role that credit rating agencies, also known as the Nationally 
Recognized Statistical Ratings Organizations (NRSROs), play in 
the U.S. financial markets and the regulatory oversight of the 
NRSROs.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' One of the legislative 
proposals discussed during that hearing was a draft bill to 
repeal section 939G of the Dodd-Frank Act and restore 
Securities and Exchange Commission Rule 436(g), governing the 
liability of NRSROs when their ratings are included in 
statements and prospectuses filed with the SEC. On April 14, 
2011, Representative Stivers introduced H.R. 1539, the Asset-
Backed Market Stabilization Act of 2011, which is identical to 
the draft bill considered on March 16, 2011.

Securitization and Risk Retention

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
regulatory implementation of Section 941 of the Dodd-Frank Act, 
establishing new risk retention standards for securitizations 
of mortgages and other assets.
    On April 14, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Understanding the Implications and Consequences of the 
Proposed Rule on Risk Retention.'' The hearing focused on the 
proposed rule to implement Section 941 issued by the Department 
of Housing and Urban Development (HUD), the Federal Deposit 
Insurance Corporation (FDIC), the Federal Reserve Board, the 
Securities and Exchange Commission, the Federal Housing Finance 
Agency, and the Office of the Comptroller of the Currency in 
March 2011, particularly its implications for the availability 
of affordable mortgage credit.
    In addition, on February 10, 2011, Chairman Bachus sent a 
letter to the six Federal agencies charged with promulgating 
the risk retention rules for residential mortgage-backed 
securities, asking that ``Qualified Residential Mortgages'' 
(QRMs) exempt from the risk retention requirements be defined 
with sufficient flexibility so as to reduce reliance upon the 
Federal Housing Administration's mortgage insurance program, 
thereby limiting taxpayer exposure.

Regulation and Oversight of Broker-Dealers and Investment Advisers

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
study mandated by Sections 913 and 914 of the Dodd-Frank Act, 
relating to the duties of care owed to investors by broker-
dealers and investment advisers.
    Section 913 of the Dodd-Frank Act requires the SEC to 
evaluate existing standards for personalized investment advice 
to retail investors and to promulgate regulations based upon 
the findings of the study. The SEC released the study mandated 
by Section 913 on January 21, 2011. On March 15, 2011, Chairman 
Bachus, Education and the Workforce Committee Chairman Kline, 
and Agriculture Committee Chairman Frank Lucas sent a letter to 
Secretary of Labor Hilda Solis, SEC Chairman Mary Schapiro, and 
CFTC Chairman Gary Gensler, expressing concern that 
uncoordinated rulemaking on the fiduciary duty owed by 
investment professionals could lead to market confusion and 
economic disruption.
    On March 17, 2011, the Republican Members of the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises sent a letter to SEC Chairman Schapiro regarding 
the SEC staff study on the regulatory regime for broker-dealers 
and investment advisers conducted pursuant to Section 913 of 
the Dodd-Frank Act. The letter requested that the SEC gather 
stronger analytical and empirical information, including an 
assessment of the impact throughout the entire financial 
marketplace and consideration of related oversight, examination 
and enforcement programs, before moving forward with the 
rulemaking mandated by Section 913.

Advisers to Private Funds

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
functions served by advisers to private funds, including hedge 
funds, private equity funds, and venture capital funds, in the 
United States financial marketplace.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' One of the legislative 
proposals discussed during that hearing was H.R. 1082, the 
Small Business Capital Access and Job Preservation Act, which 
was introduced by Representative Hurt on March 15, 2011. H.R. 
1082 would exempt advisers to private equity funds from U.S. 
Securities and Exchange Commission registration requirements as 
mandated by Title IV of the Dodd-Frank Act.

GSE Reform

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine 
``proposals to modify or terminate the GSEs' statutory 
charters'' and also consider the appropriate role, if any, for 
the Federal government in the secondary mortgage market.
    Since January 2011, the full Committee has held two 
hearings to examine GSE reform proposals. In addition, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises has held three hearings, two of which focused on 15 
different bills and legislative ideas. The Subcommittee has 
also held one markup so far. On April 5, 2011, the Subcommittee 
overwhelmingly passed with bipartisan support eight legislative 
measures designed to scale back the role played by the GSEs in 
the U.S. mortgage market and limit further taxpayer exposure.
    On January 26, 2011, the full Committee held a hearing 
titled ``Promoting Economic Recovery and Job Creation: The Road 
Forward.'' The hearing broadly examined the health of the 
United States economy, impediments to job growth and ways to 
address the nation's budget challenges. John Taylor of Stanford 
University also argued during the hearing that GSE reform is 
necessary.
    On February 9, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing titled 
``GSE Reform: Immediate Steps to protect Taxpayers and End the 
Bailout.'' Four scholars offered suggestions for reforms, 
debated the merits of government guarantees, and examined ways 
to transition Fannie Mae and Freddie Mac from a Federal 
conservatorship.
    On March 1, 2011, the full Committee held a hearing titled 
``Mortgage Finance Reform: An Examination of the Obama 
Administration's Report to Congress,'' at which Treasury 
Secretary Timothy Geithner presented the Obama Administration's 
options for GSE reform. Section 1074 of the Dodd-Frank Act 
required the Treasury Department to ``conduct a study of and 
develop recommendations regarding the options for ending the 
[GSE] conservatorship.'' The Treasury Department and the 
Department of Housing and Urban Development submitted a 31-page 
white paper on February 11, 2011, titled ``Reforming America's 
Housing Finance Market: A Report to Congress.'' Secretary 
Geithner listed a series of short-term steps that the 
Administration intends to take that it believes will help 
attract private capital into the mortgage market and reduce the 
``unfair capital advantages that Fannie Mae and Freddie Mac 
previously enjoyed,'' and he outlined three options for long-
term change. He did not endorse any of the options.
    Option One would place the mortgage market in the hands of 
the private sector and limit the government's insurance role to 
narrowly-targeted groups of borrowers through the Federal 
Housing Administration (FHA), the United States Department of 
Agriculture (USDA) and the Department of Veterans' Affairs. The 
middleman role currently played by Fannie and Freddie would 
disappear. Option Two would also create a more private market, 
narrowly targeting government assistance in programs for low- 
and moderate-income borrowers. Under this proposal, the 
government would also develop a backstop mechanism to ensure 
access to credit during a housing crisis. Option Three 
envisions a system based on an explicit guarantee of 
catastrophic risks. Under this proposal, a group of private 
mortgage guarantor companies would provide guarantees for 
mortgage-backed securities that meet certain underwriting 
standards. A government reinsurer would then provide 
reinsurance to the holders of these securities, which would be 
paid out only if shareholders of the private mortgage 
guarantors have been entirely wiped out. The government would 
price and issue the catastrophic guarantee, collect a premium 
for the guarantee, and administer the program.
    On March 31, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing 
titled ``Legislative Hearing on Immediate Steps to Protect 
Taxpayers from the Ongoing Bailout of Fannie Mae and Freddie 
Mac.'' The two-panel hearing focused on eight bills designed to 
scale back the role played by the GSEs in the U.S. mortgage 
market and limit further taxpayer exposure. The bills would (1) 
expand the reporting requirements and enhance the authority of 
the FHFA's Inspector General; (2) suspend the current 
compensation packages for all wage grade employees at Fannie 
Mae and Freddie Mac and establish a compensation system for the 
executive officers that is consistent with that of the 
Executive Schedule and the Senior Executive Service of the 
Federal Government and for all other employees that is in 
accordance with the General Schedule; (3) mandate that the FHFA 
gradually require higher guarantee fees at Fannie Mae and 
Freddie Mac over the next two years while requiring the FHFA to 
consider the conditions of the financial market in raising the 
GSEs' guarantee fees to ensure that its actions do not disrupt 
a housing recovery; (4) prohibit the GSEs from offering, 
undertaking, transacting, conducting or engaging in any new 
business activities while in conservatorship or receivership; 
(5) require the Treasury Department to approve any new debt 
issuances by the GSEs; (6) eliminate any advantages that the 
new Qualified Residential Mortgage definition might confer on 
the GSEs; (7) repeal the GSEs' affordable housing goals; and 
(8) accelerate and formalize the reductions in the size of the 
GSEs' portfolios, by setting annual limits on the maximum size 
of each GSE's retained portfolio, ratcheting the limits down 
over five years until they reach $250 billion.
    On May 25, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing 
titled ``Transparency, Transition and Taxpayer Protection: More 
Steps to End the GSE Bailout'' to consider seven additional GSE 
reform proposals. This two-panel hearing focused on seven 
legislative proposals primarily designed to scale back the role 
played by the GSEs in the U.S. mortgage market and limit 
further taxpayer exposure. Edward DeMarco, Acting Director of 
the Federal Housing Finance Agency, testified, as did noted GSE 
analysts and housing reform advocates.

GSE Legal Fees

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
expenditure of more than $160 million in federal funds to 
defend Fannie Mae, Freddie Mac and their top executives in 
lawsuits since the GSE conservatorship began in September 2008, 
and to consider ways to limit further taxpayer exposure.
    On February 15, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``An Analysis of the 
Post-Conservatorship Legal Expenses of Fannie Mae and Freddie 
Mac.'' Witnesses at the hearing included the Acting FHFA 
Director, Edward deMarco, and the current CEO of Fannie Mae. In 
both his oral and written testimony, Acting Director DeMarco 
stated that FHFA had determined that cancelling the 
indemnification contracts of the GSEs' senior executives would 
have been subject to legal challenge and made it more difficult 
to attract skilled professionals to work at the companies. Both 
majority and minority members challenged this position.

Federal Home Loan Banks

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
activities of the twelve Federal Home Loan Banks (FHLBs), 
including the capital requirements, financial health, and 
stability of the FHLB System, as well as the FHLB System's 
ability to fulfill its housing mission and provide liquidity to 
the cooperative's member banks in a safe and sound manner. On 
March 1, 2011, during a full Committee hearing titled 
``Mortgage Finance Reform: An Examination of the Obama 
Administration's Report to Congress,'' Treasury Secretary 
Timothy Geithner discussed ways to strengthen the FHLB System, 
including enhancing regulatory oversight and limiting FHLB 
portfolios to reduce systemic risks.

Municipal Securities

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
U.S. municipal securities markets and consider reforms to 
increase transparency in that segment of the capital markets.
    On February 23, 2011, Chairman Bachus sent a letter to SEC 
Chairman Schapiro about the SEC's proposed rule to implement 
Section 975 of the Dodd-Frank Act governing the oversight of 
municipal advisers.

Capital Formation

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
regulatory impediments to capital formation and consider both 
regulatory and market-based incentives to increase access to 
capital.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' One of the legislative 
proposals discussed during that hearing was H.R. 1070, the 
Small Company Capital Formation Act of 2011, which was 
introduced by Representative Schweikert on March 14, 2011. H.R. 
1070 would increase the offering threshold for companies 
exempted from registration under SEC Regulation A from $5 
million to $50 million. The bill also requires the SEC to re-
examine the threshold every two years and report to Congress on 
decisions regarding the adjustment of the threshold.

Covered Bonds

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
whether the existing statutory and regulatory framework is 
sufficient to foster the creation of a covered bond market in 
the U.S. or whether additional regulatory or legislative 
initiatives are necessary.
    On March 11, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Create a Covered Bond Market in the 
United States.'' The hearing focused on H.R. 940, the United 
States covered Bonds Act of 2011, which was introduced by 
Representative Garrett on March 8, 2011. The hearing also 
examined perspectives on how the United States could enact 
legislation to provide a legal framework to allow covered bonds 
to be issued in the United States.

Corporate Governance

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
developments and issues relating to corporate governance at 
public companies. On May 11, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises held a hearing 
entitled ``Legislative Proposals to Address the Negative 
Consequences of the Dodd-Frank Whistleblower Provisions.'' The 
hearing focused on a legislative proposal by Representative 
Grimm that would amend the whistleblower provisions of the 
Dodd-Frank Act, in particular Section 922, by preserving the 
viability of internal reporting regimes established by the 
Sarbanes-Oxley Act of 2002 and preventing employees who are 
responsible for wrongful acts from receiving an award from the 
bounty program established by Section 922.

Employee Compensation

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
implementation of the provisions of the Dodd-Frank Act 
governing compensation practices at public companies and 
financial institutions.
    On March 16, 2011, the Subcommittee held a hearing entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' One of the legislative 
proposals discussed during that hearing was H.R. 1062, the 
Burdensome Data Collection Relief Act, which was introduced by 
Representative Hayworth on March 14, 2011. H.R. 1062 would 
repeal Section 953(b) of the Dodd-Frank Act which requires 
publicly traded companies to disclose the median of the annual 
total compensation of all employees of the company (other than 
the CEO), the annual total compensation of the CEO, and a ratio 
comparing those two numbers.

Securities Fraud

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
SEC's compliance, inspections, examinations, and enforcement 
functions to ensure that adequate mechanisms exist to prevent 
and detect securities fraud.
    On May 13, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``The Stanford Ponzi 
Scheme: Lessons for Protecting Investors from the Next 
Securities Fraud.'' This hearing reviewed the failure of the 
SEC and the Financial Industry Regulatory Authority (FINRA) to 
uncover the Stanford Ponzi scheme. The hearing also focused on 
what steps the SEC and FINRA could take to prevent similar 
securities frauds in the future.

Public Company Accounting Oversight Board (PCAOB)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
Public Company Accounting Oversight Board's (PCAOB's) exercise 
of its new authority under Section 982 of the Dodd-Frank Act to 
register, inspect and discipline the auditors of brokers-
dealers, and the impact that this increased oversight may have 
on the PCAOB's operations.
    On May 27, 2011, Chairman Bachus and Subcommittee on 
Capital Markets and Government Sponsored Enterprises Chairman 
Garrett sent a letter to PCAOB Chairman James Doty regarding 
the PCAOB's proposed interim rule to implement Section 982, 
particularly as it relates to the costs and benefits of 
applying that rule to the auditors of introducing broker-
dealers.

Business Continuity Planning

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
implementation of disaster preparedness and business continuity 
measures by the financial services industry in order to 
minimize the disruptions of critical operations in the U.S. 
financial system in the event of natural disasters, terrorist 
attacks, or pandemics.
    On February 8, 2011, Chairman Bachus and Representative 
Garrett sent a letter to federal regulators and executives at 
exchanges and clearinghouses seeking information about 
computer-network security in response to reports that the 
NASDAQ Stock Market's computer network had been compromised. 
The purpose of the letter was to ensure that the regulators and 
exchanges and clearinghouses were doing all in their power to 
ensure the ongoing integrity and security of exchange trading 
systems and clearinghouses. In addition to the SEC and CFTC, 
the letter was sent to executives from BATS Global Markets, the 
Chicago Board Options Exchange, the CME Group, the Depository 
Trust & Clearing Corporation, Direct Edge, the International 
Securities Exchange, IntercontinentalExchange, the NASDAQ Stock 
Market, NYSE Euronext, and the Options Clearing Corporation.

               Financial Institutions and Consumer Credit


Consumer Financial Protection Bureau (CFPB)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
powers of the Consumer Financial Protection Bureau (CFPB) to 
write rules, supervise compliance, and enforce consumer 
protection laws, and the impact of CFPB rules on small 
businesses and on financial institutions with fewer than $10 
billion in assets.
    On March 2, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Effect of Dodd-Frank on Small Financial Institutions and Small 
Businesses.'' Witnesses, including representatives of community 
banks and credit unions, small business owners, and 
representatives of advocacy groups, addressed the challenges 
faced by small institutions as a result of the Dodd-Frank Act. 
The hearing focused on the effectiveness of Dodd-Frank's 
exemptions for institutions with less than $10 billion in 
assets, particularly the exemption from the CFPB's examination 
and enforcement authority.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Oversight of the Consumer Financial Protection Bureau.'' The 
hearing reviewed the Administration's progress in establishing 
the Bureau and addressed the CFPB's initial regulatory 
priorities. At the hearing, Elizabeth Warren, Special Advisor 
to the Secretary of the Treasury for the Consumer Financial 
Protection Bureau, testified on the Bureau's budget and 
staffing, the Bureau's organizational structure, and on 
interactions of Bureau staff with other federal agencies. Ms. 
Warren also addressed the Bureau's status in the event no 
Director has been appointed and confirmed by the designated 
transfer date of July 21, 2011. The hearing included 
questioning on the CFPB's participation in federal agencies' 
settlement negotiations with mortgage servicers.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``Legislative Proposals to Improve the Structure of 
the Consumer Financial Protection Bureau,'' to examine three 
bills amending Title X of the Dodd-Frank Act: (1) H.R. 1121, 
the Responsible Consumer Financial Protection Regulations Act 
of 2011, to change the leadership structure of the CFPB, 
replacing the Director of the CFPB with a five-person 
commission; (2) H.R. 1315, the Consumer Financial Protection 
Safety and Soundness Improvement Act of 2011, to modify the 
standards for review by the Financial Stability Oversight 
Council of proposed CFPB regulations; and (3) H.R. 1667, the 
Bureau of Consumer Financial Protection Transfer Clarification 
Act, to delay the transfer of certain powers to the CFPB until 
a Director is appointed by the President and confirmed by the 
Senate.
    On May 24, 2011, Chairman Bachus sent a letter to Secretary 
Timothy Geithner regarding Section 1016A of the Department of 
Defense and Full-Year Continuing Appropriations Act (P.L. 112-
10). In his letter, Chairman Bachus stressed the importance of 
ensuring that the annual independent audit of the CFPB's 
operations and budget is conducted in accordance with generally 
accepted government auditing standards (GAGAS).

``Too Big to Fail''

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
whether the ``orderly liquidation authority'' created by Title 
II of the Dodd-Frank Act to resolve large, complex financial 
institutions whose failure could threaten the United States 
economy provides an effective mechanism for imposing market 
discipline and promoting financial stability.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' A primary focus of the hearing, 
which featured testimony by FDIC Chairman Sheila Bair, was the 
FDIC's implementation of Title II and efforts to structure the 
orderly liquidation authority to instill greater market 
discipline and prevent future bail-outs of large financial 
firms.

Financial Supervision

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine 
Federal regulators' safety and soundness supervision of the 
banking, thrift, and credit union industries, and to ensure 
that systemic risks or other structural weaknesses in the 
financial sector are indentified and addressed promptly.
    On April 14, 2011, the Oversight and Investigations 
Subcommittee held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' The hearing focused on 
the activities and regulatory initiatives of the FSOC, the 
interagency body created by the Dodd-Frank Act to identify, 
monitor, and address potential threats to the U.S. financial 
system. The Subcommittee received testimony from 
representatives of the Treasury Department, the CFTC, the 
Federal Reserve, the Securities Exchange Commission, the 
Federal Deposit Insurance Corporation, and the Office of the 
Comptroller of the Currency.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' FDIC Chairman Sheila Bair's 
testimony contained an overview of the FDIC's supervisory 
program, which has included a broad spectrum of guidance to 
insured depository institutions to establish, and clearly 
reaffirm, safety and soundness expectations. This guidance 
dealt with significant risk management issues that became 
central themes during the financial crisis, such as subprime 
and non-traditional mortgage lending. In addition, Chairman 
Bair testified that the FDIC has increased the frequency of its 
examinations and hired additional examiners to achieve the 
goals of its supervisory mission.

Basel III

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review new 
global bank capital and liquidity rules being developed by the 
Basel Committee on Banking Supervision (known as Basel III), 
paying particular attention to implementation, compliance 
burdens and global coordination.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' FDIC Chairman Sheila Bair's 
testimony included an update on the Basel III process and 
efforts by regulators to achieve international harmonization of 
capital and liquidity standards and thereby avoid opportunities 
for regulatory arbitrage.

Interchange Fees

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
implementation of Section 1075 of the Dodd-Frank Act, which 
directs the Federal Reserve Board to set a ``reasonable and 
proportional'' interchange fee for debit card transactions, and 
consider its effect on merchants, banks, credit unions, 
consumers, and the payment processing networks.
    On February 17, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Understanding the Federal Reserve's Proposed Rule on 
Interchange Fees: Implications and Consequences of the Durbin 
Amendment.'' Federal Reserve Board Governor Sarah Raskin, 
representatives of small financial institutions and merchant 
groups, and the general counsel of Visa presented their views 
on the merits of the Federal Reserve's proposal for 
implementing Section 1075.
    On March 15, 2011, Financial Institutions and Consumer 
Credit Subcommittee Chairman Capito introduced H.R. 1081, the 
Consumers Payment System Protection Act. The bill calls for a 
one-year delay of implementation of section 1075 of the Dodd-
Frank Act. During the first eight months of the delay, the 
following three studies are to be conducted: (1) a study of all 
of the costs associated with debit transactions; (2) an impact 
study on the effect of the Federal Reserve's proposed rule on 
consumers, debit card issuers, merchants; and (3) an impact 
study on network exclusivity and routing provisions. The 
Federal Reserve will be able to utilize the final four months 
of the extended time period to re-write the rule and submit it 
for public comment.

Financial Crisis Inquiry Commission (FCIC)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct a 
statutorily required review of the Financial Crisis Inquiry 
Commission's (FCIC) final report issued on January 27, 2011. 
The FCIC was created by Congress in 2009 ``to examine the 
causes, domestic and global, of the current financial and 
economic crisis in the United States'' (P.L. 111-21). The 
Commission issued its final report on January 27, 2011, 
accompanied by dissenting views filed by individual 
Commissioners. The chairperson of the FCIC was required to 
appear before the Committee to present its findings not later 
than 120 days after the issuance of the final report.
    On February 16, 2011, the full Committee held a hearing 
entitled ``The Final Report of the Financial Crisis Inquiry 
Commission.'' The Chairman and Vice Chairman of the FCIC 
testified, along with four other commissioners, two of whom 
dissented from the Commission's majority report. The hearing 
focused on the findings of the Commission's final report and 
the commissioners' assessments of the Dodd-Frank Act in light 
of the Commission's findings. In addition, the hearing 
addressed the reasons for the Commission's inability to reach 
consensus in its findings with regard to the causes of the 
financial crisis.

Mortgage Servicing

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
standards proposed by regulatory agencies on mortgage servicing 
in order to ensure that proper authority exists for such 
regulations and that deficient practices are adequately 
addressed without unduly increasing the cost of mortgage 
financing.
    In the wake of the ``robo-signing'' controversy involving 
irregularities in the foreclosure documentation process, five 
of the nation's largest mortgage servicers received a draft 
settlement term sheet on March 3, 2011, from the U.S. 
Department of Justice on behalf of other federal and state 
agencies to resolve outstanding enforcement actions against the 
firms. On March 9, 2011, Chairman Bachus and other Members of 
the Committee sent a letter to Secretary Timothy Geithner 
asking a number of legal and public policy questions about the 
settlement term sheet.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Oversight of the Consumer Financial Protection Bureau.'' At 
the hearing, Members questioned Treasury Special Assistant 
Elizabeth Warren about the CFPB's participation in federal 
agencies' and State Attorneys General's settlement negotiations 
with mortgage servicers.
    As a follow-up to Ms. Warren's responses at the March 16th 
hearing, on March 30, 2011, Chairman Bachus and Financial 
Institutions and Consumer Credit Subcommittee Chairman Capito 
sent a letter to Ms. Warren inviting her to clarify her 
statements during the hearing regarding the CFPB's involvement 
in the mortgage servicing settlement negotiations. In her April 
4, 2011 response, Ms. Warren stated that ``we have been an 
active participant in inter-agency discussions, sharing our 
analysis and recommendations in support of a resolution that 
would hold accountable any servicers that violated the law . . 
. While we have provided advice to government officials, it 
bears emphasizing that the consumer agency is not conducting 
settlement negotiations with mortgage servicers.''
    On May 6, 2011, Reps. Neugebauer, Capito, Garrett, and 
McHenry sent a follow-up letter to the above-referenced March 
16, 2011 letter to Secretary Geithner seeking specific 
documents and records related to the CFPB's involvement in the 
mortgage servicing settlement negotiations.

Deposit Insurance

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
solvency of the Deposit Insurance Fund (DIF) and changes to the 
assessments charged by the FDIC as mandated by the Dodd-Frank 
Act, 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.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' One of the issues addressed in 
FDIC Chairman Bair's testimony and in questioning by Members 
was the current status of the DIF and the FDIC's implementation 
of the above-referenced changes to the system for assessing 
premiums on insured depository institutions.

Bank Failures

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
process the FDIC uses to supervise and resolve failed community 
banks, as well as studying the costs and benefits of loss share 
agreements to the Deposit Insurance Fund and the American 
taxpayer.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' In her testimony, FDIC Chairman 
Bair was questioned by several Members of the Subcommittee on 
the FDIC's policies and procedures for resolving failed 
institutions, which include offering loss sharing and 
structured transactions, as well as securitizations of failed 
bank assets.

Regulatory Burden Reduction

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct an 
ongoing review of 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.
    On January 26, 2011, the Full Committee held a hearing 
entitled ``Promoting Economic Recovery and Job Creation: The 
Road Forward.'' The purpose of this hearing was to provide 
leading economists, academics, business-owners and citizens an 
opportunity to share their views about the barriers to economic 
growth. The hearing gave witnesses an opportunity to discuss 
macroeconomic issues and trends facing the country and 
affecting job creation. Among other issues, witnesses discussed 
and evaluated the impact of regulatory uncertainty on job 
growth.
    On March 2, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Effect of Dodd-Frank on Small Financial Institutions and Small 
Businesses.'' Witnesses, including representatives of community 
banks and credit unions, small business owners, and advocacy 
groups, addressed the challenges faced by small institutions as 
a result of the Dodd-Frank Act.
    On March 9, 2011, Chairman Bachus and the other Republican 
Members of the Committee sent a letter to financial regulators 
expressing a number of concerns regarding the implementation of 
Dodd-Frank. The letter requested that the agencies (1) provide 
comment periods sufficient to address the number of proposed 
rules and breadth of issues addressed by the rules, (2) ensure 
consistency across agencies, and (3) provide regulatory 
flexibility for small entities.

              Insurance, Housing and Community Opportunity


Neighborhood Stabilization Program (NSP)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind the 
$1 billion in unobligated funds for the Neighborhood 
Stabilization Program (NSP) and eliminate the program.
    On March 1, 2011, Representative Gary Miller introduced 
H.R. 861, the NSP Termination Act, which would rescind all 
unobligated balances made available for the NSP authorized by 
the Dodd-Frank Wall Act and terminate the program. The NSP is a 
federal grant program which provides funding for emergency 
assistance to state and local governments to acquire, develop, 
redevelop, or demolish foreclosed homes. On March 2, 2011, the 
Subcommittee on Insurance, Housing and Community Opportunity 
held a legislative hearing on H.R. 861. H.R. 861 was ordered 
favorably reported by the Committee on March 3, 2011, and 
passed the House on March 16, 2011.

FHA Refinance Program

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to return to 
taxpayer the $8 billion in Troubled Asset Relief Program (TARP) 
funds that has been set aside for the FHA Refinance Program.
    On February 28, 2011, Representative Robert Dold introduced 
H.R. 830, the FHA Refinance Program Termination Act. The 
legislation would rescind all unobligated balances made 
available for the program by Title I of the Emergency Economic 
Stabilization Act (P.L. 110-343) that have been allocated for 
use under the FHA Refinance Program (pursuant to Mortgagee 
Letter 2010-23 of the Secretary of Housing and Urban 
Development). The bill would also terminate the program and 
void the Mortgagee Letter pursuant to which it was implemented, 
with concessions made for current participants in the program. 
The FHA Refinance Program provides refinancing options through 
the Federal Housing Administration's mortgage insurance program 
to homeowners who owe more in mortgage principal than their 
property's current value. On March 2, 2011, the Subcommittee on 
Insurance, Housing and Community Opportunity held a legislative 
hearing on H.R. 830. The bill was ordered favorably reported by 
the Committee on March 3, 2011, and passed the House on March 
10, 2011.

Emergency Homeowner Relief Fund

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind the 
unexpended and unobligated amounts dedicated to the Emergency 
Homeowner Relief Fund.
    On February 17, 2011, Chairman Bachus and Chairwoman 
Biggert sent a letter to the Department of Housing and Urban 
Development regarding HUD's proposed Interim Rule on the 
Emergency Homeowners' Loan Program (EHLP) (Docket No. FR-5470-
J-OI). The letter expressed concern that the underlying program 
was an unwise expansion of government's role in the housing 
market that is both costly to taxpayers and potentially 
injurious to the at-risk homeowners it purports to help. The 
letter also noted that the EHLP does nothing to address the 
underlying problem these at-risk homeowners face--the loss of 
or inability to find a job--and therefore does not help get our 
economy back on track. Further, the letter indicated Chairman 
Bachus and Chairwoman Biggert's intention that Congress take 
action this calendar year to repeal the EHLP's reauthorization 
and rescind any unobligated balances for the program, and thus 
recommended that work on the proposed Interim Rule for EHLP not 
be finalized while Congress pursues these important taxpayer 
protection goals.
    On February 28, 2011, Representative Jeb Hensarling 
introduced H.R. 836, the Emergency Mortgage Relief Program 
Termination Act, to rescind all unobligated balances made 
available for the Emergency Mortgage Relief Program and 
terminate the program. The Emergency Homeowner Relief Fund was 
established under Section 1496 of the Dodd-Frank Act to provide 
loans or credit advances to borrowers who cannot pay their 
mortgages because of unemployment or reduction in income. On 
March 2, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a legislative hearing on H.R. 836. 
On March 3, 2011, the Committee ordered the bill favorably 
reported, and on March 11, 2011, the bill was approved by the 
House.

Government Foreclosure Mitigation Programs

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind any 
unspent and unobligated balances currently committed to the 
Making Home Affordable Programs.
    On February 16, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled ``Are 
there Government Barriers to the Housing Recovery?'' The 
hearing focused on the current state of the housing finance 
market and how to facilitate the return of private sector 
capital into the mortgage markets. An issue Members raised 
during the hearing was the extended time periods needed to 
complete foreclosure proceedings, and the effect of such 
prolonged foreclosures on the housing recovery.
    On February 28, 2011, Representative McHenry introduced 
H.R. 839, the HAMP Termination Act, which would terminate the 
authority of the Treasury Department to provide any new 
assistance to homeowners under the Home Affordable Modification 
Program (HAMP) under the Emergency Economic Stabilization Act 
of 2008 (P.L. 110-343), while preserving any assistance already 
provided to HAMP participants on a permanent or trial basis. 
The ``Making Home Affordable'' initiative is a collection of 
programs designed by the Obama Administration to assist at-risk 
homeowners facing difficulty paying their mortgages. The 
signature piece of the Administration's overall ``Making Home 
Affordable'' initiative on foreclosure prevention is HAMP, 
which is a federally funded mortgage modification program that 
provides financial incentives to participating mortgage 
servicers to modify the mortgages of eligible homeowners. On 
March 2, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a legislative hearing on H.R. 839. 
The bill was ordered favorably reported by the Committee on 
March 9, 2011, and passed the House on March 29, 2011.

National Flood Insurance Program

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
proposed reforms to the National Flood Insurance Program which 
is currently authorized through September 30, 2011.
    On March 11, 2011 and April 1, 2011, the Subcommittee on 
Insurance, Housing and Community Opportunity held legislative 
hearings entitled ``Legislative Proposals to Reform the 
National Flood Insurance Program.'' The hearings focused on 
legislation introduced by Subcommittee Chairman Biggert (H.R. 
1309) which included the following reforms: (1) a five-year 
reauthorization of the NFIP; (2) a three-year delay in the 
mandatory purchase requirement for certain properties in newly 
designated Special Flood Hazard Areas (SFHAs); (3) a phase-in 
of full-risk, actuarial rates for areas newly designated as 
Special Flood Hazard; (4) a reinstatement of the Technical 
Mapping Advisory Council; and (5) an emphasis on greater 
private sector participation in providing flood insurance 
coverage.

Impact of Dodd-Frank Act Implementation on the Insurance Sector

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
implementation of various provisions in the Dodd-Frank Act for 
their potential impact on the insurance sector. The Dodd-Frank 
Act provides for three representatives on the Financial 
Stability Oversight Council to have specific expertise in the 
insurance area.
    On February 10, 2011 Chairman Bachus, Insurance, Housing 
and Community Opportunity Subcommittee Chairwoman Biggert, 
Ranking Member Frank, and Subcommittee Ranking Member Gutierrez 
sent a letter to Treasury Secretary Geithner expressing concern 
that the Financial Stability Oversight Council, contrary to the 
intent of the Dodd-Frank Act, was proceeding with discussions 
on major issues affecting the insurance sector without the 
benefit of a full complement of insurance expertise.
    On April 14, 2011, the Oversight and Investigations 
Subcommittee held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' Representatives from 
the regulators serving on the Financial Stability Oversight 
Council testified at the hearing, including John Huff, the 
designated state insurance commissioner and one of the three 
FSOC members with insurance expertise. In written and oral 
testimony, Mr. Huff expressed frustration with his inability to 
use resources available from the National Association of 
Insurance Commissioners to assist him with his work on the 
Council. Treasury Undersecretary for Domestic Finance Jeffrey 
Goldstein offered assurances at the hearing that Mr. Huff's 
concerns would be addressed.

HUD, Rural Housing Service, and National Reinvestment Corporation

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review HUD's 
budget and current programs with the goal of identifying 
program spending cuts or eliminating inefficient and 
duplicative programs.
    On March 1, 2011, the Committee held a hearing entitled 
``Oversight of the Department of Housing and Urban 
Development.'' The hearing focused on the proposed budget for 
HUD for fiscal year 2012, and featured testimony by HUD 
Secretary Shaun Donovan.
    On May 25, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to Determine the Future Role of FHA, RHS and GNMA in 
the Single- and Multi-Family Mortgage Markets.'' The hearing 
focused on HUD's Federal Housing Administration and USDA's 
Rural Housing Service (RHS) single- and multi-family programs. 
The hearing also examined legislative proposals to improve the 
financial condition of FHA, RHS and the Government National 
Mortgage Association (GNMA), the agency of HUD that guarantees 
the timely payment of principal and interest on securities 
backing mortgages insured by FHA and other government agencies. 
These proposals were designed to increase the current FHA down 
payment requirements, simplifying the FHA's loan limit 
calculation formula, and transferring RHS's current functions 
into FHA to be run by a new Deputy Assistant Secretary.

FHA-Single Family

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
appropriate role for the FHA program in the mortgage finance 
system, and the ability of the FHA to manage its mortgage 
portfolio and mitigate its risk.
    On February 16, 2011 the Insurance, Housing and Community 
Opportunity Subcommittee held a hearing entitled ``Are There 
Government Barriers to the Housing Recovery?'' The hearing 
focused on the current state of the housing finance market and 
how to facilitate the return of private sector capital into the 
mortgage markets. FHA Director David Stevens testified on the 
current role of FHA in the single family mortgage market, and 
presented his views on the appropriate role for FHA in the 
future.
    On March 2, 2011 the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to End Taxpayer Funding for Ineffective Foreclosure 
Mitigation Programs.'' The hearing featured discussion of H.R. 
830, the FHA Refinance Program Termination Act, a bill to 
rescind all unobligated balances made available for use under 
the FHA Refinance Program (pursuant to Mortgagee Letter 2010-23 
of the Secretary of Housing and Urban Development).
    On May 25, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to Determine the Future Role of FHA, RHS and GNMA in 
the Single- and Multi-Family Mortgage Markets.'' The hearing 
focused on HUD's Federal Housing Administration and USDA's 
Rural Housing Service (RHS) single- and multi-family programs. 
The hearing also examined legislative proposals to improve the 
financial condition of FHA, RHS and the GNMA, the agency of HUD 
that guarantees the timely payment of principal and interest on 
securities backing mortgages insured by FHA and other 
government agencies. These proposals were designed to increase 
the current FHA down payment requirements, simplifying the 
FHA's loan limit calculation formula, and transferring RHS's 
current functions into FHA to be run by a new Deputy Assistant 
Secretary position.

FHA--Multi-Family

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to exercise its 
oversight authority on the FHA's General Risk and Special Risk 
Insurance fund to ensure that the fund does not expose 
taxpayers to loss.
    On February 16, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled ``Are 
There Government Barriers to the Housing Recovery?'' The 
hearing focused on the current state of the housing finance 
market and on how to facilitate the return of private sector 
capital into the mortgage markets.
    On May 25, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to Determine the Future Role of FHA, RHS and GNMA in 
the Single- and Multi-Family Mortgage Markets.'' The hearing 
focused on HUD's Federal Housing Administration and USDA's RHS 
single- and multi-family programs. The hearing also examined 
legislative proposals to improve the financial condition of 
FHA, RHS and the GNMA, the agency of HUD that guarantees the 
timely payment of principal and interest on securities backing 
mortgages insured by FHA and other government agencies. These 
proposals were designed to increase the current FHA down 
payment requirements, simplifying the FHA's loan limit 
calculation formula, and transferring RHS's current functions 
into FHA to be run by a new Deputy Assistant Secretary 
position.

Government National Mortgage Association

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review GNMA 
to determine whether its mission and/or authority meets 
contemporary housing needs that promote affordable housing.
    On February 16, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled ``Are 
there Government Barriers to the Housing Recovery?'' The 
hearing focused on the current state of the housing finance 
market and how to facilitate the return of private sector 
capital into the mortgage markets. One topic members 
concentrated on for the hearing was private capital 
participation in the secondary market for single family 
mortgages.
    On May 25, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to Determine the Future Role of FHA, RHS and GNMA in 
the Single- and Multi-Family Mortgage Markets.'' The hearing 
focused on HUD's Federal Housing Administration and USDA's RHS 
single- and multi-family programs. The hearing also examined 
legislative proposals to improve the financial condition of 
FHA, RHS and the GNMA, the agency of HUD that guarantees the 
timely payment of principal and interest on securities backing 
mortgages insured by FHA and other government agencies. These 
proposals were designed to increase the current FHA down 
payment requirements, simplifying the FHA's loan limit 
calculation formula, and transferring RHS's current functions 
into FHA to be run by a new Deputy Assistant Secretary 
position.

                International Monetary Policy and Trade


Market Access

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to assess 
opportunities to expand market access for U.S. companies and 
the financial services sector, and to promote policies that can 
bring about reciprocal market access with developing nations 
that currently limit or prevent U.S. firms from entering and 
operating within their national borders.
    On February 25, 2011, the Engage China Coalition, 
comprising twelve financial services trade associations, 
briefed bipartisan Committee staff on the Coalition's efforts 
to improve access to the Chinese financial services market. 
China's population represents a growing consumer base for 
financial services firms. However, various restrictions prevent 
the level of access that would allow U.S. firms to effectively 
serve this growing segment.

Extractive Industries and Conflict Minerals

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
implementation of provisions in title XV of the Dodd-Frank Act 
imposing new disclosure requirements relating to so-called 
``conflict minerals'' and ``extractive industries,'' to ensure 
that the underlying objectives of the provisions are met but 
that unnecessary compliance burdens for U.S. firms are 
minimized.
    On January 25, 2011, Chairman Bachus sent a letter to SEC 
Chairman Mary Schapiro requesting that the SEC consider 
extending the public comment period for the proposed rule to 
implement Section 1502 of the Dodd-Frank Act, which requires 
U.S.-listed companies to disclose to the SEC any use of 
minerals that originated in the Democratic Republic of Congo 
and neighboring countries. The SEC ultimately extended the 
comment period for thirty days.
    On March 4, 2011, Chairman Bachus and International 
Monetary Policy and Trade Subcommittee Chairman Miller sent a 
letter to SEC Chairman Schapiro expressing concerns about the 
implementation of Section 1504 of the Dodd-Frank Act. Section 
1504 requires the disclosure of certain payments made by 
natural resource companies to governments for the commercial 
development of oil, natural gas or minerals. The letter 
expressed concerns that if not implemented properly, Section 
1504 could disadvantage U.S.-listed companies when they compete 
for extractive industry contracts. The letter asked the SEC to 
consider using its general exemptive authority under Section 36 
of the Securities and Exchange Act to exempt reporting of 
payments when disclosure of such information would violate 
foreign law.

Export-Import Bank of the United States

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to consider the 
reauthorization of the Export-Import Bank and examine its 
policies and programs in supporting the global competitiveness 
of U.S. companies, small and large, particularly given the 
liquidity challenges American businesses currently face.
    On March 10, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The Role of 
the Export-Import Bank in U.S. Competitiveness and Job 
Creation.'' The purpose of the hearing was to examine the role 
of the Export-Import Bank in fostering job growth by helping 
U.S. companies compete in the international export market. The 
hearing focused on how to improve the operations of the Export-
Import Bank to foster job growth by supporting U.S. companies 
as they export to international markets.
    On March 10, 2011, Chairman Bachus and Subcommittee on 
International Monetary Policy and Trade Chairman Miller sent a 
letter to President Obama urging him to submit nominations to 
the Senate to fill two vacancies on the Export-Import Bank 
Board of Directors. On July 20, 2011, an automatic six-month 
extension of these board seats will lapse, and the Board of 
Directors will not be able to achieve a quorum, precluding the 
Ex-Im Bank from approving any transactions.
    On April 9, 2011, Chairman Bachus, Subcommittee on 
International Monetary Policy and Trade Chairman Miller, 
Ranking Member Frank, and Subcommittee Ranking Member McCarthy 
sent a letter to Secretary Geithner asking him to use 
Treasury's authority under section 635(a)(3) of the Export-
Import Bank Charter to match foreign financing when foreign 
sales to the United States are being supported by official 
export credit through a foreign Export Credit Agency (ECA).
    On May 24, 2011, the Subcommittee on International Monetary 
Policy and Trade held a legislative hearing entitled 
``Legislative Proposals on Securing American Jobs Through 
Exports: Export-Import Bank Reauthorization.'' The purpose of 
the hearing was to examine a legislative proposal to 
reauthorize the charter of the Export-Import Bank of the United 
States for four years and make other improvements in the Bank's 
operations.

Conduct of the International Financial Institutions (IFIs) and Possible 
        U.S. Contributions

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review any 
Administration request that the U.S. contribute to the 
replenishment of the concessional lending windows at the World 
Bank, the African Development Bank, and the Asian Development 
Bank.
    On February 18, 2011, representatives of the Department of 
the Treasury's Office of International Affairs briefed 
bipartisan Committee staff on the Administration's FY 2012 
budget proposal for Treasury's International portfolio. In its 
FY2012 budget, the Administration requested that the Committee 
authorize funding for the U.S. commitment to replenish the 
concessional loan windows at the multilateral development banks 
and to fund a capital increase at these institutions.
    On May 26, 2011, representatives from the African 
Development Bank (AfDB) held a roundtable discussion with 
members of the International Monetary Policy and Trade 
Subcommittee. The discussion was sponsored by International 
Monetary Policy and Trade Subcommittee Chairman Miller, 
Subcommittee Vice Chairman Dold, and Ranking Member McCarthy. 
The purpose of the roundtable was to discuss the general 
capital increase request for the African Development Bank as 
well as AfDB President Kaberuka's efforts to improve 
transparency and accountability at the Bank.

                Domestic Monetary Policy and Technology


The Economy and Jobs

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
changes in the economy that affect the relationship between 
monetary policy, government expenditures, deficits, employment, 
and economic growth, and to examine the effectiveness and 
consequences of measures undertaken by the Federal Reserve and 
the executive branch on economic growth and employment.
    On January 26, 2011, the full Committee held a hearing 
entitled ``Promoting Economic Recovery and Job Creation: The 
Road Forward.'' The hearing examined potential barriers to job 
creation and economic growth erected by the Dodd-Frank Act. At 
the hearing, academics and business owners testified as to how 
the Volcker Rule could adversely affect the availability of 
investment capital and impede job growth and, more generally, 
how the Act could harm the competitiveness of the U.S. 
financial markets.
    On February 9, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Can Monetary 
Policy Really Create Jobs?'' The hearing examined whether the 
Federal Reserve's policies have been effective in creating jobs 
and stabilizing the economy.
    On March 30, 2011, the Oversight and Investigations 
Subcommittee held a hearing on ``The Costs of Implementing the 
Dodd-Frank Act: Budgetary and Economic.'' The hearing reviewed 
the direct cost to the federal government of implementing the 
Dodd-Frank Act, as well as the Act's impact on job creation, 
capital formation and compliance costs for regulated entities. 
Testimony was received from regulators, academics and the 
Congressional Budget Office (CBO).
    On April 14, 2011, the Oversight and Investigations 
Subcommittee held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' Witnesses from the 
Commodity Futures Trading Commission (CFTC), Treasury 
Department, National Association of Insurance Commissioners 
(NAIC), Federal Reserve, Securities Exchange Commission (SEC), 
Federal Deposit Insurance Corporation (FDIC) and Office of the 
Comptroller of the Currency (OCC) testified on their respective 
agencies' role on the Council, and regulatory activities 
related to Dodd-Frank implementation. Members voiced concerns 
that a failure to sequence and coordinate U.S. regulatory 
action with efforts in other nations could adversely affect the 
ability of U.S. financial institutions to compete, negatively 
affecting economic growth and job creation.

Conduct of Monetary Policy by the Board of Governors of the Federal 
        Reserve System

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to perform its 
statutory responsibility in overseeing the Federal Reserve 
Board's conduct of monetary policy.
    On February 9, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Can Monetary 
Policy Really Create Jobs?'' The hearing examined whether the 
Federal Reserve's policies have been effective in creating jobs 
and stabilizing the economy.
    On March 2, 2011, the full Committee held a hearing 
entitled ``Monetary Policy and the State of the Economy,'' to 
receive Federal Reserve Board Chairman Ben Bernanke's semi-
annual report to Congress on monetary policy and the state of 
the economy. Chairman Bernanke described an economy that is 
growing slowly, with unemployment remaining high, and inflation 
expectations remaining low. In the monetary policy overview, 
Chairman Bernanke detailed the Fed's decision to engage in 
``quantitative easing'' as a tool for conducting monetary 
policy when the Fed funds rate is effectively at zero.
    On March 17, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``The 
Relationship of Monetary Policy and Rising Prices.'' The 
hearing examined the role that an overly accommodative Federal 
Reserve monetary policy can have in fueling inflationary 
pressures.

General Oversight of the Federal Reserve System

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct 
oversight of the operations of the Federal Reserve Board of 
Governors and the Federal Reserve System, including its 
management structure, organizational changes mandated by the 
Dodd-Frank Act, and the role of the Federal Reserve in the 
supervision of systemically significant banks and non-bank 
financial institutions.
    On March 2, 2011, the full Committee held a hearing 
entitled ``Monetary Policy and the State of the Economy,'' to 
receive Federal Reserve Board Chairman Ben Bernanke's semi-
annual report to Congress on monetary policy and the state of 
the economy.
    On May 3, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a bipartisan staff briefing with 
Federal Reserve staff to discuss the content of the data 
released in December 2010, and the data released in March 2011 
as a result of Freedom of Information Act (FOIA) lawsuits by 
the news organizations Bloomberg and Fox News, detailing the 
use of various emergency lending facilities established by the 
Federal Reserve during the financial crisis. Fed officials gave 
a brief summary of the difference between normal discount 
window operations and the emergency lending authorities, and 
discussed the differences between the disclosures required by 
the Dodd-Frank Act and those made pursuant to the FOIA 
requests.
    On May 11, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Monetary Policy 
and the Debt Ceiling: Examining the Relationship between the 
Federal Reserve and Government Debt.'' The hearing focused on 
the link between Federal Reserve monetary policy and government 
debt, specifically how the Federal Reserve purchases government 
debt to conduct monetary policy, the role of the Federal 
Reserve in financing government budget deficits, and the 
separation between the Federal Reserve and Treasury.

Activities of the U.S. Mint and the Bureau of Engraving and Printing

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
activities of the U.S. Mint and the Bureau of Engraving and 
Printing as they relate to the printing and minting of U.S. 
currency and coins and the production of Congressionally 
authorized commemorative coins and Congressional gold medals.
    On April 7, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Bullion Coin 
Programs of the United States Mint: Can They Be Improved?'' The 
focus of the hearing was on possible improvements to the U.S. 
Mint's bullion programs, and whether the Mint is capable of 
meeting growing demand for bullion coins. The recent recession 
was accompanied by increased demand for bullion coins as a way 
to hedge against inflation. Witnesses suggested one cause for 
the shortfall might be the lack of suppliers to the Mint, and 
advocated an expansion of the relevant supply chains to ensure 
that the Mint can meet growing demand for bullion coins.
             Hearings Held Under House Rule XI (1)(d)(2)(E)

                              ----------                              

    Rule XI(1)(d)(2)(E) of the Rules of the House, adopted 
January 5, 2011, requires committees, or their subcommittees, 
to:
          (1) Hold at least one hearing during each 120-day 
        period on the topic of waste, fraud, abuse, or 
        mismanagement in Government programs which that 
        committee may authorize. Such hearing shall include a 
        focus on the most egregious instances of waste, fraud, 
        abuse, or mismanagement as documented by any report the 
        committee has received from a Federal Office of the 
        Inspector General or the Comptroller General of the 
        United States.
          (2) Hold at least one hearing in any session in which 
        the committee has received disclaimers of agency 
        financial statements from auditors of any Federal 
        agency that the committee may authorize to hear 
        testimony on such disclaimers from representatives of 
        any such agency.
          (3) Hold at least one hearing on issues raised by 
        reports issued by the Comptroller General of the United 
        States indicating that Federal programs or operations 
        that the committee may authorize are at high risk for 
        waste, fraud, and mismanagement.
    Under Rule XI(1)(d)(2)(E), the hearings held pursuant to 
this rule must be delineated in the Activity Report. During the 
112th Congress, the following hearings were held in compliance 
with the Rule:

------------------------------------------------------------------------
      Serial No.           Title & Subcommittee            Date(s)
------------------------------------------------------------------------
112-4.................  An Analysis of the Post-    February 15, 2011
                         Conservatorship Legal
                         Expenses of Fannie Mae
                         and Freddie Mac
                         (Oversight).
112-13................  Legislative Proposals to    March 2, 2011
                         End Taxpayer Funding for
                         Ineffective Foreclosure
                         Mitigation Programs
                         (Housing).
112-14................  Oversight of the            March 10, 2011
                         Securities and Exchange
                         Commission's Operations,
                         Activities, Challenges
                         and FY 2012 Budget
                         Request (Capital Markets).
112-16................  Legislative Proposals to    March 11, 2011
                         Reform the National Flood
                         Insurance Program
                         (Housing).
112-23................  Legislative Proposals to    April 1, 2011
                         Reform the National Flood
                         Insurance Program, Part
                         II (Housing).
------------------------------------------------------------------------

                          House Resolution 72

                              ----------                              

    On February 8, 2011, the House adopted House Resolution 72, 
amending the rules of the House to require certain designated 
committees to inventory and review regulations, executive and 
agency orders, and other administrative actions or procedures 
that:
          (1) Impede private-sector job creation;
          (2) Discourage innovation and entrepreneurial 
        activity;
          (3) Hurt economic growth and investment;
          (4) Harm the Nation's global competitiveness;
          (5) Limit access to credit and capital;
          (6) Fail to utilize or apply accurate cost-benefit 
        analysis;
          (7) Create additional economic uncertainty;
          (8) Are promulgated in such a way as to limit 
        transparency and the opportunity for public comment, 
        particularly by affected parties;
          (9) Lack specific statutory authorization;
          (10) Undermine labor-management relations;
          (11) Result in large-scale unfunded mandates on 
        employers without due cause;
          (12) Impose undue paperwork and cost burdens on small 
        businesses; or
          (13) Prevent the United States from becoming less 
        dependent on foreign energy sources.
    The resolution requires the Committee to identify any 
oversight and legislative activity in support of, or as a 
result of, such inventory and review. During the 112th 
Congress, the following hearings were held in compliance with 
the resolution:

------------------------------------------------------------------------
      Serial No.           Title & Subcommittee            Date(s)
------------------------------------------------------------------------
112-1.................  Promoting Economic          January 26, 2011
                         Recovery and Job
                         Creation: The Road
                         Forward (Full Committee).
112-3.................  Can Monetary Policy Really  February 9, 2011
                         Create Jobs? (Domestic
                         Monetary Policy).
112-5.................  Assessing the Regulatory,   February 15, 2011
                         Economic and Market
                         Implications of the Dodd-
                         Frank Derivatives Title
                         (Full Committee).
112-7.................  Are There Government        February 16, 2011
                         Barriers to the Housing
                         Market Recovery?
                         (Housing).
112-8.................  Understanding the Federal   February 17, 2011
                         Reserve's Proposed Rule
                         on Interchange Fees:
                         Implications and
                         Consequences of the
                         Durbin Amendment
                         (Financial Institutions).
112-12................  The Effect of Dodd-Frank    March 2, 2011
                         on Small Financial
                         Institutions and Small
                         Businesses (Financial
                         Institutions).
112-14................  Oversight of the            March 10, 2011
                         Securities and Exchange
                         Commission's Operations,
                         Activities, Challenges,
                         and FY 2012 Budget
                         Request (Capital Markets).
112-18................  Oversight of the Consumer   March 16, 2011
                         Financial Protection
                         Bureau (Financial
                         Institutions).
112-19................  Legislative Proposals to    March 16, 2011
                         Promote Job Creation,
                         Capital Formation, and
                         Market Certainty (Capital
                         Markets).
112-21................  The Costs of Implementing   March 30, 2011
                         the Dodd-Frank Act:
                         Budgetary and Economic
                         (Oversight).
112-24................  Legislative Proposals to    April 6, 2011
                         Improve the Structure of
                         the Consumer Financial
                         Protection Bureau
                         (Financial Institutions).
112-26................  Oversight of the Financial  April 14, 2011
                         Stability Oversight
                         Council (Oversight).
112-27................  Understanding the           April 14, 2011
                         Implications and
                         Consequences of the
                         Proposed Rule on Risk
                         Retention (Capital
                         Markets).
112-29................  Legislative Proposals to    May 11, 2011
                         Address the Negative
                         Consequences of the Dodd-
                         Frank Whistleblower
                         Provisions (Capital
                         Markets).
------------------------------------------------------------------------

    The following letters sent from the Committee during the 
112th Congress comply with this Resolution:

------------------------------------------------------------------------
             Date                   Correspondence       Subject matter
------------------------------------------------------------------------
January 25, 2011..............  From Chairman Spencer   Request for an
                                 Bachus to The           extension for
                                 Honorable Mary          public comment
                                 Schapiro, Chairman,     for the
                                 Securities Exchange     proposed rule
                                 Commission.             under section
                                                         1502 of the
                                                         Dodd-Frank Act.
February 10, 2011.............  From Chairman Spencer   Qualified
                                 Bachus to The           Residential
                                 Honorable Shaun         Mortgage aspect
                                 Donovan, Secretary,     of the risk
                                 U.S. Department of      retention rule
                                 Housing and Urban       in section 941
                                 Development; The        of the Dodd-
                                 Honorable Sheila        Frank Act.
                                 Bair, Chairman,
                                 Federal Deposit
                                 Insurance
                                 Corporation; The
                                 Honorable Ben
                                 Bernanke, Chairman,
                                 Federal Reserve
                                 Board; The Honorable
                                 Mary Schapiro,
                                 Chairman, Securities
                                 Exchange Commission;
                                 Mr. Edward DeMarco,
                                 Acting Director,
                                 Federal Housing
                                 Finance Agency; and
                                 Mr. John Walsh,
                                 Acting Comptroller,
                                 Office of the
                                 Comptroller of the
                                 Currency.
February 23, 2011.............  From Chairman Spencer   SEC proposed
                                 Bachus to The           rule on
                                 Honorable Mary          municipal
                                 Schapiro, Chairman,     advisors under
                                 Securities Exchange     Dodd-Frank Act
                                 Commission (SEC).       section 975.
March 4, 2011.................  From Chairman Spencer   The implication
                                 Bachus and              of section 1504
                                 Subcommittee on         of the Dodd-
                                 International           Frank Act on
                                 Monetary Policy and     U.S.-listed
                                 Trade Chairman Gary     companies.
                                 G. Miller to The
                                 Honorable Mary
                                 Schapiro, Chairman,
                                 Securities Exchange
                                 Commission.
March 9, 2011.................  From Chairman Spencer   Volume and pace
                                 Bachus and Republican   of rulemakings
                                 Members of the          under the Dodd-
                                 Committee to The        Frank Act.
                                 Honorable Timothy
                                 Geithner, Secretary,
                                 U.S. Department of
                                 Treasury; The
                                 Honorable Ben
                                 Bernanke, Chairman,
                                 Federal Reserve
                                 Board; The Honorable
                                 Gary Gensler,
                                 Chairman, Commodity
                                 Futures Trading
                                 Commission; The
                                 Honorable Mary
                                 Schapiro, Chairman,
                                 Securities Exchange
                                 Commission; The
                                 Honorable Sheila
                                 Bair, Chairman,
                                 Federal Deposit
                                 Insurance
                                 Corporation; and Mr.
                                 John Walsh, Acting
                                 Comptroller, Office
                                 of the Comptroller of
                                 the Currency.
March 15, 2011................  From Chairman Spencer   SEC, CFTC, and
                                 Bachus, Committee on    Department of
                                 Education and the       Labor
                                 Workforce Chairman      rulemaking
                                 John Kline, and         under the Dodd-
                                 Committee on            Frank Act.
                                 Agriculture Chairman
                                 Frank Lucas to The
                                 Honorable Hilda
                                 Solis, Secretary,
                                 U.S. Department of
                                 Labor; The Honorable
                                 Mary Schapiro,
                                 Chairman, Securities
                                 Exchange Commission;
                                 and The Honorable
                                 Gary Gensler,
                                 Chairman, U.S.
                                 Commodity Futures
                                 Trading Commission
                                 (CFTC).
March 15, 2011................  From Chairman Spencer   Study prepared
                                 Bachus and              under section
                                 Subcommittee on         619 of the Dodd-
                                 Oversight and           Frank Act.
                                 Investigations
                                 Chairman Randy
                                 Neugebauer to members
                                 of the Financial
                                 Stability Oversight
                                 Council in the care
                                 of The Honorable
                                 Timothy Geithner,
                                 Secretary, U.S.
                                 Department of
                                 Treasury.
March 17, 2011................  From Republican         SEC staff study
                                 Members of the          on regulations
                                 Subcommittee on         for broker-
                                 Capital Markets and     dealers and
                                 Government Sponsored    investment
                                 Enterprises to The      advisors.
                                 Honorable Mary
                                 Schapiro, Chairman,
                                 Securities Exchange
                                 Commission.
May 4, 2011...................  From Subcommittee on    Request for
                                 Oversight and           further notice,
                                 Investigations          comment, and
                                 Chairman Randy          description for
                                 Neugebauer and          the ``Authority
                                 Subcommittee on         to Require
                                 Oversight and           Supervision and
                                 Investigations          Regulation of
                                 Ranking Member          Certain Nonbank
                                 Michael Capuano to      Financial
                                 members of the          Companies''
                                 Financial Stability     rule.
                                 Oversight Council.
May 6, 2011...................  From Subcommittee on    Consumer
                                 Oversight and           Financial
                                 Investigations          Protection
                                 Chairman Randy          Bureau's
                                 Neugebauer,             involvement in
                                 Subcommittee on         the mortgage
                                 Financial               servicing
                                 Institutions and        settlement
                                 Consumer Credit         negotiations.
                                 Chairman Shelley
                                 Moore Capito,
                                 Subcommittee on
                                 Capital Markets and
                                 Government Sponsored
                                 Enterprises Chairman
                                 Scott Garrett, and
                                 Representative
                                 Patrick McHenry to
                                 The Honorable Timothy
                                 Geithner, Secretary,
                                 U.S. Department of
                                 the Treasury.
May 27, 2011..................  From Chairman Spencer   The implication
                                 Bachus and              of proposed
                                 Subcommittee on         interim rule
                                 Capital Markets and     under section
                                 Government Sponsored    982 of the Dodd-
                                 Enterprises Chairman    Frank Act to
                                 Scott Garrett to Mr.    the auditors of
                                 James Doty, Chairman,   introducing
                                 Public Company          broker-dealers.
                                 Accounting Oversight
                                 Board.
------------------------------------------------------------------------

                   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. 830................  112-25               FHA Refinance Program
                                                Termination Act.
H.R. 836................  112-26               Emergency Mortgage Relief
                                                Program Termination Act.
H.R. 839................  112-31               The HAMP Termination Act
                                                of 2011.
                          112-31, Part II      The HAMP Termination Act
                                                of 2011.
H.R. 861................  112-32               NSP Termination Act.
                          112-32, Part II      NSP Termination Act.
H.R. 1315...............  112-89               Consumer Financial
                                                Protection Safety and
                                                Soundness Improvement
                                                Act of 2011.
H.R. 1667...............  112-93               Bureau of Consumer
                                                Financial Protection
                                                Transfer Clarification
                                                Act.
------------------------------------------------------------------------

                          Part B--Public Laws

    As of the date of this report, no measures which contained 
matters within the jurisdiction of the Committee on Financial 
Services were enacted into law during the 112th Congress.

------------------------------------------------------------------------
    Public Law No.            Bill No.                   Title
------------------------------------------------------------------------

------------------------------------------------------------------------

                  APPENDIX II--COMMITTEE PUBLICATIONS


                       Part A--Committee Hearings


------------------------------------------------------------------------
    Public Law No.         Title & Subcommittee            Date(s)
------------------------------------------------------------------------
112-1.................  Promoting Economic          January 26, 2011
                         Recovery and Job
                         Creation: The Road
                         Forward (Full Committee).
112-2.................  GSE Reform: Immediate       February 9, 2011
                         Steps to Protect
                         Taxpayers and End the
                         Bailout (Capital Markets).
112-3.................  Can Monetary Policy Really  February 9, 2011
                         Create Jobs? (Domestic
                         Monetary Policy).
112-4.................  An Analysis of the Post-    February 15, 2011
                         Conservatorship Legal
                         Expenses of Fannie Mae
                         and Freddie Mac
                         (Oversight).
112-5.................  Assessing the Regulatory,   February 15, 2011
                         Economic and Market
                         Implications of the Dodd-
                         Frank Derivatives Title
                         (Full Committee).
112-6.................  The Final Report of the     February 16, 2011
                         Financial Crisis Inquiry
                         Commission (Full
                         Committee).
112-7.................  Are There Government        February 16, 2011
                         Barriers to the Housing
                         Market Recovery?
                         (Housing).
112-8.................  Understanding the Federal   February 17, 2011
                         Reserve's Proposed Rule
                         on Interchange Fees:
                         Implications and
                         Consequences of the
                         Durbin Amendment
                         (Financial Institutions).
112-9.................  Mortgage Finance Reform:    March 1, 2011
                         An Examination of the
                         Obama Administration's
                         Report to Congress (Full
                         Committee).
112-10................  Oversight of the            March 1, 2011
                         Department of Housing and
                         Urban Development (HUD)
                         (Full Committee).
112-11................  Monetary Policy and the     March 2, 2011
                         State of the Economy
                         (Full Committee).
112-12................  The Effect of Dodd-Frank    March 2, 2011
                         on Small Financial
                         Institutions and Small
                         Businesses (Financial
                         Institutions).
112-13................  Legislative Proposals to    March 2, 2011
                         End Taxpayer Funding for
                         Ineffective Foreclosure
                         Mitigation Programs
                         (Housing).
112-14................  Oversight of the            March 10, 2011
                         Securities and Exchange
                         Commission's Operations,
                         Activities, Challenges,
                         and FY 2012 Budget
                         Request (Capital Markets).
112-15................  The Role of the Export-     March 10, 2011
                         Import Bank in U.S.
                         Competitiveness and Job
                         Creation (International
                         Monetary Policy).
112-16................  Legislative Proposals to    March 11, 2011
                         Reform the National Flood
                         Insurance Program, Part I
                         (Housing).
112-17................  Legislative Proposals to    March 11, 2011
                         Create a Covered Bond
                         Market in the United
                         States (Capital Markets).
112-18................  Oversight of the Consumer   March 16, 2011
                         Financial Protection
                         Bureau (Financial
                         Institutions).
112-19................  Legislative Proposals to    March 16, 2011
                         Promote Job Creation,
                         Capital Formation, and
                         Market Certainty (Capital
                         Markets).
112-20................  The Relationship of         March 17, 2011
                         Monetary Policy and
                         Rising Prices (Domestic
                         Monetary Policy).
112-21................  The Costs of Implementing   March 30, 2011
                         the Dodd-Frank Act:
                         Budgetary and Economic
                         (Oversight).
112-22................  Legislative Hearing on      March 31, 2011
                         Immediate Steps to
                         Protect Taxpayers from
                         the Ongoing Bailout of
                         Fannie Mae and Freddie
                         Mac (Capital Markets).
112-23................  Legislative Proposals to    April 1, 2011
                         Reform the National Flood
                         Insurance Program, Part
                         II (Housing).
112-24................  Legislative Proposals to    April 6, 2011
                         Improve the Structure of
                         the Consumer Financial
                         Protection Bureau
                         (Financial Institutions).
112-25................  Bullion Coin Programs of    April 7, 2011
                         the United States Mint:
                         Can They Be Improved?
                         (Domestic Monetary
                         Policy).
112-26................  Oversight of the Financial  April 14, 2011
                         Stability Oversight
                         Council (Oversight).
112-27................  Understanding the           April 14, 2011
                         Implications and
                         Consequences of the
                         Proposed Rule on Risk
                         Retention (Capital
                         Markets).
112-28................  Monetary Policy and the     May 11, 2011
                         Debt Ceiling: Examining
                         the Relationship Between
                         the Federal Reserve and
                         Government Debt (Domestic
                         Monetary Policy).
112-29................  Legislative Proposals to    May 11, 2011
                         Address the Negative
                         Consequences of the Dodd-
                         Frank Whistleblower
                         Provisions (Capital
                         Markets).
112-30................  The Stanford Ponzi Scheme:  May 13, 2011
                         Lessons for Protecting
                         Investors from the Next
                         Securities Fraud
                         (Oversight).
112-31................  Legislative Proposals on    May 24, 2011
                         Securing American Jobs
                         Through Exports: Export-
                         Import Bank
                         Reauthorization
                         (International Monetary
                         Policy).
112-32................  Legislative Proposals to    May 25, 2011
                         Determine the Future Role
                         of FHA, RHS and GNMA in
                         the Single- and Multi-
                         Family Mortgage Markets
                         (Housing).
112-33................  Transparency, Transition    May 25, 2011
                         and Taxpayer Protection:
                         More Steps to End the GSE
                         Bailout (Capital Markets).
112-34................  FDIC Oversight: Examining   May 26, 2011
                         and Evaluating the Role
                         of the Regulator During
                         the Financial Crisis and
                         Today (Financial
                         Institutions).
112-35................  Federal Reserve Lending     June 1, 2011
                         Disclosure: FOIA, Dodd-
                         Frank, and the Data Dump
                         (Domestic Monetary
                         Policy).
112-36................  Oversight of HUD's HOME     June 3, 2011
                         Program (Full Committee).
------------------------------------------------------------------------

                        Part B--Committee Prints


------------------------------------------------------------------------
      Serial No.                   Title                    Date
------------------------------------------------------------------------
112-A.................  Rules for the Committee on  March 2011
                         Financial Services for
                         the 112th Congress.
------------------------------------------------------------------------

                                  
