    [House Report 112-355]
    [From the U.S. Government Publishing Office]

                                                     Union Calendar No. 240

    112th Congress, 1st Session - - - - - - - - - - - - - - House Report 112-355

                   SECOND 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

     December 30, 2011.--Committed to the Committee of the Whole House on
                the State of the Union and ordered to be printed

                             LETTER OF TRANSMITTAL

                                  ----------

                              House of Representatives,
                               Committee on Financial Services,
                                     Washington, DC, December 30, 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 First Session of 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...........................................     4
    Membership and Organization......................................    32
    Legislative and Oversight Activities.............................    39
    Subcommittee on Capital Markets and Government Sponsored
      Enterprises....................................................   113
    Subcommittee on Domestic Monetary Policy and Technology..........   144
    Subcommittee on Financial Institutions and Consumer Credit.......   148
    Subcommittee on Insurance, Housing and Community Opportunity.....   161
    Subcommittee on International Monetary Policy and Trade..........   175
    Subcommittee on Oversight and Investigations.....................   179
    Oversight Plan for the 112th Congress............................   184
    Implementation of the Oversight Plan for the 112th Congress......   211
    House Rule XI 1(d)(2)(E) Hearings................................   263
    House Resolution 72 Activity.....................................   264
    Appendix I--Committee Legislation................................   269
        Part A--Committee Reports....................................   269
        Part B--Public Laws..........................................   270
    Appendix II--Committee Publications..............................   271
        Part A--Committee Hearings...................................   271
        Part B--Committee Prints.....................................   274

                                                     Union Calendar No. 240
    112th Congress                                                   Report
                            HOUSE OF REPRESENTATIVES
     1st Session                                                    112-355

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

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

                                    _______

     December 30, 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 sponsorship.
              (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
           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 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

                                     ------

    1Mr. 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
     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
         Joseph R. Clark, Counsel
           John W. Cole, Counsel
      Andrew Duke, Professional Staff
      Kevin R. Edgar, Senior Counsel
       Mark D. Epley, Senior Counsel
      Paul-Martin Foss, Professional
                   Staff
    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
     Kenneth G. Leonczyk, Jr., Counsel
         W. Walton Liles, Counsel
        Jonathan E. Madison, Staff
                 Assistant
     Samuel C. Mahler, Staff Assistant
     Kylin B. McCardle, Professional
                   Staff
       Francisco A. Medina, Senior
                  Counsel
     Joe Pinder, Senior Professional
                   Staff
          Aaron A. Ranck, Senior
            Professional Staff
       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

       Meredith C. Connelly, Senior
         Professional Staff Member
      Kristofor S. Erickson, Senior
         Professional Staff Member
      Alfred J. Forman, Jr., Systems
               Administrator
    Bruno Freitas, Professional Staff
                  Member
      Maria E. Giesta, Professional
               Staff Member
      Harry D. Gural, Communications
                 Director
       Erika Jeffers, Senior Counsel
    Kellie Larkin, General Counsel and
           Legislative Director
       Gail W. Laster, Deputy Chief
                  Counsel
         Patricia A. Lord, Senior
         Professional Staff Member
       Marcos F. Manosalvas, Staff
                 Associate
     Kathryn J. Marks, Senior Counsel
    Dominique M. McCoy, Senior Counsel
       Daniel P. McGlinchey, Senior
         Professional Staff Member
          Eric S. Orner, Deputy
          Communications Director
      Kirk Schwarzbach, Professional
               Staff Member
      David A. Smith, Chief Economist
      Lawranne Stewart, Deputy Chief
                  Counsel
       Adrianne G. Threatt, Senior
                  Counsel
                      LEGISLATIVE AND OVERSIGHT ACTIVITIES

        From June 1, 2011 through November 30, 2011 of the first
    session of the 112th Congress, 119 bills were referred to the
    Committee on Financial Services. The full Committee reported to
    the House or was discharged from the further consideration of
    12 measures. During this period, the Committee did not consider
    any conference reports. One measure regarding matters within
    the Committee's jurisdiction was enacted into law.
        The following is a summary of the legislative and oversight
    activities of the Committee on Financial Services from January
    5, 2011 to November 30, 2011 of the 112th Congress, including a
    summary of the activities taken by the Committee during this
    period 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,
                                         Tennessee1

                        COMMITTEE ON FINANCIAL SERVICES

                     Full Committee Legislative Activities

                    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 Subcommittee on Insurance,
    Housing and Community Opportunity Chairman Judy Biggert on
    January 5, 2011 and referred to the Committee on Financial
    Services. The bill has no cosponsors.
        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 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, Chairman 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 on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered the bill, as amended, favorably reported to
    the full Committee by a voice vote.
        On June 22, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on July 1,
    2011 (H. Rept. 112-131).
        On July 18, 2011, the House agreed to a motion to suspend
    the rules and pass H.R. 33, as amended, by a record vote of 310
    yeas and 1 nay.

                     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.

                  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 Subcommittee on Capital Markets
    and Government Sponsored Enterprises Chairman 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 on Capital Markets and
    Government Sponsored Enterprises held a 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 on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered the bill, as amended, favorably reported to
    the full Committee by voice vote.
        On June 22, 2011, the full Committee met in open session
    and ordered H.R. 940, as amended, favorably reported to the
    House by a record vote of 44 yeas, 7 nays and 3 present.

                     BURDENSOME DATA COLLECTION RELIEF ACT

                                  (H.R. 1062)

    Summary

        H.R. 1062, the Burdensome Data Collection Relief Act,
    repeals Section 953(b) of the Dodd-Frank Wall Street Reform and
    Consumer Protection Act (Public Law 111-203), which requires
    all publicly traded companies to calculate and disclose for
    each filing with the Securities and Exchange Commission the
    median annual total compensation of all employees of the
    company excluding the Chief Executive Officer (CEO), disclose
    the annual total compensation of the CEO, and calculate and
    disclose 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 on Capital Markets and
    Government Sponsored Enterprises held a hearing on a draft
    version of 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 on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered the bill favorably reported to the full
    Committee by a record vote of 20 yeas and 12 nays.
        On June 22, 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 21 nays. The Committee Report was
    filed on July 12, 2011 (H. Rept. 112-142).

                  SMALL COMPANY CAPITAL FORMATION ACT OF 2011

                                  (H.R. 1070)

    Summary

        H.R. 1070, the Small Company Capital Formation Act, raises
    the offering threshold for companies exempted from registration
    with the U.S. Securities and Exchange Commission (SEC) under
    Regulation A from $5 million--the threshold set in the early
    1990s--to $50 million. Raising the offering threshold helps
    small companies gain access to capital markets without the
    costs and delays associated with the full-scale securities
    registration process. H.R. 1070 provides the SEC with the
    authority to increase the threshold and requires the SEC to re-
    examine the threshold every two years and report to Congress on
    its decisions regarding adjustment of 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 on Capital Markets and
    Government Sponsored Enterprises held a hearing on a draft
    version of 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 on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered the bill, as amended, favorably reported to
    the full Committee by voice vote.
        On June 22, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on
    September 14, 2011 (H. Rept. 112-206).
        On November 2, 2011, the House agreed to a motion to
    suspend the rules and pass H.R. 1070, as amended, by a record
    vote of 421 yeas and 1 nay.

             SMALL BUSINESS CAPITAL ACCESS AND JOB PRESERVATION ACT

                                  (H.R. 1082)

    Summary

        H.R. 1082, the Small Business Capital Access and Job
    Preservation Act, exempts advisers to private equity funds that
    have not borrowed and do not have outstanding a principal
    amount in excess of twice their funded capital commitments from
    U.S. Securities and Exchange Commission (SEC) registration
    requirements as mandated by Title IV of the Dodd-Frank Wall
    Street Reform and Consumer Protection Act (the Dodd-Frank Act)
    (Public Law 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 on Capital Markets and
    Government Sponsored Enterprises held a 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 on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered the bill favorably reported to the full
    Committee by a record vote of 19 yeas and 13 nays.
        On June 22, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on July 12,
    2011 (H. Rept. 112-143).

         THE RESPONSIBLE CONSUMER FINANCIAL PROTECTION REGULATIONS ACT

                                  (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
    Spencer Bachus and referred to the Committee on Financial
    Services. The bill has 35 cosponsors.
        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.'' 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 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. The Committee Report
    (Part 1) was filed on June 16, 2011 (H. Rept. 112-107), and
    Part 2 of the Committee Report was filed on July 19, 2011 (H.
    Rept. 112-107, Part 2).
        On July 21, 2011, the House considered the Committee Print
    of H.R. 1315, which included the text of H.R. 1121 and H.R.
    1667, and passed the bill, with amendments, by a record vote of
    241 yeas and 173 nays.

                 EQUITY IN GOVERNMENT COMPENSATION ACT OF 2011

                                  (H.R. 1221)

    Summary

        H.R. 1221 would suspend the current compensation packages
    for all of Fannie Mae and Freddie Mac's senior executives and
    establish a compensation system for the GSEs' executive
    officers consistent with the compensation and benefits provided
    under the Financial Institution Reform, Recovery, and
    Enforcement Act of 1989 (FIRREA). The bill requires the GSEs'
    regulator--the Federal Housing Finance Agency (FHFA)--to adjust
    the salaries of Fannie Mae's and Freddie Mac's nonsupervisory
    employees to conform to the General Schedule, a statutory pay
    system that pays employees based on surveys of non-federal pay
    for similar work. And H.R. 1221 expresses the sense of the
    Congress that the 2010 and 2011 pay packages for Fannie Mae's
    and Freddie Mac's senior executives were excessive and that the
    money should be returned to the Treasury to reduce the national
    debt.

    Legislative History

        H.R. 1221 was introduced by Chairman Spencer 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 on Capital Markets and
    Government Sponsored Enterprises held a 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: Mr. 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; Mr. Christopher Papagianis, Managing Director,
    Economics21; Mr. Edward Pinto, Resident Fellow, American
    Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board,
    National Association of Home Builders; and Mr. Ron Phipps,
    President, National Association of Realtors.
        On April 5, 2011 and April 6, 2011, the Subcommittee on
    Capital Markets and Government Sponsored Enterprises 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.
        On November 15, 2011, the full Committee met in open
    session and ordered the bill, as amended, favorably reported to
    the House by a record vote of 52 yeas and 4 nays.

                       FLOOD INSURANCE REFORM ACT OF 2011

                                  (H.R. 1309)

    Summary

        H.R. 1309, the Flood Insurance Reform Act of 2011, would
    reauthorize the National Flood Insurance Program (NFIP) through
    September 30, 2016, and amend the National Flood Insurance Act
    to ensure the immediate and near-term fiscal and administrative
    health of the NFIP. The bill would also ensure 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

        On April 1, 2011, H.R. 1309 was introduced by Subcommittee
    on Insurance, Housing and Community Opportunity Chairman 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, Sullivan 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, The
    Honorable 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 recorded vote of 54 yeas and 0 nays.
        On July 12, 2011, the House considered H.R. 1309 and passed
    the bill, with amendments, by a record vote of 406 yeas and 22
    nays.

    THE 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, would amend 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 would make three major
    changes: (1) it would lower 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 would clarify 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 would
    eliminate 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 4 cosponsors.
        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.'' 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 on Financial Institutions
    and Consumer Credit met in open session and ordered the bill,
    as amended, 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. The Committee Report
    (Part 1) was filed on May 25, 2011 (H. Rept. 112-89), and Part
    2 of the Committee Report was filed on July 19, 2011 (H. Rept.
    112-89, Part 2).
        On July 21, 2011, the House considered H.R. 1315 and passed
    the bill, with amendments, by a record vote of 241 yeas and 173
    nays.

                 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 on Capital Markets and
    Government Sponsored Enterprises held a legislative hearing on
    a 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 on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered the bill favorably reported to the full
    Committee by a record vote of 18 yeas and 14 nays.
        On July 20, 2011, the full Committee met in open session
    and ordered the bill favorably reported to the House by 31 yeas
    and 19 nays. The Committee Report was filed on August 12, 2011
    (H. Rept. 112-196).

    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.

     THE BUREAU OF CONSUMER FINANCIAL PROTECTION TRANSFER CLARIFICATION ACT

                                  (H.R. 1667)

    Summary

        H.R. 1667, the Bureau of Consumer Financial Protection
    Transfer Clarification Act, would amend 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 Subcommittee on
    Financial Institutions and Consumer Credit Chairman Shelley
    Moore Capito and was referred to the Committee on Financial
    Services. The bill has 14 cosponsors.
        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 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 32 yeas and 26 nays.
        The Committee Report, Part 1, was filed on May 27, 2011 (H.
    Rept. 112-93), and Part 2 was filed on July 19, 2011 (H. Rept.
    112-93, Part 2).
        On July 14, 2011, the Rules Committee issued a Committee
    Print of H.R. 1315, which included the text of H.R. 1121 and
    H.R. 1667.
        On July 21, 2011, the House considered H.R. 1315 and passed
    the bill, with amendments, by a record vote of 241 yeas and 173
    nays.

                        CJ'S HOME PROTECTION ACT OF 2011

                                  (H.R. 1751)

    Summary

        H.R. 1751, CJ's Home Protection Act of 2011, would amend
    the Manufactured Housing Construction and Safety Standards Act
    of 1974 by requiring the installation of National Oceanic &
    Atmospheric Administration (NOAA) weather radios in all
    manufactured homes made or sold in the United States. The
    installation standard for these weather radios--which would
    broadcast severe weather warnings and civil emergency messages
    (including tornado and flood warnings), AMBER alerts for child
    abductions, and chemical spill notifications--would be
    established by the Secretary of Housing and Urban Development
    (HUD) upon recommendation of the Manufactured Housing Consensus
    Committee, an advisory committee which was created by the 1974
    Act.

    Legislative History

        On May 5, 2011, H.R. 1751 was introduced by Chairman
    Spencer Bachus and was referred to the Committee on Financial
    Services. The bill has four cosponsors.
        On July 20, 2011, the full Committee met in open session
    and ordered the bill favorably reported to the House by voice
    vote. The Committee Report was filed on August 1, 2011 (H.
    Rept. 112-191).

       TO AMEND THE SECURITIES LAWS TO ESTABLISH CERTAIN THRESHOLDS FOR
                SHAREHOLDER REGISTRATION, AND FOR OTHER PURPOSES

                                  (H.R. 1965)

    Summary

        H.R. 1965 raises the threshold for mandatory registration
    under the Securities Exchange Act of 1934 (the Exchange Act)
    from 500 shareholders to 2,000 shareholders for banks and bank
    holding companies. The bill would also modify the threshold for
    deregistration under Sections 12(g) and 15(d) of the Exchange
    Act for a bank or a bank holding company from 300 to 1,200
    shareholders.

    Legislative History

        On May 24, 2011, H.R. 1965 was introduced by Representative
    James Himes and referred to the Committee on Financial
    Services. The bill has 18 cosponsors.
        On September 21, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a hearing on H.R.
    1965 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC; Mr. Barry E. Silbert, Founder and Chief
    Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams,
    Chairman and President, Gothenburg State Bank, on behalf of the
    American Bankers Association; Mr. William D. Waddill, Senior
    Vice President and Chief Financial Officer, OncoMed
    Pharmaceuticals, Inc., on behalf of the Biotechnology Industry
    Organization; Mr. A. Heath Abshure, Commissioner, Arkansas
    Securities Department on behalf of the North American
    Securities Administrators; and Ms. Dana Mauriello, President,
    ProFounder.
        On October 5, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session and
    ordered the bill, as amended, favorably reported to the full
    Committee by voice vote.
        On October 26, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote.
        On November 2, 2011, the House considered H.R. 1965 under
    suspension of the rules, and passed the bill, as amended, by a
    record vote of 420 yeas and 2 nays.

      TO INSTRUCT THE INSPECTOR GENERAL OF THE FEDERAL DEPOSIT INSURANCE
       CORPORATION TO STUDY THE IMPACT OF INSURED DEPOSITORY INSTITUTION
                        FAILURES, AND FOR OTHER PURPOSES

                                  (H.R. 2056)

    Summary

        H.R. 2056, a bill to instruct the Inspector General of the
    Federal Deposit Insurance Corporation (FDIC) to study the
    impact of insured depository institution failures, would
    require the FDIC's Inspector General to study issues raised by
    bank failures in states that have had more than ten such
    failures since 2008. The study would cover the following
    subjects: (1) the use and effect of shared loss agreements; (2)
    the significance of paper losses; (3) the success of FDIC field
    examiners in implementing FDIC guidelines regarding workouts of
    commercial real estate; (4) the application and impact of
    consent orders and cease and desist orders; (5) the impact of
    FDIC policies on raising capital; and (6) the FDIC's
    involvement in private equity investment. The bill would also
    instruct the Government Accountability Office (GAO) to study:
    (1) the causes of bank failures in states with 10 or more
    failures since 2008; (2) the procyclical impact of fair value
    accounting standards; (3) the causes and potential solutions
    for the cycle of loan write downs, raising capital, and
    failures; and (4) the impact of bank failures upon the
    community.

    Legislative History

        On May 31, 2011, H.R. 2056 was introduced by Representative
    Lynn Westmoreland and was referred to the Committee on
    Financial Services. The bill has 13 cosponsors.
        On July 8, 2011, the Subcommittee on Financial Institutions
    and Consumer Credit held a hearing on H.R. 2056 entitled
    ``Legislative Proposals Regarding Bank Examination Practices.''
    The Subcommittee received testimony from the following
    witnesses: Mr. James H. McKillop, President and CEO,
    Independent Bankers Bank of Florida on behalf of the
    Independent Community Bankers of America; Mr. Michael Whalen,
    President and CEO, Heart of America Group; and Professor Simon
    Johnson, The Ronald A. Kurtz, Professor of Entrepreneurship at
    the Massachusetts Institute of Technology's Sloan School of
    Management; Mr. George French, Deputy Director, Division of
    Risk Management Supervision of the Federal Deposit Insurance
    Corporation; and Ms. Jennifer Kelly, Senior Deputy Comptroller
    for Mid-Size/Community Bank Supervision of the Office of the
    Comptroller of the Currency.
        On July 20, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on July 26,
    2011 (H. Rept. 112-182).
        On July 28, 2011, the House considered H.R. 2056 under
    suspension of the rules, and passed the bill, as amended, by
    voice vote.

               SECURING AMERICAN JOBS THROUGH EXPORTS ACT OF 2011

                                  (H.R. 2072)

    Summary

        H.R. 2072, the Securing American Jobs Through Exports Act
    of 2011, would amend the Export-Import Bank Act of 1945 by
    extending the authority of the Export-Import Bank of the United
    States (the Bank) for four years, from 2011 to 2015. Key
    provisions of H.R. 2072 include: (1) a four-year
    reauthorization of the Export-Import Bank charter; (2) a
    gradual increase in the Bank's financing authority; (3) a
    requirement that the Bank establish clear and comprehensive
    guidelines regarding the type and amount of content in a good
    or service eligible for Bank financing; (4) authorization for
    the Bank to use up to $20 million of its surplus, subject to
    appropriations, to upgrade its information technology system;
    and (5) a number of new transparency and accountability
    requirements for the Bank.

    Legislative History

        H.R. 2072 was introduced by Subcommittee on International
    Monetary Policy and Trade Chairman Gary Miller on June 1, 2011,
    and referred to the Committee on Financial Services. The bill
    has nine cosponsors.
        On May 24, 2011, the Subcommittee on International Monetary
    Policy and Trade held a hearing entitled ``Legislative
    Proposals on Securing American Jobs Through Exports: Export-
    Import Bank Reauthorization.'' The Subcommittee received
    testimony from the following witnesses: Mr. Fred Hochberg,
    Chairman and President, the Export-Import Bank of the United
    States; Ms. Donna K. Alexander, Chief Executive Officer,
    Bankers' Association for Finance and Trade--International
    Financial Services Association; Ms. Thea Lee, Deputy Chief of
    Staff, American Federation of Labor and Congress of Industrial
    Organizations; Mr. Osvaldo Luis Gratacos, Inspector General for
    the Export-Import Bank; Mr. John Hardy, President, Coalition
    for Employment Through Exports; and Dr. Matthew Slaughter,
    Associate Dean for the MBA Program, Signals Company Professor
    of Management, Tuck School of Business, Dartmouth College.
        On June 2, 2011, the Subcommittee on International Monetary
    Policy and Trade met in open session and ordered the bill, as
    amended, favorably reported to the full Committee by a voice
    vote.
        On June 22, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by a voice vote. The Committee Report was filed on
    September 8, 2011 (H. Rept. 112-201).

                   PRIVATE COMPANY FLEXIBILITY AND GROWTH ACT

                                  (H.R. 2167)

    Summary

        H.R. 2167, the Private Company Flexibility and Growth Act,
    would raise the threshold for mandatory registration under the
    Securities Exchange Act of 1934 (the Exchange Act) from 500
    shareholders to 1,000 shareholders for all companies;
    shareholders who received securities under employee
    compensation plans would not count towards the threshold.
        Section 12(g) of the Exchange Act requires issuers to
    register equity securities with the Securities and Exchange
    Commission (SEC) if those securities are held by 500 or more
    holders of record and the company has total assets of more than
    $10 million. After a company registers under 12(g), it must
    comply with the Exchange Act's reporting requirements, which
    include filing annual reports on Form 10-K, quarterly reports
    on Form 10-Q, current reports on Form 8-K, and proxy statements
    on Schedule 14A. The shareholder threshold has not been
    adjusted since it was adopted in 1964 and has become an
    impediment to capital formation for small startup companies.
    These companies often remain private to maintain greater
    flexibility and control, and to avoid the increased costs
    associated with becoming a public company. To attract employees
    and conserve capital for research and development, startup
    companies often award their employees stock options in place of
    higher salaries. If the company succeeds and those options
    vest, the holders of those options become equity holders, and
    they are counted against the registration threshold. Because
    private companies are taking longer to go public than they have
    in the past, employees' stock options are increasingly vesting
    before the companies go public. Small private companies may
    thus find themselves subject to the same reporting requirements
    as listed companies.

    Legislative History

        On June 14, 2011, H.R. 2167 was introduced by
    Representative David Schweikert and referred to the Committee
    on Financial Services. The bill has 27 cosponsors.
        On September 21, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a hearing on H.R.
    2167 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC; Mr. Barry E. Silbert, Founder and Chief
    Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams,
    Chairman and President, Gothenburg State Bank, on behalf of the
    American Bankers Association; Mr. William D. Waddill, Senior
    Vice President and Chief Financial Officer, OncoMed
    Pharmaceuticals, Inc., on behalf of the Biotechnology Industry
    Organization; Mr. A. Heath Abshure, Commissioner, Arkansas
    Securities Department on behalf of the North American
    Securities Administrators; and Ms. Dana Mauriello, President,
    ProFounder.
        On October 5, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session and
    ordered H.R. 2167, as amended, favorably reported to the full
    Committee by voice vote.
        On October 26, 2011, the full Committee met in open session
    and ordered H.R. 2167, as amended, favorably reported to the
    House by voice vote.

                       SEC REGULATORY ACCOUNTABILITY ACT

                                  (H.R. 2308)

    Summary

        H.R. 2308, the SEC Regulatory Accountability Act, would
    direct the Securities and Exchange Commission (SEC) to follow
    President Obama's Executive Order No. 13563, which requires
    that government agencies conduct cost-benefit analyses to
    ensure that the benefits of any rulemaking outweigh the costs.
    Because the SEC is an independent agency, it is not required to
    follow the Executive Order. The bill would require the SEC to
    clearly identify the problem that a proposed regulation is
    intended to address and to assess the significance of that
    problem before it issues a rule. The legislation would require
    the SEC's Chief Economist to conduct a cost-benefit analysis of
    potential rules to ensure that the burden on economic growth
    and job creation that would result from proposed regulations
    does not outweigh the benefits of those regulations. H.R. 2308
    would also require the SEC to periodically review regulations
    and orders in effect before the date of enactment to determine
    whether these regulations are outdated, ineffective,
    insufficient, or unduly burdensome. The bill would require the
    SEC to modify, streamline, expand, or repeal these regulations
    and orders in accordance with its review.

    Legislative History

        On June 23, 2011, H.R. 2308 was introduced by Subcommittee
    on Capital Markets and Government Sponsored Enterprises
    Chairman Scott Garrett and referred to the Committee on
    Financial Services. The bill has 17 cosponsors.
        On September 15, 2011, the full Committee held a
    legislative hearing on H.R. 2308 entitled, ``Fixing the
    Watchdog: Legislative Proposals to Improve and Enhance the
    Securities and Exchange Commission.'' The Committee received
    testimony from the following witnesses: The Honorable Mary
    Schapiro, Chairman, SEC; Mr. Shubh Saumya, Partner and Managing
    Director, Boston Consulting Group; The Honorable Paul Atkins,
    Visiting Scholar, American Enterprise Institute, and Former
    Commissioner, SEC; Mr. Stephen D. Crimmins, Partner, K&L Gates
    LLP, and Former Deputy Chief Litigation Counsel, Division of
    Enforcement, SEC; Mr. Jonathan G. ``Jack'' Katz, Former
    Secretary, SEC, on behalf of the U.S. Chamber of Commerce; The
    Honorable Harvey Pitt, Chief Executive Officer, Kalorama
    Partners, LLC, and Former Chairman, SEC; and Mr. J.W. Verret,
    Assistant Professor of Law, George Mason University School of
    Law.
        On November 15, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises met in open session and
    ordered the bill, as amended, favorably reported to the full
    Committee by a record vote of 19 yeas and 15 nays.

             NATIONAL BASEBALL HALL OF FAME COMMEMORATIVE COIN ACT

                                  (H.R. 2527)

    Summary

        H.R. 2527, the National Baseball Hall of Fame Commemorative
    Coin Act, would direct the Treasury Secretary in 2015 to issue
    no more than 50,000 $5 gold coins, 400,000 $1 silver coins, and
    750,000 half-dollar ``clad'' coins in recognition of the
    National Baseball Hall of Fame in Cooperstown, NY. Surcharges
    on coin sales would be paid to the National Baseball Hall of
    Fame to finance its operations, after it raises funds from non-
    government sources equal to or greater than the surcharges
    collected. The obverse design of the coin would be chosen
    through a juried, compensated competition, and would represent
    the game of baseball and its place in American sports and
    American life. The reverse would depict a baseball as used by
    Major League Baseball. The bill contains a ``Sense of
    Congress'' calling for the coins to be minted with a convex
    reverse and a concave obverse. The program would be operated at
    no cost to the taxpayer and would be budget-neutral.

    Legislative History

        On July 14, 2011, H.R. 2527 was introduced by
    Representative Richard Hanna and referred to the Committee on
    Financial Services. The bill has 296 cosponsors.
        On July 20, 2011, the full Committee met in open session
    and ordered H.R. 2167, as amended, favorably reported to the
    House by voice vote.
        On October 26, 2011, the House considered H.R. 2527 under
    suspension of the rules, and passed the bill, as amended, by a
    record vote of 416 yeas and 3 nays.

                   SWAP EXECUTION FACILITY CLARIFICATION ACT

                                  (H.R. 2586)

    Summary

        H.R. 2586, the Swap Execution Facility Clarification Act,
    would direct the Commodity Futures Trading Commission (CFTC)
    and Securities and Exchange Commission (SEC) to promulgate swap
    execution facility (SEF) rules that would effectuate Congress's
    intent that SEFs serve as an alternative to exchanges and
    provide an execution facility for illiquid or thinly-traded
    swaps.
        The Dodd-Frank Wall Street Reform and Consumer Protection
    Act (P.L. 111-203) requires that cleared swaps be executed
    either on exchanges or on SEFs regulated by either the CFTC or
    the SEC. The drafters of the Dodd-Frank Act intended for SEFs
    to serve as an alternative to exchanges by providing an
    execution facility for illiquid or thinly-traded swaps. The
    CFTC's and SEC's proposed rules for SEFs, however, fail to
    provide the flexibility necessary to execute illiquid or
    thinly-traded swaps, and market participants have pointed out
    that the proposed rules are overly prescriptive and would
    inhibit the execution of swap trades. H.R. 2586 directs the
    CFTC and SEC to promulgate SEF rules that would effectuate
    Congress's intent that SEFs serve as an alternative to
    exchanges and provide an execution facility for illiquid or
    thinly-traded swaps. H.R. 2586 prohibits the CFTC and the SEC
    from requiring a SEF to have a minimum number of participants
    receive bids or offers. The bill would prohibit the CFTC and
    SEC from requiring SEFs to display or delay bids or offers for
    a specific time period, which would permit the immediate
    execution of matched trades. The bill prohibits the CFTC or SEC
    from writing rules that allow only voice-based and hybrid
    trading models for the execution of block trades, thereby
    permitting market participants to continue using any means of
    interstate commerce to conduct swap transactions. Finally, the
    bill would prohibit the CFTC and SEC from requiring SEFs that
    operate multiple trading systems to force those systems to
    interact with each other to execute swap transactions. The bill
    would also allow market participants to use any means of
    interstate commerce to execute swap transactions.

    Legislative History

        On July 19, 2011, H.R. 2586 was introduced by Subcommittee
    on Capital Markets and Government Sponsored Enterprises
    Chairman Scott Garrett and referred to the Committee on
    Financial Services and the Committee on Agriculture. The bill
    has seven cosponsors.
        On October 14, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a hearing on H.R.
    2586 entitled ``Legislative Proposals to Bring Certainty to the
    Over-the-Counter Derivatives Market.'' The Subcommittee
    received testimony from the following witnesses: Mr. Keith
    Bailey, Managing Director, Fixed Income, Currencies and
    Commodities, Barclays Capital, on behalf of the Institute of
    International Bankers; Mr. Shawn Bernardo, Senior Managing
    Director, Tullett Prebon, on behalf of the Wholesale Market
    Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk
    Officer and Senior Vice President, CE Risk Management Division
    Office, Constellation Energy, on behalf of the Coalition of
    Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital
    Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of
    the American Benefits Council and the Committee on the
    Investment of Employee Benefit Assets; and Mr. Conrad Voldstad,
    Chief Executive Officer, International Swaps and Derivatives
    Association.
        On November 15, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises met in open session and
    ordered the bill favorably reported to the full Committee by
    voice vote.
        On November 30, 2011, the full Committee met in open
    session and ordered the bill favorably reported to the House by
    voice vote.

          BUSINESS RISK MITIGATION AND PRICE STABILIZATION ACT OF 2011

                                  (H.R. 2682)

    Summary

        On July 28, 2011, Representative Michael Grimm introduced
    H.R. 2682, which would exempt end-users from the margin and
    capital requirements under Title VII of the Dodd-Frank Act. The
    diversion of capital from job creation and the drag on economic
    growth resulting from the imposition of margin requirements on
    end-users was frequently raised during Congressional debates on
    the Dodd-Frank Act. A colloquy among the chairmen of the four
    committees with primary jurisdiction over Title VII clarified
    congressional intent that the Dodd-Frank Act did not grant
    regulators the authority to impose margin requirements for end-
    user transactions.

    Legislative History

        On April 15, 2011, Representative Michael Grimm originally
    introduced an end-user exemption bill, H.R. 1610, the Business
    Risk Mitigation and Price Stabilization Act of 2011, a draft of
    which was discussed at a legislative hearing on March 16, 2011
    entitled ``Legislative Proposals to Promote Job Creation,
    Capital Formation, and Market Certainty.''
        On May 3, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session and
    ordered the bill favorably reported to the full Committee by a
    vote of 19-13.
        On July 28, 2011, Representative Michael Grimm introduced a
    new bill, H.R. 2682, providing for an end user exemption. H.R.
    2682 was referred to the Committee on Financial Services. The
    bill has four cosponsors.
        On November 30, 2011, the full Committee met in open
    session and ordered the bill favorably reported to the House by
    voice vote.

     TO EXEMPT INTER-AFFILIATE SWAPS FROM CERTAIN REGULATORY REQUIREMENTS
        PUT IN PLACE BY THE DODD-FRANK WALL STREET REFORM AND CONSUMER
                                 PROTECTION ACT

                                  (H.R. 2779)

    Summary

        H.R. 2779, a bill to exempt inter-affiliate swaps from
    certain regulatory requirements put in place by the Dodd-Frank
    Wall Street Reform and Consumer Protection Act, would exempt
    inter-affiliate trades from the margin, clearing, and reporting
    requirements of the Dodd-Frank Act. Inter-affiliate swaps are
    swaps executed between entities under common corporate
    ownership. Inter-affiliate swaps allow corporate groups with
    subsidiaries and affiliates to better manage risk by
    transferring the risk of its affiliates to a single affiliate
    and then executing swaps through that affiliate. Inter-
    affiliate swaps do not pose a systemic risk because they do not
    create additional counterparty exposures or increase the
    interconnectedness between parties outside the corporate group.
    Despite the differences between inter-affiliate swaps and swaps
    between unrelated parties, the Dodd-Frank Act did not
    distinguish between such swaps. H.R. 2779 would reduce the
    costs of hedging for corporate groups by exempting inter-
    affiliate trades from the margin, clearing and reporting
    requirements.

    Legislative History

        On August 1, 2011, H.R. 2779 was introduced by
    Representative Steve Stivers and referred to the Committee on
    Financial Services and the Committee on Agriculture. The bill
    has two cosponsors.
        On October 14, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a hearing on H.R.
    2779 entitled ``Legislative Proposals to Bring Certainty to the
    Over-the-Counter Derivatives Market.'' The Subcommittee
    received testimony from the following witnesses: Mr. Keith
    Bailey, Managing Director, Fixed Income, Currencies and
    Commodities, Barclays Capital, on behalf of the Institute of
    International Bankers; Mr. Shawn Bernardo, Senior Managing
    Director, Tullett Prebon, on behalf of the Wholesale Market
    Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk
    Officer and Senior Vice President, CE Risk Management Division
    Office, Constellation Energy, on behalf of the Coalition of
    Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital
    Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of
    the American Benefits Council and the Committee on the
    Investment of Employee Benefit Assets; and Mr. Conrad Voldstad,
    Chief Executive Officer, International Swaps and Derivatives
    Association.
        On November 15, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises met in open session and
    ordered the bill favorably reported to the full Committee by a
    record vote of 23 yeas, 6 nays and 1 present.
        On November 30, 2011, the full Committee met in open
    session and ordered the bill favorably reported to the House by
    a record vote of 53 yeas and 0 nays.

                       ENTREPRENEUR ACCESS TO CAPITAL ACT

                                  (H.R. 2930)

    Summary

        H.R. 2930, the ``Entrepreneur Access to Capital Act,''
    would create a new registration exemption from the Securities
    Act of 1933 for securities issued through internet platforms,
    also known as ``crowdfunding.'' To qualify for this new
    exemption, the issuer's offering cannot exceed $1 million,
    unless the issuer provides investors with audited financial
    statements, in which case the offering amount may not exceed $2
    million. An individual's investment must be equal to or less
    than the lesser of $10,000 or 10 percent of the investor's
    annual income. By exempting such offerings from registration
    with the Securities and Exchange Commission (SEC) and
    preempting state registration laws, H.R. 2930 will enable
    entrepreneurs to more easily access capital from potential
    investors across the United States to grow their business and
    create jobs.
        H.R. 2930 would require issuers and intermediaries to
    fulfill a number of requirements in order to avail themselves
    of this new exemption. These requirements, which include
    notices to the SEC about the offerings and parties to the
    offerings that will be shared with the States, are designed to
    reduce the risk of fraud in these offerings and thereby protect
    investors. The legislation also would allow for an unlimited
    number of investors to invest via a crowdfunding offering and
    preempts state securities registration laws. However, the
    legislation does not restrict the States' ability to discover
    and stop and prosecute fraudulent offerings.

    Legislative History

        On September 14, 2011, H.R. 2930 was introduced by
    Representative Patrick McHenry and referred to the Committee on
    Financial Services. The bill has five cosponsors.
        On September 21, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a hearing on H.R.
    2930 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC;
    Mr. Barry E. Silbert, Founder and Chief Executive Officer,
    SecondMarket, Inc.; Mr. Matthew H. Williams, Chairman and
    President, Gothenburg State Bank, on behalf of the American
    Bankers Association; Mr. William D. Waddill, Senior Vice
    President and Chief Financial Officer, OncoMed Pharmaceuticals,
    Inc., on behalf of the Biotechnology Industry Organization; Mr.
    A. Heath Abshure, Commissioner, Arkansas Securities Department
    on behalf of the North American Securities Administrators; and
    Ms. Dana Mauriello, President, ProFounder.
        On October 5, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session and
    ordered H.R. 2930 favorably reported to the full Committee by a
    record vote of 18 yeas and 14 nays.
        On October 26, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on October
    31, 2011 (H. Rept. 112-262).
        On November 3, 2011, the House considered H.R. 2930 and
    passed the bill, with amendments, by a record vote of 407 yeas
    and 17 nays.

                     ACCESS TO CAPITAL FOR JOB CREATORS ACT

                                  (H.R. 2940)

    Summary

        H.R. 2940, the ``Access to Capital for Job Creators Act,''
    would make the exemption under the Securities and Exchange
    Commission's (SEC) Regulation D Rule 506 available to issuers
    even if the securities are marketed through a general
    solicitation or advertising so long as the purchasers are
    ``accredited investors.'' The legislation would allow companies
    greater access to accredited investors and to new sources of
    capital to grow and create jobs, without putting less
    sophisticated investors at risk. To ensure that only accredited
    investors purchase the securities, H.R. 2940 requires the SEC
    to write rules on how an issuer would verify that the
    purchasers of securities are accredited investors.
        The Securities Act of 1933 requires that any offer to sell
    securities must either be registered with the SEC or meet an
    exemption. Regulation D Rule 506 is an exemption that allows
    companies to raise capital as long as they do not market their
    securities through general solicitations or advertising. This
    prohibition on general solicitation and advertising has been
    interpreted to mean that potential investors must have an
    existing relationship with the company before they can be
    notified that unregistered securities are available for
    purchase. Requiring potential investors to have an existing
    relationship with the company significantly limits the pool of
    potential investors and severely hampers the ability of small
    companies to raise capital and create jobs.

    Legislative History

        On September 15, 2011, H.R. 2940 was introduced by
    Representative Kevin McCarthy and referred to the Committee on
    Financial Services. The bill has two cosponsors.
        On September 21, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a hearing on H.R.
    2940 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC;
    Mr. Barry E. Silbert, Founder and Chief Executive Officer,
    SecondMarket, Inc.; Mr. Matthew H. Williams, Chairman and
    President, Gothenburg State Bank, on behalf of the American
    Bankers Association; Mr. William D. Waddill, Senior Vice
    President and Chief Financial Officer, OncoMed Pharmaceuticals,
    Inc., on behalf of the Biotechnology Industry Organization; Mr.
    A. Heath Abshure, Commissioner, Arkansas Securities Department
    on behalf of the North American Securities Administrators; and
    Ms. Dana Mauriello, President, ProFounder.
        On October 5, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session and
    ordered H.R. 2940, as amended, favorably reported to the full
    Committee by voice vote.
        On October 26, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on October
    31, 2011 (H. Rept. 112-263).
        On November 3, 2011, the House considered H.R. 2940 and
    passed the bill by a record vote of 413 yeas and 11 nays.

     A BILL TO AMEND THE ABRAHAM LINCOLN COMMEMORATIVE COIN ACT TO ADJUST
                         HOW SURCHARGES ARE DISTRIBUTED

                                  (H.R. 3512)

    Summary

        H.R. 3512 revises Section 7 of the Abraham Lincoln
    Commemorative Coin Act to allow distribution of the surcharges
    collected on the sales of the coin, which was available for
    purchase from the U.S. Mint in 2009. The coin was issued to
    commemorate the bicentennial of President Lincoln's birth,
    during that bicentennial year. The specified recipient of the
    surcharges was the Abraham Lincoln Bicentennial Commission.
    Following the bicentennial, the Commission was changed to a
    foundation to continue education about President Lincoln over
    the longer term, necessitating the change in the name of the
    recipient organization. Additionally, Title 31, Section 5134(f)
    of the United States Code allows the recipient no more than two
    years from the end of the coin program--in this case, until the
    end of 2011--to demonstrate to the satisfaction of the
    Secretary of the Treasury that it has raised private funds
    equal to or greater than the surcharge funds, before
    disbursement can take place. The Foundation raised about $2
    million in private funds, and thus would not by itself be able
    to collect the surcharges even with a name change, so the bill
    divides the remaining surcharges equally between the Abraham
    Lincoln Presidential Library and Museum, Ford's Theatre, and
    President Lincoln's Cottage on the grounds of the Soldier's
    Home in Washington, D.C., all of which are associated with the
    President and were sites of bicentennial events. These three
    organizations will each be responsible for demonstrating it has
    raised private matching funds equal to or greater than the
    amount it would receive, before funds can be disbursed. The
    Lincoln coin program, like all other commemorative coin
    programs, operated at no cost to the taxpayer and the
    surcharges were collected only from those who purchased the
    coin.

    Legislative History

        On November 29, 2011, H.R. 3512 was introduced by
    Representative Jerrold Nadler and was referred to the Committee
    on Financial Services. The bill has no cosponsors.
        On November 30, 2011, the full Committee met in open
    session and ordered the bill favorably reported to the House by
    voice vote.

                             SEC MODERNIZATION ACT

    Summary

        The SEC Modernization Act of 2011 would modernize the
    Securities and Exchange Commission by (1) consolidating
    duplicative offices; (2) promoting coordination amongst
    employees; (3) making managerial and ethics reforms; and (4)
    ensuring that the inspector general and ombudsman are truly
    independent. After the Dodd-Frank Wall Street Reform and
    Consumer Protection Act is fully implemented, the SEC Chairman
    will have twenty-four direct reports, making it even more
    difficult for the Chairman to effectively manage the agency.
    The SEC Modernization Act would enable the SEC to better
    accomplish its mission of protecting investors, maintaining
    fair, orderly, and efficient markets, and facilitating capital
    formation by incorporating recommendations from the Boston
    Consulting Group's report issued pursuant to Section 967 of the
    Dodd-Frank Act as well as recommendations by the Government
    Accountability Office and the SEC's Inspector General.

    Legislative History

        On September 15, 2011, the full Committee held a
    legislative hearing on the discussion draft of the SEC
    Modernization Act of 2011 entitled ``Fixing the Watchdog:
    Legislative Proposals to Improve and Enhance the Securities and
    Exchange Commission.'' The Committee received testimony from
    the following witnesses: The Honorable Mary Schapiro, Chairman,
    U.S. Securities and Exchange Commission; Mr. Shubh Saumya,
    Partner and Managing Director, Boston Consulting Group; The
    Honorable Paul Atkins, Visiting Scholar, American Enterprise
    Institute, and Former Commissioner, U.S. Securities and
    Exchange Commission; Mr. Stephen D. Crimmins, Partner, K&L
    Gates LLP, and Former Deputy Chief Litigation Counsel, Division
    of Enforcement, U.S. Securities and Exchange Commission; Mr.
    Jonathan G. ``Jack'' Katz, Former Secretary, U.S. Securities
    and Exchange Commission, on behalf of the U.S. Chamber of
    Commerce; The Honorable Harvey Pitt, Chief Executive Officer,
    Kalorama Partners, LLC, and Former Chairman, U.S. Securities
    and Exchange Commission; and Mr. J.W. Verret, Assistant
    Professor of Law, George Mason University School of Law.

                      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
    Capital.

                                  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.

                                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.

               OVERSIGHT AND RESTRUCTURING OF THE SECURITIES AND
                              EXCHANGE COMMISSION

        On September 15, 2011, the full Committee held a hearing
    entitled ``Fixing the Watchdog: Legislative Proposals to
    Improve and Enhance the Securities and Exchange Commission.''
    The hearing examined the recommendations set forth in the
    report of the Boston Consulting Group (BCG) on needed reforms
    at the SEC, which report was mandated by Section 967 of the
    Dodd-Frank Act, and examined two legislative proposals. The
    first proposal was a discussion draft entitled the ``SEC
    Modernization Act,'' which would reshape the SEC's managerial
    and operational structure; amend provisions of the Dodd-Frank
    Act regarding the creation of new SEC offices; and limit the
    use of the SEC Reserve Fund created in Section 991 of the Dodd-
    Frank Act to only technology investments. The second proposal
    was H.R. 2308, the ``SEC Regulatory Accountability Act,'' which
    would amend the Securities Exchange Act of 1934 to require the
    Securities and Exchange Commission (SEC), before promulgating a
    regulation or issuing any order, to: (1) identify the nature
    and significance of the problem that the proposed regulation is
    designed to address in order to assess whether any new
    regulation is warranted; (2) use the Office of the Chief
    Economist to assess the costs and benefits of the intended
    regulation and adopt it only on a determination that its
    benefits justify the costs; and (3) ensure that any regulation
    is accessible, consistent, written in plain language, and easy
    to understand. The Committee received testimony from the
    following witnesses: The Honorable Mary Schapiro, Chairman,
    U.S. Securities and Exchange Commission; Mr. Shubh Saumya,
    Partner and Managing Director, Boston Consulting Group; The
    Honorable Paul Atkins, Visiting Scholar, American Enterprise
    Institute, and Former Commissioner, U.S. Securities and
    Exchange Commission; Mr. Stephen D. Crimmins, Partner, K&L
    Gates LLP, and Former Deputy Chief Litigation Counsel, Division
    of Enforcement, U.S. Securities and Exchange Commission; Mr.
    Jonathan G. ``Jack'' Katz, Former Secretary, U.S. Securities
    and Exchange Commission, on behalf of the U.S. Chamber of
    Commerce; The Honorable Harvey Pitt, Chief Executive Officer,
    Kalorama Partners, LLC, and Former Chairman, U.S. Securities
    and Exchange Commission; and Mr. J.W. Verret, Assistant
    Professor of Law, George Mason University School of Law.

                THE DODD-FRANK WALL STREET REFORM AND CONSUMER
                                 PROTECTION ACT

        On June 16, 2011, the full Committee held a hearing
    entitled ``Financial Regulatory Reform: The International
    Context.'' During this hearing, the Committee examined the
    international implications of the Dodd-Frank Wall Street Reform
    and Consumer Protection Act for the United States financial
    services industry and the United Stated economy. Specifically,
    the Committee considered four aspects of United States
    regulation that may affect the ability of United States
    financial institutions to compete against their foreign
    counterparts and impede economic recovery in the United States:
    capital and liquidity requirements, regulation and oversight of
    ``systemically significant financial institutions,''
    derivatives regulation, and the regulation of proprietary
    trading. The Committee received testimony from the following
    witnesses: The Honorable Sheila C. Bair, Chairman of the
    Federal Deposit Insurance Corporation; The Honorable Lael
    Brainard, Under Secretary of the Treasury for International
    Affairs; The Honorable Gary Gensler, Chairman of the Commodity
    Futures Trading Commission; The Honorable Mary Schapiro,
    Chairman of the Securities and Exchange Commission; The
    Honorable Daniel K. Tarullo, Governor, Board of Governors of
    the Federal Reserve System; Mr. John Walsh, Acting Comptroller
    of the Currency, Office of the Comptroller of the Currency; Mr.
    Stephen O'Connor, Managing Director, Morgan Stanley, and
    Chairman, International Swaps and Derivatives Association, on
    behalf of the International Swaps & Derivatives Association;
    Mr. Timothy Ryan, President & CEO of the Securities Industry
    and Financial Markets Association; Professor Hal S. Scott,
    Nomura Professor and Director of the Program on International
    Financial Systems, Harvard Law School; Mr. Barry L. Zubrow,
    Executive Vice President and Chief Risk Officer, JPMorgan Chase
    & Co.; and Mr. Damon A. Silvers, Associate General Counsel,
    American Federation of Labor and Congress of Industrial
    Organizations.

        HOUSING AND URBAN DEVELOPMENT, RURAL HOUSING SERVICE, NATIONAL
                            REINVESTMENT CORPORATION

        On June 3, 2011, the full Committee held a hearing entitled
    ``Oversight of HUD's HOME Program.'' This was the first in a
    series of hearings on allegations of waste, fraud, and abuse
    within the HOME program. At this hearing, the Committee
    examined HUD's policies and procedures for monitoring the
    performance of the HOME program. HUD's Office of Inspector
    General performed internal audits of HUD's management of the
    HOME program in September 2009 and November 2010 which
    documented problems in HUD's ability to track HOME funds and
    activities. The Committee received testimony from the following
    witnesses: the Honorable Mercedes Marquez, HUD Assistant
    Secretary for Community Planning and Development; and Mr. James
    Heist, HUD Assistant Inspector General for Audit.

        LAW ENFORCEMENT EFFORTS TO SECURE PRIVATE FINANCIAL INFORMATION

        On June 29, 2011, the full Committee held a field hearing
    in Hoover, Alabama, entitled ``Hacked Off: Helping Law
    Enforcement Protect Private Financial Information.'' The
    purpose of the hearing was to examine threats computer hackers
    pose to individuals, businesses, financial institutions and
    government agencies; the methods that hackers employ to breach
    information technology systems; and the efforts of law
    enforcement to foil or arrest hackers. The Committee also
    examined the work of the National Computer Forensics Institute
    (NCFI), where state and local law enforcement officers,
    prosecutors and judges are trained in ways to detect, prosecute
    and try cases involving computer-based evidence. The Committee
    received testimony from the following witnesses: Mr. A. T.
    Smith, Assistant Director, United States Secret Service; Mr.
    Randall I. Hillman, Executive Director, Alabama District
    Attorneys Association; Mr. Gary Warner, Director of Research,
    Computer Forensics, University of Alabama Birmingham; and Mr.
    Douglas ``Clay'' Hammac, Investigator, Shelby County Sheriff's
    Office, Columbiana, Alabama.

                  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.
        On July 13, 2011, the full Committee held a hearing
    entitled ``Monetary Policy and the State of the Economy.'' The
    purpose of this hearing was to receive the semi-annual report
    to Congress on monetary policy and the state of the economy,
    delivered by Federal Reserve Chairman Ben S. Bernanke, who was
    the only witness.

                     FINANCIAL STABILITY OVERSIGHT COUNCIL

        On October 6, 2011, the full Committee held a hearing
    entitled ``The Annual Report of the Financial Stability
    Oversight Council.'' At this hearing, the Committee received
    the Financial Stability Oversight Council's (FSOC) Annual
    Report and the Secretary of the Treasury's testimony on the
    report. The hearing focused on the FSOC's efforts to implement
    regulatory reforms and identify emerging threats to the
    nation's financial stability. The Honorable Timothy Geithner,
    Secretary of the Treasury, was the sole witness.

                          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.
    112-36................  Oversight of HUD's HOME     June 3, 2011
                             Program.
    112-39................  Financial Regulatory        June 16, 2011
                             Reform: The International
                             Context.
    112-43................  Hacked Off: Helping Law     June 29, 2011
                             Enforcement Protect
                             Private Financial
                             Information (Field
                             Hearing).
    112-46................  Monetary Policy and the     July 13, 2011
                             State of the Economy.
    112-62................  Fixing the Watchdog:        September 15, 2011
                             Legislative Proposals to
                             Improve and Enhance the
                             Securities and Exchange
                             Commission.
    112-70................  The Annual Report of the    October 6, 2011
                             Financial Stability
                             Oversight Council.
    ------------------------------------------------------------------------

      Subcommittee on Capital Markets and Government Sponsored Enterprises

              (Ratio: 20-15)

        SCOTT GARRETT, New Jersey,
                 Chairman

    MAXINE WATERS, California, Ranking Member  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 officio nsylvania
                                         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: Mr. Edward DeMarco, Acting Director of
    the Federal Housing Finance Agency; The Hon. John H. Dalton,
    President of the Housing Policy Council, Financial Services
    Roundtable; Mr. Christopher Papagianis, Managing Director,
    Economics21; Mr. Edward Pinto, Resident Fellow, American
    Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board,
    National Association of Home Builders; and Mr. 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.

                    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 Subcommittee on Insurance,
    Housing and Community Opportunity Chairman Judy Biggert on
    January 5, 2011 and referred to the Committee on Financial
    Services. The bill has no cosponsors.
        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, Chairman 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.
        On June 22, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on July 1,
    2011 (H. Rept. 112-131).
        On July 18, 2011, the House agreed to a motion to suspend
    the rules and pass H.R. 33, as amended, by a record vote of 310
    yeas and 1 nay.

              FANNIE MAE AND FREDDIE MAC TRANSPARENCY ACT OF 2011

                                   (H.R. 463)

    Summary

        H.R. 463, the Fannie Mae and Freddie Mac Transparency Act
    of 2011, would make the Freedom of Information Act (FOIA)
    applicable to Fannie Mae and Freddie Mac while they are in
    federal conservatorship or receivership. FOIA is the federal
    law that grants the public access to information or documents
    controlled by the U.S. government. Members of the public may
    make FOIA requests for the records of any government agency.
    Yet despite their public charters and their management by the
    federal government, neither Fannie Mae nor Freddie Mac is
    considered a federal agency for purposes of FOIA. Without this
    legislation, the public cannot access the GSEs' records, even
    though they are overseen directly by the federal government.

    Legislative History

        On January 26, 2011, H.R. 463 was introduced by
    Representative Jason Chaffetz and was referred to the Committee
    on Financial Services. The bill has eleven cosponsors.
        On May 25, 2011, the Subcommittee held a legislative
    hearing on H.R. 463 entitled ``Transparency, Transition and
    Taxpayer Protection: More Steps to End the GSE Bailout.'' The
    Subcommittee received testimony from the following witnesses:
    Mr. Edward J. DeMarco, Acting Director, 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.
        On July 12, 2011, the Subcommittee met in open session and
    ordered the bill, as amended, favorably reported to the full
    Committee by 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 Subcommittee on Capital Markets
    and Government Sponsored Enterprises Chairman 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 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.
        On June 22, 2011, the full Committee met in open session
    and ordered H.R. 940, as amended, favorably reported to the
    House by a record vote of 44 yeas, 7 nays and 3 present.

                     BURDENSOME DATA COLLECTION RELIEF ACT

                                  (H.R. 1062)

    Summary

        H.R. 1062, the Burdensome Data Collection Relief Act,
    repeals Section 953(b) of the Dodd-Frank Wall Street Reform and
    Consumer Protection Act (Public Law 111-203), which requires
    all publicly traded companies to calculate and disclose for
    each filing with the Securities and Exchange Commission the
    median annual total compensation of all employees of the
    company excluding the Chief Executive Officer (CEO), disclose
    the annual total compensation of the CEO, and calculate and
    disclose 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 hearing on a
    draft version of 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.
        On June 22, 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 21 nays. The Committee Report was
    filed on July 12, 2011 (H. Rept. 112-142).

                  SMALL COMPANY CAPITAL FORMATION ACT OF 2011

                                  (H.R. 1070)

    Summary

        H.R. 1070, the Small Company Capital Formation Act, raises
    the offering threshold for companies exempted from registration
    with the U.S. Securities and Exchange Commission (SEC) under
    Regulation A from $5 million--the threshold set in the early
    1990s--to $50 million. Raising the offering threshold helps
    small companies gain access to capital markets without the
    costs and delays associated with the full-scale securities
    registration process. H.R. 1070 provides the SEC with the
    authority to increase the threshold and requires the SEC to re-
    examine the threshold every two years and report to Congress on
    its decisions regarding adjustment of 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 hearing on a
    draft version of 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.
        On June 22, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on
    September 14, 2011 (H. Rept. 112-206).
        On November 2, 2011, the House agreed to a motion to
    suspend the rules and pass H.R. 1070, as amended, by a record
    vote of 421 yeas and 1 nay.

             SMALL BUSINESS CAPITAL ACCESS AND JOB PRESERVATION ACT

                                  (H.R. 1082)

    Summary

        H.R. 1082, the Small Business Capital Access and Job
    Preservation Act, exempts advisers to private equity funds that
    have not borrowed and do not have outstanding a principal
    amount in excess of twice their funded capital commitments from
    U.S. Securities and Exchange Commission (SEC) registration
    requirements as mandated by Title IV of the Dodd-Frank Wall
    Street Reform and Consumer Protection Act (the Dodd-Frank Act)
    (Public Law 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 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.
        On June 22, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on July 12,
    2011 (H. Rept. 112-143).

                 EQUITY IN GOVERNMENT COMPENSATION ACT OF 2011

                                  (H.R. 1221)

    Summary

        H.R. 1221 would suspend the current compensation packages
    for all of Fannie Mae and Freddie Mac's senior executives and
    establish a compensation system for the GSEs' executive
    officers consistent with the compensation and benefits provided
    under the Financial Institution Reform, Recovery, and
    Enforcement Act of 1989 (FIRREA). The bill requires the GSEs'
    regulator--the Federal Housing Finance Agency (FHFA)--to adjust
    the salaries of Fannie Mae's and Freddie Mac's nonsupervisory
    employees to conform to the General Schedule, a statutory pay
    system that pays employees based on surveys of non-federal pay
    for similar work. And H.R. 1221 expresses the sense of the
    Congress that the 2010 and 2011 pay packages for Fannie Mae's
    and Freddie Mac's senior executives were excessive and that the
    money should be returned to the Treasury to reduce the national
    debt.

    Legislative History

        H.R. 1221 was introduced by Chairman Spencer 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 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: Mr. 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; Mr. Christopher Papagianis, Managing Director,
    Economics21; Mr. Edward Pinto, Resident Fellow, American
    Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board,
    National Association of Home Builders; and Mr. 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.
        On November 15, 2011, the full Committee met in open
    session and ordered the bill, as amended, favorably reported to
    the House by a record vote of 52 yeas and 4 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: Mr. 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; Mr. Christopher
    Papagianis, Managing Director, Economics21; Mr. Edward Pinto,
    Resident Fellow, American Enterprise Institute; Mr. Bob
    Nielsen, Chairman of the Board, National Association of Home
    Builders; and Mr. 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: Mr. 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; Mr. Christopher
    Papagianis, Managing Director, Economics21; Mr. Edward Pinto,
    Resident Fellow, American Enterprise Institute; Mr. Bob
    Nielsen, Chairman of the Board, National Association of Home
    Builders; and Mr. 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: Mr. 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; Mr. Christopher
    Papagianis, Managing Director, Economics21; Mr. Edward Pinto,
    Resident Fellow, American Enterprise Institute; Mr. Bob
    Nielsen, Chairman of the Board, National Association of Home
    Builders; and Mr. 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: Mr. 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; Mr. Christopher
    Papagianis, Managing Director, Economics21; Mr. Edward Pinto,
    Resident Fellow, American Enterprise Institute; Mr. Bob
    Nielsen, Chairman of the Board, National Association of Home
    Builders; and Mr. 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: Mr. 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; Mr. Christopher
    Papagianis, Managing Director, Economics21; Mr. Edward Pinto,
    Resident Fellow, American Enterprise Institute; Mr. Bob
    Nielsen, Chairman of the Board, National Association of Home
    Builders; and Mr. 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: Mr. 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; Mr. Christopher
    Papagianis, Managing Director, Economics21; Mr. Edward Pinto,
    Resident Fellow, American Enterprise Institute; Mr. Bob
    Nielsen, Chairman of the Board, National Association of Home
    Builders; and Mr. 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.

                 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 a 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.
        On July 20, 2011, the full Committee met in open session
    and ordered the bill favorably reported to the House by 31 yeas
    and 19 nays. The Committee Report was filed on August 12, 2011
    (H. Rept. 112-196).

              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.

                           THE COMMUNITIES FIRST ACT

                                  (H.R. 1697)

    Summary

        H.R. 1697, the Communities First Act, would reduce
    regulatory, paperwork, and tax burdens on small banks. The bill
    would revise regulatory requirements for community banks by (1)
    amending the Federal Deposit Insurance Act to permit certain
    insured depository institutions to submit a short-form report
    of condition; (2) amending the Sarbanes-Oxley Act to exempt
    certain small-sized depository institutions from the annual
    management assessment of internal controls requirements; (3)
    amending the Truth in Lending Act to exempt from escrow or
    impound account requirements any loan secured by a first lien
    on a consumer's principal dwelling, if the loan is held by a
    creditor with assets of $10 billion or less; and (4) amending
    the Gramm-Leach-Bliley Act to exempt certain financial
    institutions from furnishing a mandatory annual privacy notice.
        The bill would also amend the Securities Exchange Act of
    1934 to direct the Securities and Exchange Commission: (1) to
    ensure that information, documents, and reports accurately and
    appropriately reflect the business model of a registered
    security issuer; (2) to approve any new or amended generally
    accepted accounting principle only if it would have no negative
    economic impact on certain small-sized insured depository
    institutions; and (3) to increase the shareholder registration
    threshold for certain banks and bank holding companies.
        The bill would also amend the Dodd-Frank Act: (1) to
    authorize the Financial Stability Oversight Council to set
    aside a final regulation prescribed by the Consumer Financial
    Protection Bureau (CFPB) if the Council decides that it would
    be inconsistent with the safe and sound operation of U.S.
    financial institutions, or could have a disproportionate
    negative impact on a subset of the banking industry; and (2) to
    repeal the authority of the Federal Reserve Board to delegate
    to the CFPB its authority to examine persons for compliance
    with federal consumer financial laws.
        For the purposes of capital calculation, the bill
    authorizes specified institutions: (1) to amortize losses or
    write-downs on a quarterly basis over a 10-year period; and (2)
    to average, over a five-year period, the appraised value of any
    real estate securing a loan held by the institution.

    Legislative History

        On May 3, 2011, H.R. 1697 was introduced by Representative
    Blaine Luetkemeyer and was referred to the Committee on
    Financial Services. The bill has 55 cosponsors.
        On November 16, 2011, the Subcommittees on Financial
    Institutions and Consumer Credit and Capital Markets and
    Government Sponsored Enterprises held a joint legislative
    hearing on H.R. 1697 entitled ``H.R. 1697, The Communities
    First Act.'' The Subcommittees received testimony from the
    following witnesses: Mr. Salvatore Marranca, President and
    Chief Executive Officer, Cattaraugus County Bank on behalf of
    the Independent Community Bankers Association; Mr. O. William
    Cheney, President and Chief Executive Officer, Credit Union
    National Association; Mr. John A. Klebba, President and Chief
    Executive Officer, Legends Bank, on behalf of the Missouri
    Bankers Association; Mr. Fred Becker, Jr., President and Chief
    Executive Officer, National Association of Federal Credit
    Unions; Mr. Arthur E. Wilmarth, Jr., Professor of Law, George
    Washington University, Executive Director, Center for Law,
    Economics and Finance; Mr. Damon Silvers, Director, Policy and
    Special Counsel, American Federation of Labor and Congress of
    Industrial Organizations; and Mr. Adam J. Levitin, Professor of
    Law, Georgetown University Law Center.

                          SWAPS BAILOUT PREVENTION ACT

                                  (H.R. 1838)

    Summary

        H.R. 1838, the Swaps Bailout Prevention Act, would repeal
    Section 716 of the Dodd-Frank Wall Street Reform and Consumer
    Protection Act (Public Law 111-203). Section 716 prohibits
    ``federal assistance''--defined as ``the use of any advances
    from any Federal Reserve credit facility or discount window
    [or] Federal Deposit Insurance Corporation insurance or
    guarantees''--to ``swaps entities,'' which include swap dealers
    and major swap participants, securities and futures exchanges,
    swap-execution facilities, and clearing organizations. This
    provision, known as the swap desk ``push out'' or ``spin off''
    provision, forces financial institutions that have swap desks
    to move them into an affiliate to preserve their access to
    Federal Reserve credit facilities and federal deposit
    insurance. Although the provision allows banks to continue
    dealing in swaps related to interest rates, foreign currency,
    and swaps permitted under the National Bank Act, it prohibits
    them from engaging in swaps related to commodities, equities,
    and credit.

    Legislative History

        On May 11, 2011, H.R. 1838 was introduced by Representative
    Nan Hayworth and referred to the Committee on Financial
    Services and the Committee on Agriculture. The bill has no
    cosponsors.
        On October 14, 2011, the Subcommittee held a hearing on
    H.R. 1838 entitled ``Legislative Proposals to Bring Certainty
    to the Over-the-Counter Derivatives Market.'' The Subcommittee
    received testimony from the following witnesses: Mr. Keith
    Bailey, Managing Director, Fixed Income, Currencies and
    Commodities, Barclays Capital, on behalf of the Institute of
    International Bankers; Mr. Shawn Bernardo, Senior Managing
    Director, Tullett Prebon, on behalf of the Wholesale Market
    Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk
    Officer and Senior Vice President, CE Risk Management Division
    Office, Constellation Energy, on behalf of the Coalition of
    Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital
    Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of
    the American Benefits Council and the Committee on the
    Investment of Employee Benefit Assets; and Mr. Conrad Voldstad,
    Chief Executive Officer, International Swaps and Derivatives
    Association.
        On November 15, 2011, the Subcommittee met in open session
    and ordered H.R. 1838, as amended, favorably reported to the
    full Committee by a record vote of 19 yeas and 14 nays.

       TO AMEND THE SECURITIES LAWS TO ESTABLISH CERTAIN THRESHOLDS FOR
                SHAREHOLDER REGISTRATION, AND FOR OTHER PURPOSES

                                  (H.R. 1965)

    Summary

        H.R. 1965 raises the threshold for mandatory registration
    under the Securities Exchange Act of 1934 (the Exchange Act)
    from 500 shareholders to 2,000 shareholders for banks and bank
    holding companies. The bill would also modify the threshold for
    deregistration under Sections 12(g) and 15(d) of the Exchange
    Act for a bank or a bank holding company from 300 to 1,200
    shareholders.

    Legislative History

        On May 24, 2011, H.R. 1965 was introduced by Representative
    James Himes and referred to the Committee on Financial
    Services. The bill has 18 cosponsors.
        On September 21, 2011, the Subcommittee held a hearing on
    H.R. 1965 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC; Mr. Barry E. Silbert, Founder and Chief
    Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams,
    Chairman and President, Gothenburg State Bank, on behalf of the
    American Bankers Association; Mr. William D. Waddill, Senior
    Vice President and Chief Financial Officer, OncoMed
    Pharmaceuticals, Inc., on behalf of the Biotechnology Industry
    Organization; Mr. A. Heath Abshure, Commissioner, Arkansas
    Securities Department on behalf of the North American
    Securities Administrators; and Ms. Dana Mauriello, President,
    ProFounder.
        On October 5, 2011, the Subcommittee met in open session
    and ordered the bill, as amended, favorably reported to the
    full Committee by voice vote.
        On October 26, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote.
        On November 2, 2011, the House considered H.R. 1965 under
    suspension of the rules, and passed the bill, as amended, by a
    record vote of 420 yeas and 2 nays.

                   PRIVATE COMPANY FLEXIBILITY AND GROWTH ACT

                                  (H.R. 2167)

    Summary

        H.R. 2167, the Private Company Flexibility and Growth Act,
    would raise the threshold for mandatory registration under the
    Securities Exchange Act of 1934 (the Exchange Act) from 500
    shareholders to 1,000 shareholders for all companies;
    shareholders who received securities under employee
    compensation plans would not count towards the threshold.
        Section 12(g) of the Exchange Act requires issuers to
    register equity securities with the Securities and Exchange
    Commission (SEC) if those securities are held by 500 or more
    holders of record and the company has total assets of more than
    $10 million. After a company registers under 12(g), it must
    comply with the Exchange Act's reporting requirements, which
    include filing annual reports on Form 10-K, quarterly reports
    on Form 10-Q, current reports on Form 8-K, and proxy statements
    on Schedule 14A. The shareholder threshold has not been
    adjusted since it was adopted in 1964 and has become an
    impediment to capital formation for small startup companies.
    These companies often remain private to maintain greater
    flexibility and control, and to avoid the increased costs
    associated with becoming a public company. To attract employees
    and conserve capital for research and development, startup
    companies often award their employees stock options in place of
    higher salaries. If the company succeeds and those options
    vest, the holders of those options become equity holders, and
    they are counted against the registration threshold. Because
    private companies are taking longer to go public than they have
    in the past, employees' stock options are increasingly vesting
    before the companies go public. Small private companies may
    thus find themselves subject to the same reporting requirements
    as listed companies.

    Legislative History

        On June 14, 2011, H.R. 2167 was introduced by
    Representative David Schweikert and referred to the Committee
    on Financial Services. The bill has 27 cosponsors.
        On September 21, 2011, the Subcommittee held a hearing on
    H.R. 2167 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC; Mr. Barry E. Silbert, Founder and Chief
    Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams,
    Chairman and President, Gothenburg State Bank, on behalf of the
    American Bankers Association; Mr. William D. Waddill, Senior
    Vice President and Chief Financial Officer, OncoMed
    Pharmaceuticals, Inc., on behalf of the Biotechnology Industry
    Organization; Mr. A. Heath Abshure, Commissioner, Arkansas
    Securities Department on behalf of the North American
    Securities Administrators; and Ms. Dana Mauriello, President,
    ProFounder.
        On October 5, 2011, the Subcommittee met in open session
    and ordered H.R. 2167, as amended, favorably reported to the
    full Committee by voice vote.
        On October 26, 2011, the full Committee met in open session
    and ordered H.R. 2167, as amended, favorably reported to the
    House by voice vote.

                       SEC REGULATORY ACCOUNTABILITY ACT

                                  (H.R. 2308)

    Summary

        H.R. 2308, the SEC Regulatory Accountability Act, would
    direct the Securities and Exchange Commission (SEC) to follow
    President Obama's Executive Order No. 13563, which requires
    that government agencies conduct cost-benefit analyses to
    ensure that the benefits of any rulemaking outweigh the costs.
    Because the SEC is an independent agency, it is not required to
    follow the Executive Order. The bill would require the SEC to
    clearly identify the problem that a proposed regulation is
    intended to address and to assess the significance of that
    problem before it issues a rule. The legislation would require
    the SEC's Chief Economist to conduct a cost-benefit analysis of
    potential rules to ensure that the burden on economic growth
    and job creation that would result from proposed regulations
    does not outweigh the benefits of those regulations. H.R. 2308
    would also require the SEC to periodically review regulations
    and orders in effect before the date of enactment to determine
    whether these regulations are outdated, ineffective,
    insufficient, or unduly burdensome. The bill would require the
    SEC to modify, streamline, expand, or repeal these regulations
    and orders in accordance with its review.

    Legislative History

        On June 23, 2011, H.R. 2308 was introduced by Subcommittee
    on Capital Markets and Government Sponsored Enterprises
    Chairman Scott Garrett and referred to the Committee on
    Financial Services. The bill has 17 cosponsors.
        On September 15, 2011, the full Committee held a
    legislative hearing on H.R. 2308 entitled, ``Fixing the
    Watchdog: Legislative Proposals to Improve and Enhance the
    Securities and Exchange Commission.'' The Committee received
    testimony from the following witnesses: The Honorable Mary
    Schapiro, Chairman, SEC; Mr. Shubh Saumya, Partner and Managing
    Director, Boston Consulting Group; The Honorable Paul Atkins,
    Visiting Scholar, American Enterprise Institute, and Former
    Commissioner, SEC; Mr. Stephen D. Crimmins, Partner, K&L Gates
    LLP, and Former Deputy Chief Litigation Counsel, Division of
    Enforcement, SEC; Mr. Jonathan G. ``Jack'' Katz, Former
    Secretary, SEC, on behalf of the U.S. Chamber of Commerce; The
    Honorable Harvey Pitt, Chief Executive Officer, Kalorama
    Partners, LLC, and Former Chairman, SEC; and Mr. J.W. Verret,
    Assistant Professor of Law, George Mason University School of
    Law.
        On November 15, 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 15 nays.

                      GSE LEGAL FEE REDUCTION ACT OF 2011

                                  (H.R. 2428)

    Summary

        H.R. 2428, the GSE Legal Fee Reduction Act of 2011, would
    limit the indemnification of former executives of the
    government sponsored enterprises Fannie Mae and Freddie Mac
    (GSEs) and set standards for advancing indemnification
    payments. Under the bill, the Federal Housing Finance Agency
    (FHFA) would have the authority to set criteria for
    indemnification and may require executives or directors to post
    bond as a condition of receiving indemnification advances. FHFA
    would be required to prohibit the GSEs from using Treasury
    funds to satisfy any settlement, judgment, order, or penalty.

    Legislative History

        On July 6, 2011, H.R. 2428 was introduced by Subcommittee
    on Oversight and Investigations Chairman Randy Neugebauer and
    referred to the Committee on Financial Services. The bill has
    five cosponsors.
        On May 25, 2011, the Subcommittee held a legislative
    hearing on a draft version of H.R. 2428 entitled
    ``Transparency, Transition and Taxpayer Protection: More Steps
    to End the GSE Bailout.'' The Subcommittee received testimony
    from the following witnesses: Mr. Edward DeMarco, Acting
    Director of the FHFA; 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.

            FANNIE MAE AND FREDDIE MAC TAXPAYER PAYBACK ACT OF 2011

                                  (H.R. 2436)

    Summary

        H.R. 2436, the Fannie Mae and Freddie Mac Taxpayer Payback
    Act of 2011, would prohibit any reduction in the dividend rate
    paid to the Secretary of the Treasury on the senior preferred
    stock of Fannie Mae and Freddie Mac. The bill would codify the
    September 2008 agreement between the Treasury Department and
    the government sponsored enterprises Fannie Mae and Freddie Mac
    (GSEs), thus guaranteeing that taxpayers' investment in Fannie
    Mae and Freddie Mac will be repaid.
        As part of the government takeover of Fannie Mae and
    Freddie Mac, the Treasury Department provided both firms with
    capital in return for senior preferred stock that pays a 10
    percent quarterly dividend to the Treasury. Although the
    dividend may be changed at any time by agreement between the
    Federal Housing Finance Agency (FHFA) and Treasury Department,
    the 10 percent dividend was designed to guarantee that
    taxpayers would be fully repaid and that Fannie Mae and Freddie
    Mac would not be reincorporated after their conservatorship as
    private companies with public charters and missions. Some
    critics of the 10 percent dividend have argued that it forces
    the GSEs to borrow even more from the Treasury Department to
    repay what it has already borrowed plus the dividend, and thus
    serves no purpose.

    Legislative History

        On July 7, 2011, H.R. 2436 was introduced by Representative
    Donald Manzullo and referred to the Committee on Financial
    Services. The bill has four cosponsors.
        On May 25, 2011, the Subcommittee held a legislative
    hearing on a draft version of H.R. 2436 entitled
    ``Transparency, Transition and Taxpayer Protection: More Steps
    to End the GSE Bailout.'' The Subcommittee received testimony
    from the following witnesses: Mr. Edward DeMarco, Acting
    Director of the FHFA; 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.
        On July 12, 2011, the Subcommittee met in open session and
    ordered H.R. 2436 favorably reported to the full Committee by
    voice vote.

             REMOVING GSES CHARTERS DURING RECEIVERSHIP ACT OF 2011

                                  (H.R. 2439)

    Summary

        H.R. 2439, the Removing GSEs Charters During Receivership
    Act of 2011, would authorize the Federal Housing Finance Agency
    (FHFA) to revoke the charters of Fannie Mae and Freddie Mac,
    and require the FHFA to revoke the charter when a successor,
    limited-life entity is dissolved. The bill would also require
    the Director of the FHFA to submit a report to Congress
    analyzing the economic impact of privatizing the secondary
    mortgage market and detailing the costs of maintaining a
    government guarantee. The bill would also require the Director
    of the FHFA to make quarterly determinations for five years
    regarding whether $250 billion of residential mortgage loans
    were sold and securitized in the private, secondary mortgage
    market.

    Legislative History

        On July 7, 2011, H.R. 2439 was introduced by Representative
    Steve Stivers and referred to the Committee on Financial
    Services. The bill has two cosponsors.
        On May 25, 2011, the Subcommittee held a legislative
    hearing on a draft version of H.R. 2439 entitled
    ``Transparency, Transition and Taxpayer Protection: More Steps
    to End the GSE Bailout.'' The Subcommittee received testimony
    from the following witnesses: Mr. Edward DeMarco, Acting
    Director of the FHFA; 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.
        On July 12, 2011, the Subcommittee met in open session and
    ordered the bill, as amended, favorably reported to the full
    Committee by voice vote.

            MARKET TRANSPARENCY AND TAXPAYER PROTECTION ACT OF 2011

                                  (H.R. 2440)

    Summary

        H.R. 2440, the Market Transparency and Taxpayer Protection
    Act of 2011, would direct Fannie Mae and Freddie Mac to report
    to the Federal Housing Finance Agency (FHFA) on the assets they
    own within 180 days of the bill's enactment. The bill would
    also require the FHFA to identify the government sponsored
    enterprises Fannie Mae and Freddie Mac (GSEs) assets that are
    not critical to the GSEs' missions, and direct the FHFA's
    director to establish annual plans for the GSEs to sell or
    dispose of these assets. The bill would also give the GSEs
    three years to dispose of these assets, and require the FHFA to
    report annually to Congress on the disposition of these assets.

    Legislative History

        On July 7, 2011, H.R. 2440 was introduced by Representative
    Robert Hurt and referred to the Committee on Financial
    Services. The bill has three cosponsors.
        On May 25, 2011, the Subcommittee held a legislative
    hearing on a draft version of H.R. 2440 entitled
    ``Transparency, Transition and Taxpayer Protection: More Steps
    to End the GSE Bailout.'' The Subcommittee received testimony
    from the following witnesses: Mr. Edward DeMarco, Acting
    Director of the FHFA; 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.
        On July 12, 2011, the Subcommittee met in open session and
    ordered the bill, as amended, favorably reported to the full
    Committee by voice vote.

                   HOUSING TRUST FUND ELIMINATION ACT OF 2011

                                  (H.R. 2441)

    Summary

        H.R. 2441, the Housing Trust Fund Elimination Act of 2011,
    would abolish the Affordable Housing Trust Fund. Created as
    part of the Housing and Economic Recovery Act of 2008 (HERA),
    the Affordable Housing Trust Fund was intended to serve as a
    permanent off-budget source of revenue dedicated to building,
    preserving, and rehabilitating housing for extremely and very
    low-income families. However, the Affordable Housing Trust Fund
    has never been capitalized. The cost of the Affordable Housing
    Trust Fund was estimated to be more than $4.5 billion over 5
    years, and it was to have been funded by Fannie Mae and Freddie
    Mac. When the Federal Housing Finance Agency (FHFA) placed the
    government sponsored enterprises Fannie Mae and Freddie Mac
    (GSEs) into conservatorship in September 2008, FHFA suspended
    the GSEs' contributions to the Housing Trust Fund.

    Legislative History

        On July 7, 2011, H.R. 2441 was introduced by Representative
    Edward Royce and referred to the Committee on Financial
    Services. The bill has two cosponsors.
        On May 25, 2011, the Subcommittee held a legislative
    hearing on a draft version of H.R. 2441 entitled
    ``Transparency, Transition and Taxpayer Protection: More Steps
    to End the GSE Bailout.'' The Subcommittee received testimony
    from the following witnesses: Mr. Edward DeMarco, Acting
    Director of the FHFA; 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.
        On July 12, 2011, the Subcommittee met in open session and
    ordered H.R. 2441, as amended, favorably reported to the full
    Committee by a record vote of 18 yeas and 14 nays.

                        CAP THE GSE BAILOUT ACT OF 2011

                                  (H.R. 2462)

    Summary

        H.R. 2462, the Cap the GSE Bailout Act of 2011, would limit
    outlays to Fannie Mae or Freddie Mac to the larger of the net
    amounts Fannie Mae and Freddie Mac have received from the
    Treasury Department from 2010 to 2012 or $200 billion.
        In September 2008, when Fannie Mae and Freddie Mac were
    placed into conservatorship, the Treasury Department entered
    into an agreement to purchase up to $100 billion in senior
    preferred stock of each of the government sponsored enterprises
    (GSEs). In February 2009, the Treasury Department increased
    this level to up to $200 billion for each of the GSEs. In
    December 2009, the Treasury Department announced that it had
    raised the total limit for each GSE to the greater of $200
    billion or $200 billion plus any additional payments made in
    calendar years 2010 through 2012, less any surplus amount as of
    December 31, 2012. H.R. 2462 codifies the December 2009
    agreement. H.R. 2462 would cap the GSE bailout to provide
    certainty that government assistance is limited and will end.

    Legislative History

        On July 8, 2011, H.R. 2462 was introduced by Representative
    Michael Fitzpatrick and referred to the Committee on Financial
    Services. The bill has three cosponsors.
        On May 25, 2011, the Subcommittee held a legislative
    hearing on a draft version of H.R. 2462 entitled
    ``Transparency, Transition and Taxpayer Protection: More Steps
    to End the GSE Bailout.'' The Subcommittee received testimony
    from the following witnesses: Mr. 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.
        On July 12, 2011, the Subcommittee met in open session and
    ordered H.R. 2462, as amended, favorably reported to the full
    Committee by voice vote.

                   SWAP EXECUTION FACILITY CLARIFICATION ACT

                                  (H.R. 2586)

    Summary

        H.R. 2586, the Swap Execution Facility Clarification Act,
    would direct the Commodity Futures Trading Commission (CFTC)
    and Securities and Exchange Commission (SEC) to promulgate swap
    execution facility (SEF) rules that would effectuate Congress's
    intent that SEFs serve as an alternative to exchanges and
    provide an execution facility for illiquid or thinly-traded
    swaps.
        The Dodd-Frank Wall Street Reform and Consumer Protection
    Act (P.L. 111-203) requires that cleared swaps be executed
    either on exchanges or on SEFs regulated by either the CFTC or
    the SEC. The drafters of the Dodd-Frank Act intended for SEFs
    to serve as an alternative to exchanges by providing an
    execution facility for illiquid or thinly-traded swaps. The
    CFTC's and SEC's proposed rules for SEFs, however, fail to
    provide the flexibility necessary to execute illiquid or
    thinly-traded swaps, and market participants have pointed out
    that the proposed rules are overly prescriptive and would
    inhibit the execution of swap trades. H.R. 2586 would prohibit
    the CFTC and the SEC from requiring SEFs to have a minimum
    number of participants receive bids or offers; to have market
    participants request or receive more than one quote; to display
    or delay bids or offers for a specific time period; and to
    allow only voice-based and hybrid trading models for the
    execution of block trades. The bill would also allow market
    participants to use any means of interstate commerce to execute
    swap transactions.

    Legislative History

        On July 19, 2011, H.R. 2586 was introduced by Subcommittee
    on Capital Markets and Government Sponsored Enterprises
    Chairman Scott Garrett and referred to the Committee on
    Financial Services and the Committee on Agriculture. The bill
    has seven cosponsors.
        On October 14, 2011, the Subcommittee held a hearing on
    H.R. 2586 entitled ``Legislative Proposals to Bring Certainty
    to the Over-the-Counter Derivatives Market.'' The Subcommittee
    received testimony from the following witnesses: Mr. Keith
    Bailey, Managing Director, Fixed Income, Currencies and
    Commodities, Barclays Capital, on behalf of the Institute of
    International Bankers; Mr. Shawn Bernardo, Senior Managing
    Director, Tullett Prebon, on behalf of the Wholesale Market
    Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk
    Officer and Senior Vice President, CE Risk Management Division
    Office, Constellation Energy, on behalf of the Coalition of
    Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital
    Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of
    the American Benefits Council and the Committee on the
    Investment of Employee Benefit Assets; and Mr. Conrad Voldstad,
    Chief Executive Officer, International Swaps and Derivatives
    Association.
        On November 15, 2011, the Subcommittee met in open session
    and ordered the bill favorably reported to the full Committee
    by voice vote.
        On November 30, 2011, the full Committee met in open
    session and ordered the bill favorably reported to the House by
    voice vote.

     TO EXEMPT INTER-AFFILIATE SWAPS FROM CERTAIN REGULATORY REQUIREMENTS
        PUT IN PLACE BY THE DODD-FRANK WALL STREET REFORM AND CONSUMER
                                 PROTECTION ACT

                                  (H.R. 2779)

    Summary

        H.R. 2779, a bill to exempt inter-affiliate swaps from
    certain regulatory requirements put in place by the Dodd-Frank
    Wall Street Reform and Consumer Protection Act, would exempt
    inter-affiliate trades from the margin, clearing, and reporting
    requirements of the Dodd-Frank Act. Inter-affiliate swaps are
    swaps executed between entities under common corporate
    ownership. Inter-affiliate swaps allow corporate groups with
    subsidiaries and affiliates to better manage risk by
    transferring the risk of its affiliates to a single affiliate
    and then executing swaps through that affiliate. Inter-
    affiliate swaps do not pose a systemic risk because they do not
    create additional counterparty exposures or increase the
    interconnectedness between parties outside the corporate group.
    Despite the differences between inter-affiliate swaps and swaps
    between unrelated parties, the Dodd-Frank Act did not
    distinguish between such swaps. H.R. 2779 would reduce the
    costs of hedging for corporate groups by exempting inter-
    affiliate trades from the margin, clearing and reporting
    requirements.

    Legislative History

        On August 1, 2011, H.R. 2779 was introduced by
    Representative Steve Stivers and referred to the Committee on
    Financial Services and the Committee on Agriculture. The bill
    has two cosponsors.
        On October 14, 2011, the Subcommittee held a hearing on
    H.R. 2779 entitled ``Legislative Proposals to Bring Certainty
    to the Over-the-Counter Derivatives Market.'' The Subcommittee
    received testimony from the following witnesses: Mr. Keith
    Bailey, Managing Director, Fixed Income, Currencies and
    Commodities, Barclays Capital, on behalf of the Institute of
    International Bankers; Mr. Shawn Bernardo, Senior Managing
    Director, Tullett Prebon, on behalf of the Wholesale Market
    Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk
    Officer and Senior Vice President, CE Risk Management Division
    Office, Constellation Energy, on behalf of the Coalition of
    Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital
    Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of
    the American Benefits Council and the Committee on the
    Investment of Employee Benefit Assets; and Mr. Conrad Voldstad,
    Chief Executive Officer, International Swaps and Derivatives
    Association.
        On November 15, 2011, the Subcommittee met in open session
    and ordered the bill favorably reported to the full Committee
    by a record vote of 23 yeas, 6 nays and 1 present.
        On November 30, 2011, the full Committee met in open
    session and ordered the bill favorably reported to the House by
    a record vote of 53 yeas and 0 nays.

                       ENTREPRENEUR ACCESS TO CAPITAL ACT

                                  (H.R. 2930)

    Summary

        H.R. 2930, the ``Entrepreneur Access to Capital Act,''
    would create a new registration exemption from the Securities
    Act of 1933 for securities issued through internet platforms,
    also known as ``crowdfunding.'' To qualify for this new
    exemption, the issuer's offering cannot exceed $1 million,
    unless the issuer provides investors with audited financial
    statements, in which case the offering amount may not exceed $2
    million. An individual's investment must be equal to or less
    than the lesser of $10,000 or 10 percent of the investor's
    annual income. By exempting such offerings from registration
    with the Securities and Exchange Commission (SEC) and
    preempting state registration laws, H.R. 2930 will enable
    entrepreneurs to more easily access capital from potential
    investors across the United States to grow their business and
    create jobs.
        H.R. 2930 would require issuers and intermediaries to
    fulfill a number of requirements in order to avail themselves
    of this new exemption. These requirements, which include
    notices to the SEC about the offerings and parties to the
    offerings that will be shared with the States, are designed to
    reduce the risk of fraud in these offerings and thereby protect
    investors. The legislation also would allow for an unlimited
    number of investors to invest via a crowdfunding offering and
    preempts state securities registration laws. However, the
    legislation does not restrict the States' ability to discover
    and stop and prosecute fraudulent offerings.

    Legislative History

        On September 14, 2011, H.R. 2930 was introduced by
    Representative Patrick McHenry and referred to the Committee on
    Financial Services. The bill has five cosponsors.
        On September 21, 2011, the Subcommittee held a hearing on
    H.R. 2930 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC; Mr. Barry E. Silbert, Founder and Chief
    Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams,
    Chairman and President, Gothenburg State Bank, on behalf of the
    American Bankers Association; Mr. William D. Waddill, Senior
    Vice President and Chief Financial Officer, OncoMed
    Pharmaceuticals, Inc., on behalf of the Biotechnology Industry
    Organization; Mr. A. Heath Abshure, Commissioner, Arkansas
    Securities Department on behalf of the North American
    Securities Administrators; and Ms. Dana Mauriello, President,
    ProFounder.
        On October 5, 2011, the Subcommittee met in open session
    and ordered H.R. 2930 favorably reported to the full Committee
    by a record vote of 18 yeas and 14 nays.
        On October 26, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on October
    31, 2011 (H. Rept. 112-262).
        On November 3, 2011, the House considered H.R. 2930 and
    passed the bill, with amendments, by a record vote of 407 yeas
    and 17 nays.

                     ACCESS TO CAPITAL FOR JOB CREATORS ACT

                                  (H.R. 2940)

    Summary

        H.R. 2940, the ``Access to Capital for Job Creators Act,''
    would make the exemption under the Securities and Exchange
    Commission's (SEC) Regulation D Rule 506 available to issuers
    even if the securities are marketed through a general
    solicitation or advertising so long as the purchasers are
    ``accredited investors.'' The legislation would allow companies
    greater access to accredited investors and to new sources of
    capital to grow and create jobs, without putting less
    sophisticated investors at risk. To ensure that only accredited
    investors purchase the securities, H.R. 2940 requires the SEC
    to write rules on how an issuer would verify that the
    purchasers of securities are accredited investors.
        The Securities Act of 1933 requires that any offer to sell
    securities must either be registered with the SEC or meet an
    exemption. Regulation D Rule 506 is an exemption that allows
    companies to raise capital as long as they do not market their
    securities through general solicitations or advertising. This
    prohibition on general solicitation and advertising has been
    interpreted to mean that potential investors must have an
    existing relationship with the company before they can be
    notified that unregistered securities are available for
    purchase. Requiring potential investors to have an existing
    relationship with the company significantly limits the pool of
    potential investors and severely hampers the ability of small
    companies to raise capital and create jobs.

    Legislative History

        On September 15, 2011, H.R. 2940 was introduced by
    Representative Kevin McCarthy and referred to the Committee on
    Financial Services. The bill has two cosponsors.
        On September 21, 2011, the Subcommittee held a hearing on
    H.R. 2940 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' The Subcommittee
    received testimony from the following witnesses: Ms. Meredith
    Cross, Director, Division of Corporation Finance, SEC; Mr.
    Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC; Mr. Barry E. Silbert, Founder and Chief
    Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams,
    Chairman and President, Gothenburg State Bank, on behalf of the
    American Bankers Association; Mr. William D. Waddill, Senior
    Vice President and Chief Financial Officer, OncoMed
    Pharmaceuticals, Inc., on behalf of the Biotechnology Industry
    Organization; Mr. A. Heath Abshure, Commissioner, Arkansas
    Securities Department on behalf of the North American
    Securities Administrators; and Ms. Dana Mauriello, President,
    ProFounder.
        On October 5, 2011, the Subcommittee met in open session
    and ordered H.R. 2940, as amended, favorably reported to the
    full Committee by voice vote.
        On October 26, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on October
    31, 2011 (H. Rept. 112-263).
        On November 3, 2011, the House considered H.R. 2940 and
    passed the bill by a record vote of 413 yeas and 11 nays.

                    RETIREMENT INCOME PROTECTION ACT OF 2011

                                  (H.R. 3045)

    Summary

        H.R. 3045, the Retirement Income Protection Act of 2011,
    would ensure that swap dealers and Employee Retirement Income
    Security Act of 1978 (ERISA) benefit plans can engage in swap
    transactions without swap dealers becoming ``fiduciaries'' to
    ERISA plans.
        Employee benefit plans subject to the ERISA regularly
    engage in swap transactions to hedge against market risks,
    reduce volatility, and make funding obligations more
    predictable. Under Title VII of the Dodd-Frank Act, an ERISA
    employee benefit plan is deemed a ``special entity,'' and
    requires certain business conduct standards when transacting
    with swap dealers. Specifically, swap dealers have a duty to
    act in the ``best interests'' of special entities if they act
    as an advisor to the special entity. Because ERISA prohibits
    transactions between fiduciaries and ERISA plan sponsors, Title
    VII could forbid swap dealers from entering into swaps with
    ERISA plans, which would make it impossible for ERISA plans to
    engage in swap transactions.
        H.R. 3045 would amend ERISA so that registered swap dealers
    or security-based swap dealers will not be considered
    fiduciaries to employee benefit plans by performing acts or
    services for that plan, and would remove employee benefit plans
    from the definition of ``special entity'' in Title VII of the
    Dodd-Frank Act. The bill would clarify the definition of
    ``investment advisor'' by setting a standard for an entity to
    be ``independent'' and therefore able to serve as an advisor to
    a special entity. H.R. 3045 would also make clear that the duty
    of the swap dealer to act in the ``best interests'' of a
    special entity does not create a fiduciary duty.

    Legislative History

        On September 23, 2011, H.R. 3045 was introduced by
    Representative Francisco ``Quico'' Canseco and referred to the
    Committee on Financial Services, the Committee on Agriculture,
    and the Committee on Education and the Workforce. The bill has
    one cosponsor.
        On October 14, 2011, the Subcommittee held a legislative
    hearing on H.R. 3045 entitled ``Legislative Proposals to Bring
    Certainty to the Over-the-Counter Derivatives Market.'' The
    Subcommittee received testimony from the following witnesses:
    Mr. Keith Bailey, Managing Director, Fixed Income, Currencies
    and Commodities, Barclays Capital, on behalf of the Institute
    of International Bankers; Mr. Shawn Bernardo, Senior Managing
    Director, Tullett Prebon, on behalf of the Wholesale Market
    Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk
    Officer and Senior Vice President, CE Risk Management Division
    Office, Constellation Energy, on behalf of the Coalition of
    Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital
    Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of
    the American Benefits Council and the Committee on the
    Investment of Employee Benefit Assets; and Mr. Conrad Voldstad,
    Chief Executive Officer, International Swaps and Derivatives
    Association.
        On November 15, 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 14 nays.

           SMALL COMPANY JOB GROWTH AND REGULATORY RELIEF ACT OF 2011

                                  (H.R. 3213)

    Summary

        H.R. 3213, the Small Company Job Growth and Regulatory
    Relief Act of 2011, would expand the exemption from Section
    404(b) of the Sarbanes-Oxley Act.
        Section 404(b) of the Sarbanes-Oxley Act requires that the
    auditor of a publicly-held company attest to and report on
    management's assessment of its internal controls. In 2007, the
    SEC provided ``smaller reporting companies'' with exemptions
    from (or alternatives to) Section 404(b). A ``public'' company
    qualifies as a ``smaller reporting company'' if its market
    capitalization is less than $75 million, or--if its market
    capitalization cannot be determined--less than $50 million in
    revenue.
        H.R. 3213 would increase the market capitalization
    threshold for a full 404(b) exemption from $75 million to $350
    million.

    Legislative History

        On October 14, 2011, H.R. 3213 was introduced by
    Representative Stephen Fincher and referred to the Committee on
    Financial Services. The bill has 17 cosponsors.
        On September 21, 2011, the Subcommittee held a legislative
    hearing on a draft version of H.R. 3213 entitled ``Legislative
    Proposals to Facilitate Small Business Capital Formation and
    Job Creation.'' The Subcommittee received testimony from the
    following witnesses: Ms. Meredith Cross, Director, Division of
    Corporation Finance, U.S. Securities and Exchange Commission;
    Mr. Vincent Molinari, Founder and Chief Executive Officer, GATE
    Technologies LLC;
    Mr. Barry E. Silbert, Founder and Chief Executive Officer,
    SecondMarket, Inc.; Mr. Matthew H. Williams, Chairman and
    President, Gothenburg State Bank, on behalf of the American
    Bankers Association; Mr. William D. Waddill, Senior Vice
    President and Chief Financial Officer, OncoMed Pharmaceuticals,
    Inc., on behalf of the Biotechnology Industry Organization; Mr.
    A. Heath Abshure, Commissioner, Arkansas Securities Department
    on behalf of the North American Securities Administrators; and
    Ms. Dana Mauriello, President, ProFounder.
        On October 5, 2011, the Subcommittee met in open session
    and ordered the draft version of H.R. 3213, as amended,
    favorably reported to the full Committee by a record vote of 18
    yeas and 14 nays.

                        INVESTMENT ADVISER OVERSIGHT ACT

    Summary

        A discussion draft offered by Chairman Spencer Bachus, the
    Investment Adviser Oversight Act, would adopt one of the three
    options presented to Congress by the Securities and Exchange
    Commission (SEC) to improve the SEC's ability to examine
    registered investment advisers. The three options were
    presented to Congress as part of a study mandated by Section
    914 of the Dodd-Frank Wall Street Reform and Consumer
    Protection Act, which required the SEC to study ``the need for
    enhanced examination and enforcement resources for investment
    advisers'' and report its findings to the House Financial
    Services and Senate Banking Committees.
        The discussion draft would amend the Investment Advisers
    Act of 1940 (Advisers Act) to provide for the creation of
    national investment adviser associations (NIAAs), registered
    with and overseen by the SEC. Investment advisers that conduct
    business with retail customers would have to become members of
    a registered NIAA. The SEC would have the authority to approve
    the registration of any NIAA, and the SEC would be required to
    determine whether an NIAA has the capacity to carry out the
    purposes of the Advisers Act and to enforce compliance by its
    members and their employees with the Advisers Act, the SEC's
    rules under the Act, and the NIAA's rules before the investment
    advisers association can register as a NIAA.

    Legislative History

        On September 13, 2011, the Subcommittee held a legislative
    hearing on the discussion draft, entitled ``Ensuring
    Appropriate Regulatory Oversight of Broker-Dealers and
    Legislative Proposals to Improve Investment Oversight.'' The
    Subcommittee received testimony from the following witnesses:
    Mr. William E. Dwyer III, Chairman, Financial Services
    Institute; Mr. Ken Ehinger, President and Chief Executive
    Officer, M Holdings Securities, Inc., on behalf of the
    Association for Advanced Life Underwriting; Mr. Terry Headley,
    President, National Association of Insurance and Financial
    Advisors; Mr. Steven D. Irwin, Commissioner, Pennsylvania
    Securities Commission, on behalf of the North American
    Securities Administrators Association; Mr. Richard G. Ketchum,
    Chairman and Chief Executive Officer, Financial Industry
    Regulatory Authority; Ms. Barbara Roper, Director of Investor
    Protection, Consumer Federation of America; Mr. John G. Taft,
    Chief Executive Officer, RBC Wealth Management, on behalf of
    the Securities Industry and Financial Markets Association; and
    Mr. David Tittsworth, Executive Director/Executive Vice
    President, Investment Adviser Association.

                     PRIVATE MORTGAGE MARKET INVESTMENT ACT

    Summary

        A discussion draft offered by Subcommittee on Capital
    Markets and Government Sponsored Enterprises Chairman Scott
    Garrett would establish uniform standards that lay the
    foundation for a new securitization market that would replace
    the secondary-mortgage market now dominated by the government
    sponsored enterprises Fannie Mae and Freddie Mac. The
    discussion draft's uniform securitization standards would
    foster transparency and legal certainty, which would attract
    investors to the U.S. mortgage market without creating a
    government guarantee that puts taxpayers at risk for bailing
    out investors in the multi-trillion dollar mortgage market.

    Legislative History

        On November 3, 2011, the Subcommittee held a legislative
    hearing entitled ``H.R.     , the Private Mortgage Market
    Investment Act.'' The Subcommittee received testimony from the
    following witnesses: Mr. Edward J. DeMarco, Acting Director,
    Federal Housing Finance Administration; Mr. Tom Deutsch,
    Director, American Securitization Forum; Mr. Martin Hughes,
    President and Chief Executive Officer, Redwood Trust, Inc.; Ms.
    Janneke Ratcliffe, Executive Director, Center for Community
    Capital, University of North Carolina at Chapel Hill; and Mr.
    Peter Wallison, Arthur Burns Fellow in Financial Policy
    Studies, American Enterprise Institute.

                       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.

                       SECURITIZATION AND RISK RETENTION

        On April 14, 2011, the Subcommittee 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 and the impact the proposed rule
    would have on other asset classes that did not contribute to
    the financial crisis. The Subcommittee received testimony from
    the following witnesses: Mr. Scott Alvarez, General Counsel,
    Federal Reserve Board; Ms. Meredith Cross, Director of the
    Division of Corporation Finance, U.S. Securities and Exchange
    Commission; Mr. Michael Krimminger, General Counsel, Federal
    Deposit Insurance Corporation; Ms. Julie Williams, First Senior
    Deputy Comptroller and Chief Counsel, Office of the Comptroller
    of the Currency; Mr. Bob Ryan, Acting Commissioner, Federal
    Housing Administration; Mr. Patrick Lawler, Chief Economist and
    Associate Director, Office of Policy Analysis and Research,
    Federal Housing Finance Agency; Mr. Henry V. Cunningham, Jr.,
    President, Cunningham & Company, on behalf of the Mortgage
    Bankers Association; Mr. Tom Deutsch, Executive Director,
    American Securitization Forum; Mr. J. Christopher Hoeffel,
    Managing Director, Investcorp International Inc., on behalf of
    the CRE Finance Council; Mr. Kevin D. Schneider, President &
    CEO, U.S. Mortgage Insurance, Genworth Financial, on behalf of
    the Mortgage Insurance Companies of America; Mr. Bram Smith,
    Executive Director, Loan Syndications and Trading Association;
    and Ms. Ellen Harnick, Senior Policy Counsel, Center for
    Responsible Lending.

     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.
        On June 24, 2011, the Subcommittee held a hearing entitled
    ``Oversight of the Mutual Fund Industry: Ensuring Market
    Stability and Investor Confidence.'' The hearing examined the
    Securities and Exchange Commission's (SEC's) regulation of the
    mutual fund industry; the SEC's response to the financial
    crisis and the impact of the crisis on money market mutual
    funds; proposals to change the valuation of money market mutual
    funds; the SEC's proposal to improve distribution fees, also
    known as ``12b-1 fees;'' and the impact of the SEC's proxy
    rules adopted in 2010, which would permit shareholders to place
    nominees for directors on a company's proxy statement; and
    other issues of interest to mutual fund providers. The
    Subcommittee received testimony from the following witnesses:
    Mr. Mercer Bullard, Associate Professor, University of
    Mississippi School of Law; Mr. Andrew ``Buddy'' Donohue,
    Partner, Morgan Lewis & Bockius LLP; Mr. Scott Goebel, Senior
    Vice President, Secretary, and General Counsel, Fidelity
    Management & Research Company; Ms. Heidi Stam, Managing
    Director and General Counsel, The Vanguard Group; Mr. Paul
    Schott Stevens, President & CEO, Investment Company Institute;
    and Mr. Rene Stulz, Everett D. Reese Chair of Banking and
    Monetary Economics, The Ohio State University.

                       MORTGAGE BACKED SECURITIES MARKET

        On September 7, 2011, the Subcommittee held a field hearing
    in New York, New York entitled ``Facilitating Continued
    Investor Demand in the U.S. Mortgage Market Without a
    Government Guarantee.'' The hearing examined the conditions
    necessary for a private sector mortgage market to develop and
    thrive in the United States. Proposals to facilitate investor
    demand for private-label residential mortgage backed securities
    were also considered. The Subcommittee received testimony from
    the following witnesses: Mr. Martin Hughes, President and CEO,
    Redwood Trust, Inc.; Mr. Chris Katopis, Executive Director,
    Association of Mortgage Investors; Mr. Joshua Rosner, Managing
    Director, Graham Fisher & Co.; and Mr. Ajay Rajadhyaksha,
    Managing Director, Barclays Capital.

                           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.
    112-42................  Oversight of the Mutual     June 24, 2011
                             Fund Industry: Ensuring
                             Market Stability and
                             Investor Confidence.
    112-56................  Facilitating Continued      September 7, 2011
                             Investor Demand in the
                             U.S. Mortgage Market
                             Without a Government
                             Guarantee (Field Hearing).
    112-58................  Ensuring Appropriate        September 13, 2011
                             Regulatory Oversight of
                             Broker-Dealers and
                             Legislative Proposals to
                             Improve Investment
                             Adviser Oversight.
    112-63................  Legislative Proposals to    September 21, 2011
                             Facilitate Small Business
                             Capital Formation and Job
                             Creation.
    112-75................  Legislative Proposals to    October 14, 2011
                             Bring Certainty to the
                             Over-the-Counter
                             Derivatives Market.
    112-82................  H.R.     , the Private      November 3, 2011
                             Mortgage Market
                             Investment Act.
    112-85................  H.R. 1697, The Communities  November 16, 2011
                             First Act (Joint Hearing
                             with Financial
                             Institutions).
    ------------------------------------------------------------------------

            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 Legislative Activities

                    FREE COMPETITION IN CURRENCY ACT OF 2011

                                  (H.R. 1098)

    Summary

        H.R. 1098, the Free Competition in Currency Act of 2011,
    would repeal the federal law establishing U.S. coins, currency,
    and Federal Reserve Notes as legal tender for all debts;
    prohibit the imposition of taxes on coins, medals, tokens, or
    gold, silver, platinum, palladium, or rhodium bullion issued by
    a state, the United States, a foreign government, or any other
    person; prohibit states from assessing any tax or fee on any
    currency or other monetary instrument that is used in
    interstate or foreign commerce and that has legal tender status
    under the Constitution; and repeal provisions of the federal
    criminal code relating to circulating coins of gold, silver, or
    other metal for use as current money and making or possessing
    likenesses of such coins; and abate any current prosecution
    under such provisions and nullify any previous convictions.

    Legislative History

        On March 15, 2011, H.R. 1098 was introduced by Subcommittee
    on Domestic Monetary Policy and Technology Chairman Ron Paul
    and was referred to the Committee on Financial Services, the
    Committee on Ways and Means, and the Committee on the
    Judiciary. The bill has no cosponsors.
        On September 13, 2011, the Subcommittee held a hearing
    entitled ``Road Map to Sound Money: A Legislative Hearing on
    H.R. 1098 and Restoring the Dollar.'' The Subcommittee received
    testimony from the following witnesses: Dr. Lawrence M. Parks,
    Ph.D., Executive Director, Foundation for the Advancement of
    Monetary Education; and Dr. Lawrence H. White, Ph.D., Professor
    of Economics, Department of Economics, George Mason University.

                   THE GOLD RESERVE TRANSPARENCY ACT OF 2011

                                  (H.R. 1495)

    Summary

        H.R. 1495, the Gold Reserve Transparency Act of 2011, would
    direct the Secretary of the Treasury to conduct a full assay,
    inventory, and audit of federal gold reserves, including an
    analysis of the sufficiency of the measures taken for their
    security. The bill would also direct the Government
    Accountability Office to review the results of the assay,
    inventory, audit, and analysis.

    Legislative History

        On April 12, 2011, H.R. 1495 was introduced by Subcommittee
    on Domestic Monetary Policy and Technology Chairman Ron Paul
    and was referred to the Committee on Financial Services. The
    bill has no cosponsors.
        On June 23, 2011, the Subcommittee held a legislative
    hearing entitled ``Investigating the Gold: H.R. 1495, the Gold
    Reserve Transparency Act of 2011 and the Oversight of United
    States Gold Holdings.'' The Subcommittee received testimony
    from the following witnesses: Mr. Gary T. Engel, Director of
    Financial Management and Assurance, Government Accountability
    Office; and The Honorable Eric M. Thorson, Inspector General,
    Department of Treasury.

                       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.

                GENERAL OVERSIGHT OF THE FEDERAL RESERVE SYSTEM

        On June 1, 2011, the Subcommittee held a hearing entitled
    ``Federal Reserve Lending Disclosure: FOIA, Dodd-Frank, and the
    Data Dump.'' The hearing examined information disclosed by the
    Federal Reserve in compliance with the Dodd-Frank Wall Street
    Reform and Consumer Protection Act (P.L. 111-203) and the
    Freedom of Information Act (FOIA). The Subcommittee received
    testimony from the following witnesses: Mr. Scott G. Alvarez,
    General Counsel, Board of Governors of the Federal Reserve
    System; and Mr. Thomas C. Baxter, Jr., General Counsel, Federal
    Reserve Bank of New York.
        On October 4, 2011, the Subcommittee held a hearing
    entitled ``Audit the Fed: Dodd-Frank, QE3, and Federal Reserve
    Transparency.'' The purpose of this hearing was to examine the
    results of the audits of the Federal Reserve by the Government
    Accountability Office (GAO) mandated by the Dodd-Frank Act;
    earlier legislative efforts to audit the Federal Reserve;
    current Federal Reserve audit and data disclosure requirements;
    and Federal Reserve transparency. The Subcommittee received
    testimony from the following witnesses: Ms. Orice Williams
    Brown, Managing Director, Financial Markets and Community
    Investment, Government Accountability Office; Dr. Robert D.
    Auerbach, Professor of Public Affairs, Lyndon B. Johnson School
    of Public Affairs, University of Texas, Austin; and Dr. Mark A.
    Calabria, Director of Financial Regulation Studies, Cato
    Institute.

      CONDUCT OF MONETARY POLICY BY THE BOARD OF GOVERNORS OF THE FEDERAL
                                 RESERVE SYSTEM

        On July 26, 2011, the Subcommittee held a hearing entitled
    ``Impact of Monetary Policy on the Economy: A Regional Fed
    Perspective on Inflation, Unemployment, and QE3.'' The purpose
    of the hearing was to receive a regional Federal Reserve Bank
    perspective on inflation, unemployment, monetary policy actions
    and the possibility of further liquidity operations. The
    Subcommittee received testimony from Federal Reserve Bank of
    Kansas City President Thomas Hoenig, who was the sole witness.

                           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.
    112-35................  Federal Reserve Lending     June 1, 2011
                             Disclosure: FOIA, Dodd-
                             Frank, and the Data Dump.
    112-41................  Investigating the Gold:     June 23, 2011
                             H.R. 1495, the Gold
                             Reserve Transparency Act
                             of 2011 and the Oversight
                             of the United States Gold
                             Holdings.
    112-50................  Impact of the Monetary      July 26, 2011
                             Policy on the Economy: A
                             Regional Fed Perspective
                             on Inflation,
                             Unemployment, and QE3.
    112-59................  Road Map to Sound Money: A  September 13, 2011
                             Legislative Hearing on
                             H.R. 1098 and Restoring
                             the Dollar.
    112-67................  Audit the Fed: Dodd-Frank,  October 4, 2011
                             QE3, and Federal Reserve
                             Transparency.
    ------------------------------------------------------------------------

           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 officio N P. DUFFY, Wisconsin
                                         FRANCISCO ``QUICO'' CANSECO, Texas
                                         MICHAEL G. GRIMM, New York
                                         STEPHEN LEE FINCHER, Tennessee
                                         SPENCER BACHUS, Alabama, ex
                                         officio

                      Subcommittee Legislative Activities

         THE RESPONSIBLE CONSUMER FINANCIAL PROTECTION REGULATIONS ACT

                                  (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
    Spencer Bachus and referred to the Committee on Financial
    Services. The bill has 35 cosponsors.
        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. The Committee Report
    (Part 1) was filed on June 16, 2011 (H. Rept. 112-107), and
    Part 2 of the Committee Report was filed on July 19, 2011 (H.
    Rept. 112-107, Part 2).
        On July 21, 2011, the House considered the Committee Print
    of H.R. 1315, which included the text of H.R. 1121 and H.R.
    1667, and passed the bill, with amendments, by a record vote of
    241 yeas and 173 nays.

    THE 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, would amend 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 would make three major
    changes: (1) it would lower 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 would clarify 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 would
    eliminate 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 4 cosponsors.
        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, as amended, 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. The Committee Report
    (Part 1) was filed on May 25, 2011 (H. Rept. 112-89), and Part
    2 of the Committee Report was filed on July 19, 2011 (H. Rept.
    112-89, Part 2).
        On July 21, 2011, the House considered H.R. 1315 and passed
    the bill, with amendments, by a record vote of 241 yeas and 173
    nays.

               THE SMALL BUSINESS LENDING ENHANCEMENT ACT OF 2011

                                  (H.R. 1418)

    Summary

        H.R. 1418, the Small Business Lending Enhancement Act of
    2011, would raise the cap on member business lending for
    qualified credit unions to 27.5 percent of the credit union's
    total assets. To qualify, a credit union would be required to:
    (1) have member business loans outstanding at the end of each
    of the four consecutive quarters preceding application, in a
    total amount of not less than 80 percent of the statutory
    limit; (2) be well-capitalized; (3) demonstrate five years'
    experience of sound underwriting and servicing of member
    business loans; (4) have experience in managing member business
    loans; and (5) satisfy standards for safe and sound operations.
    The bill also would require the National Credit Union
    Administration (NCUA) to develop a tiered approval process
    within six months of the legislation's enactment under which
    insured credit unions issuing member business loans are
    restricted from increasing their lending by more than 30
    percent per year. H.R. 1418 would also require two studies. It
    would direct the NCUA to study the types of credit unions that
    engage in member business lending, the characteristics of these
    loans, and the types of businesses that benefit from them, and
    report its findings to Congress. The NCUA would also be
    required to analyze the effect of expanded business lending on
    the safety and soundness of the National Credit Union Share
    Insurance Fund and the credit union system. H.R. 1418 would
    also direct the Government Accountability Office (GAO) to study
    member business lending, including trends, types, and amounts
    of loans as well as the effects of H.R. 1418 on small business
    lending. The GAO would be required to report its findings to
    Congress within three years, along with any legislative
    recommendations.

    Legislative History

        On April 7, 2011, H.R. 1418 was introduced by
    Representative Edward Royce and was referred to the Committee
    on Financial Services. The bill has 104 cosponsors.
        On October 12, 2011, the Subcommittee held a legislative
    hearing on H.R. 1418 entitled ``H.R. 1418: The Small Business
    Lending Enhancement Act of 2011.'' The Subcommittee received
    testimony from the following witnesses: The Honorable Deborah
    Matz, Chairman, National Credit Union Administration; Mr. Sal
    Marranca, President and Chief Executive Officer, Cattaraugus
    County Bank, on behalf of the Independent Community Bankers of
    America; Mr. Albert C. Kelly, Jr., President and Chief
    Executive Officer, SpiritBank; Chairman-Elect, American Bankers
    Association; Mr. Gary Grinnell, President and Chief Executive
    Officer, Corning Credit Union, on behalf of the National
    Association of Federal Credit Unions; Mr. Jeff York, President
    and Chief Executive Officer, Coasthills Federal Credit Union,
    on behalf of the Credit Union National Association; and Mr.
    Mike Hanson, President and Chief Executive Officer,
    Massachusetts Credit Union Share Insurance Corporation.

                        THE CONSUMER RENTAL PURCHASE ACT

                                  (H.R. 1588)

    Summary

        H.R. 1588, the Consumer Rental Purchase Agreement Act,
    would define rental purchase transactions, create uniform
    national disclosure standards for rent-to-own businesses, and
    prohibit certain practices. The bill would define a number of
    terms pertaining to rental purchase transactions, including a
    ``rental-purchase agreement,'' which excludes credit sales and
    consumer leases (as defined by the Truth in Lending Act). Also,
    H.R. 1588 would (1) require rental-to-own merchants to include
    certain disclosures about the transaction in their rental-
    purchase agreements; (2) specify the rights of consumers to
    acquire ownership of the property and request a statement of
    their account; (3) specify provisions that are prohibited from
    appearing in rental-purchase agreements; (4) include standards
    governing renegotiations and extensions of rental-purchase
    agreements; (5) mandate disclosures for both point-of-rental
    and advertising; (6) permit consumers to take civil action
    against any merchant that fails to comply with the requirements
    in the bill; (7) require the Federal Reserve Board to prescribe
    mandated regulations; (8) establish that the bill's
    requirements would be enforced by the Federal Trade Commission
    and that enforcement actions could also be brought by any state
    attorney general; and (9) establish criminal liability for
    those merchants that willfully and knowingly give false or
    inaccurate information or fail to make any required disclosures
    under the bill. The consumer protections contained in H.R. 1588
    would generally exceed those contained in existing state laws,
    but H.R. 1588 would permit states to establish stronger
    protections as part of the rental transaction. The bill would,
    however, prohibit states from treating rental-purchase
    transactions as credit sales, security interests, retail
    installment sales, conditional sale, or any other form of
    consumer credit, and would prohibit states from requiring the
    disclosure of fees as an interest-rate percentage.

    Legislative History

        On April 15, 2011, H.R. 1588 was introduced by
    Representative Francisco ``Quico'' Canseco and was referred to
    the Committee on Financial Services. The bill has 98
    cosponsors.
        On July 26, 2011, the Subcommittee held a legislative
    hearing on H.R. 1588 entitled ``Examining Rental Purchase
    Agreements and the Potential Role for Federal Regulation.'' The
    Subcommittee received testimony from the following witnesses:
    Mr. Charles Harwood, Deputy Director, Bureau of Consumer
    Protection, Federal Trade Commission; Mr. Jim Hawkins,
    Assistant Professor of Law, University of Houston Law Center;
    Mr. Roy Soto, Owner, Premier Rental Purchase; Ms. Vivian
    Saunders, rent-to-own customer from Lewiston Woodville, NC; and
    Ms. Margot Freeman Saunders, of Counsel, National Consumer Law
    Center.
        On November 17, 2011, the Subcommittee met in open session
    and ordered the bill, as amended, favorably reported to the
    full Committee by voice vote.

     THE BUREAU OF CONSUMER FINANCIAL PROTECTION TRANSFER CLARIFICATION ACT

                                  (H.R. 1667)

    Summary

        H.R. 1667, the Bureau of Consumer Financial Protection
    Transfer Clarification Act, would amend 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 Subcommittee on
    Financial Institutions and Consumer Credit Chairman Shelley
    Moore Capito and was referred to the Committee on Financial
    Services. The bill has 14 cosponsors.
        On April 6, 2011, the Subcommittee 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 32 yeas and 26 nays.
        The Committee Report, Part 1, was filed on May 27, 2011 (H.
    Rept. 112-93), and Part 2 was filed on July 19, 2011 (H. Rept.
    112-93, Part 2).
        On July 14, 2011, the Rules Committee issued a Committee
    Print of H.R. 1315, which included the text of H.R. 1121 and
    H.R. 1667.
        On July 21, 2011, the House considered H.R. 1315 and passed
    the bill, with amendments, by a record vote of 241 yeas and 173
    nays.

                           THE COMMUNITIES FIRST ACT

                                  (H.R. 1697)

    Summary

        H.R. 1697, the Communities First Act, would reduce
    regulatory, paperwork, and tax burdens on small banks. The bill
    would revise regulatory requirements for community banks by (1)
    amending the Federal Deposit Insurance Act to permit certain
    insured depository institutions to submit a short-form report
    of condition; (2) amending the Sarbanes-Oxley Act to exempt
    certain small-sized depository institutions from the annual
    management assessment of internal controls requirements; (3)
    amending the Truth in Lending Act to exempt from escrow or
    impound account requirements any loan secured by a first lien
    on a consumer's principal dwelling, if the loan is held by a
    creditor with assets of $10 billion or less; and (4) amending
    the Gramm-Leach-Bliley Act to exempt certain financial
    institutions from furnishing a mandatory annual privacy notice.
        The bill would also amend the Securities Exchange Act to
    direct the Securities and Exchange Commission: (1) to ensure
    that information, documents, and reports accurately and
    appropriately reflect the business model of a registered
    security issuer; (2) to approve any new or amended generally
    accepted accounting principle only if it would have no negative
    economic impact on certain small-sized insured depository
    institutions; (3) to increase the shareholder registration
    threshold for certain banks and bank holding companies.
        The bill would also amend the Dodd-Frank Act: (1) to
    authorize the Financial Stability Oversight Council to set
    aside a final regulation prescribed by the Consumer Financial
    Protection Bureau (CFPB) if the Council decides that it would
    be inconsistent with the safe and sound operation of U.S.
    financial institutions, or could have a disproportionate
    negative impact on a subset of the banking industry; and (2) to
    repeal the authority of the Federal Reserve Board to delegate
    to the CFPB its authority to examine persons for compliance
    with federal consumer financial laws.
        For the purposes of capital calculation, the bill
    authorizes specified institutions: (1) to amortize losses or
    write-downs on a quarterly basis over a 10-year period; and (2)
    to average, over a five-year period, the appraised value of any
    real estate securing a loan held by the institution.

    Legislative History

        On May 3, 2011, H.R. 1697 was introduced by Representative
    Blaine Luetkemeyer and was referred to the Committee on
    Financial Services. The bill has 55 cosponsors.
        On November 16, 2011, the Subcommittees on Financial
    Institutions and Consumer Credit and Capital Markets and
    Government Sponsored Enterprises held a joint legislative
    hearing on H.R. 1697 entitled ``H.R. 1697, The Communities
    First Act.'' The Subcommittees received testimony from the
    following witnesses: Mr. Salvatore Marranca, President and
    Chief Executive Officer, Cattaraugus County Bank on behalf of
    the Independent Community Bankers Association; Mr. O. William
    Cheney, President and Chief Executive Officer, Credit Union
    National Association; Mr. John A. Klebba, President and Chief
    Executive Officer, Legends Bank, on behalf of the Missouri
    Bankers Association; Mr. Fred Becker, Jr., President and Chief
    Executive Officer, National Association of Federal Credit
    Unions; Mr. Arthur E. Wilmarth, Jr., Professor of Law, George
    Washington University, Executive Director, Center for Law,
    Economics and Finance; Mr. Damon Silvers, Director, Policy and
    Special Counsel, American Federation of Labor and Congress of
    Industrial Organizations; and Mr. Adam J. Levitin, Professor of
    Law, Georgetown University Law Center.

                 THE COMMON SENSE ECONOMIC RECOVERY ACT OF 2011

                                  (H.R. 1723)

    Summary

        H.R. 1723, the Common Sense Economic Recovery Act of 2011,
    would allow financial institutions to treat certain loans that
    would have otherwise been classified on a nonaccrual basis as
    ``accrual loans.'' In contrast to the subjective standards
    examiners rely on, the bill would allow a bank to classify
    loans, including modified mortgages, as accrual loans if they
    meet the following criteria: (1) the loans are current; (2) no
    payments were more than 30 days delinquent during the last six
    months; (3) the loans are amortizing; and (4) payments are not
    being made through an interest reserve account. The bill would
    forbid banking regulators from imposing additional capital
    requirements on loans that would be treated as accrual loans
    under this bill. The bill would require the Financial Stability
    Oversight Council (FSOC) to study the issue of any
    contradictory guidance from federal banking agencies on loan
    classification and capital requirements. The bill would sunset
    two years after the date of enactment.

    Legislative History

        On May 4, 2011, H.R. 1723 was introduced by Representative
    Bill Posey and was referred to the Committee on Financial
    Services. The bill has 52 cosponsors.
        On July 8, 2011, the Subcommittee held a hearing on H.R.
    1723 entitled ``Legislative Proposals Regarding Bank
    Examination Practices.'' The Subcommittee received testimony
    from the following witnesses: Mr. James H. McKillop, President
    and CEO, Independent Bankers Bank of Florida on behalf of the
    Independent Community Bankers of America; Mr. Michael Whalen,
    President and CEO, Heart of America Group; Professor Simon
    Johnson, The Ronald A. Kurtz, Professor of Entrepreneurship at
    the Massachusetts Institute of Technology's Sloan School of
    Management; Mr. George French, Deputy Director, Division of
    Risk Management Supervision of the FDIC; and Ms. Jennifer
    Kelly, Senior Deputy Comptroller for Mid-Size/Community Bank
    Supervision of the OCC.
        On November 17, 2011, the Subcommittee met in open session
    to consider H.R. 1723. The motion to favorably report H.R.
    1723, as amended, to the full Committee was not agreed to and
    the Committee did not order the bill, as amended, favorably
    reported to the full Committee by a record vote of 8 yeas and
    10 nays.

      TO INSTRUCT THE INSPECTOR GENERAL OF THE FEDERAL DEPOSIT INSURANCE
       CORPORATION TO STUDY THE IMPACT OF INSURED DEPOSITORY INSTITUTION
                        FAILURES, AND FOR OTHER PURPOSES

                                  (H.R. 2056)

    Summary

        H.R. 2056, a bill to instruct the Inspector General of the
    Federal Deposit Insurance Corporation (FDIC) to study the
    impact of insured depository institution failures, would
    require the FDIC's Inspector General to study issues raised by
    bank failures in states that have had more than ten such
    failures since 2008. The study would cover the following
    subjects: (1) the use and effect of shared loss agreements; (2)
    the significance of paper losses; (3) the success of FDIC field
    examiners in implementing FDIC guidelines regarding workouts of
    commercial real estate; (4) the application and impact of
    consent orders and cease and desist orders; (5) the impact of
    FDIC policies on raising capital; and (6) the FDIC's
    involvement in private equity investment. The bill would also
    instruct the Government Accountability Office (GAO) to study:
    (1) the causes of bank failures in states with 10 or more
    failures since 2008; (2) the procyclical impact of fair value
    accounting standards; (3) the causes and potential solutions
    for the cycle of loan write downs, raising capital, and
    failures; and (4) the impact of bank failures upon the
    community.

    Legislative History

        On May 31, 2011, H.R. 2056 was introduced by Representative
    Lynn Westmoreland and was referred to the Committee on
    Financial Services. The bill has 13 cosponsors.
        On July 8, 2011, the Subcommittee held a hearing on H.R.
    2056 entitled ``Legislative Proposals Regarding Bank
    Examination Practices.'' The Subcommittee received testimony
    from the following witnesses: James H. McKillop, President and
    CEO, Independent Bankers Bank of Florida on behalf of the
    Independent Community Bankers of America; Michael Whalen,
    President and CEO, Heart of America Group; and Professor Simon
    Johnson, The Ronald A. Kurtz, Professor of Entrepreneurship at
    the Massachusetts Institute of Technology's Sloan School of
    Management; George French, Deputy Director, Division of Risk
    Management Supervision of the Federal Deposit Insurance
    Corporation; and Jennifer Kelly, Senior Deputy Comptroller for
    Mid-Size/Community Bank Supervision of the Office of the
    Comptroller of the Currency.
        On July 20, 2011, the full Committee met in open session
    and ordered the bill, as amended, favorably reported to the
    House by voice vote. The Committee Report was filed on July 26,
    2011 (H. Rept. 112-182).
        On July 28, 2011, the House considered H.R. 2056 under
    suspension of the rules, and passed the bill, as amended, by
    voice vote.

                       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.

                                TOO BIG TO FAIL

        On June 14, 2011, the Subcommittee held a hearing entitled
    ``Does the Dodd-Frank Act End `Too Big to Fail'?'' The purpose
    of the hearing was to learn more about whether the Federal
    Deposit Insurance Corporation's Orderly Liquidation Authority,
    as created by the Dodd-Frank Wall Street Reform and Consumer
    Protection Act, is appropriately structured to end taxpayer
    bailouts for the largest financial institutions. The
    Subcommittee received testimony from the following witnesses:
    Mr. Michael H. Krimminger, General Counsel of the Federal
    Deposit Insurance Corporation; Ms. Christy Romero, Acting
    Special Inspector General, Office of the Special Inspector
    General for TARP; Mr. Stephen J. Lubben, Daniel J. Moore
    Professor of Law, Seton Hall University School of Law; and Mr.
    Michael Barr, Professor of Law, University of Michigan Law
    School.

                          MORTGAGE SERVICING STANDARDS

        On July 7, 2011, the Subcommittees on Financial
    Institutions and Consumer Credit and Oversight and
    Investigations held a joint hearing entitled ``Mortgage
    Servicing: An Examination of the Role of Federal Regulators in
    Settlement Negotiations and the Future of Mortgage Servicing
    Standards.'' The purpose of the hearing was to review the role
    of Federal regulators in the ongoing mortgage servicing
    settlement negotiations and the development of new mortgage
    servicing standards. The Subcommittees received testimony from
    the following witnesses: Ms. Julie Williams, First Senior
    Deputy Comptroller and Chief Counsel of the Office of the
    Comptroller of the Currency; Mr. Mark Pearce, Director,
    Division of Depositor and Consumer Protection at the Federal
    Deposit Insurance Corporation; Mr. Raj Date, Associate Director
    of Research, Markets and Regulations, Consumer Financial
    Protection Bureau, U.S. Department of the Treasury; the
    Honorable Luther Strange, Alabama Attorney General; Mr. David
    Stevens, President, Mortgage Bankers Association; and Mr.
    Michael Calhoun, President, Center for Responsible Lending.

                           BANK EXAMINATION STANDARDS

        On August 16, 2011, the Subcommittee held a field hearing
    in Newnan, Georgia, entitled ``Potential Mixed Messages: Is
    Guidance from Washington Being Implemented by Federal Bank
    Examiners?'' The purpose of the hearing was to assess whether
    or not federal bank examination standards are overly stringent
    and impeding an economic recovery. The hearing focused on H.R.
    2056, which was introduced by Representative Lynn Westmoreland
    on May 31, 2011. H.R. 2056 would instruct the Inspector General
    of the Federal Deposit Insurance Corporation to study the
    impact of insured depository institution failures and closely
    examine the agency's bank closure procedures. The Subcommittee
    received testimony from the following witnesses: Mr. Bret D.
    Edwards, Director, Division of Resolutions and Receiverships
    for the Federal Deposit Insurance Corporation; Mr. Christopher
    J. Spoth, Senior Deputy Director, Division of Risk Management
    Supervision for the Federal Deposit Insurance Corporation; Mr.
    Gil Barker, Southeast District Deputy Comptroller for the
    Office of the Comptroller of the Currency; Mr. Kevin M.
    Bertsch, Associate Director, The Board of Governors of the
    Federal Reserve System; Mr. Chuck Copeland, CEO, First National
    Bank of Griffin; Mr. Michael Rossetti, President, Ravin Homes;
    Mr. Jim Edwards, CEO, United Bank; and Mr. Gary Fox, Former
    CEO, Bartow County Bank.

                                 CYBERSECURITY

        On September 14, 2011, the Subcommittee held a hearing
    entitled ``Cybersecurity: Threats to the Financial Sector.''
    The purpose of the hearing was to examine the threats computer
    hackers pose to financial institutions and government agencies;
    the methods used by hackers to breach information-technology
    systems; and the cooperation among government agencies and the
    private sector to thwart hackers. The Subcommittee received
    testimony from the following witnesses: Mr. A.T. Smith,
    Assistant Director, United States Secret Service; Mr. Gordon
    Snow, Assistant Director of the Federal Bureau of
    Investigation; Mr. Greg Schaffer, Acting Deputy Under
    Secretary, Department of Homeland Security; Mr. William B.
    Nelson, President and CEO, Financial Services--Information
    Sharing and Analysis Center; Mr. Bryan Sartin, Director,
    Investigative Response, Verizon; Mr. Brian Tillett, Chief
    Security Strategist, Symantec; Mr. Greg Garcia, Partnership
    Executive for Cybersecurity and Identity Management, Bank of
    America; Dr. Greg Shannon, Chief Scientist, Carnegie Mellon
    University's Software Engineering Institute CERT Liaison
    Program; and Mr. Marc Rotenberg, President, Electronic Privacy
    Information Center.

                       AVAILABILITY OF SHORT-TERM CREDIT

        On September 22, 2011, the Subcommittee held a hearing
    entitled ``An Examination of the Availability of Credit for
    Consumers.'' The purpose of the hearing was to explore the
    capacity of banking institutions to address the credit needs of
    low- and middle-income consumers. The hearing also examined
    alternatives to traditional banking services, including check
    cashing and payday lending services. The Subcommittee received
    testimony from the following witnesses: Mr. Barry Wides, Deputy
    Comptroller for Community Affairs, Office of the Comptroller of
    the Currency; Mr. Robert Mooney, Deputy Director for Consumer
    Protection and Community Affairs, Federal Deposit Insurance
    Corporation; Mr. David M. Marquis, Executive Director, National
    Credit Union Administration; Ms. Gerri Guzman, Executive
    Director, Consumer Rights Coalition; Ms. Melissa Koide, Vice
    President of Policy, Center for Financial Services Innovation;
    Mr. Ryan Gilbert, Chief Executive Officer, BillFloat; Mr.
    Michael Grant, President, National Bankers Association; Dr.
    Kimberly Manturuk, Research Associate, University of North
    Carolina Center for Community Capital; and Ms. Ida Rademacher,
    Vice President, Policy and Research, CFED--Expanding Economic
    Opportunity.

              NONRESIDENT ALIEN DEPOSIT INTEREST INCOME REPORTING

        On October 27, 2011, the Subcommittee held a hearing
    entitled ``Proposed Regulations to Require Reporting of
    Nonresident Alien Deposit Interest Income.'' The purpose of the
    hearing was to review the impact of a proposed regulation that
    would require financial institutions to report annually to the
    Internal Revenue Service the amount of interest earned by
    nonresident aliens on their U.S. bank deposits. In particular,
    the hearing considered the potential effects of the proposed
    regulation on nonresident alien deposits held in U.S. financial
    institutions and on the safety and soundness of financial
    institutions that hold significant amounts of these deposits.
    The Subcommittee received testimony from the following
    witnesses: Mr. J. Thomas Cardwell, Former Commissioner, Florida
    Office of Financial Regulation; Mr. Alejandro ``Alex'' Sanchez,
    President and Chief Executive Officer, Florida Bankers
    Association; Mr. Gerry Schwebel, Executive Vice President,
    International Bancshares Corporation; and Ms. Rebecca J.
    Wilkins, Senior Counsel, Federal Tax Policy, Citizens for Tax
    Justice.

                          IMPACT OF REGULATORY REFORM

        On October 31, 2011, the Subcommittee held a field hearing
    in Wausau, Wisconsin, entitled ``Regulatory Reform: Examining
    How New Regulations are Impacting Financial Institutions, Small
    Businesses and Consumers.'' The purpose of the hearing was to
    assess how new financial regulations are affecting the ability
    of financial institutions to extend credit and stimulate job
    growth. The hearing examined whether bank examination practices
    are excessively stringent and impeding economic recovery. The
    Subcommittee received testimony from the following witnesses:
    The Honorable Al Erickson, Mayor of Mosinee, WI; Mr. Marty
    Reinhart, President, Heritage Bank; Mr. Todd Nagel, President,
    River Valley Bank; Mr. Pat Wesenberg, President and Chief
    Executive Officer, Central City Credit Union; Mr. Mark Willer,
    Chief Operating Officer, Royal Credit Union; Mr. Mark Matthiae,
    President, Crystal Finishing Systems; Mr. Kurt Bauer,
    President, Wisconsin Manufacturers and Commerce; and Ms.
    Bethany Sanchez, Director of Community Development,
    Metropolitan Milwaukee Fair Housing Council.

                      CONSUMER FINANCIAL PROTECTION BUREAU

        On November 2, 2011, the Subcommittee held a hearing
    entitled ``The Consumer Financial Protection Bureau: The First
    100 Days.'' The purpose of the hearing was to review the
    Consumer Financial Protection Bureau's budgeting, staffing,
    rule-writing initiatives, and the current and potential
    challenges facing the Bureau as well as the entities it
    regulates. Mr. Raj Date, Special Advisor to the Secretary of
    the Treasury, Consumer Financial Protection Bureau, was the
    sole witness.

                           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.
    112-37................  Does the Dodd-Frank Act     June 14, 2011
                             End ``Too Big to Fail''?.
    112-44................  Mortgage Servicing: An      July 7, 2011
                             Examination of the Role
                             of Federal Regulators in
                             Settlement Negotiations
                             and the Future of
                             Mortgage Servicing
                             Standards (Joint Hearing
                             with Oversight).
    112-45................  Legislative Proposals       July 8, 2011
                             Regarding Bank
                             Examination Practices.
    112-49................  Examining Rental Purchase   July 26, 2011
                             Agreements and the
                             Potential Role for
                             Federal Regulation.
    112-54................  Potential Mixed Messages:   August 16, 2011
                             Is Guidance from
                             Washington Being
                             Implemented by Federal
                             Bank Examiners? (Field
                             Hearing).
    112-60................  Cybersecurity: Threats to   September 14, 2011
                             the Financial Sector.
    112-65................  An Examination of the       September 22, 2011
                             Availability of Credit
                             for Consumers.
    112-72................  H.R. 1418: The Small        October 12, 2011
                             Business Lending
                             Enhancement Act of 2011.
    112-78................  Proposed Regulations to     October 27, 2011
                             Require Reporting of
                             Nonresident Alien Deposit
                             Interest Income.
    112-79................  Regulatory Reform:          October 31, 2011
                             Examining How New
                             Regulations are Impacting
                             Financial Institutions,
                             Small Businesses and
                             Consumers (Field Hearing).
    112-80................  The Consumer Financial      November 2, 2011
                             Protection Bureau: The
                             First 100 Days.
    112-85................  H.R. 1697, The Communities  November 16, 2011
                             First Act (Joint Hearing
                             with Capital Markets).
    ------------------------------------------------------------------------

          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 officio N P. DUFFY, Wisconsin
                                         ROBERT J. DOLD, Illinois
                                         STEVE STIVERS, Ohio
                                         SPENCER BACHUS, Alabama, ex
                                         officio

                      Subcommittee 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 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 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 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 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.

                       FLOOD INSURANCE REFORM ACT OF 2011

                                  (H.R. 1309)

    Summary

        H.R. 1309, the Flood Insurance Reform Act of 2011, would
    reauthorize the National Flood Insurance Program (NFIP) through
    September 30, 2016, and amend the National Flood Insurance Act
    to ensure the immediate and near-term fiscal and administrative
    health of the NFIP. The bill would also ensure 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

        On April 1, 2011, H.R. 1309 was introduced by Subcommittee
    on Insurance, Housing and Community Opportunity Chairman 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 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, Sullivan
    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, The Honorable 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 Committee met in open session and
    ordered the bill, as amended, favorably reported to the House
    by a recorded vote of 54 yeas and 0 nays.
        On July 12, 2011, the House considered H.R. 1309 and passed
    the bill, with amendments, by a record vote of 406 yeas and 22
    nays.

                     RESPA HOME WARRANTY CLARIFICATION ACT

                                  (H.R. 2446)

    Summary

        H.R. 2446, the RESPA Home Warranty Clarification Act of
    2011, would amend current law to explicitly state that home
    warranties are permissible settlement services under the Real
    Estate Settlement Procedures Act of 1974. The bill would also
    require that homeowners receive a specific written notice about
    the payment arrangement for any individual selling,
    advertising, or performing a homeowner warranty inspection for
    the repair or replacement of home system components or
    appliances.

    Legislative History

        On July 7, 2011, H.R. 2446 was introduced by Subcommittee
    on Insurance, Housing and Community Opportunity Chairman Judy
    Biggert and was referred to the Committee on Financial
    Services. The bill has 32 cosponsors.
        On July 13, 2011, the Subcommittee held a legislative
    hearing entitled ``Mortgage Origination: The Impact of Recent
    Changes on Homeowners and Businesses.'' The purpose of the
    hearing was to examine H.R. 2446 and other issues concerning
    the application of mortgage origination laws and regulations
    which may impact consumers and mortgage industry participants.
    The Subcommittee received testimony from the following
    witnesses: the Honorable Sandra Braunstein, Director of
    Division of Consumer and Community Affairs for the Board of
    Governors of the Federal Reserve System; the Honorable Teresa
    Payne, HUD's Associate Deputy Assistant Secretary for
    Regulatory Affairs; Ms. Kelly Cochran, Deputy Assistant
    Director for Regulations at the Treasury Department's Consumer
    Financial Protection Bureau; Mr. James Park, Executive Director
    of the Appraisal Subcommittee for the Federal Financial
    Institutions Examination Council; Mr. William Shear, Director
    of Financial Markets and Community Investment for the
    Government Accountability Office; Ms. Anne Norton, Maryland
    Deputy Commissioner of Financial Regulation; Mr. Steve Brown,
    Executive Vice President at Crye-Leike; Mr. Henry Cunningham,
    Jr., President of Cunningham & Company; Mr. Tim Wilson,
    President of Affiliated Businesses for Long & Foster Companies;
    Ms. Anne Anastasi, President of Genesis Abstract and President
    of the American Land Title Association; Mr. Mike Anderson,
    President of Essential Mortgage; Mr. Marc Savitt, President of
    The Mortgage Center; Ms. Sara Stephens, President-Elect of the
    Appraisal Institute; Mr. Don Kelly, Executive Director of the
    Real Estate Valuation Advocacy Association; Ms. Janis Bowdler,
    Director of the Wealth-Building Policy Project Office of
    Research, Advocacy, and Legislation; and Mr. Ira Rheingold,
    Executive Director, National Association of Consumer Advocates.

                         SECTION 8 SAVINGS ACT OF 2011

    Summary

        The ``Section 8 Savings Act of 2011'' would make several
    changes to the rules for participation in and administration of
    the Department of Housing and Urban Development's Section 8
    program. The legislation includes several provisions that have
    been considered and adopted by the Committee in previous
    Congresses to reduce the Section 8 program's costs, help the
    program more efficiently serve program participants, and enable
    public housing authorities (PHAs) and property owners and
    managers to reduce regulatory burdens. Some of the reforms
    contained in the legislation include: authorizing PHAs to
    conduct biannual housing inspections instead of annual ones;
    allowing PHAs to use inspection certification from other
    federal or state housing assistance programs to meet inspection
    requirements; greater flexibility for PHAs to help tenants
    relocate if their units fail to meet basic housing standards;
    simplifying procedures for determining tenant contributions;
    increasing the income recertification period from one to three
    years for families on ``fixed'' incomes; and income targeting
    language requiring PHAs to terminate assistance to participants
    whose incomes exceed 80 percent of the area median income
    (AMI), and language restricting the ability of tenants with
    personal assets greater than $50,000 to participate in the
    program.

    Legislative History

        On June 23, 2011, the Subcommittee held a legislative
    hearing on an initial discussion draft of the Section 8 Savings
    Act entitled ``Legislative Proposals to Reform the Housing
    Choice Voucher Program'' where the Subcommittee received
    testimony from the following witnesses: the Honorable Sandra
    Henriquez, HUD's Assistant Secretary for the Office of Public
    and Indian Housing; Mr. Tony Bazzie, Executive Director of the
    Housing Authority of Raleigh County, WV; Ms. Linda Couch,
    Senior Vice President for Policy at the National Low Income
    Housing Coalition; Ms. Roberta Graham, Vice President at Quadel
    Consulting; Mr. Tory Gunsolley, President/CEO of the Housing
    Authority of the City of Houston; Mr. P. Curtis Hiebert, CEO of
    the Keene, NH Housing Authority; Mr. Alex Sanchez, Executive
    Director of the Housing Authority of the County of Santa Clara,
    CA; and Ms. Barbara Sard, Vice President for Housing Policy at
    the Center on Budget and Policy Priorities.
        On October 13, 2011, the Subcommittee held a second
    legislative hearing on a revised version of the discussion
    draft entitled ``The Section 8 Savings Act of 2011: Proposals
    to Promote Economic Independence for Assisted Families.'' The
    revised discussion draft includes language to link housing
    assistance with supportive services for residents such as job
    training, financial literacy, and educational opportunities to
    help encourage self-sufficiency. The Subcommittee received
    testimony from the following witnesses: Ms. Hope Boldon,
    President and COO of The Integral Group LLC; Mr. Larry Woods,
    CEO of the Housing Authority of Winston-Salem, NC; Ms. Kris
    Warren, COO of the Chicago Housing Authority; Mr. Will Fischer,
    Senior Policy Analyst at the Center on Budget and Policy
    Priorities; and Mr. Greg Russ, Executive Director and COO of
    the Cambridge Housing Authority.

       TO PROHIBIT THE FEDERAL INSURANCE OFFICE OF THE DEPARTMENT OF THE
     TREASURY AND OTHER FINANCIAL REGULATORS FROM COLLECTING DATA DIRECTLY
                                 FROM INSURERS

    Summary

        This draft legislation would prohibit the Federal Insurance
    Office (FIO) and other financial regulators from collecting
    data directly from insurers. Currently, Section 502 of the
    Dodd-Frank Wall Street Reform and Consumer Protection Act
    (Public Law 111-203) authorizes FIO to issue subpoenas in
    certain instances to insurance companies to produce data
    required to carry out its statutory functions, and Section 153
    authorizes the Office of Financial Research (OFR) to issue
    subpoenas in certain instances to financial companies,
    including insurance companies, to produce data required to
    carry out the statutory functions to the OFR. The draft
    legislation would revoke FIO's and OFR's authority to subpoena
    information from insurance companies. It would also amend the
    Dodd-Frank Act to require FIO, OFR, the Financial Stability
    Oversight Council, and any other federal entity seeking data
    about insurance companies to obtain that data through the
    insurance company's state regulator, another federal agency, or
    public source. Finally, the draft legislation would require
    that these federal entities, as well as state regulators,
    maintain the confidentiality of nonpublic data obtained from or
    shared with other federal and state regulators.

    Legislative History

        On November 16, 2011, the Subcommittee held a legislative
    hearing entitled ``Insurance Oversight and Legislative
    Proposals.'' The purpose of the hearing was to examine the
    draft legislation and the impact of changes made to the
    regulation of insurance by the Dodd-Frank Act. The Subcommittee
    heard testimony from the following witnesses: Mr. Joseph Torti
    III, Deputy Director and Superintendent of Insurance and
    Banking for the State of Rhode Island; Mr. Michael Lanza,
    Executive Vice President and General Counsel of the Selective
    Insurance Group, Inc.; Mr. Steven Monroe, Chief Compliance
    Officer for the U.S. and Canada for Marsh, Inc.; and Mr. Daniel
    Schwarcz, Associate Professor at the University of Minnesota
    Law School.

                  FHA-RURAL REGULATORY IMPROVEMENT ACT OF 2011

    Summary

        Draft legislation entitled the ``FHA-Rural Regulatory
    Improvement Act of 2011'' would enact several reforms designed
    to improve the financial condition of Federal Housing
    Administration (FHA), Department of Agriculture's Rural Housing
    Service (RHS), and Government National Mortgage Association
    (Ginnie Mae), and better protect taxpayers against losses from
    fraudulent or poorly-underwritten government-backed loans. The
    draft legislation would simplify the FHA loan limit calculation
    by making the new loan limit 125 percent of area median home
    price for all locations with a cap up to the statutory maximum
    GSE loan limits. It would also increase current FHA down
    payment requirements from 3.5 percent to 5 percent, and
    prohibit the ``rolling-in'' of some closing costs in
    circumvention of that 5 percent, as well as set minimum annual
    premiums at a level equal to the previous maximum level of 0.55
    percent. The draft legislation would mandate that FHA attain a
    capital ratio of not less than 1.25 percent within 24 months of
    enactment, and maintain a capital ratio of not less than 2
    percent within 5 years of enactment for both its General
    Insurance and Special Risk Insurance (GI/SRI) Funds.
    Additionally, the draft legislation would transfer the RHS and
    its current functions from USDA to the FHA, and designate the
    Rural Housing Service Director as a Deputy Assistant Secretary
    in FHA.

    Legislative History

        On September 8, 2011, the Subcommittee held a legislative
    hearing on the FHA-Rural Regulatory Improvement Act of 2011
    entitled ``Legislative Proposals to Determine the Future Role
    of FHA, RHS and GNMA in the Single- and Multi-Family Mortgage
    Markets, Part 2'' where the Subcommittee heard testimony from
    the following witnesses: the Honorable Johnny Isakson, U.S.
    Senator of Georgia; Ms. Carol Galante, HUD's Acting Federal
    Housing Administration Commissioner and Assistant Secretary for
    Housing; Ms. Tammye Trevino, Administrator of Housing and
    Community Facilities Programs for the Department of
    Agriculture's Rural Development Agency; and the Honorable
    Theodore Tozer, President of the Government National Mortgage
    Association.

      TO EXCLUDE INSURANCE COMPANIES FROM THE FEDERAL RESERVE'S LEVERAGE
     CAPITAL REQUIREMENTS, RISK-BASED CAPITAL REQUIREMENTS, AND ACCOUNTING
                                   STANDARDS

    Summary

        This draft legislation would exclude insurance companies
    from the Federal Reserve's leverage capital requirements, risk-
    based capital requirements, and accounting standards, and
    prohibit the Federal Reserve Board from subjecting insurance
    companies that are currently regulated by state insurance
    regulators and subject to capital requirements, risk-based
    capital requirements, and accounting standards set by those
    state regulators to heightened prudential standards in these
    areas. Currently, Section 115 of the Dodd-Frank Wall Street
    Reform and Consumer Protection Act (Public Law 111-203)
    authorizes the Federal Reserve to subject certain large,
    interconnected financial institutions to heightened prudential
    standards and Federal Reserve supervision, while Section 171
    allows the Federal Reserve to impose heightened leverage and
    risk-based capital requirements on certain depository
    institution holding companies, including insurance companies.

    Legislative History

        On November 16, 2011, the Subcommittee held a legislative
    hearing entitled ``Insurance Oversight and Legislative
    Proposals.'' The focus of the hearing was the impact of changes
    made to the regulation of insurance by the Dodd-Frank Act and
    the draft legislation. The Subcommittee heard testimony from
    the following witnesses: Mr. Joseph Torti III, Deputy Director
    and Superintendent of Insurance and Banking for the State of
    Rhode Island; Mr. Michael Lanza, Executive Vice President and
    General Counsel of the Selective Insurance Group, Inc.; Mr.
    Steven Monroe, Chief Compliance Officer for the U.S. and Canada
    for Marsh, Inc.; and Mr. Daniel Schwarcz, Associate Professor
    at the University of Minnesota Law School.

     TO EXCLUDE INSURANCE COMPANIES FROM THE FDIC'S ``ORDERLY LIQUIDATION
                                  AUTHORITY''

    Summary

        This draft legislation would explicitly exclude insurance
    companies from the Federal Deposit Insurance Corporation's
    (FDIC's) Orderly Liquidation Authority to liquidate failing
    financial companies that pose a significant risk to the
    financial stability of the United States, as established under
    Section 204 of the Dodd-Frank Wall Street Reform and Consumer
    Protection Act (Public Law 111-203). The draft legislation
    would also prohibit the FDIC from counting the insurance
    assets, liabilities, or revenues of an eligible financial
    company in its assessments to fund its Orderly Liquidation
    Fund, as established by Section 210 of the Dodd-Frank Act, to
    be used to finance the liquidation of failed financial
    companies.

    Legislative History

        On November 16, 2011, the Subcommittee held a legislative
    hearing on the impact of changes made to the regulation of
    insurance by the Dodd-Frank Act entitled ``Insurance Oversight
    and Legislative Proposals'' where the draft legislation was
    discussed. The Subcommittee received testimony from the
    following witnesses: Mr. Joseph Torti III, Deputy Director and
    Superintendent of Insurance and Banking for the State of Rhode
    Island; Mr. Michael Lanza, Executive Vice President and General
    Counsel of the Selective Insurance Group, Inc.; Mr. Steven
    Monroe, Chief Compliance Officer for the U.S. and Canada for
    Marsh, Inc.; and Mr. Daniel Schwarcz, Associate Professor at
    the University of Minnesota Law School.

           MOVING TO WORK IMPROVEMENT, EXPANSION, AND PERMANENCY ACT

    Summary

        Draft legislation entitled the ``Moving to Work
    Improvement, Expansion, and Permanency Act'' would strike all
    references to ``demonstration'' in the Moving to Work (MTW)
    statute to designate MTW as a program of HUD, remove the
    arbitrary cap set in statute placed on the number of public
    housing authorities (PHAs) considered or admitted for MTW
    status, and enhance MTW's focus on activities promoting
    economic, flexibility and cost effectiveness, and housing
    choice. The draft would impose reporting requirements for MTW
    PHAs, including an annual analysis of the efforts each PHA has
    undertaken to achieve the purposes of the program.
    Additionally, the draft legislation would give HUD the
    discretion to terminate MTW contracts in the event that PHAs
    are found to be in material default of the conditions and
    obligations of their agreement, are found to have misused or
    misappropriated funds without taking appropriate steps to
    address those misdeeds, or become negligent in their effort to
    advance the goals of MTW.

    Legislative History

        On June 23, 2011, the Subcommittee held a legislative
    hearing on the draft legislation entitled ``Legislative
    Proposals to Reform the Housing Choice Voucher Program'' where
    the Subcommittee received testimony from the following
    witnesses: the Honorable Sandra Henriquez, HUD's Assistant
    Secretary for the Office of Public and Indian Housing; Mr. Tony
    Bazzie, Executive Director of the Housing Authority of Raleigh
    County, WV; Ms. Linda Couch, Senior Vice President for Policy
    at the National Low Income Housing Coalition; Ms. Roberta
    Graham, Vice President at Quadel Consulting; Mr. Tory
    Gunsolley, President/CEO of the Housing Authority of the City
    of Houston; Mr. P. Curtis Hiebert, CEO of the Keene, NH Housing
    Authority; Mr. Alex Sanchez, Executive Director of the Housing
    Authority of the County of Santa Clara, CA; and Ms. Barbara
    Sard, Vice President for Housing Policy at the Center on Budget
    and Policy Priorities.
        On October 13, 2011, the Subcommittee held a legislative
    hearing entitled ``The Section 8 Savings Act of 2011: Proposals
    to Promote Economic Independence for Assisted Families'' on the
    Moving to Work Improvement, Expansion, and Permanency Act
    discussion draft. The Subcommittee received testimony from the
    following witnesses: Ms. Hope Boldon, President and COO of The
    Integral Group LLC; Mr. Larry Woods, CEO of the Housing
    Authority of Winston-Salem, NC; Ms. Kris Warren, COO of the
    Chicago Housing Authority; Mr. Will Fischer, Senior Policy
    Analyst at the Center on Budget and Policy Priorities; and Mr.
    Greg Russ, Executive Director and COO of the Cambridge Housing
    Authority.

            HOUSING COUNSELING TRANSPARENCY AND FAIRNESS ACT OF 2011

    Summary

        Draft legislation entitled the ``Housing Counseling
    Transparency and Fairness Act of 2011'' would grant HUD new
    oversight and regulatory authority over all housing counseling
    activities of NeighborWorks, as well as provide the HUD
    Inspector General with authority to monitor NeighborWorks'
    housing counseling functions and activities.

    Legislative History

        On September 14, 2011, the Subcommittee held a legislative
    hearing entitled ``HUD and NeighborWorks Housing Counseling
    Oversight.'' The hearing focused on the draft legislation and
    examined the allocation and disbursement of federal housing
    counseling funds through the NeighborWorks America
    (NeighborWorks) nonprofit housing agency. The Subcommittee
    received testimony from the following witnesses: Ms. Deborah
    Holston, HUD's Acting Deputy Assistant Secretary for Single
    Family Housing; Ms. Eileen Fitzgerald, Chief Executive Officer
    of NeighborWorks America; Ms. Alicia Puente Cackley, Director,
    Financial Markets and Community Investment for the Government
    Accountability Office (GAO); Mr. Peter Bell, President of the
    National Reverse Mortgage Lenders Association; Ms. Candy Hill,
    Senior Vice President of Catholic Charities USA; Ms. Debra
    Olson, Interim Executive Director of the DuPage Homeownership
    Center and DuPage County Board Member; and Mr. Raul Raymundo,
    Chief Executive Officer of The Resurrection Project.

                       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.

                  FEDERAL LAWS AFFECTING INSURANCE REGULATION

        On July 28, 2011, the Subcommittee held a hearing entitled
    ``Insurance Oversight: Policy Implications for U.S. Consumers,
    Businesses and Jobs.'' The hearing focused on the current
    status of the insurance industry and the impact of changes made
    to the regulation of insurance by the Dodd-Frank Wall Street
    Reform and Consumer Protection Act (Public Law 111-203). The
    Subcommittee received testimony from the following witnesses:
    Mr. John Huff, Director of the Missouri Department of
    Insurance, Financial Institutions, and Professional
    Registration; Ms. Susan Voss, Commissioner of the Iowa
    Insurance Division and President of the National Association of
    Insurance Commissioners; Mr. Greg Wren, Treasurer of the
    National Conference of Insurance Legislators; Mr. Clay Jackson,
    Senior Vice President and Regional Agency Manager of BB&T
    Cooper, Love, Jackson, Thornton & Harwell; Mr. Andrew Furgatch,
    Chairman and CEO of Magna Carta Companies; Ms. Leigh Ann Pusey,
    President and CEO of the American Insurance Association; Mr.
    Birny Birnbaum, Executive Director of the Center for Economic
    Justice; Ms. Letha Heaton, Vice President of the Admiral
    Insurance Company; Mr. Gary Hughes, Executive Vice President &
    General Counsel of the American Council of Life Insurers; and
    Mr. Eric Smith, President and CEO Americas of Swiss Re.
        On October 25, 2011, the Subcommittee held a hearing
    entitled ``Insurance Oversight: Policy Implications for U.S.
    Consumers, Businesses and Jobs, Part 2.'' The hearing focused
    on the goals and implementation of the newly created Federal
    Insurance Office (FIO). The Honorable Michael McRaith, Director
    of the Federal Insurance Office, was the sole witness.

                   GOVERNMENT FORECLOSURE MITIGATION PROGRAMS

        On October 6, 2011, the Subcommittee held a hearing
    entitled ``The Obama Administration's Response to the Housing
    Crisis.'' This hearing examined the Administration's
    initiatives for refinancing underwater and delinquent
    mortgages, foreclosure mitigation, and other housing
    revitalization efforts. The hearing also focused on ideas
    outlined by President Obama in his September 8, 2011, address
    to a Joint Session of Congress, including a $15 billion
    community redevelopment grant initiative called ``Project
    Rebuild'' and proposed modifications to the existing Home
    Affordable Refinance Program (HARP). The Subcommittee received
    testimony from the following witnesses: Ms. Tammye Trevino,
    Administrator of Housing and Community Facilities Programs for
    the Department of Agriculture's Rural Development Agency; Ms.
    Carol Galante, HUD's Acting Federal Housing Administration
    Commissioner and Assistant Secretary for Housing; Mr. Darius
    Kingsley, Deputy Chief of the Department of the Treasury's
    Homeownership Preservation Office; Mr. Neil Barofsky, Senior
    Fellow at the New York University School of Law; Dr. Mark
    Calabria, Director of Financial Regulation Studies for the Cato
    Institute; Ms. Laurie Goodman, Senior Managing Director at
    Amherst Securities Group LP; and Mr. Andrew Jakabovics, Senior
    Director of Policy Development and Research for Enterprise
    Community Partners.

                   HUD'S HOME INVESTMENT PARTNERSHIPS PROGRAM

        On November 2, 2011, the Subcommittee held a joint hearing
    with the Oversight and Investigations Subcommittee entitled
    ``Fraud in the HUD HOME Program.'' The hearing focused on
    allegations of waste, fraud, and abuse within HUD's HOME
    Investment Partnerships Program (HOME) and whether HUD has
    implemented appropriate policies, procedures, and internal
    controls to monitor the performance of the HOME program. The
    Subcommittee received testimony from the following witnesses:
    Mr. Timothy Truax, who was convicted of defrauding
    organizations that received funds from the HOME program; Ms.
    ``Jane Smith,'' an inmate in federal prison convicted of
    defrauding organizations that received funds from the HOME
    program; Mr. John McCarty, Acting Deputy Inspector General for
    HUD; Mr. Kenneth Donohue, former Inspector General for HUD; Mr.
    James Beaudette, Deputy Director for HUD's Departmental
    Enforcement Center; and Mr. Ethan Handelman, Vice President for
    Policy and Advocacy for the National Housing Conference.

                              MANUFACTURED HOUSING

        On November 29, 2011, the Subcommittee held a field hearing
    in Danville, Virginia entitled ``The State of Manufactured
    Housing.'' The hearing served as a general overview of
    manufactured housing and how stricter lending standards have
    affected borrowers seeking to purchase manufactured homes. In
    addition, the hearing examined how HUD monitors and enforces
    its federal standards for the construction and safety of
    manufactured homes. The Subcommittee received testimony from
    the following witnesses: Mr. Henry Czauski, HUD's Acting Deputy
    Administrator for Manufactured Housing Program; Mr. Kevin
    Clayton, President and CEO of Clayton Homes; Mr. Tyler
    Craddock, Executive Director of the Virginia Manufactured and
    Modular Housing Association; Mr. Stan Rush, Account
    Representative for Haylor, Freyer and Coon, Inc.; Mr. J. Scott
    Yates, President of Yates Homes; Mr. Adam Rust, Research
    Director for the Community Reinvestment Association of North
    Carolina; and Ms. Carla Burr, a resident of manufactured
    housing.

                        RENTAL ASSISTANCE DEMONSTRATION

        On November 3, 2011, the Subcommittee held a hearing
    entitled ``The Obama Administration's Rental Assistance
    Demonstration Proposal.'' The purpose of the hearing was to
    review the Obama Administration's Rental Assistance
    Demonstration (RAD) proposal, which would allow for the
    voluntary conversion of units in public housing to long-term
    project-based Section 8 contracts in order to access private
    capital for preservation and redevelopment activities. The
    Subcommittee received testimony from the following witnesses:
    The Honorable Sandra Henriquez, HUD's Assistant Secretary for
    Public and Indian Housing; Mr. Ismael Guerrero, Executive
    Director of the City and County of Denver's Housing Authority;
    Mr. Steven Hydinger, Managing Director of BREC Development,
    LLC; and Mr. Charles Elsesser, of Florida Legal Services.

                           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.
    112-40................  Legislative Proposals to    June 23, 2011
                             Reform the Housing Choice
                             Voucher Program.
    112-47................  Mortgage Origination: The   July 13, 2011
                             Impact of Recent Changes
                             on Homeowners and
                             Businesses.
    112-53................  Insurance Oversight:        July 28, 2011
                             Policy Implications for
                             U.S. Consumers,
                             Businesses, and Jobs.
    112-57................  Legislative Proposals to    September 8, 2011
                             Determine the Future Role
                             of FHA, RHS and GNMA in
                             the Single- and Multi-
                             Family Mortgage Markets,
                             Part 2.
    112-61................  HUD and NeighborWorks       September 14, 2011
                             Housing Counseling
                             Oversight.
    112-69................  The Obama Administration's  October 6, 2011
                             Response to the Housing
                             Crisis.
    112-74................  The Section 8 Savings Act   October 13, 2011
                             of 2011: Proposals to
                             Promote Economic
                             Independence for Assisted
                             Families.
    112-77................  Insurance Oversight:        October 25, 2011
                             Policy Implications for
                             U.S. Consumers,
                             Businesses, and Jobs,
                             Part 2.
    112-81................  Fraud in the HUD Home       November 2, 2011
                             Program (Joint Hearing
                             with Oversight).
    112-83................  The Obama Administration's  November 3, 2011
                             Rental Assistance
                             Demonstration Proposal.
    112-84................  Insurance Oversight and     November 16, 2011
                             Legislative Proposals.
    112-86................  The State of Manufactured   November 29, 2011
                             Housing (Field Hearing).
    ------------------------------------------------------------------------

            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

               SECURING AMERICAN JOBS THROUGH EXPORTS ACT OF 2011

                                  (H.R. 2072)

    Summary

        H.R. 2072, the Securing American Jobs Through Exports Act
    of 2011, would amend the Export-Import Bank Act of 1945 by
    extending the authority of the Export-Import Bank of the United
    States (the Bank) for four years, from 2011 to 2015. Key
    provisions of H.R. 2072 include: (1) a four-year
    reauthorization of the Export-Import Bank charter; (2) a
    gradual increase in the Bank's financing authority; (3) a
    requirement that the Bank establish clear and comprehensive
    guidelines regarding the type and amount of content in a good
    or service eligible for Bank financing; (4) authorization for
    the Bank to use up to $20 million of its surplus, subject to
    appropriations, to upgrade its information technology system;
    and (5) a number of new transparency and accountability
    requirements for the Bank.

    Legislative History

        H.R. 2072 was introduced by Subcommittee on International
    Monetary Policy and Trade Chairman Gary Miller on June 1, 2011,
    and referred to the Committee on Financial Services. The bill
    has nine cosponsors.
        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 hearing entitled
    ``Legislative Proposals on Securing American Jobs Through
    Exports: Export-Import Bank Reauthorization.'' The Subcommittee
    received testimony from the following witnesses: Mr. Fred
    Hochberg, Chairman and President, the Export-Import Bank of the
    United States; Ms. Donna K. Alexander, Chief Executive Officer,
    Bankers' Association for Finance and Trade--International
    Financial Services Association; Ms. Thea Lee, Deputy Chief of
    Staff, American Federation of Labor and Congress of Industrial
    Organizations; Mr. Osvaldo Luis Gratacos, Inspector General for
    the Export-Import Bank; Mr. John Hardy, President, Coalition
    for Employment Through Exports; and Dr. Matthew Slaughter,
    Associate Dean for the MBA Program, Signals Company Professor
    of Management, Tuck School of Business, Dartmouth College.
        On June 2, 2011, the Subcommittee met in open session and
    ordered the bill, as amended, favorably reported to the full
    Committee by a voice vote.
        On June 22, 2011, the full Committee met in open session an
    ordered the bill, as amended, favorably reported to the House
    by a voice vote. The Committee Report was filed on September 8,
    2011 (H. Rept. 112-201).

         SUPPORTING ECONOMIC AND NATIONAL SECURITY BY MAINTAINING U.S.
                LEADERSHIP IN MULTILATERAL DEVELOPMENT BANKS ACT

                                  (H.R. 3188)

    Summary

        H.R. 3188, the Supporting Economic and National Security by
    Maintaining U.S. Leadership in Multilateral Development Banks
    Act, would amend the Bretton Woods Agreements Act to allow for
    general capital increases at the International Bank for
    Reconstruction and Development (IBRD), the Inter-American
    Development Bank (IDB), the African Development Bank, and the
    European Bank for Reconstruction and Development. In addition
    to the general capital increases, this bill also has provisions
    to fight corruption, promote transparency and accountability at
    these institutions, promote strong procurement standards, and
    to urge Argentina to settle its debts with its public and
    private creditors.

    Legislative History

        On October 4, 2011, the Subcommittee held a legislative
    hearing on a discussion draft entitled ``The World Bank and
    Multi Lateral Development Banks' Authorization.'' The
    Subcommittee received testimony from the following witnesses:
    The Honorable Mark Green, Former U.S. Ambassador to Tanzania,
    Former U.S. Representative (R-WI), Senior Director, U.S. Global
    Leadership Coalition; The Honorable Eli Whitney Debevoise, II,
    Former U.S. Executive Director, The World Bank Group, Senior
    Partner, Arnold & Porter LLP; Mr. Daniel F. Runde, Director of
    the Project on Prosperity and Development, William A. Schreyer
    Chair in Global Analysis, Center for Strategic and
    International Studies; Mr. John Murphy, Vice President for
    International Affairs, U.S. Chamber of Commerce. On October 12,
    2011, the Subcommittee met in open session and ordered the
    discussion draft, as amended, reported favorably to the full
    Committee by a voice vote.
        On October 13, 2011, the discussion draft was introduced as
    H.R. 3188 by Representative Robert Dold, and referred to the
    Committee on Financial Services. The bill has no cosponsors.

                       Subcommittee Oversight Activities

                              GLOBAL CAPITAL FLOWS

        On October 13, 2011, the Subcommittee held a hearing
    entitled ``The U.S. Housing Finance System in the Global
    Context: Structure, Capital Sources, and Housing Dynamics.''
    The U.S. securitization process has facilitated the flow of
    private investment capital from investors around the world to
    fund U.S. home mortgages. This hearing focused on the
    relationship between the health of the U.S. housing finance
    system and global financial stability, including foreign
    involvement in the U.S. housing finance system and the
    motivations of foreign investors to purchase residential
    mortgage-backed securities. The Subcommittee received testimony
    from the following witnesses: Mr. Michael A. J. Farrell,
    Chairman, CEO and President, Annaly Capital Management, Inc.;
    Mr. Richard Dorfman, Managing Director and Head of
    Securitization Group, Securities Industry and Financial Markets
    Association; Mr. Moe Veissi, 2011 President-Elect, National
    Association of Realtors; and Dr. Susan M. Wachter, Richard B.
    Worley Professor of Financial Management, The Wharton School,
    University of Pennsylvania.

                               EUROZONE DISTRESS

        On October 25, 2011, the Subcommittee held a hearing
    entitled ``The Eurozone Crisis and Implications for the United
    States.'' The purpose of the hearing was to examine the
    potential effects of Europe's economic problems on the U.S.
    economy, particularly on trade and employment. The hearing also
    examined European policy options under consideration for
    containing the crisis and the role of the U.S. in these
    decisions. The Subcommittee received testimony from the
    following witnesses: The Honorable Charles Collyns, Assistant
    Secretary for International Finance, U.S. Department of the
    Treasury; Mr. Peter S. Rashish, Vice President, Europe &
    Eurasia, U.S. Chamber of Commerce; Dr. Desmond Lachman,
    Resident Fellow, American Enterprise Institute; and Mr. Douglas
    J. Elliott, Fellow of Economic Studies, Initiative on Business
    and Public Policy, Brookings Institution.

                         MULTILATERAL DEVELOPMENT BANKS

        On June 14, 2011, the Subcommittee held a hearing entitled
    ``The Role of the U.S. in the World Bank and Multilateral
    Development Banks: Bank Oversight and Requested Capital
    Increases.'' The Subcommittee received testimony from The
    Honorable Lael Brainard, Under Secretary for International
    Affairs, Department of the Treasury.
        On July 27, 2011, the Subcommittee held a hearing entitled
    ``The Impact of the World Bank and Multilateral Development
    Banks on U.S. Job Creation.'' The Subcommittee received
    testimony from the following witnesses: The Honorable James T.
    Kolbe, former Member of Congress, Senior Transatlantic Fellow,
    German Marshall Fund of the United States; Mr. Robert
    Mosbacher, Jr., Chairman, Mosbacher Energy Company, Past-
    President and CEO, Overseas Private Investment Corporation; Mr.
    James A. Harmon, Chairman, Caravel Management, LLC, Past-
    President and CEO, Export-Import Bank of the United States; Mr.
    Benjamin Leo, Research Fellow, Center for Global Development,
    Former Treasury Department and National Security Council
    Official; and Mr. John Hardy, President, Coalition for
    Employment through Exports.
        On September 21, 2011, the Subcommittee held a hearing
    entitled ``The Impact of the World Bank and Multilateral
    Development Banks on National Security.'' The Subcommittee
    received testimony from the following witnesses: The Honorable
    Marisa Lago, Assistant Secretary for International Markets and
    Development, U.S. Department of the Treasury; and Rear Admiral
    Michelle Howard, chief of Staff to the Director, Strategic
    Plans and Policy, J5, the Joint Staff.

                           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.
    112-38................  The Role of the U.S. in     June 14, 2011
                             the World Bank and
                             Multilateral Development
                             Banks: Bank Oversight and
                             Requested Capital
                             Increases.
    112-52................  The Impact of the World     July 27, 2011
                             Bank and Multi-Lateral
                             Development Banks on U.S.
                             Job Creation.
    112-64................  The Impact of the World     September 21, 2011
                             Bank and Multi-Lateral
                             Development Banks on
                             National Security.
    112-68................  The World Bank and Multi    October 4, 2011
                             Lateral Development
                             Banks' Authorization.
    112-73................  The U.S. Housing Finance    October 13, 2011
                             System in the Global
                             Context: Structure,
                             Capital Sources and
                             Housing Dynamics.
    112-76................  The Eurozone Crisis and     October 25, 2011
                             Implications for the
                             United States.
    ------------------------------------------------------------------------

                  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 and Exchange
    Commission (SEC); and David Min, Associate Director of
    Financial Markets Policy, Center for American Progress.

                                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.

                          MORTGAGE SERVICING STANDARDS

        On July 7, 2011, the Subcommittees on Financial
    Institutions and Consumer Credit and Oversight and
    Investigations held a joint hearing entitled ``Mortgage
    Servicing: An Examination of the Role of Federal Regulators in
    Settlement Negotiations and the Future of Mortgage Servicing
    Standards.'' The purpose of the hearing was to review the role
    of Federal regulators in the ongoing mortgage servicing
    settlement negotiations and the development of new mortgage
    servicing standards. The Subcommittees heard testimony from the
    following witnesses: Ms. Julie Williams, First Senior Deputy
    Comptroller and Chief Counsel of the Office of the Comptroller
    of the Currency; Mr. Mark Pearce, Director, Division of
    Depositor and Consumer Protection at the Federal Deposit
    Insurance Corporation; Mr. Raj Date, Associate Director of
    Research, Markets and Regulations, Consumer Financial
    Protection Bureau, U.S. Department of the Treasury; the
    Honorable Luther Strange, Alabama Attorney General; Mr. David
    Stevens, President, Mortgage Bankers Association; and Mr.
    Michael Calhoun, President, Center for Responsible Lending.

             OVERSIGHT OF THE 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.
        On July 14, 2011, the Subcommittee held a hearing entitled
    ``Oversight of the Office of Financial Research and the
    Financial Stability Oversight Council.'' The hearing addressed
    the efforts to organize and standup the Office of Financial
    research (OFR), coordination between FSOC, OFR and other
    regulators, and data security issues at OFR. The Subcommittee
    received testimony from the following witnesses: The Honorable
    Richard Berner, Counselor to the Secretary of the Treasury; Dr.
    Nassim N. Taleb, Distinguished Professor, New York University
    Polytechnic Institute; Mr. Dilip Krishna, Vice President of
    Financial Services, Teradata Corporation; Mr. Alan Paller,
    Director of Research, SANS Institute; and Dr. John Lietchy,
    Professor of Marketing and Statistics, Director of the Center
    for the Study of Global Financial Stability, Pennsylvania State
    University.

            OVERSIGHT OF THE CREDIT RATING AGENCIES POST-DODD FRANK

        On July 27, 2011, the Subcommittee held a hearing entitled
    ``Oversight of the Credit Rating Agencies Post Dodd-Frank.''
    The hearing examined how federal regulation and operations of
    the credit rating agencies have changed since the financial
    crisis and following enactment of the Dodd-Frank Wall Street
    Reform and Consumer Protection Act (Public Law 111-203). The
    hearing reviewed the progress of federal agencies in striking
    references to ratings agencies in their regulations and
    addressed investor over-reliance on the ratings opinions of the
    three leading ratings agencies, Standard & Poor's, Moody's
    Investor Service and Fitch Ratings. The Subcommittee received
    testimony from the following witnesses: Mr. John Ramsay, Deputy
    Director, Division of Trading and Markets, U.S. Securities and
    Exchange Commission; Mr. Mark Van Der Weide, Senior Associate
    Director, Division of Banking Supervision and Regulation,
    Federal Reserve Board; Mr. David Wilson, Senior Deputy
    Comptroller and Chief National Bank Examiner, Office of the
    Comptroller of the Currency; Mr. Deven Sharma, President,
    Standard & Poor's; Mr. Michael Rowan, Global Managing Director,
    Commercial Group, Moody's Investors Service; Mr. James Gellert,
    Chief Executive Officer, Rapid Ratings; Mr. Jules Kroll,
    Chairman and CEO, Kroll Bond Rating Agency; Mr. Larry White,
    Robert Kavesh Professor of Economics, Stern School of Business,
    New York University; and Mr. Gregory Smith, Chief Operating
    Officer and General Counsel, Colorado Public Employees'
    Retirement Association.

    OVERSIGHT OF THE OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE POST-9/
                                       11

        On September 6, 2011, the Subcommittee held a field hearing
    in New York City entitled ``Combating Terror Post-9/11:
    Oversight of the Office of Terrorism and Financial
    Intelligence.'' The hearing reviewed the activities of the
    Treasury Department's Office of Terrorism and Financial
    Intelligence to safeguard the integrity of the nation's
    financial system and to fight terrorist facilitators, money
    launderers, and other threats to national security. The
    Honorable Daniel Glaser, Assistant Secretary for Terrorist
    Financing, Department of the Treasury, was the sole witness.

                   POTENTIAL CONFLICTS OF INTEREST AT THE SEC

        On September 22, 2011, the Subcommittee held a joint
    hearing with the Committee on Oversight and Government Reform's
    Subcommittee on TARP, Financial Services and Bailouts of Public
    and Private Programs, entitled ``Potential Conflicts of
    Interest at the SEC: The Becker Case.'' The hearing examined
    how the Securities and Exchange Commission (SEC) handled
    potential conflicts of interest involving David Becker, a
    former SEC general counsel who financially benefited from the
    Bernard Madoff Ponzi scheme. The Subcommittees received
    testimony from the following witnesses: the Honorable Mary
    Schapiro, Chairman, U.S. Securities and Exchange Commission;
    Mr. H. David Kotz, Inspector General, U.S. Securities and
    Exchange Commission; and Mr. David M. Becker, Former General
    Counsel, U.S. Securities and Exchange Commission.

                    OVERSIGHT OF THE FEDERAL HOME LOAN BANKS

        On October 12, 2011, the Subcommittee held a hearing
    entitled ``Oversight of the Federal Home Loan Bank System.''
    The hearing examined the capital requirements, financial
    health, and stability of the Federal Home Loan Bank System, as
    well as the Federal Home Loan Bank System's ability to fulfill
    its housing mission and provide liquidity to the cooperative's
    member banks in a safe and sound manner. Subcommittee received
    testimony from the following witnesses: Mr. Anthony P. Costa,
    Chairman and co-CEO, Empire State Bank, on behalf of the
    American Bankers Association; Mr. Lee R. Gibson, Chairman of
    the Federal Home Loan Bank of Dallas and Chairman of the
    Council of Federal Home Loan Banks; Mr. Tim Zimmerman,
    President/CEO, Standard Bank, PaSB, on behalf of the
    Independent Community Bankers of America; and the Honorable
    Bruce Morrison, former Director of the Federal Housing Finance
    Board.

                       OVERSIGHT OF THE HUD HOME PROGRAM

        On November 2, 2011, the Subcommittee held a joint hearing
    with the Oversight and Investigations Subcommittee entitled
    ``Fraud in the HUD HOME Program.'' The hearing focused on
    allegations of waste, fraud, and abuse within HUD's HOME
    Investment Partnerships Program (HOME) and whether HUD has
    implemented appropriate policies, procedures, and internal
    controls to monitor the performance of the HOME program. The
    Subcommittee received testimony from the following witnesses:
    Mr. Timothy Truax, who was convicted of defrauding
    organizations that received funds from the HOME program; Ms.
    ``Jane Smith,'' an inmate in federal prison convicted of
    defrauding organizations that received funds from the HOME
    program; Mr. John McCarty, Acting Deputy Inspector General for
    HUD; Mr. Kenneth Donohue, former Inspector General for HUD; Mr.
    James Beaudette, Deputy Director for HUD's Departmental
    Enforcement Center; and Mr. Ethan Handelman, Vice President for
    Policy and Advocacy for the National Housing Conference.

                           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.
    112-44................  Mortgage Servicing: An      July 7, 2011
                             Examination of the Role
                             of Federal Regulators in
                             Settlement Negotiations
                             and the Future of
                             Mortgage Servicing
                             Standards (Joint Hearing
                             with Financial
                             Institutions).
    112-48................  Oversight of the Office of  July 14, 2011
                             Financial Research and
                             the Financial Stability
                             Oversight Council.
    112-51................  Oversight of the Credit     July 27, 2011
                             Rating Agencies Post Dodd-
                             Frank.
    112-55................  Combating Terror Post 9/    September 6, 2011
                             11: Oversight of the
                             Office of Terrorism and
                             Financial Intelligence
                             (Field Hearing).
    112-66................  Potential Conflicts of the  September 22, 2011
                             Interest at the SEC: The
                             Becker Case (Joint
                             Hearing with Subcommittee
                             on TARP, Financial
                             Services and Bailouts of
                             Public and Private
                             Programs of the Committee
                             on Oversight and
                             Government Reform).
    112-71................  Oversight of the Federal    October 12, 2011
                             Home Loan Bank System.
    112-81................  Fraud in the HUD HOME       November 2, 2011
                             Program (Joint Hearing
                             with Housing).
    ------------------------------------------------------------------------

                     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 TWELFTH CONGRESS

         The Dodd-Frank Wall Street Reform and Consumer Protection Act

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to oversee the
    implementation of the Dodd-Frank Wall Street Reform and
    Consumer Protection Act (P.L. 111-203) (the Dodd-Frank Act) to
    ensure that the promise to ``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'' is being
    upheld.
        On June 16, 2011, the Committee held a hearing entitled
    ``Financial Regulatory Reform: The International Context.''
    During this hearing, the Committee examined the international
    implications of the Dodd-Frank Act for the United States
    financial services industry and the United States economy.
    Specifically, the Committee considered four aspects of United
    States regulation that may affect the ability of United States
    financial institutions to compete against their foreign
    counterparts and impede economic recovery in the United States.
    The regulations discussed were capital and liquidity
    requirements, regulation and oversight of ``systemically
    significant financial institutions,'' derivatives regulation,
    and the regulation of proprietary trading.

                     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 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.
        On June 22, 2011, Chairman Spencer Bachus and Subcommittee
    on Oversight and Investigations Chairman Randy Neugebauer sent
    a letter to Comptroller General Gene Dodaro requesting a
    Government Accountability Office (GAO) audit of the FSOC,
    pursuant to Section 122 of the Dodd-Frank Act. In his July 6,
    2011 response, Comptroller General Dodaro stated ``the GAO
    accepted the request, with clarification, as work that is
    within the scope of its authority.''
        On June 24, 2011, Subcommittee on Oversight and
    Investigations Chairman Randy Neugebauer and Subcommittee
    Ranking Member Michael Capuano sent a letter to Treasury
    Secretary Timothy Geithner seeking clarification of public
    statements made by members of the FSOC regarding plans to seek
    public comment on additional guidance designating non-bank
    financial companies for enhanced supervision and regulation by
    the Board of Governors of the Federal Reserve. In the letter,
    they asked the Secretary to distinguish the difference between
    issuing guidance and issuing an amended rule and provide
    details of the timeline for comments from the general public.
        On July 14, 2011, the Subcommittee on Oversight and
    Investigations held a hearing entitled ``Oversight of the
    Office of Financial Research and the Financial Stability
    Oversight Council.'' The hearing addressed the efforts to
    organize and stand up the Office of Financial Research (OFR),
    established by Section 152 of the Dodd-Frank Act; coordination
    between FSOC, OFR and other regulators; and data security
    issues at OFR.
        On September 8, 2011, Chairman Spencer Bachus and other
    Members of the Committee sent a letter to Treasury Secretary
    Timothy Geithner expressing concern about the fulfillment of
    the FSOC's pledge to eliminate unnecessary or duplicative
    regulatory burdens on the financial system, namely on small
    community banks and credit unions. Additionally, the letter
    requested a status report from the Secretary on his efforts to
    ``streamline and simplify'' the regulatory environment.
    Secretary Geithner responded on October 5, stating that ``as
    agencies move forward with implementation of the Dodd-Frank
    Act, I will continue to encourage, as a top priority, inter-
    agency coordination and the development of rules that strike
    the right balance between financial stability and innovation.''
        On October 6, 2011, the full Committee held a hearing
    entitled ``The Annual Report of the Financial Stability
    Oversight Council'' to receive the FSOC's Annual Report and the
    testimony of the Secretary of the Treasury. The hearing focused
    on the Council's efforts to implement regulatory reforms and
    identify emerging threats to the nation's financial stability.

    Volcker Rule

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to 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.
        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.
        On June 16, 2011, the Committee held a hearing entitled
    ``Financial Regulatory Reform: The International Context.''
    During this hearing, the Committee examined the international
    implications of the Dodd-Frank Wall Street Reform and Consumer
    Protection Act for the United States financial services
    industry and the United States economy. Specifically, the
    Committee considered four aspects of United States regulation
    that may affect the ability of United States financial
    institutions to compete against their foreign counterparts and
    impede economic recovery in the United States. The regulations
    discussed were capital and liquidity requirements, regulation
    and oversight of ``systemically significant financial
    institutions,'' derivatives regulation, and the regulation of
    proprietary trading.
        On October 19, 2011, the Committee held a joint House-
    Senate briefing at which representatives from the Department of
    the Treasury, the Federal Reserve, the Securities and Exchange
    Commission, the Commodity Futures Trading Commission, the
    Federal Deposit Insurance Corporation and the Office of the
    Comptroller of the Currency discussed their proposed regulation
    to implement Section 619 of the Dodd-Frank Act (The Volcker
    rule).

              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.
        On June 23, 2011, H.R. 2308, the SEC Regulatory
    Accountability Act, was introduced by Subcommittee on Capital
    Markets and Government Sponsored Enterprises Chairman Scott
    Garrett and referred to the Committee on Financial Services.
    The full Committee held a legislative hearing on H.R. 2308 on
    September 15, 2011 entitled ``Fixing the Watchdog: Legislative
    Proposals to Improve and Enhance the Securities and Exchange
    Commission.'' The Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session on
    November 15, 2011, and ordered H.R. 2308, as amended, favorably
    reported to the full Committee by a record vote of 14 yeas and
    19 nays.
        On June 24, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises held a hearing entitled
    ``Oversight of the Mutual Fund Industry: Ensuring Market
    Stability and Investor Confidence.'' The hearing examined the
    SEC's regulation of the mutual fund industry; the SEC's
    response to the financial crisis and the impact of the crisis
    on money market mutual funds; proposals to change the valuation
    of money market mutual funds; the SEC's proposal to improve
    distribution fees, also known as ``12b-1 fees,''; the impact of
    the SEC's proxy access rules adopted in 2010, which would
    permit shareholders to place nominees for directors on a
    company's proxy statement; and other issues of interest to
    mutual fund providers.
        On July 28, 2011, Vice Chairman Jeb Hensarling,
    Subcommittee on Capital Markets and Government Sponsored
    Enterprises Chairman Scott Garrett, and Subcommittee on
    Oversight and Investigations Chairman Randy Neugebauer sent a
    letter to SEC Chairman Mary Schapiro requesting information on
    the SEC-staff labor hours and dollar amount associated with the
    Commission's proxy access rulemaking, the final promulgation of
    the rule, and the legal challenge of the rule.
        On July 28, 2011, Chairman Spencer Bachus, Subcommittee on
    International Monetary Policy and Trade Chairman Gary Miller,
    Representative Robert Dold, and Representative Steve Stivers
    sent a letter to SEC Chairman Mary Schapiro addressing the
    effect on U.S. companies' competitiveness in the global
    marketplace of Section 1502 of the Dodd-Frank Act, which
    requires publicly traded U.S. companies to report annually on
    on their efforts to verify that minerals used in their products
    were not taxed or controlled by rebel groups in the Democratic
    Republic of Congo, and suggesting an alternative method to
    mitigate the financial and administrative burden of Section
    1502 on U.S. companies.
        On September 22, 2011, the Subcommittee on Oversight and
    Investigations held a joint hearing with the Committee on
    Oversight and Government Reform's Subcommittee on TARP,
    Financial Services and Bailouts of Public and Private Programs,
    entitled ``Potential Conflicts of Interest at the SEC: The
    Becker Case.'' The hearing examined how the Securities and
    Exchange Commission (SEC) handled potential conflicts of
    interest involving David Becker, a former SEC general counsel
    who financially benefited from the Bernard Madoff Ponzi scheme.

    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.
        On October 14, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a legislative hearing
    entitled ``Legislative Proposals to Bring Certainty to the
    Over-the-Counter Derivatives Market.'' The hearing examined
    four legislative proposals that would amend provisions in Title
    VII of the Dodd-Frank Act that could negatively affect the
    United States economy.
        On May 11, 2011, H.R. 1838, a bill to repeal a provision of
    the Dodd-Frank Wall Street Reform and Consumer Protection Act
    prohibiting any Federal bailout of swap dealers or
    participants, was introduced by Representative Nan Hayworth and
    referred to the Committee on Financial Services and the
    Committee on Agriculture. On October 14, 2011, the Subcommittee
    on Capital Markets and Government Sponsored Enterprises held a
    legislative hearing on H.R. 1838 entitled ``Legislative
    Proposals to Bring Certainty to the Over-the-Counter
    Derivatives Market.'' On November 15, 2011, the Subcommittee on
    Capital Markets and Government Sponsored Enterprises met in
    open session and ordered H.R. 1838, as amended, favorably
    reported to the full Committee by a record vote of 21 yeas and
    12 nays.
        On July 19, 2011, H.R. 2586, the Swap Execution Facility
    Clarification Act, was introduced by Subcommittee on Capital
    Markets and Government Sponsored Enterprises Chairman Scott
    Garrett and referred to the Committee on Financial Services and
    the Committee on Agriculture. On October 14, 2011, the
    Subcommittee on Capital Markets and Government Sponsored
    Enterprises held a legislative hearing on H.R. 2586 entitled
    ``Legislative Proposals to Bring Certainty to the Over-the-
    Counter Derivatives Market.'' On November 15, 2011, the
    Subcommittee on Capital Markets and Government Sponsored
    Enterprises met in open session and ordered H.R. 2586 favorably
    reported to the full Committee by voice vote.
        On August 1, 2011, H.R. 2779, a bill to exempt inter-
    affiliate swaps from certain regulatory requirements put in
    place by the Dodd-Frank Wall Street Reform and Consumer
    Protection Act, was introduced by Representative Steve Stivers
    and referred to the Committee on Financial Services and the
    Committee on Agriculture. On October 14, 2011, the Subcommittee
    on Capital Markets and Government Sponsored Enterprises held a
    legislative hearing on H.R. 2779 entitled ``Legislative
    Proposals to Bring Certainty to the Over-the-Counter
    Derivatives Market.'' On November 15, 2011, the Subcommittee on
    Capital Markets and Government Sponsored Enterprises met in
    open session and ordered H.R. 2779 favorably reported to the
    full Committee by a record vote of 23 yeas, 6 nays and 1
    present.
        On September 23, 2011, H.R. 3045, the Retirement Income
    Protection Act of 2011, was introduced by Representative
    Francisco ``Quico'' Canseco and referred to the Committee on
    Financial Services, the Committee on Agriculture, and the
    Committee on Education and the Workforce. The bill has one
    cosponsor. On October 14, 2011, the Subcommittee on Capital
    Markets and Government Sponsored Enterprises held a legislative
    hearing on H.R. 3045 entitled ``Legislative Proposals to Bring
    Certainty to the Over-the-Counter Derivatives Market.'' On
    November 15, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session and
    ordered H.R. 3045 favorably reported to the full Committee by a
    record vote of 19 yeas and 14 nays.
        On June 7, 2011, the full Committee hosted a briefing on
    swaps clearing, at which industry representatives discussed
    implementation of provisions in the Dodd-Frank Act, with a
    focus on how or whether clearing provisions need to be phased
    in; segregation and protection of cleared swaps customer
    collateral; central clearinghouse ownership, governance, and
    membership issues; and the New York Federal Reserve's ongoing
    role on clearing issues and how it relates to the Dodd-Frank
    Act's rulemaking process.
        On August 2, 2011, Chairman Spencer Bachus wrote to
    Treasury Secretary Timothy Geithner expressing concerns about
    the extraterritorial reach and impact of Title VII of the Dodd-
    Frank Act on the U.S. derivatives marketplace and the U.S.
    economy.

    Credit Rating Agencies

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to examine
    credit rating agencies, or Nationally Recognized Statistical
    Ratings Organizations (NRSROs), in the United States financial
    markets and specifically, the impact of the Dodd-Frank Act on
    NRSROs and the repeal if Rule 436(g) under the Securities Act
    of 1933.
        On April 14, 2011, H.R. 1539, the Asset-Backed Market
    Stabilization Act of 2011, was introduced by Representative
    Steve Stivers. The bill would repeal section 939G of the Dodd-
    Frank Act, which repealed the SEC rule 436(g). On March 16,
    2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises held a legislative hearing on the draft
    version of H.R. 1539 entitled ``Legislative Proposals to
    Promote Job Creation, Capital Formation, and Market
    Certainty.'' On May 3, 2011 and May 4, 2011, the Subcommittee
    on Capital Markets and Government Sponsored Enterprises met in
    open session and ordered the bill favorably reported to the
    full Committee by a record vote of 18 yeas and 14 nays. On July
    20, 2011, the full Committee met in open session and ordered
    the bill favorably reported to the House by 31 yeas and 19
    nays. The Committee Report was filed on August 12, 2011 (H.
    Rept. 112-196).
        On July 27, 2011, the Subcommittee on Oversight and
    Investigations held a hearing entitled ``Oversight of the
    Credit Rating Agencies Post Dodd-Frank.'' The hearing examined
    how federal regulation and operations of the credit rating
    agencies have changed since the financial crisis and following
    enactment of the Dodd-Frank Act. The hearing reviewed the
    progress of federal agencies in striking references to ratings
    agencies in their regulations and addressed investor over-
    reliance on the ratings opinions of the three leading ratings
    agencies, Standard & Poor's, Moody's Investor Service and Fitch
    Ratings.

    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.
        On August 2, 2011, Chairman Spencer Bachus and Subcommittee
    on Capital Markets and Government Sponsored Enterprises
    Chairman Scott Garrett wrote to the Secretary of the U.S.
    Department of Housing and Urban Development, the Chairman of
    the Federal Reserve, the Acting Director of the FHFA, the
    Acting Chairman of the FDIC, the Chairman of the SEC, and the
    Acting Comptroller of the Currency expressing concern about a
    provision issued by their agencies requiring securitizers to
    set aside the premium from sales of securities in ``premium
    capture cash reserves,'' and prevent securitizers from
    collecting a profit until up to ten years later when the
    security matures.
        On September 7, 2011, the Subcommittee held a field hearing
    in New York, New York entitled ``Facilitating Continued
    Investor Demand in the U.S. Mortgage Market Without a
    Government Guarantee.'' This hearing examined the conditions
    necessary to facilitate investor demand for private-label
    residential mortgage backed securities. In particular, the
    hearing focused on proposals to (1) provide greater
    transparency about residential mortgage-backed securities; (2)
    facilitate standardization; and (3) provide greater certainty
    that the terms of residential mortgage-backed securities will
    be enforced. In addition, the witnesses discussed the need for
    clarification regarding the risk retention rules, as well as
    their views on whether increased transparency and
    representations and warranties could serve as a viable
    alternative to risk retention.
        On November 3, 2011, the Subcommittee held a legislative
    hearing entitled ``H.R. ___, the Private Mortgage Market
    Investment Act.'' This hearing examined the Private Mortgage
    Market Act (PMMI), which would establish uniform standards that
    would lay the foundation for a new securitization market that
    would replace the secondary-mortgage market now dominated by
    the government sponsored enterprises Fannie Mae and Freddie
    Mac. The PMMI also strikes Section 941 of the Dodd-Frank Act
    based on the belief that the goals of risk retention--better
    underwriting and fewer loans made to borrowers who cannot
    afford them--can be better achieved through standardized
    underwriting requirements and clarity and consistency about
    issuer representations and warranties. During this hearing, the
    witnesses expressed their views about how to fix the private-
    label securitization market and their opinions of the PMMI,
    including whether the PMMI provides a viable alternative to
    risk retention through standardization, transparency, and
    representations and warranties.

    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.
        On August 2, 2011, Chairman Spencer Bachus sent a letter to
    SEC Chairman Mary Schapiro regarding the SEC's rulemaking
    authority under Section 913 of the Dodd-Frank Act and urged SEC
    to consider the appropriateness and necessity of adjusting the
    standard of care for broker-dealers prior to performing an
    analysis of the harm to retail customers of a broker-dealer.
        On September 13, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a legislative hearing
    entitled ``Ensuring Appropriate Regulatory Oversight of Broker-
    Dealers and Legislative Proposals to Improve Investment
    Oversight.'' Section 913 of the Dodd-Frank Act required the SEC
    to report to the Committee on the standards of care applicable
    to broker-dealers and investment advisers when providing
    personalized investment advice to customers, and the SEC
    presented the findings of its report at this hearing. The
    hearing also examined a legislative proposal by Chairman
    Spencer Bachus entitled the ``Investment Adviser Oversight Act
    of 2011,'' which adopts an alternative outlined by the SEC in a
    study required by Section 914 of the Dodd-Frank Act, and would
    amend the Investment Advisers Act of 1940 to provide for the
    creation of national investment adviser associations (NIAAs)
    registered with and overseen by the SEC.
        On November 18, 2011, the full Committee hosted a briefing
    for staff on the MF Global bankruptcy and liquidation
    proceedings. Representatives of the CME Group provided an
    overview of how broker-dealers and futures commission merchants
    (FCMs) segregate customer assets; the role of self-regulatory
    organizations in ensuring that their members do not impose
    systemic risk on a clearinghouse; the purpose of a
    clearinghouse guaranty fund; the role of the CME Group in the
    bankruptcy of an FCM; the transfer of customer accounts from a
    failed FCM; and the interaction and coordination of Federal
    regulatory agencies and the self-regulatory organizations.

    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 15, 2011, H.R. 1082, the Small Business Capital
    Access and Job Preservation Act, was introduced by
    Representative Robert Hurt. The bill would exempt advisers to
    private equity funds from SEC registration requirements as
    mandated by Title IV of the Dodd-Frank Act. On March 16, 2011,
    the Subcommittee on Capital Markets and Government Sponsored
    Enterprises held a legislative hearing on H.R. 1082 entitled
    ``Legislative Proposals to Promote Job Creation, Capital
    Formation, and Market Certainty.'' On May 3, 2011 and May 4,
    2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises met in open session and ordered the bill
    favorably reported to the full Committee by a record vote of 19
    yeas and 13 nays. On June 22, 2011, the full Committee met in
    open session and ordered the bill, as amended, favorably
    reported to the House by voice vote. The Committee Report was
    filed on July 12, 2011 (H. Rept. 112-143).

    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. On May 3,
    2011 and May 4, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises met in open session and
    ordered the bill, as amended, favorably reported to the full
    Committee by voice vote. On June 22, 2011, the full Committee
    met in open session and ordered the bill, as amended, favorably
    reported to the House by voice vote. The Committee Report was
    filed on September 14, 2011 (H. Rept. 112-206). On November 2,
    2011, the House agreed to a motion to suspend the rules and
    pass H.R. 1070, as amended, by a record vote of 421 yeas and 1
    nay.
        On September 21, 2011, the Subcommittee on Capital Markets
    and Government Sponsored Enterprises held a legislative hearing
    entitled ``Legislative Proposals to Facilitate Small Business
    Capital Formation and Job Creation,'' to examine legislative
    proposals to encourage capital formation and job creation.
    Specifically, the proposals were to amend the Securities Act of
    1933, the Securities Exchange Act of 1934 and the Sarbanes-
    Oxley Act of 2002.
        On June 14, 2011, H.R. 2167, the Private Company
    Flexibility and Growth Act, was introduced by Representative
    David Schweikert. The bill would raise the threshold for
    mandatory registration under the Exchange Act from 500
    shareholders to 1,000 shareholders for all companies;
    shareholders who received securities under employee
    compensation plans would not count towards the threshold. On
    September 21, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises held a legislative hearing on
    H.R. 2167 entitled ``Legislative Proposals to Facilitate Small
    Business Capital Formation and Job Creation.'' On October 5,
    2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises met in open session and ordered H.R.
    2167, as amended, favorably reported to the full Committee by
    voice vote. On October 26, 2011, the full Committee met in open
    session and ordered H.R. 2167, as amended, favorably reported
    to the House by voice vote.
        On September 14, 2011, H.R. 2930, the Entrepreneur Access
    to Capital Act, was introduced by Representative Patrick
    McHenry. The bill would create an exemption from SEC
    registration for ``crowdfunding'' for offerings up to $1
    million so long as the individual's investment is no more than
    the lesser of $10,000 or 10% of the investor's annual income,
    and offerings up to $2 million if the issuer provides audited
    financial statements. On September 21, 2011, the Subcommittee
    on Capital Markets and Government Sponsored Enterprises held a
    legislative hearing on H.R. 2930 entitled ``Legislative
    Proposals to Facilitate Small Business Capital Formation and
    Job Creation.'' On October 5, 2011, the Subcommittee on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered H.R. 2930 favorably reported to the full
    Committee by a record vote of 18 yeas and 14 nays. On October
    26, 2011, the full Committee met in open session and ordered
    the bill, as amended, favorably reported to the House by voice
    vote. The Committee Report was filed on October 31, 2011 (H.
    Rept. 112-262). On November 3, 2011, the House considered H.R.
    2930 and passed the bill, as amended, by a record vote of 407
    yeas and 17 nays.
        On September 15, 2011, H.R. 2940, the Access to Capital for
    Job Creators Act, was introduced by Representative Kevin
    McCarthy. The bill would make the exemption under Regulation D
    Rule 506 available to companies even if their securities are
    marketed through a general solicitation or advertising so long
    as purchasers are ``accredited investors.'' On September 21,
    2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises held a legislative hearing on H.R. 2940
    entitled ``Legislative Proposals to Facilitate Small Business
    Capital Formation and Job Creation.'' On October 5, 2011, the
    Subcommittee on Capital Markets and Government Sponsored
    Enterprises met in open session and ordered H.R. 2940, as
    amended, favorably reported to the full Committee by voice
    vote. On October 26, 2011, the full Committee met in open
    session and ordered the bill, as amended, favorably reported to
    the House by voice vote. The Committee Report was filed on
    October 31, 2011 (H. Rept. 112-263). On November 3, 2011, the
    House considered H.R. 2940 and passed the bill by a record vote
    of 413 yeas and 11 nays.
        On May 24, 2011, H.R. 1965, a bill to amend the securities
    laws to establish certain thresholds for shareholder
    registration, and for other purposes, was introduced by
    Representative James Himes. The bill would raise the threshold
    for mandatory registration under the Securities Exchange Act of
    1934 (the ``Exchange Act'') from 500 shareholders to 2,000
    shareholders for banks or bank holding companies, and modify
    the threshold for deregistration under Sections 12(g) and 15(d)
    of the Exchange Act for a bank or a bank holding company from
    300 to 1,200 shareholders. On September 21, 2011, the
    Subcommittee on Capital Markets and Government Sponsored
    Enterprises held a legislative hearing on H.R. 1965 entitled
    ``Legislative Proposals to Facilitate Small Business Capital
    Formation and Job Creation.'' On October 5, 2011, the
    Subcommittee on Capital Markets and Government Sponsored
    Enterprises met in open session and ordered the bill, as
    amended, favorably reported to the full Committee by voice
    vote. On October 26, 2011, the full Committee met in open
    session and ordered the bill, as amended, favorably reported to
    the House by voice vote. On November 2, 2011, the House agreed
    to a motion to suspend the rules and pass H.R. 1965, as
    amended, by a record vote of 420 yeas and 2 nays.
        On October 14, 2011, H.R. 3213, the Small Company Job
    Growth and Regulatory Relief Act of 2011, was introduced by
    Representative Stephen Fincher. The bill would expand the
    exemption from Section 404(b) of the Sarbanes-Oxley Act, and
    increase the market capitalization threshold for a full 404(b)
    exemption from $75 million to $350 million. On September 21,
    2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises held a legislative hearing on the
    discussion draft of H.R. 3213 entitled ``Legislative Proposals
    to Facilitate Small Business Capital Formation and Job
    Creation.'' On October 5, 2011, the Subcommittee on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered the draft version of H.R. 3213, as amended,
    favorably reported to the full Committee by a record vote of 18
    yeas and 14 nays.

    Equity/Option Market Structure

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to ensure that
    the SEC 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 is also
    called upon to 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.
        On August 1, 2011, the full Committee hosted a briefing on
    ``Options Fundamentals.'' Mr. Alan Grigoletto, the Director of
    OIC Education for the Options Clearing Corporation, provided an
    introduction to the basic concepts of exchange traded and
    centrally cleared options contracts. The terminology and
    mechanics for call and put options were explained in
    conjunction with the risk characteristics and rewards for both
    the buyer and seller of these instruments.

    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 Michael 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. On July 7, 2011, H.R. 2483, the
    Whistleblower Improvement Act of 2011, was introduced by
    Representative Michael Grimm and referred to the Committee on
    Financial Services.

    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 14, 2011, H.R. 1062, the Burdensome Data
    Collection Relief Act, was introduced by Representative Nan
    Hayworth. 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. On March
    16, 2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises held a legislative hearing on the draft
    version of H.R. 1062 entitled ``Legislative Proposals to
    Promote Job Creation, Capital Formation, and Market
    Certainty.'' On May 3, 2011 and May 4, 2011, the Subcommittee
    on Capital Markets and Government Sponsored Enterprises met in
    open session and ordered the bill favorably reported to the
    full Committee by a record vote of 20 yeas and 12 nays. On June
    22, 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 21 nays. The Committee Report was filed on July 12,
    2011 (H. Rept. 112-142).

    Mutual Funds

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to examine the
    state and operation of the U.S. mutual fund industry, and to
    review 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), and any proposals by the
    Financial Stability Oversight Council to designate non-bank
    financial institutions such as mutual funds as ``Systemically
    Important Financial Institutions.''
        On June 24, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises held a hearing entitled
    ``Oversight of the Mutual Fund Industry: Ensuring Market
    Stability and Investor Confidence.'' This was the first
    Financial Services Committee hearing on the mutual fund
    industry since May 2005. The hearing addressed current issues
    in mutual fund industry regulation, including distribution
    fees, or Rule ``12b-1 fees,'' on which the SEC voted to propose
    measures to improve regulation in July 2010. The hearing also
    examined the proxy access rules that the SEC adopted in 2010
    that would permit shareholders to place nominees for directors
    on a company's proxy statement. The Subcommittee reviewed the
    impact on the mutual fund industry of Section 113 of the Dodd-
    Frank Act, which directs the FSOC to select nonbank financial
    companies for heightened supervision, and Section 918, which
    requires the GAO to conduct a study on mutual fund advertising.
        On August 12, 2011 Chairman Spencer Bachus, Subcommittee on
    Capital Markets and Government Sponsored Enterprises Chairman
    Scott Garrett and other Republican Members of the Committee
    wrote to SEC Chairman Mary Schapiro requesting more information
    on the Commission's plans to potentially require money market
    mutual funds to float its net asset value; and the impact of
    the SEC's rules adopted in 2010 to strengthen the resiliency of
    money market mutual funds.

    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.

                        Government Sponsored Enterprises

    Charter Restructuring for GSEs

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to examine
    proposals to modify or terminate Fannie Mae's and Freddie Mac's
    statutory charters.
        On July 7, 2011, H.R. 2436, the Fannie Mae and Freddie Mac
    Taxpayer Payback Act of 2011, was introduced by Representative
    Donald Manzullo. The bill would prohibit any reduction in the
    dividend rate paid to the Secretary of the Treasury on the
    senior preferred stock of Fannie Mae and Freddie Mac. On May
    25, 2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises held a legislative hearing on the
    discussion draft of H.R. 2436 entitled ``Transparency,
    Transition and Taxpayer Protection: More Steps to End the GSE
    Bailout.'' On July 12, 2011, the Subcommittee on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered H.R. 2436 favorably reported to the full
    Committee by voice vote.
        On July 7, 2011, H.R. 2439, the Removing GSEs Charters
    During Receivership Act of 2011, was introduced by
    Representative Steve Stivers. The bill would authorize the
    Federal Housing Finance Agency (FHFA) to revoke the charters of
    Fannie Mae and Freddie Mac, and require the FHFA to revoke the
    charter when a successor, limited-life entity is dissolved. On
    May 25, 2011, the Subcommittee on Capital Markets and
    Government Sponsored Enterprises held a legislative hearing on
    the discussion draft of H.R. 2439 entitled ``Transparency,
    Transition and Taxpayer Protection: More Steps to End the GSE
    Bailout.'' On July 12, 2011, the Subcommittee on Capital
    Markets and Government Sponsored Enterprises met in open
    session and ordered H.R. 2439, as amended, favorably reported
    to the full Committee by voice vote.
        On July 8, 2011, H.R. 2462, the Cap the GSE Bailout Act of
    2011, was introduced by Representative Michael Fitzpatrick. The
    bill would limit outlays to Fannie Mae or Freddie Mac to the
    larger of (a) net amounts Fannie and Freddie have received from
    2010 to 2012 or (b) $200 billion. On May 25, 2011, the
    Subcommittee on Capital Markets and Government Sponsored
    Enterprises held a legislative hearing on the discussion draft
    of H.R. 2462 entitled ``Transparency, Transition and Taxpayer
    Protection: More Steps to End the GSE Bailout.'' On July 12,
    2011, the Subcommittee on Capital Markets and Government
    Sponsored Enterprises met in open session and ordered H.R.
    2462, as amended, favorably reported to the full Committee by
    voice vote.

    GSE Regulatory Reform

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor the
    activities of the Federal Housing Finance Agency (FHFA) and
    consider the appropriate role, if any, for the Federal
    government in the secondary mortgage market.
        From January through May 2011, the full Committee held two
    hearings to examine GSE reform proposals; the Subcommittee on
    Capital Markets and Government Sponsored Enterprises held three
    hearings, two of which focused on 15 different bills and
    legislative ideas; and the Subcommittee held one markup. 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. Mr. Edward DeMarco, Acting Director
    of the Federal Housing Finance Agency, testified, as did noted
    GSE analysts and housing reform advocates.
        On July 7, 2011, H.R. 2440, the Market Transparency and
    Taxpayer Protection Act of 2011, was introduced by
    Representative Robert Hurt. The bill would direct Fannie Mae
    and Freddie Mac to report to the FHFA on the assets they own
    within 180 days of the bill's enactment, which would
    incrementally reduce the government's role in the secondary
    mortgage market. On May 25, 2011, the Subcommittee on Capital
    Markets and Government Sponsored Enterprises held a legislative
    hearing on the discussion draft of H.R. 2440 entitled
    ``Transparency, Transition and Taxpayer Protection: More Steps
    to End the GSE Bailout.'' On July 12, 2011, the Subcommittee on
    Capital Markets and Government Sponsored Enterprises met in
    open session and ordered H.R. 2440, as amended, favorably
    reported to the full Committee by voice vote.
        On June 29, 2011, Chairman Spencer Bachus, Subcommittee on
    Oversight and Investigations Chairman Randy Neugebauer, Vice
    Chairman Jeb Hensarling, Subcommittee on Insurance, Housing and
    Community Opportunity Chairman Judy Biggert, Subcommittee on
    Financial Institutions and Consumer Credit Chairman Shelley
    Moore Capito, and Subcommittee on Capital Markets and
    Government Sponsored Enterprises Chairman Scott Garrett sent a
    letter to Treasury Secretary Timothy Geithner and Acting
    Director of the Federal Housing Finance Agency Edward DeMarco
    to express concern regarding Fannie Mae's and Freddie Mac's
    potential expansion into new products and new lines of
    business, as a provision of the Small Business Jobs Act of 2010
    seemingly provides an opportunity for the GSEs to contract with
    the Department of Treasury to administer a new bond program.
    The letter raises concerns that any such GSE action would
    directly contradict the goals of the GSEs' conservatorship.
        On October 13, 2011, Subcommittee on Oversight and
    Investigations Chairman Randy Neugebauer sent a letter to
    Acting Director of the Federal Housing Finance Agency Edward
    DeMarco expressing concerns that expenditures that Freddie Mac
    and Fannie Mae made in connection with an industry conference
    hosted by the Mortgage Bankers Association may have had no
    relation to furthering the purposes of their conservatorships.
        On October 21, 2011, Subcommittee on Oversight and
    Investigations Chairman Randy Neugebauer sent a letter to
    Acting Director of the Federal Housing Finance Agency Edward
    DeMarco expressing concern that Fannie Mae and Freddie Mac
    could incur substantial costs in connection with implementing
    the Obama Administration's Home Affordable Refinance Program
    (HARP).
        On November 2, 2011, Subcommittee on Oversight and
    Investigations Chairman Randy Neugebauer sent a letter to
    Acting Director of the Federal Housing Finance Agency Edward
    DeMarco requesting information on Fannie Mae's yearly operating
    expenses and questioning whether those expenses furthered the
    purpose of conservatorship.
        On November 7, 2011, Chairman Spencer Bachus, Vice Chairman
    Jeb Hensarling, Subcommittee on Insurance, Housing and
    Community Opportunity Chairman Judy Biggert, Subcommittee on
    Financial Institutions and Consumer Credit Chairman Shelley
    Moore Capito, Subcommittee on Capital Markets and Government
    Sponsored Enterprises Chairman Scott Garrett, Subcommittee on
    Oversight and Investigations Chairman Randy Neugebauer, and
    Subcommittee on Domestic Monetary Policy and Trade Chairman Ron
    Paul sent a letter to the Honorable Hal Rogers, the Honorable
    C. W. Bill Young, the Honorable Jack Kingston, the Honorable
    Robert Aderholt, the Honorable John Abney Culberson, the
    Honorable Steven C. LaTourette, the Honorable Jerry Lewis, the
    Honorable Frank R. Wolf, the Honorable Tom Latham, the
    Honorable JoAnn Emerson, and the Honorable John R. Carter,
    conferees appointed to the conference committee for H.R. 2112,
    the Consolidated and Further Continuing Appropriations Act in
    opposition to conference report language to increase the loan
    limits for mortgages insured by the federal government through
    the Federal Housing Administration (FHA) or guaranteed by the
    government sponsored enterprises (GSEs), Fannie Mae and Freddie
    Mac.
        On November 18, 2011, Subcommittee on Oversight and
    Investigations Chairman Randy Neugebauer sent a letter to
    Acting Director of the Federal Housing Finance Agency Edward
    DeMarco requesting information on Freddie Mac's yearly
    operating expenses and questioning whether those expenses
    furthered the purpose of conservatorship.
        On November 18, 2011, Subcommittee on Oversight and
    Investigations Chairman Randy Neugebauer sent a letter to
    Acting Director of the Federal Housing Finance Agency Edward
    DeMarco regarding the GSEs' core activities, strategic
    planning, decision making, staffing, loan level data and
    guarantee fees, and on FHFA operations generally.

    Federal Home Loan Bank (FHLB) System

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to 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.
        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.
        On July 7, 2011, Chairman Spencer Bachus sent a letter to
    Acting Director of the Federal Housing Finance Agency Edward
    DeMarco regarding the Advance Notice of Proposed Rulemaking
    issued on December 27, 2010, that could substantially limit
    membership in the FHLB system, affecting existing members and
    many potential applicants. Given that the ANPR could
    fundamentally change how financial institutions do business,
    Chairman Spencer Bachus urged that the Acting Director use
    caution in moving forward with the proposal.
        On October 12, 2011, the Oversight and Investigations
    Subcommittee held a hearing entitled ``Oversight of the Federal
    Home Loan Bank System.'' The purpose of the hearing was to
    examine the financial health and stability of the Federal Home
    Loan Bank System, as well as the Federal Home Loan Bank
    System's ability to fulfill its housing mission and provide
    liquidity to the cooperative's member banks in a safe and sound
    manner. The hearing particularly considered the extent to which
    the Home Loan Banks' policies with respect to investments and
    the making of advances--especially in light of the recent
    financial crises--effectively further their mission.

    Legal Fees

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to examine the
    expenditure of federal funds to defend Fannie Mae and Freddie
    Mac and their top executives in lawsuits since 2008 and
    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.
        On July 6, 2011, H.R. 2428, the GSE Legal Fee Reduction Act
    of 2011, was introduced by Subcommittee on Oversight and
    Investigations Chairman Randy Neugebauer. The bill would limit
    the indemnification of former GSE executives and set standards
    for advancing indemnification payments. The Subcommittee on
    Capital Markets and Government Sponsored Enterprises held a
    legislative hearing on the discussion draft of H.R. 2440 on May
    25, 2011 entitled ``Transparency, Transition and Taxpayer
    Protection: More Steps to End the GSE Bailout.''

                   Financial Institutions and Consumer Credit

    Bureau of Consumer Financial Protection (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.'' The purpose of the
    hearing was 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 4, 2011, the
    Subcommittee on Financial Institutions and Consumer Credit met
    in open session and ordered the three bills favorably reported
    to the full Committee. On May 12, 2011, the full Committee met
    in open session and ordered the bills favorably reported to the
    House. H.R. 1121 and H.R. 1667 were included in the Rules
    Committee print for H.R. 1315, which was passed by the House on
    July 21, 2011.
        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).
        On October 26, Chairman Spencer Bachus sent a letter to Mr.
    Raj Date, the Special Advisor to the Secretary of the Treasury
    for the CFPB to verify the CFPB's position on implementing
    Regulation E of the Electronic Funds Transfer Act, which
    requires ATM operators to display prominent notices that
    consumers will be assessed a fee for making cash withdrawals
    from the machine.
        On November 2, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled ``The
    Consumer Financial Protection Bureau: The First 100 Days.'' The
    purpose of the hearing was to review the Consumer Financial
    Protection Bureau's budgeting, staffing, rule-writing
    initiatives, and the current and potential challenges facing
    the Bureau as well as the entities it regulates. Mr. Raj Date,
    Special Advisor to the Secretary of the Treasury, Consumer
    Financial Protection Bureau, was the sole witness.

    ``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.
        On June 14, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled ``Does
    the Dodd-Frank Act End `Too Big to Fail'?'' The purpose of the
    hearing was to learn more about whether the Federal Deposit
    Insurance Corporation's Orderly Liquidation Authority--created
    by the Dodd-Frank Wall Street Reform and Consumer Protection
    Act--is appropriately structured to end taxpayer bailouts for
    the largest financial institutions.

    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.
        On June 14, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled ``Does
    the Dodd-Frank Act End `Too Big to Fail'?'' The purpose of the
    hearing was to learn more about whether the Federal Deposit
    Insurance Corporation's Orderly Liquidation Authority--created
    by the Dodd-Frank Wall Street Reform and Consumer Protection
    Act--is appropriately structured to end taxpayer bailouts for
    the largest financial institutions.
        On June 16, 2011, the full Committee held a hearing
    entitled ``Financial Regulatory Reform: The International
    Context.'' During this hearing, the Committee examined the
    international implications of the Dodd-Frank Wall Street Reform
    and Consumer Protection Act for the United States financial
    services industry and the United States economy. Specifically,
    the Committee considered four aspects of United States
    regulation that may affect the ability of United States
    financial institutions to compete against their foreign
    counterparts and impede economic recovery in the United States.
    The regulations discussed were capital and liquidity
    requirements, regulation and oversight of ``systemically
    significant financial institutions,'' derivatives regulation,
    and the regulation of proprietary trading.
        On July 8, 2011, the Subcommittee on Financial Institutions
    and Consumer Credit held a legislative hearing entitled
    ``Legislative Proposals Regarding Bank Examination Practices''
    to examine H.R. 1723, the Common Sense Economic Recovery Act of
    2011, introduced by Representative Bill Posey on May 4, 2011,
    and H.R. 2056, a bill to instruct the Inspector General of the
    Federal Deposit Insurance Corporation to study the impact of
    insured depository institution failures, introduced by
    Representative Lynn Westmoreland on May 31, 2011. H.R. 1723
    would permit certain current loans that would otherwise be
    treated as nonaccrual loans as accrual loans. H.R. 2056 would
    instruct the Inspector General of the Federal Deposit Insurance
    Corporation to study the impact of insured depository
    institution failures and closely examine the FDIC's bank
    closure procedures. On July 20, 2011, the full Committee met in
    open session and favorably reported H.R. 2056 to the House. On
    July 28, 2011, the House considered H.R. 2056 under suspension
    of the rules, and passed the bill, as amended, by voice vote.
    On November 17, 2011, the Subcommittee met in open session and
    did not order H.R. 1723 favorably reported to the full
    Committee by a record vote of 8 yeas and 10 nays.
        On August 16, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a field hearing in
    Newman, Georgia entitled ``Potential Mixed Messages: Is
    Guidance from Washington Being Implemented by Federal Bank
    Examiners?'' The purpose of the hearing was to assess whether
    or not federal bank examination standards are overly stringent
    and impeding an economic recovery.
        On October 27, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled
    ``Proposed Regulations to Require Reporting of Nonresident
    Alien Deposit Interest Income.'' The purpose of the hearing was
    to review the impact of a proposed regulation that would
    require financial institutions to report annually to the
    Internal Revenue Service the amount of interest earned by
    nonresident aliens on their U.S. bank deposits. The hearing
    considered the potential effects of the proposed regulation on
    nonresident alien deposits held in U.S. financial institutions
    and on the safety and soundness of financial institutions that
    hold significant amounts of these deposits.
        On October 31, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a field hearing in
    Wausau, Wisconsin, entitled ``Regulatory Reform: Examining How
    New Regulations are Impacting Financial Institutions, Small
    Businesses and Consumers.'' The purpose of the hearing was to
    assess how new financial regulations are affecting the ability
    of financial institutions to extend credit and stimulate job
    growth. The hearing examined whether bank examination practices
    are excessively stringent and impeding economic recovery.
        On November 2, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit and the Subcommittee on
    Capital Markets and Government Sponsored Enterprises held a
    joint hearing entitled ``H.R. 1697: The Communities First
    Act.'' The purpose of the hearing was to consider H.R. 1697,
    the Communities First Act, which was introduced by
    Representative Blaine Luetkemeyer on May 3, 2011. H.R. 1697
    would reduce regulatory, paperwork, and tax burdens on small
    banks. The Subcommittee examined whether H.R. 1697 would help
    community banks foster economic growth and better serve their
    communities.

    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.
        On June 16, 2011, the full Committee held a hearing
    entitled ``Financial Regulatory Reform: The International
    Context.'' During this hearing, the Committee examined the
    international implications of the Dodd-Frank Wall Street Reform
    and Consumer Protection Act for the United States financial
    services industry and the United States economy. The
    regulations discussed were capital and liquidity requirements,
    regulation and oversight of ``systemically significant
    financial institutions,'' derivatives regulation, and the
    regulation of proprietary trading. Basel III was a focus of
    much of the testimony at the hearing.

    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.
        On June 20, 2011, Chairman Spencer Bachus and other Members
    of the Committee sent a letter to Treasury Secretary Timothy
    Geithner seeking specific documents and records related to the
    Consumer Financial Protection Bureau's involvement in mortgage
    servicing settlement negotiations.
        On July 7, 2011, the Subcommittee on Financial Institutions
    and Consumer Credit and the Subcommittee on Oversight and
    Investigations held a joint hearing entitled ``Mortgage
    Servicing: An Examination of the Role of Federal Regulators in
    Settlement Negotiations and the Future of Mortgage Servicing
    Standards.'' The purpose of the hearing was to review the role
    of Federal regulators in the ongoing mortgage servicing
    settlement negotiations and the development of new mortgage
    servicing standards.

    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.
        On June 14, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled ``Does
    the Dodd-Frank Act End `Too Big to Fail'?'' The purpose of the
    hearing was to learn more about whether the Federal Deposit
    Insurance Corporation's Orderly Liquidation Authority--created
    by the Dodd-Frank Wall Street Reform and Consumer Protection
    Act--is appropriately structured to end taxpayer bailouts for
    the largest financial institutions.
        On July 8, 2011, the Subcommittee on Financial Institutions
    and Consumer Credit held a legislative hearing entitled
    ``Legislative Proposals Regarding Bank Examination Practices''
    to examine H.R. 1723, the Common Sense Economic Recovery Act of
    2011, introduced by Representative Bill Posey on May 4, 2011,
    and H.R. 2056, a bill to instruct the Inspector General of the
    Federal Deposit Insurance Corporation to study the impact of
    insured depository institution failures, introduced by
    Representative Lynn Westmoreland on May 31, 2011. H.R. 1723
    would permit certain current loans that would otherwise be
    treated as nonaccrual loans as accrual loans. H.R. 2056 would
    instruct the Inspector General of the Federal Deposit Insurance
    Corporation to study the impact of insured depository
    institution failures and closely examine the FDIC's bank
    closure procedures. On July 20, 2011, the full Committee met in
    open session and favorably reported H.R. 2056 to the House. On
    July 28, 2011, the House considered H.R. 2056 under suspension
    of the rules, and passed the bill, as amended, by voice vote.
    On November 17, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit met in open session and did
    not order H.R. 1723 favorably reported to the full Committee by
    a record vote of 8 yeas and 10 nays.
        On August 16, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a field hearing in
    Newman, Georgia entitled ``Potential Mixed Messages: Is
    Guidance from Washington Being Implemented by Federal Bank
    Examiners?'' The purpose of the hearing was to assess whether
    or not federal bank examination standards are overly stringent
    and impeding an economic recovery. A primary focus of the
    hearing was the causes and consequences of the elevated level
    of bank failures in the State of Georgia.

    Credit Unions

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to 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).
        On October 12, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a legislative hearing
    entitled ``H.R. 1418: The Small Business Lending Enhancement
    Act of 2011.'' The purpose of the hearing was to discuss credit
    union member business lending. The hearing considered H.R.
    1418, the Small Business Lending Enhancement Act of 2011, was
    introduced by Representatives Edward Royce and Carolyn McCarthy
    on April 7, 2011. H.R. 1418 provides exceptions to caps
    contained in the Federal Credit Union Act of 1934 on the
    amounts that credit unions can lend to their members'
    businesses. H.R. 1418 also requires both the National Credit
    Union Administration and the Government Accountability Office
    to study member business loans made by credit unions, as well
    as recent trends in credit union lending.

    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.
        On September 8, 2011, Chairman Spencer Bachus and other
    Members of the Committee sent a letter to Secretary of the
    Department of Treasury Timothy Geithner expressing concerns
    about the fulfillment of the FSOC's pledge to eliminate
    unnecessary or duplicative regulatory burdens on the financial
    system, namely on small community banks and credit unions.
    Additionally, the letter requested a status report from the
    Secretary on his efforts to ``streamline and simplify'' the
    regulatory environment. Secretary Geithner responded on October
    5, stating that ``as agencies move forward with implementation
    of the Dodd-Frank Act, I will continue to encourage, as a top
    priority, inter-agency coordination and the development of
    rules that strike the right balance between financial stability
    and innovation.''
        On October 31, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a field hearing in
    Wausau, Wisconsin, entitled ``Regulatory Reform: Examining How
    New Regulations are Impacting Financial Institutions, Small
    Businesses and Consumers.'' The purpose of the hearing was to
    assess how new financial regulations are affecting the ability
    of financial institutions to extend credit and stimulate job
    growth. The hearing examined whether bank examination practices
    are excessively stringent and impeding economic recovery.
        On November 2, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit and the Subcommittee on
    Capital Markets and Government Sponsored Enterprises held a
    joint hearing entitled ``H.R. 1697: The Communities First
    Act.'' The purpose of the hearing was to consider H.R. 1697,
    the Communities First Act, which was introduced by
    Representative Blaine Luetkemeyer on May 3, 2011. H.R. 1697
    would reduce regulatory, paperwork, and tax burdens on small
    banks. The Subcommittees examined whether H.R. 1697 would help
    community banks foster economic growth and better serve their
    communities.

    Access to Financial Services

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee 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'').
        On July 26, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled
    ``Examining Rental Purchase Agreements and the Potential Role
    for Federal Regulation.'' The purpose of the hearing was to
    discuss a proposal for improving the oversight and transparency
    of the rent-to-own industry. The hearing focused on H.R. 1588,
    The Consumer Rental Purchase Act, which was introduced by
    Representative Francisco ``Quico'' Canseco on April 15, 2011.
    H.R. 1588 would define rental purchase transactions, create
    uniform national disclosure standards for rent-to-own
    businesses, and prohibit certain practices. This legislation
    was designed to be a federal floor for regulation of the rent-
    to-own industry, leaving intact the rights of states to go
    beyond these regulations, so long as those states do not define
    rental purchase transactions as a credit sale or require the
    disclosure of an annual percentage rate. On November 17, 2011,
    H.R. 1588, as amended, was ordered favorably reported to the
    full Committee by voice vote.
        On September 22, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled ``An
    Examination of the Availability of Credit for Consumers.'' The
    purpose of the hearing was to explore the capacity of banking
    institutions to address the credit needs of low- and middle-
    income consumers. The hearing also examined alternatives to
    traditional banking services, including check cashing and
    payday lending services.

    Data Security and Identity Theft

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to build 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)); to evaluate
    the need for legislation that better protects the security and
    confidentiality of such information from any loss, unauthorized
    access, or misuse; to examine the threats of cyber crime
    against individuals, businesses and financial institutions; and
    to identify best practices that can protect against identify
    theft and related cyber crimes.
        On June 29, 2011, the full Committee held a field hearing
    in Hoover, Alabama, entitled ``Hacked Off: Helping Law
    Enforcement Protect Private Financial Information.'' The
    hearing examined threats that computer hackers pose to
    individuals, businesses, financial institutions and government
    agencies; the methods that hackers employ to breach information
    technology systems; and the efforts of law enforcement to foil
    or arrest hackers. It also examined the work of the National
    Computer Forensics Institute, where state and local law
    enforcement officers, prosecutors and judges are trained in
    ways to detect, prosecute and try cases involving computer-
    based evidence.
        On September 14, 2011, the Subcommittee on Financial
    Institutions and Consumer Credit held a hearing entitled
    ``Cybersecurity: Threats to the Financial Sector.'' The purpose
    of the hearing was to examine the threats that computer hackers
    pose to financial institutions and government agencies; the
    methods used by hackers to breach information-technology
    systems; and the cooperation among government agencies and the
    private sector to thwart hackers.

    Money Laundering and the Financing of Terrorism

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to review the
    enforcement of anti-money laundering and counter-terrorist
    financing laws and regulations.
        On September 6, 2011, the Subcommittee on Oversight and
    Investigations held a field hearing in New York, New York
    entitled ``Combating Terror Post-9/11: Oversight of the Office
    of Terrorism and Financial Intelligence.'' The hearing reviewed
    the activities of the Treasury Department's Office of Terrorism
    and Financial Intelligence to safeguard the integrity of the
    nation's financial system and to fight terrorist facilitators,
    money launderers, and other threats to national security. The
    Honorable Daniel Glaser, Assistant Secretary for Terrorist
    Financing, Department of the Treasury, was the sole witness.

                                   Insurance

    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.

    Federal Insurance Office

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor the
    establishment and implementation of the Federal Insurance
    Office (FIO). The Oversight Plan calls for the Committee to pay
    particular attention to the FIO's limited scope of authority
    and to work to ensure that FIO does not impose unwarranted or
    excessive data collection burdens on the insurance sector.
        On October 25, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``Insurance
    Oversight: Policy Implications for U.S., Consumers, Businesses
    and Jobs, Part 2.'' This was the second in a series of hearings
    on the status of the insurance industry that began on July 28,
    2011. The purpose of these hearings was to review the effect of
    the Dodd-Frank Act and other recent domestic and international
    regulatory changes on the insurance industry, consumers, and
    jobs. This hearing specifically examined the actions undertaken
    by the first Director of the Federal Insurance Office (FIO) and
    his plans to fulfill FIO's mandate as set forth in the Dodd-
    Frank Act.

    State-Based Insurance Reforms

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor
    developments in the state regulatory regime for insurance to
    see if the states are progressing in achieving uniform
    standards to enhance the efficiency and effectiveness of
    insurance and reinsurance regulation, particularly in the
    regulation of non-admitted (surplus lines) insurance.
        On July 28, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing on ``Insurance
    Oversight: Policy Implications for U.S., Consumers, Businesses
    and Jobs.'' The purpose of this hearing was to receive an
    update on ongoing challenges in the regulation of the insurance
    industry and in particular the related implementation of the
    Dodd-Frank Act. This hearing also reviewed other domestic and
    international insurance initiatives that affect consumers, the
    insurance industry, and jobs, and explored insurance reforms
    that might be considered by Congress, federal agencies, or the
    states.

    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.
        On July 28, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing on ``Insurance
    Oversight: Policy Implications for U.S., Consumers, Businesses
    and Jobs.'' The purpose of this hearing was to receive an
    update on ongoing challenges in the regulation of the insurance
    industry and in particular the related implementation of the
    Dodd-Frank Act. This hearing also reviewed other domestic and
    international insurance initiatives that affect consumers, the
    insurance industry, and jobs, and explored insurance reforms
    that might be considered by Congress, federal agencies, or the
    states.
        On November 16, 2011, the Subcommittee on Insurance,
    Housing and Community Opportunity held a hearing entitled
    ``Insurance Oversight and Legislative Proposals.'' This hearing
    examined three legislative discussion drafts that amend
    provisions of the Dodd-Frank Act that some argue would create
    regulatory uncertainty for the insurance industry, and thereby
    have negative consequences for U.S. consumers, businesses, and
    jobs. Witnesses at the hearing also discussed the strengths and
    weaknesses of the state insurance guaranty fund system in
    handling insurance company failures and curtailing systemic
    risk in the domestic insurance industry.

    State Insurance Guaranty Funds

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor the
    capacity and effectiveness of State Insurance Guaranty Funds to
    enhance stability in the insurance sector.
        On November 16, 2011, the Subcommittee on Insurance,
    Housing and Community Opportunity held a hearing entitled
    ``Insurance Oversight and legislative Proposals.'' This hearing
    examined three legislative discussion drafts that amend
    provisions of the Dodd-Frank Act that some argue would create
    regulatory uncertainty for the insurance industry, and thereby
    have negative consequences for U.S. consumers, businesses, and
    jobs. Witnesses at the hearing also discussed the strengths and
    weaknesses of the state insurance guaranty fund system in
    handling insurance company failures and curtailing systemic
    risk in the domestic insurance industry.

                                    Housing

    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.

    Housing and Urban Development, Rural Housing Service, National
            Reinvestment Corporation

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to review the
    Department of Housing and Urban Development's (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.
        On June 3, 2011, the full Committee held a hearing entitled
    ``Oversight of HUD's HOME Program.'' This was the first in a
    series of hearings on allegations of waste, fraud, and abuse
    within the HOME program. In this hearing, the Committee
    examined HUD's policies and procedures for monitoring the
    performance of the HOME program. The hearing investigated
    several of the mismanagement allegations raised by the HUD
    Office of Inspector General and a series of journalistic
    exposes in The Washington Post.
        On June 8, 2011, Subcommittee on Insurance, Housing and
    Community Opportunity Chairman Judy Biggert and Subcommittee on
    Oversight and Investigations Chairman Randy Neugebauer sent a
    letter to Mercedes Marquez, HUD's Assistant Secretary of the
    Office of Community Planning and Development. The letter
    expressed the need for assurances from HUD that every dollar
    spent on the HOME Investment Partnership Initiative program,
    the formula-based grant program for states and localities
    administered by HUD, goes to fulfill the program's mission to
    provide affordable housing to low-income families.
        On September 21, 2011, Subcommittee on Insurance, Housing
    and Community Opportunity Chairman Judy Biggert and
    Subcommittee on Oversight and Investigations Chairman Randy
    Neugebauer sent a letter to Peter Kovar, HUD's Assistant
    Secretary for Congressional and Intergovernmental Relations.
    The letter specifically requested that HUD provide address
    information for both single-family projects and multi-family
    projects funded with HOME Investment Partnership Program funds
    in order to ensure that HUD was keeping an accurate database of
    past and current development projects.
        On November 2, 2011, the Subcommittee on Oversight and
    Investigations and the Subcommittee on Insurance, Housing and
    Community Opportunity held a joint hearing entitled ``Fraud in
    the HUD HOME Program.'' This was the second in a series of
    hearings on allegations of waste, fraud, and abuse within the
    HOME program. HUD's Office of Inspector General (HUD OIG)
    performed internal audits of HUD's management of the HOME
    program in September 2009 and November 2010 which documented
    problems in HUD's ability to track HOME funds and activities.
    The subcommittees received testimony from the HUD OIG, HUD, and
    others, including individuals convicted of defrauding the HOME
    program, on HUD's failure to properly oversee participating
    jurisdictions that received HOME funds.

    Federal Housing Administration (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 Federal Housing Administration (FHA)
    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.
        On September 8, 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,
    Part 2.'' The hearing examined the single- and multi-family
    programs of the FHA and the Rural Housing Service (RHS). The
    hearing also examined legislative proposals to improve the
    financial condition of FHA, RHS, and Ginnie Mae and to better
    protect taxpayers against losses from fraudulent or poorly-
    underwritten loans. In addition, witnesses discussed the
    proposed rule on Qualified Residential Mortgages (QRMs) and the
    effect that the rule will have on FHA, RHS, and Ginnie Mae.
        On November 7, 2011, Chairman Spencer Bachus along with
    Vice Chairman Jeb Hensarling, Subcommittee on Insurance,
    Housing and Community Opportunity Chairman Judy Biggert,
    Subcommittee on Financial Institutions and Consumer Credit
    Chairman Shelley Moore Capito, Subcommittee on Capital Markets
    and Government Sponsored Enterprises Chairman Scott Garrett,
    Subcommittee on Oversight and Investigations Chairman Randy
    Neugebauer, and Subcommittee on Domestic Monetary Policy and
    Trade Chairman Ron Paul sent a letter to the conferees
    appointed to the conference committee for H.R. 2112, the
    Consolidated and Further Continuing Appropriations Act,
    expressing their strong opposition to the inclusion of any
    provisions in the H.R. 2112 conference report to increase the
    loan limits for mortgages insured by the federal government
    through the Federal Housing Administration (FHA) or guaranteed
    by the government sponsored enterprises (GSEs), Fannie Mae and
    Freddie Mac.

    Federal Housing Administration (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.
        On September 8, 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,
    Part 2.'' The hearing examined the single- and multi-family
    programs of the FHA and the RHS. The hearing also examined
    legislative proposals to improve the financial condition of
    FHA, RHS, and Ginnie Mae and to better protect taxpayers
    against losses from fraudulent or poorly-underwritten loans. In
    addition, witnesses discussed the proposed rule on QRMs and the
    effect that the rule will have on FHA, RHS, and Ginnie Mae.

    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.
        On August 11, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a briefing for Committee staff
    with representatives from HUD on the status of the Emergency
    Homeowners Loan Program (EHLP). The Dodd-Frank Act authorized
    $1 billion for EHLP to provide zero-interest loans of up to
    $50,000 to borrowers who cannot pay their mortgages because of
    unemployment or a reduction in income. HUD's representatives
    provided an update on the status of EHLP's implementation and
    the number of applicants to the program before the program's
    September 30, 2011 application deadline.
        On October 5, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a briefing for Committee staff
    with representatives from HUD on the Emergency Homeowners Loan
    Program (EHLP). HUD's representatives provided an update on the
    number of applicants to the program before the application
    period closed on September 30, 2011, and the expected costs and
    success rates for those applications.
        On October 6, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``The Obama
    Administration's Response to the Housing Crisis.'' This hearing
    examined the Administration's initiatives for refinancing
    underwater and delinquent mortgages, foreclosure mitigation,
    and other housing revitalization efforts. The hearing also
    focused on ideas outlined by President Obama in his September
    8, 2011, address to a Joint Session of Congress, including a
    $15 billion community redevelopment grant initiative called
    ``Project Rebuild'' and proposed modifications to the existing
    Home Affordable Refinance Program (HARP). Witnesses testified
    on the successes and failures of these government-funded
    initiatives, and on how to promote the return of private sector
    capital into the housing market.

    Section 8 Housing Choice Voucher Program

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to review the
    rising costs of the Section 8 program, review changes that can
    be made to the program, and assess the needs of the
    administrators in operating the program as well as the needs of
    voucher recipients.
        On June 23, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``Legislative
    Proposals to Reform the Housing Choice Voucher Program.'' This
    hearing focused on a legislative proposal aimed at making
    improvements to HUD's Housing Choice Voucher Program that
    reduce or streamline duplicative or onerous regulations. The
    hearing also examined ways in which the program can be improved
    to reduce costs, better serve more participants, and enable
    Public Housing Agencies and property owners/managers to reduce
    unnecessary burdens associated with the program.
        On October 13, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``The Section
    8 Savings Act of 2011: Proposals to Promote Economic
    Independence for Assisted Families.'' The hearing focused on
    revisions to the Section 8 reform legislation discussed at a
    previous Subcommittee hearing on June 23, 2011. The revised
    language seeks to link housing assistance with supportive
    services for residents such as job training, financial
    literacy, and educational opportunities in order to encourage
    self-sufficiency.
        On November 3, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``The Obama
    Administration's Rental Assistance Demonstration Proposal.''
    This topic of the hearing was the Obama Administration's Rental
    Assistance Demonstration (RAD) proposal, which would allow for
    the voluntary conversion of units in public housing to long-
    term project-based Section 8 contracts in order to access
    private capital for preservation and redevelopment activities.

    Housing Counseling

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to conduct a
    comprehensive review of current housing counseling programs
    within HUD and NeighborWorks, including how Federal, State,
    private and non-profit use housing counseling funds.
        On September 14, 2011, Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``HUD and
    NeighborWorks Housing Counseling Oversight.'' The hearing
    reviewed HUD and NeighborWorks' federal housing counseling
    programs, as well as funding and reform measures, including
    implementation of the housing counseling provisions of the
    Dodd-Frank Act.

    Government National Mortgage Association

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to review the
    Government National Mortgage Association (GNMA) to determine
    whether its mission and/or authority meets contemporary housing
    needs that promote affordable housing.
        On September 8, 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,
    Part 2.'' The hearing examined the single- and multi-family
    programs of the FHA and the RHS. The hearing also examined
    legislative proposals to improve the financial condition of
    FHA, RHS, and Ginnie Mae and to better protect taxpayers
    against losses from fraudulent or poorly-underwritten loans. In
    addition, witnesses discussed the proposed rule on QRMs and the
    effect that the rule will have on FHA, RHS, and Ginnie Mae.

    Public Housing

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to review HUD's
    public housing programs with the goal of increasing their
    efficiency.
        On November 3, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``The Obama
    Administration's Rental Assistance Demonstration Proposal.''
    The topic of the hearing was the Obama Administration's Rental
    Assistance Demonstration (RAD) proposal, which would allow for
    the voluntary conversion of units in public housing to long-
    term project-based Section 8 contracts in order to access
    private capital for preservation and redevelopment activities.

    Mortgage Broker Licensing and Oversight

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor
    implementation of the Secure and Fair Enforcement for Mortgage
    Licensing Act Mortgage Licensing (SAFE) Act of 2008 (Public Law
    110-289) and other changes made to the mortgage originator
    licensing and registry system with the goal of enhancing
    homebuyer protections.
        On July 13, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``Mortgage
    Origination: The Impact of Recent Changes on Homeowners and
    Businesses.'' This hearing examined a range of mortgage
    origination laws and regulations that impact consumers and
    mortgage industry participants as well as related reforms for
    consideration by Congress, federal agencies, or states. The
    hearing also examined legislative proposals to clarify the
    application of the Real Estate Settlement Procedures Act
    (RESPA), particularly as applied to the payment of fees to real
    estate brokers and agents by home warranty companies, including
    H.R. 2446, the RESPA Home Warranty Clarification Act of 2011,
    which was introduced by Subcommittee on Insurance, Housing and
    Community Opportunity Chairman Judy Biggert on July 7, 2011.
    H.R. 2446 would amend current law to explicitly state that home
    warranties are permissible RESPA settlement services.
        On June 28, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a briefing for Committee staff
    with representatives from HUD on the implementation of the
    final rule for the SAFE Act's minimum standards for the state
    licensing and registration of residential mortgage loan
    originators and the requirements for operating the Nationwide
    Mortgage Licensing System and Registry (NMLSR). The final rule
    was published in Federal Register on June 30, 2011.

    Loan Originator Compensation

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to examine the
    implementation of proposed rules issued by the Federal Reserve
    governing mortgage origination compensation, as well as the
    interaction of existing real estate settlement rules with rules
    mandated by the Dodd-Frank Act.
        On July 13, 2011, the Subcommittee on Insurance, Housing
    and Community Opportunity held a hearing entitled ``Mortgage
    Origination: The Impact of Recent Changes on Homeowners and
    Businesses.'' This hearing examined a range of mortgage
    origination laws and regulations that impact consumers and
    mortgage industry participants as well as related reforms for
    consideration by Congress, federal agencies, or states. The
    hearing also examined legislative proposals to clarify the
    application of the Real Estate Settlement Procedures Act
    (RESPA), particularly as applied to the payment of fees to real
    estate brokers and agents by home warranty companies, including
    H.R. 2446, the RESPA Home Warranty Clarification Act of 2011,
    which was introduced by Subcommittee on Insurance, Housing and
    Community Opportunity Chairman Judy Biggert on July 7, 2011.
    H.R. 2446 would amend current law to explicitly state that home
    warranties are permissible RESPA settlement services.

    Review of the Manufactured Housing Improvement Act

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to review the
    federal laws and regulations in place governing the processes
    and standards under which manufactured homes are built and
    maintained to ensure that all aspects of the law are being
    fully and properly implemented by HUD.
        On November 29, 2011, the Subcommittee on Insurance,
    Housing and Community Opportunity held a field hearing in
    Danville, Virginia entitled, ``The State of Manufactured
    Housing.'' The hearing provided a general overview of
    manufactured housing and examined how tighter lending standards
    have affected borrowers seeking to purchase manufactured homes.
    In addition, the hearing examined how HUD monitors and enforces
    its federal standards for the construction and safety of
    manufactured homes.

    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.

                    International Monetary Policy and Trade

    Job Creation and U.S. Competitiveness

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to examine
    United States international monetary and trade policies to
    ensure 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.
        On July 27, 2011, the Subcommittee on International
    Monetary Policy and Trade held a hearing entitled ``The Impact
    of the World Bank and Multilateral Development Banks on U.S.
    Job Creation.'' This hearing examined how Multilateral
    Development Bank assistance to developing nations prevents the
    proliferation of terrorism and instability while contributing
    to national economic growth through infrastructure projects and
    increased employment. The hearing also explored how MDB
    assistance helps developing nations to transition into emerging
    markets, at which time they become open economies full of
    opportunities for U.S. exports and other consumer services.

    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 hearing entitled ``Legislative
    Proposals on Securing American Jobs Through Exports: Export-
    Import Bank Reauthorization.'' This hearing examined a
    discussion draft of legislation to reauthorize the charter of
    the Export-Import Bank of the United States.
        On June 1, 2011, the discussion draft was introduced by
    Subcommittee on International Monetary Policy and Trade
    Chairman Gary Miller as H.R. 2072. On June 2, 2011, the
    Subcommittee on International Monetary Policy and Trade met in
    open session and ordered H.R. 2072, as amended, favorably
    reported to the full Committee by a voice vote. On June 22,
    2011, the full Committee met in open session an ordered H.R.
    2072, as amended, favorably reported to the House by a voice
    vote.

    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.
        On July 28, 2011, Chairman Spencer Bachus, along with
    Subcommittee on International Monetary Policy and Trade
    Chairman Gary Miller, Subcommittee on International Monetary
    Policy and Trade Vice Chairman Robert Dold, and Representative
    Steve Stivers sent a letter to Securities and Exchange
    Commission Chairman Mary Schapiro requesting a phased
    implementation of regulations effectuating Section 1502 of the
    Dodd-Frank, which requires publicly traded U.S. companies to
    report annually on their efforts to verify that minerals used
    in their products were not taxed or controlled by rebel groups
    in the Democratic Republic of Congo, Act. The purpose of this
    letter was to ensure that U.S. companies are able to comply and
    are not competitively disadvantaged in the global marketplace.

    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 general
    capital increases of the World Bank, Inter-American Development
    Bank, Asian Development Bank, African Development Bank,
    European Bank for Reconstruction and Development, and the
    International Finance Corporation.
        On February 18, 2011, representatives of the Department of
    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 African Development Bank as well
    as AfDB President Kaberuka's efforts to improve transparency
    and accountability at the Bank.
        On June 14, 2011, the Subcommittee on International
    Monetary Policy and Trade held a hearing entitled ``The Role of
    the U.S. in the World Bank and Multilateral Development Banks:
    Bank Oversight and Requested Capital Increases.'' This hearing
    examined the role of the U.S. in the multilateral development
    banks and the benefits of its participation. It also examined
    the mission and operations of the multilateral development
    banks, Treasury's oversight of these institutions, and the
    Administration's request to fund the U.S. contribution to these
    institutions.
        On July 27, 2011, the Subcommittee on International
    Monetary Policy and Trade held a hearing entitled ``The Impact
    of the World Bank and Multilateral Development Banks on U.S.
    Job Creation.'' The hearing focused on how Multi-lateral
    Development Bank lending and assistance to middle-income and
    poor countries around the world contributes to the U.S.
    employment base. The hearing also explored how MDB assistance
    helps developing nations to transition into emerging markets,
    at which time they become open economies and promising markets
    for U.S. exports and other consumer services.
        On September 21, 2011, the Subcommittee on International
    Monetary Policy and Trade held a hearing entitled ``The Impact
    of the World Bank and Multilateral Development Banks on
    National Security.'' This hearing examined the effect on U.S.
    national security of lending and grants provided by
    Multilateral Development Banks to middle-income and poor
    countries, and how that assistance helps developing countries
    become stable nations that can help counteract the
    proliferation of terrorism and other threats to U.S. national
    security.
        On October 4, 2011, the Subcommittee on International
    Monetary Policy and Trade held a hearing entitled ``The World
    Bank and Multi Lateral Development Banks' Authorization.'' This
    hearing examined a discussion draft of legislation to authorize
    general capital increases for the International Bank for
    Reconstruction and Development, the Inter-American Development
    Bank, the African Development Bank, and the European Bank for
    Reconstruction and Development.
        On October 12, 2011, the Subcommittee on International
    Monetary Policy and Trade met in open session and ordered the
    discussion draft of H.R. 3188, as amended, favorably to the
    full Committee by a voice vote. On October 13, 2011, the
    discussion draft was introduced by Representative Robert Dold
    as H.R. 3188.

    Eurozone Distress

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor the
    economic distress in the Eurozone stemming from unsustainable
    sovereign debt in several European countries, and its impact on
    the United States and the global economy. It further calls on
    the Committee to examine actions taken by the IMF, the European
    Union, and other nations to address the sovereign debt issues
    in the Eurozone.
        On October 25, 2011, the Subcommittee on International
    Monetary Policy and Trade held a hearing entitled ``The
    Eurozone Crisis and Implications for the United States.'' The
    purpose of the hearing was to examine the effect that Europe's
    economic problems may have on the U.S. economy; in particular,
    the effect of those problems on trade and employment. The
    hearing also examined European policy options under
    consideration for containing the crisis and the role of the
    U.S. in these decisions.

    Global Capital Flows

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor the
    flow of capital globally and the implications to the United
    States of factors that threaten global economic stability.
        On October 13, 2011, the Subcommittee on International
    Monetary Policy and Trade held a hearing entitled ``The U.S.
    Housing Finance System in the Global Context: Structure,
    Capital Sources, and Housing Dynamics.'' The U.S.
    securitization process has facilitated the flow of private
    investment capital from investors around the world to fund U.S.
    home mortgages. This hearing focused on the relationship
    between the health of the U.S. housing finance system and
    global financial stability, including foreign involvement in
    the U.S. housing finance system and the motivations of foreign
    investors to purchase residential mortgage-backed securities.

                            Domestic Monetary Policy

    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 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.
        On July 12, 2011, the Congressional Research Service
    briefed bipartisan Committee staff on the state of the U.S.
    economy and the conduct of monetary policy in preparation for
    the hearing the next day at which Federal Reserve Board
    Chairman Ben Bernanke presented the Board's semi-annual report
    on those subjects.
        On July 13, 2011, the full Committee held a hearing with
    Federal Reserve Chairman Ben Bernanke entitled ``Monetary
    Policy and the State of the Economy.'' The purpose of this
    hearing was to receive the semi-annual report to Congress on
    monetary policy and the state of the economy.

    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.
        On July 26, 2011, the Subcommittee on Domestic Monetary
    Policy and Technology held a hearing entitled ``Impact of
    Monetary Policy on the Economy: A Regional Fed Perspective on
    Inflation, Unemployment, and QE3.'' The purpose of this hearing
    was to receive a regional Federal Reserve Bank perspective on
    inflation, unemployment, monetary policy actions and the
    possibility of further liquidity operations.
        On September 28, 2011, the Federal Reserve briefed
    bipartisan Committee staff on two issues: its recently
    announced program to buy long-term Treasuries in an attempt to
    decrease long-term interest rates; and its dollar liquidity
    swap lines executed with foreign central banks.

    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.
        On June 1, 2011, the Subcommittee on Domestic Monetary
    Policy and Technology held a hearing entitled ``Federal Reserve
    Lending Disclosure: FOIA, Dodd-Frank, and the Data Dump.'' The
    hearing examined information disclosed by the Federal Reserve
    in compliance with the Dodd-Frank Wall Street Reform and
    Consumer Protection Act (P.L. 111-203) and the Freedom of
    Information Act (FOIA) requests made by Bloomberg and Fox News.
        On June 8, 2011, Federal Reserve Board of Governors briefed
    bipartisan Committee staff on its single-tranche open market
    operations detailed in a press account on May 26, 2011. Fed
    officials gave a brief summary of the single-tranche open
    market operation program that began in early March, 2008, and
    discussed the Bloomberg article entitled ``Fed Gave Banks
    Crisis Gains on $80 Billion Secretive Loans as Low as 0.01%.''
        On September 26, 2011, the Government Accountability Office
    briefed bipartisan Committee staff on the audit of the Federal
    Reserve emergency facilities required by Section 1109 of the
    Dodd-Frank Act.
        On October 4, 2011, the Subcommittee on Domestic Monetary
    Policy and Technology held a hearing entitled ``Audit the Fed:
    Dodd-Frank, QE3, and Federal Reserve Transparency.'' This
    hearing examined the results of the audits of the Federal
    Reserve by the Government Accountability Office (GAO) mandated
    by the Dodd-Frank Act; earlier legislative efforts to audit the
    Federal Reserve; current Federal Reserve audit and data
    disclosure requirements; and Federal Reserve transparency.

    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.
        On June 9, 2011, the Office of the Inspector General for
    the Department of Treasury (Treasury OIG) briefed bipartisan
    Committee staff on United States government gold holdings in
    the custody of the Treasury Department, and the Treasury OIG's
    audit of that gold. Treasury OIG staff gave an overview of how
    the gold holdings at Treasury were counted, audited, and placed
    in sealed compartments in the period before the Treasury OIG
    began performing the audits. They also discussed current
    procedures for performing an audit, changing the seal on a gold
    compartment, and the maintenance of a compartment when it
    involves breaking the seal.
        On June 20, 2011, the United States Mint briefed bipartisan
    Committee staff on U.S. government gold holdings, for which the
    Mint is the custodian. The U.S. Mint staff gave an overview of
    the government's gold holdings, including a discussion of the
    manner in which the gold is stored, inventoried, and assayed.
    Also discussed was the frequency of audits and procedures for
    auditing the gold holdings.
        On June 23, 2011, the Subcommittee on Domestic Monetary
    Policy and Technology held a hearing entitled ``Investigating
    the Gold: H.R. 1495, the Gold Reserve Transparency Act of 2011
    and the Oversight of United States Gold Holdings.'' The purpose
    of the hearing was to discuss H.R. 1495, the Gold Reserve
    Transparency Act of 2011, as well as examine previous audits of
    U.S. gold holdings, the current condition of U.S. gold
    reserves, and the methodology for conducting the audit called
    for in H.R. 1495.
        On September 13, 2011, the Subcommittee on Domestic
    Monetary Policy and Technology held a hearing entitled ``Road
    Map to Sound Money: A Legislative Hearing on H.R. 1098 and
    Restoring the Dollar.'' The purpose of this hearing was to
    examine the role of ``sound money'' in the economy as well as
    H.R. 1098, the ``Free Competition in Currency Act of 2011.''

    The Financial Crimes Enforcement Network (FinCEN)

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to 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.
        On November 9, 2011, Undersecretary of the Office of
    Terrorism and Financial Intelligence at the Department of
    Treasury David Cohen briefed bipartisan Committee staff on a
    proposal to reorganize the Office of Terrorism and Financial
    Intelligence.

    The Office of Foreign Assets Control

        The Oversight Plan of the Committee on Financial Services
    for the 112th Congress calls upon the Committee to monitor the
    functions of the Office of Foreign Assets Control and study
    ways of improving its working relationship with financial
    institutions.
        On November 15, 2011, Chairman Spencer Bachus sent a letter
    to Secretary of the Department of Treasury Timothy Geithner
    requesting that the Office of Foreign Assets Control consider
    blocking funds held by Clearstream Banking S.A. on behalf of
    the government of Iran, until all court cases are concluded and
    all claims against the funds are adjudicated.
                 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 Securities  March 10, 2011
                           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).
    112-36..............  Oversight of HUD's HOME      June 3, 2011
                           Program (Full Committee).
    112-48..............  Oversight of the Office of   July 14, 2011
                           Financial Research and the
                           Financial Stability
                           Oversight Council
                           (Oversight).
    112-55..............  Field hearing entitled       September 6, 2011
                           ``Combating Terror Post-9/
                           11: Oversight of the
                           Office of Terrorism and
                           Financial Intelligence''
                           (Oversight).
    112-57..............  Legislative Proposals to     September 8, 2011
                           Determine the Future Role
                           of FHA, RHS and GNMA in
                           the Single- and Multi-
                           Family Mortgage Markets,
                           Part 2 (Housing).
    112-66..............  Joint Hearing with the       September 22, 2011
                           Subcommittee on TARP,
                           Financial Services and
                           Bailouts of Public and
                           Private Programs of the
                           Committee on Oversight and
                           Government Reform entitled
                           ``Potential Conflicts of
                           Interest at the SEC: The
                           Becker Case'' (Oversight).
    112-71..............  Oversight of the Federal     October 12, 2011
                           Home Loan Bank System
                           (Oversight).
    112-81..............  Joint Hearing entitled       November 2, 2011
                           ``Fraud in the HUD HOME
                           Program'' (Oversight/
                           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
            independent 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 First Session
    of the 112th Congress, the following hearings were held in
    compliance with the resolution:

    ------------------------------------------------------------------------
         Serial No.           Title & Subcommittee            Date(s)
    ------------------------------------------------------------------------
    112-1...............  Promoting Economic Recovery  January 26, 2011
                           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 on  March 2, 2011
                           Small Financial
                           Institutions and Small
                           Businesses (Financial
                           Institutions).
    112-14..............  Oversight of the Securities  March 10, 2011
                           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).
    112-36..............  Oversight of HUD's HOME      June 3, 2011
                           Program (Full Committee).
    112-37..............  Does the Dodd-Frank Act End  June 14, 2011
                           `Too Big to Fail?'
                           (Financial Institutions).
    112-39..............  Financial Regulatory         June 16, 2011
                           Reform: The International
                           Context (Full Committee).
    112-42..............  Oversight of the Mutual      June 24, 2011
                           Fund Industry: Ensuring
                           Market Stability and
                           Investor Confidence
                           (Capital Markets).
    112-44..............  Joint Hearing entitled       July 7, 2011
                           ``Mortgage Servicing: An
                           Examination of the Role of
                           Federal Regulators in
                           Settlement Negotiations
                           and the Future of Mortgage
                           Servicing Standards''
                           (Financial Institutions/
                           Oversight).
    112-45..............  Legislative Proposals        July 8, 2011
                           Regarding Bank Examination
                           Practices (Financial
                           Institutions).
                          Mortgage Origination: The    July 13, 2011
                           Impact of Recent Changes
                           on Homeowners and
                           Businesses (Housing).
    112-48..............  Oversight of the Office of   July 14, 2011
                           Financial Research and the
                           Financial Stability
                           Oversight Council
                           (Oversight).
    112-51..............  Oversight of the Credit      July 27, 2011
                           Rating Agencies Post Dodd-
                           Frank (Oversight).
    112-53..............  Insurance Oversight: Policy  July 28, 2011
                           Implications for U.S.
                           Consumers, Businesses and
                           Jobs (Housing).
    112-54..............  Field hearing entitled       August 16, 2011
                           ``Potential Mixed
                           Messages: Is Guidance from
                           Washington Being
                           Implemented by Federal
                           Bank Examiners?''
                           (Financial Institutions).
    112-55..............  Field hearing entitled       September 6, 2011
                           ``Combating Terror Post-9/
                           11: Oversight of the
                           Office of Terrorism and
                           Financial Intelligence''
                           (Oversight).
    112-62..............  Fixing the Watchdog:         September 15, 2011
                           Legislative Proposals to
                           Improve and Enhance the
                           Securities and Exchange
                           Commission (Full
                           Committee).
    112-63..............  Legislative Proposals to     September 21, 2011
                           Facilitate Small Business
                           Capital Formation and Job
                           Creation (Capital Markets).
    112-66..............  Joint Hearing with the       September 22, 2011
                           Subcommittee on TARP,
                           Financial Services and
                           Bailouts of Public and
                           Private Programs of the
                           Committee on Oversight and
                           Government Reform entitled
                           ``Potential Conflicts of
                           Interest at the SEC: The
                           Becker Case'' (Oversight).
    112-65..............  An Examination of the        September 22, 2011
                           Availability of Credit for
                           Consumers (Financial
                           Institutions).
    112-69..............  The Obama Administration's   October 6, 2011
                           Response to the Housing
                           Crisis (Housing).
    112-71..............  Oversight of the Federal     October 12, 2011
                           Home Loan Bank System
                           (Oversight).
    112-72..............  H.R. 1418: The Small         October 12, 2011
                           Business Lending
                           Enhancement Act of 2011
                           (Financial Institutions).
    112-75..............  Legislative Proposals to     October 14, 2011
                           Bring Certainty to the
                           Over-the-Counter
                           Derivatives Market
                           (Capital Markets).
    112-77..............  Insurance Oversight: Policy  October 25, 2011
                           Implications for U.S.
                           Consumers, Businesses and
                           Jobs, Part 2 (Housing).
    112-78..............  Proposed Regulations to      October 27, 2011
                           Require Reporting of
                           Nonresident Alien Deposit
                           Interest Income (Financial
                           Institutions).
    112-79..............  Field Hearing entitled       October 31, 2011
                           ``Regulatory Reform:
                           Examining How New
                           Regulations Are Impacting
                           Financial Institutions,
                           Small Businesses and
                           Consumers'' (Financial
                           Institutions).
    112-81..............  Joint Hearing entitled       November 2, 2011
                           ``Fraud in the HUD HOME
                           Program'' (Oversight/
                           Housing).
    112-80..............  The Consumer Financial       November 2, 2011
                           Protection Bureau: The
                           First 100 Days (Financial
                           Institutions).
    112-85..............  Joint Hearing entitled       November 16, 2011
                           ``H.R. 1697, The
                           Communities First Act''
                           (Capital Markets/Financial
                           Institutions).
    ------------------------------------------------------------------------

        The following letters sent from the Committee during the
    First Session of 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.
    June 6, 2011..................  From Subcommittee on    Expressing the
                                     Oversight and           need for
                                     Investigations          assurances from
                                     Chairman Randy          HUD that every
                                     Neugebauer and          dollar spent on
                                     Subcommittee on         the HOME
                                     Insurance, Housing      Investment
                                     and Community           Partnership
                                     Opportunity Chairman    Initiative
                                     Judy Biggert to         program goes to
                                     Assistant Secretary     fulfill the
                                     of the Office of        program's
                                     Community Planning      mission to
                                     and Development for     provide
                                     the Department of       affordable
                                     Housing and Urban       housing to low-
                                     Development Mercedes    income
                                     Marquez.                families.
    June 20, 2011.................  From Chairman Spencer   Request for
                                     Bachus, Subcommittee    specific
                                     on Financial            documents and
                                     Institutions and        records related
                                     Consumer Credit         to the Consumer
                                     Chairman Shelley        Financial
                                     Moore Capito,           Protection
                                     Subcommittee on         Bureau's
                                     Capital Markets and     involvement in
                                     Government Sponsored    mortgage
                                     Enterprises Chairman    servicing
                                     Scott Garrett,          settlement
                                     Subcommittee on         negotiations.
                                     Oversight and
                                     Investigations
                                     Chairman Randy
                                     Neugebauer,
                                     Representative
                                     Patrick McHenry and
                                     Representative
                                     Darrell Issa to
                                     Secretary of the
                                     Department of the
                                     Treasury Timothy
                                     Geithner.
    June 22, 2011.................  From Chairman Spencer   Request for a
                                     Bachus and              General
                                     Subcommittee on         Accountability
                                     Oversight and           Office audit of
                                     Investigations          the Financial
                                     Chairman Randy          Stability
                                     Neugebauer to the       Oversight
                                     Comptroller General     Council.
                                     of the Government
                                     Accountability Office
                                     Gene Dodaro.
    June 24, 2011.................  From Subcommittee on    Public
                                     Oversight and           statements made
                                     Investigations          by members of
                                     Chairman Randy          the Financial
                                     Neugebauer and          Stability
                                     Subcommittee on         Oversight
                                     Oversight and           Council
                                     Investigations          regarding plans
                                     Ranking Member          to seek public
                                     Michael Capuano to      comment on
                                     Secretary of the        additional
                                     Department of the       guidance
                                     Treasury Timothy        designating non-
                                     Geithner.               bank financial
                                                             companies for
                                                             enhanced
                                                             supervision and
                                                             regulation by
                                                             the Federal
                                                             Reserve.
    July 1, 2011..................  From Subcommittee on    Expressing
                                     Oversight and           concern for the
                                     Investigations          Treasury
                                     Chairman Randy          Department's
                                     Neugebauer to           influence on
                                     Secretary of the        OCC
                                     Department of the       rulemakings.
                                     Treasury Timothy
                                     Geithner.
    July 14, 2011.................  From Chairman Spencer   The Federal
                                     Bachus to Federal       Trade
                                     Trade Commission        Commission's
                                     Chairman Jon            enforcement of
                                     Leibowitz.              the Credit
                                                             Repair
                                                             Organizations
                                                             Act (CROA) and
                                                             the risks that
                                                             implementation
                                                             could pose in
                                                             putting
                                                             legitimate
                                                             credit repair
                                                             organizations
                                                             out of
                                                             business.
    July 28, 2011.................  Chairman Spencer        Request for a
                                     Bachus, along with      phased
                                     Subcommittee on         implementation
                                     International           of regulations
                                     Monetary Policy and     concerning
                                     Trade Chairman Gary     Section 1502 of
                                     Miller, Subcommittee    the Dodd-Frank
                                     on International        Act
                                     Monetary Policy and
                                     Trade Vice Chairman
                                     Robert Dold, and
                                     Representative Steve
                                     Stivers to Securities
                                     and Exchange
                                     Commission Chairman
                                     Mary Schapiro.
    July 28, 2011.................  Chairman Spencer        Request for
                                     Bachus, Vice Chairman   information on
                                     Jeb Hensarling,         the SEC-staff
                                     Subcommittee on         labor hours and
                                     Capital Markets and     amount spent
                                     Government Sponsored    associated with
                                     Enterprises Chairman    the labor
                                     Scott Garrett,          dedicated to
                                     Subcommittee on         the proxy
                                     Oversight and           access
                                     Investigations          rulemaking
                                     Chairman Randy          process, the
                                     Neugebauer to           final
                                     Securities and          promulgation of
                                     Exchange Commission     the rule, the
                                     Chairman Mary           litigation of
                                     Schapiro.               the rule, and
                                                             total fund
                                                             spent on
                                                             outside counsel
                                                             related.
    August 2, 2011................  Chairman Spencer        A provision
                                     Bachus and              issued by their
                                     Subcommittee on         agencies
                                     Capital Markets and     requiring
                                     Government Sponsored    securitizers to
                                     Enterprises Chairman    set aside the
                                     Scott Garrett to        premium from
                                     Secretary of the U.S.   sales of
                                     Department of Housing   securities in
                                     and Urban               ``premium
                                     Development, the        capture cash
                                     Chairman of the         reserves,'' and
                                     Federal Reserve, the    prevent
                                     Acting Director of      securitizers
                                     the FHFA, the Acting    from collecting
                                     Chairman of the FDIC,   a profit until
                                     the Chairman of the     up to ten years
                                     SEC, and the Acting     later when the
                                     Comptroller of the      security
                                     Currency.               matures.
    August 2, 2011................  Chairman Spencer        The SEC's
                                     Bachus to SEC           rulemaking
                                     Chairman Mary           authority under
                                     Schapiro.               Section 913 of
                                                             the Dodd-Frank
                                                             Act
    August 12, 2011...............  Chairman Spencer        The SEC's
                                     Bachus, Subcommittee    discussion to
                                     on Capital Markets      require money
                                     and Government          market mutual
                                     Sponsored Enterprises   funds to have
                                     Chairman Scott          floating net
                                     Garrett and             asset values
                                     Republican Members of
                                     the Committee to SEC
                                     Chairman Mary
                                     Schapiro.
    August 31, 2011...............  From Chairman Spencer   The Federal
                                     Bachus to the Federal   Reserve's
                                     Reserve Chairman Ben    decision to
                                     Bernanke.               extend the
                                                             comment period
                                                             for Capital One
                                                             Financial
                                                             Corporation's
                                                             acquisition of
                                                             ING Direct.
    September 8, 2011.............  From Chairman Spencer   Financial
                                     Bachus and Republican   Stability
                                     Members of the          Oversight
                                     Committee to the        Council's
                                     Secretary of the        efforts to
                                     Department of           eliminate
                                     Treasury Timothy        unnecessary or
                                     Geithner.               duplicative
                                                             regulatory
                                                             burdens on the
                                                             financial
                                                             system.
    September 14, 2011............  From Subcommittee on    Requesting that
                                     Insurance, Housing      HUD provide
                                     and Community           address
                                     Opportunity Chairman    information for
                                     Judy Biggert and        both single-
                                     Subcommittee on         family projects
                                     Oversight and           and multi-
                                     Investigations          family projects
                                     Chairman Randy          funded with
                                     Neugebauer to           HOME Investment
                                     Assistant Secretary     Partnership
                                     for Congressional and   Program funds
                                     Intergovernmental       in order to
                                     Relations at the U.S.   ensure that HUD
                                     Department of Housing   is keeping an
                                     and Urban Development   accurate
                                     Peter Kovar.            database of
                                                             past and
                                                             current
                                                             development
                                                             projects
    October 13, 2011..............  From Subcommittee on    Expressing
                                     Oversight and           concerns about
                                     Investigations          expenditures
                                     Chairman Randy          that Freddie
                                     Neugebauer to Acting    and Fannie made
                                     Director of the         in connection
                                     Federal Housing         with the
                                     Finance Agency Edward   Mortgage
                                     DeMarco.                Bankers
                                                             Association
                                                             Conference that
                                                             had no relation
                                                             to furthering
                                                             the actual
                                                             purposes of the
                                                             conservatorship
                                                             .
    October 21, 2011..............  From Oversight and      Expressing
                                     Investigations          concern that
                                     Subcommittee Chairman   Fannie Mae and
                                     Randy Neugebauer to     Freddie Mac
                                     Acting Director of      could incur
                                     the Federal Housing     substantial
                                     Finance Agency Edward   costs in
                                     DeMarco.                connection with
                                                             implementing
                                                             President
                                                             Obama's
                                                             refinancing
                                                             plan entitled
                                                             ``The American
                                                             Jobs Act.''
    October 26, 2011..............  From Chairman Spencer   The CFPB's
                                     Bachus to Special       position on
                                     Advisor to the          implementing
                                     Secretary of the        Regulation E.
                                     Treasury, Consumer
                                     Financial Protection
                                     Bureau Raj Date.
    November 7, 2011..............  From Chairman Spencer   Opposition to
                                     Bachus, Vice Chairman   conference
                                     Jeb Hensarling,         report language
                                     Subcommittee on         to increase the
                                     Insurance, Housing      loan limits for
                                     and Community           mortgages
                                     Opportunity Chairman    insured by the
                                     Judy Biggert,           federal
                                     Subcommittee on         government
                                     Financial               through the
                                     Institutions and        Federal Housing
                                     Consumer Credit         Administration
                                     Chairman Shelley        (FHA) or
                                     Moore Capito,           guaranteed by
                                     Subcommittee on         the government
                                     Capital Markets and     sponsored
                                     Government Sponsored    enterprises
                                     Enterprises Chairman    (GSEs), Fannie
                                     Scott Garrett,          Mae and Freddie
                                     Subcommittee on         Mac
                                     Oversight and
                                     Investigations
                                     Chairman Randy
                                     Neugebauer, and
                                     Subcommittee on
                                     Domestic Monetary
                                     Policy and Trade
                                     Chairman Ron Paul to
                                     the Honorable Hal
                                     Rogers, the Honorable
                                     C. W. Bill Young, the
                                     Honorable Jack
                                     Kingston, the
                                     Honorable Robert
                                     Aderholt, the
                                     Honorable John Abney
                                     Culberson, the
                                     Honorable Steven C.
                                     LaTourette, the
                                     Honorable Jerry
                                     Lewis, the Honorable
                                     Frank R. Wolf, the
                                     Honorable Tom Latham,
                                     the Honorable Jo Ann
                                     Emerson, and the
                                     Honorable John R.
                                     Carter, conferees
                                     appointed to the
                                     conference committee
                                     for H.R. 2112, the
                                     Consolidated and
                                     Further Continuing
                                     Appropriations Act.
    November 9, 2011..............  From Oversight and      Requesting a
                                     Investigations          detailed
                                     Subcommittee Chairman   account of how
                                     Randy Neugebauer to     the Office of
                                     Counsel to the          Financial
                                     Secretary at the        Research spent
                                     Department of the       the $20.5
                                     Treasury Richard        million that
                                     Berner.                 had been
                                                             transferred to
                                                             it from the
                                                             operating
                                                             revenues of the
                                                             Federal
                                                             Reserve.
    November 15, 2011.............  From Oversight and      Requesting
                                     Investigations          supplemental
                                     Subcommittee Chairman   documents
                                     Randy Neugebauer to     pertaining to
                                     Secretary of the        the HOME
                                     Department of Housing   Investment
                                     and Urban Development   Partnership
                                     Shaun Donovan.          Initiative
                                                             Program
                                                             administered by
                                                             HUD.
    November 18, 2011.............  From Oversight and      Requesting
                                     Investigations          information on
                                     Subcommittee Chairman   Freddie Mac's
                                     Randy Neugebauer to     yearly
                                     Acting Director of      operating
                                     the Federal Housing     expenses and
                                     Finance Agency Edward   questioning
                                     DeMarco.                whether those
                                                             expenses
                                                             furthered the
                                                             purpose of
                                                             conservatorship
                                                             .
    November 18, 2011.............  From Oversight and      Enterprise core
                                     Investigations          activities,
                                     Subcommittee Chairman   strategic
                                     Randy Neugebauer to     planning,
                                     Acting Director of      decision
                                     the Federal Housing     making,
                                     Finance Agency Edward   staffing, loan
                                     DeMarco.                level data and
                                                             G-fees, and on
                                                             FHFA operations
                                                             generally.
    ------------------------------------------------------------------------

                       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. 1315......................  112-089, Part 2...  Consumer Financial
                                                          Protection Safety
                                                          and Soundness
                                                          Improvement Act of
                                                          2011
    H.R. 1667......................  112-93............  Bureau of Consumer
                                                          Financial
                                                          Protection
                                                          Transfer
                                                          Clarification Act
    H.R. 1667......................  112-093, Part 2...  Bureau of Consumer
                                                          Financial
                                                          Protection
                                                          Transfer
                                                          Clarification Act
    H.R. 1309......................  112-102...........  Flood Insurance
                                                          Reform Act of 2011
    H.R. 1121......................  112-107...........  Responsible
                                                          Consumer Financial
                                                          Protection
                                                          Regulations Act of
                                                          2011
    H.R. 1121......................  112-107, Part 2...  Responsible
                                                          Consumer Financial
                                                          Protection
                                                          Regulations Act of
                                                          2011
    H.R. 1573......................  112-109, Part 1...  To facilitate
                                                          implementation of
                                                          Title VII of The
                                                          Dodd-Frank Wall
                                                          Street Reform and
                                                          Consumer Financial
                                                          Protection Act,
                                                          promote regulatory
                                                          coordination, and
                                                          avoid market
                                                          disruption.
                                     112-121...........  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.
    H.R. 33........................  112-131...........  Church Plan
                                                          Investment
                                                          Clarification Act
    H.R. 1062......................  112-142...........  Burdensome Data
                                                          Collection Relief
                                                          Act
    H.R. 1082......................  112-143...........  Small Business
                                                          Capital Access and
                                                          Job Preservation
                                                          Act
    H.R. 2056......................  112-182...........  To instruct the
                                                          Inspector General
                                                          of the Federal
                                                          Deposit Insurance
                                                          Corporation to
                                                          study the impact
                                                          of the insured
                                                          depository
                                                          institution
                                                          failures, and for
                                                          other purposes.
    H.R. 1751......................  112-191...........  CJ's Home
                                                          Protection Act of
                                                          2011
    H.R. 1539......................  112-196...........  Asset-Backed Market
                                                          Stabilization Act
                                                          of 2011
    H.R. 2072......................  112-201...........  Securing Jobs
                                                          through Exports
                                                          Act of 2011
    H.R. 1070......................  112-206...........  Small Company
                                                          Capital Formation
                                                          Act of 2011
    H.R. 2930......................  112-262...........  Entrepreneur Access
                                                          to Capital Act
    H.R. 2940......................  112-263...........  Access to Capital
                                                          for Job Creators
                                                          Act
    ------------------------------------------------------------------------

                              Part B--Public Laws

        This table lists measures which contained matters within
    the jurisdiction of the Committee on Financial Services which
    were enacted into law during the First Session of the 112th
    Congress.

    ------------------------------------------------------------------------
            Public Law No.               Bill No.              Title
    ------------------------------------------------------------------------
    112-059.......................  H.R. 2447........  To grant the
                                                        Congressional Gold
                                                        Medal to the
                                                        Montford Point
                                                        Marines.
    ------------------------------------------------------------------------

                      APPENDIX II--COMMITTEE PUBLICATIONS

                           Part A--Committee Hearings

    ------------------------------------------------------------------------
         Serial No.           Title & Subcommittee            Date(s)
    ------------------------------------------------------------------------
    112-1...............  Promoting Economic Recovery  January 26, 2011
                           and Job Creation: The Road
                           Forward (Full Committee).
    112-2...............  GSE Reform: Immediate Steps  February 9, 2011
                           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: An  March 1, 2011
                           Examination of the Obama
                           Administration's Report to
                           Congress (Full Committee).
    112-10..............  Oversight of the Department  March 1, 2011
                           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 on  March 2, 2011
                           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 Securities  March 10, 2011
                           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).
    112-37..............  Does the Dodd Frank Act End  June 14, 2011
                           ``Too Big to Fail''?
                           (Financial Institutions).
    112-38..............  The Role of the U.S. in the  June 14, 2011
                           World Bank and
                           Multilateral Development
                           Banks: Bank Oversight and
                           Requested Capital
                           Increases (International
                           Monetary Policy).
    112-39..............  Financial Regulatory         June 16, 2011
                           Reform: The International
                           Context (Full Committee).
    112-40..............  Legislative Proposals to     June 23, 2011
                           Reform the Housing Choice
                           Voucher Program (Housing).
    112-41..............  Investigating the Gold:      June 23, 2011
                           H.R. 1495, the Gold
                           Reserve Transparency Act
                           of 2011 and the Oversight
                           of United States Gold
                           Holdings (Domestic
                           Monetary Policy).
    112-42..............  Oversight of the Mutual      June 24, 2011
                           Fund Industry: Ensuring
                           Market Stability and
                           Investor Confidence
                           (Capital Markets).
    112-43..............  Field Hearing entitled       June 29, 2011
                           ``Hacked Off: Helping Law
                           Enforcement Protect
                           Private Financial
                           Information'' (Full
                           Committee).
    112-44..............  Joint Hearing entitled       July 7, 2011
                           ``Mortgage Servicing: An
                           Examination of the Role of
                           Federal Regulators in
                           Settlement Negotiations
                           and the Future of Mortgage
                           Servicing Standards''
                           (Financial Institutions/
                           Oversight).
    112-45..............  Legislative Proposals        July 8, 2011
                           Regarding Bank Examination
                           Practices (Financial
                           Institutions).
    112-46..............  Monetary Policy and the      July 13, 2011
                           State of the Economy (Full
                           Committee).
    112-47..............  Mortgage Origination: The    July 13, 2011
                           Impact of Recent Changes
                           on Homeowners and
                           Businesses (Housing).
    112-48..............  Oversight of the Office of   July 14, 2011
                           Financial Research and the
                           Financial Stability
                           Oversight Council
                           (Oversight).
    112-49..............  Examining Rental Purchase    July 26, 2011
                           Agreements and the
                           Potential Role for Federal
                           Regulation (Financial
                           Institutions).
    112-50..............  Impact of Monetary Policy    July 26, 2011
                           on the Economy: A Regional
                           Fed Perspective on
                           Inflation, Unemployment,
                           and QE3 (Domestic Monetary
                           Policy).
    112-51..............  Oversight of the Credit      July 27, 2011
                           Rating Agencies Post Dodd-
                           Frank (Oversight).
    112-52..............  The Impact of the World      July 27, 2011
                           Bank and Multilateral
                           Development Banks on U.S.
                           Job Creation
                           (International Monetary
                           Policy).
    112-53..............  Insurance Oversight: Policy  July 28, 2011
                           Implications for U.S.
                           Consumers, Businesses and
                           Jobs (Housing).
    112-54..............  Potential Mixed Messages:    August 16, 2011
                           Is Guidance from
                           Washington Being
                           Implemented by Federal
                           Bank Examiners? (Financial
                           Institutions).
    112-55..............  Field hearing entitled       September 6, 2011
                           ``Combating Terror Post-9/
                           11: Oversight of the
                           Office of Terrorism and
                           Financial Intelligence''
                           (Oversight).
    112-56..............  Field hearing entitled       September 7, 2011
                           ``Facilitating Continued
                           Investor Demand in the
                           U.S. Mortgage Market
                           Without a Government
                           Guarantee'' (Capital
                           Markets).
    112-57..............  Legislative Proposals to     September 8, 2011
                           Determine the Future Role
                           of FHA, RHS and GNMA in
                           the Single- and Multi-
                           Family Mortgage Markets,
                           Part 2 (Housing).
    112-58..............  Ensuring Appropriate         September 13, 2011
                           Regulatory Oversight of
                           Broker-Dealers and
                           Legislative Proposals to
                           Improve Investment Adviser
                           Oversight (Capital
                           Markets).
    112-59..............  Road Map to Sound Money: A   September 13, 2011
                           Legislative Hearing on
                           H.R. 1098 and Restoring
                           the Dollar (Domestic
                           Monetary Policy).
    112-60..............  Cybersecurity: Threats to    September 14, 2011
                           the Financial Sector
                           (Financial Institutions).
    112-61..............  HUD and NeighborWorks        September 14, 2011
                           Housing Counseling
                           Oversight (Housing).
    112-62..............  Fixing the Watchdog:         September 15, 2011
                           Legislative Proposals to
                           Improve and Enhance the
                           Securities and Exchange
                           Commission (Full
                           Committee).
    112-63..............  Legislative Proposals to     September 21, 2011
                           Facilitate Small Business
                           Capital Formation and Job
                           Creation (Capital Markets).
    112-64..............  The Impact of the World      September 21, 2011
                           Bank and Multilateral
                           Development Banks on
                           National Security
                           (International Monetary
                           Policy).
    112-65..............  An Examination of the        September 22, 2011
                           Availability of Credit for
                           Consumers (Financial
                           Institutions).
    112-66..............  Joint Hearing with the       September 22, 2011
                           Subcommittee on TARP,
                           Financial Services and
                           Bailouts of Public and
                           Private Programs of the
                           Committee on Oversight and
                           Government Reform entitled
                           ``Potential Conflicts of
                           Interest at the SEC: The
                           Becker Case'' (Oversight).
    112-67..............  Audit the Fed: Dodd-Frank,   October 4, 2011
                           QE3, and Federal Reserve
                           Transparency (Domestic
                           Monetary Policy).
    112-68..............  The World Bank and           October 4, 2011
                           Multilateral Development
                           Banks' Authorization
                           (International Monetary
                           Policy).
    112-69..............  The Obama Administration's   October 6, 2011
                           Response to the Housing
                           Crisis (Housing).
    112-70..............  The Annual Report of the     October 6, 2011
                           Financial Stability
                           Oversight Council (Full
                           Committee).
    112-71..............  Oversight of the Federal     October 12, 2011
                           Home Loan Bank System
                           (Oversight).
    112-72..............  H.R. 1418: The Small         October 12, 2011
                           Business Lending
                           Enhancement Act of 2011
                           (Financial Institutions).
    112-73..............  The U.S. Housing Finance     October 13, 2011
                           System in the Global
                           Context: Structure,
                           Capital Sources, and
                           Housing Dynamics
                           (International Monetary
                           Policy).
    112-74..............  The Section 8 Savings Act    October 13, 2011
                           of 2011: Proposals to
                           Promote Economic
                           Independence for Assisted
                           Families (Housing).
    112-75..............  Legislative Proposals to     October 14, 2011
                           Bring Certainty to the
                           Over-the-Counter
                           Derivatives Market
                           (Capital Markets).
    112-76..............  The Eurozone Crisis and      October 25, 2011
                           Implications for the
                           United States
                           (International Monetary
                           Policy and Trade).
    112-77..............  Insurance Oversight: Policy  October 25, 2011
                           Implications for U.S.
                           Consumers, Businesses and
                           Jobs, Part 2 (Housing).
    112-78..............  Proposed Regulations to      October 27, 2011
                           Require Reporting of
                           Nonresident Alien Deposit
                           Interest Income (Financial
                           Institutions).
    112-79..............  Field Hearing entitled       October 31, 2011
                           ``Regulatory Reform:
                           Examining How New
                           Regulations are Impacting
                           Financial Institutions,
                           Small Businesses and
                           Consumers'' (Financial
                           Institutions).
    112-80..............  The Consumer Financial       November 2, 2011
                           Protection Bureau: The
                           First 100 Days (Financial
                           Institutions).
    112-81..............  Joint Hearing entitled       November 2, 2011
                           ``Fraud in the HUD HOME
                           Program'' (Oversight/
                           Housing).
    112-82..............  H.R. ___, the Private        November 3, 2011
                           Mortgage Market Investment
                           Act (Capital Markets).
    112-83..............  The Obama Administration's   November 3, 2011
                           Rental Assistance
                           Demonstration Proposal
                           (Housing).
    112-84..............  Insurance Oversight and      November 16, 2011
                           Legislative Proposals
                           (Housing).
    112-85..............  Joint Hearing entitled       November 16, 2011
                           ``H.R. 1697, The
                           Communities First Act''
                           (Capital Markets/Financial
                           Institutions).
    112-86..............  Field hearing entitled       November 29, 2011
                           ``The State of
                           Manufactured Housing''
                           (Housing).
    ------------------------------------------------------------------------

                            Part B--Committee Prints

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