[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.
------------------------------------------------------------------------

                                  
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