[House Report 114-903]
[From the U.S. Government Publishing Office]
Union Calendar No. 714
114th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 114-903
_______________________________________________________________________
REPORT ON THE ACTIVITY
of the
COMMITTEE ON FINANCIAL SERVICES
of the
UNITED STATES HOUSE OF REPRESENTATIVES
for the
ONE HUNDRED FOURTEENTH CONGRESS
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
January 2, 2017.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
______
U.S. GOVERNMENT PUBLISHING OFFICE
23-197 WASHINGTON : 2017
LETTER OF TRANSMITTAL
----------
House of Representatives,
Committee on Financial Services,
Washington, DC, January 2, 2017.
Hon. Karen L. Haas,
Clerk, House of Representatives,
Washington, DC.
Dear Madam Clerk: Pursuant to clause 1(d) of rule XI of the
Rules of the House of Representatives for the 114th Congress, I
present herewith the report on the activity of the Committee on
Financial Services for the 114th Congress, including the
Committee's review and study of legislation within its
jurisdiction, and the oversight activities undertaken by the
Committee.
Sincerely,
Jeb Hensarling,
Chairman.
C O N T E N T S
----------
Page
Letter of Transmittal............................................ III
Jurisdiction of the Committee on Financial Services.............. 1
Rules of the Committee on Financial Services..................... 3
Membership of the Committee on Financial Services................ 15
Subcommittee Memberships......................................... 17
Overview of Legislative Accomplishments.......................... 20
Legislative Activities of the Full Committee..................... 21
Oversight Activities of the Full Committee....................... 49
Subcommittee on Capital Markets and Government Sponsored
Enterprises.................................................... 57
Subcommittee on Financial Institutions and Consumer Credit....... 89
Subcommittee on Housing and Insurance............................ 109
Subcommittee on Monetary Policy and Trade........................ 121
Subcommittee on Oversight and Investigations..................... 130
Task Force to Investigate Terrorism Financing.................... 136
Oversight Plan for the 114th Congress............................ 145
Implementation of the Oversight Plan............................. 155
Delineation of Committee Oversight Activity Pursuant to Clause 2
of Rule XI..................................................... 177
Appendix I--Committee Legislation................................ 179
Appendix II--Committee Publications.............................. 183
Union Calendar No. 714
114th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 114-903
======================================================================
REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE
UNITED STATES HOUSE OF REPRESENTATIVES FOR THE ONE HUNDRED FOURTEENTH
CONGRESS
_______
January 2, 2017.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
Mr. Hensarling, from the Committee on Financial Services,
submitted the following
R E P O R T
JURISDICTION OF THE COMMITTEE
The jurisdiction of the Committee on Financial Services is
set forth in clause 1(h) of Rule X of the Rules of the House of
Representatives for the 114th Congress, which reads, in
pertinent part:
RULE X--ORGANIZATION OF COMMITTEES
Committees and Their Legislative Jurisdictions
1. There shall be in the House the following standing
committees, each of which shall have the jurisdiction and
related functions assigned by this clause and clauses 2, 3, and
4. All bills, resolutions, and other matters relating to
subjects within the jurisdiction of the standing committees
listed in this clause shall be referred to those committees, in
accordance with clause 2 of rule XII, as follows:
* * *
(h) Committee on Financial Services.
(1) Banks and banking, including deposit insurances
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.
RULES OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE ONE HUNDRED
FOURTEENTH CONGRESS
Rule 1
GENERAL PROVISIONS
(a) The rules of the House are the rules of the Committee
on Financial Services (hereinafter in these rules referred to
as the ``Committee'') and its subcommittees so far as
applicable, except that a motion to recess from day to day, and
a motion to dispense with the first reading (in full) of a bill
or resolution, if printed copies are available, are privileged
motions in the Committee and shall be considered without
debate. A proposed investigative or oversight report shall be
considered as read if it has been available to the members of
the Committee for at least 24 hours (excluding Saturdays,
Sundays, or legal holidays except when the House is in session
on such day).
(b) Each subcommittee is a part of the Committee, and is
subject to the authority and direction of the Committee and to
its rules so far as applicable.
(c) The provisions of clause 2 of rule XI of the Rules of
the House are incorporated by reference as the rules of the
Committee to the extent applicable.
Rule 2
MEETINGS
Calling of Meetings
(a)(1) The Committee shall regularly meet on the first
Tuesday of each month when the House is in session.
(2) A regular meeting of the Committee may be dispensed
with if, in the judgment of the Chairman of the Committee
(hereinafter in these rules referred to as the ``Chair''),
there is no need for the meeting.
(3) Additional regular meetings and hearings of the
Committee may be called by the Chair, in accordance with clause
2(g)(3) of rule XI of the rules of the House.
(4) Special meetings shall be called and convened by the
Chair as provided in clause 2(c)(2) of rule XI of the Rules of
the House.
Notice for Meetings
(b)(1) The Chair shall notify each member of the Committee
of the agenda of each regular meeting of the Committee at least
three calendar days (excluding Saturdays, Sundays, and legal
holidays except when the House is in session on any such day)
before the time of the meeting.
(2) The Chair shall provide to each member of the
Committee, at least three calendar days (excluding Saturdays,
Sundays, and legal holidays except when the House is in session
on any such day) 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 a member designated by the Chair to carry
out such duties.
(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) 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.
(5) No person, other than a Member of Congress, Committee
staff, or an employee of a Member when that Member has an
amendment under consideration, may stand in or be seated at the
rostrum area of the Committee rooms unless the Chair determines
otherwise.
Quorum
(b)(1) For the purpose of taking testimony and receiving
evidence, two members of the Committee shall constitute a
quorum.
(2) A majority of the members of the Committee shall
constitute a quorum for the purposes of reporting any measure
or matter, of authorizing a subpoena (other than a subpoena
authorized and issued by the Chair pursuant to subsection
(e)(1)), 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.
(D) The Chair's authority to postpone recorded votes will
not be used to prejudice a member with regard to the offering
of another amendment. In the application of this rule, the
Chair will consult regularly with the ranking minority member
regarding the scheduling of the resumption of postponed votes.
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 (excluding Saturdays, Sundays, and legal holidays
except when the House is in session on any such day) 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 list of the witnesses
expected 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)(A) Subject to subparagraph (B), the five-minute rule
shall be observed in the interrogation of witnesses before the
Committee or any of its subcommittees until each present member
thereof 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 present member of the
Committee or such subcommittee has been recognized once for
that purpose.
(B) The Chair may permit a specified number of members to
question one or more witnesses for a specified period of time
not to exceed 60 minutes in the aggregate, equally divided
between and controlled by the Chair and the ranking minority
member.
(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. The Chair, with the concurrence of the
ranking minority member, will determine the date, time, and
place of such hearing.
(6) At any hearing of the Committee, opening statements by
members of the Committee shall be limited to 10 minutes in the
aggregate. The Chair shall control five minutes and recognize
members in the Chair's sole discretion. The ranking minority
member shall control five minutes; the Chair shall recognize
members for such five minutes according to the direction of the
ranking minority member as communicated to the Chair.
(7) Notwithstanding any member's oral delivery of an
opening statement, written opening statements by any member of
the Committee submitted to the Chair within 5 legislative days
after the adjournment of a hearing shall be made a part of the
official hearing record thereof.
Subpoenas and Oaths
(e)(1) The power to authorize and issue subpoenas is
delegated to the Chair. The Chair will provide written notice
to the ranking minority member at least 48 hours in advance of
the authorization and issuance of a subpoena, except when
exigent circumstances exist that do not permit such amount of
notice, in which case the Chair shall provide such notice as
soon as possible.
(2) 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.
(3) The Chair, or any member of the Committee designated by
the Chair, may administer oaths to witnesses before the
Committee.
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 five 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 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, 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, including consumer
transactions using mobile devices;
(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.
(C) Subcommittee on housing and insurance.--
The jurisdiction of the Subcommittee on Housing
and Insurance 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).
(D) Subcommittee on monetary policy and
trade.--The jurisdiction of the Subcommittee on
Monetary Policy and Trade includes--
(i) financial aid to all sectors and
elements within the economy;
(ii) economic growth and
stabilization;
(iii) defense production matters as
contained in the Defense Production Act
of 1950, as amended;
(iv) domestic monetary policy, and
agencies which directly or indirectly
affect domestic monetary policy,
including the effect of such policy and
other financial actions on interest
rates, the allocation of credit, and
the structure and functioning of
domestic financial institutions;
(v) coins, coinage, currency, and
medals, including commemorative coins
and medals, proof and mint sets and
other special coins, the Coinage Act of
1965, gold and silver, including the
coinage thereof (but not the par value
of gold), gold medals, counterfeiting,
currency denominations and design, the
distribution of coins, and the
operations of the Bureau of the Mint
and the Bureau of Engraving and
Printing;
(vi) development of new or
alternative forms of currency;
(vii) multilateral development
lending institutions, including
activities of the National Advisory
Council on International Monetary and
Financial Policies as related thereto,
and monetary and financial developments
as they relate to the activities and
objectives of such institutions;
(viii) international trade, including
but not limited to the activities of
the Export-Import Bank;
(ix) the International Monetary Fund,
its permanent and temporary agencies,
and all matters related thereto; and
(x) international investment
policies, both as they relate to United
States investments for trade purposes
by citizens of the United States and
investments made by all foreign
entities in the United States.
(E) Subcommittee on oversight and
investigations.--The jurisdiction of the
Subcommittee on Oversight and Investigations
includes--
(i) the oversight of all agencies,
departments, programs, and matters
within the jurisdiction of the
Committee, including the development of
recommendations with regard to the
necessity or desirability of enacting,
changing, or repealing any legislation
within the jurisdiction of the
Committee, and for conducting
investigations within such
jurisdiction; and
(ii) research and analysis regarding
matters within the jurisdiction of the
Committee, including the impact or
probable impact of tax policies
affecting matters within the
jurisdiction of the Committee.
(2) In addition, each such subcommittee shall have specific
responsibility for such other measures or matters as the Chair
refers to it.
(3) Each subcommittee of the Committee shall review and
study, on a continuing basis, the application, administration,
execution, and effectiveness of those laws, or parts of laws,
the subject matter of which is within its general
responsibility.
Referral of Measures and Matters to Subcommittees
(b)(1) The Chair shall regularly refer to one or more
subcommittees such measures and matters as the Chair deems
appropriate given its jurisdiction and responsibilities. In
making such a referral, the Chair may designate a subcommittee
of primary jurisdiction and subcommittees of additional or
sequential jurisdiction.
(2) All other measures or matters shall be subject to
consideration by the full Committee.
(3) In referring any measure or matter to a subcommittee,
the Chair may specify a date by which the subcommittee shall
report thereon to the Committee.
(4) The Chair, in his or her sole discretion, may discharge
a subcommittee from consideration of any measure or matter
referred to a sub-committee 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. The Chair may
designate one member of the Committee who previously has served
as the chairman of the Committee as the Chairman Emeritus.
(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. The Chairman Emeritus shall be an ex officio
member without voting privileges of each subcommittee to which
he or she is not assigned and shall not count 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 30 members, 17 elected by the
majority caucus and 13 elected by the minority
caucus.
(B) 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.
(C) The Subcommittee on Housing and Insurance
shall be comprised of 21 members, 12 elected by
the majority caucus and 9 elected by the
minority caucus.
(D) The Subcommittee on Monetary Policy and
Trade shall be comprised of 21 members, 12
elected by the majority caucus and 9 elected by
the minority caucus.
(E) The Subcommittee on Oversight and
Investigations shall be comprised of 21
members, 12 elected by the majority caucus and
9 elected by the minority caucus.
Subcommittee Meetings and Hearings
(d)(1) Each subcommittee of the Committee is authorized to
meet, hold hearings, receive testimony, mark up legislation,
and report to the full Committee on any measure or matter
referred to it, consistent with subsection (a).
(2) No subcommittee of the Committee may meet or hold a
hearing at the same time as a meeting or hearing of the
Committee.
(3) The chair of each subcommittee shall set hearing and
meeting dates only with the approval of the Chair with a view
toward assuring the availability of meeting rooms and avoiding
simultaneous scheduling of Committee and subcommittee meetings
or hearings.
Effect of a Vacancy
(e) Any vacancy in the membership of a subcommittee shall
not affect the power of the remaining members to execute the
functions of the subcommittee as long as the required quorum is
present.
Records
(f) Each subcommittee of the Committee shall provide the
full Committee with copies of such records of votes taken in
the subcommittee and such other records with respect to the
subcommittee as the Chair deems necessary for the Committee to
comply with all rules and regulations of the House.
Rule 6
STAFF
In General
(a)(1) Except as provided in paragraph (2), the
professional and other staff of the Committee shall be
appointed, and may be removed by the Chair, and shall work
under the general supervision and direction of the Chair.
(2) All professional and other staff provided to the
minority party members of the Committee shall be appointed, and
may be removed, by the ranking minority member of the
Committee, and shall work under the general supervision and
direction of such member.
(3) It is intended that the skills and experience of all
members of the Committee staff be available to all members of
the Committee.
Subcommittee Staff
(b) From funds made available for the appointment of staff,
the Chair of the Committee shall, pursuant to clause 6(d) of
rule X of the Rules of the House, ensure that sufficient staff
is made available so that each subcommittee can carry out its
responsibilities under the rules of the Committee and that the
minority party is treated fairly in the appointment of such
staff.
Compensation of Staff
(c)(1) Except as provided in paragraph (2), the Chair shall
fix the compensation of all professional and other staff of the
Committee.
(2) The ranking minority member shall fix the compensation
of all professional and other staff provided to the minority
party members of the Committee.
Rule 7
BUDGET AND TRAVEL
Budget
(a)(1) The Chair, in consultation with other members of the
Committee, shall prepare for each Congress a budget providing
amounts for staff, necessary travel, investigation, and other
expenses of the Committee and its subcommittees.
(2) From the amount provided to the Committee in the
primary expense resolution adopted by the House of
Representatives, the Chair, after consultation with the ranking
minority member, shall designate an amount to be under the
direction of the ranking minority member for the compensation
of the minority staff, travel expenses of minority members and
staff, and minority office expenses. All expenses of minority
members and staff shall be paid for out of the amount so set
aside.
Travel
(b)(1) The Chair may authorize travel for any member and
any staff member of the Committee in connection with activities
or subject matters under the general jurisdiction of the
Committee. Before such authorization is granted, there shall be
submitted to the Chair in writing the following:
(A) The purpose of the travel.
(B) The dates during which the travel is to
occur.
(C) The names of the States or countries to
be visited and the length of time to be spent
in each.
(D) The names of members and staff of the
Committee for whom the authorization is sought.
(2) Members and staff of the Committee shall make a written
report to the Chair on any travel they have conducted under
this subsection, including a description of their itinerary,
expenses, and activities, and of pertinent information gained
as a result of such travel.
(3) Members and staff of the Committee performing
authorized travel on official business shall be governed by
applicable laws, resolutions, and regulations of the House and
of the Committee on House Administration.
Rule 8
COMMITTEE ADMINISTRATION
Records
(a)(1) There shall be a transcript made of each regular
meeting and hearing of the Committee, and the transcript may be
printed if the Chair decides it is appropriate or if a majority
of the members of the Committee requests such printing. Any
such transcripts shall be a substantially verbatim account of
remarks actually made during the proceedings, subject only to
technical, grammatical, and typographical corrections
authorized by the person making the remarks. Nothing in this
paragraph shall be construed to require that all such
transcripts be subject to correction and publication.
(2) The Committee shall keep a record of all actions of the
Committee and of its subcommittees. The record shall contain
all information required by clause 2(e)(1) of rule XI of the
Rules of the House and shall be available 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) The Chair shall maintain an official Committee website
for the purpose of carrying out the official responsibilities
of the Committee, including communicating information about the
Committee's activities. The ranking minority member may
maintain an official website. To the maximum extent feasible,
the Committee shall make its publications available in
electronic form on the official Committee website maintained by
the Chair.
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.
MEMBERSHIP AND ORGANIZATION OF THE COMMITTEE ON FINANCIAL SERVICES
ONE HUNDRED AND FOURTEENTH CONGRESS
Committee on Financial Services
(Ratio: 34-26)
JEB HENSARLING, Texas, Chairman
MAXINE WATERS, California, Ranking MemberR T. KING, New York
CAROLYN B. MALONEY, New York EDWARD R. ROYCE, California
NYDIA M. VELAZQUEZ, New York FRANK D. LUCAS, Oklahoma
Brad Sherman, California SCOTT GARRETT, New Jersey
GREGORY W. MEEKS, New York RANDY NEUGEBAUER, Texas
MICHAEL E. CAPUANO, Massachusetts PATRICK T. McHENRY, North Carolina
RUBEN HINOJOSA, Texas STEVAN PEARCE, New Mexico
WM. LACY CLAY, Missouri BILL POSEY, Florida
STEPHEN F. LYNCH, Massachusetts MICHAEL G. FITZPATRICK,
DAVID SCOTT, Georgia Pennsylvania
AL GREEN, Texas LYNN A. WESTMORELAND, Georgia
EMANUEL CLEAVER, Missouri BLAINE LUETKEMEYER, Missouri
GWEN MOORE, Wisconsin BILL HUIZENGA, Michigan
KEITH ELLISON, Minnesota SEAN P. DUFFY, Wisconsin
ED PERLMUTTER, Colorado ROBERT HURT, Virginia
JAMES A. HIMES, Connecticut STEVE STIVERS, Ohio
JOHN C. CARNEY, Jr., Delaware STEPHEN LEE FINCHER, Tennessee
TERRI A. SEWELL, Alabama MARLIN A. STUTZMAN, Indiana
BILL FOSTER, Illinois MICK MULVANEY, South Carolina
DANIEL T. KILDEE, Michigan RANDY HULTGREN, Illinois
PATRICK MURPHY, Florida DENNIS A. ROSS, Florida
JOHN K. DELANEY, Maryland ROBERT PITTENGER, North Carolina
KYRSTEN SINEMA, Arizona ANN WAGNER, Missouri
JOYCE BEATTY, Ohio ANDY BARR, Kentucky
DENNY HECK, Washington KEITH J. ROTHFUS, Pennsylvania
JUAN VARGAS, California LUKE MESSER, Indiana
DAVID SCHWEIKERT, Arizona
FRANK GUINTA, New Hampshire
SCOTT TIPTON, Colorado
ROGER WILLIAMS, Texas
BRUCE POLIQUIN, Maine
MIA LOVE, Utah
FRENCH HILL, Arkansas
TOM EMMER, Minnesota\1\
SUBCOMMITTEE MEMBERSHIPS
Subcommittee on Capital Markets and Government Sponsored Enterprises
(Ratio: 17-13)
SCOTT GARRETT, New Jersey,
Chairman
CAROLYN B. MALONEY, NY [RM] ROBERT HURT, VA [V Chair]
BRAD SHERMAN, CA PETER T. KING, NY
RUBEN HINOJOSA, TX EDWARD R. ROYCE, CA
STEPHEN F. LYNCH, MA RANDY NEUGEBAUER, TX
ED PERLMUTTER, CO PATRICK T. McHENRY, NC
DAVID SCOTT, GA BILL HUIZENGA, MI
JAMES A. HIMES, CT SEAN P. DUFFY, WI
KEITH ELLISON, MN STEVE STIVERS, OH
BILL FOSTER, IL STEPHEN LEE FINCHER, TN
GREGORY W. MEEKS, NY RANDY HULTGREN, IL
JOHN C. CARNEY, Jr. DE DENNIS A. ROSS, FL
TERRI A. SEWELL, AL ANN WAGNER, MO
PATRICK MURPHY, FL LUKE MESSER, IN
MAXINE WATERS, CA [Ex Officio] DAVID SCHWEIKERT, AZ
BRUCE POLIQUIN, ME
FRENCH HILL, AR
JEB HENSARLING, TX [Ex Officio]
Subcommittee on Financial Institutions and Consumer Credit
(Ratio: 17-13)
RANDY NEUGEBAUER, TX, Chairman
WM. LACY CLAY, MO [RM] STEVAN PEARCE, NM [V Chair]
GREGORY W. MEEKS, NY FRANK D. LUCAS, OK
RUBEN HINOJOSA, TX BILL POSEY, FL
DAVID SCOTT, GA MICHAEL G. FITZPATRICK, PA
CAROLYN B. MALONEY, NY LYNN A. WESTMORELAND, GA
NYDIA M. VELAZQUEZ, NY BLAINE LUETKEMEYER, MO
BRAD SHERMAN, CA MARLIN A. STUTZMAN, IN
STEPHEN F. LYNCH, MA MICK MULVANEY, SC
MICHAEL E. CAPUANO, MA ROBERT PITTENGER, NC
JOHN K. DELANEY, MD ANDY BARR, KY
DENNY HECK, WA KEITH J. ROTHFUS, PA
KYRSTEN SINEMA, AZ FRANK GUINTA, NH
JUAN VARGAS, CA SCOTT TIPTON, CO
MAXINE WATERS, CA [Ex Officio] ROGER WILLIAMS, TX
MIA LOVE, UT
TOM EMMER, Minnesota
JEB HENSARLING, TX [Ex Officio]
Subcommittee on Housing and Insurance
(Ratio: 12-9)
BLAINE LUETKEMEYER, MO, Chairman
EMANUEL CLEAVER, MO [RM] LYNN A. WESTMORELAND, GA [V Chair]
NYDIA M. VELAZQUEZ, NY EDWARD R. ROYCE, CA
MICHAEL E. CAPUANO, MA SCOTT GARRETT, NJ
WM. LACY CLAY, MO STEVAN PEARCE, NM
AL GREEN, TX BILL POSEY, FL
GWEN MOORE, WI ROBERT HURT, VA
KEITH ELLISON, MN STEVE STIVERS, OH
JOYCE BEATTY, OH DENNIS A. ROSS, FL
DANIEL T. KILDEE, MI ANDY BARR, KY
MAXINE WATERS, CA [Ex Officio] KEITH J. ROTHFUS, PA
ROGER WILLIAMS, TX
JEB HENSARLING, TX [Ex Officio]
Subcommittee on Monetary Policy and Trade
(Ratio: 12-9)
BILL HUIZENGA, MI, Chairman
GWEN MOORE, WI [RM] MICK MULVANEY, SC [V Chair]
BILL FOSTER, IL FRANK D. LUCAS, OK
ED PERLMUTTER, CO STEVAN PEARCE, NM
JAMES A. HIMES, CT LYNN A. WESTMORELAND, GA
JOHN C. CARNEY, Jr. DE MARLIN A. STUTZMAN, IN
TERRI A. SEWELL, AL ROBERT PITTENGER, NC
PATRICK MURPHY, FL LUKE MESSER, IN
DANIEL T. KILDEE, MI DAVID SCHWEIKERT, AZ
DENNY HECK, WA FRANK GUINTA, NH
MAXINE WATERS, CA [Ex Officio] MIA LOVE, UT
TOM EMMER, Minnesota
JEB HENSARLING, TX [Ex Officio]
Subcommittee on Oversight and Investigations
(Ratio: 12-9)
SEAN P. DUFFY, WI, Chairman
AL GREEN, TX [RM] MICHAEL G. FITZPATRICK, PA [V
MICHAEL E. CAPUANO, MA Chair]
EMANUEL CLEAVER, MO PETER T. KING, NY
KEITH ELLISON, MN PATRICK T. McHENRY, NC
JOHN K. DELANEY, MD ROBERT HURT, VA
JOYCE BEATTY, OH STEPHEN LEE FINCHER, TN
DENNY HECK, WA MICK MULVANEY, SC
KYRSTEN SINEMA, AZ RANDY HULTGREN, IL
JUAN VARGAS, CA ANN WAGNER, MO
MAXINE WATERS, CA [Ex Officio] SCOTT TIPTON, CO
BRUCE POLIQUIN, ME
FRENCH HILL, AR
JEB HENSARLING, TX [Ex Officio]
Task Force to Investigate Terrorism Financing
(Ratio: 12-9)
MICHAEL G. FITZPATRICK,
Pennsylvania, Chairman
STEPHEN F. LYNCH, Massachusetts, [RM]ROBERT PITTENGER, North Carolina
BRAD SHERMAN, California [V Chair]
GREGORY W. MEEKS, New York PETER T. KING, New York
AL GREEN, Texas STEVE STIVERS, Ohio
KEITH ELLISON, Minnesota DENNIS A. ROSS, Florida
JAMES A. HIMES, Connecticut ANN WAGNER, Missouri
BILL FOSTER, Illinois ANDY BARR, Kentucky
DANIEL T. KILDEE, Michigan KEITH J. ROTHFUS, Pennsylvania
KYRSTEN SINEMA, Arizona DAVID SCHWEIKERT, Arizona
MAXINE WATERS, California [Ex Officio]OGER WILLIAMS, Texas
BRUCE POLIQUIN, Maine
FRENCH HILL, Arkansas
JEB HENSARLING, Texas [Ex Officio]
Membership Notes
------
The following members are on leave from the Committee on
Financial Services: Mr. Sessions, ranking immediately after Mr. Lucas;
and Mr. Gutierrez ranking immediately after Mrs. Maloney.
\1\Mr. Emmer was elected to the Committee on May 19, 2015, filling a
vacancy created by the resignation of Mr. Dold on April 29, 2015.
COMMITTEE STAFF
Majority Staff
SHANNON FLAHERTY McGAHN
Staff Director
KIRSTEN J. MORK
Deputy Staff Director
JAMES H. CLINGER
Chief Counsel
JEFFREY W. EMERSON
Deputy Staff Director--
Communications
JOSEPH R. CLARK
General Counsel and
Parliamentarian
EDWARD G. SKALA
Policy Director
TERISA L. ALLISON, Editor
BRIAN R. ANDERSON, Counsel
JONATHAN M. BLUM, Professional
Staff
THOMAS CHRISTIAN BROWN,
Professional Staff
EDWARD CHASE BURGESS, Legislative
Assistant
JOSEPH JOHN CARAPIET, Senior
Counsel
ANTHONY E. CHANG, Senior
Professional Staff
KATELYN E. CHRIST, Senior
Professional Staff
CATHERINE M. COSTAKOS,
Communications Assistant
UTTAM A. DHILLON, Chief Oversight
Counsel
KEVIN R. EDGAR, Chief Securities
Counsel
DINO D. FALASCHETTI, Chief
Economist
ANGELA S. GAMBO, Administrative
Assistant
JOSEPH A. GAMMELLO, Counsel
REBEKAH E. GOSHORN, Counsel
ELIE S. GREENBAUM, Counsel
TAYLOR R. HEWES, Staff Assistant
ISAAC BORDEN HOSKINS, Member
Services and Coalition Coordinator
CARLTON KYLE JACKSON, Senior
Advisor
BRIAN JOHNSON, Chief Financial
Institutions Counsel
TALLMAN JOHNSON, Senior
Professional Staff
CLINTON COLUMBUS JONES, III,
Senior Counsel
ROSEMARY E. KEECH, Chief Clerk
KELLY E. McGRATH, Staff Assistant
MARLISS A. McMANUS, Professional
Staff
HALLEE KATHERINE MORGAN, Counsel
MATTHEW KINLEY MULDER, Counsel
BRIAN P. O'SHEA, Professional
Staff
JOE PINDER, Senior Professional
Staff
SARAH ROZIER, Communications
Director
JARED CODY SAWYER, Professional
Staff
ADAM J. SCHEIDLER, Digital
Director
BRETT A. SISTO, Counsel
JENNIFER RENEE STALZER, Scheduler
ANDREW TAYLOR Professional Staff
KIM TRIMBLE, Systems Administrator
BRYAN ALEXANDER WOOD, Counsel
MONICA L. ZAGAME, Staff Assistant
Minority Staff
CHARLA OUERTATANI, Staff Director
AMANDA FISCHER, Deputy Staff
Director
LISA PETO, Director of Legislative
Operations
KEVIN ROBERT BURRIS, Chief
Oversight Counsel
THERESA F. DUMAIS, Director of
Housing Policy
ERIKA JEFFERS, Senior Policy
Director
KATELYNN O. BRADLEY, Senior
Counsel
MITRIA WILSON, Senior Counsel
ESTHER KAHNG, Counsel
JENNIFER READ, Counsel
KRISTOFOR S. ERICKSON, Senior
Professional Staff Member
DANIEL McGLINCHEY, Senior
Professional Staff Member
KIRK SCHWARZBACH, Senior
Professional Staff Member
DANIELLE PARNASS, Communications
Director
ANITA L. JOHNSON, Chief
Administrative Officer
MARCOS F. MANOSALVAS, Press
Assistant
PANIZ REZAEE-ROD, Research and
Special Assistant
ALFRED J. FORMAN, Jr., Systems
Administrator
TWAUN SAMUEL, Shared Employee
OVERVIEW OF LEGISLATIVE ACCOMPLISHMENTS
During the 114th Congress, 563 bills were referred to the
Committee on Financial Services. The full Committee reported to
the House or was discharged from the further consideration of
96 measures, not including conference reports. Nineteen
measures regarding matters within the Committee's jurisdiction
were enacted into law. Two of these measures (H.R. 22, the
Fixing America's Surface Transportation Act, and H.R. 2029, the
Consolidated Appropriations Act, 2016) incorporated provisions
corresponding to 24 bills previously acted on by the Committee
(see Appendix I, Part B for more information). The following is
a summary of the legislative and oversight activities of the
Committee on Financial Services during the 114th Congress,
including a summary of the activities taken by the Committee to
implement its Oversight Plan for the 114th Congress.
COMMITTEE ON FINANCIAL SERVICES
(Ratio: 34-26)
JEB HENSARLING, Texas, Chairman
MAXINE WATERS, California, Ranking MemberR T. KING, New York
CAROLYN B. MALONEY, New York EDWARD R. ROYCE, California
NYDIA M. VELAZQUEZ, New York FRANK D. LUCAS, Oklahoma
BRAD SHERMAN, California SCOTT GARRETT, New Jersey RANDY
GREGORY W. MEEKS, New York KNEUGEBAUER, Texas
MICHAEL E. CAPUANO, Massachusetts PATRICK T. McHENRY, North Carolina
RUBEN HINOJOSA, Texas STEVAN PEARCE, New Mexico
WM. LACY CLAY, Missouri BILL POSEY, Florida
STEPHEN F. LYNCH, Massachusetts MICHAEL G. FITZPATRICK,
DAVID SCOTT, Georgia Pennsylvania
AL GREEN, Texas LYNN A. WESTMORELAND, Georgia
EMANUEL CLEAVER, Missouri BLAINE LUETKEMEYER, Missouri
GWEN MOORE, Wisconsin BILL HUIZENGA, Michigan
KEITH ELLISON, Minnesota SEAN P. DUFFY, Wisconsin
ED PERLMUTTER, Colorado ROBERT HURT, Virginia
JAMES A. HIMES, Connecticut STEVE STIVERS, Ohio
JOHN C. CARNEY, Jr., Delaware STEPHEN LEE FINCHER, Tennessee
TERRI A. SEWELL, Alabama MARLIN A. STUTZMAN, Indiana
BILL FOSTER, Illinois MICK MULVANEY, South Carolina
DANIEL T. KILDEE, Michigan RANDY HULTGREN, Illinois
PATRICK MURPHY, Florida DENNIS A. ROSS, Florida
JOHN K. DELANEY, Maryland ROBERT PITTENGER, North Carolina
KYRSTEN SINEMA, Arizona ANN WAGNER, Missouri
JOYCE BEATTY, Ohio ANDY BARR, Kentucky
DENNY HECK, Washington KEITH J. ROTHFUS, Pennsylvania
JUAN VARGAS, California LUKE MESSER, Indiana
DAVID SCHWEIKERT, Arizona
FRANK GUINTA, New Hampshire
SCOTT TIPTON, Colorado
ROGER WILLIAMS, Texas
BRUCE, POLIQUIN, Maine
MIA LOVE, Utah
FRENCH HILL, Arkansas
TOM EMMER, Minnesota
Legislative Activities of the Financial Services Committee
--------------------------------------------------------------------------------------------------------------------------------------------------------
Committee/House
Bill No. Formal Title Introduced Sponsor Date Action Summary
--------------------------------------------------------------------------------------------------------------------------------------------------------
HR 5............................. Student Success Act. 2/3/2015 John Kline [R-MN-2] 2/20/2015 Committee Discharged
by Unanimous
Consent.
.................... .............. ................... 7/8/2015 House passed by
record vote 218-213.
HR 22............................ Fixing America's 1/6/2015 Davis Rodney [R-IL- .............. Not considered in Incorporated
Surface 13]. Committee. provisions
Transportation Act. corresponding to 18
measures acted on
by the Committee in
the 114th Congress.
See Appendix I,
Part B for
additional
information.
.................... .............. ................... 11/5/2015 H. Amendment 827
offered by Mr.
Hensarling agreed
to by voice vote.
.................... .............. ................... 11/5/2015 Passed in the House
by record vote 371-
54.
.................... .............. ................... 12/1/2015 Conference Report
filed, H. Rept. 114-
357.
.................... .............. ................... 12/3/2015 Conference report
passed the House by
record vote 259-65.
.................... .............. ................... 12/3/2015 Conference report
passed the Senate
by record vote 83-
16.
.................... .............. ................... 12/4/2015 Signed by the
President and
became PL 114-94.
HR 26............................ Terrorism Risk 1/6/2015 Randy Neugebauer [R- .............. Not considered in Extends the
Insurance Program TX-19]. Committee. termination date of
Reauthorization Act the Terrorism
of 2015. Insurance Program
established under
the Terrorism Risk
Insurance Act of
2002 and makes
certain
modifications to
such program.
.................... .............. ................... 1/7/2015 Passed in the House
under suspension by
record vote 416-5,
1 Present.
.................... .............. ................... 1/8/2015 Passed in the Senate
by record vote 93-4.
.................... .............. ................... 1/12/2015 Signed by the
President and
became PL 114-1.
HR 37............................ Promoting Job 1/6/2015 Michael Fitzpatrick .............. Not considered in Seeks to enhance the
Creation and [R-PA-8]. Committee. ability of small
Reducing Small and emerging growth
Business Burdens companies to access
Act. public and private
markets.
.................... .............. ................... 1/7/2015 Considered under
suspension of the
rules; Motion
failed by record
vote (2/3 required)
276-146.
.................... .............. ................... 1/14/2015 Passed in the House
by record vote 271-
154.
HR 233........................... Tenant Income 1/8/2015 Ed Perlmutter [D-CO- .............. Not considered in Allows reviews of
Verification Relief 7]. Committee. certain families'
Act of 2015. incomes every three
years for purposes
of determining
eligibility for
certain Federal
assisted housing
programs.
.................... .............. ................... 3/23/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 251........................... Homes for Heroes Act 1/9/2015 Al Green [D-TX-9].. .............. Not considered in Transfers the
of 2015. Committee. position of Special
Assistant for
Veterans Affairs
from HUD's Office
of the Deputy
Assistant Secretary
for Special Needs
to the Office of
the Secretary.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
record vote 412-1.
HR 299........................... Capital Access for 1/13/2015 Steve Stivers [R-OH- 3/26/2015 Ordered reported by Amends the Federal
Small Community 15]. the Full Committee Home Loan Bank Act
Financial by record vote 56-1. to authorize
Institutions Act of privately insured
2015. credit unions to
become members of a
Federal Home Loan
Bank.
.................... .............. ................... 4/13/2015 Reported by the
Committee, H.
Report 114-58.
.................... .............. ................... 4/13/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 360........................... Native American 1/14/2015 Stevan Pearce [R-NM- .............. Not considered in Reauthorizes the
Housing Assistance 2]. Committee. Native American
and Self- Housing Assistance
Determination and Self-
Reauthorization Act Determination Act
of 2015. of 1996 and makes
certain changes to
programs available
under such Act.
.................... .............. ................... 3/23/2015 Passed the House,
amended, under
suspension by
record vote 297-98.
HR 414........................... Burdensome Data 1/20/2015 Bill Huizenga [R-MI- 9/30/2015 Ordered reported by Repeals Dodd-Frank's
Collection Relief 2]. the Full Committee median pay ratio
Act. by record vote 32- rule.
25.
.................... .............. ................... 4/19/2016 Reported by the
Committee, H.
Report 114-504.
HR 431........................... Award a 1/21/2015 Terri Sewell [D-AL- .............. Not considered in Awards a
Congressional Gold 7]. Committee. Congressional Gold
Medal to the Foot Medal to the Foot
Soldiers who Soldiers who
participated in participated in the
Bloody Sunday, final Selma to
Turnaround Tuesday, Montgomery Voting
or the final Selma Rights March in
to Montgomery March of 1965.
Voting Rights March
in March of 1965,
which served as a
catalyst for the
Voting Rights Act
of 1965..
.................... .............. ................... 2/11/2015 Passed in the House
under suspension by
record vote 420-0.
.................... .............. ................... 3/2/2015 Passed in the Senate
by unanimous
consent.
.................... .............. ................... 3/7/2015 Signed by the
President and
became PL 114-5.
HR 432........................... SBIC Advisers Relief 1/21/2015 Blaine Luetkemeyer 5/20/2015 Ordered reported by Amends the
Act of 2015. [R-MO-3]. the Full Committee Investment Advisors
by record vote 53-0. Act of 1940 to
prevent duplicative
regulation of
advisers of small
business investment
companies.
.................... .............. ................... 7/14/2015 Reported by the
Committee, H.
Report 114-199.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 597........................... Reform Exports and 1/28/2015 Stephen Lee Fincher .............. Not considered in Reauthorizes the
Expand the American [R-TN-8]. Committee. Export-Import Bank
Economy Act. of the United
States.
.................... .............. ................... 10/27/2015 Passed in the house
by record vote 313-
118.
HR 601........................... Eliminate Privacy 1/28/2015 Blaine Luetkemeyer 3/26/2015 Ordered reported by Provides an
Notice Confusion [R-MO-3]. the Full Committee exception to the
Act. by record vote 57-0. Gramm-Leach-Bliley
Act's annual
privacy notice
requirement for
entities that have
not changed their
information
disclosure policies
in the previous
year.
.................... .............. ................... 4/13/2015 Reported by the
Committee, H.
Report 114-59.
.................... .............. ................... 4/13/2015 Passed in the House
under suspension
rules by voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 650........................... Preserving Access to 2/2/2015 Stephen Lee Fincher 3/26/2015 Ordered reported by Amends the Truth in
Manufactured [R-TN-8]. the Full Committee Lending Act to
Housing Act of 2015. by record vote 43- modify the
15. definitions of a
mortgage originator
and a high-cost
mortgage.
.................... .............. ................... 4/6/2015 Reported by the
Committee, H.
Report 114-53.
.................... .............. ................... 4/14/2015 Passed in the House
by record vote 263-
162.
HR 685........................... Mortgage Choice Act 2/3/2015 Bill Huizenga [R-MI- 3/26/2015 Ordered reported by Amends the Truth in
of 2015. 2]. the Full Committee Lending Act to
by record vote 43- improve the
12. definitions for
``points and fees''
in connection with
a mortgage
transaction.
.................... .............. ................... 4/6/2015 Reported by the
Committee, H.
Report 114-54.
.................... .............. ................... 4/14/2015 Passed in the House
by record vote 286-
140.
HR 686........................... Small Business 2/3/2015 Bill Huizenga [R-MI- 5/20/2015 Ordered reported by Amends the
Mergers, 2]. the Full Committee Securities Exchange
Acquisitions, by record vote 36- Act of 1934 to
Sales, and 24. create a simplified
Brokerage SEC registration
Simplification Act system for brokers
of 2015. known as M&A
brokers that
perform services in
connection with the
transfer of
ownership of
smaller privately
held companies.
.................... .............. ................... 1/28/2016 Reported by the
Committee, H.
Report 114-400.
.................... .............. ................... .............. Incorporated into HR
1675, the
Encouraging
Employee Ownership
Act of 2015.
HR 757........................... North Korea 2/5/2015 Edward Royce [R-CA- 1/11/2016 Committee discharged
Sanctions and 39]. by Unanimous
Policy Enhancement Consent.
Act of 2016.
.................... .............. ................... 1/12/2016 Passed in the House,
amended, under
suspension by
record vote 418-2.
.................... .............. ................... 2/10/2016 Passed in the Senate
with an amendment
by record vote 96-0.
.................... .............. ................... 2/12/2016 House agreed to
Senate amendment by
record vote 408-2.
.................... .............. ................... 2/18/2016 Signed by the
President and
became PL 114-122.
HR 766........................... Financial 2/5/2015 Blaine Luetkemeyer 7/29/2015 Ordered reported by Prohibits a federal
Institution [R-MO-3]. the Full Committee banking agency from
Customer Protection by record vote 35- ordering closure of
Act of 2015. 19. an account based
solely on
``reputation
risk,'' and not
unless it has a
material reason to
do so.
.................... .............. ................... 1/28/2016 Reported by the
Committee, H.
Report 114-402.
.................... .............. ................... 2/4/2016 Passed in the House
by record vote 250-
169.
HR 893........................... Boys Town Centennial 2/11/2015 Jeff Fortenberry [R- .............. Not considered in Directs the Treasury
Commemorative Coin NE-1]. Committee. Secretary to mint
Act. coins in
commemoration of
the centennial of
Boys Town.
.................... .............. ................... 6/23/2015 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... 6/25/2015 Passed in the Senate
by Unanimous
Consent.
.................... .............. ................... 7/6/2015 Signed by the
President and
became PL 114-30.
HR 957........................... Bureau of Consumer 2/12/2015 Steve Stivers [R-OH- 9/30/2015 Ordered reported by Creates an
Financial 15]. the Full Committee independent
Protection- by record vote 56-3. Inspector General
Inspector General for the CFPB.
Reform Act of 2015.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-865 Part
I.
HR 1047.......................... Housing Assistance 2/24/2015 Scott Peters [D-CA- .............. Not considered in Authorizes private
Efficiency Act. 52]. Committee. nonprofit
organizations to
administer
permanent housing
rental assistance
provided through
the Continuum of
Care Program under
the McKinney-Vento
Homeless Assistance
Act. Also requires
that the HUD
Secretary
reallocate any
assistance provided
under Part B of 42
U.S. Code
Subchapter IV
(``Emergency
Solutions Grants
Program'') at least
once during each
fiscal year rather
than twice as
provided for under
current law.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
voice vote..
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1090.......................... Retail Investor Ann Wagner [R- 9/30/2015.......... .............. Ordered reported by Restricts the Labor
Protection Act 2/25/ MO-2] the Full Committee Secretary's
2015. by record vote 34- authority to
25. prescribe a rule
defining when an
individual
constitutes a
fiduciary and
amends the
Securities Exchange
Act of 1934 to
require the SEC to
assess and report
on whether retail
investors are being
harmed due to
brokers or dealers
operating under
different standards
of conduct than
those that apply to
investment advisers
under the
Investment Advisers
Act of 1940.
.................... .............. ................... 10/22/2015 Reported by the
Committee, H.
Report 114-304 Part
I.
.................... .............. ................... 10/27/2015 Passed in the House
by record vote 245-
186.
HR 1150.......................... Frank R. Wolf 2/27/2015 Christopher Smith .............. Not considered in
International [R-NJ-4]. Committee.
Religious Freedom
Act of 2015.
.................... .............. ................... 5/16/2016 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... 12/10/2016 Passed in the Senate
with an amendment
by Unanimous
Consent.
.................... .............. ................... 12/13/2016 House agreed to
Senate amendment
without objection.
.................... .............. ................... 12/16/2016 Signed by the
President and
became PL 114-281.
HR 1195.......................... Bureau of Consumer 3/2/2015 Robert Pittenger [R- 3/26/2015 Ordered reported by Establishes in the
Financial NC-9]. the Full Committee CFPB a Small
Protection Advisory by record vote 53-5. Business Advisory
Boards Act. Board and codifies
the already-
established Credit
Union Advisory
Council and the
Community Bank
Advisory Council.
.................... .............. ................... 4/6/2015 Reported by the
Committee, H.
Report 114-55.
.................... .............. ................... 4/22/2015 Passed in the House,
amended, by record
vote 235-183.
HR 1210.......................... Portfolio Lending 3/3/2015 Andy Barr [R-KY-6]. 7/29/2015 Ordered reported by Creates a legal safe
and Mortgage Access the Full Committee harbor from ATR/QM
Act. by record vote 38- requirements for
18. loans held on
portfolio.
.................... .............. ................... 11/16/2015 Reported by the
Committee, H.
Report 114-330.
.................... .............. ................... 11/18/2015 Passed in the House
by record vote 225-
174.
HR 1259.......................... Helping Expand 3/4/2015 Andy Barr [R-KY-6]. 3/26/2015 Ordered reported by Provides for a
Lending Practices the Full Committee process for
in Rural by record vote 56-2. interested parties
Communities Act. to be designated a
``rural area'' for
purposes of Federal
consumer financial
law.
.................... .............. ................... 4/13/2015 Reported by the
Committee, H.
Report 114-60.
.................... .............. ................... 4/13/2015 Passed in the House
under suspension by
record vote 401-1.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1265.......................... Bureau Advisory 3/4/2015 Sean Duffy [R-WI-7] 3/26/2015 Ordered reported by Applies the Federal
Commission the Full Committee Advisory Committee
Transparency Act. by record vote 56-2. Act to the CFPB.
.................... .............. ................... 4/6/2015 Reported by the
Committee, H.
Report 114-56 Part
I.
.................... .............. ................... 4/13/2015 Passed in the House
under suspension by
record vote 401-2.
.................... .............. ................... .............. Incorporated into HR
2029, the
Consolidated
Appropriations Act
2016.
HR 1266.......................... Financial Product 3/4/2015 Randy Neugebauer [R- 9/30/2015 Ordered reported, Removes the CFPB
Safety Commission TX-19]. amended, by the from the Federal
Act of 2015. Full Committee by Reserve and
record vote 35-24. replaces the CFPB
Director with a 5-
member bipartisan
commission.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-872.
HR 1309.......................... Systemic Risk 3/4/2015 Blaine Luetkemeyer 11/4/2015 Ordered reported by Provides for
Designation [R-MO-3]. the Full Committee supervision of bank
Improvement Act of by record vote 39- SIFIs following
2015. 16. designation by the
FSOC based on multi-
factor test in lieu
of current $50
billion asset
threshold
triggering
supervision of such
firms.
.................... .............. ................... 9/19/2016 Reported by the
Committee, H.
Report 114-752.
HR 1317.......................... To amend the 3/4/2015 Gwen Moore [D-WI-4] 7/29/2015 Ordered reported, Makes an affiliate
Commodity Exchange amended, by the of a non-financial
Act and the Full Committee by company eligible
Securities Exchange record vote 57-0. for the end-user
Act of 1934 to exemptions from
specify how mandatory clearing
clearing and margin for
requirements apply their derivatives
to certain positions if the
affiliate company uses a
transactions, and central treasury
for other purposes.. hedging unit.
.................... .............. ................... 11/16/2015 Reported by the
Committee, H.
Report 114-311 Part
II.
.................... .............. ................... 11/16/2015 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... .............. Incorporated into HR
2029, the
Consolidated
Appropriations Act
2016.
HR 1334.......................... Holding Company 3/4/2015 Steve Womack [R-AR- 5/20/2015 Ordered reported by Applies the
Registration 3]. the Full Committee shareholder
Threshold by record vote 60-0. registration and
Equalization Act of deregistration
2015. thresholds
contained in Title
VI of the JOBS Act
to savings and loan
holding companies.
.................... .............. ................... 7/14/2015 Reported by the
Committee, H.
Report 114-200.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1367.......................... To amend the 3/16/2015 Aumua Amata Coleman 3/26/2015 Ordered reported by Clarifies that the
Expedited Funds Radewagen [R-AS]. the Full Committee Expedited Funds
Availability Act to by record vote 58-0. Availability Act
clarify the applies to American
application of that Samoa and the
Act to American Northern Mariana
Samoa and the Islands.
Northern Mariana
Islands.
.................... .............. ................... 4/13/2015 Reported by the
Committee, H.
Report 114-61.
.................... .............. ................... 4/13/2015 Passed in the House
under suspension by
voice vote.
HR 1408.......................... Mortgage Servicing 3/17/2015 Ed Perlmutter [D-CO- 3/26/2015 Ordered reported by Requires Federal
Asset Capital 7]. the Full Committee banking agencies to
Requirements Act of by record vote 49-9. study the
2015. appropriate capital
requirements for
mortgage servicing
assets for
nonsystemic banking
institutions and
delays the
implementation of
rulemakings related
to such issues.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
2029, the
Consolidated
Appropriations Act
2016.
HR 1478.......................... Policyholder 3/19/2015 Bill Posey [R-FL-8] 11/4/2015 Ordered reported, Prohibits federal
Protection Act of amended, by the banking regulators
2015. Full Committee by from moving the
record vote 57-0. assets of state-
regulated insurance
companies,
structured under
larger financial
firms, to a bank if
the state insurance
regulator
determines the
transfer would harm
the status of the
insurer. Amends
Title II of the
Dodd-Frank Act to
prohibit the FDIC
from seizing
insurance company
assets when an
affiliated
financial entity is
subject to orderly
liquidation under
the Dodd-Frank Act.
.................... .............. ................... 11/16/2015 Reported by the
Committee, H.
Report 114-338.
.................... .............. ................... 11/16/2015 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... .............. Incorporated into HR
2029, the
Consolidated
Appropriations Act
2016.
HR 1480.......................... SAFE Act 3/19/2015 Robert Dold [R-IL- 3/26/2015 Ordered reported by Provides for the
Confidentiality and 10]. the Full Committee sharing of certain
Privilege by record vote 58-0. information between
Enhancement Act. state and federal
financial services
regulators.
.................... .............. ................... 4/13/2015 Reported by the
Committee, H.
Report 114-62.
.................... .............. ................... 4/13/2015 Passed in the House
under suspension by
record vote 401-0.
.................... .............. ................... .............. Incorporated into HR
2029, the
Consolidated
Appropriations Act
2016.
HR 1486.......................... Taking Account of 3/19/2015 Andy Barr [R-KY-6]. 4/13/2016 Ordered reported, Makes the CFPB
Bureaucrats' amended, by the subject to the
Spending Act of Full Committee by congressional
2015. record vote 33-20. appropriations
process.
.................... .............. ................... 5/6/2016 Reported by the
Committee, H.
Report 114-538.
HR 1525.......................... Disclosure 3/23/2015 Scott Garrett [R-NJ- 5/20/2015 Ordered reported by Amends disclosure
Modernization and 5]. the Full Committee regime for issuers
Simplification Act by record vote 60-0. and investors by
of 2015. permitting issuers
to submit a summary
page on Form 10-K
with cross-
references to the
content of the
report.
.................... .............. ................... 10/6/2015 Reported by the
Committee, H.
Report 114-279.
.................... .............. ................... 10/6/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1529.......................... Community 3/23/2015 Brad Sherman [D-CA- 3/26/2015 Ordered reported by Modifies the
Institution 30]. the Full Committee requirements
Mortgage Relief Act by record vote 48- relating to
of 2015. 10. community financial
institutions for
certain rules
relating to
mortgage loans.
.................... .............. ................... 4/6/2015 Reported by the
Committee, H.
Report 114-57.
HR 1550.......................... Financial Stability 3/23/2015 Dennis Ross [R-FL- 11/4/2015 Ordered reported by Establishes
Oversight Council 15]. the Full Committee requirements
Improvement Act of by record vote 44- related to the
2015. 12. annual reevaluation
of designated SIFIs
and the rescission
of such
designations by the
FSOC; public
disclosure; and
other matters.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-871.
HR 1553.......................... Small Business Exam 3/23/2015 Scott Tipton [R-CO- 7/29/2015 Ordered reported by Increases the
Cycle Reform Act of 3]. the Full Committee qualifying asset
2015. by record vote 58-0. threshold for well
capitalized
community banks
eligible for an 18-
month exam cycle
from $500 million
to $1 billion.
.................... .............. ................... 10/6/2015 Reported by the
Committee, H.
Report 114-280.
.................... .............. ................... 10/6/2016 Passed in the House
under suspension by
record vote 411-0.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1660.......................... Federal Saving 3/26/2015 Keith Rothfus [R-PA- 11/3/2015 Ordered reported by Allows thrifts to
Association Charter 12]. the Full Committee operate as national
Flexibility Act of by voice vote. banks under OCC
2015. supervision without
formally switching
charters.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-873.
HR 1675.......................... Encouraging Employee 3/26/2015 Randy Hultgren [R- 5/20/2015 Ordered reported by Directs the SEC to
Ownership Act of IL-14]. the Full Committee revise its rules so
2015. by record vote 45- as to increase the
15. threshold amount
for requiring
issuers to provide
certain disclosures
relating to
compensatory
benefit plans.
.................... .............. ................... 1/28/2016 Reported by the
Committee, H.
Report 114-398.
.................... .............. ................... 2/3/2016 Passed in the House,
amended, by record
vote 265-159.
HR 1698.......................... Bullion and 3/26/2015 Bill Huizenga [R-MI- .............. Not considered in Amends design and
Collectible Coin 2]. Committee. content
Production requirements for
Efficiency and Cost certain gold and
Savings Act. silver coins.
.................... .............. ................... 6/23/2015 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1723.......................... Small Company Simple 3/26/2015 Ann Wagner [R-MO-2] 5/20/2015 Ordered reported by Amends the SEC's
Registration Act. the Full Committee Form S-1
by record vote 60-0. registration
statement to allow
smaller reporting
companies to
incorporate by
reference any
documents filed
with the SEC after
the effective date
of the Form S-1.
.................... .............. ................... 7/14/2015 Reported by the
Committee, H.
Report 114-201.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
record vote 426-0.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1737.......................... Reforming CFPB 4/13/2015 Frank Guinta [R-NH- 7/29/2015 Ordered reported by Repeals the CFPB's
Indirect Auto 1]. the Full Committee indirect auto
Financing Guidance by record vote 47- lending guidance
Act. 10. and requires notice
and comment prior
to reissuance.
.................... .............. ................... 11/9/2015 Reported by the
Committee, H.
Report 114-329.
.................... .............. ................... 11/18/2015 Passed in the House,
amended, by record
vote 332-96.
HR 1816.......................... Vulnerable Veterans 4/15/2015 Joseph Heck [R-NV- .............. Not considered in Excludes from
Housing Reform Act 3]. Committee. consideration as
of 2015. income under the
United States
Housing Act of 1937
certain pension
payments made to
veterans who are in
need of regular aid
and attendance.
.................... .............. ................... 5/18/2015 Passed in the House,
amended, under
suspension by voice
vote.
HR 1839.......................... Reforming Access for 4/16/2015 Patrick McHenry [R- 7/29/2015 Ordered reported, Amends the
Investments in NC-10]. amended, by the Securities Act of
Startup Enterprises Full Committee by 1933 to allow for
Act of 2015. record vote 58-0. the limited resale
of securities held
by an early stage
company accredited
investor or
employee to other
accredited
investors.
.................... .............. ................... 10/6/2015 Reported by the
Committee, H.
Report 114-281.
.................... .............. ................... 10/6/2015 Passed in the House,
amended, under
suspension by
record vote 404-0.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1847.......................... Swap Data Repository 4/16/2015 Eric ``Rick'' 5/20/2015 Ordered reported, Amends the
and Clearinghouse Crawford [R-AR-1]. amended, by the Securities Exchange
Indemnification Full Committee by Act of 1934 and the
Correction Act of record vote 60-0. Commodity Exchange
2015. Act to repeal the
indemnification
requirements for
regulatory
authorities to
obtain access to
swap data required
to be provided by
swaps entities
under those Acts.
.................... .............. ................... 7/14/2015 Reported by the
Committee, H.
Report 114-202 Part
I.
.................... .............. ................... 7/14/2015 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 1941.......................... Financial 4/22/2015 Lynn Westmoreland 7/29/2015 Ordered reported by Creates deadlines
Institutions [R-GA-3]. the Full Committee for agency issuance
Examination by record vote 45- of final exam
Fairness and Reform 13. reports and
Act. establishes a right
to appeal a
material
supervisory
determination to an
Office of
Independent Exam
Review within the
Federal Financial
Institutions
Examination
Council.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-874.
HR 1965.......................... Small Company 4/22/2015 Robert Hurt [R-VA- 5/20/2015 Ordered reported by Exempts smaller
Disclosure 5]. the Full Committee public companies
Simplification Act. by record vote 44- from requirements
11. relating to the use
of Extensible
Business Reporting
Language for
periodic reporting
to the SEC.
.................... .............. ................... 1/28/2016 Reported by the
Committee, H.
Report 114-399.
.................... .............. ................... .............. Incorporated into HR
1675, the
Encouraging
Employee Ownership
Act of 2015.
HR 1975.......................... Securities and 4/22/2015 Gregory Meeks [D-NY- 5/20/2015 Ordered reported by Requires the SEC to
Exchange Commission 5]. the Full Committee refund or credit
Overpayment Credit by record vote 57-0. excess payments
Act. made to the
Commission.
.................... .............. ................... 4/19/2016 Reported by the
Committee, H.
Report 114-505.
HR 2029.......................... Consolidated 4/24/2015 Charles Dent [R-PA- .............. Not considered in Incorporated
Appropriations Act 15]. Committee. provisions
2016. corresponding to
six measures acted
on by the Committee
in the 114th
Congress. See
Appendix I, Part B
for additional
information.
.................... .............. ................... 12/18/15 House concurred in
the Senate
amendment with an
amendment agreed to
by record vote 316-
113.
.................... .............. ................... 12/18/15 Senate agreed to
House amendment to
Senate amendment by
record vote 65-33.
.................... .............. ................... 12/18/15 Signed by the
President and
became PL 114-113.
HR 2048.......................... Uniting and 4/28/2015 James Sensenbrenner 5/8/2015 Committee Discharged
Strengthening [R-WI-5]. by Unanimous
America by Consent.
Fulfilling Rights
and Ensuring
Effective
Discipline Over
Monitoring Act of
2015.
.................... .............. ................... 5/13/2015 Passed in the House
by record vote 338-
88.
.................... .............. ................... 6/2/2015 Passed the Senate by
record vote 67-32.
.................... .............. ................... 6/2/2015 Signed by the
President and
became PL 114-23.
HR 2064.......................... Improving Access to 4/28/2015 Stephen Lee Fincher 5/20/2015 Ordered reported, (1) Reduces the
Capital for [R-TN-8]. amended, by the number of days an
Emerging Growth Full Committee by Emerging Growth
Companies Act. record vote 57-0. Company (EGC) must
have a confidential
registration
statement on file
with the SEC before
it may conduct a
``road show'' from
21 days to 15; (2)
clarifies that an
issuer that was an
EGC at the time it
filed a
confidential
registration
statement but is no
longer an EGC will
continue to be
treated as an EGC
through the date of
its IPO; and (3)
requires the SEC to
revise its general
instructions on
Form S-1 regarding
the financial
information an
issuer must
disclose prior to
its IPO.
.................... .............. ................... 7/14/2015 Reported by the
Committee, H.
Report 114-203.
.................... .............. ................... 7/14/2015 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 2091.......................... Child Support 4/29/2015 Bruce Poliquin [R- 7/29/2015 Ordered reported by Eliminates the 10-
Assistance Act. ME-2]. the Full Committee day waiting period
by record vote 56-2. for child support
agencies pulling
credit reports for
purposes of setting
child support
payment amounts.
.................... .............. ................... 10/6/2015 Reported by the
Committee, H.
Report 114-282.
.................... .............. ................... 10/6/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 2121.......................... SAFE Transitional 4/29/2015 Steve Stivers [R-OH- 3/2/2016 Ordered reported, Amends the S.A.F.E.
Licensing Act of 15]. amended, by the Mortgage Licensing
2015. Full Committee by Act of 2008 to
record vote 56-0. provide a temporary
license for loan
originators
transitioning
between employers.
.................... .............. ................... 5/23/2016 Reported by the
Committee, H.
Report 114-584.
.................... .............. ................... 5/23/2016 Passed in the House,
amended, under
suspension by voice
vote.
HR 2187.......................... Fair Investment 4/30/2015 David Schweikert [R- 12/9/2015 Ordered reported, Amends the
Opportunities for AZ-6]. amended, by the definition of an
Professional Full Committee by accredited investor
Experts Act. record vote 54-2. and permits an
individual who does
not meet the
monetary threshold
to qualify as an
accredited investor
if they pass an
exam developed by
the SEC.
.................... .............. ................... 2/1/2016 Reported by the
Committee, H.
Report 114-406.
.................... .............. ................... 2/1/2016 Passed in the House,
amended, under
suspension by
record vote 347-8.
.................... .............. ................... .............. Incorporated into HR
6427, the Creating
Financial
Prosperity for
Businesses and
Investors Act.
HR 2205.......................... Data Security Act of 5/1/2015 Randy Neugebauer [R- 12/9/2015 Ordered reported, Establishes a
2015. TX-19]. amended, by the uniform national
Full Committee by data security and
record vote 46-9. breach notification
standard for
electronic data and
preempts related
state laws. Provide
the Federal Trade
Commission with
authority to
enforce standards
for entities
covered under the
Act.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-867 Part
I.
HR 2209.......................... To require the 5/1/2015 Luke Messer [R-IN- 11/4/2015 Ordered reported by Requires federal
appropriate Federal 6]. the Full Committee banking agencies
banking agencies to by record vote 56-1. (the Federal
treat certain Deposit Insurance
municipal Corporation, the
obligations as Board of Governors
level 2A liquid of the Federal
assets, and for Reserve System, and
other purposes.. the Office of the
Comptroller of the
Currency) to treat
certain municipal
securities that are
liquid, readily
marketable, and
investment grade as
of the calculation
date as high
quality level 2A
liquid assets.
.................... .............. ................... 2/1/2016 Reported by the
Committee, H.
Report 114-407.
.................... .............. ................... 2/1/2016 Passed in the House
under suspension by
voice vote.
HR 2243.......................... Equity in Government 5/8/2015 Edward Royce [R-CA- 7/29/2015 Ordered reported, Suspends the current
Compensation Act of 39]. amended, by the compensation
2015. Full Committee by packages for the
record vote 57-1. senior executives
of Fannie Mae and
Freddie Mac and
establishes
compensation for
such positions in
accordance with pay
rates for senior
employees in the
Executive Branch of
the Federal
Government and
provides that
compensation of
other current
employees shall be
in accordance with
the General
Schedule.
.................... .............. ................... 11/16/2015 Reported by the
Committee, H.
Report 114-339 Part
I.
.................... .............. ................... 11/16/2015 Senate companion, S.
2036, passed in the
House under
suspension by voice
vote.
.................... .............. ................... 11/25/2015 S. 2036 signed by
the President and
became PL 114-93.
HR 2287.......................... National Credit 5/13/2015 Mick Mulvaney [R-SC- 12/9/2015 Ordered reported by Requires the
Union 5]. the Full Committee National Credit
Administration by record vote 40- Union
Budget Transparency 16. Administration to
Act. hold an annual open
hearing on its
budget.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-868.
HR 2297.......................... Hezbollah 5/13/2015 Edward Royce [R-CA- .............. Not considered in
International 39]. Committee.
Financing
Prevention Act of
2015.
.................... .............. ................... 5/14/2015 Passed in the House
under suspension by
record vote 423-0.
.................... .............. ................... 11/17/2015 Passed in the Senate
with an amendment
by Unanimous
Consent.
.................... .............. ................... 12/16/2015 House agreed to
Senate amendment by
record vote 425-0.
.................... .............. ................... 12/18/2015 Signed by the
President and
became PL 114-102.
HR 2354.......................... Streamlining 5/15/2015 Robert Hurt [R-VA- 5/20/2015 Ordered reported, Directs the SEC to
Excessive and 5]. amended, by the review its
Costly Regulations Full Committee by significant
Review Act. record vote 41-16. regulations to
determine whether
such regulations
are necessary in
the public interest
or whether they
should be amended
or rescinded.
.................... .............. ................... 1/28/2016 Reported by the
Committee, H.
Report 114-403.
.................... .............. ................... .............. Incorporated into HR
1675, the
Encouraging
Employee Ownership
Act of 2015.
HR 2356.......................... Fair Access to 5/15/2015 French Hill [R-AR- 5/20/2015 Ordered reported by Directs the SEC to
Investment Research 2]. the Full Committee provide a safe
Act of 2015. by record vote 48-9. harbor for research
reports that cover
Exchange Traded
Funds (ETFs) so
that these reports
are not considered
``offers'' under
Section 5 of the
Securities Act of
1933.
.................... .............. ................... 1/28/2016 Reported by the
Committee, H.
Report 114-401.
.................... .............. ................... .............. Incorporated into HR
1675, the
Encouraging
Employee Ownership
Act of 2015.
HR 2357.......................... Accelerating Access 5/15/2015 Ann Wagner [R-MO-2] 5/20/2015 Ordered reported by Amends the SEC's
to Capital Act. the Full Committee Form S-3
by record vote 33- registration
24. statement
(simplified
registration form
for companies that
have met prior
reporting
requirements) for
smaller reporting
companies that have
a class of common
equity securities
listed and
registered on a
national securities
exchange.
.................... .............. ................... 4/19/2016 Reported by the
Committee, H.
Report 114-506.
.................... .............. ................... 9/8/2016 Passed in the House,
amended, by record
vote 236-178.
HR 2482.......................... Preservation 5/20/2015 Erik Paulson [R-MN- .............. Not considered in Removes the
Enhancement and 3]. Committee. limitation on
Savings Opportunity rental proceeds/
Act of 2015. profit
distributions and
provides the
ownership entity of
a HUD insured,
multifamily
mortgage access to
its own funds
subject to certain
conditions.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 2643.......................... State Licensing 6/3/2015 Roger Williams [R- 7/29/2015 Ordered reported by Permits state
Efficiency Act of TX-25]. the Full Committee agencies to access
2015. by record vote 57-0. the FBI fingerprint
database for
processing
financial services
licenses through
the Nationwide
Multistate
Licensing System
and Registry.
.................... .............. ................... 10/28/2015 Reported by the
Committee, H.
Report 114-316 Part
I.
.................... .............. ................... 10/28/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 2722.......................... Breast Cancer 6/10/2015 Carolyn Maloney [D- .............. Not considered in Requires the
Awareness NY-12]. Committee. Treasury Secretary
Commemorative Coin to mint coins in
Act. recognition of the
fight against
breast cancer.
.................... .............. ................... 7/15/2015 Passed in the House,
amended, by record
vote 421-9, 1
Present.
.................... .............. ................... 4/19/2016 Passed in the Senate
by Unanimous
Consent.
.................... .............. ................... 4/29/2016 Signed by the
President and
became PL 114-148.
HR 2726.......................... Apollo 11 50th 6/10/2015 Bill Posey [R-FL-8] .............. Not considered in Requires the
Anniversary Committee. Treasury Secretary
Commemorative Coin to mint
Act. commemorative coins
in recognition of
the 50th
anniversary of the
first manned
landing on the
Moon.
.................... .............. ................... 12/5/2016 Passed in the House
under suspension by
voice vote.
.................... .............. ................... 12/10/2016 Passed in the Senate
by voice vote.
.................... .............. ................... 12/16/2016 Signed by the
President and
became PL 114-282.
HR 2769.......................... Risk-Based Capital 6/15/2015 Stephen Lee Fincher 9/30/2015 Ordered reported by Requires a study
Study Act of 2015. [R-TN-8]. the Full Committee relating to the
by record vote 50-9. NCUA's risk-based
capital rule.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-869.
HR 2896.......................... TAILOR Act of 2015.. 6/25/2015 Scott Tipton [R-CO- 3/2/2016 Ordered reported by Requires federal
3]. the Full Committee financial
by record vote 34- institutions
22. regulatory agencies
to take risk
profiles and
business models of
institutions into
account when taking
regulatory actions.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-870.
HR 2901.......................... Flood Insurance 6/25/2015 Dennis Ross [R-FL- 3/2/2016 Ordered reported, Amends the Flood
Market Parity and 15]. amended, by the Disaster Protection
Modernization Act. Full Committee by Act to clarify that
record vote 53-0. flood insurance
offered by a
private carrier
outside of the
National Flood
Insurance Program
can satisfy the
Act's mandatory
purchase
requirement.
.................... .............. ................... 4/26/2016 Reported by the
Committee, H.
Report 114-524.
.................... .............. ................... 4/28/2016 Passed in the House,
amended, under
suspension by
record vote 419-0.
HR 2912.......................... Centennial Monetary 6/25/2015 Kevin Brady [R-TX- 7/29/2015 Ordered reported by Creates a commission
Commission Act of 8]. the Full Committee to examine United
2015. by record vote 35- States monetary
22. policy, evaluate
alternative
monetary regimes,
and recommend a
course for monetary
policy going
forward.
.................... .............. ................... 11/19/2015 Reported by the
Committee, H.
Report 114-331.
.................... .............. ................... .............. Incorporated into HR
3189, the Fed
Oversight Reform
and Modernization
Act of 2015.
HR 2992.......................... Merchant Marine of 7/9/2015 Susan Brooks [R-IN- .............. Not considered in Awards a
World War II 5]. Committee. Congressional Gold
Congressional Gold Medal,
Medal Act. collectively, to
the U.S. Merchant
Marine of WWII, in
recognition of
their dedicated and
vital service
during WWII.
.................... .............. ................... 11/30/16 Passed in the House
under suspension by
voice vote.
HR 2997.......................... Private Investment 7/9/2015 Dennis Ross [R-FL- .............. Not considered in Directs the HUD
in Housing Act of 15]. Committee. Secretary to
2015. establish a
demonstration
program under which
the Secretary may
enter into budget-
neutral,
performance-based
agreements (for up
to 12 years each)
that result in a
reduction in energy
or water costs with
appropriate
entities to carry
out projects for
energy or water
conservation
improvements at up
to 20,000
residential units
in multifamily
buildings
participating in:
Section 8 rental
assistance
programs,
supportive housing
for the elderly, or
supportive housing
for people with
disabilities.
.................... .............. ................... 7/14/2015 Passed in the House
under suspension by
record vote 395-28.
.................... .............. ................... .............. Incorporated into HR
22, the Fixing
America's Surface
Transportation Act.
HR 3032.......................... Securities and 7/10/2015 Kyrsten Sinema [D- 7/29/2015 Ordered reported by Relieves the SEC of
Exchange Commission AZ-9]. the Full Committee the obligation to
Reporting by record vote 58-0. publish a report to
Modernization Act. Congress that other
federal agencies
are no longer
required to
publish.
.................... .............. ................... 11/16/2015 Reported by the
Committee, H.
Report 114-337.
.................... .............. ................... 11/16/2015 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
2029, the
Consolidated
Appropriations Act
2016.
HR 3189.......................... Fed Oversight Reform 7/23/2015 Bill Huizenga [R-MI- 7/29/2015 Ordered reported, Modifies certain
and Modernization 2]. amended, by the operations of the
Act of 2015. Full Committee by Federal Reserve
record vote 33-25. System.
.................... .............. ................... 11/16/2015 Reported by the
Committee, H.
Report 114-332 Part
I.
.................... .............. ................... 11/19/2015 Passed in the House,
amended, by record
vote 241-185.
HR 3192.......................... Homebuyers 7/23/2015 French Hill [R-AR- 7/29/2015 Ordered reported by Provides a temporary
Assistance Act. 2]. the Full Committee safe harbor from
by record vote 45- the enforcement of
13. integrated
disclosure
requirements for
mortgage loan
transactions under
the Real Estate
Settlement
Procedures Act of
1974 and the Truth
in Lending Act.
.................... .............. ................... 10/1/2015 Reported by the
Committee, H.
Report 114-278.
.................... .............. ................... 10/7/2015 Passed in the House
by record vote 303-
121.
HR 3340.......................... Financial Stability 7/29/2015 Tom Emmer [R-MN-6]. 11/4/2015 Ordered reported, Subjects the Office
Oversight Council amended, by the of Financial
Reform Act. Full Committee by Research and the
record vote 33-24. Financial Stability
Oversight Council
to the
congressional
appropriations
process.
.................... .............. ................... 3/23/2016 Reported by the
Committee, H.
Report 114-473.
.................... .............. ................... 4/14/2016 Passed in the House,
amended, by record
vote 239-179.
HR 3557.......................... FSOC Transparency 9/18/2015 Scott Garrett [R-NJ- 11/4/2015 Ordered reported by Subjects the FSOC to
and Accountability 5]. the Full Committee open meetings laws,
Act. by record vote 33- permits meeting
24. attendance by non-
Chair agency
commission members
and Members of
Congress, and
requires an agency-
level vote prior to
any vote by the
FSOC.
.................... .............. ................... 4/19/2016 Reported by the
Committee, H.
Report 114-507.
HR 3662.......................... Iran Terror Finance 10/1/2015 Steve Russell [R-OK- 1/11/2016 Committee Discharged
Transparency Act. 5]. by Unanimous
Consent.
.................... .............. ................... 2/2/2016 Passed the House by
record vote 246-181.
HR 3700.......................... Housing Opportunity 10/7/2015 Blaine Luetkemeyer 12/9/2015 Ordered reported, Reforms and
Through [R-MO-3]. amended, by the modernizes certain
Modernization Act Full Committee by housing programs.
of 2015. record vote 44-10.
.................... .............. ................... 1/28/2016 Reported by the
Committee, H.
Report 114-397.
.................... .............. ................... 2/2/2016 Passed in the House,
amended, by record
vote 427-0.
.................... .............. ................... 7/14/2016 Passed in the Senate
by Unanimous
Consent.
.................... .............. ................... 7/29/2016 Signed by the
President and
became PL 114-201.
HR 3738.......................... Office of Financial 10/9/2015 Edward Royce [R-CA- 11/4/2015 Ordered reported by Requires the OFR to
Research 39]. the Full Committee produce an annual
Accountability Act by record vote 35- work plan, consult
of 2015. 22. with federal
financial
regulators and
incorporate their
recommendations,
and develop and
implement a
cybersecurity plan.
.................... .............. ................... 6/8/2016 Reported by the
Committee, H.
Report 114-608.
HR 3784.......................... SEC Small Business 10/21/2015 John Carney [D-DE]. 12/9/2015 Ordered reported, Provides that the
Advocate Act of amended, by the SEC's existing
2015. Full Committee by office of Small
record vote 56-0. Business Policy
shall report to the
SEC Chairman and
renames the office.
.................... .............. ................... 2/1/2016 Reported by the
Committee, H.
Report 114-408.
.................... .............. ................... 2/1/2016 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... 12/10/2016 Passed in the Senate
by Unanimous
Consent.
.................... .............. ................... 12/16/2016 Signed by the
President and
became PL 114-284.
HR 3791.......................... To raise the 10/21/2015 Mia Love [R-UT-4].. 12/9/2015 Ordered reported by Raises the
consolidated assets the Full Committee qualifying
threshold under the by record vote 33- threshold for the
small bank holding 21. Federal Reserve's
company policy Small Bank Holding
statement, and for Company Policy
other purposes.. Statement Rule from
$1 billion to $5
billion.
.................... .............. ................... 3/23/2016 Reported by the
Committee, H.
Report 114-474.
.................... .............. ................... 4/14/2016 Passed in the House
by record vote 247-
171.
HR 3798.......................... Due Process 10/22/2015 Scott Garrett [R-NJ- 3/2/2016 Ordered reported by Permits private
Restoration Act of 5]. the Full Committee persons to compel
2015. by record vote 32- the SEC to seek
25. legal or equitable
remedies in a civil
action instead of
an administrative
proceeding.
.................... .............. ................... 7/21/2016 Reported by the
Committee, H.
Report 114-697.
HR 3857.......................... To require the Board 10/29/2015 Luke Messer [R-IN- 11/4/2015 Ordered reported by Requires federal
of Governors of the 6]. the Full Committee regulators to
Federal Reserve by record vote 33- prescribe rules on
System and the 24. de-designation and
Financial Stability heightened
Oversight Council prudential
to carry out standards before
certain designating any
requirements under additional non-bank
the Financial SIFIs.
Stability Act of
2010 before making
any new
determination under
section 113 of such
Act, and for other
purposes..
.................... .............. ................... 12/16/2016 Reported by the
Committee, H.
Report 114-878.
HR 3868.......................... Small Business 11/2/2015 Mick Mulvaney [R-SC- 11/4/2015 Ordered reported, Modifies the
Credit Availability 5]. amended, by the regulatory regime
Act. Full Committee by for business
record vote 53-4. development
companies (BDCs);
allows BDCs to
increase their
asset coverage
ratio from 1:1 to
2:1; expands the
definition of an
eligible portfolio
company in which a
BDC may invest; and
allows BDCs to
offer securities
more easily to the
public.
.................... .............. ................... 4/19/2016 Reported by the
Committee, H.
Report 114-508.
HR 4096.......................... Investor Clarity and 11/19/2015 Michael Capuano [D- 3/2/2016 Ordered reported by Amends the Volcker
Bank Parity Act. MA-7]. the Full Committee Rule to permit
by voice vote. certain investment
advisers to share a
similar name with a
private equity
fund, subject to
certain
restrictions.
.................... .............. ................... 4/26/2016 Reported by the
Committee, H.
Report 114-523.
.................... .............. ................... 4/26/2016 Passed in the House
under suspension by
record vote 395-3.
HR 4139.......................... Fostering Innovation 12/1/2015 Kyrsten Sinema [D- 3/2/2016 Ordered reported by Provides a temporary
Act of 2015. AZ-9]. the Full Committee exemption for low-
by record vote 42- revenue issuers
15. from certain
auditor attestation
requirements.
.................... .............. ................... 5/23/2016 Reported by the
Committee, H.
Report 114-588.
.................... .............. ................... 5/23/2016 Passed in the House
under suspension by
voice vote.
HR 4166.......................... Expanding Proven 12/3/2015 Andy Barr [R-KY-6]. 3/2/2016 Ordered reported, Amends the
Financing for amended, by the Securities Exchange
American Employers Full Committee by Act of 1934 to
Act. record vote 42-15. provide specific
credit risk
retention
requirements to
certain qualifying
collateralized loan
obligations.
.................... .............. ................... 5/26/2016 Reported by the
Committee, H.
Report 114-596.
HR 4168.......................... Small Business 12/3/2015 Bruce Poliquin [R- 12/9/2015 Ordered reported by Requires the SEC to
Capital Formation ME-2]. the Full Committee review the findings
Enhancement Act. by record vote 55-1. and recommendations
of the annual
Government-Business
Forum on Small
Business Capital
Formation and
requires the SEC to
promptly issue a
public statement
(a) assessing the
finding or
recommendation of
the Forum; and (b)
disclosing the
action, if any,
that the SEC
intends to take
with respect to the
finding or
recommendation.
.................... .............. ................... 2/1/2016 Reported by the
Committee, H.
Report 114-409.
.................... .............. ................... 2/1/2016 Passed in the House
under suspension by
record vote 390-1.
.................... .............. ................... .............. Incorporated into HR
6427, the Creating
Financial
Prosperity for
Businesses and
Investors Act.
HR 4487.......................... Public Buildings 2/8/2016 Lou Barletta [R-PA- 5/23/2016 Committee Discharged
Reform and Savings 11]. by Unanimous
Act of 2016. Consent.
.................... .............. ................... 5/23/2016 Passed in the House,
amended, under
suspension by voice
vote.
HR 4498.......................... Helping Angels Lead 2/9/2016 Steve Chabot [R-OH- 3/2/2016 Ordered reported by Amends the
Our Startups Act. 1]. the Full Committee definition of
by record vote 44- ``general
13. solicitation''
under federal
securities law.
.................... .............. ................... 4/19/2016 Reported by the
Committee, H.
Report 114-509.
.................... .............. ................... 4/27/2016 Passed in the House
by record vote 325-
89.
HR 4538.......................... Senior Safe Act of 2/11/2016 Kyrsten Sinema [D- 6/16/2016 Ordered reported, Provides immunity
2016. AZ-9]. amended, by the from suit for
Full Committee by certain individuals
record vote 59-0. who disclose
potential instances
of financial
exploitation of
senior citizens.
.................... .............. ................... 7/5/2016 Reported by the
Committee, H.
Report 114-659.
.................... .............. ................... 7/5/2016 Passed in the House,
amended, under
suspension by voice
vote.
HR 4620.......................... Preserving Access to 2/25/2016 French Hill [R-AR- 3/2/2016 Ordered reported by Exempts certain
CRE Capital Act of 2]. the Full Committee commercial real
2016. by record vote 39- estate loans from
18. the Dodd-Frank
Act's risk
retention
requirements.
.................... .............. ................... 5/26/2016 Reported by the
Committee, H.
Report 114-597.
HR 4638.......................... Main Street Growth 2/26/2016 Scott Garrett [R-NJ- 3/2/2016 Ordered reported, Amends the 1934 Act
Act. 5]. amended, by the to allow for the
Full Committee by creation of venture
record vote 32-25. exchanges to
promote the
liquidity of
venture securities.
.................... .............. ................... 6/8/2016 Reported by the
Committee, H.
Report 114-609.
HR 4850.......................... Micro Offering Safe 3/23/2016 Tom Emmer [R-MN-6]. 6/16/2016 Ordered reported, Amends the
Harbor Act. amended, by the Securities Act of
Full Committee by 1933 to exempt
record vote 34-25. certain micro-
offerings from the
registration
requirements of
such Act.
.................... .............. ................... 9/6/2016 Reported by the
Committee, H.
Report 114-723.
.................... .............. ................... .............. Incorporated into HR
2357, the
Accelerating Access
to Capital Act.
HR 4852.......................... Private Placement 3/23/2016 Scott Garrett [R-NJ- 6/16/2016 Ordered reported, Directs the SEC to
Improvement Act of 5]. amended, by the revise Regulation D
2016. Full Committee by relating to
record vote 33-26. exemptions from
registration
requirements for
certain sales of
securities.
.................... .............. ................... 9/6/2016 Reported by the
Committee, H.
Report 114-726.
.................... .............. ................... .............. Incorporated into HR
2357, the
Accelerating Access
to Capital Act.
HR 4854.......................... Supporting America's 3/23/2016 Patrick McHenry [R- 6/16/2016 Ordered reported, Amends the
Innovators Act of NC-10]. amended, by the Investment Company
2016. Full Committee by Act of 1940 go
record vote 57-2. expand the investor
limitation for
qualifying venture
capital funds under
an exemption from
the definition of
an Investment
Company.
.................... .............. ................... 7/5/2016 Reported by the
Committee, H.
Report 114-660.
.................... .............. ................... 7/5/2016 Passed in the House,
amended, under
suspension by
record vote 388-9.
.................... .............. ................... .............. Incorporated into HR
6427, the Creating
Financial
Prosperity for
Businesses and
Investors Act.
HR 4855.......................... Fix Crowdfunding Act 3/23/2016 Patrick McHenry [R- 6/16/2016 Ordered reported, Amends provisions in
NC-10]. amended, by the the securities laws
Full Committee by relating to
record vote 57-2. regulation
crowdfunding to
raise the dollar
amount limit and to
clarify certain
requirements and
exclusions for
funding portals
established by such
Act.
.................... .............. ................... 7/5/2016 Reported by the
Committee, H.
Report 114-661.
.................... .............. ................... 7/5/2016 Passed in the House,
amended, under
suspension by
record vote 394-4.
.................... .............. ................... .............. Incorporated into HR
6427, the Creating
Financial
Prosperity for
Businesses and
Investors Act.
HR 4894.......................... To repeal title II 4/11/2016 Lynn Westmoreland 4/13/2016 Ordered reported by Repeals the Orderly
of the Dodd-Frank [R-GA-3]. the Full Committee Liquidation
Wall Street Reform by record vote 34- Authority
and Consumer 22. established in
Protection Act. Title II of the
Dodd-Frank Act.
.................... .............. ................... 5/19/2016 Reported by the
Committee, H.
Report 114-574.
HR 4992.......................... United States 4/19/2016 Edward Royce [R-CA- .............. Not considered in Codifies regulations
Financial System 39]. Committee. relating to
Protection Act of transfers of funds
2016. involving Iran.
.................... .............. ................... 7/14/2016 Passed in the House
by record vote 246-
181.
HR 5019.......................... Fair Access to 4/21/2016 French Hill [R-AR- .............. Not considered in Directs the SEC to
Investment Research 2]. Committee. provide a safe
Act of 2016. harbor related to
certain investment
fund research
reports.
.................... .............. ................... 4/28/2016 Passed in the House
under suspension by
record vote 411-6.
HR 5143.......................... Transparent 4/29/2016 Blaine Luetkemeyer 6/16/2016 Ordered reported, Establishes certain
Insurance Standards [R-MO-3]. amended, by the conditions relating
Act of 2016. Full Committee by to the negotiation
record vote 34-25. of international
insurance
standards.
.................... .............. ................... 11/22/2016 Reported by the
Committee, H.
Report 114-831.
.................... .............. ................... 12/7/16 Passed in the House,
amended, by record
vote 239-170.
HR 5311.......................... Corporate Governance 5/24/2016 Sean Duffy [R-WI-7] 6/16/2016 Ordered reported, Establishes rules
Reform and amended, by the relating to the
Transparency Act of Full Committee by operation of Proxy
2016. record vote 41-18. Advisory Firms.
.................... .............. ................... 9/28/2016 Reported by the
Committee, H.
Report 114-798.
HR 5322.......................... U.S. Territories 5/25/2016 Nydia Velazquez [D- 6/16/2016 Ordered reported by Amends the
Investor Protection NY-7]. the Full Committee Investment Company
Act of 2016. by record vote 59-0. Act of 1940 to
terminate an
exemption from
registration for
companies located
in Puerto Rico, the
Virgin Islands, and
any other
possession of the
United States.
.................... .............. ................... 7/11/2016 Reported by the
Committee, H.
Report 114-673.
.................... .............. ................... 7/11/2016 Passed in the House
under suspension by
voice vote.
.................... .............. ................... .............. Incorporated into HR
6427, the Creating
Financial
Prosperity for
Businesses and
Investors Act.
HR 5421.......................... National Securities 6/9/2016 Edward Royce [R-CA- 6/16/2016 Ordered reported by Amends the
Exchange Regulatory 39]. the Full Committee Securities Act of
Parity Act of 2016. by record vote 47- 1933 to apply the
12. exemption from
state regulation of
securities
offerings to
securities listed
on a national
security exchange
that has listing
standards that have
been approved by
the SEC.
.................... .............. ................... 7/12/2016 Reported by the
Committee, H.
Report 114-684.
.................... .............. ................... 7/12/2016 Passed in the House,
amended, under
suspension by voice
vote.
HR 5424.......................... Investment Advisers 6/9/2016 Robert Hurt [R-VA- 6/16/2016 Ordered reported, Amends the
Modernization Act 5]. amended, by the Investment Advisers
of 2015. Full Committee by Act of 1940 to
record vote 47-12. direct the SEC to
amend certain rules
relating to
investment
advisers.
.................... .............. ................... 7/21/2016 Reported by the
Committee, H.
Report 114-698.
.................... .............. ................... 9/9/2016 Passed in the House,
amended, by record
vote 261-145.
HR 5429.......................... SEC Regulatory 6/9/2016 Scott Garrett [R-NJ- 6/16/2016 Ordered reported by Establishes
Accountability Act. 5]. the Full Committee standards governing
by record vote 34- the SEC's
25. consideration of
the costs and
benefits of its
regulations and
orders.
.................... .............. ................... 9/28/2016 Reported by the
Committee, H.
Report 114-799.
HR 5461.......................... Iranian Leadership 6/13/2016 Bruce Poliquin [R- 6/16/2016 Ordered reported by Requires the
Asset Transparency ME-2]. the Full Committee Secretary of the
Act. by record vote 39- Treasury to submit
20. a report to the
appropriate
congressional
committees on the
estimated total
assets under direct
or indirect control
by certain senior
Iranian leaders and
other figures.
.................... .............. ................... 9/13/2016 Reported by the
Committee, H.
Report 114-746 Part
I.
.................... .............. ................... 9/21/2016 Passed in the House,
amended, by record
vote 282-143.
HR 5469.......................... To require the 6/14/2016 Stevan Pearce [R-NM- .............. Not considered in Requires the
Secretary of the 2]. Committee. Secretary of the
Treasury to direct Treasury to direct
the United States the Executive
Executive Director Director at the IMF
at the to support the
International capacity of the IMF
Monetary Fund to to prevent money
support the laundering and the
capacity of the financing of
International terrorism.
Monetary Fund to
prevent money
laundering and
financing of
terrorism..
.................... .............. ................... 7/11/2016 Passed in the House
under suspension by
voice vote.
HR 5523.......................... Clyde-Hirsch-Sowers 6/16/2016 Peter Roskam [R-IL- 9/9/2016 Committee Discharged
RESPECT Act. 6]. by Unanimous
Consent.
.................... .............. ................... 9/22/2016 Passed in the House,
amended, under
suspension by
record vote 415-0.
HR 5594.......................... National Strategy 6/28/2016 Michael Fitzpatrick .............. Not considered in Requires the
for Combating [R-PA-8]. Committee. establishment of a
Terrorist, national strategy
Underground, and for combating the
Other Illicit financing of
Financing Act. terrorism and
related financial
crimes.
.................... .............. ................... 7/11/2016 Passed in the House
under suspension by
voice vote.
HR 5602.......................... To amend title 31, 6/28/2016 Stephen Lynch [D-MA- .............. Not considered in Amends title 31, of
United States Code, 8]. Committee. the U.S. Code, to
to authorize the authorize the
Secretary of the Secretary of the
Treasury to include Treasury to include
all funds when all funds when
issuing certain issuing certain
geographic geographic
targeting orders, targeting orders.
and for other
purposes..
.................... .............. ................... 7/11/2016 Passed in the House
under suspension by
record vote 356-47.
.................... .............. ................... 12/10/2016 Passed in the Senate
with an amendment
by voice vote.
HR 5606.......................... Anti-terrorism 6/28/2016 Robert Pittenger [R- .............. Not considered in Seeks to facilitate
Information Sharing NC-9]. Committee. information sharing
Is Strength Act. to better inhibit
the funding of
terrorist
activities.
.................... .............. ................... 7/11/2016 Failed in the House
under suspension by
record vote (\2/3\
required) 229-177.
HR 5607.......................... Enhancing Treasury's 6/28/2016 Robert Pittenger [R- .............. Not considered in Seeks to enhance the
Anti-Terror Tools NC-9]. Committee. Treasury
Act. Department's role
in protecting
national security.
.................... .............. ................... 7/11/2016 Passed in the House,
amended, by record
vote 362-45.
HR 5631.......................... Iran Accountability 7/6/2016 Kevin McCarthy [R- .............. Not considered in
Act of 2016. CA-23]. Committee.
.................... .............. ................... 7/14/2016 Passed in the House
by record vote 246-
179.
HR 5687.......................... GAO Mandates 7/8/2016 Jody Hice [R-GA-10] 9/19/2016 Committee Discharged
Revision Act of by Unanimous
2016. Consent.
.................... .............. ................... 9/20/2016 Passed in the House
under suspension by
voice vote.
.................... .............. ................... 12/10/2016 Passed in the Senate
by Unanimous
Consent.
.................... .............. ................... 12/16/2016 Signed by the
President and
became PL 114-301.
HR 5708.......................... Nicaraguan 7/11/2016 Ileana Ros-Lehtinen 9/21/2016 Committee Discharged
Investment [R-FL-27]. by Unanimous
Conditionality Act Consent.
(NICA) of 2016.
.................... .............. ................... 9/21/2016 Passed the House,
amended, by
Unanimous Consent.
HR 5711.......................... No U.S. Financing 7/11/2016 Bill Huizenga [R-MI- 7/13/2016 Ordered reported, Prohibits the
for Iran Act. 2]. amended, by the Secretary of the
Full Committee by Treasury from
record vote 33-21. authorizing certain
transactions by a
U.S. financial
institution in
connection with the
export or re-export
of a commercial
passenger aircraft
to Iran.
.................... .............. ................... 11/14/2016 Reported by the
Committee, H.
Report 114-810.
.................... .............. ................... 11/17/2016 Passed the House,
amended, by record
vote 243-174.
HR 5715.......................... No Ex-Im Assistance 7/11/2016 Peter Roskam [R-IL- 7/13/2016 Ordered reported, Prohibits the Export-
for Terrorism Act. 6]. amended, by the Import Bank of the
Full Committee by United States from
record vote 32-21. providing financing
in connection with
Iran-related
transactions.
.................... .............. ................... 11/14/2016 Reported by the
Committee, H.
Report 114-819.
.................... .............. ................... .............. Incorporated into HR
5711, the No U.S.
Financing for Iran
Act.
HR 5729.......................... To prohibit the 7/12/2016 Robert Pittenger [R- 7/13/2016 Ordered reported, Prohibits the
Secretary of the NC-9]. amended, by the Treasury Secretary
Treasury from Full Committee by from issuing
issuing certain record vote 33-21. certain licenses in
licenses in connection with the
connection with the export or re-export
export or re-export of a commercial
of a commercial passenger aircraft
passenger aircraft to Iran. Requires
to the Islamic annual reports by
Republic of Iran, the Secretary and
to require annual the Export-Import
reports by the Bank on financing
Secretary of the issues related to
Treasury and the the sale or lease
Export-Import Bank to Iran of a
on financing issues commercial
related to the sale passenger aircraft
or lease of such a or spare parts.
commercial
passenger aircraft
or spare parts for
such an aircraft,
and for other
purposes.
.................... .............. ................... 12/12/2016 Reported by the
Committee, H.
Report 114-866 Part
I.
HR 5983.......................... Financial CHOICE Act 9/9/2016 Jeb Hensarling [R- 9/13/2016 Ordered reported by Modifies provisions
of 2016. TX-5]. the Full Committee of current law
by record vote 30- relating to the
26. regulation of the
financial industry
and monetary
policy.
.................... .............. ................... 12/20/2016 Reported by the
Committee, H.
Report 114-883 Part
I.
HR 6297.......................... Iran Sanctions 11/14/2016 Edward Royce [R-CA- 11/15/2016 Passed in the House
Extension Act. 39]. under suspension by
record vote 419-1.
.................... .............. ................... 12/1/2016 Passed in the Senate
by record vote 99-0.
.................... .............. ................... 12/15/2016 Signed by the
President and
became PL 114-277.
HR 6392.......................... Systemic Risk 11/22/2016 Blaine Luetkemeyer .............. Not considered in Specifies when bank
Designation [R-MO-3]. Committee. holding companies
Improvement Act of may be subject to
2016. certain enhanced
supervision.
.................... .............. ................... 12/1/2016 Passed in the House,
amended, by record
vote 254-161.
HR 6427.......................... Creating Financial 12/2/2016 Scott Garrett [R-NJ- .............. Not considered in Consolidates the
Prosperity for 5]. Committee. following bills
Businesses and previously acted on
Investors Act. by the Committee in
the 114th Congress:
H.R. 2187; H.R.
3784; H.R. 4168;
H.R. 4854; H.R.
4855; and H.R.
5322.
.................... .............. ................... 12/5/2016 Passed in the House
under suspension by
record vote 391-2.
H. Res. 411...................... Finding that the 9/9/2015 Mike Pompeo [R-KS- .............. Not considered in
President has not 4]. Committee.
complied with
section 2 of the
Iran Nuclear
Agreement Review
Act of 2015.
.................... .............. ................... 9/10/2015 Passed in the House
by record vote 245-
186.
S 1555........................... Filipino Veterans of 6/11/2015 Mazie Hirono [D-HI] .............. Not considered in Awards a
World War II Committee. Congressional Gold
Congressional Gold Medal,
Medal Act of 2015. collectively, to
the Filipino
veterans of World
War II in
recognition of
their service
during the war.
.................... .............. ................... 7/13/2016 Passed in the Senate
by Unanimous
Consent.
.................... .............. ................... 11/30/2016 Passed in the House
under suspension by
voice vote.
.................... .............. ................... 12/14/2016 Signed by the
President and
became PL 114-265.
S 2234........................... Office of Strategic 11/4/2015 Roy Blunt [R-MO]... .............. Not considered in Awards a
Services Committee. Congressional Gold
Congressional Gold Medal,
Medal Act. collectively, to
the members of the
Office of Strategic
Services (OSS) in
recognition of the
service of the OSS
during World War
II.
.................... .............. ................... 2/22/2016 Passed in the Senate
by Unanimous
Consent.
.................... .............. ................... 11/30/2016 Passed in the House
under suspension by
voice vote.
.................... .............. ................... 12/14/2016 Signed by the
President and
became PL 114-269.
S. 2577.......................... Justice for All 2/24/2016 John Cornyn [R-TX]. .............. Not considered in
Reauthorization Act Committee.
of 2016.
.................... .............. ................... 6/16/2016 Passed in the
Senate, amended, by
voice vote.
.................... .............. ................... 11/29/2016 Passed in the House,
amended, under
suspension by voice
vote.
.................... .............. ................... 12//2016 Signed by the
President and
became PL 114-324.
--------------------------------------------------------------------------------------------------------------------------------------------------------
FULL COMMITTEE OVERSIGHT ACTIVITIES
Financial Stability Oversight Council
The Financial Stability Oversight Council (``FSOC'') was
created by the Dodd-Frank Wall Street Reform and Consumer
Protection Act with three statutory mandates: to identify risks
to the financial stability of the United States; to promote
market discipline by eliminating the expectation of government
bailouts; and to respond to emerging threats to the U.S.
financial system. The FSOC consists of ten voting members from
the nine federal financial regulatory agencies and an
independent member with insurance expertise. It also has five
nonvoting members. In addition to its numerous authorities and
tools to carry out its mandates, the Dodd-Frank Act requires
that the chair of FSOC, the Secretary of the Department of the
Treasury, appear before the Committee on Financial Services and
the Senate Committee on Banking, Housing, and Urban Affairs to
discuss the FSOC annual report.
In the 114th Congress, the Committee held two hearings to
examine the FSOC annual report and matters related to the
FSOC's activities, including the exercise of its authority to
designate nonbank financial companies for supervision by the
Federal Reserve. The first of these hearings was held on June
17, 2015, and the second was held on September 22, 2016.
Treasury Secretary Jacob Lew was the sole witness at each
hearing,
Additionally, the Committee held a hearing on December 8,
2015, entitled ``Oversight of the Financial Stability Oversight
Council.'' The hearing supplemented the June 2015 and September
2016 hearings by further examining the FSOC's agenda,
operations, and structure. Witnesses were: The Honorable Mary
Jo White, Chair, Securities and Exchange Commission; The
Honorable Timothy Massad, Chairman, Commodity Futures Trading
Commission; The Honorable Roy Woodall, Jr., Independent Member
with Insurance Expertise; The Honorable Debbie Matz,
Chairwoman, National Credit Union Administration; The Honorable
Melvin Watt, Director, Federal Housing Finance Agency; The
Honorable Martin Gruenberg, Chairman, Federal Deposit Insurance
Corporation; The Honorable Richard Cordray, Director, Bureau of
Consumer Financial Protection (``CFPB''); and The Honorable
Thomas Curry, Comptroller of the Currency, Office of the
Comptroller of the Currency (``OCC''). Federal Reserve Board of
Governors Chair Janet Yellen was invited to testify but did not
attend.
U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (``SEC'') has a
three-part mission: to protect investors; to maintain fair,
orderly and efficient markets; and to facilitate capital
formation. In achieving this mission, the SEC is responsible
for the implementation of the federal securities laws,
including the Securities Act of 1933 and the Securities
Exchange Act of 1934. In fulfilling its oversight
responsibility of the SEC, the Committee held several hearings
over the course of the 114th Congress to review the SEC's
rulemaking, its enforcement of federal securities laws, and the
operations of its numerous divisions and offices.
The Committee held a hearing on March 24, 2015, entitled
``Examining the SEC's Agenda, Operations, and FY 2016 Budget
Request.'' SEC Chair Mary Jo White was the sole witness. The
hearing examined the SEC's rulemaking agenda, including
directives from the Dodd-Frank Act and the Jumpstart Our
Business Startups Act, as well as the Administration's FY 2016
SEC budget request of $1.722 billion.
On November 18, 2015, the Committee held a hearing entitled
``Examining the SEC's Agenda, Operations, and FY 2017 Budget
Request.'' Chair White was again the sole witness and testified
concerning the SEC's agenda, operations, and preliminary FY
2017 budget request of $1.882 billion.
On November 15, 2016, the Committee held a hearing entitled
``Examining the SEC's Agenda, Operations, and FY 2018 Budget
Request.'' Chair White was the sole witness. The hearing
examined the SECs' agenda and operations; matters related to
Chair White's stated intention to resign her position at the
end of the current Administration; and the SEC's preliminary FY
2018 budget request of $2.227 billion.
The Dodd-Frank Act
On March 18, 2015, the Committee held a hearing entitled,
``Preserving Consumer Choice and Financial Independence.''
Witnesses were: Mr. Tyrone Fenderson Jr., President and Chief
Executive Officer, Commonwealth National Bank (on behalf of the
American Bankers Association); Mr. Patrick Miller, President
and Chief Executive Officer, CBC Federal Credit Union (on
behalf of the Credit Union National Association); Mr. J. David
Williams, Chairman and Chief Executive Officer, Centennial Bank
(on behalf of the Independent Community Bankers of America);
Mrs. Peggy Bosma-LaMascus, President and Chief Executive
Officer, Patriot Federal Credit Union (on behalf of the
National Association of Federal Credit Unions); and Professor
Adam J. Levitin, Professor of Law, Georgetown University Law
Center. The hearing compliance costs associated with
implementing the Dodd-Frank Act.
On July 9, 2015, the Committee held a hearing entitled
``The Dodd-Frank Act Five Years Later: Are We More Stable?''
Witnesses were: The Honorable Paul Atkins, Chief Executive
Officer, Patomak Global Partners, LLC and former Commissioner,
SEC; Dr. Mark Calabria, Director of Financial Regulation
Studies, Cato Institute; Damon Silvers, Director of Policy and
Special Counsel, American Federation of Labor-Congress of
Industrial Organizations; and Professor Todd Zywicki,
Foundation Professor of Law and Executive Director of the Law
and Economics Center, George Mason University School of Law.
This hearing examined the operation of the Dodd-Frank Act in
connection with financial stability considerations.
On July 23, 2015, the Committee held a hearing entitled,
``Ending `Too Big to Fail': What is the Proper Role of Capital
and Liquidity?'' This hearing examined the effectiveness of the
Dodd-Frank Act and other regulatory measures that set capital
and liquidity standards. Witnesses included: Dr. Charles W.
Calomiris, Professor, Henry Kaufman Professor of Financial
Institutions, Columbia University Graduate School of Business;
Dr. Sujit ``Bob'' Chakravorti, Managing Director and Chief
Economist, The Clearing House; Dr. John E. Parsons, Senior
Lecturer, Sloan School of Management, Massachusetts Institute
of Technology; and Dr. Norbert J. Michel, Research Fellow in
Financial Regulations, Thomas A. Roe Institute for Economic
Policy Studies, The Heritage Foundation.
On July 28, 2015, the Committee held a hearing entitled
``The Dodd-Frank Act Five Years Later: Are We More
Prosperous?'' Witnesses were: The Honorable Phil Gramm, Senior
Adviser, U.S. Policy Metrics and former United States Senator;
The Honorable R. Bradley Miller, Of Counsel, Grais & Ellsworth
LLP and former Member of Congress; and Peter Wallison, Arthur
F. Burns Fellow in Financial Policy Studies, American
Enterprise Institute. This hearing examined the operation of
the Dodd-Frank Act in connection with economic growth
considerations.
On September 17, 2015, the Committee held a hearing
entitled ``The Dodd-Frank Act Five Years Later: Are We More
Free?'' Witnesses were: Dr. Matthew Spalding, Associate Vice
President and Dean of Educational Programs, Hillsdale College;
The Honorable C. Boyden Gray, Founding Partner, Boyden Gray &
Associates; Professor David Skeel, S. Samuel Arsht Professor of
Corporate Law, University of Pennsylvania Law School; Deepak
Gupta, Founding Principal, Gupta Wessler PLLC; and Professor
Todd Zywicki, Foundation Professor of Law and Executive
Director of the Law and Economics Center, George Mason
University School of Law. This hearing examined the operation
of the Dodd-Frank Act in connection with rule of law
considerations.
On July 12, 2016, the Committee held a hearing entitled,
``Making a Financial Choice: More Capital or More Government
Control?'' This hearing examined the Dodd-Frank Act in
connection with matters related to economic growth and
financial stability. The hearing also examined a discussion
draft of the ``Financial CHOICE Act,'' a legislative proposal
concerning the regulation of financial institutions, monetary
policy, and financial stability. Witnesses were: Mr. John
Allison, Former President and Chief Executive Officer, Cato
Institute; The Honorable Jim Nussle, President and Chief
Executive Officer, Credit Union National Association; Professor
Adam Levitin, Professor of Law, Georgetown University Law
Center; Mr. Alex J. Pollock, Distinguished Senior Fellow, R
Street Institute; Mr. Jeremy Newell, Executive Managing
Director, Head of Regulatory Affairs and General Counsel, The
Clearing House Association LLC; and Mr. Jim Purcell, Chairman,
State National Bank of Big Spring and Chairman, Texas Bankers
Association.
Federal Housing Finance Agency
On January 27, 2015, the Committee held a hearing entitled
``Sustainable Housing Finance: An Update from the director of
the Federal Housing Finance Agency.'' The sole witness was
Federal Housing Finance Agency (``FHFA'') Director Mel Watt.
The hearing examined (1) measures the FHFA had taken as
conservator of Fannie Mae and Freddie Mac; (2) the FHFA's
Strategic Plan for Fannie Mae and Freddie Mac; (3) the
financial condition of Fannie Mae, Freddie Mac and the Federal
Home Loan Banks (``FHLBs''); (4) the state of private sector
participation in the housing finance market; (5) whether
adequate steps were being taken to encourage additional private
capital in this market; and (6) additional actions the FHFA had
taken as regulator of Fannie Mae, Freddie Mac, and the FHLBs.
Cybersecurity
On May 14, 2015, the Committee held a hearing entitled,
``Protecting Consumers: Financial Data Security in the Age of
Computer Hackers.'' The hearing examined why and how data
breaches occur; how consumers are notified following a breach;
what security measures and standards are in place to prevent
breaches; what types of payment system technologies are under
development that will help reduce the risk of future breaches;
and whether federal legislation relating to data security and
breach notification standards could be warranted. Witnesses
were: The Honorable Tim Pawlenty, President and Chief Executive
Officer, Financial Services Roundtable; Mr. Brian Dodge,
Executive Vice President, Communications and Strategic
Initiatives, Retail Industry Leaders Association; Mr. Jason
Oxman, Chief Executive Officer, Electronic Transactions
Association; Mr. Stephen Orfei, General Manager, PCI Security
Standards Council; and Ms. Laura Moy, Senior Policy Counsel,
Open Technology Institute.
Bureau of Consumer Financial Protection
On March 3, 2015, the Committee held a hearing entitled,
``The Semi-Annual Report of the Bureau of Consumer Financial
Protection.'' This hearing examined the sixth semi-annual
activity report prepared by the CFPB's Director, which was
released on December 4, 2014. The report discussed the CFPB's
activities from April 1, 2014 through September 30, 2014. The
sole witness for the hearing was CFPB Director Cordray.
On September 29, 2015, the Committee held a hearing
entitled, ``The Semi-Annual Report of the Bureau of Consumer
Financial Protection.'' This hearing examined the seventh semi-
annual activity report prepared by the CFPB's Director, which
was released on June 15, 2015. The report discussed the
Bureau's activities from October 1, 2014 through March 31,
2015. The sole witness for the hearing was Director Cordray.
On March 16, 2016, the Committee held a hearing entitled,
``The Semi-Annual Report of the Bureau of Consumer Financial
Protection.'' This hearing examined the eighth semi-annual
activity report prepared by the CFPB's Director, which was
released on November 20, 2015. The report covered the Bureau's
activities from April 1, 2015 through September 30, 2015. The
sole witness for the hearing was Director Cordray.
Financial Supervision
On November 4, 2015, the Committee held a hearing entitled,
``Semi-Annual Testimony on the Federal Reserve's Supervision
and Regulation of the Financial System.'' The Dodd-Frank Act
requires the Federal Reserve Board of Governors Vice Chairman
for Supervision to testify semi-annually before the Committee
and the Senate Committee on Banking, Housing, and Urban Affairs
on matters related to the Fed's supervisory and regulatory
activities. Chair Yellen testified at the hearing because the
position of Vice Chairman for Supervision was vacant.
On September 28, 2016, the Committee held a hearing
entitled ``Semi-Annual Testimony on the Federal Reserve's
Supervision and Regulation of the Financial System.'' This
hearing examined matters similar to those of the November 4,
2015 hearing. Chair Yellen testified at the hearing because the
position of Vice Chairman for Supervision was vacant.
On September 29, 2016, the Committee held a hearing
entitled, ``Holding Wall Street Accountable: Investigating
Wells Fargo's Opening of Unauthorized Customer Accounts.'' The
hearing examined allegations of unsafe and unsound sales
practices, unfair and abusive practices, and unlawful, unfair,
and fraudulent sales and related business acts and practices by
Wells Fargo & Company. The hearing also examined consent orders
entered into by Wells Fargo in connection with these matters
with the OCC, the CFPB, and the City of Los Angeles. The sole
witness was Wells Fargo CEO and Chairman John Stumpf.
Federal Housing Administration
On February 11, 2015, the Committee held a hearing entitled
``The Future of Housing in America: Oversight of the Federal
Housing Administration.'' The sole witness was The Honorable
Julian Castro, Secretary, U.S. Department of Housing and Urban
Development (``HUD''). The hearing examined the financial
status of the Federal Housing Administration and, in
particular, the condition of the Mutual Mortgage Insurance
Fund.
Department of Housing and Urban Development
On June 11, 2015, the Committee held a hearing entitled
``The Future of Housing in America: Oversight of the Department
of Housing and Urban Development.'' The sole witness was HUD
Secretary Julian Castro. The hearing examined the operation and
effectiveness HUD, including its rental assistance and block
grant programs.
On October 22, 2015, the Committee held a hearing entitled
``The Future of Housing in America: 50 Years of HUD and its
Impact on Federal Housing Policy.'' Witnesses were: Mr. Orlando
J. Cabrera, Of Counsel, Squire Patton Boggs; Ms. Renee Glover,
Founder and Managing Member, The Catalyst Group, LLC; Mr.
Howard Husock, Vice President of Research and Publications,
Manhattan Institute; and Mr. Xavior Briggs, Vice President,
Economic Opportunity and Assets, The Ford Foundation. The
hearing examined HUD's role in federal housing policy; the
extent to which HUD improved access to affordable housing while
reducing poverty over the previous 50 years; and potential
reforms to promote self-sufficiency and private sector capital
investment.
On July 13, 2016, the Committee held a hearing entitled
``HUD Accountability.'' The sole witness was Secretary Castro.
The hearing examined potential effects of proposed changes to
HUD's Distressed Asset Stabilization Program (DASP).
The International Financial System
On March 17, 2015, the Committee held a hearing entitled
``The Annual Testimony of the Secretary of the Treasury on the
State of the International Financial System.'' The sole witness
was Treasury Secretary Jack Lew. The hearing examined: (1) any
progress made in reforming the International Monetary Fund
(``IMF''); (2) the status of efforts to reform the
international financial system; (3) the compliance of countries
that received assistance from the IMF with agreements made as a
condition of receiving the assistance; and (4) the status of
implementation of international anti-money laundering and
counter-terrorist financing standards by the IMF, the
multilateral development banks, and other multilateral
financial policymaking bodies.
On March 22, 2016, the Committee held a hearing entitled
``The Annual Testimony of the Secretary of the Treasury on the
State of the International Financial System.'' Secretary Lew
was the sole witness. The hearing examined matters similar to
those explored during the March 17, 2015 hearing.
Export-Import Bank of the United States
On June 3, 2015, the Committee held a hearing entitled
``Examining the Export-Import Bank's Reauthorization Request
and the Government's Role in Export Financing.'' Witnesses
were: The Honorable Fred Hochberg, Chairman and President,
Export-Import Bank; Mr. Michael McCarthy, Deputy Inspector
General, Export-Import Bank; Mr. John Murphy, Senior Vice
President for International Policy, U.S. Chamber of Commerce;
Mr. Daniel Ikenson, Director, Herbert A. Stiefel Center for
Trade Policy Studies, Cato Institute; Mr. Clifford Smith,
Executive Vice President for Business Development, Cliffs
Natural Resources; Ms. Rachael Cox, Vice President for Business
Development, Conway Machine; and Mr. Michael P. Boyle, CEO,
Boyle Energy Services & Technology, Inc.
Federal Reserve System
On February 25 and July 15, 2015, and February 10 and June
22, 2016, the Committee held hearings on the state of the
economy and the conduct of monetary policy. At each of these
hearings, Chair Yellen was the sole witness.
The Financial Choice Act
The oversight efforts of the Committee described herein
culminated in the development of the Financial CHOICE Act, a
legislative proposal to, among other things, modify certain
Dodd-Frank Act provisions governing financial stability and the
supervision and regulation of financial services entities. The
Financial CHOICE Act also contained provisions relating to the
funding and operations of the federal financial regulators,
including the CFPB and the SEC. In addition, the Financial
CHOICE Act contained provisions relating to the conduct of
monetary policy.
On July 12, 2016, the Committee held a hearing entitled,
``Making a Financial Choice: More Capital or More Government
Control?'' The hearing examined a discussion draft of the
Financial CHOICE Act. On September 9, 2016, Chairman Hensarling
introduced the Financial CHOICE Act as H.R. 5983.
On September 13, 2016, the Committee met in open session to
consider the bill. Following adoption of an amendment in the
nature of a substitute offered by Chairman Hensarling making
technical changes to the bill, the bill as amended was ordered
favorably reported to the House by a vote of 30 to 26 (see H.
Rep. 114-883, Part 1). There was no further action on the bill
in the 114th Congress.
Full Committee Hearings
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-1......................... Sustainable Housing January 27, 2015
Finance: An Update
from the Director of
the Federal Housing
Finance Agency.
114-3......................... The Future of Housing February 11,
in America: Oversight 2015
of the Federal
Housing
Administration.
114-4......................... Monetary Policy and February 25,
the State of the 2015
Economy.
114-6......................... The Semi-Annual Report March 3, 2015
of the Bureau of
Consumer Financial
Protection.
114-7......................... The Annual Testimony March 17, 2015
of the Secretary of
the Treasury on the
State of the
International
Financial System.
114-8......................... Preserving Consumer March 18, 2015
Choice and Financial
Independence.
114-10........................ Examining the SEC's March 24, 2015
Agenda, Operations,
and FY 2016 Budget
Request.
114-23........................ Protecting Consumers: May 14, 2015
Financial Data
Security in the Age
of Computer Hackers.
114-29........................ Examining the Export- June 3, 2015
Import Bank's
Reauthorization
Request and the
Government's Role in
Export Financing.
114-30........................ The Future of Housing June 11, 2015
in America: Oversight
of the Department of
Housing and Urban
Development.
114-34........................ The Annual Report of June 17, 2015
the Financial
Stability Oversight
Council.
114-39........................ The Dodd-Frank Act July 9, 2015
Five Years Later: Are
We More Stable?.
114-42........................ Monetary Policy and July 15, 2015
the State of the
Economy.
114-45........................ Ending `Too Big to July 23, 2015
Fail': What is the
Proper Role of
Capital and
Liquidity?.
114-47........................ The Dodd-Frank Act July 28, 2015
Five Years Later: Are
We More Prosperous?.
114-50........................ The Dodd-Frank Act September 17,
Five Years Later: Are 2015
We More Free?.
114-52........................ The Semi-Annual Report September 29,
of the Bureau of 2015
Consumer Financial
Protection.
114-57........................ The Future of Housing October 22, 2015
in America: 50 Years
of HUD and its impact
on Federal Housing
Policy.
114-59........................ Semi-Annual Testimony November 4, 2015
on the Federal
Reserve's Supervision
and Regulation of the
Financial System.
114-62........................ Examining the SEC's November 18,
Agenda, Operations, 2015
and FY 2017 Budget
Request.
114-65........................ Oversight of the December 8, 2015
Financial Stability
Oversight Council.
114-71........................ Monetary Policy and February 10,
the State of the 2016
Economy.
114-78........................ The Semi-Annual Report March 16, 2016
of the Bureau of
Consumer Financial
Protection.
114-80........................ The Annual Testimony March 22, 2016
of the Secretary of
the Treasury on the
State of the
International
Financial System.
114-93........................ Monetary Policy and June 22, 2016
the State of the
Economy.
114-96........................ Making a Financial July 12, 2016
Choice: More Capital
or More Government
Control?.
114-98........................ HUD Accountability.... July 13, 2016
114-103....................... The Annual Report of September 22,
the Financial 2016
Stability Oversight
Council.
114-107....................... Semi-Annual Testimony September 28,
on the Federal 2016
Reserve's Supervision
and Regulation of the
Financial System.
114-109....................... Holding Wall Street September 29,
Accountable: 2016
Investigating Wells
Fargo's Opening of
Unauthorized Customer
Accounts.
114-110....................... Examining the SEC's November 15,
Agenda, Operations, 2016
and FY 2018 Budget
Request.
------------------------------------------------------------------------
Subcommittee on Capital Markets and Government Sponsored Enterprises
(Ratio: 17-13)
SCOTT GARRETT, New Jersey,
Chairman
CAROLYN B. MALONEY, NY [RM] ROBERT HURT, VA [V Chair]
BRAD SHERMAN, CA PETER T. KING, NY
RUBEN HINOJOSA, TX EDWARD R. ROYCE, CA
STEPHEN F. LYNCH, MA RANDY NEUGEBAUER, TX
ED PERLMUTTER, CO PATRICK T. McHENRY, NC
DAVID SCOTT, GA BILL HUIZENGA, MI
JAMES A. HIMES, CT SEAN P. DUFFY, WI
KEITH ELLISON, MN STEVE STIVERS, OH
BILL FOSTER, IL STEPHEN LEE FINCHER, TN
GREGORY W. MEEKS, NY RANDY HULTGREN, IL
JOHN C. CARNEY, Jr. DE DENNIS A. ROSS, FL
TERRI A. SEWELL, AL ANN WAGNER, MO
PATRICK MURPHY, FL LUKE MESSER, IN
MAXINE WATERS, CA [Ex Officio] DAVID SCHWEIKERT, AZ
BRUCE POLIQUIN, ME
FRENCH HILL, AR
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) ADVISERS RELIEF ACT
H.R. 432
Summary
Private equity funds--which pool private investors' money
and invest it as new equity in an enterprise--typically hire
advisers to counsel the fund on where to deploy its resources.
Title IV of the Dodd-Frank Act requires advisers to private
funds to register as investment advisers with the Securities
Exchange Commission (SEC). However, there are several
exemptions from SEC registration for certain advisers. Advisers
to smaller private funds are exempted if the private funds'
``assets under management'' fall below a certain threshold.
Title IV of the Dodd-Frank Act also exempts advisers that
solely advise Small Business Investment Companies (``SBICs'')
and advisers that solely advise venture capital funds. However,
the law is not clear on whether advisors to both venture
capital funds and SBICs are exempted, potentially resulting in
new regulatory costs for some advisers.
The SBIC Advisers Relief Act seeks to reduce regulatory
costs and eliminate duplicative regulation of advisers to
SBICs. Specifically, the Act preempts state registration
requirements for advisers solely advising SBIC funds; exempts
venture capital fund advisers from SEC registration if they
also advise an SBIC fund; and excludes the assets of SBICs from
the calculation of ``assets under management'' for purposes of
determining whether investment advisors that advise both
private funds and SBICs must register with the SEC.
Legislative History
Representative Luetkemeyer introduced the SBIC Advisers
Relief Act on January 21, 2015. On April 29, 2015, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``Legislative Proposals to
Enhance Capital Formation and Reduce Regulatory Burdens,''
which examined the bill. Witnesses were Mr. Thomas Deas, Vice
President and Treasurer, FMC Corporation (on behalf of the
Coalition for Derivatives End-Users); Professor Theresa
Gabaldon, George Washington University Law School; Ms. Gayle
Hughes, Partner, Merion Investment Partners (on behalf of the
Small Business Investor Alliance); Mr. Shane Kovacs, Executive
Vice President, Chief Financial Officer and Head of Corporate
Development, PTC Therapeutics, Inc. (on behalf of the
Biotechnology Industry Organization); and Mr. Thomas Quaadman,
Vice President, Center for Capital Markets Competitiveness,
U.S. Chamber of Commerce.
On May 20, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 53 to 0 (see H. Rep. 114-199). On July
14, 2015, the SBIC Advisers Relief Act passed the House on
suspension by voice vote. On July 15, 2015, the bill was
received in the Senate and referred to the Committee on
Banking, Housing, and Urban Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to the SBIC Advisers Relief Act. The amendment was adopted by
voice vote on the same day. Following House and Senate passage
of the FAST Act as amended, the President signed the bill into
law on December 4, 2015 (P.L. 114-94).
THE SMALL BUSINESS MERGERS, ACQUISITIONS, SALES, AND BROKERAGE
SIMPLIFICATION ACT
H.R. 686
Summary
The Small Business Mergers, Acquisitions, Sales, and
Brokerage Simplification Act amends Section 15(b) of the
Securities Exchange Act of 1934 (``Exchange Act'') to create a
simplified SEC registration system for brokers known as M&A
brokers that perform services in connection with the transfer
of ownership of smaller privately held companies.
M&A brokers educate owners looking to sell their business
on the sale process; help prepare the business for sale;
analyze the company's financials and its business; perform or
coordinate valuations; advise on potential capital sources and
capital structures; prepare business offering information
packages; identify, screen, and market the business to
qualified potential buyers; assist in organizing and
facilitating the buyer's due diligence; and coordinate with the
parties' lawyers, accountants, and other consultants.
Legislative History
Representative Huizenga introduced H.R. 686 on February 3,
2015. On April 29, 2015, the Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On May 20, 2015, the Committee met in open session and
considered the bill. An amendment offered by Representative
Sherman was not agreed to by vote of 26 to 33. The bill was
ordered favorably reported to the House without amendment by a
vote of 36 to 24 (see H. Rep. 114-400).
On February 3, 2016, the House agreed to H. Res. 595, which
provided for the consideration of H.R. 1675 and made in order
in connection therewith an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the
text of H.R. 686 and three other measures. H. Res. 595 also
made in order the consideration of an amendment relating to
H.R. 686, which was adopted by voice vote (see Amendment No. 2
(Huizenga) (clarifying the application of the exemption from
SEC registration for small business Mergers and Acquisition
Brokers). The amendment in the nature of a substitute, as
amended, was adopted. On February 3, the House passed H.R.
1675, as amended, by vote of 265 to 159.
On February 4, 2016, H.R. 1675 was received in the Senate
and referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
A BILL TO AMEND THE COMMODITY EXCHANGE ACT AND THE SECURITIES EXCHANGE
ACT OF 1934 TO SPECIFY HOW CLEARING REQUIREMENTS APPLY TO CERTAIN
AFFILIATE TRANSACTIONS
H.R. 1317
Summary
H.R. 1317 exempts swaps and security-based swap trades
executed by the central treasury units (CTU) of commercial end-
users and their affiliates from certain provisions and
regulations prescribed by Title VII of the Dodd-Frank Act. By
providing an exemption from these requirements, H.R. 1317 seeks
to ensure that non-financial companies may continue to use CTUs
to aggregate and hedge business risk without incurring
unnecessary regulatory cost. Financial companies are excluded
from the exemption established by H.R. 1317.
Legislative History
Representative Moore introduced H.R. 1317 on March 4, 2015
and the Committee on Agriculture received a secondary referral
of the bill. On April 29, 2015, the Subcommittee on Capital
Markets and Government Sponsored Enterprises held a hearing
entitled ``Legislative Proposals to Enhance Capital Formation
and Reduce Regulatory Burdens,'' which examined the bill.
Witnesses testified as noted previously.
On July 28 and 29, 2015, the Committee met in open session
and considered H.R. 1317. An amendment offered by
Representative Moore was agreed to by voice vote. The bill as
amended was ordered favorably reported to the House by a vote
of 57 to 0 (see H. Rep. 114-311, Part 2). On September 30,
2015, the Agriculture Committee held its own markup of the
bill, which it reported with sundry amendments (see H. Rep.
114-311, Part 1). On November 16, 2015, the House passed H.R.
1317, as reported by the Agriculture Committee, on suspension
by voice vote. On November 17, 2015, the bill was received in
the Senate and referred to the Committee on Agriculture,
Nutrition, and Forestry.
On December 18, 2015, text identical to H.R. 1317 (as
passed by the House) was incorporated into the Consolidated
Appropriations Act, 2016 (see H.R. 2029, Division O, Title VII,
Sec. 705). The measure was signed into law later that day (P.L.
114-113).
THE HOLDING COMPANY REGISTRATION THRESHOLD EQUALIZATION ACT
H.R. 1334
Summary
The Holding Company Registration Threshold Equalization Act
applies the shareholder registration and deregistration
thresholds contained in Title VI of the Jumpstart Our Business
Startups (``JOBS'') Act to Savings and Loan Holding Companies
(``SLHCs''). Title VI of the JOBS Act raised the shareholder
registration threshold with the SEC from 500 shareholders to
2,000 for companies with total assets over $10 million. Title
VI also increased the deregistration threshold from 300
shareholders to 1,200 for banks and bank holding companies.
While the JOBS Act did not explicitly extend these thresholds
to SLHCs, Congress did not intend different treatment for such
entities. By remedying this ambiguity, H.R. 1334 seeks to allow
SLHCs to reduce their SEC-related compliance costs and better
deploy capital throughout the communities they serve.
Legislative History
Representative Womack introduced the Holding Company
Registration Threshold Equalization Act on March 4, 2015. On
April 29, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On May 20, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 60 to 0 (see H. Rep. 114-200). On July
14, 2015, the Holding Company Registration Threshold
Equalization Act passed the House on suspension by voice vote.
On July 15, 2015, the bill was received in the Senate and
referred to the Committee on Banking, Housing and Urban
Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to the Holding Company Registration Threshold Equalization Act.
The amendment was adopted by voice vote on the same day.
Following House and Senate passage of the FAST Act as amended,
the President signed the bill into law on December 4, 2015
(P.L. 114-94).
THE DISCLOSURE MODERNIZATION AND SIMPLIFICATION ACT
H.R. 1525
Summary
The Disclosure Modernization and Simplification Act directs
the SEC to simplify its disclosure regime for issuers and
investors by permitting issuers to submit a summary page on
Form 10-K with cross-references to the content of the report.
Because the typical 10-K filed by an issuer is hundreds of
pages long, investors may find it difficult to locate important
information about the company in the report. Permitting issuers
to submit a summary page would enable companies to concisely
disclose pertinent information to investors without exposing
them to liability. This summary page would also enable
investors to more easily access the most relevant information
about a company.
H.R. 1525 also directs the SEC to revise Regulation S-K to
scale disclosure rules for Emerging Growth Companies and
smaller issuers, and to eliminate duplicative, outdated, or
unnecessary Regulation S-K disclosure requirements for all
issuers. In addition, H.R. 1525 directs the SEC to further
study Regulation S-K and engage in rulemaking to implement
additional reforms to simplify and modernize Regulation S-K
disclosure rules.
Legislative History
Representative Garrett introduced the Disclosure
Modernization and Simplification Act on March 23, 2015. On
April 29, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On May 20, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 60 to 0 (see H. Rep. 114-279). On
October 6, 2015, the Disclosure Modernization and
Simplification Act passed the House on suspension by voice
vote. On October 7, 2015, the bill was received in the Senate
and referred to the Committee on Banking, Housing and Urban
Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to the Disclosure Modernization and Simplification Act. The
amendment was adopted by voice vote on the same day. Following
House and Senate passage of the FAST Act as amended, the
President signed the bill into law on December 4, 2015 (P.L.
114-94).
THE ENCOURAGING EMPLOYEE OWNERSHIP ACT
H.R. 1675
Summary
The Encouraging Employee Ownership Act directs the SEC to
revise Rule 701 to require an issuer to furnish investors with
additional specified disclosures regarding compensatory benefit
plans if the aggregate sales price or amount of securities sold
during any consecutive 12-month period exceeds $10 million (up
from $5 million under current law), indexed for inflation every
five years. By increasing the Rule 701 threshold--and thus
lowering certain regulatory compliance costs--H.R. 1675 seeks
to give private companies more flexibility to compensate
employees with a company's securities.
Legislative History
Representative Hultgren introduced H.R. 1675 on March 26,
2015. On April 29, 2015, the Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On May 20, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 45 to 15 (see H. Rep. 114-398).
On February 3, 2016, the House agreed to H. Res. 595, which
provided for the consideration of H.R. 1675 and made in order
in connection therewith an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the
texts of H.R. 686 (the Small Business Mergers, Acquisitions,
Sales, and Brokerage Simplification Act), H.R. 1965 (the Small
Company Disclosure Simplification Act), H.R. 2354 (the
Streamlining Excessive and Costly Regulations Act), and H.R.
2356 (the Fair Access to Investment Research Act) as ordered
reported by the Committee. H. Res 595 also made in order the
consideration of seven amendments to the amendment in the
nature of a substitute to be offered by sundry Members, one of
which was adopted (see Amendment No. 2 (Huizenga) (clarifying
the application of the exemption from SEC registration for
small business Mergers and Acquisition Brokers (corresponding
to H.R. 686))). The amendment in the nature of a substitute, as
amended, was adopted. On February 3, 2016, the House passed
H.R. 1675, as amended, by vote of 265 to 159.
On February 4, 2016, H.R. 1675 was received in the Senate
and referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE SMALL COMPANY SIMPLE REGISTRATION ACT
H.R. 1723
Summary
The Small Company Simple Registration Act simplifies the
securities registration process by amending the SEC's Form S-1
registration statement, which is the basic registration form
for new securities offerings, to allow smaller reporting
companies to incorporate by reference any documents filed with
the SEC after the effective date of the Form S-1. By providing
for such authority, H.R. 1723 seeks to lower small public
company compliance costs.
Legislative History
Representative Wagner introduced H.R. 1723 on March 26,
2015. On April 29, 2015, the Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On May 20, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 60 to 0 (see H. Rep. 114-201). On July
14, 2015, the Small Business Freedom and Growth Act passed the
House on suspension by a vote of 426 to 0. On July 15, 2015,
the bill was received in the Senate and referred to the
Committee on Banking, Housing and Urban Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to the Small Business Freedom and Growth Act. The amendment was
adopted by voice vote on the same day. Following House and
Senate passage of the FAST Act as amended, the President signed
the bill into law on December 4, 2015 (P.L. 114-94).
THE REFORMING ACCESS FOR INVESTMENTS IN STARTUP ENTERPRISES ACT
H.R. 1839
Summary
The Reforming Access for Investments in Startup Enterprises
Act amends Section 4 of the Securities Act of 1933 to increase
market liquidity and resolve legal uncertainty that may impede
employees of private companies from selling their company-
issued securities. Currently, a holder of securities issued in
a private placement may resell the securities on a public
market after a holding period. However, there is not similar
authority for the private resale of restricted securities.
H.R. 1839 codifies a legal framework for these
transactions. Specifically, it provides that the resale of any
securities are ``exempted transactions'' (which do not trigger
the registration provisions of the Securities Act of 1933) as
long as: (1) each purchaser is an accredited investor; (2) the
securities are not offered by means of general solicitation or
general advertising; (3) the seller and a prospective purchaser
obtain from the issuer certain information relating to the
sale; and (4) the transaction does not involve a public
offering.
Legislative History
Representative McHenry introduced the Reforming Access for
Investments in Startup Enterprises Act on April 16, 2015. On
April 29, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On July 28 and 29, 2015, the Committee met in open session
and considered the bill. An amendment in the nature of a
substitute offered by Representative McHenry was adopted by
unanimous consent. The bill as amended was ordered favorably
reported to the House by a vote of 58 to 0 (see H. Rep. 114-
281). On October 6, 2015, H.R. 1839 passed the House on
suspension by a vote of 404 to 0. On October 7, 2015, the bill
was received in the Senate and referred to the Committee on
Banking, Housing and Urban Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to the Reforming Access for Investments in Startup Enterprises
Act. The amendment was adopted by voice vote on the same day.
Following House and Senate passage of the FAST Act as amended,
the President signed the bill into law on December 4, 2015
(P.L. 114-94).
THE SWAP DATA REPOSITORY AND CLEARINGHOUSE INDEMNIFICATION CORRECTION
ACT
H.R. 1847
Summary
Sections 728 and 763 of the Dodd-Frank Act require swap
data repositories and security-based swap data repositories to
make data available to non-U.S. financial regulators, including
foreign financial supervisors, foreign central banks, and
foreign ministries. Before a U.S. data repository can share
data with a foreign regulator, however, the foreign regulator
must agree that it will abide by applicable confidentiality
requirements, and that it will indemnify the data repository
and the SEC or the Commodity Futures Trading Commission for
litigation expenses that may result from the sharing of data
with the foreign regulator. Section 725 of the Dodd-Frank Act
imposes similar requirements for data sharing between
derivatives clearing organizations and foreign regulators,
including the requirement that foreign regulators indemnify
derivatives clearing organizations and U.S. regulators for
litigation expenses that may result from the sharing of data
with foreign regulators.
The Swap Data Repository and Clearinghouse Indemnification
Correction Act repeals the indemnification provisions in
Sections 725, 728, and 763 of the Dodd-Frank Act. In doing so,
the Act seeks to increase market transparency, facilitate
global regulatory cooperation, and ensure that U.S. regulators
have access to necessary swaps data from foreign data
repositories, derivatives clearing organizations, and
regulators.
Legislative History
Representative Crawford introduced the Swap Data Repository
and Clearinghouse Indemnification Correction Act on April 16,
2015. The bill was referred to the Agriculture Committee in
addition to the Financial Services Committee. On April 29,
2015, the Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing entitled ``Legislative
Proposals to Enhance Capital Formation and Reduce Regulatory
Burdens,'' which examined the bill. Witnesses testified as
noted previously.
On May 20, 2015, the Committee met in open session and
considered the bill. An amendment offered by Representative
Moore was adopted by voice vote. The bill as amended was
ordered favorably reported to the House by a vote of 60 to 0
(see H. Rep. 114-202, Part 1).
On July 14, 2015, the Agriculture Committee was discharged
from further consideration of H.R. 1847. On the same day, the
bill, which contained certain modifications from the reported
text made at the request of the Agriculture Committee, passed
the House on suspension by voice vote. On July 15, 2015, H.R.
1847 was received in the Senate and referred to the Committee
on Agriculture, Nutrition, and Forestry.
Text identical to the House-passed version of H.R. 1847 was
incorporated into H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, during conference negotiations
between the House and Senate. Following House and Senate
passage of the FAST Act, the President signed the bill into law
on December 4, 2015 (P.L. 114-94).
THE SMALL COMPANY DISCLOSURE SIMPLIFICATION ACT
H.R. 1965
Summary
The Small Company Disclosure Simplification Act provides a
voluntary exemption for all Emerging Growth Companies and other
issuers with annual gross revenues under $250 million from the
SEC's requirements to file their financial statements in an
interactive data format known as eXtensible Business Reporting
Language (``XBRL''). The exemption extends for either five
years or two years after the SEC establishes that the benefits
of XBRL to smaller issuers outweigh the costs, whichever occurs
first. H.R. 1965 additionally directs the SEC to conduct an
economic analysis on the costs and benefits of XBRL to smaller
issuers and to report to Congress on the SEC's and investors'
use of the information. The SEC's Government-Business Forum on
Small Business Capital Formation recommended eliminating the
XBRL requirement for smaller issuers based on its assessment of
the potential costs and benefits of XBRL.
Legislative History
Representative Hurt introduced the Small Company Disclosure
Simplification Act on April 22, 2015. On April 29, 2015, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``Legislative Proposals to
Enhance Capital Formation and Reduce Regulatory Burdens,''
which examined the bill. Witnesses testified as noted
previously.
On May 20, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 44 to 11 (see H. Rep. 114-399).
On February 3, 2016, the House agreed to H. Res. 595, which
provided for the consideration of H.R. 1675 and made in order
in connection therewith an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the
text of H.R. 1965 and three other measures. On February 3, the
House adopted the amendment in the nature of a substitute and
passed H.R. 1675, as amended, by vote of 265 to 159. On
February 4, 2016, H.R. 1675 was received in the Senate and
referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
A BILL TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO REQUIRE THE
SECURITIES EXCHANGE COMMISSION TO REFUND OR CREDIT EXCESS PAYMENTS MADE
TO THE COMMISSION
H.R. 1975
Summary
Under Section 31 of the Exchange Act, national securities
exchanges and other self-regulatory organizations
(collectively, SROs) pay proportional transaction fees to the
SEC for the cost of supervising and regulating such
transactions. Some SROs have overpaid fees out of an abundance
of caution, rather than risk an enforcement action for
underpayment. The SEC has not refunded overpaid fees because it
has interpreted the 1934 Act as not granting it such authority.
In a 2013 letter to the Committee, SEC Chair Mary Jo White, on
behalf of the Commission, requested that Congress empower the
SEC to refund overpaid fees. Thus, H.R. 1975 allows SROs to
offset previous Section 31 overpayments against future fees.
Legislative History
Representative Meeks introduced H.R. 1975 on April 22,
2015. On April 29, 2015, the Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On May 20, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 57 to 0 (see H. Rep. 114-505). No
further action was taken on the bill in the 114th Congress.
THE IMPROVING ACCESS TO CAPITAL FOR EMERGING GROWTH COMPANIES ACT
H.R. 2064
Summary
The Improving Access to Capital for Emerging Growth
Companies Act effects targeted changes to the securities laws
to make Initial Public Offerings (``IPOs'') more appealing to
small issuers. Specifically, the Act reduces the number of days
an Emerging Growth Company (``EGC'') must have a confidential
registration statement on file with the SEC before it may
conduct a ``road show''--in which the company's executives
provide financial information to, and answer questions from,
analysts and potential investors--from 21 days to 15. H.R. 2064
also clarifies that an issuer that was an EGC at the time it
filed a confidential registration statement but is no longer an
EGC will continue to be treated as an EGC through the date of
its IPO and requires the SEC to revise its general instructions
on Form S-1 regarding the financial information an issuer must
disclose prior to its IPO.
Legislative History
Representative Fincher introduced the Improving Access to
Capital for Emerging Growth Companies Act on April 28, 2015. On
April 29, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens,'' which examined the bill. Witnesses
testified as noted previously.
On May 20, 2015, the Committee met in open session and
considered the bill. An amendment offered by Representatives
Fincher and Delaney was adopted by voice vote. The bill as
amended was ordered favorably reported to the House by a vote
of 57 to 0 (see H. Rep. 114-203). On July 14, 2015, the
Improving Access to Capital for Emerging Growth Companies Act
passed the House on suspension by voice vote. On July 15, 2015,
the bill was received in the Senate and referred to the
Committee on Banking, Housing and Urban Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to H.R. 2064. The amendment was adopted by voice vote on the
same day. Following House and Senate passage of the FAST Act as
amended, the President signed the bill into law on December 4,
2015 (P.L. 114-94).
THE MAIN STREET GROWTH ACT
H.R. 4638
Summary
The Main Street Growth Act permits the creation and
registration of venture exchanges with the SEC with the goal of
enhancing the secondary market for the trading of securities. A
company's size may impact how easily it can access capital,
with larger companies potentially finding the capital markets
easier to access than smaller ones. H.R. 4638 defines a venture
security, establishes the types of securities eligible for a
venture exchange listing, and specifies the rules and
regulations with which venture exchanges must comply.
Legislative History
On May 13, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens, Part II'' which examined a discussion draft
of the bill. Witnesses were: Mr. Ronald Kruszewski, Chairman
and Chief Executive Officer, Stifel Financial Corporation (on
behalf of the Securities Industry and Financial Markets
Association); Mr. David Burton, Senior Fellow, Economic Policy,
The Heritage Foundation; Mr. Mercer Bullard, MDLA Distinguished
Lecturer and Professor of Law, University of Mississippi School
of Law; Mr. Thomas Quaadman, Vice President, Center for Capital
Markets Competitiveness, U.S. Chamber of Commerce; and Mr.
David Weild IV, Chairman and Chief Executive Officer, Weild &
Co.
Representative Garrett introduced the Main Street Growth
Act on February 26, 2016. On March 2, 2016, the Committee met
in open session and considered the bill. An amendment in the
nature of a substitute was offered by Mr. Garrett. An amendment
to the amendment in the nature of a substitute offered by Ms.
Waters was not agreed to by a vote of 25 to 32. The Garrett
substitute amendment was then adopted by voice vote. The bill
as amended was ordered favorably reported to the House by a
vote of 32 to 25 (see H. Rep. 114-609). There was no further
action on the bill in the 114th Congress.
THE FAIR ACCESS TO INVESTMENT RESEARCH ACT
H.R. 2356
Summary
The Fair Access to Investment Research Act directs the SEC
to provide a safe harbor for research reports that cover
Exchange Traded Funds (``ETFs'') so that these reports are not
considered ``offers'' under Section 5 of the Securities Act of
1933. An ETF is an investment company whose shares are traded
intraday on stock exchanges at market-determined prices.
Investors may buy or sell ETF shares through a broker or in a
brokerage account just as they would the shares of any publicly
traded company.
The SEC has implemented safe harbors for research issued in
support of asset classes similar to ETFs, including listed
equities, corporate debt, and closed-end funds. To qualify for
a safe harbor under the Fair Access to Investment Research Act,
a broker or dealer must distribute the research report in the
regular course of business and the report must relate to an ETF
issuer that (1) has a class of securities listed on a national
securities exchange for at least 12 months prior to the
publishing or distribution of the report, (2) has an aggregate
market value of at least $75 million, and (3) is either a unit
investment or an open-ended company or a trust whose assets
consist primarily of interests in commodities, currencies, or
derivative instruments referring commodities or currencies.
Legislative History
On May 13, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens, Part II'' which examined a discussion draft
of the bill. Witnesses testified as noted previously.
Representative Hill introduced the Fair Access to
Investment Research Act on May 15, 2015. On May 20, 2015, the
Committee met in open session and ordered the bill favorably
reported to the House without amendment by a vote of 48 to 9
(see H. Rep. 114-401).
On February 3, 2016, the House agreed to H. Res. 595, which
provided for the consideration of H.R. 1675 and made in order
in connection therewith an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the
text of H.R. 2356 and three other measures. On February 3, the
House adopted the amendment in the nature of a substitute and
passed H.R. 1675, as amended, by vote of 265 to 159. On
February 4, 2016, H.R. 1675 was received in the Senate and
referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on H.R. 1675 in the 114th
Congress.
On April 21, 2016, Representative Hill reintroduced the
Fair Access to Investment Research Act as H.R. 5019, which
included certain modifications relative to the text of H.R.
2356. On April 28, 2016, the House passed H.R. 5019 on
suspension by a vote of 411-6. On May 9, 2016, H.R. 5019 was
received in the Senate and referred to the Committee on
Banking, Housing and Urban Affairs. There was no further action
on H.R. 5019 in the 114th Congress.
THE STREAMLINING EXCESSIVE AND COSTLY REGULATIONS REVIEW ACT
H.R. 2354
Summary
The Streamlining Excessive and Costly Regulations Review
Act requires that, within the first five years after enactment,
and every ten years thereafter, the SEC engage in a
retrospective review of all significant SEC rules and
regulations. Significant regulations are those with (1) an
annual economic impact of $100 million or more as defined by
the Office of Management and Budget, or that (2) result in a
major increase in costs or prices for consumers, individual
industries, federal, state, or local governments, or geographic
regions, or (3) cause significant adverse effects on
competition, employment, investment, productivity, innovation,
or on the ability of U.S. enterprises to compete against their
foreign counterparts. H.R. 2354 requires the five SEC
Commissioners to vote on whether each regulation identified by
the review is outmoded, ineffective, insufficient, excessively
burdensome, or no longer necessary in the public interest or
inconsistent with the SEC's mandates to protect investors,
maintain fair, orderly, and efficient markets, and facilitate
capital formation. H.R. 2354 requires the SEC to allow for
notice and public comment and mandates that the Commissioners
vote to amend or repeal any regulation identified as outmoded,
ineffective, insufficient, or excessively burdensome, or as no
longer necessary in the public interest or consistent with the
SEC's mandates.
Legislative History
On May 13, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens, Part II'' which examined a discussion draft
of the bill. Witnesses testified as noted previously.
Representative Hurt introduced the Streamlining Excessive
and Costly Regulations Review Act on May 15, 2015. On May 20,
2015, the Committee met in open session and considered the
bill. An amendment offered by Mr. Hurt was adopted by voice
vote. An amendment offered by Mr. Hinojosa was not agreed to by
a vote of 24 to 33. The bill was ordered favorably reported to
the House as amended by a vote of 41 to 16 (see H. Rep. 114-
403).
On February 3, 2016, the House agreed to H. Res. 595, which
provided for the consideration of H.R. 1675 and made in order
in connection therewith an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the
text of H.R. 2354 and three other measures. On February 3,
2016, the House adopted the amendment in the nature of a
substitute and passed H.R. 1675, as amended, by vote of 265 to
159. On February 4, 2016, H.R. 1675 was received in the Senate
and referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE ACCELERATING ACCESS TO CAPITAL ACT
H.R. 2357
Summary
The Accelerating Access to Capital Act permits smaller
reporting companies with a class of common equity securities
listed and registered on a national securities exchange to use
SEC Form S-3 to register primary securities offerings exceeding
one-third of the aggregate market value of voting and non-
voting common equity held by non-affiliates of the registrant.
In addition, H.R. 2357 allows smaller reporting companies
without a class of common equity securities listed and
registered on a national securities exchange to utilize Form S-
3 to register primary securities offerings up to one-third of
their public float. Form S-3 is a simplified registration form
for companies that have met prior reporting requirements.
Legislative History
On May 13, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation and Reduce
Regulatory Burdens, Part II'' which examined a discussion draft
of the bill. Witnesses testified as noted previously.
On May 15, 2015, Representative Wagner introduced the
Accelerating Access to Capital Act. On May 20, 2015, the
Committee met in open session and ordered the bill favorably
reported to the House without amendment by a vote of 33 to 24
(see H. Rep. 114-506).
On September 8, 2016, the House adopted H. Res. 844,
providing for consideration of the Accelerating Access to
Capital Act and making in order in connection therewith the
consideration of amendments to be offered by Mr. Hinojosa and
Mr. DeSantis. On the same day, the House considered H.R. 2357
pursuant to the terms of H. Res. 844. Mr. Hinojosa and Mr.
DeSantis did not offer their amendments. The House passed the
bill by a vote of 236 to 178.
On September 12, 2016, H.R. 2357 was received in the Senate
and referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE FAIR INVESTMENT OPPORTUNITIES FOR PROFESSIONAL EXPERTS ACT
H.R. 2187
Summary
Under existing law, companies can raise funds through
public and private offerings. The Securities Act of 1933
requires companies that are publicly offering securities for
investment to register the offering of the securities with the
SEC and provide investors with all material information
necessary to make an investment decision. SEC Regulation D
establishes securities registration exemptions, which permit
companies to sell securities through private offerings.
Securities sold in connection with such offerings may be
purchased by accredited investors, which under SEC regulations
are individuals meeting certain income or net worth standards.
The Fair Investment Opportunities for Professional Experts
Act amends the definition of accredited investor to include:
(1) persons whose individual net worth, including their
spouse's, exceeds $1,000,000, excluding the value of their
primary residence (which amount, together with the individual
income amounts described below, are to be adjusted for
inflation every five years); (2) persons with an individual
income greater than $200,000 or $300,000 for joint income; (3)
persons who are licensed in the securities industry (such as a
registered broker or investment adviser) with the SEC, the
Financial Industry Regulatory Authority (``FINRA'') or the
State; and (4) persons whom the SEC determines by regulation
have demonstrable education or job experience to qualify such
person as having professional knowledge of a subject related to
a particular investment. For the latter category, the FINRA
would verify the person's education or job experience.
Legislative History
Representative Schweikert introduced the Fair Investment
Opportunities for Professional Experts Act on April 30, 2015.
On June 16, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Modernize Business Development
Companies and Expand Investment Opportunities'' which examined
the bill. Witnesses were Mr. Michael Arougheti, Co-Chairman and
Executive Vice President, Ares Capital Corporation; Mr. J.
Robert Brown, Professor of Law and Director, Corporate and
Commercial Law Program, University of Denver Sturm College of
Law; Mr. Vince Foster, Chief Executive Officer and Chairman,
Main Street Capital (on behalf of the Small Business Investor
Alliance); Mr. Michael Gerber, Executive Vice President,
Franklin Square Capital Partners; and Mr. Tom Quaadman, Vice
President, Center for Capital Markets Competitiveness, U.S.
Chamber of Commerce.
On December 8, 2015, the Committee met in open session and
considered the bill. An amendment in the nature of a substitute
offered by Mr. Schweikert, as amended by an amendment offered
by Ms. Waters, was adopted by voice vote. The bill as amended
was ordered favorably reported to the House by a vote of 54 to
2 (see H. Rep. 114-406). On February 1, 2016, H.R. 2187 passed
the House on suspension by a vote of 347 to 8. On February 2,
2016, the bill was received in the Senate and referred to the
Committee on Banking, Housing and Urban Affairs. There was no
further action on the bill in the 114th Congress.
On December 2, 2016, Mr. Garrett introduced H.R. 6427, the
Creating Financial Prosperity for Businesses and Investors Act.
That legislation contained a title identical to H.R. 2187. On
December 5, 2016, H.R. 6427 passed the House on suspension by a
vote of 391 to 2. There was no further action on the bill in
the 114th Congress.
THE SMALL BUSINESS CREDIT AVAILABILITY ACT
H.R. 3868
Summary
The Small Business Credit Availability Act amends the
Investment Company Act of 1940 to modernize the regulatory
regime for Business Development Companies (BDCs). BDCs are
investment vehicles designed to facilitate capital formation
for small and middle-market companies. Specifically, H.R. 3868
seeks to streamline the offering, filing, and registration
processes for BDCs with the SEC in order to: reduce potential
regulatory burdens; increase a BDC's ability to deploy capital
to businesses by reducing its asset coverage ratio, or required
ratio of assets to debt, from 200 percent to 150 percent if
certain requirements are met; and provide liquidity to
investors if a BDC or its funds are not publicly traded. H.R.
3868 also directs the SEC, within one year, to codify an order
to govern a BDC's relationship with an investment adviser and
revise its rules to allow BDCs to use the streamlined
securities offering provisions available to other registrants
under the Securities Act of 1933 such as the ability to be a
Well Known Seasoned Issuer, use shelf offerings, and
communicate directly with shareholders.
Legislative History
On June 16, 2015, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Modernize Business Development
Companies and Expand Investment Opportunities'' which examined
a discussion draft of the Small Business Credit Availability
Act. Witnesses testified as noted previously.
On November 2, 2015, Representative Mulvaney introduced
H.R. 3868. On November 3, 2015, the Committee met in open
session and considered the bill. An amendment offered by Ms.
Velazquez was adopted by voice vote. An amendment offered by
Mr. Himes, and another by Ms. Moore, were each withdrawn. The
Committee ordered H.R. 3868 as amended to be favorably reported
to the House by a vote of 53 to 4 (see H. Rep. 114-508). There
was no further action on the bill in the 114th Congress.
THE SEC SMALL BUSINESS ADVOCATE ACT
H.R. 3784
Summary
The SEC Small Business Advocate Act establishes the Office
for Small Business Capital Formation (``OSBCF'') and the Small
Business Capital Formation Advisory Committee (``Advisory
Committee'') within the SEC. Under the bill, the OSBCF is to be
led by the Advocate for Small Business Capital Formation
(``Advocate''), who is appointed by and reports to the SEC,
with the responsibility to, among other things: help small
businesses resolve problems with the SEC; analyze the potential
impact of proposed rules and regulations that are likely to
have a significant effect on small businesses; and solicit
input from small businesses to understand issues related to
capital formation.
The Advisory Committee established by the bill is charged
with providing advice to the SEC on rules and policies related
to capital formulation, securities trading, and reporting and
governance requirements for emerging and smaller public
companies.
Legislative History
Representative Carney introduced the SEC Small Business
Advocate Act on October 21, 2015. On December 2, 2015, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``Legislative Proposals to
Improve the U.S. Capital Markets,'' which examined the bill.
Witnesses were: the Honorable Joseph Grundfest, William A.
Franke Professor of Law and Business, Stanford University; Mr.
Brian Hahn, Chief Financial Officer, GlycoMimetics (on behalf
of the Biotechnology Industry Organization); Dr. Joseph
Carcello, EY and Business Alumni Professor, Department of
Accounting and Information Management, Haslam College of
Business, University of Tennessee; Mr. Chris Mathieu, Senior
Vice President and Chief Financial Officer, Horizon Technology
Finance (on behalf of the Small Business Investor Alliance);
and Mr. Tom Quaadman, Vice President, Center for Capital
Markets Competitiveness, U.S. Chamber of Commerce.
On December 9, 2015, the Committee met in open session and
considered the bill. An amendment offered by Ms. Waters was
agreed to by voice vote. Two amendments offered by Mr. Ellison
were not agreed to by recorded votes of, respectively, 18 to 38
and 21 to 35. The bill as amended was ordered favorably
reported to the House by a vote of 56 to 0 (see H. Rep. 114-
408). On February 1, 2016, the SEC Small Business Advocate Act
passed the House on suspension by voice vote. On February 2,
2016, the bill was received in the Senate and referred to the
Committee on Banking, Housing and Urban Affairs.
On December 2, 2016, Mr. Garrett introduced H.R. 6427, the
Creating Financial Prosperity for Businesses and Investors Act.
That legislation contained a title identical to H.R. 3784. On
December 5, 2016, H.R. 6427 passed the House on suspension by a
vote of 391 to 2. There was no further action on the bill in
the 114th Congress.
On December 10, 2016, the Senate Committee on Banking,
Housing, and Urban Affairs was discharged from further
consideration of H.R. 3784 and the Senate passed the bill
without amendment by unanimous consent. H.R. 3784 was signed
into law on December 16, 2016 (P.L. 114-284).
THE DUE PROCESS RESTORATION ACT
H.R. 3798
Summary
The Due Process Restoration Act provides respondents in SEC
enforcement cases with the ability to have their cases removed
from the SEC's administrative or ``in-house'' proceedings to a
federal district court. Specifically, the bill: (1) grants a
defendant in a SEC administrative proceeding against whom a
cease and desist order and a penalty may be issued the right to
terminate the proceeding, not later than 20 days after
receiving notice of such proceeding; (2) permits the SEC to
bring the same action in federal court against that person who
terminated the administrative proceeding and seek the same
remedy that might have been imposed; and (3) raises the burden
of proof for cases that remain in SEC administrative
proceedings to a higher ``clear and convincing'' standard.
Legislative History
Representative Garrett introduced the Due Process
Restoration Act on October 22, 2015. On December 2, 2015, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``Legislative Proposals to
Improve the U.S. Capital Markets,'' which examined the bill.
Witnesses testified as noted previously.
On March 2, 2016, the Committee met in open session to
consider the bill. An amendment offered by Mr. Ellison was not
agreed to by a vote of 25 to 32. The bill was ordered to be
favorably reported to the House without amendment by a vote of
32 to 25 (see H. Rep. 114-697). There was no further action on
the bill in the 114th Congress.
THE HELPING ANGELS LEAD OUR STARTUPS (HALOS) ACT
H.R. 4498
Summary
The HALOS Act seeks to promote access to investment capital
for small companies and ensure that startups can continue to
connect with angel investors. Specifically, H.R. 4498 defines
an ``angel investor group'' and clarifies that the Securities
Act of 1933's general solicitation limitations do not apply to
a presentation, communication, or event conducted on behalf of
an issuer at an event sponsored by certain organizations; where
any advertising for the event does not reference any specific
offering of securities by the issuer; or where no specific
information regarding an offering of securities by the issuer
is communicated or distributed by or on behalf of the issuer.
Legislative History
On December 2, 2015, the Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Improve the U.S. Capital Markets,''
which examined a discussion draft of the HALOS Act. Witnesses
testified as noted previously.
Representative Chabot introduced H.R. 4498 on February 9,
2016. On March 2, 2016, the Committee met in open session and
ordered the bill to be favorably reported to the House without
amendment by a vote of 44 to 13 (see H. Rep. 114-509).
On April 27, 2016, the House agreed to H. Res. 701,
providing for consideration of H.R. 4498 and making in order in
connection therewith an amendment to be offered by Ms. Waters.
Later the same day, the House considered the bill. The House
rejected the Waters amendment by vote of 139 to 272. The House
passed H.R. 4498 by vote of 325 to 89. On April 28, 2016, the
bill was received in the Senate and referred to the Committee
on Banking, Housing and Urban Affairs. There was no further
action on the HALOS Act in the 114th Congress.
THE FOSTERING INNOVATION ACT
H.R. 4139
Summary
The Fostering Innovation Act extends the period of time in
which EGCs must comply with Section 404(b) of the Sarbanes-
Oxley Act (SOX). SOX Section 404(b) requires that a public
company's external auditor attest to, and report on,
management's assessment of the company's internal controls over
financial reporting. H.R. 4139 seeks to ensure that small
companies are subject to Section 404(b) when they have adequate
resources to pay for compliance costs associated with the
provision by extending the 404(b) exemption until the earlier
of: ten years after the company went public; the end of the
fiscal year in which the EGC's average gross revenues exceed
$50 million; or when the EGC becomes a large accelerated filer
($700 million public float) with the SEC.
Legislative History
Representative Sinema introduced the Fostering Innovation
Act on December 1, 2015. On December 2, 2015, the Subcommittee
on Capital Markets and Government Sponsored Enterprises held a
hearing entitled ``Legislative Proposals to Improve the U.S.
Capital Markets,'' which examined the bill. Witnesses testified
as noted previously.
On March 2, 2016, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 42 to 15 (see H. Rep. 114-588). On May
23, 2016, the House passed the Fostering Innovation Act on
suspension by voice vote. On May 24, 2016, the bill was
received in the Senate and referred to the Committee on
Banking, Housing and Urban Affairs. There was no further action
on the bill in the 114th Congress.
THE SMALL BUSINESS CAPITAL FORMATION ENHANCEMENT ACT
H.R. 4168
Summary
The Small Business Capital Formation Enhancement Act
requires the SEC to respond to any findings and recommendations
put forth by the SEC's annual Government-Business Forum on
Small Business Capital Formation (``Forum''). In 1980, Congress
required the SEC to convene an annual government-business forum
to review the current status of problems and programs relating
to small business capital formation. A summary of the
proceedings of the Forum, as well as its findings and
recommendations, are submitted to, among others, the SEC and
the appropriate congressional committees for review. Under
current law, the SEC is not statutorily required to respond to
the Forum, even though many of its findings and recommendations
have merit; the Forum has generated a number of proposals that
the Committee has used to develop legislation, including many
provisions of the JOBS Act.
Legislative History
On December 2, 2015, the Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Improve the U.S. Capital Markets,''
which examined a discussion draft of the Small Business Capital
Formation and Enhancement Act. Witnesses testified as noted
previously.
Representative Poliquin introduced H.R. 4168 on December 3,
2015. On December 8 and 9, 2015, the Committee met in open
session and ordered the bill favorably reported to the House
without amendment by a vote of 55 to 1 (see H. Rep. 114-409).
On February 1, 2016, the House passed the Small Business
Capital Formation and Enhancement Act on suspension by vote of
390-1. On February 3, 2016, the bill was received in the Senate
and placed on the Senate Legislative Calendar under General
Orders. There was no further action on the bill in the 114th
Congress.
On December 2, 2016, Mr. Garrett introduced H.R. 6427, the
Creating Financial Prosperity for Businesses and Investors Act.
That legislation contained a title identical to H.R. 4168. On
December 5, 2016, H.R. 6427 passed the House on suspension by a
vote of 391 to 2. There was no further action on the bill in
the 114th Congress.
PRESERVING ACCESS TO CRE CAPITAL ACT
H.R. 4620
Summary
The Preserving Access to CRE Capital Act amends the risk
retention requirements mandated by Section 941 of the Dodd-
Frank Act for certain ``qualified'' commercial real estate
loans. The bill also seeks to provide modest relief for one
sector of commercial mortgage-backed securities known as the
Single Asset Single Borrower Market.
Legislative History
On February 24, 2016, the Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``The Impact of the Dodd-Frank Act and Basel III on the Fixed
Income Market and Securitizations,'' which examined a
discussion draft of the Preserving Access to CRE Capital Act.
Witnesses were: Mr. Anthony Carfang, Partner and Director,
Treasury Strategies; Ms. Meredith Coffey, Executive Vice
President, Loan Syndications and Trading Association; Mr.
Andrew Green, Managing Director, Economic Policy Center for
American Progress; Mr. Richard Johns, Executive Director,
Structured Finance Industry Group; Mr. Jeffrey Plunkett,
Executive Vice President and General Counsel, Natixis Global
Asset Management; Mr. Stephen Renna, President and Chief
Executive Officers, Commercial Real Estate Finance Council; and
Dr. Marcus Stanley, Policy Director, American for Financial
Reform.
Representative Hill introduced H.R. 4620 on February 25,
2016. On March 2, 2016, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 39 to 18 (see H. Rep. 114-597). There
was no further action on the bill in the 114th Congress.
THE INVESTOR CLARITY AND BANK PARITY ACT
H.R. 4096
Summary
The Investor Clarity and Bank Parity Act amends the Dodd-
Frank Act's ``Volcker Rule''--which allows banks to organize
and offer ``covered funds'' such as hedge funds or private
equity funds in limited circumstances--to permit such covered
funds to share a similar name as an investment adviser that is
affiliated with the sponsoring or offering bank. Under current
law, such advisers may not share a similar name with the
adviser.
Legislative History
Representative Capuano introduced the Investor Clarity and
Bank Parity Act on November 15, 2015. On February 24, 2016, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``The Impact of the Dodd-
Frank Act and Basel III on the Fixed Income Market and
Securitizations,'' which examined the bill. Witnesses testified
as noted previously.
On March 2, 2016, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by voice vote, a quorum being present (see H. Rep.
114-523). On April 26, 2016, the House passed the Investor
Clarity and Bank Parity Act on suspension by a vote of 395 to
3. On April 27, 2016, the bill was received in the Senate and
referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE EXPANDING PROVEN FINANCING FOR AMERICAN EMPLOYERS ACT
H.R. 4166
Summary
The Expanding Proven Financing for American Employers Act
amends the risk retention requirements contained in Section 941
of the Dodd-Frank Act for managers that organize collateralized
loan obligations that are ``qualified collateralized loan
obligations'' or ``QCLOs.'' Specifically, the bill provides
that a manager meets the Dodd-Frank Act's QCLO risk retention
requirement by the purchase and holding (without transferring
the credit risk) of the value of at least 5 percent of the
equity distributed among each of the higher tranches of the
QCLO issuance with at least 3.5 percent retained as equity of
the collateralized loan obligation. In addition, the bill
prescribes certain additional criteria relating to the
characteristics of QCLOs.
Legislative History
Representatives Barr and Scott (of Georgia) introduced the
Expanding Proven Financing for American Employers Act on
December 3, 2015. On February 24, 2016, the Subcommittee on
Capital Markets and Government Sponsored Enterprises held a
hearing entitled ``The Impact of the Dodd-Frank Act and Basel
III on the Fixed Income Market and Securitizations,'' which
examined the bill. Witnesses testified as noted previously.
On March 2, 2016, the Committee met in open session and
considered H.R. 4166. An amendment offered by Mr. Foster (No.
1) was agreed to by voice vote. A second amendment offered by
Mr. Foster (No. 2) was withdrawn. The bill as amended was
ordered favorably reported to the House by a vote of 42 to 15
(see H. Rep. 114-596). There was no further action on the bill
in the 114th Congress.
THE MICRO OFFERING SAFE HARBOR ACT
H.R. 4850
Summary
The Micro Offering Safe Harbor Act amends the Securities
Act of 1933 to exempt certain ``micro-offerings'' from the
Act's registration requirements. Specifically, the bill
provides that such offerings are ``non-public offerings'' (and
therefore exempt from registration) if the following criteria
are satisfied: (1) each purchaser has a substantive pre-
existing relationship with an officer, director or shareholder
with 10 percent or more of the shares of the issuer; (2) the
issuer reasonably believes that, in the 12-month period
preceding the sale at issue, not more than 35 persons purchased
securities from the issuer that were subject to the micro
offering exemption; and (3) the aggregate amount of all
securities sold by the issuer does not exceed $500,000 over a
12-month period. Additionally, the Micro Offering Safe Harbor
Act prohibits a bad actor from participating in a micro-
offering.
Legislative History
Representative Emmer introduced the Micro Offering Safe
Harbor Act on March 23, 2016. On April 14, 2016, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``The JOBS Act at Four:
Examining Its Impact and Proposals to Further Enhance Capital
Formation,'' which examined the bill. Witnesses were The
Honorable Paul Atkins, Chief Executive Officer, Patomak Global
Partners; Mr. William Beatty, Director, Division of Securities,
Washington State Department of Financial Institutions (on
behalf of the North American Securities Administrators
Association); Mr. Nelson Griggs, Executive Vice President,
Global Listing Services, NASDAQ; Mr. Raymond Keating, Chief
Economist, Small Business & Entrepreneurship Council; and Mr.
Kevin Laws, Chief Operating Officer, AngelList.
On June 15 and 16, 2016, the Committee met in open session
and considered the bill. Mr. Emmer offered an amendment in the
nature of a substitute. An amendment to the amendment in the
nature of a substitute offered by Mr. Hinojosa was not agreed
to by a vote of 26 to 33. The Emmer substitute was adopted by
voice vote. The bill as amended was ordered favorably reported
to the House by a vote of 34 to 25 (see H. Rep. 114-723).
On September 8, 2016, the House adopted H. Res. 844, which
made in order the consideration of H.R. 2357, the Accelerating
Access to Capital Act, and in connection therewith provided for
the further consideration of an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
62 which, in addition to the text of H.R. 2357, contained the
texts of H.R. 4850 and H.R. 4852 (the Private Placement
Improvement Act). H. Res. 844 also made in order the
consideration of amendments to be offered by Mr. Hinojosa and
Mr. DeSantis; the DeSantis amendment related to H.R. 4850.
Later on September 8th, the House considered H.R. 2357 pursuant
to the terms of H. Res. 844. The Hinojosa and DeSantis
amendments were not offered. The House passed H.R. 2357, as
amended by the amendment in the nature of a substitute printed
in Rules Committee Print 114-62, by a vote of 236 to 178. On
September 12, 2016, the bill was received in the Senate and
referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE PRIVATE PLACEMENT IMPROVEMENT ACT
H.R. 4852
Summary
The Private Placement Improvement Act establishes certain
rules governing the sale and offering of securities that are
exempt from the registration requirements of the Securities Act
of 1933. Under current law (Rule 506 of Regulation D),
securities are exempt if they are sold through a general
solicitation and are purchased by an accredited investor, and
the issuer takes reasonable steps to verify the purchaser's
status as such.
H.R. 4852 requires that an issuer seeking to take advantage
of this Rule 506 exemption file, no earlier than 15 days after
the date of the first sale of securities, a notice of sales
containing the information required by Form D (a form used to
provide information about an exempt offering).
The bill additionally prohibits the SEC from: (1) requiring
the issuer to file any notice of sales containing the
information required by Form D except for this single notice;
(2) conditioning the availability of the Rule 506 exemption
upon the filing of a Form D or similar report; or (3) requiring
issuers to submit written general solicitation materials in
connection with a limited offering subject to Rule 506, except
when it requests such materials pursuant to specified
authority.
H.R. 4852 further classifies ``knowledgeable employees'' of
a private fund, or of the fund's investment adviser, as
accredited investors for purposes of Rule 506 offerings.
Finally, the bill provides that the SEC shall not extend to
private funds the requirements governing investment company
sales literature.
Legislative History
Representative Garrett introduced the Private Placement
Improvement Act on March 23, 2016. On April 14, 2016, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``The JOBS Act at Four:
Examining Its Impact and Proposals to Further Enhance Capital
Formation,'' which examined the bill. Witnesses testified as
noted previously.
On June 15 and 16, 2016, the Committee met in open session
and considered the bill. An amendment offered by Mr. Garrett
was adopted by voice vote. The bill as amended was ordered
favorably reported to the House by a vote of 33 to 26 (see H.
Rep. 114-726).
On September 8, 2016, the House adopted H. Res. 844, which
made in order the consideration of H.R. 2357, the Accelerating
Access to Capital Act, and in connection therewith further
provided for the consideration of an amendment in the nature of
a substitute consisting of the text of Rules Committee Print
114-62, which, in addition to the text of H.R. 2357, contained
the texts of H.R. 4850 (the Micro Offering Safe Harbor Act) and
H.R. 4852. H. Res. 844 also made in order the consideration of
amendments to be offered by Mr. Hinojosa and Mr. DeSantis,
neither of which related to H.R. 4852. Later on September 8th,
the House considered H.R. 2357 pursuant to the terms of H. Res.
844. The Hinojosa and DeSantis amendments were not offered. The
House passed H.R. 2357, as amended by the amendment in the
nature of a substitute printed in Rules Committee Print 114-62,
by a vote of 236 to 178. On September 12, 2016, the bill was
received in the Senate and referred to the Committee on
Banking, Housing and Urban Affairs. There was no further action
on the bill in the 114th Congress.
THE SUPPORTING AMERICA'S INNOVATORS ACT
H.R. 4854
Summary
The Supporting America's Innovators Act increases the limit
on the number of individuals who can invest in certain venture
capital funds before those funds must register as ``investment
companies'' with the SEC under the Investment Company Act of
1940. Current law limits the number of investors in funds that
are exempt from registration to 100. H.R. 4854 permits up to
250 investors in a ``qualified venture capital fund.'' The bill
defines a ``qualifying venture capital fund'' as any venture
capital fund that does not purchase more than $10,000,000 in
invested capital of any one issuer, adjusted for inflation.
Thus, for example, H.R. 4854 seeks to permit angel funds--which
run syndicates that allow accredited investors to participate
in investing in startups--to obtain funds from a greater number
of investors.
Legislative History
Representative McHenry introduced the Supporting America's
Innovators Act on March 23, 2016. On April 14, 2016, the
Subcommittee on Capital Markets and Government Sponsored
Enterprises held a hearing entitled ``The JOBS Act at Four:
Examining Its Impact and Proposals to Further Enhance Capital
Formation,'' which examined the bill. Witnesses testified as
noted previously.
On June 15 and 16, 2016, the Committee met in open session
and considered the bill. An amendment in the nature of a
substitute offered by Mr. McHenry and Ranking Member Waters was
adopted by voice vote. The bill as amended was ordered
favorably reported to the House by a vote of 57 to 2. On July
5, 2016, the House passed the Supporting America's Innovators
Act on suspension by a vote of 388 to 9. On July 6, 2016, the
bill was received in the Senate. There was no further action on
H.R. 4854 in the 114th Congress.
On December 2, 2016, Mr. Garrett introduced H.R. 6427, the
Creating Financial Prosperity for Businesses and Investors Act.
That legislation contained a title identical to H.R. 4854. On
December 5, 2016, H.R. 6427 passed the House on suspension by a
vote of 391 to 2. There was no further action on the bill in
the 114th Congress.
THE FIX CROWDFUNDING ACT
H.R. 4855
Summary
The Fix Crowdfunding Act seeks to increase the number of
investors that can invest in startups by providing that Special
Purpose Vehicles (``SPVs''), which enable investor groups to
pool their resources and invest in startups, are authorized
investors in crowdfunding offerings. The bill provides that
SPVs must satisfy several requirements, including: their
purpose is limited to acquiring, holding, and disposing of
securities in a single company for only one class of
securities; the SPV receives no compensation in connection with
the acquisition, holding, or disposition of securities; any
associated person to the SPV does not receive any compensation
unless the person is ``acting as or on behalf of an investment
adviser''; the rights and investor protections under Section
4(a)(6) of the Securities Act of 1933 apply to the SPV; and the
disclosure requirements of Title III of the JOBS Act apply to
the SPV.
H.R. 4855 also amends Title III of the JOBS Act to increase
the dollar amount thresholds of what a company can raise
through crowdfunding before triggering the registration and
reporting obligations contained in Section 12(g) of the
Exchange Act. Specifically, H.R. 4855 amends Section 12(g) of
the Exchange Act to raise the cap from $25 million to $75
million for entities that have reported revenues, and from $25
million to $50 million for companies that do not yet have
revenue.
Legislative History
Representative McHenry introduced the Fix Crowdfunding Act
on March 23, 2016. On April 14, 2016, the Subcommittee on
Capital Markets and Government Sponsored Enterprises held a
hearing entitled ``The JOBS Act at Four: Examining Its Impact
and Proposals to Further Enhance Capital Formation,'' which
examined the bill. Witnesses testified as noted previously.
On June 15 and 16, 2016, the Committee met in open session
and considered the bill. An amendment in the nature of a
substitute offered by Mr. McHenry and Ranking Member Waters was
adopted by voice vote. The bill as amended was ordered
favorably reported to the House by a vote of 57 to 2. On July
5, 2016, the House passed the Fix Crowdfunding Act on
suspension by a vote of 394 to 4. On July 6, 2016, the bill was
received in the Senate. There was no further action on the bill
in the 114th Congress.
On December 2, 2016, Mr. Garrett introduced H.R. 6427, the
Creating Financial Prosperity for Businesses and Investors Act.
That legislation contained a title identical to H.R. 4855. On
December 5, 2016, H.R. 6427 passed the House on suspension by a
vote of 391 to 2. There was no further action on the bill in
the 114th Congress.
THE SEC REGULATORY ACCOUNTABILITY ACT
H.R. 5429
Summary
The SEC Regulatory Accountability Act requires the SEC to
adhere to certain cost-benefit analysis standards in connection
with its rulemaking authority. Specifically, H.R. 5429 requires
the SEC, prior to issuing a regulation, to (1) clearly identify
the nature and source of the problem that the proposed
regulation is designed to address, as well as assess the
significance of that problem, to enable assessment of whether
any new regulation is warranted; (2) utilize the SEC's Chief
Economist to assess the costs and benefits, both qualitative
and quantitative, of the intended regulation and propose or
adopt a regulation only on a reasoned determination that the
benefits of the intended regulation justify the costs of the
regulation; (3) identify and assess available alternatives to
the regulation that were considered, including modification of
an existing regulation, together with an explanation of why the
regulation meets the regulatory objectives more effectively
than the alternatives; and (4) ensure that any regulation is
accessible, consistent, written in plain language, and easy to
understand and shall measure, and seek to improve, the actual
results of regulatory requirements. The bill also requires the
SEC to conduct regular reviews of existing regulations.
Legislative History
On May 17, 2016, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation,
Transparency, and Regulatory Accountability,'' which examined a
discussion draft of the SEC Regulatory Accountability Act.
Witnesses were The Honorable Daniel Gallagher, President,
Potomak Global Partners; Mr. Timothy Bartl, Chief Executive
Officer and President, Center on Executive Compensation; Ms.
Jennifer Taub, Professor of Law, Vermont Law School; Mr. Thomas
Quaadman, Senior Vice President, Center for Capital Markets
Competitiveness, U.S. Chamber of Commerce; and Mr. Joshua
Cherry-Seto, Chief Financial Officer, Blue Wolf Capital
Partners LLC (on behalf of the Association for Corporate
Growth).
Representative Garrett introduced H.R. 5429 on June 9,
2016. On June 15 and 16, 2016, the Committee met in open
session and ordered the bill favorably reported to the House
without amendment by a vote of 34 to 25 (see H. Rep. 114-799).
There was no further action on the bill in the 114th Congress.
THE INVESTMENT ADVISORS MODERNIZATION ACT
H.R. 5424
Summary
The Investment Advisors Modernization Act directs the SEC
to amend specified regulations for investment advisers as they
apply to private equity firms and private investment funds. For
example, the bill repeals the requirement that advisers
organized as partnerships notify the other party to an
investment adviser contract every time there is a change in the
composition of the partnership. H.R. 5424 also alters certain
reporting and other regulatory requirements relating to
investment advisors.
Legislative History
On May 17, 2016, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation,
Transparency, and Regulatory Accountability,'' which examined a
discussion draft of the Investment Advisers Modernization Act.
Witnesses testified as noted previously.
Representative Hurt introduced H.R. 5424 on June 9, 2016.
On June 15 and 16, 2016, the Committee met in open session and
considered the bill. An amendment offered by Mr. Foster was
adopted by voice vote. The Committee ordered the bill as
amended favorably reported to the House by a vote of 47 to 12
(see H. Rep. 114-698).
On September 8, 2016, the House adopted H. Res. 844,
providing for the consideration of the Investment Advisors
Modernization Act and making in order in connection therewith
an amendment to be offered by Mr. Foster. On September 9, 2016,
the House considered H.R. 5424 pursuant to the terms of H. Res.
844. The Foster amendment was adopted by voice vote. The bill
as amended was passed by a vote of 261-145. On September 12,
2016, H.R. 5424 was received in the Senate and referred to the
Committee on Banking, Housing and Urban Affairs. There was no
further action on the bill in the 114th Congress.
THE CORPORATE GOVERNANCE REFORM AND TRANSPARENCY ACT
H.R. 5311
Summary
The Corporate Governance Reform and Transparency Act
establishes a regulatory regime for proxy advisory firms to be
administered by the SEC. Proxy advisory firms, which research
and provide analysis on shareholder proposals, have come to
play a significant role in corporate governance at U.S.
companies. A rule adopted by the SEC in 2003 required that
investment advisers that exercise voting authority over their
clients' proxies adopt policies and procedures designed to
ensure that they vote those proxies in the best interests of
their clients. The SEC clarified that ``an adviser could
demonstrate that the vote was not a product of a conflict of
interest if it voted client securities in accordance with a
pre-determined policy, based upon the recommendations of an
independent third party.'' As a result, institutional investors
increased their reliance on proxy advisory firms to help them
decide how to vote their shares.
To promote the integrity of the proxy advisory process,
H.R. 5311 requires that proxy advisory firms register with the
SEC, disclose and address potential conflicts of interest,
maintain and publish a code of ethics, and make publicly
available the methodologies used to formulate proxy
recommendations and analyses.
Legislative History
On May 17, 2016, the Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled
``Legislative Proposals to Enhance Capital Formation,
Transparency, and Regulatory Accountability,'' which examined a
discussion draft of the Corporate Governance Reform and
Transparency Act (which was then titled the Proxy Advisory Firm
Reform Act). Witnesses testified as noted previously.
Representative Duffy introduced H.R. 5311 on May 24, 2016.
On June 15 and 16, 2016, the Committee met in open session and
considered the bill. An amendment offered by Mr. Foster was
adopted by voice vote. The bill as amended was ordered
favorably reported to the House by a vote of 41 to 18 (see H.
Rep. 114-798). There was no further action on the bill in the
114th Congress.
Subcommittee Oversight Activities
THE SEC'S DIVISION OF ENFORCEMENT
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing entitled ``Oversight of
the SEC's Division of Enforcement'' on March 19, 2015. Andrew
J. Ceresney, the Director of the SEC's Division of Enforcement,
was the only witness. The hearing examined the Division of
Enforcement's investigations and enforcement of the federal
securities laws as well as its use of civil penalties. In
addition, the hearing examined whether the SEC had sought to
establish generally applicable regulatory standards by engaging
in enforcement actions in lieu of agency rulemaking.
FINANCIAL INDUSTRY REGULATORY AUTHORITY
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing entitled ``Oversight of
the Financial Industry Regulatory Authority'' on May 1, 2015.
Richard G. Ketchum, Chairman and Chief Executive Officer of
FINRA, was the only witness. This hearing examined FINRA's
rulemaking and enforcement agenda as well as its proposal to
implement the Comprehensive Automated Risk Data System.
THE DEPARTMENT OF LABOR'S FIDUCIARY RULE
On September 10, 2015, the Capital Markets and Government
Sponsored Enterprises and Oversight and Investigation
Subcommittees held a joint hearing entitled ``Preserving
Retirement Security and Investment Choices for all Americans,''
on September 10, 2015. Witnesses were: Mr. Caleb Callahan,
Senior Vice President and Chief Marketing Officer, ValMark
Securities (on behalf of the Association for Advanced Life
Underwriting); Mr. Paul Schott Stevens, President and Chief
Executive Officer, Investment Company Institute; Professor
Mercer Bullard, MDLA Distinguished Lecturer and Professor of
Law, University of Mississippi School of Law; Ms. Juli McNeely,
President, National Association of Insurance and Financial
Advisors; and Mr. Scott Stolz, Senior Vice President, PCG
Investment Products, Raymond James & Associates, Inc.
The Subcommittees examined the potential impact on retail
investors, retirement savers, and the economy of the following
rulemakings proposed by the Labor Department: Definition of the
Term ``Fiduciary'': Conflict of Interest Rule--Retirement
Investment Advice (80 FR 21928); Proposed Best Interest
Contract Exemption (80 FR 21960); and the five additional
proposed prohibited transaction exemptions (80 FR 22004, 22034,
22010, 22021, and 21989). The Subcommittees also examined the
current state of regulation that applies to broker-dealers and
investment advisers when providing advice and services to
retail investors.
DIVISION OF INVESTMENT MANAGEMENT
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing entitled ``Oversight of
the SEC's Division of Investment Management,'' on October 23,
2015. David Grim, Director of the Division, testified. The
hearing examined the Division's responsibilities for the SEC's
regulation of investment companies, variable insurance
companies, and registered investment advisers and its
supervision of mutual funds, closed-end funds, business
development companies, unit investment trusts, and exchange-
traded funds.
FIXED INCOME MARKETS AND SECURITIZATION
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing on February 24, 2016,
entitled ``The Impact of the Dodd-Frank Act and Basel III on
the Fixed Income Market and Securitizations.'' Witnesses
included: Anthony Carfang, Partner and Director, Treasury
Strategies; Meredith Coffey, Executive Vice President, Loan
Syndications and Trading Association; Andrew Green, Managing
Director for Economic Policy, Center for American Progress;
Richards Johns, Executive Director, Structured Finance Industry
Group; Jeffrey Plunkett, Executive Vice President and General
Counsel, Natixis Global Asset Management; Stephen Renna,
President and Chief Executive Officer, Commercial Real Estate
Finance Council; and Marcus Stanley, Policy Director, Americans
for Financial Reform. In addition to examining three specific
legislative proposals, the Subcommittee on Capital Markets and
Government Sponsored Enterprises considered the impact of the
Volcker Rule and risk retention requirements contained in
Titles VI and IX of the Dodd-Frank Act and the recommendations
of the Basel Committee on Banking Supervision, such as the
Fundamental Review of the Trading Book, on both the liquidity
and functionality of the fixed-income market and
securitizations.
JUMPSTART OUR BUSINESS STARTUPS ACT
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing on April 14, 2016,
entitled ``The JOBS Act at Four: Examining Its Impact and
Proposals to Further Enhance Capital Formation.'' The witnesses
included: The Honorable Paul Atkins, Chief Executive Officer,
Patomak Global Partners; William Beatty, Director, Division of
Securities, Washington State Department of Financial
Institutions (on behalf of the North American Securities
Administrators Association); Nelson Griggs, Executive Vice
President, Global Listing Services, NASDAQ; Raymond Keating,
Chief Economist, Small Business & Entrepreneurship Council; and
Kevin Laws, Chief Operating Officer, AngelList. The hearing
examined the impact of the JOBS Act on the U.S. capital markets
and on capital formation, job creation, and economic growth.
Additionally, the Subcommittee on Capital Markets and
Government Sponsored Enterprises reviewed four legislative
proposals to both amend the JOBS Act and further enhance
capital formation for small companies and their investors,
including: H.R. 4850, the ``Micro Offering Safe Harbor Act'';
H.R. 4852, the ``Private Placement Improvement Act of 2016'';
H.R. 4854, the ``Supporting America's Innovators Act of 2016'';
and H.R. 4855, the ``Fix Crowdfunding Act.''
SEC DIVISIONS AND OFFICES
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing entitled ``Continued
Oversight of the SEC's Offices and Divisions'' on Thursday,
April 21, 2016. Witnesses were: Mr. Thomas Butler, Director of
the SEC's Office of Credit Ratings; Mr. Mark Flannery, Director
of the SEC's Division of Economic and Risk Analysis; Mr. Sean
McKessy, Chief of the SEC's Office of the Whistleblower; and
Mr. Marc Wyatt, Director of the SEC's Office of Compliance,
Inspections, and Examinations. The hearing examined the
mission, operation, and activities of the SEC's Division of
Economic and Risk Analysis, as well as the Offices of Credit
Ratings, Whistleblower and Compliance, Inspections, and
Examinations.
CORPORATE GOVERNANCE
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing on September 21, 2016,
entitled ``Corporate Governance: Fostering a System that
Promotes Capital Formation and Maximizes Shareholder Value.''
The witnesses were: The Honorable John Engler, President,
Business Roundtable; Ms. Darla Stuckey, President and Chief
Executive Officer, Society of Governance Professionals; Ms.
Anne Simpson, Investment Director, Sustainability, California
Public Employees' Retirement System; and Mr. James Copeland,
Senior Fellow and Director of Legal Policy, Manhattan
Institute. The hearing examined the effectiveness of the U.S.
capital markets in promoting capital formation, as well as the
Federal and state securities regulatory and legal regime with
which public companies must comply.
REGULATORS, SROS, AND STANDARDS-SETTERS FOR ACCOUNTING, AUDITING, AND
MUNICIPAL SECURITIES
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing on September 22, 2016,
entitled ``Examining the Agenda of Regulators, SROs, and
Standards-Setters for Accounting, Auditing, and Municipal
Securities.'' The witnesses included: Mr. Wesley Bricker,
Interim Chief Accountant, Office of the Chief Accountant, SEC;
Mr. James Doty, Chairman, Public Company Accounting Oversight
Board; Mr. Russell Golden, Chairman, Financial Accounting
Standards Board; Ms. Jessica Kane, Director, Office of
Municipal Securities, SEC; Ms. Lynnette Kelly, Executive
Director, Municipal Securities Rulemaking Board; and Mr. Robert
Colby, Chief Legal Officer, FINRA. The hearing examined the
mission, operation and activities of each of these entities.
SHORT-TERM FINANCING
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing on December 8, 2016
entitled, ``The Impact of Regulations on Short-Term
Financing.'' The witnesses were: Mr. Anthony J. Carfang,
Managing Director, Treasury Strategies (a division of Novantas,
Inc.); Mr. Thomas C. Deas, Jr., Chairman, National Association
of Corporate Treasurers; Mr. Mike Konczal, Fellow, Roosevelt
Institute; and Mr. Robert Toomey, Managing Director and
Associate General Counsel, Securities Industry and Financial
Markets Association.
At this hearing, the Subcommittee on Capital Markets and
Government Sponsored Enterprises considered the impact of the
Dodd-Frank Act, actions of the Financial Stability Oversight
Council and the Basel Committee on Banking Supervision, and
other regulatory activities since 2010 on short-term financing
in the U.S. capital markets, including repurchase agreements,
money market funds, and securities financing.
Subcommittee Hearings Held
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-9......................... Oversight of the SEC's March 19, 2015
Division of
Enforcement.
114-18........................ Legislative Proposals April 29, 2015
to Enhance Capital
Formation and Reduce
Regulatory Burdens.
114-20........................ Oversight of the May 1, 2015
Financial Industry
Regulatory Authority.
114-22........................ Legislative Proposals May 13, 2015
to Enhance Capital
Formation and Reduce
Regulatory Burdens,
Part II.
114-33........................ Legislative Proposals June 16, 2015
to Modernize Business
Development Companies
and Expand Investment
Opportunities.
114-49........................ Joint Hearing entitled September 10,
Preserving Retirement 2015
Security and
Investment Choices
for All Americans
(Capital Markets/
Oversight).
114-58........................ Oversight of the SEC's October 23, 2015
Division of
Investment Management.
114-64........................ Legislative Proposals December 2, 2015
to Improve the U.S.
Capital Markets.
114-74........................ The Impact of the Dodd- February 24,
Frank Act and Basel 2016
III on the Fixed
Income Market and
Securitizations.
114-82........................ The JOBS Act at Four: April 14, 2016
Examining Its Impact
and Proposals to
Further Enhance
Capital Formation.
114-84........................ Continued Oversight of April 21, 2016
the SEC's Offices and
Divisions.
114-88........................ Legislative Proposals May 17, 2016
to Enhance Capital
Formation,
Transparency, and
Regulatory
Accountability.
114-102....................... Corporate Governance: September 21,
Fostering a System 2016
that Promotes Capital
Formation and
Maximizes Shareholder
Value.
114-104....................... Examining the Agenda September 22,
of Regulators, SROs, 2016
and Standards-Setters
for Accounting,
Auditing, and
Municipal Securities.
114-113....................... The Impact of December 8, 2016
Regulations on Short-
Term Financing.
------------------------------------------------------------------------
Subcommittee on Financial Institutions and Consumer Credit
(Ratio: 17-13)
RANDY NEUGEBAUER, TX, Chairman
WM. LACY CLAY, MO [RM] STEVAN PEARCE, NM [V Chair]
GREGORY W. MEEKS, NY FRANK D. LUCAS, OK
RUBN HINOJOSA, TX BILL POSEY, FL
DAVID SCOTT, GA MICHAEL G. FITZPATRICK, PA
CAROLYN B. MALONEY, NY LYNN A. WESTMORELAND, GA
NYDIA M. VELAZQUEZ, NY BLAINE LUETKEMEYER, MO
BRAD SHERMAN, CA MARLIN A. STUTZMAN, IN
STEPHEN F. LYNCH, MA MICK MULVANEY, SC
MICHAEL E. CAPUANO, MA ROBERT PITTENGER, NC
JOHN K. DELANEY, MD ANDY BARR, KY
DENNY HECK, WA KEITH J. ROTHFUS, PA
KYRSTEN SINEMA, AZ FRANK GUINTA, NH
JUAN VARGAS, CA SCOTT TIPTON, CO
MAXINE WATERS, CA [Ex Officio] ROGER WILLIAMS, TX
MIA LOVE, UT
TOM EMMER, Minnesota
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
THE FINANCIAL INSTITUTION CUSTOMER PROTECTION ACT
H.R. 766
Summary
The Financial Institution Customer Protection Act prohibits
a federal banking agency from formally or informally
suggesting, requesting, or ordering a depository institution to
terminate either a specific customer account, or group of
customer accounts, or otherwise restricting or discouraging it
from entering into or maintaining a banking relationship with a
specific customer or group of customers, unless: (1) the agency
has a material reason to do so, and (2) the reason is not based
solely on reputation risk. The materiality requirement is
satisfied if a federal banking agency believes that a specific
customer or group of customers poses a threat to national
security, including any belief that they are involved in
terrorist financing.
H.R. 766 also amends the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (``FIRREA'') to require
that before conduct may be penalized under FIRREA the criminal
offense must be directed ``against a federally insured
financial institution or by a federally insured financial
institution against an unaffiliated third person.''
Legislative History
Representative Luetkemeyer introduced the Financial
Institution Customer Protection Act on February 2, 2015. On
June 11, 2015, the Subcommittee on Financial Institutions and
Consumer Credit held a hearing entitled ``Examining Legislative
Proposals to Preserve Consumer Choice and Financial
Independence,'' which examined the bill. Witnesses were Mr.
Jess Sharp, Managing Director, U.S. Chamber of Commerce Center
for Capital Markets Competitiveness; Ms. Hester Peirce,
Director of Financial Markets Working Group and Senior Fellow,
Mercatus Center, George Mason University; Mr. Oliver Ireland,
Partner, Morrison and Foerster, LLP; and The Honorable Brad
Miller, Senior Fellow, Roosevelt Institute.
On July 28 and 29, 2015, the Committee met in open session
and considered the bill. An amendment offered by Mr. Perlmutter
was not agreed to by voice vote. The bill was ordered favorably
reported to the House without amendment by a vote of 35 to 19
(see H. Rep. 114-402).
On February 3, 2016, the House adopted H. Res. 595, which
provided for the consideration of the Financial Institution
Customer Protection Act and made in order in connection
therewith the further consideration of amendments to be offered
by Mr. Gosar and Mr. Sherman. On February 4, 2016, the House
considered the bill pursuant to the terms of H. Res. 595. The
Sherman and Gosar amendments were agreed to by voice vote. The
bill, as amended, was passed by a vote of 250 to 169. On
February 8, 2016, H.R. 766 was received in the Senate and
referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE PORTFOLIO LENDING AND MORTGAGE ACCESS ACT
H.R. 1210
Summary
The Portfolio Lending and Mortgage Access Act seeks to
enhance the ability of depository institutions to meet the
credit demands of consumers while incentivizing such
institutions to ensure that the borrower can meet the monthly
obligations of a mortgage. Specifically, the bill amends the
Truth in Lending Act (``TILA'') to create a legal safe harbor
for creditors that are depository institutions for any failure
to comply with TILA's ability-to-repay requirements with
respect to a residential mortgage loan if the depository
institution has, since originating the loan, held it on its
balance sheet and all prepayment penalties with respect to the
loan comply with specified limitations.
A safe harbor from lawsuit is also created for mortgage
originators for steering a consumer to a residential mortgage
loan if: the creditor is a depository institution and has
informed the mortgage originator that it intends to hold the
loan on its balance sheet for the life of the loan, and the
mortgage originator informs the consumer that the creditor
intends to do so.
Finally, the bill clarifies that it may not be construed as
preventing a balloon loan from qualifying for the safe harbor
provided for balloon loans originated and held in portfolio by
small creditors operating in predominantly rural or underserved
areas under section 129C(j) of TILA.
Legislative History
Representative Barr introduced the Portfolio Lending and
Mortgage Access Act on March 3, 2015. On June 11, 2015, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled ``Examining Legislative Proposals to
Preserve Consumer Choice and Financial Independence,'' which
examined the bill. Witnesses testified as noted previously.
On July 28 and 29, 2015, the Committee met in open session
and considered the bill. An amendment offered by Ms. Waters was
not agreed to by a vote of 21 to 34. The bill was ordered
favorably reported to the House without amendment by a vote of
38 to 18 (see H. Rep. 114-330).
On November 17, 2015, the House adopted H. Res 529, which
provided for the consideration of the Portfolio Lending and
Mortgage Access Act and made in order in connection therewith
the further consideration of an amendment to be offered by Mr.
Norcross. On November 18, 2015, the bill was considered
pursuant to the terms of H. Res. 529. The Norcross amendment
was not offered. The House passed the bill by a vote of 255 to
174.
On November 19, 2015, H.R. 1210 was received in the Senate
and referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE FINANCIAL PRODUCT SAFETY COMMISSION ACT
H.R. 1266
Summary
The Financial Product Safety Commission Act removes the
Consumer Financial Protection Bureau (``CFPB'') from the
Federal Reserve System and re-establishes it as a stand-alone
agency--the Financial Product Safety Commission (``FPSC'')--
that is to be governed by a five-member, bipartisan commission.
Under the bill, members appointed to the FPSC must have strong
competencies and experiences regarding consumer financial
products and services. Moreover, each member must be nominated
by the President and confirmed by the Senate to serve a
staggered, five-year term. The bill establishes a Chair to
serve as the FPSC's principal executive officer; prohibits the
Chair from making requests for estimates related to
appropriations without prior Commission approval; and sets
compensation for the Chair at level I of the Executive Schedule
and compensation for other members at level II of the Executive
Schedule.
Legislative History
Representative Neugebauer introduced the Financial Product
Safety Commission Act on March 4, 2015. On June 11, 2015, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled ``Examining Legislative Proposals to
Preserve Consumer Choice and Financial Independence,'' which
examined the bill. Witnesses testified as noted previously.
On September 30, 2015, the Committee met in open session
and considered the bill. An amendment in the nature of a
substitute was offered by Mr. Neugebauer. Amendments to the
amendment in the nature of a substitute offered respectively by
Mr. Delaney and Mr. Mulvaney were each withdrawn. The amendment
in the nature of a substitute was adopted by voice vote. The
bill as amended was ordered favorably reported to the House by
a vote of 35 to 24 (see H. Rep. 114-872). There was no further
action on the bill in the 114th Congress.
THE FIREARMS MANUFACTURERS AND DEALERS PROTECTION ACT
H.R. 1413
Summary The Firearms Manufacturers and Dealers Protection
Act seeks to ensure that law enforcement and supervisory
initiatives intended to combat fraud are not used to prevent
certain lawful businesses--firearms and ammunition manufactures
and dealers--from accessing the financial system. Specifically,
among other things, the bill provides that no funds
appropriated or otherwise made available by the government,
including amounts derived from any fee or other source, may be
used by to the Federal Deposit Insurance Corporation
(``FDIC''), the Department of Justice, or any other federal
agency to carry out a program designed to discourage the
provision or continuation of credit or the processing of
payments by financial institutions for dealers and
manufacturers of firearms and ammunition.
Legislative History
Representative Schweikert introduced the Firearms
Manufacturers and Dealers Protection Act on March 17, 2015. On
June 11, 2015, the Subcommittee on Financial Institutions and
Consumer Credit held a hearing entitled ``Examining Legislative
Proposals to Preserve Consumer Choice and Financial
Independence,'' which examined the bill. Witnesses testified as
noted previously.
There was no further action on the bill in the 114th
Congress.
THE SMALL BANK EXAM CYCLE REFORM ACT
H.R. 1553
Summary
The Small Bank Exam Reform Act permits smaller, well-rated
financial institutions-which pose little operational risk-to
qualify for extended exam cycles. Specifically, the bill amends
Section 10(d) of the Federal Deposit Insurance Act to increase
the qualifying asset threshold for insured depository
institutions eligible for 18-month on-site examination cycles
from $500 million to $1 billion.
Under H.R. 1553, an institution can also qualify for the
18-month cycle if its total assets are at most $200 million
(currently $100 million) and the most recent examination found
its composite condition to be good rather than outstanding.
Finally, the bill permits a federal banking agency to further
extend this treatment to institutions with assets between $200
million and $1 billion if such extension is consistent with
principles of safety and soundness.
Legislative History
Representative Tipton introduced the Small Bank Exam Reform
Act on March 23, 2015. On June 11, 2015, the Subcommittee on
Financial Institutions and Consumer Credit held a hearing
entitled ``Examining Legislative Proposals to Preserve Consumer
Choice and Financial Independence,'' which examined the bill.
Witnesses testified as noted previously.
On July 28 and 29, 2015, the Committee met in open session
and ordered the bill favorably reported to the House without
amendment by a vote of 58 to 0 (see H. Rep. 114-280). On
October 6, 2015, the House passed H.R. 1553 on suspension by a
vote of 411 to 0. On October 7, 2015, the bill was received in
the Senate and referred to the Committee on Banking, Housing
and Urban Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to the Small Bank Exam Reform Act. The amendment was adopted by
voice vote on the same day. Following House and Senate passage
of the FAST Act as amended, the President signed the bill into
law on December 4, 2015 (P.L. 114-94).
THE FEDERAL SAVINGS ASSOCIATION CHARTER FLEXIBILITY ACT
H.R. 1660
Summary
The Federal Savings Association Charter Flexibility Act
amends the Home Owners' Loan Act to permit a federal savings
association to elect to operate subject to supervision by the
Office of the Comptroller of the Currency (``OCC'') with the
rights and duties of a national bank. The election is
considered approved 60 days after the date on which the OCC
receives the notice, unless the OCC otherwise notifies the
electing entity. H.R. 1660 directs the OCC to prescribe
regulations that clarify the required documentation and
timeline for the election process, and require the federal
savings association to identify assets and subsidiaries that do
not conform to those required of a national bank. H.R. 1660
also requires the OCC to ensure that the assets of an electing
federal savings association conform to national bank
requirements, or that it justify the grandfathering of such
assets.
Legislative History
Representative Rothfus introduced the Federal Savings
Association Charter Flexibility Act on March 26, 2015. On June
11, 2015, the Subcommittee on Financial Institutions and
Consumer Credit held a hearing entitled ``Examining Legislative
Proposals to Preserve Consumer Choice and Financial
Independence,'' which examined the bill. Witnesses testified as
noted previously.
On November 3, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by voice vote, a quorum being present (see H. Rep.
114-873). There was no further action on the bill in the 114th
Congress.
THE REFORMING CFPB INDIRECT AUTO FINANCING GUIDANCE ACT
H.R. 1737
Summary
The Reforming CFPB Indirect Auto Financing Guidance Act
repeals CFPB Bulletin 2013-02 (Indirect Auto Lending Compliance
with the Equal Credit Opportunity Act), which was published on
March 21, 2013. The bill also requires the CFPB to follow a
transparent process when issuing subsequent auto finance
guidance by: providing for a public notice and comment period
before issuing the guidance in final form; making available to
the public all information relied on by the CFPB; redacting
certain information exempt from disclosure under the Freedom of
Information Act; consulting with the Board of Governors of the
Federal Reserve System, the Federal Trade Commission, and the
Department of Justice; and studying costs and impacts of the
guidance to consumers and women-owned, minority-owned, and
small businesses.
Legislative History
Representative Guinta introduced the Reforming CFPB
Indirect Auto Financing Guidance Act on April 13, 2015. On June
11, 2015, the Subcommittee on Financial Institutions and
Consumer Credit held a hearing entitled ``Examining Legislative
Proposals to Preserve Consumer Choice and Financial
Independence,'' which examined the bill. Witnesses testified as
noted previously.
On July 28 and 29, 2015, the Committee met in open session
and ordered the bill favorably reported to the House without
amendment by a vote of 47 to 10 (see H. Rep. 114-329).
On November 17, 2015, the House adopted H. Res. 526, which
provided for the consideration of the Reforming CFPB Indirect
Auto Financing Guidance Act and made in order in connection
therewith the further consideration of amendments to be offered
by Ms. Sewell, Mr. Gosar, and Mr. Smith (MO). On November 18,
2015, the bill was considered pursuant to the terms of H. Res.
526. The three amendments were each agreed to by voice vote.
The bill, as amended, was passed by a vote of 332 to 96. On
November 19, 2015, H.R. 1737 was received in the Senate and
referred to the Committee on Banking, Housing and Urban
Affairs. There was no further action on the bill in the 114th
Congress.
THE FINANCIAL INSTITUTIONS EXAMINATION FAIRNESS AND REFORM ACT
H.R. 1941
Summary
The Financial Institutions Examination Fairness and Reform
Act amends the Federal Financial Institutions Examination
Council Act of 1978 to establish deadlines within which
regulatory agencies must hold exit interviews and issue final
examination reports to financial institutions. Specifically,
the bill requires federal financial institutions regulatory
agencies to make a final examination report to a financial
institution within 60 days after the later of: (1) the exit
interview for an examination of the institution, or (2) the
provision of additional information by the institution relating
to the examination.
The bill also provides supervised financial institutions
the right to have material supervisory determinations reviewed
by a newly created Independent Examination Review Director
within the Federal Financial Institutions Examination Council.
Finally, H.R. 1941 amends the Riegle Community Development
and Regulatory Improvement Act of 1994 to require the CFPB to
establish an independent intra-agency appellate process for
regulatory appeals, as well as safeguards to protect an insured
depository institution or insured credit union from retaliation
by any federal banking agency for exercising its rights.
Legislative History
Representative Westmoreland introduced the Financial
Institutions Examination Fairness and Reform Act on April 22,
2015. On June 11, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Legislative Proposals to Preserve Consumer Choice
and Financial Independence,'' which examined the bill.
Witnesses testified as noted previously.
On July 28 and 29, 2015, the Committee met in open session
and considered the bill. An amendment offered by Mrs. Maloney
was withdrawn. The bill was ordered favorably reported to the
House without amendment by a vote of 45 to 13 (see H. Rep. 114-
874).
There was no further action on the bill in the 114th
Congress.
THE CHILD SUPPORT ASSISTANCE ACT
H.R. 2091
Summary
The Child Support Assistance Act seeks to ensure that
accurate financial data is used to determine the amount of
child support payments and awards. Most child support payments
are collected from noncustodial parents through income
withholding. In order to verify income, assets, and debt for
purposes of establishing or enforcing child support
obligations, state and local child support agencies and courts
often request consumer reports from consumer reporting
agencies. Section 604(a) of the Fair Credit Reporting Act
(``FCRA'') requires that before retrieving current employment
data from consumer reporting agencies, state and local child
support agencies and courts are required to notify an obligor
ten days prior to the request. State and local child support
agencies argue that the 10-day notice provides some obligors
with the opportunity to hide savings and other assets, run up
credit card debt, and take other financial or employment
actions to avoid or reduce child support payments.
H.R. 2091 amends the FCRA to eliminate the requirement that
state and local child support agencies and courts notify an
obligor ten days before retrieving a consumer report for
purposes of determining the appropriate level of child support
payments, or enforcing a child support order, award, agreement,
or judgment.
Legislative History
Representative Poliquin introduced H.R. 2091 on April 29,
2015. On June 11, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Legislative Proposals to Preserve Consumer Choice
and Financial Independence,'' which examined the bill.
Witnesses testified as noted previously.
On July 28 and 29, 2015, the Committee met in open session
and ordered the bill favorably reported to the House without
amendment by a vote of 56 to 2 (see H. Rep. 114-282). On
October 6, 2015, the House passed H.R. 2091 on suspension by
voice vote. On October 7, 2015, the bill was received in the
Senate and referred to the Committee on Banking, Housing and
Urban Affairs.
On November 5, 2015, Chairman Hensarling offered an
amendment to H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, which included a provision identical
to the Child Support Assistance Act. The amendment was adopted
by voice vote on the same day. Following House and Senate
passage of the FAST Act as amended, the President signed the
bill into law on December 4, 2015 (P.L. 114-94).
A BILL TO PROVIDE FOR A TEMPORARY SAFE HARBOR FROM THE ENFORCEMENT OF
INTEGRATED DISCLOSURE REQUIREMENTS FOR MORTGAGE LOAN TRANSACTIONS UNDER
THE REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974 AND THE TRUTH IN
LENDING ACT, AND FOR OTHER PURPOSES
H.R. 2213
Summary
H.R. 2213 sought to provide for a temporary safe harbor
from enforcement of the CFPB's TILA-RESPA Integrated Disclosure
Rule (TRID), which took effect on August 1, 2015, as long as
the person made a good faith effort to comply with the rule.
While intended to streamline the disclosure regime for mortgage
loan transactions, TRID required lenders to use new forms and
changed procedures for the origination, processing, and closing
of mortgage loans. The safe harbor to be established by H.R.
2213 was intended to mitigate compliance risks associated with
implementation of the rule.
Legislative History
Representative Pearce introduced H.R. 2213 on May 1, 2015.
On June 11, 2015, the Subcommittee on Financial Institutions
and Consumer Credit held a hearing entitled ``Examining
Legislative Proposals to Preserve Consumer Choice and Financial
Independence,'' which examined the bill. Witnesses testified as
noted previously.
There was no further action on the bill in the 114th
Congress.
THE NATIONAL CREDIT UNION ADMINISTRATION BUDGET TRANSPARENCY ACT
H.R. 2287
Summary
The National Credit Union Administration Budget
Transparency Act seeks to increase transparency and
accountability at the National Credit Union Administration
(``NCUA''). Specifically, the bill amends Section 209(b) of the
Federal Credit Union Act to require that the NCUA Board, before
the annual submission of its detailed budget: print a draft of
the budget in the Federal Register; hold a public hearing to
receive comments from the public on the draft; and detail how
the budget will address comments submitted by the public.
Legislative History
Representative Mulvaney introduced the National Credit
Union Administration Budget Transparency Act on May 13, 2015.
On June 11, 2015, the Subcommittee on Financial Institutions
and Consumer Credit held a hearing entitled ``Examining
Legislative Proposals to Preserve Consumer Choice and Financial
Independence,'' which examined the bill. Witnesses testified as
noted previously. On October 21, 2015, the Financial
Institutions Subcommittee held an additional legislative
hearing on the bill (see entry for H.R. 2121 infra for more
information).
On December 8 and 9, 2015, the Committee met in open
session and considered the bill. An amendment offered by Mr.
Royce was withdrawn. The bill was ordered favorably reported to
the House without amendment by a vote of 40 to 16 (see H. Rep.
114-868). There was no further action on the bill in the 114th
Congress.
THE STATE LICENSING EFFICIENCY ACT
H.R. 2643
Summary
The State Licensing Efficiency Act amends the Secure and
Fair Mortgage Licensing Act of 2008 (``SAFE Act'') by directing
the Attorney General to provide appropriate state officials
responsible for regulating financial service providers with
access to criminal history information to the extent that
criminal history background checks are required under state law
for the licensing of such parties. In doing so, the bill seeks
to ensure that state regulatory agencies have access to the
most up-to-date criminal background information from the
Federal Bureau of Investigation, and aims to bring the same
efficiency to the criminal background checks of financial
services personnel that the Nationwide Mortgage Licensing
System and Registry brought to mortgage loan originators. H.R.
2643 does not create new authority to conduct background
checks.
Legislative History
Representative Williams introduced the State Licensing
Efficiency Act on June 3, 2015, and the Committee on the
Judiciary received a secondary referral of the bill. On June
11, 2015, the Subcommittee on Financial Institutions and
Consumer Credit held a hearing entitled ``Examining Legislative
Proposals to Preserve Consumer Choice and Financial
Independence,'' which examined the bill. Witnesses testified as
noted previously.
On July 28 and 29, 2015, the Committee met in open session
and ordered the bill favorably reported to the House without
amendment by a vote of 57 to 0 (see H. Rep. 114-316, Pt. 1). On
October 28, 2015, the Judiciary Committee was discharged from
further consideration of H.R. 2643 and the House passed the
bill on suspension by voice vote. On October 29, 2015, the bill
was received in the Senate and referred to the Committee on
Banking, Housing and Urban Affairs.
Text identical to the State Licensing Efficiency Act was
incorporated into H.R. 22, the Fixing America's Surface
Transportation (FAST) Act, during conference negotiations
between the House and Senate. Following House and Senate
passage of the FAST Act, the President signed the bill into law
on December 4, 2015 (P.L. 114-94).
THE SAFE TRANSITIONAL LICENSING ACT
H.R. 2121
Summary
The SAFE Transitional Licensing Act seeks to provide
temporary loan-origination authority for registered loan
originators (1) moving from a financial institution to a state-
licensed non-bank originator, or (2) moving interstate to a
state-licensed loan originator in another state. Section 2 of
H.R. 2121 includes a technical change to Section 1513 of the
SAFE Act intended to update the Act's existing civil liability
protections to ensure that those protections continue to apply
where state regulators use the National Mortgage Licensing
System and Registry as a licensing system for financial
services providers other than loan originators.
Legislative History
Representative Stivers introduced the SAFE Transitional
Licensing Act on April 29, 2015. On October 21, 2015, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled ``Examining Legislative Proposals to Reduce
Regulatory Burdens on Main Street Job Creators,'' which
examined the bill. Witnesses were Dr. Paul Kupiec, Resident
Scholar, American Enterprise Institute; Mr. Oliver Ireland,
Partner, Morrison & Foerster LLP; and Mr. Marcus Stanley,
Policy Director, Americans for Financial Reform.
On March 2, 2016, the Committee met in open session to
consider the bill. An amendment in the nature of a substitute
offered by Mr. Stivers was adopted by voice vote. The bill as
amended was ordered favorably reported to the House by a vote
of 56 to 0 (see H. Rep. 114-584).
On May 23, 2016, the House passed H.R. 2121 (with a
manager's amendment making certain changes from the reported
bill) by voice vote. On May 24, 2016, the bill was received in
the Senate and referred to the Committee on Banking, Housing
and Urban Affairs. There was no further action on the bill in
the 114th Congress.
A BILL TO REQUIRE THE APPROPRIATE FEDERAL BANKING AGENCIES TO TREAT
CERTAIN MUNICIPAL OBLIGATIONS AS LEVEL 2A LIQUID ASSETS, AND FOR OTHER
PURPOSES
H.R. 2209
Summary
H.R. 2209 amends the Federal Deposit Insurance Act to
require the Federal banking agencies (the FDIC, the Federal
Reserve, and the OCC) to treat certain municipal securities
that are liquid, readily marketable, and investment grade as of
the calculation date as high-quality level 2A liquid assets.
Under H.R. 2209, the agencies are required to implement these
changes by amending the rule titled ``Liquidity Coverage Ratio:
Liquidity Risk Measurement Standards; Final Rule.''
Legislative History
Representative Messer introduced H.R. 2209 on May 1, 2015.
On October 21, 2015, the Subcommittee on Financial Institutions
and Consumer Credit held a hearing entitled ``Examining
Legislative Proposals to Reduce Regulatory Burdens on Main
Street Job Creators,'' which examined the bill. Witnesses
testified as noted previously.
On November 3, 2015, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 56 to 1 (see H. Rep. 114-407). On
February 1, 2016, the House passed H.R. 2209 on suspension by
voice vote. On February 11, 2016, the bill was received in the
Senate and referred to the Committee on Banking, Housing and
Urban Affairs. There was no further action on the bill in the
114th Congress.
THE PRESERVING CAPITAL ACCESS AND MORTGAGE LIQUIDITY ACT
H.R. 2473
Summary
The Preserving Capital Access and Mortgage Liquidity Act
amends the Federal Home Loan Bank Act to redefine ``community
financial institution'' to include either a federal or state
credit union under $1 billion.
Legislative History
Representative Clay introduced the Preserving Capital
Access and Mortgage Liquidity Act on May 20, 2015. On October
21, 2015, the Subcommittee on Financial Institutions and
Consumer Credit held a hearing entitled ``Examining Legislative
Proposals to Reduce Regulatory Burdens on Main Street Job
Creators,'' which examined the bill. Witnesses testified as
noted previously. There was no further action on the bill in
the 114th Congress.
THE TAILOR ACT
H.R. 2896
Summary
The TAILOR Act directs the federal financial institution
regulatory agencies (the Federal Reserve, the FDIC, the OCC,
the NCUA, and the CFPB) to tailor any regulatory action
occurring after enactment based on the risk profile and
business model of the institutions to which it applies, as well
as the costs and benefits of the action. H.R. 2896 directs such
agencies to annually report to Congress and testify regarding
the specific steps taken to tailor their regulatory actions.
Legislative History
Representative Tipton introduced the TAILOR Act on June 25,
2015. On October 21, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Legislative Proposals to Reduce Regulatory Burdens
on Main Street Job Creators,'' which examined the bill.
Witnesses testified as noted previously.
On March 2, 2016, the Committee met in open session and
ordered the bill favorably reported to the House without
amendment by a vote of 34 to 22 (see H. Rep. 114-870). There
was no further action on the bill in the 114th Congress.
THE COMMUNITY BANK CAPITAL CLARIFICATION ACT
H.R. 2987
Summary
The Community Bank Capital Clarification Act exempts a
depository institution holding company from certain capital
deductions if it had less than $15 billion of total
consolidated assets at the end of a quarterly financial
reporting period after December 31, 2009, provided that it
currently has total consolidated assets of less than $15
billion. Specifically, for institutions meeting this criterion,
the bill provides exemptive relief with respect to: (1) minimum
leverage capital requirements and minimum risk-based capital
requirements for depository institution holding companies; (2)
mandatory deductions from actual capital in the calculation of
such minimum capital requirements for certain investments by
such institutions, especially in financial subsidiaries; and
(3) the exemption from such capital deductions for the debt or
equity instruments issued by certain smaller institutions.
Legislative History
Representative Meeks introduced the Community Bank Capital
Clarification Act on July 8, 2015. On October 21, 2015, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled ``Examining Legislative Proposals to Reduce
Regulatory Burdens on Main Street Job Creators,'' which
examined the bill. Witnesses testified as noted previously.
There was no further action on the bill in the 114th Congress.
THE FINANCIAL STABILITY OVERSIGHT COUNCIL REFORM ACT
H.R. 3340
Summary
The Financial Stability Oversight Council Reform Act amends
the Financial Stability Act of 2010 to make the budgets of the
Financial Stability Oversight Council and the Office of
Financial Research (``OFR'') subject to the congressional
appropriations process. Specifically, under the bill, the OFR
would continue to collect assessments to pay for expenses but
the agencies' expenditures would be approved by Congress. H.R.
3340 also requires the OFR to submit quarterly reports to
Congress regarding its activities and to provide a public
notice and comment period of at least 90 days before issuing
any report, rule, or regulation.
Legislative History
Representative Emmer introduced the Financial Stability
Oversight Council Reform Act on July 29, 2015. On October 21,
2015, the Subcommittee on Financial Institutions and Consumer
Credit held a hearing entitled ``Examining Legislative
Proposals to Reduce Regulatory Burdens on Main Street Job
Creators,'' which examined the bill. Witnesses testified as
noted previously.
On November 3, 2015, the Committee met in open session to
consider the bill. An amendment offered by Mr. Emmer was
adopted by voice vote. The bill as amended was ordered
favorably reported to the House by a vote of 33 to 24 (see H.
Rep. 114-473).
On April 13, 2016, the House adopted H. Res. 671, making in
order the consideration of the Financial Stability Oversight
Council Act and providing in connection therewith for the
further consideration of an amendment to be offered by Mr.
Royce. On April 14, 2016, the House considered the bill
pursuant to the terms of H. Res. 671. The Royce amendment was
adopted by voice vote. The House passed H.R. 3340, as amended,
by a vote of 239 to 179. On April 18, 2016, the bill was
received in the Senate and referred to the Committee on
Banking, Housing and Urban Affairs. There was no further action
on the bill in the 114th Congress.
THE FACILITATING ACCESS TO CREDIT ACT
H.R. 347
Summary
The Facilitating Access to Credit Act amends the Credit
Repair Organizations Act and seeks to exempt from its coverage
any consumer reporting agency (or affiliate or subsidiary)
described under the Fair Credit Reporting Act as: 1) one that
compiles and maintains files on consumers on a nationwide
basis; or 2) any person which, for monetary fees, dues, or on a
cooperative nonprofit basis, regularly engages in whole or in
part in the practice of assembling or evaluating consumer
credit information or other information on consumers in order
to furnish consumer reports to third parties, if the person is
subject to supervision and examination by the CFPB.
The bill also preempts state law and regulations concerning
a credit repair organization to the extent they would apply to
consumer reporting agencies subject to this Act, and directs
the Federal Trade Commission to study whether, in addition to
these persons, any other person should be exempt from the
Credit Repair Organizations Act.
Legislative History
Representative Royce introduced the Facilitating Access to
Credit Act on January 14, 2015. On September 27, 2016, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled ``Examining Legislative Proposals to Address
Consumer Access to Mainstream Banking Services,'' which
examined the bill. Witnesses were Dr. Michael Turner, President
and Chief Executive Officer, Policy and Economic Research
Council; Mr. Ronald Paul, Chairman and Chief Executive Officer,
Eagle Bank (on behalf of the Independent Community Bankers of
America); and Dr. Norbert Michel, Research Fellow in Financial
Regulations, Heritage Foundation. There was no further action
on the bill in the 114th Congress.
A BILL TO AMEND THE FEDERAL DEPOSIT INSURANCE ACT TO ENSURE THAT THE
RECIPROCAL DEPOSITS OF AN INSURED DEPOSITORY INSTITUTION ARE NOT
CONSIDERED TO BE FUNDS OBTAINED BY OR THROUGH A DEPOSIT BROKER, AND FOR
OTHER PURPOSES
H.R. 4116
Summary
H.R. 4116 amends the Federal Deposit Insurance Act to
update the definition of a deposit broker to allow for a
limited exemption for reciprocal deposits held by an
institution that: 1) was found, at its most recent examination,
to have a composite condition of ``good'' or ``outstanding;''
or 2) does not hold reciprocal deposits exceeding the lesser of
$10 billion or 20 percent of total liabilities.
Legislative History
Representative Moore introduced H.R. 4116 on November 19,
2015. On September 27, 2016, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Legislative Proposals to Address Consumer Access to
Mainstream Banking Services,'' which examined the bill.
Witnesses testified as noted previously. There was no further
action on the bill in the 114th Congress.
THE CREDIT ACCESS AND INCLUSION ACT
H.R. 4172
Summary
The Credit Access and Inclusion Act amends the Fair Credit
Reporting Act to allow the Department of Housing and Urban
Development as well as public utility and telecommunications
companies to report on-time payment data to consumer reporting
agencies. H.R. 4172 also amends the Consumer Credit Protection
Act to clarify that provisions regarding civil liability under
this bill are inapplicable to credit reporting agencies but
applicable to credit furnishers.
Legislative History
Representative Ellison introduced the Credit Access and
Inclusion Act on December 3, 2015. On September 27, 2016, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled ``Examining Legislative Proposals to Address
Consumer Access to Mainstream Banking Services,'' which
examined the bill. Witnesses testified as noted previously.
There was no further action on this bill in the 114th Congress.
THE CREDIT SCORE COMPETITION ACT
H.R. 4211
Summary
The Credit Score Competition Act amends the Federal
National Mortgage Association Charter Act to require Federal
National Mortgage Association (Fannie Mae) and the Federal Home
Loan Mortgage Corporation (Freddie Mac) to establish a process
for validating and approving any credit scoring model used by
them in purchasing residential mortgages. A description of the
process used to validate and approve the credit scoring models
must also be made publicly available.
Legislative History
Representative Royce introduced the Credit Score
Competition Act on December 10, 2015. On September 27, 2016,
the Subcommittee on Financial Institutions and Consumer Credit
held a hearing entitled ``Examining Legislative Proposals to
Address Consumer Access to Mainstream Banking Services,'' which
examined the bill. Witnesses testified as noted previously.
There was no further action on the bill in the 114th Congress.
THE RETAIL CHECKING ACCOUNT PROTECTION ACT
H.R. 5660
Summary
The Retail Checking Account Protection Act amends the
Federal Deposit Insurance Act to exempt certain retail deposits
from the definition of a ``brokered deposit,'' if they are: 1)
opened by a retail customer; and 2) held in the name of the
retail customer.
Legislative History
Representative Williams introduced the Retail Checking
Account Protection Act on July 7, 2016. On September 27, 2016,
the Subcommittee on Financial Institutions and Consumer Credit
held a hearing entitled ``Examining Legislative Proposals to
Address Consumer Access to Mainstream Banking Services,'' which
examined the bill. Witnesses testified as noted previously.
There was no further action on the bill in the 114th Congress.
THE PROTECT PREPAID ACCOUNTS ACT
H.R. 6162
Summary
The Protect Prepaid Products Account Act amends the Federal
Deposit Insurance Act to clarify that prepaid funds deposited
in an insured depository institution satisfy the requirements
of the primary purpose exclusion to the definition of deposit
broker, provided that the agent does not control the deposits
and does not have a contractual right to cause the transfer of
the deposits to another institution selected by the agent. The
primary purpose exemption excludes agents ``whose primary
purpose is not the placement of funds'' with banks, from the
definition of deposit broker.
Legislative History
Representative Tipton introduced the Protect Prepaid
Accounts Act on September 22, 2016. On September 27, 2016, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled ``Examining Legislative Proposals to Address
Consumer Access to Mainstream Banking Services,'' which
examined the bill. Witnesses testified as noted previously.
There was no further action on this bill in the 114th Congress.
Subcommittee Oversight Activities
REGULATORY REFORM
On April 8, 2015, Chairman Hensarling and Subcommittee
Chairmen Garrett, Neugebauer, Luetkemeyer, Huizenga, and Duffy
wrote to Comptroller of the Currency Thomas Curry, CFPB
Director Richard Cordray, Federal Reserve Chair Janet Yellen,
and NCUA Chairman Debbie Matz, requesting the agencies to
publicly disavow their ``past, present, and future involvement
in Operation Choke Point or any similar operation.'' The letter
also requested that the agencies take internal actions to
ensure ``deposit account terminations are based on sound
reasoning and potential risk, not political motive.''
On Wednesday April 15, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Regulatory Burdens on Non-Depository Financial
Institutions.'' This hearing examined the impact of Dodd-Frank
Act compliance costs on consumers, non-depository financial
institutions, and the U.S. economy. Witnesses included: Mr.
Justin G. Friedman, Director, Federal Government Affairs,
American Financial Services Association; Ms. Diane Evans, Vice
President, Land Title Guarantee Company (on behalf of the
American Land Title Association); Mr. Dennis Shaul, Chief
Executive Officer, Community Financial Services Association;
Ms. Paulina McGrath, President, Republic State Mortgage (on
behalf of the Community Mortgage Lenders of America); and Ms.
Mitria Wilson, Vice President, Government Affairs and Senior
Counsel, Center for Responsible Lending.
On Thursday, April 23, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Regulatory Burdens--Regulator Perspective.'' The
purpose of the hearing was to elicit testimony from regulators
regarding the impact of regulatory burdens on the operations of
community financial institutions and the behavior of consumers
in the financial marketplace. Witnesses included: Ms. Doreen
Eberley, Director, Division of Risk Management Supervision,
Federal Deposit Insurance Corporation; Ms. Maryann Hunter,
Deputy Director, Division of Banking Supervision and
Regulation, Federal Reserve Board; Mr. Toney Bland, Senior
Deputy Comptroller, Office of the Comptroller of Currency; Mr.
Larry Fazio, Director, Office of Examination and Insurance,
NCUA; Mr. David Silberman, Associate Director, Office of
Research, Markets & Regulations, Consumer Financial Protection
Bureau; and Mr. Charles G. Cooper, Commissioner, Texas
Department of Banking (on behalf of the Conference of State
Bank Supervisors).
On Wednesday, July 8, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining the Designation and Regulation of Bank Holding
Company SIFIs.'' This hearing focused on the designation of,
and regulatory standards for, bank holding companies determined
to be ``systemically important financial institutions'' under
the Dodd-Frank Act. Witnesses included: Mr. Harris Simmons,
Chairman and Chief Executive Officer, Zions Bancorporation; Dr.
James Barth, Professor of Finance, Auburn University; Dr. Paul
Kupiec, Resident Fellow, American Enterprise Institute; Mr.
Satish Kini, Partner, Debevoise & Plimpton LLP; and Dr. Simon
Johnson, Ronald A. Kurtz Professor of Entrepreneurship,
Massachusetts Institute of Technology.
CYBERSECURITY
On Tuesday, May 19, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Protecting Critical Infrastructure: How the Financial Sector
Addresses Cyber Threats.'' This hearing examined how to protect
financial institutions and consumers' financial data from
cyberattacks. Witnesses included: The Honorable Kenneth E.
Bentsen, Jr. President and Chief Executive Officer, SIFMA; Mr.
Greg Garcia, Executive Director, Financial Services Sector
Coordinating Council; Mr. Rob Nichols, President and Chief
Executive Officer, Financial Services Forum; Mr. Russell
Fitzgibbons, Executive Vice President and Chief Risk Officer,
The Clearing House; and Mr. Jason Healey, Senior Research
Scholar, School of International and Policy Affairs, Columbia
University.
FINANCIAL TECHNOLOGY
On Tuesday, July 12, 2016, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining the Opportunities and Challenges with Financial
Technology (``FinTech''): The Development of Online Marketplace
Lending.'' This hearing examined the development of the FinTech
market, including how online lenders and banks interact, as
well as policy developments and the current regulatory
structure. Witnesses included: Mr. Parris Sanz, Chief Legal
Officer, CAN Capital (on behalf of the Electronic Transactions
Association); Mr. Sachin Adarkar, General Counsel, Prosper
Funding; Mr. Rob Nichols, Chief Executive Officer, American
Bankers Association; Mr. Bimal Patel, Partner, O'Melveny &
Myer; and Ms. Gerron Levi, Director of Policy & Government
Affairs, National Community Reinvestment Coalition.
On June 27, 2016, the Subcommittee on Financial
Institutions and Consumer Credit and Subcommittee on Capital
Markets and Government Sponsored Enterprises hosted a
bipartisan staff briefing on the implementation of blockchain
technology in the financial services industry. The briefing
offered a live and interactive demonstration focused on the
implementation of blockchain technology at NASDAQ, the world's
second largest exchange by market capitalization.
BUREAU OF CONSUMER FINANCIAL PROTECTION
On January 12, 2015, Chairman Hensarling wrote to Bureau
Director Richard Cordray, Comptroller of the Currency Thomas
Curry, and General Services Administration Administrator Daniel
Tangherlini requesting that the agencies find cost-effective
alternatives to renovating an office building for the CFPB's
use located at 1700 G Street NW in Washington, D.C.
On May 7, 2015, Chairman Hensarling wrote to Director
Cordray requesting information about the joint settlement
between the CFPB and the Department of Justice regarding
allegations of pricing discrimination in automobile lending by
Ally Financial Inc. and Ally Bank.
On May 7, 2015, Chairman Hensarling wrote to Treasury
Secretary Jack Lew requesting information related to the
decision to renovate the CFPB's office building located at 1700
G Street NW in Washington, D.C.
On August 5, 2015, Chairman Hensarling wrote to Director
Cordray requesting, among other things, the methodologies,
procedures, and alternatives used by the CFPB and the Justice
Department to identify affected consumers who are ``entitled to
received monetary relief from the settlement fund'' related to
the joint settlement between the CFPB and the Justice
Department regarding allegations of pricing discrimination in
automobile lending by Ally Financial Inc. and Ally Bank.
On Thursday, February 11, 2016, the Subcommittee on
Financial Institutions and Consumer Credit held a hearing
entitled ``Short-term, Small Dollar Lending: The CFPB's Assault
on Access to Credit and Trampling of State and Tribal
Sovereignty.'' This hearing focused on the short-term, small-
dollar credit marketplace, and how lenders in this market meet
consumers' need for credit, the products and protections
available to consumers, and how lenders and products are
regulated. Further, the hearing examined the CFPB's proposed
plan to regulate short-term, small-dollar credit products at
the federal level, including the extent to which these efforts
may affect access to consumer credit as well as existing state
and tribal law. Witnesses included: The Honorable Greg Zoeller,
Attorney General, State of Indiana; The Honorable Sherry
Treppa, Chairperson, Habematolel Pomo of Upper Lake; Mr. David
Silberman, Acting Deputy Director, CFPB; Mr. Dennis Shaul,
Chief Executive Officer, Community Financial Services
Association of America; Mr. Kelvin Simmons, Partner, Dentons
(on behalf of the American Financial Services Association); Mr.
Robert Sherill, Consumer; Dr. Thomas W. Miller, Jr., Visiting
Scholar, Mercatus Center, George Mason University; and Dr.
Frederick Douglass Haynes, III, Senior Pastor, Friendship-West
Baptist Church.
On April 8, 2016, Chairman Hensarling wrote to Director
Cordray requesting that the CFPB convene a forum to ensure the
perspectives of elected state and tribal officials be taken
into consideration before promulgating any regulations related
to short-term, small-dollar loans.
On Wednesday, May 18, 2016, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining the CFPB's Proposed Rulemaking on Arbitration: Is
it in the Public Interest and for the Protection of
Consumers?'' Section 1028 of the Dodd-Frank Act requires the
CFPB to conduct a study of arbitration agreements in
conjunction with the offering of consumer financial products or
services. Section 1028 further authorizes the CFPB to regulate
the practice where such action is consistent with the findings
of the required report to Congress. The regulation must be in
the ``public interest and for the protection of consumers.''
This hearing examined the CFPB's published report and proposed
rule. Witnesses included: Professor Jason S. Johnston, Henry L.
and Grace Doherty Charitable Foundation Professor of Law,
University of Virginia School of Law; Mr. Dong Hong, VP and
Regulatory Counsel, Consumer Bankers Association; Mr. Andrew
Pincus, Partner, Mayer Brown LLP (on behalf of the U.S. Chamber
of Commerce); and Mr. F. Paul Bland Jr., Executive Director,
Public Justice.
On September 1, 2016, Chairman Hensarling wrote to Director
Cordray requesting information related to the constitutional
authority to promulgate regulations related to short-term,
small-dollar loans.
On October 19, 2016, Chairman Hensarling wrote to Director
Cordray requesting written assurance that the CFPB will comply
with certain limits on executive agencies set forth in various
Executive Orders.
NATIONAL CREDIT UNION ADMINISTRATION
On Thursday, July 23, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``National Credit Union Administration Operations and Budget.''
The NCUA is an independent federal agency that regulates,
charters and supervises federal credit unions, and manages the
National Credit Union Share Insurance Fund. This hearing
afforded Subcommittee members the opportunity to examine the
NCUA's operations and budget. The sole witness was The
Honorable Debbie Matz, the NCUA's Chairman.
On October 13, 2015, Chairman Hensarling wrote to Chairman
Matz, requesting that the NCUA voluntarily comply with the
requirements set forth in the Committee-passed H.R. 2769, the
Risk-Based Capital Study Act, which would require the NCUA to
take reasonable steps to study the impact of its risk-based
capital rule and report back to Congress before finalizing the
rule.
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-13........................ Examining Regulatory April 15, 2015
Burdens on Non-
Depository Financial
Institutions
(Financial
Institutions).
114-16........................ Examining Regulatory April 23, 2015
Burdens--Regulator
Perspective
(Financial
Institutions).
114-26........................ Protecting Critical May 19, 2015
Infrastructure: How
the Financial Sector
Addresses Cyber
Threats (Financial
Institutions).
114-31........................ Examining Legislative June 11, 2015
Proposals to Preserve
Consumer Choice and
Financial
Independence
(Financial
Institutions).
114-38........................ Examining the July 8, 2015
Designation and
Regulation of Bank
Holding Company SIFIs
(Financial
Institutions).
114-46........................ National Credit Union July 23, 2015
Administration
Operations and Budget
(Financial
Institutions).
114-55........................ Examining Legislative October 21, 2015
Proposals to Reduce
Regulatory Burdens on
Main Street Job
Creators (Financial
Institutions).
114-73........................ Short-term, Small February 11,
Dollar Lending: The 2016
CFPB's Assault on
Access to Credit and
Trampling of State
and Tribal
Sovereignty
(Financial
Institutions).
114-89........................ Examining the CFPB's May 18, 2016
Proposed Rulemaking
on Arbitration: Is it
in the Public
Interest and for the
Protection of
Consumers? (Financial
Institutions).
114-97........................ Examining the July 12, 2016
Opportunities and
Challenges with
Financial Technology
(``FinTech''): The
Development of Online
Marketplace Lending
(Financial
Institutions).
114-105....................... Examining Legislative September 27,
Proposals to Address 2016
Consumer Access to
Mainstream Banking
Services (Financial
Institutions).
------------------------------------------------------------------------
Subcommittee on Housing and Insurance
(Ratio: 12-9)
BLAINE LUETKEMEYER, MO, Chairman
EMANUEL CLEAVER, MO [RM] LYNN A. WESTMORELAND, GA [V Chair]
NYDIA M. VELAZQUEZ, NY EDWARD R. ROYCE, CA
MICHAEL E. CAPUANO, MA SCOTT GARRETT, NJ
WM. LACY CLAY, MO STEVAN PEARCE, NM
AL GREEN, TX BILL POSEY, FL
GWEN MOORE, WI ROBERT HURT, VA
KEITH ELLISON, MN STEVE STIVERS, OH
JOYCE BEATTY, OH DENNIS A. ROSS, FL
DANIEL T. KILDEE, MI ANDY BARR, KY
MAXINE WATERS, CA [Ex Officio] KEITH J. ROTHFUS, PA
ROGER WILLIAMS, TX
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
THE POLICYHOLDER PROTECTION ACT
H.R. 1478
Summary
Under the Bank Holding Company Act, when an insurer is
organized within a bank holding company structure, state
insurance regulators possess the authority to protect insurance
company policyholders by preventing the transfer of an
insurer's funds and other assets to a troubled banking
subsidiary. H.R. 1478 clarifies the application of such
protections to insurance companies organized within a Savings
and Loan Holding Company structure and provides for certain
other reforms to the process to resolve such firms.
Legislative History
Representative Posey introduced the Policyholder Protection
Act on March 19, 2015. On September 29, 2015, the Subcommittee
on Housing and Insurance held a hearing entitled ``The Impact
of Domestic Regulatory Standards on the U.S. Insurance
Market,'' which examined matters related to H.R. 1478.
Witnesses were: Mr. Michael McRaith, Director, Federal
Insurance Office, U.S. Department of the Treasury; Mr. Tom
Sullivan, Senior Advisor, Department of Banking Supervision and
Regulation, Federal Reserve Board of Governors; Mr. John Huff,
Director, Missouri Department of Insurance, Financial
Institutions & Professional Registration; and The Honorable S.
Roy Woodall, Jr. Independent Member, Financial Stability
Oversight Council, U.S. Department of the Treasury.
On November 3, 2015 the Committee met in open session to
consider the bill. An amendment in the nature of a substitute
offered by Mr. Posey was adopted by voice vote. The bill as
amended was ordered favorably reported to the House by a vote
of 57 to 0 (see H. Rep. 114-338). On November 16, 2015, House
passed H.R. 1478 on suspension by voice vote. On November 17,
2015, H.R. 1478 was received in the Senate and referred to the
Committee on Banking, Housing, and Urban Affairs.
On December 18, 2015, text identical to H.R. 1478 was
incorporated into the Consolidated Appropriations Act, 2016
(see H.R. 2029, Division O, Title VII, Sec. 706). The measure
was signed into law later that day (P.L. 114-113).
THE HOUSING OPPORTUNITY THROUGH MODERNIZATION ACT
H.R. 3700
Summary
The Housing Opportunity Through Modernization Act seeks to
enhance the effectiveness of programs administered by the
Department of Housing and Urban Development (``HUD'') and the
Rural Housing Service. Among other things, H.R. 3700 reforms
the implementation of HUD's Section 8 voucher assistance and
Public Housing programs, and modernizes certain regulations.
The bill streamlines the inspection protocol for rental
assistance units, simplifies income review and recertification
policies for assisted households, modifies Federal Housing
Administration (``FHA'') requirements for mortgage insurance
for condominiums, clarifies homeless assistance program
requirements, delegates rural housing loan approval authority,
and provides limited flexibility between public housing
operating and capital funds.
H.R. 3700 also seeks to give state and local housing
agencies, and private owners, enhanced flexibility in meeting
key program objectives such as reducing homelessness, improving
access to higher-opportunity neighborhoods, and addressing
repair needs in public housing. H.R. 3700 simplifies the
process for the certification and recertification of
condominium buildings, modifies the process for approving
condominium buildings with commercial space, aligns the FHA's
transfer fee policy to that of the Federal Housing Finance
Agency (``FHFA''), and changes the current standard owner-
occupancy requirement from 50% to 35%.
Legislative History
Representative Luetkemeyer introduced the Housing
Opportunity Through Modernization Act on October 7, 2015. On
October 21, 2015, the Subcommittee on Housing and Insurance
held a hearing entitled ``The Future of Housing in America:
Federal Housing Reforms that Create Housing Opportunity,''
which examined matters related to the bill. Witnesses were: Ms.
Denise Muha, Executive Director, National Leased Housing
Association; Ms. Heather Bradley-Geary, Lead Developer,
Supportive Housing, The Vecino Group; Ms. Evelyn Craig, Chief
Executive Officer, Restart, Inc.; Mr. Chris Polychron, 2015
President, National Association of Realtors; Mr. Stephen
Merritt, Executive Director, Norwood Housing Authority; Mr.
Kevin Kelly, 2014 Chairman of the Board, National Association
of Home Builders; Mr. Will Fischer, Senior Policy Analyst,
Center on Budget and Policy Priorities; and Ms. Hilary Swab
Gawrilow, Director of Federal Policy, Corporation for
Supportive Housing.
On December 8 and 9, 2015, the Committee met in open
session to consider H.R. 3700. Mr. Luetkemeyer offered an
amendment in the nature of a substitute, which was made base
text for purposes of amendment. An amendment to the amendment
in the nature of a substitute--also offered by Mr.
Luetkemeyer--was adopted by a vote of 43 to 10. An amendment to
the amendment in the nature of a substitute offered by Ms.
Waters was not agreed to by a vote of 21 to 32. Following
adoption of the amendment in the nature of a substitute, as
amended, the bill as amended was ordered favorably reported to
the House by a vote of 44 to 10 (see H. Rep. 114-397).
On February 2, 2016, the House agreed to H. Res. 594, which
provided for the consideration of H.R. 3700 and made in order
in connection therewith the further consideration of 14
amendments to be offered by sundry Members. That same day, H.R.
3700 was considered pursuant to H. Res. 594. Amendments No. 1
(Buchanan); No. 2 (Waters), No. 3 (Sewell), No. 5 (Hinojosa),
No. 6 (Meng), No. 8 (Welch), No. 9 (Lujan Grisham), No. 10
(Peters), No. 13 (Jackson Lee) (modified by unanimous consent
to include the text of Amendment No. 4 (Bordallo), which was
not timely offered), and No. 14 (Price) were adopted (see Rules
Committee Report 114-411 for additional information on each
amendment). The House passed H.R. 3700 as amended by a vote of
427 to 0.
On February 3, 2016, H.R. 3700 was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs. On July 14, 2016, the Committee on Banking, Housing,
and Urban Affairs was discharged from further consideration of
H.R. 3700 and the measure passed the Senate without amendment
by unanimous consent. On July 29, 2016, the Housing Opportunity
Through Modernization Act was signed into law (P.L. 114-201).
THE FLOOD INSURANCE MARKET PARITY AND MODERNIZATION ACT OF 2015
H.R. 2901
Summary
The Flood Insurance Market Parity and Modernization Act
amends the Flood Disaster Protection Act to clarify that flood
insurance offered by a private carrier outside of the National
Flood Insurance Program (``NFIP'') can satisfy the Act's
mandatory purchase requirement. H.R. 2901 defines acceptable
private flood insurance as a policy providing flood insurance
coverage that is issued by an insurance company that is
licensed, admitted, or otherwise approved to engage in the
business of insurance in the state or jurisdiction in which the
insured property is located. Under H.R. 2901, an acceptable
private flood insurance policy may also be issued by an
insurance company that is eligible as a non-admitted insurer to
provide insurance in the state or jurisdiction where the
property to be insured is located.
Legislative History
Representative Ross introduced H.R. 2901 on June 25, 2015.
On January 13, 2016, the Subcommittee on Housing and Insurance
held a hearing entitled ``How to Create a More Robust and
Private Flood Insurance Marketplace,'' which examining matters
relating to the bill. Witnesses were: Ms. Teresa D. Miller,
Commissioner, Pennsylvania State Insurance Department (on
behalf of the National Association of Insurance Commissioners);
Mr. Steven Bradshaw, Executive Vice President, Standard
Mortgage Corporation, on behalf of the Mortgage Bankers
Association; Mr. Brady Kelley, Executive Director, National
Association of Professional Surplus Lines Offices, Ltd.; and
Mr. Birny Birnbaum, Executive Director, Center for Economic
Justice.
On March 2, 2016, the Committee met in open session to
consider the bill. An amendment in the nature of a substitute
offered by Mr. Ross was adopted by voice vote. The bill as
amended was ordered favorably reported to the House by a vote
of 53 to 0 (see H. Rep. 114-524). On April 28, 2016, the House
passed H.R. 2901 (with a manager's amendment making certain
changes from the reported bill) on suspension by a vote of 419
to 0. On May 9, 2016, the bill was received in the Senate and
referred to Committee on Banking, Housing, and Urban Affairs.
There was no further action on the bill in the 114th Congress.
THE TRANSPARENT INSURANCE STANDARDS ACT OF 2016
H.R. 5143
Summary
The Transparent Insurance Standards Act seeks to enhance
Congress's oversight of international deliberations relating to
insurance standards. Specifically, H.R. 5143 establishes
certain requirements before the Treasury Department or the
Federal Reserve (Fed) may agree to, accept, establish, enter
into or consent to the adoption of a final international
insurance standard. First, the Treasury and the Fed must
publish in the Federal Register any proposed final standard and
allow for public comment. Under the bill, this notice must also
include a joint analysis on the impact of the standard on
consumers and U.S. insurance markets. H.R. 5143 additionally
provides that, before agreeing to an international standard
relating to capital, the Fed first promulgate a domestic
capital standard rule.
The Transparent Insurance Standards Act seeks to impose
similar requirements for negotiations concerning covered
agreements. The bill sets negotiating objectives for U.S.
parties and also mandates that the Secretary of the Treasury
and the Chair of the Board of Governors of the Fed report and
testify to Congress twice annually. Finally, H.R. 5143 seeks to
ensure that the Financial Stability Oversight Council's (FSOC)
Independent Member with Insurance Expertise is permitted to
assist the FSOC in international discussions and attend
meetings of international bodies where insurance standards are
discussed.
Legislative History
On February 25, 2016, the Subcommittee on Housing and
Insurance held a hearing entitled ``The Impact of International
Regulatory Standards on the Competitiveness of U.S. Insurers:
Part II,'' which examined a discussion draft of the Transparent
Insurance Standards Act. Witnesses were: Mr. Gary Thompson,
President and CEO, Columbia Insurance Group (on behalf of the
National Association of Mutual Insurance Companies); Mr. David
Zaring, The Wharton School, University of Pennsylvania; Mr.
Joseph Torti III, Vice President for Regulatory Affairs,
Fairfax (US) Inc. (on behalf of Property Casualty Insurers
Association of America); and Ms. Carolyn Cobb, Vice President
and Chief Counsel, American Council of Life Insurers.
Representative Luetkemeyer introduced H.R. 5143 on April
29, 2016. On June 15 and 16, 2016, the Committee met in open
session to consider the bill. Mr. Luetkemeyer offered an
amendment in the nature of a substitute. An amendment to the
amendment in the nature of a substitute offered by Mr. Royce
was agreed to by voice vote. An amendment to the amendment in
the nature of a substitute offered by Mr. Heck was withdrawn.
The amendment in the nature of a substitute, as amended, was
agreed to by voice vote. The bill as amended was ordered
favorably reported to the House by a vote of 34 to 25 (see H.
Rep. 114-831).
On December 6, 2016, the House agreed to H. Res. 944, which
provided for the consideration of H.R. 5143 and made in order
in connection therewith the further consideration of an
amendment to be offered by Mr. DeSantis. Upon agreeing to the
DeSantis amendment by voice vote, the House passed H.R. 5143,
as amended, by a vote of 239 to 170.
On December 8, 2016, H.R. 5143 was received in the Senate.
There was no further action on the bill in the 114th Congress.
THE SMALL PUBLIC HOUSING AGENCY OPPORTUNITY ACT
H.R. 4816
Summary
The Small Public Housing Agency Opportunity Act would amend
the United States Housing Act of 1937 regarding small Public
Housing Agencies (``PHA''). Among other things, the bill would
require that HUD carry out physical inspections of small PHA
housing projects at least once every three years; determine the
financial condition of a small PHA public housing program based
on the ratio of current assets to liabilities; and determine
the management condition of a small PHA public housing program
based on the ratio of vacant unit months to eligible unit
months. Additionally, the bill requires that HUD evaluate the
management of a small PHA's voucher program based on its lease-
up rate or the budget utilization rate. H.R. 4816 also reduces
certain reporting and related administrative requirements
applicable to small PHAs.
Legislative History
Representative Palazzo introduced the Small Public Housing
Agency Opportunity act on March 21, 2016. On September 21,
2016, the Subcommittee on Housing and Insurance held a hearing
entitled ``The Future of Housing in America: A Better Way to
Increase Efficiencies for Housing Vouchers and Create Upward
Economic Mobility,'' which examined the bill. Witnesses were:
Ms. Dominique Blom, Deputy Assistant Secretary, Office of
Public Housing Investments, U.S. Department of Housing and
Urban Development; Ms. Barbara Sard, Vice President for Housing
Policy, Center on Budget and Policy Priorities; Ms. Deborah
Thrope, Staff Attorney, National Housing Law Project; Mr.
Ailrick Young, Executive Director, Laurel Housing Authority;
and Ms. Cheryl Lovell, Executive Director, St. Louis Housing
Authority.
There was no further action on H.R. 4816 in the 114th
Congress.
Subcommittee Oversight Activities
PUBLIC AND AFFORDABLE HOUSING
The Subcommittee on Housing and Insurance held a hearing on
April 16, 2015 entitled ``The Future of Housing in America:
Increasing Private Sector Participation in Affordable
Housing.'' Witnesses were: Ms. Adrianne Todman, Executive
Director, District of Columbia Housing Authority; Mr. Brad
Fennell, Senior Vice President, WC Smith; Mr. James Evans,
Director, Quadel Consulting; and Ms. Sheila Crowley, President
and Chief Executive Officer, National Low-Income Housing
Coalition. The hearing examined methods to facilitate increased
private capital investment in public and affordable housing.
The Subcommittee on Housing and Insurance held a hearing on
July 10, 2015 entitled ``The Future of Housing in America:
Oversight of HUD's Public and Indian Housing Programs.''
Witnesses were: Ms. Lourdes Castro Ramirez, Principal Deputy
Assistant Secretary, Office of Public and Indian Housing, U.S.
Department of Housing and Urban Development, and Mr. Daniel
Garcia-Diaz, Director, Financial Markets and Community
Investment, Government Accountability Office. The hearing
examined matters related to HUD's office of Public and Indian
Housing and its programs.
The Subcommittee on Housing and Insurance held a hearing on
October 21, 2015 entitled ``The Future of Housing in America:
Federal Housing Reforms that Create Housing Opportunity.'' The
witnesses were: Ms. Denise Muha, Executive Director, National
Leased Housing Association; Mr. Chris Polychron, 2015
President, National Association of Realtors; Mr. Kevin Kelly,
2014 Chairman of the Board, National Association of Home
Builders; Mr. Stephen W. Merritt, National Association of
Housing and Redevelopment Officials; Ms. Evelyn Craig,
President and CEO, reStart, Inc.; and Ms. Heather Bradley-
Geary, Lead Developer, Supportive Housing, The Vecino Group.
The hearing examined how the Department of Housing and Urban
Development (HUD) and the Rural Housing Service can better
serve the housing needs of low-income individuals and families.
In addition, the hearing examined H.R. 3700, the ``Housing
Opportunity Through Modernization Act of 2015.''
The Subcommittee on Housing and Insurance held a hearing on
March 22, 2016 entitled ``The Future of Housing in America:
Government Regulations and the High Cost of Housing.''
Witnesses were: Mr. Clyde Holland, Chairman and Chief Executive
Officer, Holland Partner Group (on behalf of the National
Multifamily Housing Council and the National Apartment
Association); Mr. Jayar Daily, Chief Operations Officer,
American Homestar Corporation (on behalf of the Manufactured
Housing Institute); Ms. Vicki Been, Commissioner, Department of
Housing Preservation and Development, City of New York; Mr.
Granger MacDonald, Chief Executive Officer, MacDonald Companies
(on behalf of the National Association of Home Builders); and
Professor A. Mechele Dickerson, University of Texas at Austin
School of Law. The hearing examined the extent to which
federal, state and local regulations and polices may impact
affordable rental and single-family housing development.
The Subcommittee on Housing and Insurance held a hearing on
May 12, 2016 entitled ``The Future of Housing in America: A
Comparison of the United Kingdom and United States Models for
Affordable Housing.'' Witnesses were: Mr. Thomas Bledsoe,
President and CEO of the Housing Partnership Network; Dr.
Harris Beider, Professor of Community Cohesion at the Centre
for Social Relations, Coventry University, United Kingdom; Dr.
Susan Popkin, Senior Fellow and Director of the Neighborhoods
and Youth Development Initiative, Metropolitan Housing and
Communities Policy Center, The Urban Institute; Ms. Jaime
Alison Lee, Assistant Professor of Law and Director of the
Community Development Clinic, University of Baltimore School of
Law; Mr. Richard C. Gentry, President and CEO, San Diego
Housing Commission; and Mr. Greg Russ, Executive Director,
Cambridge (MA) Housing Authority. The hearing assessed the
state of affordable and rental housing programs following HUD's
creation and examined two reports that compared U.S. affordable
housing models with those of the United Kingdom.
The Subcommittee on Housing and Insurance held a hearing on
September 21, 2016 entitled ``The Future of Housing in America:
A Better Way to Increase Efficiencies for Housing Vouchers and
Create Upward Economic Mobility.'' Witnesses were: Ms.
Dominique Blom, Deputy Assistant Secretary, Office of Public
Housing Investments, U.S. Department of Housing and Urban
Development; Ms. Barbara Sard, Vice President for Housing
Policy, Center on Budget and Policy Priorities; Ms. Deborah
Thrope, Staff Attorney, National Housing Law Project; Mr.
Ailrick Young, Executive Director, Laurel Housing Authority;
and Ms. Cheryl Lovell, Executive Director, St. Louis Housing
Authority. The hearing examined the Housing Choice Voucher
Program, the Administration's Housing Choice Voucher Mobility
Demonstration proposal, and relevant legislation that would
affect the Housing Choice Voucher program. Witnesses also
discussed H.R. 4816, the ``Small Public Housing Agency Act of
2016.''
INTERNATIONAL INSURANCE REGULATORY STANDARDS
The Subcommittee on Housing and Insurance held a hearing on
April 29, 2015 entitled ``The Impact of International
Regulatory Standards on the Competitiveness of U.S. Insurers.''
Witnesses were: Mr. Michael McRaith, Director, Federal
Insurance Office, U.S. Department of the Treasury; Mr. Mark van
der Weide, Deputy Director, Federal Reserve Board of Governors;
and Mr. Kevin McCarty, Commissioner, Florida Insurance
Department. The hearing examined the various international
regulatory standards being considered by the G-20, the
Financial Stability Board, the International Association of
Insurance Supervisors, and other international supervisory
authorities.
The Subcommittee on Housing and Insurance held a hearing on
September 29, 2015 entitled ``The Impact of Domestic Regulatory
Standards on the U.S. Insurance Market.'' Witnesses were: Mr.
Michael McRaith, Director, Federal Insurance Office, U.S.
Department of the Treasury; Mr. Tom Sullivan, Senior Advisor,
Department of Banking Supervision and Regulation, Federal
Reserve Board of Governors; Mr. John Huff, Director, Missouri
Department of Insurance, Financial Institutions and
Professional Registration; and Mr. Roy Woodall, Independent
Member, Financial Stability Oversight Council, U.S. Department
of the Treasury. This hearing examined the impact on the U.S.
insurance market of existing federal and state regulatory
standards as well as the potential impact of proposed
standards.
The Subcommittee on Housing and Insurance held a hearing on
February 25, 2016 entitled ``The Impact of International
Regulatory Standards on the Competitiveness of U.S. Insurers:
Part II.'' Witnesses were: Mr. Gary Thompson, President and
CEO, Columbia Insurance Group (on behalf of the National
Association of Mutual Insurance Companies); Mr. David Zaring,
The Wharton School, University of Pennsylvania; Mr. Joseph
Torti III, Vice President for Regulatory Affairs, Fairfax (US)
Inc. (on behalf of Property Casualty Insurers Association of
America); and Ms. Carolyn Cobb, Vice President and Chief
Counsel, American Council of Life Insurers. Similar to the
hearing held on April 29, 2015, this hearing examined the
various international regulatory standards being considered by
the G-20, the Financial Stability Board, the International
Association of Insurance Supervisors, and other international
supervisory authorities. In addition, the hearing reviewed
draft legislation to enhance Congress's oversight of insurance-
related international deliberations to which the United States
is a party.
The Subcommittee on Housing and Insurance held a hearing on
September 28, 2016 entitled ``The Impact of US-EU Dialogues on
U.S. Insurance Markets.'' Witnesses were: Mr. Michael McRaith,
Director, Federal Insurance Office, U.S. Department of the
Treasury; Mr. Tom Sullivan, Senior Advisor, Board of Governors,
Federal Reserve Board of Governors; and Ms. Julie Mix McPeak,
Commissioner, Tennessee Department of Commerce and Insurance.
The hearing examined the process by which the Treasury
Department and the Office of the U.S. Trade Representative
(USTR) may enter into a covered agreement under Section 502 of
the Dodd-Frank Act. In addition, witness testimony discussed
the various international regulatory standards being considered
by the G-20, the Financial Stability Board, the International
Association of Insurance Supervisors, and other international
supervisory authorities.
REAL ESTATE SETTLEMENT PROCESS
The Subcommittee on Housing and Insurance held a hearing on
May 14, 2015 entitled ``TILA-RESPA Integrated Disclosure:
Examining the Costs and Benefits of Changes to the Real Estate
Settlement Process.'' Witnesses were: Ms. Cynthia Lowman,
President, United Bank, Mortgage Corporation, United Bank of
Michigan (on behalf of the American Bankers Association); Ms.
Diane Evans, Vice President, Land Title Guaranty Company (on
behalf of the American Land Title Association); Ms. Laurie
Goodman, Center Director, Housing Finance Policy Center, Urban
Institute; and Mr. Chris Polychron, Executive Broker, 1st
Choice Realty (on behalf of the National Association of
Realtors). The hearing examined the TILA-RESPA Integrated
Disclosure (``TRID'') Rule promulgated by the Consumer
Financial Protection Bureau (``CFPB''). Witnesses particularly
testified on matters related to the impact of the TRID Rule on
the real estate market, the implementation and compliance costs
associated with the TRID Rule, and the relation of those costs
to the benefits to consumers and industry participants of the
TRID Rule.
The Subcommittee on Housing and Insurance held a hearing on
November 16, 2016 entitled ``Modernizing Appraisals: A
Regulatory Review and the Future of the Industry.'' Witnesses
were: Mr. James Park, Executive Director, Appraisal
Subcommittee; Mr. David Bunton, President, The Appraisal
Foundation; Ms. Joan Trice, Chief Executive Officer and
Founder, Clearbox; Mr. Bill Garber, Director of Government and
External Relations, Appraisal Institute; Mr. Ed Brady, Chairman
of the Board, National Association of Home Builders; and Ms.
Jennifer S. Wagner, Managing Attorney, Mountain State Justice,
Inc. The hearing examined the appraisal industry since the
creation of the Appraisal Subcommittee in 1989, reviewed the
Dodd-Frank Act's impact on appraisers, consumers and
stakeholders, and explored the future of appraisals, including
alternative home valuation methods.
FEDERAL HOUSING ADMINISTRATION
The Subcommittee on Housing and Insurance held a hearing on
February 26, 2015 entitled ``The Future of Housing in America:
Oversight of the Federal Housing Administration--Part II.''
Witnesses were: Mr. Douglas Holtz-Eakin, President, American
Action Forum; Mr. Rohit Gupta, President and Chief Executive
Officer, US Mortgage Insurance, Genworth and Co-chair, U.S.
Mortgage Insurers; Ms. Julia Gordon, Director of Housing
Finance and Policy, Center for American Progress; and Mr.
Clifford Rossi, Professor-of-the-Practice and Executive-in-
Residence, Mr. Robert H. Smith School of Business, University
of Maryland and Chief Economist of Radian Group Inc. The
hearing, which followed a February 11, 2015 full Committee
hearing on the FHA, examined the FHA's financial status and, in
particular, the condition of the Mutual Mortgage Insurance Fund
(MMIF).
The Subcommittee on Housing and Insurance held a hearing on
February 11, 2016 entitled ``The Future of Housing in America:
Examining the Health of the Federal Housing Administration.''
The sole witness was Mr. Edward L. Golding, the Principal
Deputy Assistant Secretary for the FHA's Office of Housing. The
hearing examined the FHA's operations and financial status,
including the health of the MMIF.
FLOOD INSURANCE
The Subcommittee on Housing and Insurance held a hearing on
June 2, 2015 entitled ``The National Flood Insurance Program:
Oversight of Superstorm Sandy Claims.'' The sole witness was
Mr. Brad Kieserman, the Deputy Associate Administrator,
Insurance, Federal Insurance and Mitigation Administration,
Federal Emergency Management Administration. The hearing
examined the NFIP's claim payments to policyholders in the wake
of Superstorm Sandy and allegations that at least some
policyholders received incorrect payments after their claims
were undervalued. The hearing also examined the extent and
causes of the alleged fraudulent behavior that lead to the
undervaluing of claims, the impact of such actions on
policyholders, and the steps FEMA took to address these
practices.
The Subcommittee on Housing and Insurance held a field
hearing in New Orleans, Louisiana on November 6, 2015 entitled
``New Orleans: Ten Years After the Storm.'' Witnesses were: Mr.
Earl Randall, Field Office Director, U.S. Department of Housing
and Urban Development; Ms. Nicole Barnes, Executive Director,
Jericho Road Episcopal Housing Initiative; Ms. Cashauna Hill,
Executive Director, Greater New Orleans Fair Housing Action
Center; Ms. Tracie Washington, Managing Director, Louisiana
Justice Institute; Mr. Gregg Fortner, Executive Director,
Housing Authority of New Orleans; Ms. Connie Uddo, Executive
Director, St. Paul's Homecoming Center; and Ms. Erika
McConduit, President and Chief Executive Officer, Urban League
of Greater New Orleans. The hearing examined the response--at
the local, state, and federal government levels--to the housing
needs of residents affected by Hurricane Katrina. The hearing
also examined the long-term housing and economic development
plans for New Orleans and the surrounding region.
The Subcommittee on Housing and Insurance held a hearing on
January 12, 2016 entitled ``Opportunities and Challenges Facing
the National Flood Insurance Program.'' Witnesses were: Mr.
Stephen Ellis, Vice President, Taxpayers for Common Sense; Mr.
Christopher W. Heidrick, Heidrick & Company Insurance and Risk
Management Services, LLC (on behalf of the Independent
Insurance Agents and Brokers of America, Inc.); Ms. Patty
Templeton-Jones, Executive Vice President and Chief Program
Advocate, Wright National Flood Insurance Company (on behalf of
the Property Casualty Insurers Association of America); and Mr.
Tom Woods, 2015 Chairman of the Board, National Association of
Home Builders. The hearing examined the current government
flood insurance model, ways to improve the NFIP using
technology that was not available when the program was
established in 1968, and methods for the creation of a private
flood insurance market to compliment the NFIP.
The Subcommittee on Housing and Insurance held a hearing on
January 13, 2016 entitled ``How to Create a More Robust Private
Flood Insurance Marketplace.'' Witnesses were: Ms. Teresa D.
Miller, Commissioner, Pennsylvania State Insurance Department
(on behalf of the National Association of Insurance
Commissioners); Mr. Steve Bradshaw, Executive Vice President,
Standard Mortgage Corporation (on behalf of the Mortgage
Bankers Association); Mr. Brady Kelley, Executive Director,
National Association of Professional Surplus Lines Offices,
Ltd.; and Mr. Birny Birnbaum, Executive Director, Center for
Economic Justice. The hearing examined the NFIP and legislative
concepts intended to facilitate the creation of a competitive
flood insurance market to complement the NFIP.
RURAL HOUSING
The Subcommittee on Housing and Insurance held a hearing on
May 19, 2015 entitled ``The Future of Housing in America:
Oversight of the Rural Housing Service.'' Witnesses were: Mr.
Tony Hernandez, Administrator, Rural Housing Service (RHS),
U.S. Department of Agriculture, and Mr. Mathew Scire, Director,
Financial Markets and Community Investment, Government
Accountability Office. The hearing examined the budget
priorities of the RHS for fiscal year 2016, its overall
performance, and its future goals and challenges.
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-5......................... The Future of Housing February 26,
in America: Oversight 2015
of the Federal
Housing
Administration--Part
II.
114-14........................ The Future of Housing April 16, 2015
in America:
Increasing Private
Sector Participation
in Affordable Housing.
114-17........................ The Impact of April 29, 2015
International
Regulatory Standards
on the
Competitiveness of
U.S. Insurers.
114-24........................ TILA-RESPA Integrated May 14, 2015
Disclosure: Examining
the Costs and
Benefits of Changes
to the Real Estate
Settlement Process.
114-25........................ The Future of Housing May 19, 2015
in America: Oversight
of the Rural Housing
Service.
114-28........................ The National Flood June 2, 2015
Insurance Program:
Oversight of
Superstorm Sandy
Claims.
114-40........................ The Future of Housing July 10, 2015
in America: Oversight
of HUD's Public and
Indian Housing
Programs.
114-53........................ The Impact of Domestic September 29,
Regulatory Standards 2015
on the U.S. Insurance
Market.
114-56........................ The Future of Housing October 21, 2015
in America: Federal
Housing Reforms that
Create Housing
Opportunity.
114-60........................ Field hearing entitled November 6, 2015
New Orleans: Ten
Years After the Storm.
114-67........................ Opportunities and January 12, 2016
Challenges Facing the
National Flood
Insurance Program.
114-68........................ How to Create a More January 13, 2016
Robust and Private
Flood Insurance
Marketplace.
114-72........................ The Future of Housing February 11,
in America: Examining 2016
the Health of the
Federal Housing
Administration.
114-76........................ The Impact of February 25,
International 2016
Regulatory Standards
on the
Competitiveness of
U.S. Insurers: Part
II.
114-81........................ The Future of Housing March 22, 2016
in America:
Government
Regulations and the
High Cost of Housing.
114-86........................ The Future of Housing May 12, 2016
in America: A
Comparison of the
United Kingdom and
United States Models
for Affordable
Housing.
114-101....................... The Future of Housing September 21,
In America: A Better 2016
Way to Increase
Efficiencies For
Housing Vouchers and
Create Upward
Economic Mobility.
114-108....................... The Impact of US-EU September 28,
Dialogues on U.S. 2016
Insurance Markets.
114-111....................... Modernizing November 16,
Appraisals: A 2016
Regulatory Review and
the Future of the
Industry.
------------------------------------------------------------------------
Subcommittee on Monetary Policy and Trade
(Ratio: 12-9)
BILL HUIZENGA, MI, Chairman
GWEN MOORE, WI [RM] MICK MULVANEY, SC [V Chair]
BILL FOSTER, IL FRANK D. LUCAS, OK
ED PERLMUTTER, CO STEVAN PEARCE, NM
JAMES A. HIMES, CT LYNN A. WESTMORELAND, GA
JOHN C. CARNEY, JR. DE MARLIN A. STUTZMAN, IN
TERRI A. SEWELL, AL ROBERT PITTENGER, NC
PATRICK MURPHY, FL LUKE MESSER, IN
DANIEL T. KILDEE, MI DAVID SCHWEIKERT, AZ
DENNY HECK, WA FRANK GUINTA, NH
MAXINE WATERS, CA [Ex Officio] MIA LOVE, UT
TOM EMMER, Minnesota
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
THE CENTENNIAL MONETARY COMMISSION ACT
H.R. 2912
Summary
The Centennial Monetary Commission Act establishes the
Centennial Monetary Commission to study monetary policy
including, among other topics, (1) the historical monetary
policy of the Federal Reserve; (2) the various operational
regimes under which the Federal Reserve may conduct monetary
policy; (3) the use of macro-prudential supervision and
regulation as a tool of monetary policy; and (4) the Lender-of-
Last-Resort function. The Commission is also charged with
recommending a course of United States monetary policy going
forward and must report to Congress its findings, conclusions,
and recommendations. H.R. 2912 empowers the Commission to hold
hearings, take testimony, receive evidence, and administer
oaths. The Commission is also authorized to obtain official
data from Executive Branch agencies.
Legislative History
Representative Kevin Brady introduced the Centennial
Monetary Commission Act on June 25, 2015. On July 22, 2015, the
Subcommittee on Monetary Policy and Trade held a hearing
entitled ``Examining Federal Reserve Reform Proposals,'' which
examined the bill. Witnesses were Dr. John Taylor, Professor of
Economics, Stanford University; Dr. John Cochrane, Senior
Fellow, Hoover Institution; Dr. Donald Kohn, Senior Fellow,
Economic Studies, Brookings Institution; and Dr. Paul Kupiec,
Resident Scholar, American Enterprise Institute.
On July 28 and 29, 2015, the Committee met in open session
and ordered the Centennial Monetary Commission Act favorably
reported to the House without amendment by a vote of 35 to 22
(see H. Rep. 114-331).
On November 18, 2015, the House adopted H. Res. 529, which
provided for the consideration of H.R. 3189 (the Fed Oversight
Reform and Modernization Act) and made in order in connection
therewith an amendment in the nature of a substitute consisting
of the text of Rules Committee Print 114-35, which included, in
addition to H.R. 3189, the text of H.R. 2912. H. Res. 529 also
made in order the consideration of sundry amendments to the
amendment in the nature of a substitute. The bill was
considered on November 18th and 19th. An amendment by Chairman
Hensarling was considered as adopted pursuant to H. Res. 529.
Amendments No. 2 (Heck), No. 3 (Grayson), and No. 6 (King)
(modified by unanimous consent to include the text of amendment
No. 4 (King), which was not timely offered) were adopted by
voice vote (see H. Rep. 114-341 for information on each
amendment). The amendment in the nature of a substitute, as
amended, was adopted. The House passed the bill as amended by a
vote of 241 to 185 on November 19th. On November 30, 2015, the
bill was received in the Senate. On December 17, 2015, it was
referred to the Committee on Banking, Housing and Urban
Affairs.
There was no further action on the measure in the 114th
Congress.
THE FED OVERSIGHT REFORM AND MODERNIZATION (FORM) ACT
H.R. 3189
Summary
The FORM Act requires the Federal Reserve to clearly
explain differences between the actual course of monetary
policy and a reference policy rule. H.R. 3189 also requires the
Federal Reserve to conduct cost-benefit analysis when it adopts
new regulations. The bill additionally seeks to enhance the
Federal Reserve's accountability to Congress in the conduct of
regulatory policy and to achieve greater transparency related
to (1) the Federal Reserve's bank stress tests and (2)
international financial regulatory negotiations conducted by
the Federal Reserve, the Treasury Department, the Office of the
Comptroller of the Currency (OCC), the Securities and Exchange
Commission (SEC), and the Federal Deposit Insurance Corporation
(FDIC). The FORM Act further requires the Federal Reserve to
disclose the salaries of highly paid employees, provides for at
least two staff positions to advise each member of the Board of
Governors, and requires Fed employees to abide by the same
ethical requirements as other federal financial regulators.
H.R. 3189 reforms the ``blackout period'' governing when
Federal Reserve Governors and employees may publicly speak on
certain matters; alters the voting membership of the Federal
Open Market Committee (FOMC); and amends the Federal Reserve's
emergency lending powers under Section 13(3) of the Federal
Reserve Act. Finally, the bill requires that the FOMC set
interest rates on balances maintained at a Federal Reserve Bank
by a depository institution and seeks to enhance the Government
Accountability Office's (GAO's) authority to audit Federal
Reserve operations.
Legislative History
On July 22, 2015, the Subcommittee on Monetary Policy and
Trade held a hearing entitled ``Examining Federal Reserve
Reform Proposals,'' which examined a discussion draft of the
FORM Act. Witnesses testified as noted previously.
Representative Huizenga introduced H.R. 3189 on July 23,
2015. The House Oversight and Government Reform Committee
received a secondary referral of the bill. On July 28 and 29,
2015, the Committee met in open session to consider the FORM
Act. A manager's amendment offered by Mr. Huizenga was agreed
to by voice vote. Amendments offered by Mr. Heck and Ms. Waters
were each agreed to by voice vote. An additional amendment (No.
4) offered by Mr. Heck was withdrawn. The bill as amended was
ordered favorably reported to the House by a vote of 33 to 25
(see H. Rep. No. 114-332, Pt. 1). On November 16, 2015, the
Oversight and Government Reform Committee was discharged from
further consideration of H.R. 3189.
On November 18, 2015, the House adopted H. Res. 529, which
provided for the consideration of H.R. 3189 in conjunction with
H.R. 2912 (the Centennial Monetary Commission Act). H. Res. 529
also made in order sundry amendments to the bills, certain of
which were adopted (see discussion of H.R. 2912 supra for
additional information). The House passed H.R. 3189 as amended
by a vote of 241 to 185 on November 19, 2015. On November 30,
2015, the bill was received in the Senate. On December 17,
2015, it was referred to the Committee on Banking, Housing and
Urban Affairs.
There was no further action on the measure in the 114th
Congress.
A BILL TO PROHIBIT THE SECRETARY OF THE TREASURY FROM AUTHORIZING
CERTAIN TRANSACTIONS BY A U.S. FINANCIAL INSTITUTION IN CONNECTION WITH
THE EXPORT OR RE-EXPORT OF A COMMERCIAL PASSENGER AIRCRAFT TO THE
ISLAMIC REPUBLIC OF IRAN
H.R. 5711
Summary
H.R. 5711 prohibits the Secretary of the Treasury from
authorizing transactions by U.S. financial institutions in
connection with the export or re-export of passenger aircraft
to Iran. H.R. 5711 also revokes any such authorization made
prior to enactment of the bill.
Legislative History
On July 7, 2016, the Subcommittee on Monetary Policy and
Trade held a hearing entitled ``The Implications of U.S.
Aircraft Sales to Iran,'' which examined a discussion draft of
H.R. 5711. Witnesses were Mr. Mark Dubowitz, Executive
Director, Foundation for Defense of Democracies; Mr. Eric
Lorber, Senior Associate, Financial Integrity Network, and Mr.
Zachary Goldman, Executive Director, Center on Law and
Security, New York University School of Law.
Representative Huizenga introduced H.R. 5711 on July 11,
2016. On July 13, 2016, the Committee met in open session to
consider the bill. An amendment offered by Mr. Huizenga was
adopted by voice vote. The bill as amended was ordered
favorably reported to the House by a vote of 33 to 21 (see H.
Rep. 114-810).
On November 16, 2016, the House adopted H. Res. 921, which
provided for the consideration of H.R. 5711 and made in order
in connection therewith an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
66, which included, in addition to the text of H.R. 5711, the
text of H.R. 5715 (the No Ex-Im Assistance for Terrorism Act).
H. Res. 921 also made in order the consideration of an
amendment to the amendment in the nature of a substitute to be
offered by Mr. Huizenga (adding a short title; clarifying the
nature of prohibited Iranian transactions; and establishing a
sunset of the bill's provisions upon presidential certification
that Iran has ceased support for international terrorism).
Later on November 16th, the House considered H.R. 5711 pursuant
to the terms of H. Res. 921. By voice vote, the House adopted
the Huizenga amendment and the amendment in the nature of a
substitute (as amended). On November 17, 2016, the House passed
H.R. 5711 as amended by a vote of 243 to 174. On November 28,
2016, the bill was received in the Senate and referred to the
Committee on Banking, Housing and Urban Affairs.
There was no further action on the measure in the 114th
Congress.
THE NO EX-IM ASSISTANCE FOR TERRORISM ACT
H.R. 5715
Summary
The No Ex-Im Assistance for Terrorism Act prohibits the
Export-Import Bank of the United States from financing
transactions sought by the government of Iran, an Iranian
entity, or a foreign subsidiary of such an entity. H.R. 5715
also prevents indirect assistance to Iran by prohibiting
financing for entities that draw on Bank support in order to
carry out business with the country. Non-U.S. entities which,
in the five years prior to enactment of the bill, have leased
or sold aircraft to Iran in contravention of U.S. law would be
ineligible for any Export-Import Bank assistance. Should the
Bank discover that a financed transaction has facilitated the
sale or lease of aircraft to Iran, the bill would require the
Bank to cease financing and seek immediate repayment.
Legislative History
On July 7, 2016, the Subcommittee on Monetary Policy and
Trade held a hearing entitled ``The Implications of U.S.
Aircraft Sales to Iran,'' which examined an earlier version of
the No Ex-Im Assistance for Terrorism Act (H.R. 5608).
Witnesses testified as noted previously.
Representative Roskam introduced H.R. 5715--making certain
changes relative to H.R. 5608--on July 11, 2016. On July 13,
2016, the Committee met in open session to consider the bill.
An amendment offered by Mr. Sherman, as modified by unanimous
consent, was agreed to by voice vote. The Chair ruled that an
amendment offered by Mr. Heck was nongermane; a motion to table
the appeal of the Chair's ruling was agreed to by a vote of 22
to 11. The bill as amended was ordered favorably reported to
the House by a vote of 32 to 21 (see H. Rep. 114-819).
On November 16, 2016, the House adopted H. Res. 921, which
provided for the consideration of the No Ex-Im Assistance for
Terrorism Act in conjunction with H.R. 5711 (prohibiting U.S.
financing for aircraft transactions involving Iran). On
November 17, 2016, the House passed H.R. 5715 and H.R. 5711,
with an amendment, by a vote of 243 to 174 (see entry for H.R.
5711 supra for additional information). On November 28, 2016,
the bill was received in the Senate and referred to the
Committee on Banking, Housing and Urban Affairs. There was no
further action on the measure in the 114th Congress.
THE STOP U.S. SUPPORT FOR STATE SPONSORS OF TERRORISM ACT
H.R. 5729
Summary
The Stop U.S. Support for State Sponsors of Terrorism Act
prohibits the Secretary of the Treasury from issuing licenses
authorizing the export or re-export of passenger aircraft to
Iran. The bill also requires an annual report from the
Department of Treasury on U.S. financial institutions'
involvement with the export of non-U.S. aircraft or spare parts
to Iran. Additionally, this report would describe risks related
to repayment, money laundering, and the financing of terrorism
faced by U.S. financial institutions if they were to be
involved in the sale or lease of aircraft to Iran. Finally,
H.R. 5729 requires the Export-Import Bank of the United States
to prepare an annual report on Bank assistance for U.S. exports
that may be used in connection with non-U.S. aircraft sales to
Iran.
Legislative History
On July 7, 2016, the Subcommittee on Monetary Policy and
Trade held a hearing entitled ``The Implications of U.S.
Aircraft Sales to Iran,'' which examined the Stop U.S. Support
for State Sponsors of Terrorism Act. Witnesses testified as
noted previously.
Representative Pittenger introduced the Stop U.S. Support
for State Sponsors of Terrorism Act on July 12, 2016. The bill
was referred to the House Foreign Affairs Committee; the
Financial Services Committee received an additional referral.
On July 13, 2016, the Financial Services Committee met in open
session to consider the bill. An amendment offered by Mr.
Pittenger was adopted by voice vote. Two amendments offered en
bloc by Mr. Sherman (by unanimous consent) were withdrawn. The
bill as amended was ordered favorably reported to the House by
a vote of 33 to 21 (see H. Rep. No. 114-866, Pt. 1). There was
no further action on H.R. 5729 in the 114th Congress.
Subcommittee Oversight Activities
THE FEDERAL RESERVE SYSTEM
The Subcommittee on Monetary Policy and Trade held a
hearing on ``Unconventional Monetary Policy'' on December 7,
2016, to examine how the Federal Reserve has departed from
conventional monetary policy in recent years, how the Federal
Reserve can facilitate an orderly return to a more conventional
balance sheet, and how monetary policies can reliably support
economic growth going forward. Witnesses from the asset
management industry, the Federal Reserve, and academia
appeared. The hearing focused on Title VII (Fed Oversight
Reform and Modernization) of the Committee-passed Financial
CHOICE Act (H.R. 5983).
The Subcommittee on Monetary Policy and Trade held a
hearing on ``Federal Reserve Districts: Governance, Monetary
Policy, and Economic Performance'' on September 7, 2016, to
examine the governance of Federal Reserve Banks, and how their
governance relates to the conduct of monetary policy and
ultimately economic performance.
Witnesses were Dr. Jeffrey Lacker, President and Chief
Executive Officer, Federal Reserve Bank of Richmond; Ms. Esther
George, President and Chief Executive Officer, Federal Reserve
Bank of Kansas City; Mr. Robert Jones, Chairman and Chief
Executive Officer, Old National BanCorp; and The Honorable
William Spriggs, Chief Economist, AFL-CIO and Professor,
Department of Economics, Howard University. The witnesses'
testimony included discussion of provisions of the Financial
CHOICE Act (subsequently introduced as H.R. 5983) that related
to the governance of the Federal Reserve.
Finally, the Subcommittee on Monetary Policy and Trade held
a hearing on ``Interest on Reserves and the Fed's Balance
Sheet'' on May 17, 2016. The hearing examined the origins of
the Fed's authority to pay interest on reserves, how increased
reserve deposits facilitated an expansion of the Fed's balance
sheet, how the Fed's asset purchases may be affecting credit
allocation and economic performance, and how strategies to
shrink the Fed's balance sheet might increase political
pressures on monetary policy independence.
Witnesses from the asset management industry, policy
research institutes, and academia appeared. The witnesses also
testified about matters relevant to the Financial Choice Act
(subsequently introduced as H.R. 5983).
ECONOMIC SANCTIONS
The Subcommittee on Monetary Policy and Trade--alongside
the Oversight and Investigations Subcommittee, the Task Force
on Terrorism Financing, and the Full Committee--examined the
relaxation of Iran sanctions under the President's Joint
Comprehensive Plan of Action (``JCPOA'').
On April 1, 2016, Chairman Hensarling sent a letter to
Treasury Secretary Jack Lew on issues relating to Iranian
access to the U.S. dollar.
The Subcommittee on Monetary Policy and Trade also examined
JCPOA provisions permitting the export of U.S. aircraft to Iran
Air, which from June 2011 to January 2016 had been sanctioned
by the Treasury Department for providing support to the Iranian
defense ministry and the Islamic Revolutionary Guard Corps. On
July 7, 2016, the Subcommittee on Monetary Policy and Trade
held a hearing entitled, ``The Implications of U.S. Aircraft
Sales to Iran,'' which discussed H.R. 5729, H.R. 5711, and H.R.
5715. H.R. 5729 and H.R. 5711 would prohibit the Treasury
Department's Office of Foreign Assets Control from issuing
certain licenses authorizing the sale or financing of aircrafts
to Iran, while H.R. 5715 would restrict aircraft financing for
Iran through the Export-Import Bank of the United States. These
three bills were passed by the Committee on July 13, 2016, with
the text of H.R. 5711 and H.R. 5715, as reported, passing the
House as the No U.S. Financing for Iran Act on November 17,
2016.
INTERNATIONAL MONETARY FUND
The Subcommittee on Monetary Policy and Trade examined
issues related to moral hazard in connection with the expansion
of the International Monetary Fund's (``IMF's'') New
Arrangements to Borrow (``NAB'') and its systemic exemption
lending guidelines.
On June 17, 2015, the Subcommittee on Monetary Policy and
Trade held a hearing entitled ``The Impact of the International
Monetary Fund: Economic Stability or Moral Hazard?'' This
hearing addressed the IMF's assistance program in Greece, and
the implications of this assistance for operational reforms at
the IMF. Witnesses were Mr. Clay Lowery, Vice President, Rock
Creek Global Advisors; Dr. John Taylor, Mary and Robert Raymond
Professor of Economics, Stanford University, and Ms. Meg
Lundsager, Public Policy Fellow, Woodrow Wilson International
Center for Scholars.
On July 22, 2015, Subcommittee on Monetary Policy and Trade
Chairman Huizenga sent a letter to Under Secretary of Treasury
for International Affairs Nathan Sheets, advocating for the
repeal of the IMF's systemic exemption, a rollback of the NAB,
and the IMF's withdrawal from future Greek bailouts. On
September 17, 2015, the Subcommittee on Monetary Policy and
Trade further investigated these matters at a hearing entitled
``Strengthening U.S. Leadership in a Turbulent Global
Economy,'' at which Under Secretary Sheets was the sole
witness. In addition to exploring potential IMF reforms,
certain Subcommittee members questioned the appropriateness of
adding the Chinese renminbi to the IMF's currency basket.
On December 18, 2015, the House passed H.R. 2029, the
Consolidated Appropriations Act, 2016, which included a repeal
of the IMF's systemic exemption and the deactivation of the
NAB. This legislation was signed into law the same day.
On February 25, 2016, Subcommittee on Monetary Policy and
Trade Chairman Huizenga sent a letter to Secretary Lew
expressing concern related to additional IMF bailouts for
Greece.
Finally, the Subcommittee on Monetary Policy and Trade held
discussions with staff from the Treasury Department and IMF to
examine the Fund's technical assistance that supports IMF
members' efforts to combat money laundering and terrorism
financing. Based on these discussions, Rep. Pearce, a member of
the Subcommittee on Monetary Policy and Trade, introduced H.R.
5469, which would encourage the use of the IMF's administrative
budget to fund such technical assistance. H.R. 5469 was passed
in the House by voice vote on July 11, 2016.
MULTILATERAL DEVELOPMENT BANKS
The Subcommittee on Monetary Policy and Trade examined
potential methods to increase the effectiveness and
accountability of the Multilateral Development Banks
(``MDBs''). On October 9, 2015, the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``The Future of the
Multilateral Development Banks,'' which reviewed recent
research from development economics, project experience at the
World Bank, and the MDBs' response to new development
initiatives from China.
On April 27, 2016, the Subcommittee on Monetary Policy and
Trade invited Under Secretary of Treasury for International
Affairs Nathan Sheets to testify at a hearing entitled, ``How
Can the U.S. Make Development Banks More Accountable?'' This
hearing examined MDB transactions occurring in states with high
levels of corruption and human rights violations, as well as
the MDBs' ability to counteract such abuses.
On July 14, 2016, Subcommittee on Monetary Policy and Trade
Chairman Huizenga and Ranking Member Moore sent a letter to
World Bank President Jim Yong Kim, criticizing the Bank's
management of the Uganda Transport Sector Development Project,
an initiative the Bank was forced to cancel after allegations
that a World Bank contractor had sexually exploited Ugandan
children and violated numerous safety standards.
Over the course of the 114th Congress, Subcommittee staff
held bipartisan briefings with Treasury staff on the
Administration's negotiations for IDA-18, a forthcoming
replenishment for the World Bank's International Development
Association.
EXPORT-IMPORT BANK OF THE UNITED STATES
The Subcommittee on Monetary Policy and Trade held two
hearings prior to the lapse of the authorization of the Export-
Import Bank of the United States (``Ex-Im'') on June 30, 2015.
On April 15, 2015, the Subcommittee on Monetary Policy and
Trade held a joint hearing with the Committee on Oversight and
Government Reform's Subcommittee on Health Care, Benefits and
Administrative Rules entitled ``Oversight of Efforts to Reform
the Export-Import Bank.'' This hearing examined the extent of
Ex-Im's progress in implementing reforms contained in its 2012
reauthorization. On April 30, 2015, the Subcommittee on
Monetary Policy and Trade held another joint hearing with the
Oversight and Government Reform Subcommittee entitled
``Examining the Export-Import Bank's Mandates,'' at which Ex-Im
Chairman Fred Hochberg testified on the Bank's record in
meeting its statutorily required targets to support particular
industries.
GLOBAL ECONOMIC CONDITIONS
The Subcommittee on Monetary Policy and Trade examined the
effects of trade agreements and global regulatory cooperation
on the U.S. financial services industry. On April 15 and July
1, 2015, Subcommittee on Monetary Policy and Trade Chairman
Huizenga sent letters to Secretary Lew expressing concern that
Treasury may impose data localization rules on the financial
services sector in trade agreements.
On September 17, 2015, the Subcommittee on Monetary Policy
and Trade held a hearing entitled ``Strengthening U.S.
Leadership in a Turbulent Global Economy,'' in which Under
Secretary of Treasury for International Affairs Nathan Sheets
testified on the Administration's efforts to negotiate the
Trans-Pacific Partnership, the Transatlantic Trade and
Investment Partnership, and a bilateral investment treaty with
China.
The Subcommittee on Monetary Policy and Trade also examined
the domestic impact of global regulatory initiatives. On
September 23, 2016, it held a hearing entitled ``The Financial
Stability Board's (FSB) Implications for U.S. Growth and
Competitiveness,'' in which representatives from the U.S.
financial services industry testified concerning the
Administration's participation in the FSB, the FSB's role in
determining the Administration's own policies, and transparency
and accountability in FSB decision-making.
EXTRACTIVE INDUSTRIES AND CONFLICT MINERALS
The Committee reviewed the implementation of Section 1502
of the Dodd-Frank Act, which requires certain disclosures by
public companies whose products contain ``conflict minerals.''
On November 17, 2015, the Subcommittee on Monetary Policy and
Trade held a hearing entitled ``Dodd-Frank Five Years Later:
What Have We Learned from Conflict Minerals Reporting?''
Following this hearing, Subcommittee on Monetary Policy and
Trade Chairman Huizenga offered an amendment to the Financial
Services and General Government Appropriations Act, 2017 that
would suspend implementation of disclosure requirements. This
amendment and the underlying legislation passed the House on
July 7, 2016.
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-12........................ Joint Hearing with the April 15, 2015
Committee on
Oversight and
Government Reform's
Subcommittee on
Health Care, Benefits
and Administrative
Rules entitled,
Oversight of Efforts
to Reform the Export-
Import Bank of the
United States.
114-19........................ Joint Hearing with the April 30, 2015
Committee on
Oversight and
Government Reform's
Subcommittee on
Health Care, Benefits
and Administrative
Rules entitled,
Examining the Export-
Import Bank's
Mandates.
114-35........................ The Impact of the June 17, 2015
International
Monetary Fund:
Economic Stability or
Moral Hazard?.
114-43........................ Examining Federal July 22, 2015
Reserve Reform
Proposals.
114-51........................ Strengthening U.S. September 17,
Leadership in a 2015
Turbulent Global
Economy.
114-54........................ The Future of the October 9, 2015
Multilateral
Development Banks.
114-61........................ Dodd-Frank Five Years November 17,
Later: What Have We 2015
Learned from Conflict
Minerals Reporting?.
114-85........................ How Can the U.S. Make April 27, 2016
Development Banks
More Accountable?.
114-87........................ Interest on Reserves May 17, 2016
and the Fed's Balance
Sheet.
114-95........................ The Implications of July 7, 2016
U.S. Aircraft Sales
to Iran.
114-99........................ Federal Reserve September 7,
Districts: 2016
Governance, Monetary
Policy, and Economic
Performance.
114-106....................... The Financial September 27,
Stability Board's 2016
Implications for U.S.
Growth and
Competitiveness.
114-112....................... Unconventional December 7, 2016
Monetary Policy.
------------------------------------------------------------------------
Subcommittee on Oversight and Investigations
(Ratio: 12-9)
SEAN P. DUFFY, WI, Chairman
MICHAEL G. FITZPATRICK, PA [V
Chair]
AL GREEN, TX [RM] PETER T. KING, NY
MICHAEL E. CAPUANO, MA PATRICK T. McHENRY, NC
EMANUEL CLEAVER, MO ROBERT HURT, VA
KEITH ELLISON, MN STEPHEN LEE FINCHER, TN
JOHN K. DELANEY, MD MICK MULVANEY, SC
JOYCE BEATTY, OH RANDY HULTGREN, IL
DENNY HECK, WA ANN WAGNER, MO
KYRSTEN SINEMA, AZ SCOTT TIPTON, CO
JUAN VARGAS, CA BRUCE POLIQUIN, ME
MAXINE WATERS, CA [Ex Officio] FRENCH HILL, AR
JEB HENSARLING, TX [Ex Officio]
Subcommittee Oversight Activities
THE DODD-FRANK ACT AND THE 2008 FINANCIAL CRISIS
On May 13, 2015, the Subcommittee on Oversight and
Investigations held a hearing entitled ``The Dodd-Frank Act and
Regulatory Overreach,'' which examined, among other things, the
operation and effectiveness of the Dodd-Frank Act as well as
whether the financial crisis was caused by imprudent government
policies and regulatory mismanagement, rather than ``market
failure'' or a lack of government regulation. Witnesses were:
Mr. Paul Mahoney, Dean and Professor of Law, University of
Virginia Law School; Ms. Hester Peirce, Director, Financial
Markets Working Group and Senior Research Fellow, Mercatus
Center, George Mason University; and Dr. Marcus Stanley, Policy
Director, Americans for Financial Reform.
SETTLEMENT OF IRAN-UNITED STATES CLAIMS
On September 8, 2016, the Subcommittee on Oversight and
Investigations held a hearing entitled ``Fueling Terror: The
Dangers of Ransom Payments to Iran,'' which examined payments
made by the Obama Administration in January and February 2016
to settle a dispute pending before the Iran-United States
Claims Tribunal. The hearing specifically examined, among other
matters, the mechanisms by which the payment was transmitted as
well as whether funds received by Iran could be used for
illicit purposes, including the funding of terrorism.
Oversight and Investigations Subcommittee Chairman Duffy
organized a classified member briefing on September 27, 2016,
so that Committee Members might further examine the
implications and rationale of the payments to Iran.
Representatives from the Departments of State, Treasury, and
Justice participated in this briefing.
CYBERSECURITY
On June 16, 2015, the Subcommittee on Oversight and
Investigations held a hearing entitled, ``A Global Perspective
on Cyber Threats,'' which evaluated risks posed to the U.S.
financial system from cyber-crimes. Witnesses were Mr. Frank J.
Cilluffo, Associate Vice President, the George Washington
University; Director, Center for Cyber and Homeland Security;
co-Director, Cyber Center for National and Economic Security;
Mr. Michael Madon, Board of Advisors Member, Center on
Sanctions and Illicit Finance, Foundation for Democracies,
Vice-President, Business Development, RedOwl Analytics; and Mr.
Richard Bejtlich, Chief Security Strategist, FireEye, Inc.
Witnesses testified about the extent to which nation-states,
criminal organizations, terrorist groups, and ``hacktivists''
may be able to carry out cyberattacks against the U.S.
financial system.
FEDERAL GOVERNMENT SPENDING AND THE DEBT LIMIT
On February 1, 2016, the majority staff of the Committee
released a report entitled, ``The Obama Administration's Debt
Ceiling Subterfuge: Subpoenaed Documents Reveal Treasury Misled
Public in Attempt to Maximize Pressure on Congress.''' The
staff report, which was based in part on documents produced by
the Treasury Department to the Committee, examined whether the
federal government had planned to prioritize principal and
interest payments on U.S. treasury securities if the debt
ceiling were not raised upon being reached.
On February 2, 2016, the Oversight and Investigations
Subcommittee held a hearing entitled ``Unsustainable Federal
Spending and the Debt Limit'' to examine matters relating to
the nation's spending and the debt limit, including the
Administration's debt limit contingency planning and its
assessment of the potential impact of debt prioritization on
financial markets and the economy.
THE PUERTO RICAN DEBT CRISIS
The Oversight and Investigations Subcommittee held a
hearing on February 25, 2016, entitled ``Puerto Rico's Debt
Crisis and Its Impact on the Bond Markets.'' The witnesses were
Dr. Anne Krueger, Senior Research Professor of International
Economics, John Hopkins University School of Advance
International Studies; Mr. Juan Carlos Batlle, Senior Managing
Director, CPG Island Servicing, LLC; The Honorable William M.
Isaac, Senior Managing Director, Global Head of Financial
Institutions, FTI Consulting; and Dr. Mark Zandi, Chief
Economist, Moody's Analytics. Witnesses testified concerning
the root causes of the Puerto Rican debt crisis, the health of
Puerto Rico's financial services sector, and the impact of the
crisis on investors.
DOJ BANK SETTLEMENTS
On May 19, 2016, the Oversight and Investigations
Subcommittee held a hearing entitled, ``Settling the Question:
Did Bank Settlement Agreements Subvert Congressional
Appropriations Powers?'' to examine whether the Department of
Justice overstepped its legal authority in insisting that
certain residential mortgage-backed securities settlement
agreements contain provisions requiring that settlement funds
be transmitted to groups without prior approval by Congress.
Witnesses were: Ambassador C. Boyden Gray, Partner, Boyden Gray
& Associates; Mr. Nicholas Rosenkranz, Professor of Law,
Georgetown University Law Center; Dr. Paul Larkin, Senior Legal
Research Fellow, Heritage Foundation; and Mr. David Min,
Assistant Professor of Law, University of California, Irvine
School of Law.
ALLEGATIONS OF DISCRIMINATION AND RETALIATION AT THE CONSUMER FINANCIAL
PROTECTION BUREAU
On June 25, 2015, the Oversight and Investigations
Subcommittee held a hearing entitled ``Examining Continuing
Allegations of Discrimination and Retaliation at the Consumer
Financial Protection Bureau.'' The hearing, which followed a
series of hearings examining similar allegations in the 113th
Congress, featured the testimony of two witnesses: Mr. Robert
Cauldwell, President, National Treasury Employees Union Chapter
334, and Examiner, CFPB; and Ms. Florine Williams, Senior Equal
Employment Specialist, Office of Civil Rights, CFPB. The
witnesses testified concerning allegations of workplace
discrimination and retaliation at the CFPB.
MASS DATA COLLECTION PRACTICES AT THE CFPB
On December 16, 2015, the Subcommittee held a hearing
entitled, ``Examining the Consumer Financial Protection
Bureau's Mass Data Collection Program'' to evaluate the CFPB's
data collection practices, including whether such practices may
pose a risk to consumer privacy. Witnesses were The Honorable
Newt Gingrich, former Speaker of the House of Representatives;
Mr. Wayne Abernathy, Executive Vice President for Financial
Institutions Policy and Regulatory Affairs, American Bankers
Association; Dr. Mark Calabria, Director of Financial
Regulation Studies, Cato Institute; and Mr. Deepak Gupta,
Founding Principal, Gupta Wessler PLLC. Witnesses additionally
testified concerning, among other things, the extent to which
data collected by the CFPB was relevant to its statutory
mission.
DUE PROCESS, TRANSPARENCY, AND THE FINANCIAL STABILITY OVERSIGHT
COUNCIL
On November 19, 2015, the Subcommittee held a hearing
entitled, ``Oversight of the Financial Stability Oversight
Council: Due Process and Transparency in Non-Bank SIFI
Designations.'' Witnesses were Mr. Jonathan Macey, Sam Harris
Professor of Corporate Law, Corporate Finance and Securities
Law, Yale Law School; Mr. Hal Scott, Director, Program on
International Financial Systems, Harvard Law School; Mr. Adam
White, Visiting Fellow, The Hoover Institution; and Mr. Robert
Hockett, Edward Cornell Professor of Law, Cornell Law School.
The witnesses testified about the process used by the FSOC to
evaluate and designate non-bank financial companies as
``systemically important financial institutions'' as well as
the FSOC's relationship to the Financial Stability Board.
THE FEDERAL DEPOSIT INSURANCE CORPORATION
On March 24, 2015, the Oversight and Investigations
Subcommittee held a hearing entitled ``The Federal Deposit
Insurance Corporation's Role in Operation Choke Point.'' The
hearing examined whether actions taken by the FDIC had caused
depository institutions seeking to minimize exposure to
regulatory risk to terminate lawful customer relationships,
including whether certain FDIC officials had deliberately
encouraged banks to terminate such business relationships
because the officials disfavored targeted industries. The
hearing also examined the extent to which the FDIC assisted in
implementing a DOJ initiative known as ``Operation Choke
Point,'' the stated purpose of which was to combat consumer
fraud by ``choking off'' businesses alleged to have committed
fraud from access to the financial system. FDIC Chairman Martin
Gruenberg was the sole witness at this hearing.
On March 16, 2016, the Oversight and Investigations
Subcommittee held a hearing entitled, ``The FDIC's Targeting of
Refund Anticipation Loans'' to review a report of the FDIC OIG
evaluating whether the FDIC improperly encouraged depository
institutions to terminate services related to Refund
Anticipation Loans. Mr. Fred Gibson, the FDIC's Acting
Inspector General, was the sole witness at this hearing.
MISCONDUCT ALLEGATIONS AT THE DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT
On February 4, 2015, the Oversight and Investigations
Subcommittee held a hearing entitled, ``Exploring Alleged
Ethical and Legal Violations at the U.S. Department of Housing
and Urban Development.'' The Honorable David Montoya, HUD's
Inspector General, and Ms. Edda Emmanuelli Perez, a Managing
Associate General Counsel at the Government Accountability
Office, testified concerning the outcome of their
investigations into matters relating to allegations of certain
improper lobbying and employment law practices at HUD.
THE FEDERAL RESERVE
On July 14, 2015, the Subcommittee held a hearing entitled,
``Fed Oversight: Lack of Transparency and Accountability'' to
examine issues related to the transparency of the Fed's
operations; the Fed's implementation of the Dodd-Frank Act; and
the extent of the Fed's compliance with congressional
investigations and requests for information. Witnesses were Dr.
Mark Calabria, Director of Financial Regulation Studies, Cato
Institute; Dr. Paul Kupiec, Resident Scholar, American
Enterprise Institute; The Honorable Alice M. Rivlin, Senior
Fellow, Economic Studies, Brookings Institution; Dr. John
Taylor, Professor of Economics, Stanford University.
DOCUMENT SUBPOENAS
Eight subpoenas duces tecum were authorized and issued
during the 114th Congress to compel the production of records
previously requested by the Committee.
On May 11, 2015, subpoenas duces tecum directed at Attorney
General Loretta Lynch, Treasury Secretary Jack Lew, and Federal
Reserve Bank of New York President William Dudley,
respectively, were issued to compel the production of records
of the Justice Department, Treasury Department, and Federal
Reserve Bank of New York pertinent to the Committee's
investigations.
On May 21, 2015, a subpoena duces tecum directed at Federal
Reserve Chair Janet Yellen was issued to compel the production
of Federal Reserve records pertinent to the Committee's
investigations.
On December 18, 2015, a subpoena duces tecum directed at
CFPB Director Richard Cordray was issued to compel the
production of CFPB records pertinent to the Committee's
investigations.
On May 13, 2016, a subpoena duces tecum directed at HUD
Secretary Julian Castro was issued to compel the production of
HUD records pertinent to the Committee's investigations.
On June 24, 2016, subpoenas duces tecum directed at CFPB
General Counsel Mary McLeod and CFPB Assistant Director for
Legislative Affairs Catherine Galicia, respectively, were
issued to compel the production of CFPB records pertinent to
the Committee's investigations.
DEPOSITIONS AND TRANSCRIBED INTERVIEWS
Eight subpoenas ad testificandum were issued during the
114th Congress to compel agency officials to appear for sworn
depositions with Committee staff touching on matters pertinent
to the Committee's investigations.
On February 11, 2016, a subpoena ad testificandum directed
at CFPB Assistant Director for Fair Lending Patrice Ficklin was
issued to compel Ms. Ficklin to appear for a sworn deposition
with Committee staff touching on matters pertinent to the
Committee's investigations.
On March 21, 2016, subpoenas ad testificandum directed at
Treasury Acting General Counsel Priya Aiyar, Treasury Assistant
Secretary for Legislative Affairs Anne Wall, Treasury Deputy
Assistant Secretary for the Financial Stability Oversight
Council Patrick Pinschmidt, and Treasury Counselor Randall
DeValk, respectively, were issued to compel each Treasury
official to appear for a sworn deposition with Committee staff
touching on matters pertinent to the Committee's
investigations.
On June 24, 2016, subpoenas ad testificandum directed at
CFPB General Counsel Mary McLeod and CFPB Assistant Director
for Legislative Affairs Catherine Galicia, respectively, were
issued to compel each CFPB official to appear for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
On September 27, 2016, a subpoena ad testificandum directed
at DOJ Assistant Attorney General for Legislative Affairs Peter
Kadzik was issued to compel Mr. Kadzik to appear for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
During the 114th Congress, the Committee conducted four
voluntary transcribed interviews of agency witnesses touching
on matters pertinent to the Committee's investigations.
On May 13, 2016, the Committee conducted a transcribed
interview of HUD Principal Deputy Assistant Secretary of
Housing Edward Golding touching on matters pertinent to the
Committee's investigations.
On June 21, 2016, the Committee conducted a transcribed
interview of HUD Deputy General Counsel for Enforcement and
Fair Housing Michelle Aronowitz touching on matters pertinent
to the Committee's investigations.
On July 19, 2016, the Committee participated in the House
Judiciary Committee's transcribed interview of former DOJ
Principal Deputy Associate Attorney General Maame Frimpong
touching on matters pertinent to the Committees joint
investigations.
On August 18, 2016, the Committee conducted a transcribed
interview of former HUD Acting General Counsel Damon Smith
touching on matters pertinent to the Committee's
investigations.
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-2......................... Exploring Alleged February 4, 2015
Ethical and Legal
Violations at the
U.S. Department of
Housing and Urban
Development.
114-11........................ The Federal Deposit March 24, 2015
Insurance
Corporation's Role in
Operation Choke Point.
114-21........................ The Dodd-Frank Act and May 13, 2015
Regulatory Overreach.
114-32........................ A Global Perspective June 16, 2015
on Cyber Threats.
114-37........................ Examining Continuing June 25, 2015
Allegations of
Discrimination and
Retaliation at the
Consumer Financial
Protection Bureau.
114-41........................ Fed Oversight: Lack of July 14, 2015
Transparency and
Accountability.
114-49........................ Joint Hearing entitled September 10,
Preserving Retirement 2015
Security and
Investment Choices
for All Americans
(Capital Markets/
Oversight).
114-63........................ Oversight of the November 19,
Financial Stability 2015
Oversight Council:
Due Process and
Transparency in Non-
Bank SIFI
Designations.
114-66........................ Examining the Consumer December 16,
Financial Protection 2015
Bureau's Mass Data
Collection Program.
114-69........................ Unsustainable Federal February 2, 2016
Spending and the Debt
Limit.
114-75........................ Puerto Rico's Debt February 25,
Crisis and Its Impact 2016
on the Bond Markets.
114-79........................ The FDIC's Targeting March 16, 2016
of Refund
Anticipation Loans.
114-90........................ Settling the Question: May 19, 2016
Did Bank Settlement
Agreements Subvert
Congressional
Appropriations
Powers?
114-100....................... Fueling Terror: The September 8,
Dangers of Ransom 2016
Payments to Iran.
------------------------------------------------------------------------
Task Force To Investigate Terrorism Financing
(Ratio: 12-9)
MICHAEL G. FITZPATRICK,
Pennsylvania, Chairman
STEPHEN F. LYNCH, Massachusetts, [RM]ROBERT PITTENGER, North Carolina
BRAD SHERMAN, California [V Chair]
GREGORY W. MEEKS, New York PETER T. KING, New York
AL GREEN, Texas STEVE STIVERS, Ohio
KEITH ELLISON, Minnesota DENNIS A. ROSS, Florida
JAMES A. HIMES, Connecticut ANN WAGNER, Missouri
BILL FOSTER, Illinois ANDY BARR, Kentucky
DANIEL T. KILDEE, Michigan KEITH J. ROTHFUS, Pennsylvania
KYRSTEN SINEMA, Arizona DAVID SCHWEIKERT, Arizona
MAXINE WATERS, California [Ex Officio]OGER WILLIAMS, Texas
BRUCE POLIQUIN, Maine
FRENCH HILL, Arkansas
JEB HENSARLING, Texas [Ex Officio]
The Financial Services Committee created the Task Force to
Investigate Terrorism Financing (Task Force) on March 25, 2015,
for a six-month period ending on September 25, 2015. On
December 8, 2015, the Committee renewed the Task Force for an
additional six-month period running from January 5, 2016, to
July 5, 2016.
Task Force Legislative Activities
THE NATIONAL STRATEGY FOR COMBATING TERRORIST, UNDERGROUND, AND OTHER
ILLICIT FINANCING ACT
H.R. 5594
Summary
The National Strategy for Combating Terrorist, Underground,
and Other Illicit Financing Act requires the President, acting
through the Treasury Secretary, to develop and publish an
annual whole-of-government strategy to combat money laundering
and terrorist financing. H.R. 5594 seeks to ensure better
intra-governmental coordination and give Congress a road map
for resource allocation or the addition of necessary new
authorities to keep ahead of innovations by terrorists and
other criminal actors. The Act builds on a narrower requirement
for a biannual report outlined in a 1998 law sponsored by Rep.
Nydia Velazquez; the requirement expired and the last such
report was prepared in 2007.
Legislative History
Representative Fitzpatrick introduced the National Strategy
for Combating Terrorist, Underground, and Other Illicit
Financing Act on June 28, 2016. Prior to introduction, the Task
Force to Investigate Terrorism Financing held numerous hearings
on matters relating to the bill (see Task Force Oversight
Activities infra).
On July 11, 2016, the House passed H.R. 5594 on suspension
by voice vote. On July 12, 2016, the bill was received in the
Senate and referred to the Committee on Banking, Housing, and
Urban Affairs. There was no further action on the bill in the
114th Congress.
On December 10, 2016, by voice vote, the Senate passed H.R.
5602 (a bill relating to geographic targeting orders) with an
amendment that incorporated certain portions of H.R. 5594. On
December 12, 2016, a message on the Senate's action was sent to
the House. There was no further action on H.R. 5602 in the
114th Congress.
A BILL TO AMEND TITLE 31, UNITED STATES CODE, TO AUTHORIZE THE
SECRETARY OF THE TREASURY TO INCLUDE ALL FUNDS WHEN ISSUING CERTAIN
GEOGRAPHIC TARGETING ORDERS, AND FOR OTHER PURPOSES
H.R. 5602
Summary
H.R. 5602 amends an existing statute that allows the
Treasury Secretary to require increased reporting on specific
high-risk transactions in specific geographic areas for a
limited amount of time, with the goal of facilitating the
detection of suspected illicit uses of the financial system.
Under current law, such ``Geographic Targeting Orders'' may be
issued for the reporting of cash or ``monetary instruments.''
H.R. 5602 amends the law to permit the collection of
information on ``funds.''
Legislative History
Representative Lynch introduced H.R. 5602 on June 28, 2016.
Prior to introduction, the Task Force to Investigate Terrorism
Financing held numerous hearings on matters relating to the
bill (see Task Force Oversight Activities infra).
On July 11, 2016, the House passed H.R. 5602 on suspension
by a vote of 356 to 47. On July 12, 2016, the bill was received
in the Senate and referred to the Committee on Banking,
Housing, and Urban Affairs.
On December 10, 2016, by voice vote, the Senate passed H.R.
5602 with an amendment incorporating certain portions of H.R.
5594 (the National Strategy for Combating Terrorist,
Underground, and Other Illicit Financing Act) and H.R. 5607
(the Enhancing Treasury's Anti-Terror Tools Act). On December
12, 2016, a message on the Senate's action was sent to the
House. There was no further action on H.R. 5602 in the 114th
Congress.
THE KLEPTOCRACY ASSET RECOVERY REWARDS ACT
H.R. 5603
Summary
The Kleptocracy Asset Recovery Rewards Act establishes in
the Department of the Treasury a program for the payment of
rewards to support U.S. government programs and investigations
aimed at eliminating from accounts at U.S. financial
institutions any stolen assets linked to foreign government
corruption and the proceeds of such corruption. Under the bill,
U.S. or foreign government employees are not eligible for the
payment of a reward.
Legislative History
Representative Lynch introduced the Kleptocracy Asset
Recovery Rewards Act on June 28, 2016. Prior to introduction,
the Task Force to Investigate Terrorism Financing held numerous
hearings on matters relating to the bill (see Task Force
Oversight Activities infra). There was no Committee or House
action on the bill in the 114th Congress.
THE ANTI-TERRORISM INFORMATION SHARING IS STRENGTH ACT
H.R. 5606
Summary
The Anti-Terrorism Information Sharing Is Truth Act amends
``safe harbors'' for the sharing of anti-terror information. In
so doing, the bill seeks to facilitate the sharing of
information about terror methodologies between the government
and banks, as well as between banks, so that illicit financial
transactions may be more readily identified.
Legislative History
Representative Pittenger introduced the Anti-Terrorism
Information Sharing is Strength Act on June 28, 2016. Prior to
introduction, the Task Force to Investigate Terrorism Financing
held numerous hearings on matters relating to the bill (see
Task Force Oversight Activities infra).
On July 11, 2016, the House failed to pass the bill on
suspension by a vote of 229 to 177. There was no further action
on H.R. 5606 in the 114th Congress.
THE ENHANCING TREASURY'S ANTI-TERROR TOOLS ACT
H.R. 5607
Summary
The Enhancing Treasury's Anti-Terror Tools Act contains a
number of provisions intended to enhance Treasury's anti-
illicit finance tools. The bill provides for a study of the way
that the Treasury Department is represented in U.S. embassies.
In addition, among other provisions, H.R. 5607 seeks to
facilitate collaboration between the Treasury Secretary and
foreign finance ministers with the goal of strengthening anti-
money laundering capabilities abroad; directs the Treasury
Secretary to report to Congress on a potential pilot program
aimed at improving the safe flow of legitimate remittances; and
further directs the Treasury Secretary to report on whether the
Office of Terrorism and Financial Intelligence should be made a
separate bureau within the Treasury Department.
Legislative History
Representative Pittenger introduced the Enhancing
Treasury's Anti-Terror Tools act on June 28, 2016. Prior to
introduction, the Task Force to Investigate Terrorism Financing
held numerous hearings on matters relating to the bill (see
Task Force Oversight Activities infra).
On July 11, 2016, the House passed the bill on suspension
by a vote of 362 to 45. On July 12, 2016, the bill was received
in the Senate and referred to the Committee on Banking,
Housing, and Urban Affairs.
On December 10, 2016, by voice vote, the Senate passed H.R.
5602 (relating to Geographic Targeting Orders) with an
amendment incorporating certain portions of H.R. 5607. On
December 12, 2016, a message on the Senate's action was sent to
the House. There was no further action on H.R. 5602 in the
114th Congress.
Task Force Oversight Activities
During the Task Force's two six-month terms, it held eleven
hearings examining how terror groups and networks acquire and
move funds to finance their illicit activities. In connection
with these hearings, the Task Force received briefings and
testimony from current and former U.S. government employees as
well as private sector and foreign officials. Additionally, at
the request of Reps. Fitzpatrick, Lynch, and Pittenger, the
Government Accountability Office provided a March 2016 review
of fines, penalties, and forfeitures assessed for violations of
financial crimes and sanctions.
The Task Force also organized two congressional delegations
to study illicit financial flows and related issues. The first
delegation traveled to France, Turkey, Qatar, and Kuwait in
August-September 2015. The second delegation travelled to
Colombia, Panama, Paraguay and Argentina in April 2016.
TERRORIST FUNDING SOURCES AND NETWORKS
The Task Force held six hearings to survey terrorist
funding sources and networks. At a hearing on April 22, 2015,
entitled ``A Survey of Global Terrorism and Terrorist
Financing,'' the Task Force heard testimony from: Mr. Juan
Zarate, Senior Adviser, Center for Strategic and International
Studies; Dr. Jonathan Schanzer, Vice President for Research,
Foundation for Defense of Democracies; and Mr. Seth Jones,
Director, International Security and Defense Policy Center,
RAND Corporation. The hearing examined whether terrorist
financing threats have become more varied since the September
11, 2001 attacks.
On May 21, 2015, at a hearing entitled ``A Dangerous Nexus:
Terrorism, Crime, and Corruption,'' the Task Force to
Investigate Terrorism Financing explored the connection between
terrorism, corruption, and transnational crime, especially as
those matters relate to drug trafficking. Witnesses were: Dr.
David Asher, Board Member, Center on Sanctions and Illicit
Finance, Foundation for Defense of Democracies; Mr. Richard
Barrett, Senior Vice President, the Soufan Group; Mr. Douglas
Farah, President, IBI Consultants LLC; and Professor Celina
Realuyo, Professor of Practice, William J. Perry Center for
Hemispheric Defense Studies, National Defense University.
On June 24, 2015, the Task Force to Investigate Terrorism
Financing held a hearing entitled ``Evaluating the Security of
the U.S. Financial Sector.'' Witnesses were: the Honorable
Cyrus Vance, Jr., District Attorney, New York County District
Attorney's Office; Mr. Chip Poncy, Founding Partner, Financial
Integrity Network; and Mr. John Carlson, Chief of Staff,
Financial Services Information Sharing and Analysis Center. The
hearing examined the methods used by terrorist groups to access
the financial system, including through anonymized shell
corporations and cyber-attacks. The hearing also examined
potential ways to make the financial system less susceptible to
illicit uses.
On July 22, 2015, the Task Force to Investigate Terrorism
Financing held a hearing entitled ``The Iran Nuclear Deal and
Its Impact on Terrorist Financing.'' Witnesses were: Mr. Ilan
Berman, Vice President, American Foreign Policy Council; Mr.
Mark Dubowitz, Executive Director, Foundation for Defense of
Democracies; Mr. Steven Perles, Senior Attorney and Founder,
Perles Law Firm; Mr. Olli Heionen, Senior Fellow, Harvard
Kennedy School of Government; and Mr. Richard Nephew, Program
Director, Center on Global Energy Policy, Columbia University.
The hearing examined terror financing matters following
adoption of the Joint Comprehensive Plan of Action reached by
the United States and certain other countries with Iran on
October 18, 2015.
On September 9, 2015, the Task Force to Investigate
Terrorism Financing held a hearing entitled ``Could America Do
More? An Examination of U.S. Efforts to Stop the Financing of
Terror.'' Witnesses were: Mr. Scott Modell, Managing Director,
the Rapidan Group; Dr. Louise Shelley, Founder and Director,
Terrorism, Transnational Crime and Corruption Center, George
Mason University; Mr. Daniel Larkin, former FBI Unit Chief and
Founder, National Cyber Forensics and Training Alliance; and
Ms. Elizabeth Rosenberg, Senior Fellow and Director, Energy,
Economics and Security Program, Center for a New American
Security. The hearing examined the extent to which the United
States was effectively using the tools at its disposal to
inhibit terrorist financing, including methods to improve
interagency and private sector coordination.
Finally, on June 8, 2016, the Task Force to Investigate
Terrorism Financing held a hearing entitled ``The Enemy in our
Backyard: Examining Terror Funding Streams from South
America.'' Witnesses were: Mr. Mariano Federici, President,
Financial Intelligence Unit of Argentina; Mr. Michael Braun,
Co-Founder and Managing Partner, SGI Global, LLC; and Dr.
Emanuele Ottolenghi, Senior Fellow, Center on Sanctions and
Illicit Finance, Foundation for Defense of Democracies. The
hearing examined terrorist funding streams from South America,
including the extent to which foreign countries possessed
adequate domestic legal authorities to counter illicit
financial flows.
TRADE-BASED MONEY LAUNDERING
On February 3, 2016, the Task Force to Investigate
Terrorism Financing held a hearing entitled ``Trading with the
Enemy: Trade-Based Money Laundering is the Growth Industry in
Terror Finance.'' Witnesses were: Mr. John Cassara, former U.S.
Intelligence Officer and Treasury Special Agent; Mr. Louis
Bock, former Senior Special Agent, U.S. Customs and Border
Protection; Mr. Farley Mesko, Co-Founder and Chief Executive
Officer, Sayari Analytics; and Dr. Nikos Passas, Professor of
Criminology and Criminal Justice, College of Social Sciences
and Humanities, Northeastern University. The hearing examined
the use of trade-based money laundering and the importance of
trade transparency, including data-gathering tools to enhance
such transparency.
STRENGTHENING FOREIGN PARTNERS' TOOLS TO COMBAT ILLICIT FINANCING
The Task Force to Investigate Terrorism Financing examined
the Treasury Department's efforts to help developing countries
strengthen anti-money laundering (``AML'') and counter
terrorist financing (``CFT'') capabilities during a hearing on
March 1, 2016, entitled ``Helping the Developing World Fight
Terror Finance.'' Witnesses were: Ambassador Robert Kimmitt,
Senior International Counsel, WilmerHale; Mr. Clay Lowery, Vice
President, Roc Creek Global Advisors; Mr. James Adams, former
Vice President, East Asia and Pacific Region, World Bank; and
Mr. William Wechsler, Senior Fellow, Center for American
Progress. The hearing particularly examined matters relating to
international coordination of AML/CFT efforts.
PLUNDERING OF ARTS AND ANTIQUITIES
On April 19, 2016, the Task Force to Investigate Terrorism
Financing held a hearing entitled ``Preventing Cultural
Genocide: Countering the Plunder and Sale of Priceless Cultural
Antiquities by ISIS.'' Witnesses were: Mr. Robert Edsel,
Chairman of the Board, Monuments Men Foundation; Mr. Yaya
Fanusie, Director of Analysis, Center on Sanctions and Illicit
Finance, Foundation for Defense of Democracies; Dr. Patty
Gerstenblith, Distinguished Professor, DePaul University
College of Law; Dr. Amr-Al-Azm, Associate Professor, Shawnee
State University; and Mr. Lawrence Shindell, Chairman, ARIS
Title Insurance Company. The hearing examined the plundering of
arts and antiquities by certain terrorist groups, including by
the Islamic State of Iraq and Syria, and how stolen cultural
objects can be used to fund terror through direct sale or
trade.
U.S. GOVERNMENT EFFORTS TO COMBAT ILLICT FINANCING
On May 24, 2016, the Task Force to Investigate Terrorism
Financing held a hearing entitled ``Stopping Terror Finance: A
Coordinated Government Effort.'' Witnesses were: Ms. Jennifer
Shasky Calvery, Director, Financial Crimes Enforcement Network
(``FinCEN''), and Mr. Larry McDonald, Deputy Assistant
Secretary, Office of Technical Assistance, Treasury Department,
testified at the hearing. The hearing examined efforts by the
U.S. government to inhibit illicit financial flows as well as
the National Terrorist Financing Risk Assessment, which details
the extent to which the U.S. financial system remains
susceptible to terrorist financing risks.
On June 23, 2016, the Task Force to Investigate Terrorism
Financing held a hearing entitled ``The Next Terrorist
Financiers: Stopping Them Before They Start.'' Witnesses were:
Mr. Juan Zarate, Senior Adviser, Center for Strategic and
International Studies; the Honorable Jimmy Gurule, Professor of
Law, University of Notre Dame; Mr. John Cassara, former U.S.
Intelligence Officer and Treasury Special Agent; Professor
Celina Realuyo, Professor of Practice, William J. Perry Center
for Hemispheric Defense Studies, National Defense University;
and Mr. Douglas Farah, President, IBI Consultants LLC. The
hearing, which was the final hearing of the Task Force,
examined terror financing matters generally, including with
respect to information sharing between government agencies.
Task Force to Investigate Terrorism Financing Hearings
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-15........................ A Survey of Global April 22, 2015
Terrorism and
Terrorist Financing.
114-27........................ A Dangerous Nexus: May 21, 2015
Terrorism, Crime, and
Corruption.
114-36........................ Evaluating the June 24, 2015
Security of the U.S.
Financial Sector.
114-44........................ The Iran Nuclear Deal July 22, 2015
and its Impact on
Terrorism Financing.
114-48........................ Could America Do More? September 9,
An Examination of 2015
U.S. Efforts to Stop
the Financing of
Terror.
114-70........................ Trading with the February 3, 2016
Enemy: Trade-Based
Money Laundering is
the Growth Industry
in Terror Finance.
114-77........................ Helping the Developing March 1, 2016
World Fight Terror
Finance.
114-83........................ Preventing Cultural April 19, 2016
Genocide: Countering
the Plunder and Sale
of Priceless Cultural
Antiquities by ISIS.
114-91........................ Stopping Terror May 24, 2016
Finance: A
Coordinated
Government Effort.
114-92........................ The Enemy in our June 8, 2016
Backyard: Examining
Terror Funding
Streams from South
America.
114-94........................ The Next Terrorist June 23, 2016
Financiers: Stopping
Them Before They
Start.
------------------------------------------------------------------------
OVERSIGHT PLAN FOR THE 114TH CONGRESS
Clause 2(d)(1) of Rule X of the Rules of the House of
Representatives for the 114th Congress requires each standing
committee, not later than February 15 of the first session, to
adopt an oversight plan for the 114th Congress. The oversight
plan must be submitted simultaneously to the Committee on
Oversight and Government Reform and the Committee on House
Administration.
Clause 1(d)(1) of Rule XI requires each committee to submit
to the House, not later than January 2nd of each odd-numbered
year, a report on the activities of that committee under Rules
X and XI during the Congress ending on January 3 of such year.
Clause 1(d)(2) of Rule XI also requires that the report include
a summary of the oversight plans submitted pursuant to clause
2(d) of Rule X; a summary of the actions taken and
recommendations made with respect to each such plan; and a
summary of any additional oversight activities undertaken by
the committee and any recommendations made or actions taken
thereon.
Part A of this section contains the Oversight Plan of the
Committee on Financial Services for the 114th Congress, which
the Committee considered and adopted on January 20, 2015.
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
herein.
Part A
Oversight Plan of the Committee on Financial Services for the One
Hundred Fourteenth Congress
----------
January 20, 2015--Approved by the committee on Financial Services
----------
Pursuant to clause 2(d)(1) of Rule X of the House of
Representatives, the following agenda constitutes the oversight
plan of the Committee on Financial Services for the 114th
Congress. It includes areas in which the Committee and its
subcommittees expect to conduct oversight during this Congress;
it does not preclude oversight or investigation of additional
matters or programs as they arise. The Committee will consult,
as appropriate, with other committees of the House that may
share jurisdiction on any of the subjects listed below.
Pursuant to House Rules, this Oversight Plan contains
oversight initiatives that will be undertaken for the purpose
of identifying cuts to or the elimination of programs that are
inefficient, duplicative, outdated, or more appropriately
administered by State and local government.
THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
The Committee intends to continue its close examination of
the implementation of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Pub. L. No. 111-203) (the ``Dodd-Frank
Act'') by the financial regulators charged with implementing
the law to ensure that they prudently exercise the authority
conferred upon them under the Act.
Financial Stability Oversight Council (FSOC). The Committee
will conduct significant oversight of the FSOC to assess its
effectiveness in carrying out its statutory responsibility to
make financial markets more stable and resilient and to ensure
that it conducts its deliberations with an appropriate level of
transparency.
Office of Financial Research (OFR). The Committee will
conduct oversight of the OFR to ensure that the office is
transparent and accountable, that it makes progress towards
fulfilling its statutory duties, that its requests for data are
not unduly burdensome or costly, and that the confidentiality
of the data that it collects is strictly maintained.
Volcker Rule. The Committee will examine financial
regulators' implementation of section 619 of the Dodd-Frank
Act, known as the ``Volcker Rule,'' and the effect of the
Volcker Rule on the strength and international competitiveness
of U.S. capital markets.
``Too Big to Fail.'' The Committee will examine whether
financial regulators' implementation of titles I and II of the
Dodd-Frank Act, which together were designed to end the
government's practice of bailing out financial institutions
deemed ``too big to fail,'' is advancing or impeding that goal.
FINANCIAL INSTITUTIONS AND CONSUMER CREDIT
Bureau of Consumer Financial Protection (CFPB). The
Committee will oversee the regulatory, supervisory,
enforcement, and other activities of the CFPB, the effect of
those activities on regulated entities and consumers, and the
CFPB's collaboration with other financial regulators. The
Committee will also examine the governance structure and
funding mechanism of the CFPB.
Financial Supervision. The Committee will examine financial
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.
Capital Standards and Basel III. The Committee will explore
generally the twin subjects of bank capital and liquidity, and,
in so doing, examine closely the guidelines developed by the
Basel Committee on Banking Supervision and how domestic
financial regulators are implementing or planning to implement
those guidelines in the U.S.
Mortgages. The Committee will closely review recent
rulemakings by the CFPB and other agencies on a variety of
mortgage-related issues. The Committee will monitor the
coordination and implementation of these rules and the impact
they are having on the cost and availability of mortgage
credit.
Deposit Insurance. The Committee will monitor the solvency
of the Deposit Insurance Fund administered by the Federal
Deposit Insurance Corporation and the National Credit Union
Share Insurance Fund administered by the National Credit Union
Administration.
Community Financial Institutions. The Committee will review
issues related to the health, growth, safety, and soundness of
community financial institutions, including the effect of
regulations promulgated pursuant to the Dodd-Frank Act,
individually and cumulatively, on community financial
institutions' role in lending to small businesses, fostering
employment, and promoting economic growth.
Regulatory Burden Reduction. The Committee will continue to
review the current regulatory burden on financial institutions,
with the goal of reducing unnecessary, duplicative, or overly
burdensome regulations, consistent with consumer protection and
safety and soundness.
Credit Scores and Credit Reports. The Committee will
monitor issues related to credit scores and credit reporting.
Access to Financial Services. The Committee will generally
examine ways to expand access to mainstream financial services
among traditionally underserved segments of the U.S.
population.
``Operation Choke Point.'' The Committee will conduct
oversight of the Department of Justice, financial regulators,
and other agencies relating to the coordinated interagency
initiative known as ``Operation Choke Point.''
Discrimination in Lending. The Committee will examine the
effectiveness of regulators' fair lending oversight and
enforcement efforts to ensure that the Federal government does
not tolerate discrimination.
Diversity in Financial Services. The Committee will
continue to monitor Federal regulators' efforts to implement
the diversity requirements of the Dodd-Frank Act.
Improper Disclosure of Personally Identifiable Information.
The Committee will evaluate best practices for protecting the
security and confidentiality of personally identifiable
financial information from loss, unauthorized access, or
misuse. The Committee will also examine how data breaches are
disclosed to consumers.
Payment System Innovations/Mobile Payments. The Committee
will review government and private sector efforts to achieve
greater innovations and efficiencies in the payments system.
Payment Cards. The Committee will monitor payment card
industry practices.
Money Laundering and the Financing of Terrorism. The
Committee will review the application and enforcement of anti-
money laundering and counter-terrorist financing laws and
regulations, and whether such laws and regulations are
sufficient to counter threats posed by terrorist organizations
and international criminal syndicates.
Financial Crimes Enforcement Network (FinCEN). The
Committee will examine the operations of the Treasury
Department's Financial Crimes Enforcement Network and its
ongoing efforts to implement its regulatory mandates.
Money Services Businesses (MSBs) and their Access to
Banking Services. The Committee will examine the operations of
Money Services Businesses and assess the effectiveness of
FinCEN and Internal Revenue Service regulation of MSBs.
Community Development Financial Institutions Fund (CDFI
Fund). The Committee will monitor the operations of the
Community Development Financial Institutions Fund.
Community Reinvestment Act (CRA). The Committee will
monitor developments and issues related to the Community
Reinvestment Act of 1977.
Financial Literacy. The Committee will take action to
promote greater financial literacy among investors, consumers,
and the general public.
Troubled Asset Relief Program (TARP). The Committee will
continue to examine the operation of the Troubled Asset Relief
Program, authorized by the Emergency Economic Stabilization Act
(EESA), to ensure that the program is being administered
properly and that any instances of waste, fraud or abuse are
identified and remedied.
CAPITAL MARKETS
Securities and Exchange Commission (SEC). The Committee
will monitor all aspects of the Securities and Exchange
Commission's operations, activities and initiatives to ensure
that it fulfills its Congressional mandate to protect
investors, maintain fair, orderly, and efficient markets, and
facilitate capital formation.
The JOBS Act. The Committee will conduct oversight of the
SEC's implementation of the ``Jumpstart Our Business Startups''
or ``JOBS'' Act (P.L. 112-106) and the effect of that law on
capital formation and investor protection.
Derivatives. The Committee will continue to review the
impact of Title VII of the Dodd-Frank Act on the operations,
growth, transparency, and structure of the over-the-counter
(OTC) derivatives market.
Credit Rating Agencies. The Committee will examine the role
that credit rating agencies, also known as Nationally
Recognized Statistical Ratings Organizations (NRSROs), play in
the U.S. capital markets, and review the effectiveness of the
SEC's oversight of NRSROs.
Regulation and Oversight of Broker-Dealers and Investment
Advisers. The Committee will review the SEC's regulation and
oversight of broker-dealers and investment advisers.
Self-Regulatory Organizations (SROs). The Committee will
examine the activities, operations and initiatives of self-
regulatory organizations and the SEC's oversight of these SROs.
Equity/Option Market Structure. The Committee will review
recent developments in the U.S. equity and option markets and
the SEC's response to those developments.
Fixed-Income Market Structure. The Committee will review
recent developments in the U.S. corporate and municipal bond
markets and the SEC's response to those developments.
Corporate Governance. The Committee will review
developments and issues concerning corporate governance at
public companies and the SEC's proposals that seek to modernize
corporate governance practices.
Employee Compensation. The Committee will monitor the
implementation of provisions in Title IX of the Dodd-Frank Act
governing the compensation practices at public companies and
financial institutions.
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).
Mutual Funds. The Committee will continue to examine the
condition and operation of the U.S. mutual fund industry,
including regulatory initiatives to reform money market mutual
funds and private sector initiatives to improve investor
understanding of money market fund valuations.
Advisers to Private Funds. The Committee will examine the
functions served by advisers to private funds in the U.S.
financial marketplace and their interaction with investors,
financial intermediaries, and public companies.
Securitization and Risk Retention. The Committee will
monitor the implementation of joint agency risk retention rule-
making mandated by Section 941 of the Dodd-Frank Act.
Covered Bonds. The Committee will examine the potential for
covered bonds to increase mortgage and broader asset class
financing, improve underwriting standards, and strengthen U.S.
financial institutions.
Municipal Securities Rulemaking Board (MSRB). The Committee
will review the operations, initiatives and activities of the
Municipal Securities Rulemaking Board.
Public Company Accounting Oversight Board (PCAOB). The
Committee will review the operations, initiatives and
activities of the Public Company Accounting Oversight Board.
Financial Accounting Standards Board (FASB). The Committee
will review the initiatives of the Financial Accounting
Standards Board.
Government Accounting Standards Board (GASB). The Committee
will review the initiatives of the Government Accounting
Standards Board.
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.
Securities Litigation. The Committee will examine the
effectiveness of the Private Securities Litigation Reform Act
of 1995 in protecting securities 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 section 921 of
the Dodd-Frank Act.
Business Continuity Planning. The Committee will continue
its oversight of the implementation of disaster preparedness
and business continuity measures by the financial services
industry, including equity and option markets and financial
market utilities, and the regulatory oversight of those plans
in order to minimize the disruptions to critical operations in
the United States financial system resulting from natural
disasters, terrorist attacks, or pandemics.
GOVERNMENT SPONSORED ENTERPRISES
Fannie Mae and Freddie Mac. The Committee will examine
proposals to modify or terminate Fannie Mae's and Freddie Mac's
statutory charters, harmonize their business operations, and
wind down any legacy business commitments. The Committee will
also examine the overall size of the GSEs' footprint in various
aspects of the housing finance system and ways to reduce or
constrain their large market share and develop a vibrant,
innovative and competitive private mortgage market.
Federal Housing Finance Agency (FHFA). The Committee will
monitor the activities and initiatives of the Federal Housing
Finance Agency.
Federal Home Loan Bank (FHLB) System. The Committee will
monitor the capital requirements and financial stability of the
Federal Home Loan Bank System, as well as the FHLB System's
ability to fulfill its housing and community economic
development mission and provide liquidity to the cooperative's
member banks in a safe and sound manner.
HOUSING
Housing and Urban Development, Rural Housing Service, and
the National Reinvestment Corporation. The Committee will
conduct oversight of the mission, operations, and budgets of
Department of Housing and Urban Development (HUD), the Rural
Housing Service (RHS), and the National Reinvestment
Corporation. The Committee will review current HUD and RHS
programs with the goal of identifying inefficient and
duplicative programs for potential elimination or streamlining.
Public Housing. The Committee will conduct oversight of
HUD's public housing programs that provide subsidies for
operations, management and capital development for public
housing agencies.
Section 8 Housing Choice Voucher Program and Affordable
Housing. The Committee will continue its effort to address
HUD's largest rental assistance program and the government's
role in the future of affordable rental housing.
Community Development Block Grant (CDBG). The Committee
will conduct oversight of HUD's Community Development Block
Grant program, which provides Federal funds to cities and
localities to help them address housing and community
development.
HOME Investment Partnerships Program (HOME). The Committee
will continue to monitor HUD's HOME Investment Partnerships
Program, which provides grants to states and localities to fund
affordable housing projects.
Federal Housing Administration (FHA). The Committee will
examine the appropriate role for FHA in the mortgage finance
system, how to encourage more robust private sector
participation, and FHA's ability and efforts to manage its
mortgage portfolio and mitigate its risk.
Foreclosure Mitigation. The Committee will continue to
monitor the performance of the Obama Administration's various
foreclosure mitigation initiatives, including the various
components of the Making Home Affordable Program.
Veterans' Housing. The Committee will continue to monitor
and promote coordination between HUD and other agencies in
their work to address veterans' housing issues.
Fair Housing. The Committee will continue to conduct
oversight to ensure the enforcement of fair housing practices.
The Committee will seek to ensure that the principles of the
Fair Housing Act of 1968 are upheld so that no person suffers
discrimination based on their race, color, religion, sex,
familial status, disability, or national origin in rentals,
real estate sales, and lending practices.
Native American Housing Assistance and Self-Determination
Act (NAHASDA). The Committee will conduct oversight of the
grants and other programs that make up NAHASDA, whose
authorization expired on October 1, 2013.
Settlement Procedures. The Committee will conduct oversight
of the regulation of real estate settlement procedures,
including appraisals and disclosures involving closing costs
and the settlement process.
INSURANCE
National Flood Insurance Program (NFIP). The Committee will
conduct oversight of the NFIP and will study proposals to
increase the participation of the private sector in the flood
insurance market.
Terrorism Risk Insurance Program. The Committee will
monitor the Terrorism Risk Insurance Program, which was
reauthorized on January 13, 2015.
Federal Insurance Office (FIO). The Committee will monitor
the Treasury Department's Federal Insurance Office, which was
created by the Dodd-Frank Act to provide the Federal government
with information and expertise on insurance matters.
Impact of Dodd-Frank Act Implementation on the Insurance
Sector. The Committee will monitor implementation of various
provisions in the Dodd-Frank Act and various international
regulatory initiatives for their potential impact on the
insurance sector.
MONETARY POLICY AND TRADE
The Federal Reserve System. The Committee will exercise
oversight of the operations and activities of the Federal
Reserve System, including its conduct of monetary policy, its
regulation and supervision of the financial services sector,
and its role in the payment system.
Defense Production Act. The Committee will continue to
monitor the effectiveness of the Defense Production Act, which
was reauthorized in 2014, and its individual authorities in
promoting national security and recovery from natural
disasters.
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, and seek to ensure that CFIUS fulfills
its statutory mandate to identify and address those foreign
investments that pose legitimate threats to national security.
Coins and Currency. The Committee will conduct oversight of
the printing and minting of U.S. currency and coins, and of the
operation of programs administered by the U.S. Mint for
producing congressionally authorized commemorative coins,
bullion coins for investors, and Congressional gold medals. 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.
Economic Sanctions. The Committee will monitor the
implementation of recent financial sanctions passed by Congress
and signed by the president, as well as any proposals to expand
such sanctions or impose new ones. As part of this oversight,
the Committee will monitor the efforts of Treasury's Office of
Foreign Assets Control, which administers such sanctions.
International Monetary Fund (IMF). The Committee will
consider the policies of the International Monetary Fund to
ensure effective use of resources and appropriate alignment
with U.S. interests in promoting economic growth and stability.
This review will include receiving the statutorily required
annual report to Congress by the Secretary of the Treasury on
the state of the international financial system and the
International Monetary Fund (IMF).
U.S. Oversight over the Multilateral Development Banks
(MDBs) 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 and other multilateral development banks, which
provide grants and below market-rate financing to the world's
poorest nations.
Export-Import Bank of the United States (Ex-Im Bank). The
Committee will examine the operations of the Ex-Im Bank, whose
statutory authorization expires on June 30, 2015.
International Trade. The Committee will oversee existing
and proposed trade programs and consider policies within the
Committee's jurisdiction to promote U.S. international trade so
that U.S. companies retain access to foreign markets and remain
globally competitive.
Exchange Rates. The Committee will review and assess the
semi-annual report to Congress from the Secretary of the
Treasury on International Economic and Exchange Rate Policies
pursuant to the Omnibus Trade Act of 1988.
Global Economic Conditions. The Committee will monitor
economic developments overseas--particularly in those countries
experiencing severe economic stress or dislocation--and assess
the effect of those developments on the U.S. economy.
Extractive Industries and Conflict Minerals. The Committee
will monitor the implementation of provisions in title XV of
the Dodd-Frank Act imposing disclosure requirements relating to
so-called extractive industries and conflict minerals.
Part B
Implementation of the Oversight Plan of the Committee on Financial
Services for the One Hundred Fourteenth Congress
----------
THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
The Financial Services Committee and its subcommittees held
a series of hearings examining the implementation and effects
of the Dodd-Frank Wall Street Reform and Consumer Protection
Act. For example, on May 13, 2015, the Oversight and
Investigations Subcommittee held a hearing entitled, ``The
Dodd-Frank Act and Regulatory Overreach,'' which considered the
extent to which the financial crisis may have been caused by
imprudent government policies and regulatory mismanagement,
rather than market failure or a lack of government regulation.
The full Committee held a three-hearing series surveying the
Dodd-Frank Act in the summer of 2015, roughly five years after
the Act became law. See July 9, 2015 (``The Dodd-Frank Act Five
Years Later: Are We More Stable?''); July 28, 2015 (``The Dodd-
Frank Act Five Years Later: Are We More Prosperous?''); and
September 17, 2015 (``The Dodd-Frank Act Five Years Later: Are
We More Free?''). Witnesses at these hearings included former
SEC Commissioner Paul Atkins and retired U.S. Senator Phil
Gramm, as well as prominent academics and policy experts. From
these and other efforts, Chairman Hensarling developed the
Financial CHOICE Act of 2016, a legislative proposal relating
to, among other things, financial stability and the regulation
of financial institutions. On July 12, 2016, the Committee held
a hearing entitled ``Making a Financial Choice: More Capital or
More Government Control?'' which examined a discussion draft of
the Financial CHOICE Act, and on September 13, 2016, the
Committee ordered the CHOICE Act favorably reported to the
House by a vote of 30 to 26.
Financial Stability Oversight Council (FSOC). On June 17,
2015, the Committee held a hearing examining the 2015 Annual
Report of the FSOC at which Treasury Secretary Jack Lew was the
sole witness. The Committee continued its oversight of the FSOC
by holding an Oversight and Investigations Subcommittee hearing
on November 19, 2015, entitled, ``Oversight of the Financial
Stability Oversight Council: Due Process and Transparency in
Non-Bank SIFI Designations.'' This hearing examined whether the
FSOC has afforded adequate due process to non-bank financial
companies being considered for designation as Systemically
Important Financial Institutions (SIFIs). The hearing also
considered whether the FSOC's internal processes are
sufficiently transparent, as well as the FSOC's relationship to
the Financial Stability Board.
Additionally, the Committee held a hearing on December 8,
2015, entitled ``Oversight of the Financial Stability Oversight
Council.'' The hearing permitted the Committee to hear directly
from the FSOC's voting members other than Secretary Lew on
matters relating to the FSOC's agenda, operations, and
structure. The witnesses were: The Honorable Mary Jo White,
Chair, Securities and Exchange Commission; The Honorable
Timothy Massad, Chairman, Commodity Futures Trading Commission;
The Honorable Roy Woodall, Jr., Independent Member with
Insurance Expertise; The Honorable Debbie Matz, Chairwoman,
National Credit Union Administration; The Honorable Melvin
Watt, Director, Federal Housing Finance Agency; The Honorable
Martin Gruenberg, Chairman, Federal Deposit Insurance
Corporation; The Honorable Richard Cordray, Director, Bureau of
Consumer Financial Protection; and The Honorable Thomas Curry,
Comptroller of the Currency, Office of the Comptroller of the
Currency. Federal Reserve Board of Governors Chair Janet Yellen
was invited to testify but did not attend.
On April 11, 2016, Subcommittee Chairman Garrett wrote to
Treasury Secretary Jack Lew requesting information on, among
other things, the Financial Stability Board's Global
Systemically Important Insurer (G-SII) and Internationally
Active Insurance Groups (IAIGs) criteria for each company
designated as such and how the decision of a federal district
court invalidating the FSOC's SIFI designation of MetLife might
affect current and future designations of nonbank financial
institutions.
Finally, on September 22, 2016, the Committee held a
hearing on the FSOC's 2016 Annual Report, at which Secretary
Lew testified.
Office of Financial Research (OFR). On February 18, 2016,
OFR Director Richard Berner held a staff briefing on the OFR
2015 Annual Report to Congress. Additionally, on August 24,
2016, the OFR held a staff briefing on its Money Market Fund
Monitor.
Volcker Rule. The Committee examined the impact of the
Volcker Rule on market liquidity and U.S. economic
competitiveness at numerous hearings during the 114th Congress,
including in connection with its oversight of the FSOC
described above. In addition, the Committee reviewed the
Volcker Rule during hearings on the SEC's budget, agenda, and
operations held on March 24, 2015, November 18, 2015, and
November 15, 2016. SEC Chair Mary Jo White was the sole witness
at those hearings. Finally, the Committee reviewed the Volcker
Rule in connection with its hearings on the Dodd-Frank Act on
July 9, 2015 (``The Dodd-Frank Act Five Years Later: Are We
More Stable?''); July 28, 2015 (``The Dodd-Frank Act Five Years
Later: Are We More Prosperous?''); and on September 17, 2015
(``The Dodd-Frank Act Five Years Later: Are We More Free?'').
``Too Big to Fail.'' On July 11, 2016, the Committee
continued its oversight of ``Too Big to Fail'' by releasing a
majority staff report entitled, ``Too Big to Jail: Inside the
Obama Justice Department's Decision Not to Hold Wall Street
Accountable.'' The staff report examined whether, after the
passage of the Dodd-Frank Act, DOJ had made prosecutorial
decisions based on the size and perceived inter-connectedness
of financial institutions and DOJ's belief that such
prosecutions could negatively impact the economy. The staff
report asserted that internal Treasury Department records
demonstrated that, in late 2012, senior DOJ leadership,
including Attorney General Holder, overruled an internal
recommendation by DOJ's Asset Forfeiture and Money Laundering
Section to prosecute HSBC Bank USA N.A. because of DOJ
leadership's concern that prosecuting the bank would have
serious adverse consequences on the financial system.
FINANCIAL INSTITUTIONS AND CONSUMER CREDIT
Bureau of Consumer Financial Protection (CFPB). On March 3,
2015, the Committee held a hearing entitled, ``The Semi-Annual
Report of the Bureau of Consumer Financial Protection.'' This
hearing examined the Bureau's sixth Semi-Annual Report to the
President and Congress. On June 25, 2015, the Oversight and
Investigations Subcommittee held a hearing entitled,
``Examining Continuing Allegations of Discrimination and
Retaliation at the Consumer Financial Protection Bureau,'' at
which certain Bureau employees testified concerning alleged
workplace improprieties. On September 29, 2015, the Committee
held a hearing entitled, ``The Semi-Annual Report of the Bureau
of Consumer Financial Protection.'' This hearing examined the
Bureau's seventh Semi-Annual Report to the President and
Congress. The Oversight and Investigations Subcommittee held a
hearing on December 16, 2015 entitled, ``Examining the Consumer
Financial Protection Bureau's Mass Data Collection Program,''
which evaluated the Bureau's data collection practices and
potential risks to consumers posed by such practices. On
February 11, 2016, the Subcommittee on Financial Institutions
and Consumer Credit held a hearing entitled, ``Short-term,
Small Dollar Lending: The CFPB's Assault on Access to Credit
and Trampling of State and Tribal Sovereignty.'' This hearing
examined the CFPB's proposed plan to regulate short term, small
dollar credit products at the federal level, including how
those efforts might affect access to consumer credit as well as
existing state and tribal law. On March 16, 2016, the Committee
held a hearing entitled, ``The Semi-Annual Report of the Bureau
of Consumer Financial Protection.'' This hearing examined the
Bureau's eighth Semi-Annual Report to the President and
Congress. On May 18, 2016, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled,
``Examining the CFPB's Proposed Rulemaking on Arbitration: Is
it in the Public Interest and for the Protection of
Consumers?'' This hearing examined the CFPB's published report
and proposed rule to regulate arbitration agreements in
conjunction with the offering of consumer financial products or
services.
Financial Supervision. The Committee continued to examine
financial regulators' safety and soundness supervision of the
credit union industry. On Thursday, July 23, 2015, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled, ``National Credit Union Administration
Operations and Budget.'' This hearing gave Committee members
the opportunity to examine the NCUA's operations and budget and
how it regulates, charters and supervises federal credit
unions.
The Committee also examined financial regulators' safety
and soundness supervision of the banking industry. On November
4, 2015, the Committee held a hearing entitled, ``Semi-Annual
Testimony on the Federal Reserve's Supervision and Regulation
of the Financial System,'' which heard testimony from Board of
Governors of the Federal Reserve System Chair Janet Yellen
regarding the ``the efforts, activities, objectives, and plans
of the [Fed] with respect to the conduct of supervision and
regulation of depository institution holding companies and
other financial firms supervised by the [Fed].''
Capital Standards and Basel III. The Committee examined the
effects of bank capital and liquidity requirements on the
credit supply, asset risk, and cost of capital, which in turn
affect economic growth. On July 23, 2015, the Committee held a
hearing entitled, ``Ending `Too Big to Fail': What is the
Proper Role of Capital and Liquidity?'' This hearing examined
the effectiveness of Dodd-Frank and other regulatory measures
that set capital and liquidity standards. On July 12, 2016, the
Committee held a hearing entitled, ``Making a Financial Choice:
More Capital or More Government Control?'' which examined the
``Financial CHOICE Act,'' which provides a Dodd-Frank off-ramp
for financial institutions that choose to comply with higher
levels of capital.
Mortgages. The Committee examined the effect of regulation
on the cost and availability of mortgage credit. On March 18,
2015, the Committee held a hearing entitled, ``Preserving
Consumer Choice and Financial Independence,'' which focused on,
among other things, whether the Dodd-Frank Act has restricted
the availability of mortgage credit. On April 15, 2015, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled, ``Examining Regulatory Burdens on Non-
Depository Financial Institutions,'' which examined similar
issues. On Thursday, April 23, 2015, the Subcommittee on
Financial Institutions and Consumer Credit held a hearing
entitled, ``Examining Regulatory Burdens--Regulator
Perspective,'' to obtain comments from regulators regarding the
impact of regulatory burdens on the ability of community
financial institutions to offer mortgage credit.
The Committee also examined the effect of recent
rulemakings by the CFPB on a variety of mortgage-related
issues. On September 29, 2015, the Committee held a hearing
entitled, ``The Semi-Annual Report of the Bureau of Consumer
Financial Protection,'' which examined mortgage issues,
including the implementation of the TILA/RESPA Integrated
Disclosure rule, and Home Mortgage Disclosure Act data use.
Deposit Insurance. The Committee continued to monitor the
solvency of the National Credit Union Share Insurance Fund
(``NCUSIF'') administered by the National Credit Union
Administration. On Thursday, July 23, 2015, the Subcommittee on
Financial Institutions and Consumer Credit held a hearing
entitled, ``National Credit Union Administration Operations and
Budget.'' This hearing gave Committee members the opportunity
to examine the NCUSIF.
Community Financial Institutions. The Committee continued
to review matters relating to the regulation of community
financial institutions. On March 18, 2015, the Committee held a
hearing entitled, ``Preserving Consumer Choice and Financial
Independence,'' which focused on, among other things, whether
compliance costs associated with the Dodd-Frank Act have
restricted the ability of financial institutions to provide
credit. On Wednesday April 15, 2015, the Subcommittee on
Financial Institutions and Consumer Credit held a hearing
entitled, ``Examining Regulatory Burdens on Non-Depository
Financial Institutions,'' which focused on similar issues. On
Thursday, April 23, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled,
``Examining Regulatory Burdens--Regulator Perspective,'' to
obtain comments from regulators regarding the impact of
regulations on the ability of community financial institutions
to offer credit. On Wednesday, July 8, 2015, the Subcommittee
on Financial Institutions and Consumer Credit held a hearing
entitled, ``Examining the Designation and Regulation of Bank
Holding Company SIFIs,'' which examined the designation and
regulatory standards for bank holding companies designated as
``systemically important financial institutions'' and their
ability to lend to small businesses.
Regulatory Burden Reduction. The Committee continued to
review matters relating to the costs of complying with
regulations, including for the purposes of identifying
unnecessary, duplicative, or overly burdensome regulations that
could be modified or repealed consistent with promoting
consumer protection and safety and soundness. On March 18,
2015, the Committee held a hearing entitled ``Preserving
Consumer Choice and Financial Independence,'' which focused on,
among other things, whether compliance costs associated with
the Dodd-Frank Act have restricted the availability of credit.
On April 15, 2015, the Subcommittee on Financial Institutions
and Consumer Credit held a hearing entitled, ``Examining
Regulatory Burdens on Non-Depository Financial Institutions,''
which examined similar issues. On April 23, 2015, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled, ``Examining Regulatory Burdens--Regulator
Perspective,'' to obtain comments from regulators regarding the
impact of regulatory burdens on the operations of community
financial institutions and the behavior of consumers in the
financial marketplace. On July 8, 2015, the Subcommittee on
Financial Institutions and Consumer Credit held a hearing
entitled, ``Examining the Designation and Regulation of Bank
Holding Company SIFIs,'' which examined the designation and
regulatory standards for bank holding companies designated as
``systemically important financial institutions'' and its
effect on their ability to operate.
In addition, the Subcommittee on Financial Institutions and
Consumer Credit held a hearing on February 11, 2016, entitled,
``Short-term, Small Dollar Lending: The CFPB's Assault on
Access to Credit and Trampling of State and Tribal
Sovereignty.'' This hearing examined the CFPB's proposed plan
to regulate short term, small dollar credit products at the
federal level, including whether those efforts may affect
access to consumer credit as well as existing state and tribal
law. On May 18, 2016, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled,
``Examining the CFPB's Proposed Rulemaking on Arbitration: Is
it in the Public Interest and for the Protection of
Consumers?'' This hearing examined the CFPB's proposed rule
governing arbitration agreements, including whether the rule
could impact access to financial products or services.
Credit Scores and Credit Reports. The Committee continued
to monitor issues related to credit scores and credit
reporting. On September 27, 2016, the Subcommittee on Financial
Institutions and Consumer Credit held a legislative hearing
entitled, ``Examining Legislative Proposals to Address Consumer
Access to Mainstream Banking Services.'' The purpose of the
hearing was to receive testimony on legislative proposals
relating to consumer credit and education, specifically credit
history and the consumer reporting agencies.
Access to Financial Services. The Committee examined ways
to expand access to mainstream financial services among
traditionally underserved segments of the U.S. population
through technological innovation. On March 18, 2015, the
Committee held a hearing entitled, ``Preserving Consumer Choice
and Financial Independence.'' This hearing examined matters
relating to regulatory compliance costs and the availability of
financial products and services. On July 12, 2016, the
Subcommittee on Financial Institutions and Consumer Credit held
a hearing entitled, ``Examining the Opportunities and
Challenges with Financial Technology (``FinTech''): The
Development of Online Marketplace Lending,'' which focused on
the development of the FinTech market, specifically related to
how online lenders and banks interact, and how they may expand
access to credit. On July 28, 2015, the Committee held a
hearing entitled, ``The Dodd-Frank Act Five Years Later: Are We
More Prosperous?'' This hearing examined the Dodd-Frank Act in
connection with matters related to economic growth.
On February 11, 2016, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled,
``Short-term, Small Dollar Lending: The CFPB's Assault on
Access to Credit and Trampling of State and Tribal
Sovereignty.'' This hearing examined the short-term, small
dollar credit marketplace; the extent to which lenders in this
market meet consumers' need for credit; the products and
protections available to consumers; and the manner in which
lenders and products are regulated. On May 18, 2016, the
Subcommittee on Financial Institutions and Consumer Credit also
held a hearing entitled, ``Examining the CFPB's Proposed
Rulemaking on Arbitration: Is it in the Public Interest and for
the Protection of Consumers?'' This hearing examined the CFPB's
proposed rule governing arbitration agreements, including
whether the proposal, if implemented, would impact access to
financial products or services.
``Operation Choke Point.'' On March 24, 2015, the Oversight
and Investigations Subcommittee held a hearing entitled, ``The
Federal Deposit Insurance Corporation's Role in Operation Choke
Point,'' at which FDIC Chairman Martin Gruenberg testified that
the agency's actions relating to ``Operation Choke Point''
``led to misunderstandings'' that caused depository
institutions to incorrectly believe that business relationships
with certain lawful industries were disfavored by the FDIC.
Chairman Gruenberg further testified that the FDIC sought to
clarify that banks should examine the risks posed by specific
business relationships rather than cease providing services to
all merchants in certain industries.
On April 8, 2015, Chairman Hensarling and Subcommittee
Chairs Garrett, Neugebauer, Luetkemeyer, Huizenga, and Duffy
wrote to Comptroller of the Currency Thomas Curry, CFPB
Director Richard Cordray, Federal Reserve Chairman Janet
Yellen, and National Credit Union Administration Chairman
Debbie Matz, requesting that their agencies publicly disavow
their ``past, present, and future involvement in Operation
Choke Point or any similar operation.'' The letter also
requested that the agencies take internal actions to ensure
``deposit account terminations are based on sound reasoning and
potential risk, not political motive.''
Discrimination in Lending. The Committee continued to
monitor developments in the effectiveness of regulators' fair
lending oversight and enforcement efforts throughout the 114th
Congress. Staff held meetings with interested parties.
Diversity in Financial Services. The Committee continued to
monitor developments in implementing the diversity requirements
of the Dodd-Frank Act throughout the 114th Congress. Staff held
meetings with interested parties.
Improper Disclosure of Personally Identifiable Information.
The Committee continued to evaluate best practices for
protecting the security and confidentiality of personally
identifiable financial information from loss, unauthorized
access, or misuse. On May 14, 2015, the Committee held a
hearing entitled, ``Protecting Consumers: Financial Data
Security in the Age of Computer Hackers.'' This hearing focused
on why and how data breaches occur; how consumers are notified
following a breach; what security measures and standards are in
place to prevent breaches; what types of payment system
technologies are under development that will help reduce the
risk of future breaches; and whether federal legislation
relating to data security and breach notification standards is
warranted.
The Committee also examined how data breaches are disclosed
to consumers. On May 19, 2015, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled,
``Protecting Critical Infrastructure: How the Financial Sector
Addresses Cyber Threats.'' This hearing focused on how to
protect financial institutions and consumers' financial data
from cyberattacks.
In addition, on June 16, 2015, the Oversight and
Investigations Subcommittee held a hearing entitled, ``A Global
Perspective on Cyber Threats,'' which evaluated major cyber
threats facing the U.S. from nation-states, terrorist and
criminal organizations, and other actors.
Payment System Innovations/Mobile Payments. The Committee
reviewed government and private sector efforts to achieve
greater security in the payments system. On May 14, 2015, the
Committee held a hearing entitled, ``Protecting Consumers:
Financial Data Security in the Age of Computer Hackers.'' This
hearing focused on the types of payment system technologies
under development that will help reduce the risk of data
security breaches.
Payment Cards. On September 29, 2015, the Committee held a
hearing entitled, ``The Semi-Annual Report of the Bureau of
Consumer Financial Protection.'' This hearing examined the
CFPB's proposed prepaid card rule, including whether the rule
could reduce consumer access to prepaid cards. On March 16,
2016, the Committee held a hearing entitled, ``The Semi-Annual
Report of the Bureau of Consumer Financial Protection.'' This
hearing also examined the prepaid card rule, and the
application of Regulation Z to prepaid cards.
Money Laundering and the Financing of Terrorism. To
continue its oversight of money laundering and the financing of
terrorism, the Committee established The Task Force to
Investigate Terrorism Financing. The 21-Member bipartisan Task
Force was authorized for two six-month terms during the 114th
Congress, during which time it held eleven hearings to examine
how terror groups and networks acquire and move funds to
finance their illicit activities. The Task Force received
testimony from U.S. government employees as well as foreign
officials and private-sector experts.
The Task Force held five hearings that specifically
examined terrorist funding sources and networks. At a hearing
on April 22, 2015, witnesses testified on the evolution of
terrorist financing threats following the September 11, 2001
attacks. On May 21, 2015, the Task Force explored the nexus of
terrorism, corruption, and transnational crime, especially drug
trafficking. A June 24, 2015, Task Force hearing specifically
examined the schemes used by terrorists to access the U.S.
financial system, including through anonymized shell
corporations and cyber-attacks. A July 22, 2015, hearing
explored the implications of the July 2015 Joint Comprehensive
Plan of Action on Iran's terrorist financing capabilities. On
September 9, 2015, the Task Force explored whether the U.S. was
fully and effectively using the tools at its disposal to combat
terrorist financing, as well as how to improve interagency and
private sector coordination to detect and disrupt terrorist
financing networks.
The Task Force examined other matters related to terrorism
financing, including trade-based money laundering and the
importance of trade transparency; the Treasury Department's
efforts to help developing countries strengthen anti-money
laundering capabilities; and how the sale or trade of plundered
arts and antiquities can fund terror.
The Task Force also conducted oversight outside of formal
hearings. Task Force staff participated in several briefings,
including on a classified basis, with representatives of the
Treasury Department, the Federal Bureau of Investigation, the
Justice Department, the International Monetary Fund, the
Congressional Research Service, the Government Accountability
Office, and the private sector. Additionally, in the summer of
2015, the Task Force sponsored a congressional delegation to
France, Turkey, Qatar, and Kuwait to examine regional terrorism
financing and information sharing issues. In March 2016, the
Task Force received a GAO report--prepared at the request of
Reps. Fitzpatrick, Lynch, and Pittenger--discussing fines,
penalties, and forfeitures for violations of financial crimes
and sanctions. In April 2016, the Task Force sent a
congressional delegation to Colombia, Panama, Paraguay and
Argentina, which examined illicit financial flows in South
America. Finally, the Task Force developed and secured House
passage of legislation to enhance U.S. and international
efforts to counter illicit uses of the financial system.
Financial Crimes Enforcement Network (FinCEN). On May 24,
2016, the Task Force to Investigate Terrorism Financing held a
hearing examining, among other things, FinCEN's efforts to stop
illicit uses of the financial system, at which the head of
FinCEN testified.
Money Services Businesses (MSBs) and their Access to
Banking Services. The Subcommittee on Financial Institutions
held a hearing on April 15, 2015 entitled ``Examining
Regulatory Burdens on Non-Depository Institutions,'' which
examined matters related to MSBs.
Community Development Financial Institutions Fund (CDFI
Fund). The Committee continued to monitor developments in the
operations of the Community Development Financial Institutions
Fund throughout the 114th Congress. Staff held meetings with
interested parties.
Community Reinvestment Act (CRA). On March 18, 2015, the
Committee held a hearing entitled, ``Preserving Consumer Choice
and Financial Independence,'' which discussed, among other
things, the impact of Community Reinvestment Act on the ability
for financial institutions to extend credit.
Financial Literacy. The Committee continued to examine the
importance of financial literacy. On September 27, 2016, the
Subcommittee on Financial Institutions and Consumer Credit held
a legislative hearing entitled, ``Examining Legislative
Proposals to Address Consumer Access to Mainstream Banking
Services.'' The purpose of the hearing was to receive testimony
on legislative proposals that would impact consumer credit
education, specifically for consumers looking to improve their
credit scores.
Troubled Asset Relief Program (TARP). Committee staff
monitored the developments in this area throughout the 114th
Congress, including by reviewing quarterly reports from the
TARP Inspector General.
CAPITAL MARKETS
Securities and Exchange Commission (SEC). The Committee
held a hearing on March 24, 2015, entitled ``Examining the
SEC's Agenda, Operations, and FY 2016 Budget Request.'' SEC
Chair Mary Jo White was the sole witness. The hearing focused
on the SEC's rulemaking agenda, including directives from the
Dodd-Frank Act and the Jumpstart Our Business Startups
(``JOBS'') Act. The hearing also examined the Administration's
FY 2016 SEC budget request of $1.722 billion. The Committee
held hearings examining similar matters on November 18, 2015,
and November 15, 2016, at which Chair White also testified.
During the 114th Congress, the Subcommittee on Capital
Markets and Government Sponsored Enterprises examined specific
divisions within the SEC. The Subcommittee held a hearing
entitled ``Oversight of the SEC's Division of Enforcement'' on
March 19, 2015, at which the Division's Director testified. On
October 23, 2015, the Subcommittee convened a hearing to
receive the testimony of the Director of the SEC's Division of
Investment Management, and on April 21, 2016, it held another
hearing related to several divisions and offices within the
SEC. At that hearing, testimony was received from the Director
of the Office of Credit Ratings; the Director of the Division
of Economic and Risk Analysis; the Chief of the Office of the
Whistleblower; and the Director of the Office of Compliance,
Inspections, and Examinations.
The Committee also took steps to oversee the SEC's
operations outside of hearings. On January 12, 2015, Chairmen
Hensarling and Garrett requested that Chair White provide an
update concerning the SEC's JOBS Act rulemakings; its review of
equity market structure; its establishment of a Consolidated
Audit Trail; and its comprehensive review of public company
disclosure requirements.
On February 25, 2015, Reps. Hensarling, Garrett, Huizenga,
and Royce requested that the SEC provide a detailed description
of the funds and hours spent implementing the Dodd-Frank Act's
conflict minerals disclosure rule; the letter was sent after
the SEC appealed a decision of the U.S. Court of Appeals for
the District of Columbia Circuit that partially vacated the
SEC's conflict minerals disclosure rule.
On April 14, 2015, Chairman Garrett wrote to the SEC's
Director of Enforcement requesting, among other things, that
the Director provide a copy of the SEC's guidance for the use
of administrative proceedings, a description of discovery tools
available to respondents, and the use of undertakings in
enforcement actions.
On October 7, 2015, Chairmen Hensarling and Garrett wrote
to Chair White regarding continued efforts by third parties and
certain U.S. Senators to compel the SEC to mandate the
disclosure of political spending.
On November 11, 2015, Chairmen Hensarling, Garrett, and
Duffy requested, among other things, that Chair White provide
information about SEC staff participation in international
training programs, the programs' objectives and history, and
how the programs are aligned with the SEC's statutory mission.
On December 18, 2015, Reps. Hensarling, Garrett, and Wagner
wrote to Chair White regarding certain capital markets
provisions contained within the recently enacted Fixing
America's Surface Transportation (FAST) Act. Specifically, the
letter requested the SEC's plan to ensure that the SEC would
implement the provisions in a timely manner as required by
Congress.
On March 18, 2016, Chairmen Hensarling and Garrett
requested that Chair White provide, among other things,
information related to resources or plans to use resources to
develop a political spending disclosure rule in light of a
recently enacted law which prohibited the SEC from expending
funds to do so.
On April 13, 2016, Reps. Hensarling, Garrett, Duffy, and
Wagner requested, among other things, a detailed list of
meetings between SEC officials and employees and officials at
the Department of Justice or the Department of Labor and a list
of SEC Division of Economic and Risk Analysis employees in
contact with the Department of Labor.
On April 14, 2016, Chairmen Hensarling and Duffy wrote to
Chair White regarding matters relating to the potentially
improper release of material, non-public and confidential
supervisory information that occurred either at the FDIC and/or
the Federal Reserve.
On June 13, 2016, Chairman Garrett wrote to Chair White
regarding the SEC's failure to adhere to deadlines related to
the implementation of capital markets provisions within the
FAST Act. The letter requested, among other things, a specific
future date for compliance.
On September 22, 2016, Chairmen Hensarling and Garrett
wrote to the SEC Inspector General regarding the potentially
improper disclosure of information regarding a pending SEC
enforcement action.
On December 18, 2016, Chairmen Garrett and Duffy wrote to
Chair White to request that the SEC provide the Committee with
all documents that it was producing in response to a request
from the Senate Homeland Security and Government Affairs
Committee related to the Department of Labor's fiduciary rule.
The JOBS Act. The Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing on April 14,
2016, entitled ``The JOBS Act at Four: Examining Its Impact and
Proposals to Further Enhance Capital Formation.'' The witnesses
included: The Honorable Paul Atkins, Chief Executive Officer,
Patomak Global Partners; Mr. William Beatty, Director, Division
of Securities, Washington State Department of Financial
Institutions (on behalf of the North American Securities
Administrators Association); Mr. Nelson Griggs, Executive Vice
President, Global Listing Services, NASDAQ; Mr. Raymond
Keating, Chief Economist, Small Business & Entrepreneurship
Council; and Mr. Kevin Laws, Chief Operating Officer,
AngelList. The hearing examined the impact of the JOBS Act on
the U.S. capital markets and the Act's effect on capital
formation, job creation, and economic growth. Additionally, the
Subcommittee reviewed four legislative proposals to amend the
JOBS Act with the goal of further enhancing capital formation
for small companies and their investors including: H.R. 4850,
the ``Micro Offering Safe Harbor Act''; H.R. 4852, the
``Private Placement Improvement Act of 2016''; H.R. 4854, the
``Supporting America's Innovators Act of 2016''; and H.R. 4855,
the ``Fix Crowdfunding Act.'' Finally, Members reviewed the
status of the SEC's implementation of JOBS Act mandates and its
post-JOBS Act capital formation agenda in connection with Chair
White's regular testimony before the Committee (see discussion
of SEC oversight supra).
Derivatives. The Committee examined issues related to
derivatives and Title VII of the Dodd-Frank Act with Chair
White during her testimony before the Committee (see discussion
of SEC oversight supra). Additionally, the Committee examined
derivatives issues in connection with a series of hearings on
the Dodd-Frank Act that it held in the summer of 2015,
approximately five years after the Act's enactment. (See
discussion of Dodd-Frank oversight supra).
Credit Rating Agencies. The Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing entitled
``Continued Oversight of the SEC's Offices and Divisions'' on
Thursday, April 21, 2016, at which Thomas Butler--the Director
of the SEC's Office of Credit Ratings--was one of the
witnesses. Mr. Butler testified regarding the mission,
operations, and activities of the SEC's Office of Credit
Ratings.
Regulation and Oversight of Broker-Dealers and Investment
Advisers. The Subcommittees on Oversight and Investigations and
Capital Markets and Government Sponsored Enterprises held a
hearing entitled ``Preserving Retirement Security and
Investment Choices for all Americans'' on September 10, 2015.
Witnesses were: Mr. Caleb Callahan, Senior Vice President and
Chief Marketing Officer, ValMark Securities (on behalf of the
Association for Advanced Life Underwriting); Mr. Paul Schott
Stevens, President and Chief Executive Officer, Investment
Company Institute; Professor Mercer Bullard, MDLA Distinguished
Lecturer and Professor of Law, University of Mississippi School
of Law; Ms. Juli McNeely, President, National Association of
Insurance and Financial Advisors; and Mr. Scott Stolz, Senior
Vice President, PCG Investment Products, Raymond James &
Associates, Inc.
The Subcommittees examined the impact on retail investors,
retirement savers, and the economy from the following
rulemakings proposed by the Department of Labor: Definition of
the Term ``Fiduciary'': Conflict of Interest Rule--Retirement
Investment Advice (80 FR 21928); Proposed Best Interest
Contract Exemption (80 FR 21960); and five additional proposed
prohibited transaction exemptions (80 FR 22004, 22034, 22010,
22021, and 21989). The Subcommittees also examined the current
state of regulation that applies to broker-dealers and
investment advisers when providing advice and services to
retail investors.
Self-Regulatory Organizations (SROs). The Subcommittee on
Capital Markets and Government Sponsored Enterprises held a
hearing entitled ``Oversight of the Financial Industry
Regulatory Authority'' on May 1, 2015. Richard G. Ketchum,
Chairman and Chief Executive Officer of the Financial Industry
Regulatory Authority (FINRA), was the only witness. The hearing
examined FINRA's rulemaking and enforcement agenda as well as
its proposal to implement the Comprehensive Automated Risk Data
System (CARDS).
On April 13, 2016, Reps. Hensarling, Garrett, Duffy, and
Wagner wrote to Mr. Ketchum requesting, among other things,
records provided in response to a request from the Senate
Committee on Homeland Security and Governmental Affairs and a
written analysis describing instances where FINRA believed the
Department of Labor had not complied with federal securities
laws or FINRA rules.
Equity/Option Market Structure. Members examined issues
related to equity market structure with Chair White during her
regular testimony before the Committee on the SEC's agenda,
operations, and budget requests (see discussion of SEC
oversight supra).
On January 14, 2016, Capital Markets Subcommittee staff
hosted a briefing given by staff of the SEC's Division of
Trading and Markets regarding IEX's application to register as
a national securities exchange. Additionally, on March 10,
2016, staff hosted a briefing by the Division of Trading and
Markets regarding the potential acquisition of the Chicago
Stock Exchange by a Chinese national entity.
Fixed-Income Market Structure. The Subcommittee on Capital
Markets and Government Sponsored Enterprises held a hearing on
February 24, 2016, entitled ``The Impact of the Dodd-Frank Act
and Basel II on the Fixed Income Market and Securitizations.''
The witnesses included: Mr. Anthony Carfang, Partner and
Director, Treasury Strategies; Ms. Meredith Coffey, Executive
Vice President, Loan Syndications and Trading Association; Mr.
Andrew Green, Managing Director for Economic Policy, Center for
American Progress; Mr. Richards Johns, Executive Director,
Structured Finance Industry Group; Mr. Jeffrey Plunkett,
Executive Vice President and General Counsel, Natixis Global
Asset Management; Mr. Stephen Renna, President and Chief
Executive Officer, Commercial Real Estate Finance Council; and
Dr. Marcus Stanley, Policy Director, Americans for Financial
Reform. In addition to examining three legislative proposals,
the Subcommittee considered the impact of the Volcker Rule and
risk retention requirements contained in Titles VI and IX of
the Dodd-Frank Act and the recommendations of the Basel
Committee on Banking Supervision, such as the Fundamental
Review of the Trading Book, on both the liquidity and
functionality of the fixed income market and securitizations.
Corporate Governance. The Subcommittee on Capital Markets
and Government Sponsored Enterprises held a hearing on
September 21, 2016 entitled, ``Corporate Governance: Fostering
a System that Promotes Capital Formation and Maximizes
Shareholder Value.'' The witnesses included: The Honorable John
Engler, President, Business Roundtable; Ms. Darla Stuckey,
President and Chief Executive Officer, Society of Governance
Professionals; Ms. Anne Simpson, Investment Director,
Sustainability, California Public Employees' Retirement System;
and Mr. James Copeland, Senior Fellow and Director of Legal
Policy, Manhattan Institute. The hearing examined the ability
of the U.S. capital markets to permit public companies to raise
capital efficiently as well as the Federal and state securities
regulatory and legal regime with which public companies must
comply.
Employee Compensation. The Committee examined executive
compensation matters during its July 28, 2015 hearing entitled,
``The Dodd-Frank Act Five Years Later: Are We More
Prosperous?'' (See discussion of Dodd-Frank oversight supra for
additional information). Additionally, the Committee held a
hearing on September 29, 2016 entitled, ``Holding Wall Street
Accountable: Investigating Wells Fargo's Opening of
Unauthorized Customer Accounts.'' John Stumpf, then the
Chairman and CEO of Wells Fargo & Company, was the sole
witness. Prior to the hearing, on September 8, 2016, Wells
Fargo entered into consent orders with the Office of the
Comptroller of the Currency, the CFPB, and the City of Los
Angeles for alleged unsafe and unsound sales practices, unfair
and abusive practices, and unlawful, unfair, and fraudulent
sales and related business acts and practices. While neither
admitting nor denying the allegations as part of the consent
orders, Wells Fargo agreed to pay $190 million in collective
fines and restitution. The consent orders asserted that Wells
Fargo had fired 5,300 employees over a five year period for
opening hundreds of thousands of deposit and credit card
accounts without customers' knowledge or consent. This was
allegedly caused by the setting of aggressive sales quotas,
pressure from managers to meet those quotas, and inadequate
monitoring by Wells Fargo. The Committee's September 29th
hearing examined these matters, in addition to the compensation
practices of Wells Fargo and the compensation of relevant
executive officers.
Securities Investor Protection Corporation (SIPC). The
Committee held a hearing on November 18, 2015 entitled,
``Examining the SEC's Agenda, Operations, and FY 2017 Budget
Request'' at which Chair White was the sole witness. That
hearing examined, in part, issues relating to SIPC, including
the circumstances in which SIPC indemnifies investors against
losses. Chair White testified that if a broker-dealer is
engaged in a ``Ponzi scheme'' or never engaged in a bona fide
trade, SIPC would not cover losses up to the full amount listed
on investors' account statements.
Mutual Funds. The Subcommittee on Capital Markets and
Government Sponsored Enterprises held a hearing entitled,
``Oversight of the SEC's Division of Investment Management'' on
October 23, 2015. David Grim, Director of the Division, was the
sole witness. The Division is responsible for the SEC's
regulation of investment companies, variable insurance
companies, and registered investment advisers. The types of
investment companies subject to the Division's supervision
include mutual funds, closed-end funds, business development
companies, unit investment trusts, and exchange-traded funds.
The Division carries out its mission by focusing primarily on
guidance, disclosure, and rulemaking, as well as through risk
monitoring and analysis of these entities and products. The
hearing examined the Division's performance of these functions.
The Subcommittee on Capital Markets and Government
Sponsored Enterprises held a hearing on December 8, 2016
entitled, ``The Impact of Regulations on Short-Term
Financing.'' The witnesses were: Mr. Anthony J. Carfang,
Managing Director, Treasury Strategies (a division of Novantas,
Inc.); Mr. Thomas C. Deas, Jr., Chairman, National Association
of Corporate Treasurers; Mr. Mike Konczal, Fellow, Roosevelt
Institute; and Mr. Robert Toomey, Managing Director and
Associate General Counsel, Securities Industry and Financial
Markets Association. The Subcommittee considered the impact of
the Dodd-Frank Act, actions of the Financial Stability
Oversight Council and the Basel Committee on Banking
Supervision, and other regulatory activities since 2010 on
short-term financing in the U.S. capital markets, including
repurchase agreements, money market funds, and securities
financing.
Additionally, on August 24, 2016, the Federal Reserve's
Office of Financial Responsibility briefed staff of the
Financial Institutions and Capital Markets Subcommittees
regarding a tool used to monitor money market funds.
Advisers to Private Funds. The Subcommittee on Capital
Markets and Government Sponsored Enterprises held a hearing
entitled ``Oversight of the SEC's Division of Investment
Management,'' on October 23, 2015, which examined matters
relating to advisers to private funds (see oversight of Mutual
Funds supra for more information).
Securitization and Risk Retention. The Subcommittee on
Capital Markets and Government Sponsored Enterprises held a
hearing on February 24, 2016, entitled ``The Impact of the
Dodd-Frank Act and Basel III on the Fixed Income Market and
Securitizations,'' which examined securitization and risk
retention issues (see oversight of Fixed Income Market
Structure supra for more information).
Covered Bonds. The Committee continued to monitor
developments in covered bonds throughout the 114th Congress.
Staff held meetings with interested parties.
Municipal Securities Rulemaking Board (MSRB). The
Subcommittee on Capital Markets and Government-Sponsored
Enterprises held a hearing on September 22, 2016, entitled
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities.''
The witnesses included: Mr. Wesley Bricker, Interim Chief
Accountant, Office of the Chief Accountant, SEC; Mr. James
Doty, Chairman, Public Company Accounting Oversight Board; Mr.
Russell Golden, Chairman, Financial Accounting Standards Board;
Ms. Jessica Kane, Director, Office of Municipal Securities,
SEC; Ms. Lynnette Kelly, Executive Director, Municipal
Securities Rulemaking Board; and Mr. Robert Colby, Chief Legal
Officer, Financial Industry Regulatory Authority. The hearing
examined the operations of these entities.
Public Company Accounting Oversight Board (PCAOB). The
Subcommittee on Capital Markets and Government-Sponsored
Enterprises held a hearing on September 22, 2016 entitled,
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities,''
which examined matters related to the PCAOB (see oversight of
the Municipal Securities Rulemaking Board supra for more
information).
Financial Accounting Standards Board (FASB). The
Subcommittee on Capital Markets and Government-Sponsored
Enterprises held a hearing on September 22, 2016 entitled,
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities,''
which examined matters related to the FASB (see oversight of
the Municipal Securities Rulemaking Board supra for more
information).
Government Accounting Standards Board (GASB). The Committee
continued to monitor developments regarding GASB throughout the
114th Congress. Staff held meetings with interested parties.
Convergence of International Accounting Standards. The
Subcommittee on Capital Markets and Government-Sponsored
Enterprises held a hearing on September 22, 2016 entitled,
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities,''
which examined matters related to the convergence of
international accounting standards (see oversight of the
Municipal Securities Rulemaking Board supra for more
information).
Securities Litigation. The Committee continued to monitor
developments regarding securities litigation reform throughout
the 114th Congress. Staff held meetings with interested
parties.
Securities Arbitration. The Committee continued to monitor
developments in securities arbitration throughout the 114th
Congress. Staff held meetings with interested parties.
Business Continuity Planning. The Committee continued to
monitor developments in business continuity planning throughout
the 114th Congress. Staff held meetings with interested
parties.
GOVERNMENT SPONSORED ENTERPRISES
Fannie Mae and Freddie Mac. The Committee held a hearing on
January 27, 2015 entitled, ``Sustainable Housing Finance: An
Update from the director of the Federal Housing Finance
Agency.'' The sole witness was Federal Housing Finance Agency
(``FHFA'') Director Mel Watt. The hearing examined (1) measures
FHFA had taken as conservator of Fannie Mae and Freddie Mac;
(2) FHFA's Strategic Plan for Fannie Mae and Freddie Mac; (3)
the financial condition of Fannie Mae, Freddie Mac and the
Federal Home Loan Banks (``FHLBs''); (4) the state of private
sector participation in the housing finance market; (5) whether
adequate steps were being taken to encourage additional private
capital in the market; and (6) additional actions FHFA had
taken as regulator of Fannie Mae, Freddie Mac and the FHLBs.
On March 10, 2015, Chairmen Luetkemeyer, Garrett, and
Neugebauer wrote to Director Watt requesting, among other
things, documents and communication relating to the statutory
requirements to fund the Housing Trust Fund and Capital Magnet
Fund.
On March 21, 2016, Chairman Hensarling and Senate Committee
on Banking, Housing, and Urban Affairs Chairman Richard Shelby
wrote to HUD Secretary Julian Castro and Director Watt urging
them to ensure that programs established by HUD and FHFA to
sell non-performing loans were structured to focus on
increasing private market participation so that taxpayers and
homeowners have the best chance at a successful future.
On November 21, 2016, Chairmen Garrett, Luetkemeyer,
Neugebauer, Huizenga, and Duffy wrote to Director Watt
regarding conforming loan limits for 2017.
Federal Housing Finance Agency (FHFA). The Committee
conducted oversight of the FHFA as described previously (see
oversight of Fannie Mae and Freddie Mac supra).
Federal Home Loan Bank (FHLB) System. The Committee
conducted oversight of the FHLB System as described previously
(see oversight of Fannie Mae and Freddie Mac supra).
HOUSING
Housing and Urban Development, Rural Housing Service, and
the National Reinvestment Corporation. The Oversight and
Investigations Subcommittee held a hearing on February 4, 2015
entitled, ``Exploring Alleged Ethical and Legal Violations at
the U.S. Department of Housing and Urban Development.''
Witnesses from the GAO and the HUD Inspector General testified
concerning the outcome of their investigations into matters
relating to allegations of improper lobbying and employment law
practices at HUD. On April 20, 2015, Housing and Insurance
Subcommittee Chairman Luetkemeyer sent a letter requesting that
the Government Accountability Office review the Rural Housing
Service and, in particular, the operations of the single family
guarantee program. The Subcommittee on Housing and Insurance
held a hearing on the Rural Housing Service budget on May 19,
2015. The Committee held a hearing on HUD's budget on June 11,
2015. On October 22, 2016, the Committee held a hearing on
HUD's 50th Anniversary to receive testimony regarding HUD's
mission and whether it had achieved the goals established at
its creation.
Public Housing. On April 16, 2015, the Subcommittee on
Housing and Insurance held a hearing entitled ``The Future of
Housing in America: Increasing Private Sector Participation in
Affordable Housing.'' On July 10, 2015, the Subcommittee on
Housing & Insurance held a hearing on ``The Future of Housing
in America: Oversight of HUD's Public and Indian Housing
Programs.'' On May 12, 2016, the Subcommittee on Housing &
Insurance held a hearing entitled ``The Future of Housing in
America: A Comparison of the United Kingdom and United States
Models for Affordable Housing.''
Section 8 Housing Choice Voucher Program and Affordable
Housing. On March 22, 2016, the Subcommittee on Housing and
Insurance held a hearing entitled, ``The Future of Housing in
America: Government Regulations and the High Cost of Housing.''
On September 21, 2016, the Subcommittee on Housing and
Insurance held a hearing entitled ``The Future of Housing In
America: A Better Way to Increase Efficiencies For Housing
Vouchers and Create Upward Economic Mobility.''
Community Development Block Grant (CDBG). On June 11, 2015,
the Committee held hearings on the HUD budget, which included
discussion of the CDBG program.
HOME Investment Partnerships Program (HOME). On June 11,
2015, the Committee held hearings on the HUD budget, which
included discussion of the HOME program.
Federal Housing Administration (FHA). The Committee held a
hearing on February 11, 2015 entitled, ``The Future of Housing
in America: Oversight of the Federal Housing Administration,''
at which HUD Secretary Julian Castro testified. On June 8,
2015, Chairman Hensarling sent a letter to HUD expressing
concern related to FHA's non-compliance with statutory capital
reserve ratio standards. On February 11, 2016, the Committee
held a hearing entitled ``The Future of Housing in America:
Examining the Health of the Federal Housing Administration.''
On February 26, 2016, the Housing and Insurance Subcommittee
held a hearing entitled ``The Future of Housing in America:
Oversight of the Federal Housing Administration--Part II.'' On
March 21, 2016, Chairman Hensarling sent a letter to HUD to
express concern related to reports that FHA could make changes
to the nonperforming loan sales programs to provide preferences
during the asset-sale process. On July 13, 2016, the Committee
held a hearing entitled ``HUD Accountability,'' at which HUD
Secretary Julian Castro testified and which included
examination of matters relating to the FHA.
Foreclosure Mitigation. Committee staff monitored the
developments in this area throughout the 114th Congress.
Veterans' Housing. Committee staff monitored the
developments in this area throughout the 114th Congress.
Fair Housing. Committee staff monitored the developments in
this area throughout the 114th Congress.
Native American Housing Assistance and Self-Determination
Act (NAHASDA). On March 23, 2015, the House passed H.R. 360,
the Native American Housing Assistance and Self-Determination
Reauthorization Act of 2015, which included reforms developed
as a result of the oversight described herein.
Settlement Procedures. The Subcommittee on Housing and
Insurance held a hearing on May 14, 2016 entitled, ``TILA-RESPA
Integrated Disclosure: Examining the Costs and Benefits of
Changes to the Real Estate Settlement Process.'' On November
16, 2016, the Subcommittee on Housing and Insurance held a
hearing entitled ``Modernizing Appraisals: A Regulatory Review
and the Future of the Industry.'' In addition, Subcommittee
Chairmen Luetkemeyer and Neugebauer sent a letter on March 27,
2015 to the CFPB Director Cordray relating to the operation and
effect of the real estate settlement disclosure process.
INSURANCE
National Flood Insurance Program (NFIP). The Subcommittee
on Housing and Insurance held a hearing on the NFIP on June 2,
2015 entitled, ``The National Flood Insurance Program:
Oversight of Superstorm Sandy,'' and on January 12, 2016,
entitled ``Opportunities and Challenges Facing the National
Flood Insurance Program.'' In addition, on November 6, 2015,
the Housing and Insurance Subcommittee held a field hearing in
New Orleans, Louisiana to review the impact of Hurricane
Katrina on the area; the hearing was entitled, ``New Orleans:
Ten Years After the Storm.'' On January 13, 2016, the Housing
and Insurance Subcommittee held a hearing to examine methods to
increase private sector involvement in flood insurance entitled
``How to Create a More Robust and Private Flood Insurance
Marketplace.''
Terrorism Risk Insurance Program. Committee staff monitored
the developments in this area throughout the 114th Congress.
Federal Insurance Office (FIO). The Subcommittee on Housing
and Insurance held a hearing on international regulatory
standards on February 25, 2016 entitled, ``The Impact of
International Regulatory Standards on the Competitiveness of
U.S. Insurers: Part II'' and on September 28, 2016 entitled,
``The Impact of US-EU Dialogues on U.S. Insurance Markets.''
Housing and Insurance Subcommittee Chairman Luetkemeyer sent
letters to the FIO Director concerning negotiations on an
international capital standard on March 17, 2015; on the
National Association of Agents and Brokers Reform Act of 2015
(NARAB II) on July 8, 2015; and on dialogues with the European
Union on international regulatory standards on October 19,
2015.
Impact of Dodd-Frank Act Implementation on the Insurance
Sector. The Subcommittee on Housing and Insurance held a
hearing on the impact of international regulatory standards on
April 29, 2015 entitled, ``The Impact of International
Regulatory Standards on the Competitiveness of U.S. Insurers,''
and on the impact of domestic regulatory standards on September
29, 2015 entitled, ``The Impact of Domestic Regulatory
Standards on the U.S. Insurance Market''.
MONETARY POLICY AND TRADE
The Federal Reserve System. The Committee performed regular
oversight of the Federal Reserve System throughout the 114th
Congress. It held a full Committee hearing on the state of the
economy and the conduct of monetary policy on February 25,
2015, at which Chair Yellen testified. On July 14, 2015, the
Oversight and Investigations Subcommittee held a hearing
entitled ``Fed Oversight: Lack of Transparency and
Accountability,'' which examined the extent to which the Fed's
internal processes were transparent; the implementation of the
Dodd-Frank Act; and the extent of the Fed's compliance with
congressional investigations and information requests. On July
15, 2015, the Committee again received the testimony of Chair
Yellen on the state of the economy and the conduct of monetary
policy. On July 22, 2015, the Subcommittee on Monetary Policy
and Trade held a hearing entitled ``Examining Federal Reserve
Reform Proposals.'' These efforts culminated in the development
of legislation to alter certain aspects of the Fed's
operations. The Committee reported H.R. 3189, the Fed Oversight
Reform and Modernization (FORM) Act, on July 28 and 29, 2015,
by a vote of 33 to 25. Among other things, the FORM Act would
require the Fed to clearly explain differences between the
actual course of monetary policy and a reference policy rule.
The FORM Act passed the House on November 19, 2015, by a vote
of 241 to 185.
Also in November 2015, the Committee held a hearing
examining the Fed's supervision and regulation of the financial
system; this hearing was held consistent with Title XI of the
Dodd-Frank Act, which contemplates semi-annual testimony on
these matters by the Fed's Vice Chairman for Supervision.
Because the President had not nominated an individual to fill
this position as of the date of the hearing, Chair Yellen was
the sole witness.
The Committee continued to perform oversight of the Federal
Reserve System following House action on the FORM Act. On
February 10, 2016, the Committee held a hearing to receive
Chair Yellen's testimony on the state of the economy and the
conduct of monetary policy. On May 17, 2016, the Subcommittee
on Monetary Policy and Trade held a hearing examining various
Fed operations entitled ``Interest on Reserves and the Fed's
Balance Sheet.'' On June 22, 2016, Chair Yellen again testified
on the state of the economy and the conduct of monetary policy.
In addition, on September 7, 2016, the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``Federal Reserve
Districts: Governance, Monetary Policy, and Economic
Performance.'' On September 28, 2016, the Committee convened
its second hearing on the Fed's supervision and regulation of
the financial system, at which Chair Yellen was the sole
witness. Finally, on December 7, 2016, the Subcommittee on
Monetary Policy and Trade held a hearing examining Fed
operations entitled ``Unconventional Monetary Policy.''
Defense Production Act. The Committee monitored matters
relating to the Defense Production Act in the 114th Congress,
including during House consideration of the National Defense
Authorization Act for FY 2017.
Committee on Foreign Investment in the United States
(CFIUS). To continue the Committee's oversight of CFIUS, the
Oversight and Investigations Subcommittee sent letters to the
Treasury Department in April and June 2015, and to the State
Department in August and October 2015, concerning media reports
raising questions about the review and investigation by CFIUS
of a 2010 transaction that led to a Russian state-owned company
gaining control of one-fifth of all uranium production capacity
in the United States. Treasury provided a Top Secret briefing,
as well as several in-camera reviews of documents, regarding
the matter.
Coins and Currency. The Committee took action to implement
certain reforms to coins and currency-related matters in the
114th Congress. In particular, the Committee secured House
consideration of H.R. 1698, which amends design and content
requirements for certain gold and silver coins. That measure
was signed into law on December 4, 2015, after it was
incorporated into H.R. 22, the Fixing America's Surface
Transportation (FAST) Act.
Economic Sanctions. The Committee monitored executive
branch efforts relating to sanctions against Iran. On April 1,
2016, Chairman Hensarling sent a letter to Treasury Secretary
Lew concerning Iranian access to the U.S. dollar. On July 7,
2016, the Subcommittee on Monetary Policy and Trade held a
hearing entitled, ``The Implications of U.S. Aircraft Sales to
Iran,'' which discussed H.R. 5729, H.R. 5711, and H.R. 5715,
which would restrict Treasury authorizations for U.S. aircraft
exports to Iran. On September 23, Chairman Hensarling and Rep.
Roskam sent a letter to Adam Szubin, the Treasury Department's
Acting Under Secretary for Terrorism and Financial
Intelligence, requesting details on Treasury's ability to
prevent authorized aircraft from facilitating terrorism and
putting U.S. financial institutions at risk.
International Monetary Fund (IMF). The Committee examined
the policies of the International Monetary Fund to ensure
effective use of resources and appropriate alignment with U.S.
interests in promoting economic growth and stability.
On June 17, 2015, the Subcommittee on Monetary Policy and
Trade held a hearing entitled, ``The Impact of the
International Monetary Fund: Economic Stability or Moral
Hazard?'' On July 22, 2015, Subcommittee Chairman Huizenga sent
a letter to Under Secretary of Treasury for International
Affairs Nathan Sheets, advocating for increased IMF
accountability and stronger lending standards. On September 17,
2015, the Subcommittee held a hearing entitled, ``Strengthening
U.S. Leadership in a Turbulent Global Economy,'' for which
Under Secretary Sheets served as the sole witness. This hearing
examined potential IMF reforms, as well as the pending decision
to add the Chinese renminbi to the IMF's currency basket.
On February 25, 2016, Chairman Huizenga sent a letter to
Secretary Lew advocating against additional IMF programs for
Greece. The Committee staff met with counterparts from the
Treasury Department and the IMF to examine the Fund's technical
assistance in the field of anti-money laundering and combatting
the financing of terrorism (AML/CFT).
In addition, the Full Committee received the Treasury
Secretary's annual testimony on the state of the international
financial system in March 2015 and March 2016.
U.S. Oversight over the Multilateral Development Banks
(MDBs) and Possible U.S. Contributions. The Committee examined
the MDBs' effectiveness in promoting economic growth and good
governance. On October 9, 2015, the Subcommittee on Monetary
Policy and Trade held a hearing entitled, ``The Future of the
Multilateral Development Banks.'' On April 27, 2016, the
Subcommittee received the testimony of Under Secretary of
Treasury for International Affairs Nathan Sheets at a hearing
entitled, ``How Can the U.S. Make Development Banks More
Accountable?'' On July 14, 2016, Chairman Huizenga and Ranking
Member Moore sent a letter to World Bank President Jim Yong
Kim, calling for appropriate corrective action following the
Bank's cancelled Uganda Transport Sector Development Project.
Subcommittee staff held bipartisan briefings with Treasury
staff on replenishment negotiations for the International
Development Association.
Export-Import Bank of the United States (Ex-Im Bank). The
Committee held three hearings on the Export-Import Bank prior
to the Bank's lapse in authorization on June 30, 2016. On June
30, 2015. On April 15, the Subcommittee on Monetary Policy and
Trade, in cooperation with the Committee on Oversight and
Government Reform's Subcommittee on Health Care, Benefits and
Administrative Rules, held a hearing entitled, ``Oversight of
Efforts to Reform the Export-Import Bank.'' On April 30, 2015,
the Subcommittee again joined the Oversight and Government
Reform Subcommittee to hold a hearing entitled, ``Examining the
Export-Import Bank's Mandates.'' The full Committee examined
Ex-Im's operations at a hearing on June 3, 2015 entitled,
``Examining the Export-Import Bank's Reauthorization Request
and the Government's Role in Export Financing.''
International Trade. The Committee examined the
Administration's negotiations to expand trade through the
Trans-Pacific Partnership and Transatlantic Trade and
Investment Partnership. On September 17, 2015, the Subcommittee
on Monetary Policy and Trade reviewed the Administration's
efforts at a hearing with Under Secretary of Treasury for
International Affairs Nathan Sheets entitled, ``Strengthening
U.S. Leadership in a Turbulent Global Economy.'' The
Subcommittee also assessed the Export-Import Bank's role in
providing trade finance at a hearing on April 15, 2015
entitled, ``Oversight of Efforts to Reform the Export-Import
Bank.'' This hearing was held jointly with the Committee on
Oversight and Government Reform's Subcommittee on Health Care,
Benefits and Administrative Rules.
In addition, on February 3, 2016, the Task Force to
Investigate Terrorism Financing heard testimony on the
widespread use of trade-based money laundering (TBML) and the
importance of trade transparency at a hearing entitled
``Trading with the Enemy: Trade-Based Money Laundering is the
Growth Industry in Terror Finance.'' Witnesses testified to the
importance of ensuring that ``government data are gathered and
analyzed in one place,'' and to the importance of properly
including ``open source data and better integration with the
practice sector'' to combat TBML.
Exchange Rates. At a September 17, 2015 hearing entitled,
``Strengthening U.S. Leadership in a Turbulent Global
Economy,'' members of the Subcommittee on Monetary Policy and
Trade examined the Administration's efforts to mitigate
currency manipulation by U.S. trading partners, as well as its
assessment of Chinese efforts to make the renminbi suitable for
inclusion in the International Monetary Fund's currency basket.
Global Economic Conditions. The Committee monitored
economic developments overseas and assessed the effect of those
developments on the U.S. economy. On April 15 and July 1, 2015,
Subcommittee Chairman Huizenga sent letters to Secretary Lew
opposing data localization rules in international trade
agreements. On September 17, 2015, the Subcommittee held a
hearing with Under Secretary of Treasury for International
Affairs Nathan Sheets entitled, ``Strengthening U.S. Leadership
in a Turbulent Global Economy.'' On September 23, 2016, the
Subcommittee held a hearing entitled, ``The Financial Stability
Board's (FSB) Implications for U.S. Growth and
Competitiveness.''
Extractive Industries and Conflict Minerals. The Committee
monitored the implementation of provisions in Section 1502 of
the Dodd-Frank Act imposing disclosure requirements relating to
``conflict minerals.'' On November 17, 2015, the Subcommittee
held a hearing entitled, ``Dodd-Frank Five Years Later: What
Have We Learned from Conflict Minerals Reporting?'' Committee
staff met with affected parties from overseas, as well as U.S.-
based advocacy groups, manufacturing representatives, and the
Government Accountability Office to assess the effectiveness of
Section 1502.
DELINATION OF COMMITTEE AND SUBCOMMITTEE HEARINGS HELD PURSUANT TO
CLAUSES 2(n), (o), AND (p) OF RULE XI
Clause 1(d) of Rule XI of the Rules of the House of
Representatives requires that the Committee delineate any
hearings held pursuant to clause 2(n) of Rule XI (relating to
waste, fraud, abuse, or mismanagement in government programs
authorized by the Committee), clause 2(o) of Rule XI (relating
to instances in which auditors have been unable to audit
financial statements of agencies), or clause 2(p) of Rule XI
(relating to federal agencies or programs identified by the GAO
as being subject to high risk of waste, fraud, and
mismanagement). The following table complies with the
requirement of clause 1(d) of Rule XI:
------------------------------------------------------------------------
Serial No. Title Date(s)
------------------------------------------------------------------------
114-2......................... Exploring Alleged February 4, 2015
Ethical and Legal
Violations at the
U.S. Department of
Housing and Urban
Development
(Oversight).
114-11........................ The Federal Deposit March 24, 2015
Insurance
Corporation's Role in
Operation Choke Point
(Oversight).
114-12........................ Joint Hearing with the April 15, 2015
Committee on
Oversight and
Government Reform's
Subcommittee on
Health Care, Benefits
and Administrative
Rules entitled,
Oversight of Efforts
to Reform the Export-
Import Bank of the
United States
(Monetary Policy).
114-28........................ The National Flood June 2, 2015
Insurance Program:
Oversight of
Superstorm Sandy
Claims (Housing).
114-37........................ Examining Continuing June 25, 2015
Allegations of
Discrimination and
Retaliation at the
Consumer Financial
Protection Bureau
(Oversight).
114-46........................ National Credit Union July 23, 2015
Administration
Operations and Budget
(Financial
Institutions).
114-60........................ Field hearing entitled November 6, 2015
New Orleans: Ten
Years After the Storm
(Housing).
114-63........................ Oversight of the November 19,
Financial Stability 2015
Oversight Council:
Due Process and
Transparency in Non-
Bank SIFI
Designations
(Oversight).
114-79........................ The FDIC's Targeting March 16, 2016
of Refund
Anticipation Loans
(Oversight).
114-90........................ Settling the Question: May 19, 2016
Did Bank Settlement
Agreements Subvert
Congressional
Appropriations
Powers? (Oversight).
114-98........................ HUD Accountability July 13, 2016
(Full Committee).
------------------------------------------------------------------------
APPENDIX I--COMMITTEE LEGISLATION
Part A--Committee Reports
------------------------------------------------------------------------
Bill No. H. Rept. No. Title
------------------------------------------------------------------------
H.R. 650...................... 114-53........... Preserving Access to
Manufactured Housing
Act of 2015
H.R. 685...................... 114-54........... Mortgage Choice Act
of 2015
H.R. 1195..................... 114-55........... Bureau of Consumer
Financial Protection
Advisory Boards Act
H.R. 1265..................... 114-56 Part I.... Bureau Advisory
Commission
Transparency Act
H.R. 1529..................... 114-57........... Community Institution
Mortgage Relief Act
of 2015
H.R. 299...................... 114-58........... Capital Access for
Small Community
Financial
Institutions Act of
2015
H.R. 601...................... 114-59........... Eliminate Privacy
Notice Confusion Act
H.R. 1259..................... 114-60........... Helping Expand
Lending Practices in
Rural Communities
Act
H.R. 1367..................... 114-61........... A bill to amend the
Expedited Funds
Availability Act to
clarify the
application of that
Act to American
Samoa and the
Northern Mariana
Islands.
H.R. 1480..................... 114-62........... SAFE Act
Confidentiality and
Privilege
Enhancement Act
H.R. 432...................... 114-199.......... SBIC Advisers Relief
Act of 2015
H.R. 1334..................... 114-200.......... Holding Company
Registration
Threshold
Equalization Act of
2015
H.R. 1723..................... 114-201.......... Small Company Simple
Registration Act of
2015
H.R. 1847..................... 114-202 Part I... Swap Data Repository
and Clearinghouse
Indemnification
Correction Act of
2015
H.R. 2064..................... 114-203.......... Improving Access to
Capital for Emerging
Growth Companies Act
H.R. 3192..................... 114-278.......... Homebuyers Assistance
Act
H.R. 1525..................... 114-279.......... Disclosure
Modernization and
Simplification Act
of 2015
H.R. 1553..................... 114-280.......... Small Bank Exam Cycle
Reform Act of 2015
H.R. 1839..................... 114-281.......... Reforming Access for
Investments in
Startup Enterprises
Act of 2015
H.R. 2091..................... 114-282.......... Child Support
Assistance Act of
2015
H.R. 1090..................... 114-304 Part I... Retail Investor
Protection Act
H.R. 1317..................... 114-311 Part II.. A bill to amend the
Commodity Exchange
Act and the
Securities Exchange
Act of 1934 to
specify how clearing
requirements apply
to certain affiliate
transactions, and
for other purposes.
H.R. 2643..................... 114-316 Part I... State Licensing
Efficiency Act of
2015
H.R. 1737..................... 114-329.......... Reforming CFPB
Indirect Auto
Financing Guidance
Act
H.R. 1210..................... 114-330.......... Portfolio Lending and
Mortgage Access Act
H.R. 2912..................... 114-331.......... Centennial Monetary
Commission Act of
2015
H.R. 3189..................... 114-332 Part I... Fed Oversight Reform
and Modernization
Act of 2015
H.R. 3032..................... 114-337.......... Securities and
Exchange Commission
Reporting
Modernization Act
H.R. 1478..................... 114-338.......... Policyholder
Protection Act of
2015
H.R. 2243..................... 114-339 Part I... Equity in Government
Compensation Act of
2015
H.R. 3700..................... 114-397.......... Housing Opportunity
Through
Modernization Act of
2015
H.R. 1675..................... 114-398.......... Encouraging Employee
Ownership Act of
2015
H.R. 1965..................... 114-399.......... Small Company
Disclosure
Simplification Act
H.R. 686...................... 114-400.......... Small Business
Mergers,
Acquisitions, Sales,
and Brokerage
Simplification Act
of 2015
H.R. 2356..................... 114-401.......... Fair Access to
Investor Research
Act
H.R. 766...................... 114-402.......... Financial Institution
Customer Protection
Act of 2015
H.R. 2354..................... 114-403.......... Streamlining
Excessive and Costly
Regulations Review
Act
H.R. 2187..................... 114-406.......... Fair Investment
Opportunities for
Professional Experts
Act
H.R. 2209..................... 114-407.......... A bill to require the
appropriate Federal
banking agencies to
treat certain
municipal
obligations as level
2A liquid assets,
and for other
purposes.
H.R. 3784..................... 114-408.......... SEC Small Business
Advocate Act of 2015
H.R. 4168..................... 114-409.......... Small Business
Capital Formation
Enhancement Act
H.R. 3340..................... 114-473.......... Financial Stability
Oversight Council
Reform Act
H.R. 3791..................... 114-474.......... A bill to raise the
consolidated assets
threshold under the
Small Bank Holding
Company Policy
Statement, and for
other purposes.
H.R. 414...................... 114-504.......... Burdensome Data
Collection Relief
Act
H.R. 1975..................... 114-505.......... Securities Exchange
Commission
Overpayment Credit
Act
H.R. 2357..................... 114-506.......... Accelerating Access
to Capital Act of
2015
H.R. 3557..................... 114-507.......... FSOC Transparency and
Accountability Act
H.R. 3868..................... 114-508.......... Small Business Credit
Availability Act
H.R. 4498..................... 114-509.......... Helping Angels Lead
Our Startups
H.R. 4096..................... 114-523.......... Investor Clarity and
Bank Parity Act
H.R. 2901..................... 114-524.......... Flood Insurance
Market Parity and
Modernization Act
H.R. 1486..................... 114-538.......... Taking Account of
Bureaucrats'
Spending Act of 2016
H.R. 4894..................... 114-574 Part I... A bill to repeal
title II of the Dodd-
Frank Wall Street
Reform and Consumer
Protection Act.
H.R. 2121..................... 114-584.......... A bill to amend the
S.A.F.E. Mortgage
Licensing Act of
2008 to provide a
temporary license
for loan originators
transitioning
between employers,
and for other
purposes.
H.R. 4139..................... 114-588.......... Fostering Innovation
Act of 2015
H.R. 4166..................... 114-596.......... Expanding Proven
Financing for
American Employers
Act
H.R. 4620..................... 114-597.......... Preserving Access to
CRE Capital Act of
2016
H.R. 3738..................... 114-608.......... Office of Financial
Research
Accountability Act
of 2015
H.R. 4638..................... 114-609.......... Main Street Growth
Act
H.R. 4538..................... 114-659.......... Senior$afe Act of
2016
H.R. 4854..................... 114-660.......... Supporting America's
Innovators Act of
2016
H.R. 4855..................... 114-661.......... Fix Crowdfunding Act
H.R. 5322..................... 114-673.......... U.S. Territories
Investor Protection
Act of 2016
H.R. 5421..................... 114-684.......... National Securities
Exchange Regulatory
Parity Act of 2016
H.R. 3798..................... 114-697.......... Due Process
Restoration Act of
2015
H.R. 5424..................... 114-698.......... Investment Advisers
Modernization Act of
2016
H.R. 4850..................... 114-723.......... Micro Offering Safe
Harbor Act
H.R. 4852..................... 114-726.......... Private Placement
Improvement Act of
2016
H.R. 5461..................... 114-746 Part I... Iranian Leadership
Asset Transparency
Act
H.R. 1309..................... 114-752.......... Systemic Risk
Designation
Improvement Act of
2015
H.R. 5311..................... 114-798.......... Corporate Governance
Reform and
Transparency Act of
2016
H.R. 5429..................... 114-799.......... SEC Regulatory
Accountability Act
H.R. 5711..................... 114-810.......... No U.S. Financing for
Iran Act
H.R. 5715..................... 114-819.......... No Ex-Im Assistance
for Terrorism Act
H.R. 5143..................... 114-831.......... Transparent Insurance
Standards Act
H.R. 957...................... 114-865 Part I... Bureau of Consumer
Financial Protection-
Inspector General
Reform Act of 2015
H.R. 5729..................... 114-866 Part I... To prohibit the
Secretary of the
Treasury from
issuing certain
licenses in
connection with the
export or re-export
of a commercial
passenger aircraft
to the Islamic
Republic of Iran, to
require annual
reports by the
Secretary of the
Treasury and the
Export-Import Bank
on financing issues
related to the sale
or lease of such a
commercial passenger
aircraft or spare
parts for such an
aircraft, and for
other purposes.
H.R. 2205..................... 114-867 Part I... Data Security Act of
2015
H.R. 2287..................... 114-868.......... National Credit Union
Administration
Budget Transparency
Act
H.R. 2769..................... 114-869.......... Risk-Based Capital
Study Act of 2015
H.R. 2896..................... 114-870.......... TAILOR Act of 2015
H.R. 1550..................... 114-871.......... Financial Stability
Oversight Council
Improvement Act of
2015
H.R. 1266..................... 114-872.......... Financial Product
Safety Commission
Act of 2015
H.R. 1660..................... 114-873.......... Federal Saving
Association Charter
Flexibility Act of
2015
H.R. 1941..................... 114-874.......... Financial
Institutions
Examination Fairness
and Reform Act
H.R. 3857..................... 114-878.......... To require the Board
of Governors of the
Federal Reserve
System and the
Financial Stability
Oversight Council to
carry out certain
requirements under
the Financial
Stability Act of
2010 before making
any new
determination under
section 113 of such
Act, and for other
purposes.
H.R. 5983..................... 114-883 Part I... Financial CHOICE Act
of 2016
------------------------------------------------------------------------
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 114th Congress.
------------------------------------------------------------------------
Public Law No. Bill No. Title
------------------------------------------------------------------------
114-1......................... H.R. 26.......... Terrorism Risk
Insurance Program
Reauthorization Act
of 2015
114-5......................... H.R. 431......... To award a
Congressional Gold
Medal to the Foot
Soldiers who
participated in
Bloody Sunday,
Turnaround Tuesday,
or the final Selma
to Montgomery Voting
Rights March in
March of 1965, which
served as a catalyst
for the Voting
Rights Act of 1965.
114-23........................ H.R. 2048........ Uniting and
Strengthening
America by
Fulfilling Rights
and Ensuring
Effective Discipline
Over Monitoring Act
of 2015
114-30........................ H.R. 893......... Boys Town Centennial
Commemorative Coin
Act
114-93........................ S. 2036.......... To suspend the
current compensation
packages for the
chief executive
officers of Fannie
Mae and Freddie Mac,
and for other
purposes.
114-94........................ H.R. 22.......... Fixing America's
Surface
Transportation Act
(Incorporates the
following bills:
H.R. 233, H.R. 299,
H.R. 432, H.R. 601,
H.R. 1047, H.R.
1259, H.R. 1334,
H.R. 1525, H.R.
1553, H.R. 1698,
H.R. 1723, H.R.
1839, H.R. 1847,
H.R. 2064, H.R.
2091, H.R. 2482,
H.R. 2643 and H.R.
2997)
114-102....................... H.R. 2297........ Hizballah
International
Financing Prevention
Act of 2015
114-113....................... H.R. 2029........ Consolidated
Appropriations Act,
2016 (Incorporates
the following bills:
H.R. 1265, H.R.
1317, H.R. 1408,
H.R. 1478, H.R. 1480
and H.R. 3032)
114-122....................... H.R. 757......... North Korea Sanctions
and Policy
Enhancement Act of
2016
114-148....................... H.R. 2722........ Breast Cancer
Awareness
Commemorative Coin
Act
114-201....................... H.R. 3700........ Housing Opportunity
Through
Modernization Act of
2016
114-265....................... S. 1555.......... Filipino Veterans of
World War II
Congressional Gold
Medal Act of 2015
114-269....................... S. 2234.......... Office of Strategic
Services
Congressional Gold
Medal Act
114-277....................... H.R. 6297........ Iran Sanctions
Extension Act
114-281....................... H.R. 1150........ Frank R. Wolf
International
Religious Freedom
Act of 2015
114-282....................... H.R. 2726........ Apollo 11 50th
Anniversary
Commemorative Coin
Act
114-284....................... H.R. 3784........ SEC Small Business
Advocate Act of 2015
114-301....................... H.R. 5687........ GAO Mandates Revision
Act of 2016
114-324....................... S. 2577.......... Justice for All
Reauthorization Act
of 2016
------------------------------------------------------------------------
APPENDIX II--COMMITTEE PUBLICATIONS
Part A--Committee Hearings
------------------------------------------------------------------------
Serial No. Title & Subcommittee Date(s)
------------------------------------------------------------------------
114-1......................... Sustainable Housing January 27, 2015
Finance: An Update
from the Director of
the Federal Housing
Finance Agency (Full
Committee).
114-2......................... Exploring Alleged February 4, 2015
Ethical and Legal
Violations at the
U.S. Department of
Housing and Urban
Development
(Oversight).
114-3......................... The Future of Housing February 11,
in America: Oversight 2015
of the Federal
Housing
Administration (Full
Committee).
114-4......................... Monetary Policy and February 25,
the State of the 2015
Economy (Full
Committee).
114-5......................... The Future of Housing February 26,
in America: Oversight 2015
of the Federal
Housing
Administration--Part
II (Housing).
114-6......................... The Semi-Annual Report March 3, 2015
of the Bureau of
Consumer Financial
Protection (Full
Committee).
114-7......................... The Annual Testimony March 17, 2015
of the Secretary of
the Treasury on the
State of the
International
Financial System
(Full Committee).
114-8......................... Preserving Consumer March 18, 2015
Choice and Financial
Independence (Full
Committee).
114-9......................... Oversight of the SEC's March 19, 2015
Division of
Enforcement (Capital
Markets).
114-10........................ Examining the SEC's March 24, 2015
Agenda, Operations,
and FY 2016 Budget
Request (Full
Committee).
114-11........................ The Federal Deposit March 24, 2015
Insurance
Corporation's Role in
Operation Choke Point
(Oversight).
114-12........................ Joint Hearing with the April 15, 2015
Committee on
Oversight and
Government Reform's
Subcommittee on
Health Care, Benefits
and Administrative
Rules entitled,
Oversight of Efforts
to Reform the Export-
Import Bank of the
United States
(Monetary Policy).
114-13........................ Examining Regulatory April 15, 2015
Burdens on Non-
Depository Financial
Institutions
(Financial
Institutions).
114-14........................ The Future of Housing April 16, 2015
in America:
Increasing Private
Sector Participation
in Affordable Housing
(Housing).
114-15........................ A Survey of Global April 22, 2015
Terrorism and
Terrorist Financing
(Task Force).
114-16........................ Examining Regulatory April 23, 2015
Burdens--Regulator
Perspective
(Financial
Institutions).
114-17........................ The Impact of April 29, 2015
International
Regulatory Standards
on the
Competitiveness of
U.S. Insurers
(Housing).
114-18........................ Legislative Proposals April 29, 2015
to Enhance Capital
Formation and Reduce
Regulatory Burdens
(Capital Markets).
114-19........................ Joint Hearing with the April 30, 2015
Committee on
Oversight and
Government Reform's
Subcommittee on
Health Care, Benefits
and Administrative
Rules entitled,
Examining the Export-
Import Bank's
Mandates (Monetary
Policy).
114-20........................ Oversight of the May 1, 2015
Financial Industry
Regulatory Authority
(Capital Markets).
114-21........................ The Dodd-Frank Act and May 13, 2015
Regulatory Overreach
(Oversight).
114-22........................ Legislative Proposals May 13, 2015
to Enhance Capital
Formation and Reduce
Regulatory Burdens,
Part II (Capital
Markets).
114-23........................ Protecting Consumers: May 14, 2015
Financial Data
Security in the Age
of Computer Hackers
(Full Committee).
114-24........................ TILA-RESPA Integrated May 14, 2015
Disclosure: Examining
the Costs and
Benefits of Changes
to the Real Estate
Settlement Process
(Housing).
114-25........................ The Future of Housing May 19, 2015
in America: Oversight
of the Rural Housing
Service (Housing).
114-26........................ Protecting Critical May 19, 2015
Infrastructure: How
the Financial Sector
Addresses Cyber
Threats (Financial
Institutions).
114-27........................ A Dangerous Nexus: May 21, 2015
Terrorism, Crime, and
Corruption (Task
Force).
114-28........................ The National Flood June 2, 2015
Insurance Program:
Oversight of
Superstorm Sandy
Claims (Housing).
114-29........................ Examining the Export- June 3, 2015
Import Bank's
Reauthorization
Request and the
Government's Role in
Export Financing
(Full Committee).
114-30........................ The Future of Housing June 11, 2015
in America: Oversight
of the Department of
Housing and Urban
Development (Full
Committee).
114-31........................ Examining Legislative June 11, 2015
Proposals to Preserve
Consumer Choice and
Financial
Independence
(Financial
Institutions).
114-32........................ A Global Perspective June 16, 2015
on Cyber Threats
(Oversight).
114-33........................ Legislative Proposals June 16, 2015
to Modernize Business
Development Companies
and Expand Investment
Opportunities
(Capital Markets).
114-34........................ The Annual Report of June 17, 2015
the Financial
Stability Oversight
Council (Full
Committee).
114-35........................ The Impact of the June 17, 2015
International
Monetary Fund:
Economic Stability or
Moral Hazard?
(Monetary Policy).
114-36........................ Evaluating the June 24, 2015
Security of the U.S.
Financial Sector
(Task Force).
114-37........................ Examining Continuing June 25, 2015
Allegations of
Discrimination and
Retaliation at the
Consumer Financial
Protection Bureau
(Oversight).
114-38........................ Examining the July 8, 2015
Designation and
Regulation of Bank
Holding Company SIFIs
(Financial
Institutions).
114-39........................ The Dodd-Frank Act July 9, 2015
Five Years Later: Are
We More Stable? (Full
Committee).
114-40........................ The Future of Housing July 10, 2015
in America: Oversight
of HUD's Public and
Indian Housing
Programs (Housing).
114-41........................ Fed Oversight: Lack of July 14, 2015
Transparency and
Accountability
(Oversight).
114-42........................ Monetary Policy and July 15, 2015
the State of the
Economy (Full
Committee).
114-43........................ Examining Federal July 22, 2015
Reserve Reform
Proposals (Monetary
Policy).
114-44........................ The Iran Nuclear Deal July 22, 2015
and its Impact on
Terrorism Financing
(Task Force).
114-45........................ Ending `Too Big to July 23, 2015
Fail': What is the
Proper Role of
Capital and
Liquidity? (Full
Committee).
114-46........................ National Credit Union July 23, 2015
Administration
Operations and Budget
(Financial
Institutions).
114-47........................ The Dodd-Frank Act July 28, 2015
Five Years Later: Are
We More Prosperous?
(Full Committee).
114-48........................ Could America Do More? September 9,
An Examination of 2015
U.S. Efforts to Stop
the Financing of
Terror (Task Force).
114-49........................ Joint Hearing entitled September 10,
Preserving Retirement 2015
Security and
Investment Choices
for All Americans
(Capital Markets/
Oversight).
114-50........................ The Dodd-Frank Act September 17,
Five Years Later: Are 2015
We More Free? (Full
Committee).
114-51........................ Strengthening U.S. September 17,
Leadership in a 2015
Turbulent Global
Economy (Monetary
Policy).
114-52........................ The Semi-Annual Report September 29,
of the Bureau of 2015
Consumer Financial
Protection (Full
Committee).
114-53........................ The Impact of Domestic September 29,
Regulatory Standards 2015
on the U.S. Insurance
Market (Housing).
114-54........................ The Future of the October 9, 2015
Multilateral
Development Banks
(Monetary Policy).
114-55........................ Examining Legislative October 21, 2015
Proposals to Reduce
Regulatory Burdens on
Main Street Job
Creators (Financial
Institutions).
114-56........................ The Future of Housing October 21, 2015
in America: Federal
Housing Reforms that
Create Housing
Opportunity (Housing).
114-57........................ The Future of Housing October 22, 2015
in America: 50 Years
of HUD and its impact
on Federal Housing
Policy (Full
Committee).
114-58........................ Oversight of the SEC's October 23, 2015
Division of
Investment Management
(Capital Markets).
114-59........................ Semi-Annual Testimony November 4, 2015
on the Federal
Reserve's Supervision
and Regulation of the
Financial System
(Full Committee).
114-60........................ Field hearing entitled November 6, 2015
New Orleans: Ten
Years After the Storm
(Housing).
114-61........................ Dodd-Frank Five Years November 17,
Later: What Have We 2015
Learned from Conflict
Minerals Reporting?
(Monetary Policy).
114-62........................ Examining the SEC's November 18,
Agenda, Operations, 2015
and FY 2017 Budget
Request (Full
Committee).
114-63........................ Oversight of the November 19,
Financial Stability 2015
Oversight Council:
Due Process and
Transparency in Non-
Bank SIFI
Designations
(Oversight).
114-64........................ Legislative Proposals December 2, 2015
to Improve the U.S.
Capital Markets
(Capital Markets).
114-65........................ Oversight of the December 8, 2015
Financial Stability
Oversight Council
(Full Committee).
114-66........................ Examining the Consumer December 16,
Financial Protection 2015
Bureau's Mass Data
Collection Program
(Oversight).
114-67........................ Opportunities and January 12, 2016
Challenges Facing the
National Flood
Insurance Program
(Housing).
114-68........................ How to Create a More January 13, 2016
Robust and Private
Flood Insurance
Marketplace (Housing).
114-69........................ Unsustainable Federal February 2, 2016
Spending and the Debt
Limit (Oversight).
114-70........................ Trading with the February 3, 2016
Enemy: Trade-Based
Money Laundering is
the Growth Industry
in Terror Finance
(Task Force).
114-71........................ Monetary Policy and February 10,
the State of the 2016
Economy (Full
Committee).
114-72........................ The Future of Housing February 11,
in America: Examining 2016
the Health of the
Federal Housing
Administration
(Housing).
114-73........................ Short-term, Small February 11,
Dollar Lending: The 2016
CFPB's Assault on
Access to Credit and
Trampling of State
and Tribal
Sovereignty
(Financial
Institutions).
114-74........................ The Impact of the Dodd- February 24,
Frank Act and Basel 2016
III on the Fixed
Income Market and
Securitizations
(Capital Markets).
114-75........................ Puerto Rico's Debt February 25,
Crisis and Its Impact 2016
on the Bond Markets
(Oversight).
114-76........................ The Impact of February 25,
International 2016
Regulatory Standards
on the
Competitiveness of
U.S. Insurers: Part
II (Housing).
114-77........................ Helping the Developing March 1, 2016
World Fight Terror
Finance (Task Force).
114-78........................ The Semi-Annual Report March 16, 2016
of the Bureau of
Consumer Financial
Protection (Full
Committee).
114-79........................ The FDIC's Targeting March 16, 2016
of Refund
Anticipation Loans
(Oversight).
114-80........................ The Annual Testimony March 22, 2016
of the Secretary of
the Treasury on the
State of the
International
Financial System
(Full Committee).
114-81........................ The Future of Housing March 22, 2016
in America:
Government
Regulations and the
High Cost of Housing
(Housing).
114-82........................ The JOBS Act at Four: April 14, 2016
Examining Its Impact
and Proposals to
Further Enhance
Capital Formation
(Capital Markets).
114-83........................ Preventing Cultural April 19, 2016
Genocide: Countering
the Plunder and Sale
of Priceless Cultural
Antiquities by ISIS
(Task Force).
114-84........................ Continued Oversight of April 21, 2016
the SEC's Offices and
Divisions (Capital
Markets).
114-85........................ How Can the U.S. Make April 27, 2016
Development Banks
More Accountable?
(Monetary Policy).
114-86........................ The Future of Housing May 12, 2016
in America: A
Comparison of the
United Kingdom and
United States Models
for Affordable
Housing (Housing).
114-87........................ Interest on Reserves May 17, 2016
and the Fed's Balance
Sheet (Monetary
Policy).
114-88........................ Legislative Proposals May 17, 2016
to Enhance Capital
Formation,
Transparency, and
Regulatory
Accountability
(Capital Markets).
114-89........................ Examining the CFPB's May 18, 2016
Proposed Rulemaking
on Arbitration: Is it
in the Public
Interest and for the
Protection of
Consumers? (Financial
Institutions).
114-90........................ Settling the Question: May 19, 2016
Did Bank Settlement
Agreements Subvert
Congressional
Appropriations
Powers? (Oversight).
114-91........................ Stopping Terror May 24, 2016
Finance: A
Coordinated
Government Effort
(Task Force).
114-92........................ The Enemy in our June 8, 2016
Backyard: Examining
Terror Funding
Streams from South
America (Task Force).
114-93........................ Monetary Policy and June 22, 2016
the State of the
Economy (Full
Committee).
114-94........................ The Next Terrorist June 23, 2016
Financiers: Stopping
Them Before They
Start (Task Force).
114-95........................ The Implications of July 7, 2016
U.S. Aircraft Sales
to Iran (Monetary
Policy).
114-96........................ Making a Financial July 12, 2016
Choice: More Capital
or More Government
Control? (Full
Committee).
114-97........................ Examining the July 12, 2016
Opportunities and
Challenges with
Financial Technology
(``FinTech''): The
Development of Online
Marketplace Lending
(Financial
Institutions).
114-98........................ HUD Accountability July 13, 2016
(Full Committee).
114-99........................ Federal Reserve September 7,
Districts: 2016
Governance, Monetary
Policy, and Economic
Performance (Monetary
Policy).
114-100....................... Fueling Terror: The September 8,
Dangers of Ransom 2016
Payments to Iran
(Oversight).
114-101....................... The Future of Housing September 21,
in America: A Better 2016
Way to Increase
Efficiencies for
Housing Vouchers and
Create Upward
Economic Mobility
(Housing).
114-102....................... Corporate Governance: September 21,
Fostering a System 2016
that Promotes Capital
Formation and
Maximizes Shareholder
Value (Capital
Markets).
114-103....................... The Annual Report of September 22,
the Financial 2016
Stability Oversight
Council (Full
Committee).
114-104....................... Examining the Agenda September 22,
of Regulators, SROs, 2016
and Standards-Setters
for Accounting,
Auditing, and
Municipal Securities
(Capital Markets).
114-105....................... Examining Legislative September 27,
Proposals to Address 2016
Consumer Access to
Mainstream Banking
Services (Financial
Institutions).
114-106....................... The Financial September 27,
Stability Board's 2016
Implications for U.S.
Growth and
Competitiveness
(Monetary Policy).
114-107....................... Semi-Annual Testimony September 28,
on the Federal 2016
Reserve's Supervision
and Regulation of the
Financial System
(Full Committee).
114-108....................... The Impact of US-EU September 28,
Dialogues on U.S. 2016
Insurance Markets
(Housing).
114-109....................... Holding Wall Street September 29,
Accountable: 2016
Investigating Wells
Fargo's Opening of
Unauthorized Customer
Accounts (Full
Committee).
114-110....................... Examining the SEC's November 15,
Agenda, Operations, 2016
and FY 2018 Budget
Request (Full
Committee).
114-111....................... Modernizing November 16,
Appraisals: A 2016
Regulatory Review and
the Future of the
Industry (Housing).
114-112....................... Unconventional December 7, 2016
Monetary Policy
(Monetary Policy).
114-113....................... The Impact of December 8, 2016
Regulations on Short-
Term Financing
(Capital Markets).
------------------------------------------------------------------------
Part B--Committee Prints
------------------------------------------------------------------------
Serial No. Title Date
------------------------------------------------------------------------
114-A......................... Rules for the February 2015
Committee on
Financial Services
for the 114th
Congress.
------------------------------------------------------------------------
[all]