[House Report 115-1122]
[From the U.S. Government Publishing Office]
Union Calendar No. 889
115th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 115-1122
_______________________________________________________________________
REPORT ON THE ACTIVITY
of the
COMMITTEE ON FINANCIAL SERVICES
of the
UNITED STATES HOUSE OF REPRESENTATIVES
for the
ONE HUNDRED FIFTEENTH CONGRESS
January 2, 2019.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
________
U.S. GOVERNMENT PUBLISHING OFFICE
33-971 WASHINGTON: 2019
LETTER OF TRANSMITTAL
----------
House of Representatives,
Committee on Financial Services,
Washington, DC, January 2, 2019.
Hon. Paul Ryan,
Speaker, House of Representatives,
Washington, DC.
Dear Mr. Speaker: In accordance with Rule XI(1)(d)(1) of
the Rules of the House of Representatives, I respectfully
submit the activities report of the Committee on Financial
Services for the 115th Congress.
Sincerely,
Jeb Hensarling,
Chairman.
C O N T E N T S
----------
Page
Letter of Transmittal............................................ III
Jurisdiction of the Committee.................................... 1
Rules of the Committee........................................... 3
Membership and Organization of the Committee on Financial
Services....................................................... 15
Subcommittee Memberships......................................... 16
Overview of Legislative Accomplishments.......................... 20
Legislative Activities of the Financial Services Committee....... 21
Full Committee Oversight Activities.............................. 47
Subcommittee on Capital Markets and Government Sponsored
Enterprises.................................................... 57
Subcommittee on Financial Institutions and Consumer Credit....... 103
Subcommittee on Housing and Insurance............................ 131
Subcommittee on Monetary Policy and Trade........................ 157
Subcommittee on Oversight and Investigations..................... 175
Oversight Plan for the 115th Congress............................ 193
Implementation of the Authorization and Oversight Plan of the
Committee on Financial Services for the One Hundred Fifteenth
Congress....................................................... 202
Delineation of Committee and Subcommittee Hearings Held Pursuant
to Clauses 2(n), (o), and (p) of Rule XI....................... 225
Appendix I--Committee Legislation................................ 229
Appendix II--Committee Publications.............................. 232
Union Calendar No. 889
115th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 115-1122
======================================================================
REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE
UNITED STATES HOUSE OF REPRESENTATIVES FOR THE ONE HUNDRED FIFTEENTH
CONGRESS
_______
January 2, 2019.--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 115th 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
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,
notwithstanding any intervening order for the previous
question, an underlying proposition shall remain subject to
further debate or amendment to the same extent as when the
question was postponed.
(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 thereof) 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 six subcommittees of the Committee as
follows:
(A) Subcommittee on capital markets, securities, and
investment.--The jurisdiction of the Subcommittee on
Capital Markets, Securities, and Investment includes--
(i) securities, exchanges, and finance;
(ii) capital markets activities, including
securitization, business capital formation,
securities lending, and repurchase agreements;
(iii) investment companies and advisers to
private funds;
(iv) activities involving accounting and
auditing;
(v) activities involving futures, forwards,
options, and other types of derivative
instruments;
(vi) the Securities and Exchange Commission;
(vii) the Financial Accounting Standards
Board;
(viii) the Municipal Securities Rulemaking
Board;
(ix) the Public Company Accounting Oversight
Board;
(x) the Securities Investor Protection
Corporation; and
(xi) self-regulatory organizations registered
with the Securities and Exchange Commission.
(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; secondary market organizations for
home mortgages, including the Federal National
Mortgage Association, the Federal Home Loan
Mortgage Corporation, and the Federal
Agricultural Mortgage Corporation; the Federal
Housing Finance Agency; the Federal Home Loan
Banks; 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 terrorism and illicit finance.--
The jurisdiction of the Subcommittee on Terrorism and
Illicit Finance includes--
(i) financial support networks of national
security threats, including matters related to
terrorist financing, money laundering, drug
sale proceeds, and alternative remittance
systems;
(ii) methods to detect and inhibit terrorism
and illicit finance, including matters related
to anti-money laundering and combating the
financing of terrorism (AML/CFT) standards,
asset forfeiture, and financial sanctions, as
well as programs related to such matters
administered by agencies or subunits thereof,
including activities of the Office of Terrorism
and Financial Intelligence and the Financial
Crimes Enforcement Network; and
(iii) Inter-governmental initiatives to
detect and inhibit terrorism and illicit
finance, including the Financial Action Task
Force.
(F) Subcommittee on oversight and investigations.--
The jurisdiction of the Subcommittee on Oversight and
Investigations includes--
(i) the oversight of all agencies,
departments, programs, and matters within the
jurisdiction of the Committee, including the
development of recommendations with regard to
the necessity or desirability of enacting,
changing, or repealing any legislation within
the jurisdiction of the Committee, and for
conducting investigations within such
jurisdiction; and
(ii) research and analysis regarding matters
within the jurisdiction of the Committee,
including the impact or probable impact of tax
policies affecting matters within the
jurisdiction of the Committee.
(2) In addition, each such subcommittee shall have specific
responsibility for such other measures or matters as the Chair
refers to it.
(3) Each subcommittee of the Committee shall review and
study, on a continuing basis, the application, administration,
execution, and effectiveness of those laws, or parts of laws,
the subject matter of which is within its general
responsibility.
Referral of Measures and Matters to Subcommittees
(b)(1) The Chair shall regularly refer to one or more
subcommittees such measures and matters as the Chair deems
appropriate given its jurisdiction and responsibilities. In
making such a referral, the Chair may designate a subcommittee
of primary jurisdiction and subcommittees of additional or
sequential jurisdiction.
(2) All other measures or matters shall be subject to
consideration by the full Committee.
(3) In referring any measure or matter to a subcommittee,
the Chair may specify a date by which the subcommittee shall
report thereon to the Committee.
(4) The Chair, in his or her sole discretion, may discharge
a subcommittee from consideration of any measure or matter
referred to a subcommittee of the Committee.
Composition of Subcommittees
(c)(1) Members shall be elected to each subcommittee and to
the positions of chair and ranking minority member thereof, in
accordance with the rules of the respective party caucuses. The
Chair of the Committee shall designate a member of the majority
party on each subcommittee as its vice chair. 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, Securities,
and Investment shall be comprised of 28 members, 16
elected by the majority caucus and 12 elected by the
minority caucus.
(B) The Subcommittee on Financial Institutions and
Consumer Credit shall be comprised of 26 members, 15
elected by the majority caucus and 11 elected by the
minority caucus.
(C) The Subcommittee on Housing and Insurance shall
be comprised of 23 members, 13 elected by the majority
caucus and 10 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 Terrorism and Illicit Finance
shall be comprised of 25 members, 14 elected by the
majority caucus and 11 elected by the minority caucus.
(F) 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 FIFTEENTH 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 PATRICK T. McHENRY, North Carolina
GREGORY W. MEEKS, New York STEVAN PEARCE, New Mexico
MICHAEL E. CAPUANO, Massachusetts BILL POSEY, Florida
WM. LACY CLAY, Missouri BLAINE LUETKEMEYER, Missouri
STEPHEN F. LYNCH, Massachusetts BILL HUIZENGA, Michigan
DAVID SCOTT, Georgia SEAN P. DUFFY, Wisconsin
AL GREEN, Texas STEVE STIVERS, Ohio
EMANUEL CLEAVER, Missouri RANDY HULTGREN, Illinois
GWEN MOORE, Wisconsin DENNIS A. ROSS, Florida
KEITH ELLISON, Minnesota ROBERT PITTENGER, North Carolina
ED PERLMUTTER, Colorado ANN WAGNER, Missouri
JAMES A. HIMES, Connecticut ANDY BARR, Kentucky
BILL FOSTER, Illinois KEITH J. ROTHFUS, Pennsylvania
DANIEL T. KILDEE, Michigan LUKE MESSER, Indiana
JOHN K. DELANEY, Maryland SCOTT TIPTON, Colorado
KYRSTEN SINEMA, Arizona ROGER WILLIAMS, Texas
JOYCE BEATTY, Ohio BRUCE, POLIQUIN, Maine
DENNY HECK, Washington MIA LOVE, Utah
JUAN VARGAS, California FRENCH HILL, Arkansas
JOSH GOTTHEIMER, New Jersey TOM EMMER, Minnesota
VICENTE GONZALEZ, Texas LEE M. ZELDIN, New York
CHARLIE CRIST, Florida DAVID A. TROTT, Michigan
RUBEN KIHUEN, Nevada BARRY LOUDERMILK, Georgia
ALEXANDER X. MOONEY, West Virginia
THOMAS MacARTHUR, New Jersey
WARREN DAVIDSON, Ohio
TED BUDD, North Carolina
DAVID KUSTOFF, Tennessee
CLAUDIA TENNEY, New York
TREY HOLLINGSWORTH, Indiana
SUBCOMMITTEE MEMBERSHIPS
Subcommittee on Capital Markets, Securities, and Investment
(Ratio: 16-12)
BILL HUIZENGA, MI, Chairman
CAROLYN B. MALONEY, NY [RM] RANDY HULTGREN, IL [V Chair]
BRAD SHERMAN, CA PETER T. KING, NY
STEPHEN F. LYNCH, MA PATRICK T. McHENRY, NC
DAVID SCOTT, GA SEAN P. DUFFY, WI
JAMES A. HIMES, CT STEVE STIVERS, OH
KEITH ELLISON, MN ANN WAGNER, MO
BILL FOSTER, IL LUKE MESSER, IN
GREGORY W. MEEKS, NY BRUCE POLIQUIN, ME
KYRSTEN SINEMA, AZ FRENCH HILL, AR
JUAN VARGAS, CA TOM EMMER, MN
JOSH GOTTHEIMER, NJ ALEXANDER X. MOONEY, WV
VICENTE GONZALEZ, TX THOMAS MacARTHUR, NJ
MAXINE WATERS, CA [Ex Officio] WARREN DAVIDSON, OH
TED BUDD, NC
TREY HOLLINGSWORTH, IN
JEB HENSARLING, TX [Ex Officio]
SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT
(Ratio: 15-11)
BLAINE LUETKEMEYER, MO, Chairman
WM. LACY CLAY, MO [RM] KEITH J. ROTHFUS, PA [V Chair]
CAROLYN B. MALONEY, NY EDWARD R. ROYCE, CA
GREGORY W. MEEKS, NY FRANK D. LUCAS, OK
DAVID SCOTT, GA BILL POSEY, FL
NYDIA M. VELAZQUEZ, NY DENNIS A. ROSS, FL
AL GREEN, TX ROBERT PITTENGER, NC
KEITH ELLISON, MN ANDY BARR, KY
MICHAEL E. CAPUANO, MA SCOTT TIPTON, CO
DENNY HECK, WA ROGER WILLIAMS, TX
GWEN MOORE, WI MIA LOVE, UT
CHARLIE CRIST, FL DAVID A. TROTT, MI
MAXINE WATERS, CA [Ex Officio] BARRY LOUDERMILK, GA
DAVID KUSTOFF, TN
CLAUDIA TENNEY, NY
JEB HENSARLING, TX [Ex Officio]
SUBCOMMITTEE ON HOUSING AND INSURANCE
(Ratio: 13-10)
SEAN P. DUFFY, WI, Chairman
EMANUEL CLEAVER, MO [RM] DENNIS A. ROSS, FL [V Chair]
NYDIA M. VELAZQUEZ, NY EDWARD R. ROYCE, CA
MICHAEL E. CAPUANO, MA STEVAN PEARCE, NM
WM. LACY CLAY, MO BILL POSEY, FL
BRAD SHERMAN, CA BLAINE LUETKEMEYER, MO
JOYCE BEATTY, OH STEVE STIVERS, OH
DANIEL T. KILDEE, MI RANDY HULTGREN, IL
JOHN K. DELANEY, MD KEITH J. ROTHFUS, PA
RUBEN J. KIHUEN, NV LEE M. ZELDIN, NY
VICENTE GONZALEZ, TX DAVID A. TROTT, MI
MAXINE WATERS, CA [Ex Officio] THOMAS MacARTHUR, NJ
TED BUDD, NC
JEB HENSARLING, TX [Ex Officio]
SUBCOMMITTEE ON MONETARY POLICY AND TRADE
(Ratio: 12-9)
ANDY BARR, KY, Chairman
GWEN MOORE, WI [RM] ROGER WILLIAMS, TX [V Chair]
GREGORY W. MEEKS, NY FRANK D. LUCAS, OK
BILL FOSTER, IL BILL HUIZENGA, MI
BRAD SHERMAN, CA ROBERT PITTENGER, NC
AL GREEN, TX MIA LOVE, UT
DENNY HECK, WA FRENCH HILL, AR
DANIEL T. KILDEE, MI TOM EMMER, MN
JUAN VARGAS, CA ALEXANDER X. MOONEY, WV
CHARLIE CRIST, FL WARREN DAVIDSON, OH
MAXINE WATERS, CA [Ex Officio] CLAUDIA TENNEY, NY
TREY HOLLINGSWORTH, IN
JEB HENSARLING, TX [Ex Officio]
SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS
(Ratio: 12-9)
ANN WAGNER, MO, Chairman
AL GREEN, TX [RM] SCOTT TIPTON, CO [V Chair]
KEITH ELLISON, MN PETER T. KING, NY
EMANUEL CLEAVER, MO PATRICK T. McHENRY, NC
JOYCE BEATTY, OH DENNIS A. ROSS, FL
MICHAEL E. CAPUANO, MA LUKE MESSER, IN
GWEN MOORE, WI LEE M. ZELDIN, NY
JOSH GOTTHEIMER, NJ DAVID A. TROTT, MI
VICENTE GONZALEZ, TX BARRY LOUDERMILK, GA
CHARLIE CRIST, FL DAVID KUSTOFF, TN
MAXINE WATERS, CA [Ex Officio] CLAUDIA TENNEY, NY
TREY HOLLINGSWORTH, IN
JEB HENSARLING, TX [Ex Officio]
SUBCOMMITTEE ON TERRORISM AND ILLICIT FINANCE
(Ratio: 14-11)
STEVAN PEARCE, NM, Chairman
ED PERLMUTTER, CO [RM] ROBERT PITTENGER, NC [V Chair]
CAROLYN B. MALONEY, NY KEITH J. ROTHFUS, PA
JAMES A. HIMES, CT LUKE MESSER, IN
BILL FOSTER, IL SCOTT TIPTON, CO
DANIEL T. KILDEE, MI ROGER WILLIAMS, TX
JOHN K. DELANEY, MD BRUCE POLIQUIN, ME
KYRSTEN SINEMA, AZ MIA LOVE, UT
JUAN VARGAS, CA FRENCH HILL, AR
JOSH GOTTHEIMER, NJ TOM EMMER, MN
RUBEN J. KIHUEN, NV LEE M. ZELDIN, NY
STEPHEN F. LYNCH, MA WARREN DAVIDSON, OH
MAXINE WATERS, CA [Ex Officio] TED BUDD, NC
DAVID KUSTOFF, TN
JEB HENSARLING, TX [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.
COMMITTEE STAFF
Majority Staff
EDWARD GUSTAVE SKALA
Staff Director
KEVIN R. EDGAR
Chief Counsel
MOLLY BOYL FROMM
General Counsel and
Parliamentarian
TERISA L. ALLISON, Editor
DANIEL MCARN BENNETT, Counsel
FRANCESCO ANTONIO CASTELLA,
Legislative Assistant
THOMAS CHRISTIAN BROWN,
Professional Staff
ANTHONY E. CHANG, Director for
International Affairs
JOSEPH P. CWIKLINSKI, Senior
Professional Staff
SEAN DILLON, Professional Staff
ANDREW QUINN ECK, Senior Policy
Advisor
DINO D. FALASCHETTI, Chief
Economist
SARAH ANN FLAIM, Communications
Director
ANGELA S. GAMBO, Administrative
Assistant
JOHN YOUNG JAE HAIR, Professional
Staff
ISAAC BORDEN HOSKINS, Professional
Staff
TALLMAN JOHNSON, Senior
Professional Staff
CLINTON COLUMBUS JONES, III, Chief
Housing and Insurance Counsel
CHRISTIAN L. JORGENSON, Senior
Counsel
ROSEMARY ELIZABETH KEECH, Chief
Clerk
MARLISS A. McMANUS, Professional
Staff
MATTHEW KINLEY MULDER,
Professional Staff
JOE PINDER, Senior Professional
Staff
JAMES E. REDFIELD, Shared Staff
JANELLE M. RELFE, Shared Staff
ANNA ROZENBERG, Staff Assistant
RYAN A. RUSBULDT, Director of
Outreach/Member services
CHARLIE GARBER SCHREIBER, Counsel
CHRISTINE DEACON SELLERS, Research
Assistant
KYLE D. SIMPSON, Staff Assistant
KIM TRIMBLE, Systems Administrator
MICHAEL T. VANGELOFF, Professional
Staff
FREDERICK W. VAUGHAN, Senior
Counsel
RONALD ALLAN WOESSNER, Senior
Counsel
KEVIN D. WYSOCKI, Professional
Staff
MONICA L. ZAGAME, Deputy Director
of Outreach/Member Services
Minority Staff
CHARLA OUERTATANI
Staff Director
KRISTOFOR S. ERICKSON, Deputy
Staff Director
LISA PETO
Chief Counsel
CLEMENT ABONYI, Staff Assistant
KATELYNN O. BRADLEY, Senior
Counsel
KEVIN ROBERT BURRIS, Chief
Oversight Counsel
ALFRED J. FORMAN, JR., Systems
Administrator
ERIC TONE HERSEY, Communications
Director
ERIKA JEFFERS, Senior Policy
Director
BRUCE JOHNSON, Senior Counsel
ESTHER KAHNG, Director of Housing
Policy and Senior Counsel
JANAE NICHOEL LADET, Professional
Staff Member
DANIELLE CAMNER LINDHOLM, Senior
Counsel
ERICA PATRICE LOEWE, Press
Secretary
MARCOS F. MANOSALVAS, Press
Assistant
DANIEL McGLINCHEY, Senior
Professional Staff Member
JENNIFER READ, Counsel
DENISE NICHOLE SCOTT, Financial
and Administrative Officer
GLEN ROY SEARS, Senior Policy
Advisor
KATHRYN STROHMAIER, Counsel
OVERVIEW OF LEGISLATIVE ACCOMPLISHMENTS
During the 115th Congress, 680 bills were referred to the
Committee on Financial Services. The full Committee reported to
the House or was discharged from the further consideration of
152 measures, not including conference reports. Fifty-seven
measures regarding matters within the Committee's jurisdiction
were enacted into law. Two of these measures (S. 2155, the
Economic Growth, Regulatory Relief, and Consumer Protection
Act, and H.R. 1625, the Consolidated Appropriations Act, 2018)
incorporated provisions corresponding to 34 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 115th Congress, including a summary of the
activities taken by the Committee to implement its
Authorization and Oversight Plan for the 115th Congress.
Legislative Activities of the Financial Services Committee
--------------------------------------------------------------------------------------------------------------------------------------------------------
Bill No. Title Introduced Sponsor Date Committee/House Action
--------------------------------------------------------------------------------------------------------------------------------------------------------
H.R. 4................................ FAA Reauthorization Act 4/13/2018 Bill Shuster (R-PA-9)........ 4/27/2018 Not considered in Committee.
of 2018.
........................ ........... ............................. ........... Passed in the House (Amended)
by record vote 393-13.
H.R. 10............................... Financial CHOICE Act of 4/26/2017 Jeb Hensarling (R-TX-5)...... 5/4/2017 Ordered Reported (Amended) by
2017. the Committee by record vote
34-26.
........................ ........... ............................. 5/25/2017 Reported (Amended) by the
Committee, H. Report 115-153
Part I and II.
........................ ........... ............................. 6/8/2017 Passed in the House, amended,
by record vote 233-186.
H.R. 78............................... SEC Regulatory 1/3/2017 Ann Wagner (R-MO-2).......... ........... Not considered in Committee.
Accountability Act.
........................ ........... ............................. 1/12/2017 Passed in the House by record
vote 243-184.
H.R. 79............................... HALOS Act............... 1/3/2017 Steve Chabot (R-OH-1)........ ........... Not considered in Committee.
........................ ........... ............................. 1/10/2017 Passed in the House by record
vote 344-73.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 238.............................. Commodity End-User 1/4/2017 Michael K. Conaway (R-TX-11). ........... Not considered in Committee.
Relief Act.
........................ ........... ............................. 1/12/2017 Passed in the House (amended)
by record vote 239-182.
H.R. 385.............................. To amend the Expedited 1/9/2017 Aumua Amata Coleman Radewagen ........... Not considered in Committee.
Funds Availability Act (R-AS).
to clarify the
application of that Act
to American Samoa and
the Northern Mariana
Islands..
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 435.............................. Credit Access and 1/11/2017 Keith Ellison (D-MN-5)....... 12/13/2017 Ordered Reported (Amended) by
Inclusion Act of 2017. the Committee by record vote
60-0.
........................ ........... ............................. 2/16/2018 Reported (Amended) by the
Committee, H. Report 115-
568.
........................ ........... ............................. 6/25/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 477.............................. Small Business Mergers, 1/12/2017 Bill Huizenga (R-MI-2)....... 10/12/17 Ordered Reported by the
Acquisitions, Sales and Committee by record vote 37-
Brokerage 23.
Simplification Act of
2017.
........................ ........... ............................. 11/30/2017 Reported by the Committee, H.
Report 115-431.
........................ ........... ............................. 12/7/2017 Passed in the House (Amended)
by record vote 426-0.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 754.............................. Anwar Sadat Centennial 1/31/2017 Chris Stewart (R-UT-2)....... ........... Not considered in Committee.
Celebration Act.
........................ ........... ............................. 9/26/2018 Passed in the House under
suspension by voice vote.
H.R. 770.............................. American Innovation $1 1/31/2017 James A. Himes (D-CT-4)...... ........... Not considered in Committee.
Coin Act.
........................ ........... ............................. 1/16/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. 6/20/2018 Passed the Senate with an
amendment by voice vote.
........................ ........... ............................. 6/27/2018 House agreed to Senate
amendment without objection.
........................ ........... ............................. 7/20/2018 Signed by the President and
became PL 115-197.
H.R. 898.............................. Credit Score Competition 2/7/2017 Edward R. Royce (R-CA-39).... ........... Not considered in Committee.
Act of 2017.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 910.............................. Fair Access to 2/7/2017 French J. Hill (R-AR-2)...... 3/9/2017 Ordered Reported (Amended) by
Investment Research Act the Committee by record vote
of 2017. 56-2.
........................ ........... ............................. 5/1/2017 Reported (Amended) by the
Committee, H. Report 115-
102.
........................ ........... ............................. 5/1/2017 Passed in the House (Amended)
under suspension by record
vote 405-2.
........................ ........... ............................. ........... For further action see Senate
companion bill S. 327.
H.R. 1116............................. Taking Account of 2/16/2017 Scott Tipton (R-CO-3)........ 10/12/2017 Ordered Reported by the
Institutions with Low Committee by record vote 39-
Operation Risk Act of 21.
2017.
........................ ........... ............................. 3/6/2018 Reported by the Committee, H.
Report 115-588.
........................ ........... ............................. 3/14/2018 Passed in the House by record
vote 247-169.
H.R. 1153............................. Mortgage Choice Act of 2/16/2017 Bill Huizenga (R-MI-2)....... 11/14/2017 Ordered Reported by the
2017. Committee by record vote 46-
13.
........................ ........... ............................. 1/22/2018 Reported by the Committee, H.
Report 115-522.
........................ ........... ............................. 2/8/2018 Passed in the House by record
vote 280-131.
H.R. 1219............................. Supporting America's 2/27/2017 Patrick T. McHenry (R-NC-10). 3/9/2017 Ordered Reported by the
Innovators Act of 2017. Committee by record vote 54-
2.
........................ ........... ............................. 3/29/2017 Reported by the Committee, H.
Report 115-70.
........................ ........... ............................. 4/6/2017 Passed in the House by record
vote 417-3.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1235............................. Naismith Memorial 2/27/2017 Richard E Neal (D-MA-1)...... ........... Not considered in Committee.
Basketball Hall of Fame
Commemorative Coin Act.
........................ ........... ............................. 9/25/2017 Passed in the House (Amended)
under suspension by voice
vote.6602
H.R. 1257............................. Securities and Exchange 2/28/2017 Gregory W. Meeks (D-NY-5).... 3/9/2017 Ordered Reported (Amended) by
Commission Overpayment the Committee by record vote
Credit Act. 59-0.
........................ ........... ............................. 8/15/2017 Reported (Amended) by the
Committee, H. Report 115-
275.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1264............................. Community Financial 2/28/2017 Roger Williams (R-TX-25)..... 1/18/2018 Ordered Reported (Amended) by
Institution Exemption the Committee by record vote
Act. 30-25.
........................ ........... ............................. 8/3/2018 Reported (Amended) by the
Committee, H. Report 115-
885.
H.R. 1312............................. Small Business Capital 3/2/2017 Bruce Poliquin (R-ME-2)...... 3/9/2017 Ordered Reported (Amended) by
Formation Enhancement the Committee by record vote
Act. 58-0.
........................ ........... ............................. 5/1/2017 Reported (Amended) by the
Committee, H. Report 115-
104.
........................ ........... ............................. 5/1/2017 Passed in the House (Amended)
under suspension by record
vote 406-0.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1343............................. Encouraging Employee 3/2/2017 Randy Hultgren (R-IL-14)..... 3/9/2017 Ordered Reported by the
Ownership Act of 2017. Committee by record vote 48-
11.
........................ ........... ............................. 3/29/2017 Reported by the Committee, H.
Report 115-71.
........................ ........... ............................. 4/4/2017 Passed in the House by record
vote 331-87.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1366............................. U.S. Territories 3/6/2017 Nydia Velazquez (D-NY-7)..... 3/9/2017 Ordered Reported by the
Investor Protection Act Committee by record vote 58-
of 2017. 0.
........................ ........... ............................. 5/1/2017 Reported by the Committee, H.
Report 115-103.
........................ ........... ............................. 5/1/2017 Passed in the House under
suspension by voice vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1422............................. Private Flood Insurance 3/8/2017 Dennis A. Ross (R-FL-15)..... 6/21/2017 Ordered Reported (Amended) by
Market Development Act the Committee by record vote
of 2017. 58-0.
........................ ........... ............................. 7/14/2017 Reported (Amended) by the
Committee, H. Report 115-
220.
........................ ........... ............................. ........... For further action see H.R.
2874.
H.R. 1426............................. Federal Savings 3/8/2017 Keith J. Rothfus (R-PA-12)... 1/18/2018 Ordered Reported by the
Association Charter Committee by record vote 55-
Flexibility Act of 2017. 0.
........................ ........... ............................. 1/29/2018 Reported by the Committee, H.
Report 115-530.
........................ ........... ............................. 1/29/2018 Passed in the House under
suspension by voice vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1457............................. Making Online Banking 3/9/2017 Scott R. Tipton (R-CO-3)..... 12/13/2017 Ordered Reported (Amended) by
Initiation Legal and the Committee by record vote
Easy Act of 2017. 60-0.
........................ ........... ............................. 1/22/2018 Reported (Amended) by the
Committee, H. Report 115-
523.
........................ ........... ............................. 1/29/2018 Passed in the House (Amended)
under suspension by record
vote 397-8.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1511............................. Homeless Children and 3/13/2017 Steve Stivers (R-OH-15)...... 7/24/2018 Ordered Reported (Amended) by
Youth Act of 2017. the Committee by record vote
39-18.
........................ ........... ............................. 11/14/2018 Reported (Amended) by the
Committee, H. Report 115-
1026 Part I.
H.R. 1558............................. Repeatedly Flooded 3/16/2017 Edward R. Royce (R-CA-39).... 6/21/2017 Ordered Reported (Amended) by
Communities Preparation the Committee by voice vote.
Act.
........................ ........... ............................. 8/15/2017 Reported (Amended) by the
Committee, H. Report 115-
276.
........................ ........... ............................. ........... For further action see H.R.
2874.
H.R. 1585............................. Fair Investment 3/16/2017 David Schweikert (R-AZ-6).... 10/12/2017 Ordered Reported (Amended) by
Opportunities for the Committee by record vote
Professional Experts 58-2.
Act.
........................ ........... ............................. 10/31/2017 Reported (Amended) by the
Committee, H. Report 115-
375.
........................ ........... ............................. 11/1/2017 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S. 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 1624............................. Municipal Finance 3/20/2017 Luke Messer (R-IN-6)......... 7/25/2017 Ordered Reported (Amended) by
Support Act of 2017. the Committee by record vote
60-0.
........................ ........... ............................. 9/12/2017 Reported (Amended) by the
Committee, H. Report 115-
306.
........................ ........... ............................. 10/3/2017 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1638............................. Iranian Leadership Asset 3/20/2017 Bruce Poliquin (R-ME-2)...... 11/14/2017 Ordered Reported (Amended) by
Transparency Act. the Committee by record vote
43-16.
........................ ........... ............................. 12/7/2017 Reported (Amended) by the
Committee, H. Report 115-
453, Part I.
........................ ........... ............................. 12/13/2017 Passed in the House (Amended)
by record vote 289-135.
H.R. 1644............................. Korean Interdiction and 3/21/2017 Edward R. Royce (R-CA-39).... 4/28/2017 Committee Discharged.
Modernization of
Sanctions Act.
........................ ........... ............................. 5/4/2017 Passed the House (Amended)
under suspension by record
vote 419-1.6602
H.R. 1645............................. Fostering Innovation Act 3/21/2017 Kyrsten Sinema (D-AZ-9)...... 10/12/2017 Ordered Reported by the
of 2017. Committee by record vote 48-
12.
........................ ........... ............................. 11/28/2017 Reported by the Committee, H.
Report 115-425.
........................ ........... ............................. ........... For further action see H.R.
3978.
........................ ........... ............................. ........... Incorporated into S. 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 1677............................. Caesar Syria Civilian 3/22/2017 Eliot L. Engel (D-NY-16)..... 5/11/2017 Committee Discharged.
Protection Act of 2017.
........................ ........... ............................. 5/17/2017 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 1698............................. Iran Ballistic Missiles 3/23/2017 Edward R. Royce (R-CA-39).... ........... Not considered in Committee.
and International
Sanctions Enforcement
Act.
........................ ........... ............................. 10/26/2018 Passed in the House (Amended)
under suspension by Record
Vote 423-2.
H.R. 1699............................. Preserving Access to 3/23/2017 Andy Barr (R-KY-6)........... 10/12/2017 Ordered Reported by the
Manufactured Housing Committee by record vote 42-
Act of 2017. 18.
........................ ........... ............................. 11/21/2017 Reported by the Committee, H.
Report 115-416.
........................ ........... ............................. 12/1/2017 Passed in the House by record
vote 256-163.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 1843............................. Clyde-Hirsch-Sowers 3/30/2017 Peter J. Roskam (R-IL-6)..... 9/5/2017 Committee Discharged.
RESPECT Act.
........................ ........... ............................. 9/5/2017 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 1861............................. The Larry Doby 4/3/2017 James B. Renacci (R-OH-16)... ........... Not considered in Committee.
Congressional Gold
Medal Act.
........................ ........... ............................. 7/10/2018 Passed in the House under
suspension by voice vote.
H.R. 1918............................. Nicaraguan Investment 4/5/2017 Ileana Ros-Lehtinen (R-FL-27) ........... Not considered in Committee.
Conditionality Act
(NICA) of 2017.
........................ ........... ............................. 10/3/2017 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 2069............................. Fostering Stable Housing 4/6/2017 Michael R. Turner (R-OH-10).. 7/24/2018 Ordered Reported (amended) by
Opportunities Act of the Committee by record vote
2017. 34-23.
........................ ........... ............................. 11/14/2018 Reported (Amended) by the
Committee, H. Report 115-
1023.
H.R. 2121............................. Pension, Endowment, and 4/25/2017 Keith Rothfus (R-PA-12)...... 10/12/2017 Ordered Reported (Amended) by
Mutual Fund Access to the Committee by record vote
Banking Act. 60-0.
........................ ........... ............................. 4/26/2018 Reported (Amended) by the
Committee, H. Report 115-
656.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 2128............................. Due Process Restoration 4/25/2017 Warren Davidson (R-OH-8)..... 9/13/2018 Ordered Reported by the
Act of 2017. Committee by record vote 31-
20.
........................ ........... ............................. 1/2/2019 Reported by the Committee, H.
Report 115-
H.R. 2148............................. Clarifying Commercial 4/26/2017 Robert Pittenger (R-NC-9).... 10/12/2017 Ordered Reported (Amended) by
Real Estate Loans. the Committee by record vote
59-1.
........................ ........... ............................. 11/6/2017 Reported (Amended) by the
committee, H. Report 115-
392.
........................ ........... ............................. 11/7/2017 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 2201............................. Micro Offering Safe 4/27/2017 Tom Emmer (R-MN-6)........... 10/12/2017 Ordered Reported by the
Harbor Act. Committee by record vote 34-
26.
........................ ........... ............................. 11/1/2017 Reported by the Committee, H.
Report 115-383.
........................ ........... ............................. 11/9/2017 Passed in the House (Amended)
by record vote 232-188.
H.R. 2219............................. End Banking for Human 4/27/2017 Edward R. Royce (R-CA-39).... 12/13/2017 Ordered Reported (Amended) by
Traffickers Act of 2017. the Committee by record vote
59-0.
........................ ........... ............................. 2/20/2018 Reported (Amended) by the
Committee, H. Report 115-569
Part 1.
........................ ........... ............................. 4/10/2018 Passed in the House (Amended)
under suspension by record
vote 408-2.
........................ ........... ............................. ........... Incorporated into S. 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 2226............................. Portfolio Lending and 4/28/2017 Andy Barr (R-KY-6)........... 1/18/2018 Ordered Reported (Amended) by
Mortgage Access Act. the Committee by record vote
55-0.
........................ ........... ............................. 2/23/2018 Reported (Amended) by the
Committee, H. Report 115-
578.
........................ ........... ............................. 3/6/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 2246............................. Taxpayer Exposure 4/28/2017 Blaine Luetkemeyer (R-MO-3).. 6/21/2017 Ordered Reported (Amended) by
Mitigation Act of 2017. the Committee by record vote
36-24.
........................ ........... ............................. 7/25/2017 Reported (Amended) by the
Committee, H. Report 115-
255.
........................ ........... ............................. ........... For further action see H.R.
2874.
H.R. 2255............................. Housing Opportunities 4/28/2017 David A. Trott (R-MI-11)..... 1/18/2018 Ordered Reported by the
Made Easier Act. Committee by record vote 55-
0.
........................ ........... ............................. 1/29/2018 Reported by the Committee, H.
Report 115-528.
........................ ........... ............................. 1/29/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.6602
H.R. 2315............................. To posthumously award 05/3/2017 Stephen F. Lynch (D-MA-8).... ........... Not considered in Committee.
the Congressional Gold
Medal to each of Glen
Doherty, Tyrone Woods,
J. Christopher Stevens,
and Sean Smith in
recognition of their
contributions to the
Nation.
........................ ........... ............................. 12/12/2018 Passed the House (Amended)
without objection.
H.R. 2319............................. Consumer Financial 05/3/2017 Keith J. Rothfus (R-PA-12)... 1/18/2018 Ordered Reported (Amended) by
Choice and Capital the Committee by record vote
Markets Protection Act 34-21.
of 2017.
........................ ........... ............................. 8/24/2018 Reported (Amended) by the
Committee, H. Report 115-
903.
H.R. 2396............................. Privacy Notification 5/4/2017 David A. Trott (R-MI-11)..... 10/12/2017 Ordered Reported (Amended) by
Technical Clarification the Committee by record vote
Act. 40-20.
........................ ........... ............................. 12/4/2017 Reported (Amended) by the
Committee, H. Report 115-
434.
........................ ........... ............................. 12/14/2017 Passed in the House (Amended)
by record vote 275-146.
H.R. 2403............................. Keeping Capital Local 5/8/2017 Gwen Moore (D-WI-4).......... ........... Not considered in Committee.
for Underserved
Communities Act of 2017.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 2519............................. The American Legion 5/18/2017 Timothy J. Walz (D-MN-1)..... ........... Not considered in Committee.
100th Anniversary
Commemorative Coin Act.
........................ ........... ............................. 9/25/2017 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. 9/28/2017 Passed in the Senate without
amendment by voice vote.
........................ ........... ............................. 10/6/2017 Signed by the President and
became PL 115-65.
H.R. 2565............................. To require the use of 5/19/2017 Blaine Luetkemeyer (R-MO-3).. 6/21/2017 Ordered Reported (Amended) by
replacement cost value the Committee by record vote
in determining the 34-25.
premium rates for flood
insurance coverage
under the National
Flood Insurance Act,
and for other purposes..
........................ ........... ............................. 7/14/2017 Reported (Amended) by the
Committee, H. Report 115-
221.
........................ ........... ............................. ........... For further action see H.R.
2874.
H.R. 2570............................. Mortgage Fairness Act of 5/19/2017 Bill Posey (R-FL-8).......... 7/24/2018 Ordered Reported by the
2017. Committee by record vote 34-
22.
........................ ........... ............................. 11/14/2018 Reported by the Committee, H.
Report 115-1024.
H.R. 2683............................. Protecting Veterans 5/25/2017 John K. Delaney (D-MD-6)..... 3/21/2018 Ordered Reported (Amended) by
Credit Act of 2017. the Committee by record vote
59-0.
........................ ........... ............................. 11/14/2018 Reported by the Committee, H.
Report 115-1025.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 2706............................. Financial Institution 5/25/2017 Blaine Luetkemeyer (R-MO-3).. 10/12/2017 Ordered Reported (Amended) by
Customer Protection Act the Committee by record vote
of 2017. 59-1.
........................ ........... ............................. 11/16/2017 Reported (Amended) by the
Committee, H. Report 115-
414.
........................ ........... ............................. 12/11/2017 Passed in the House (Amended)
under suspension by record
vote 395-2.
H.R. 2740............................. Rabbi Michoel Ber 5/25/2017 Nydia M. Velazquez (D-NY-7).. ........... Not considered in Committee.
Weissmandl
Congressional Gold
Medal Act of 2017.
........................ ........... ............................. 11/13/2018 Passed in the House under
suspension by voice vote.
H.R. 2864............................. Improving Access to 6/8/2017 Kyrsten Sinema (D-AZ-9)...... 7/25/2017 Ordered Reported (Amended) by
Capital Act. the Committee by record vote
59-0.
........................ ........... ............................. 9/5/2017 Reported (Amended) by the
Committee, H. Report 115-
292.
........................ ........... ............................. 9/5/2017 Passed in the House (Amended)
under suspension by record
vote 403-3.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 2868............................. National Flood Insurance 6/8/2017 Lee M. Zeldin (R-NY-1)....... 6/15/2017 Ordered Reported by the
Program Policyholder Committee by record vote 53-
Protection Act of 2017. 0.
........................ ........... ............................. 7/11/2017 Reported by the Committee, H.
Report 115-211.
........................ ........... ............................. ........... For further action see H.R.
2874.
H.R. 2874............................. 21st Century Flood 6/12/2017 Sean P. Duffy (R-WI-7)....... 6/15/2017 Ordered Reported (Amended) by
Reform Act. the Committee by record vote
30-26.
........................ ........... ............................. 9/11/2017 Reported (Amended) by the
Committee, H. Report 115-
304.
........................ ........... ............................. 11/14/2017 Passed in the House by record
vote 237-189.
H.R. 2875............................. National Flood Insurance 6/12/2017 Nydia M. Velazquez (D-NY-7).. 6/21/2017 Ordered Reported by the
Program Administrative Committee by record vote 58-
Reform Act of 2017. 0.
........................ ........... ............................. 7/18/2017 Reported by the Committee, H.
Report 115-233.
........................ ........... ............................. ........... For further action see H.R.
2874.
H.R. 2948............................. To amend the S.A.F.E. 6/20/2017 Steve Stivers (R-OH-15)...... 12/13/2017 Ordered Reported (Amended) by
Mortgage Licensing Act the Committee by record vote
of 2008 to provide a 60-0.
temporary license for
loan originators
transitioning between
employers, and for
other purposes..
........................ ........... ............................. 2/13/2018 Reported by the Committee, H.
Report 115-552.
........................ ........... ............................. ........... For further action see H.R.
3978.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 2954............................. Home Mortgage Disclosure 6/20/2017 Tom Emmer (R-MN-6)........... 10/12/2017 Ordered Reported (Amended) by
Adjustment Act. the Committee by record vote
36-24.
........................ ........... ............................. 1/8/2018 Reported (Amended) by the
Committee, H. Report 115-
485.
........................ ........... ............................. 1/18/2018 Passed in the House by record
vote 243-184.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 3072............................. Bureau of Consumer 6/27/2017 William Lacy Clay (D-MO-1)... 10/12/2017 Ordered Reported by the
Financial Protection Committee by record vote 39-
Examination and 21.
Reporting Threshold Act
of 2017.
........................ ........... ............................. 11/21/2017 Reported by the Committee, H.
Report 115-420.6602
H.R. 3093............................. Investor Clarity and 6/28/2017 Michael E. Capuano (D-MA-7).. 11/14/2017 Ordered Reported by the
Bank Parity Act. Committee by voice vote.
........................ ........... ............................. 11/28/2017 Reported by the Committee, H.
Report 115-426.
........................ ........... ............................. 12/11/2017 Passed in the House under
suspension by voice vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 3110............................. Financial Stability 6/29/2017 Randy Hultgren (R-IL-14)..... 7/25/2017 Ordered Reported by the
Oversight Council Committee by record vote 60-
Insurance Member 0.
Continuity Act.
........................ ........... ............................. 9/5/2017 Reported by the Committee, H.
Report 115-293.
........................ ........... ............................. 9/5/2017 Passed in the House under
suspension by record vote
407-1.
........................ ........... ............................. 9/19/2017 Passed in the Senate without
amendment by Unanimous
Consent.
........................ ........... ............................. 9/27/2017 Signed by the President and
became PL 115-61.
H.R. 3179............................. Transparency and 7/11/2017 Trey Hollingsworth (R-IN-9).. 12/13/2017 Ordered Reported by the
Accountability for Committee by record vote 34-
Business Standards Act. 26.
........................ ........... ............................. 4/5/2018 Reported by the Committee, H.
Report 115-620.
H.R. 3221............................. Securing Access to 7/13/2017 David Kustoff (R-TN-8)....... 11/15/2017 Ordered Reported by the
Affordable Mortgages Committee by record vote 32-
Act. 26.
........................ ........... ............................. 3/8/2018 Reported by the Committee, H.
Report 115-590.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 3299............................. Protecting Consumers' 7/19/2017 Patrick T. McHenry (R-NC-10). 11/15/2017 Ordered Reported by the
Access to Credit Act of Committee by record vote 42-
2017. 17.
........................ ........... ............................. 1/30/2018 Reported by the Committee, H.
Report 115-538.
........................ ........... ............................. 2/14/2018 Passed in the House by record
vote 245-171.
H.R. 3312............................. Systemic Risk 7/19/2017 Blaine Luetkemeyer (R-MO-3).. 10/12/2017 Ordered Reported (Amended) by
Designation Improvement the Committee by record vote
Act of 2017. 47-12.
........................ ........... ............................. 11/28/2017 Reported (Amended) by the
Committee, H. Report 115-
423.
........................ ........... ............................. 12/19/2017 Passed in the House by record
vote 288-130.
H.R. 3326............................. World Bank 7/20/2017 Andy Barr (R-KY-6)........... 7/25/2017 Ordered Reported (Amended) by
Accountability Act of the Committee by record vote
2017. 60-0.
........................ ........... ............................. 9/7/2017 Reported (Amended) by the
Committee, H. Report 115-
298.
........................ ........... ............................. 1/17/2018 Passed in the House (Amended)
by record vote 237-184.
H.R. 3329............................. Hizballah International 7/20/2017 Edward R. Royce (R-CA-39).... 10/24/2017 Committee Discharged.
Financing Prevention
Amendments Act of 2017.
........................ ........... ............................. 10/25/2017 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 3364............................. Countering America's 7/24/2017 Edward R. Royce (R-CA-39).... 7/25/2017 Passed in the House under
Adversaries Through suspension by record vote
Sanctions Act. 419-3.
........................ ........... ............................. 7/27/2017 Passed in the Senate without
amendment by record vote 98-
2.
........................ ........... ............................. 8/2/2017 Signed by the President and
became PL 115-44.
H.R. 3555............................. Exchange Regulatory 7/28/2017 Barry Loudermilk (R-GA-11)... 7/11/2018 Ordered Reported (Amended) by
Improvement Act. the Committee by voice vote.
........................ ........... ............................. 8/3/2018 Reported (Amended) by the
Committee, H. Report 115-
883.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 3626............................. Bank Service Company 7/28/2017 Roger Williams (R-TX-25)..... 7/24/2018 Ordered Reported (Amended) by
Examination the Committee by record vote
Coordination Act of 56-0.
2017.
........................ ........... ............................. 11/2/2018 Reported (Amended) by the
Committee, H. Report 115-
1007.
H.R. 3746............................. Business of Insurance 9/12/2017 Sean P. Duffy (R-WI-7)....... 1/18/2018 Ordered Reported by the
Regulatory Reform Act Committee by record vote 37-
of 2017. 18.
........................ ........... ............................. 5/10/2018 Reported by the Committee, H.
Report 115-668.
H.R. 3758............................. Senior Safe Act of 2017. 9/13/2017 Kyrsten Sinema (D-AZ-9)...... 10/12/2017 Ordered Reported by the
Committee by record vote 60-
0.
........................ ........... ............................. 11/28/2017 Reported by the Committee, H.
Report 115-424.
........................ ........... ............................. ........... For further action see H.R.
2255.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 3823............................. Disaster Tax Relief and 9/25/2017 Kevin Brady (R-TX-8)......... ........... Not considered in Committee.
Airport and Airway
Extension Act of 2017.
........................ ........... ............................. 9/25/2017 Considered under suspension
of the rules; Motion failed
by record vote (2/3
required) 245-171.
........................ ........... ............................. 9/28/2017 Passed in the House by record
vote 264-155.
........................ ........... ............................. 9/28/2017 Passed in the Senate with an
amendment by voice vote.
........................ ........... ............................. 9/28/2017 House agreed to Senate
amendment by Unanimous
Consent.
........................ ........... ............................. 9/29/2017 Signed by the President and
became PL 115-63.
H.R. 3834............................. 9/11 Heroes Medal of 9/26/2017 Joseph Crowley (D-NY-14)..... ........... Not considered in Committee.
Valor Act of 2017.
........................ ........... ............................. 9/26/2018 Passed in the House under
suspension by voice vote.
........................ ........... ............................. 10/11/2018 Passed Senate without
amendment by Unanimous
Consent.
........................ ........... ............................. 11/3/2018 Signed by the President and
became PL 115-276.6602
H.R. 3857............................. Protecting Advice for 9/27/2017 Ann Wagner (R-MO-2).......... 10/12/2017 Ordered Reported by the
Small Savers Act of Committee by record vote 34-
2017. 26.
........................ ........... ............................. 8/10/2018 Reported by the Committee, H.
Report 115-894 Part 1.
H.R. 3861............................. Federal Insurance Office 9/28/2017 Sean P. Duffy (R-WI-7)....... 6/7/2018 Ordered Reported (Amended) by
Reform Act of 2017. the Committee by record vote
36-21.
........................ ........... ............................. 11/2/2018 Reported (Amended) by the
Committee, H. Report 115-
1008.
H.R. 3864............................. Native American Housing 9/28/2017 Stevan Pearce (R-NM-2)....... 12/13/2017 Ordered Reported (Amended) by
Assistance and Self- the Committee by record vote
Determination 37-22.
Reauthorization Act of
2017.
........................ ........... ............................. 3/8/2018 Reported (Amended) by the
Committee, H. Report 115-
591.
H.R. 3898............................. Impeding North Korea's 10/2/2017 Andy Barr (R-KY)............. 10/12/2017 Ordered Reported (Amended) by
Access to Finance Act the Committee by record vote
of 2017. 56-0.
........................ ........... ............................. 10/23/2017 Reported (Amended) by the
Committee, H. Report 115-
361.
........................ ........... ............................. 10/24/2017 Passed in the House (Amended)
under suspension by record
vote 415-2.
H.R. 3903............................. Encouraging Public 10/2/2017 Ted Budd (R-NC-13)........... 10/12/2017 Ordered Reported (Amended) by
Offerings Act of 2017. the Committee by record vote
60-0.
........................ ........... ............................. 10/31/2017 Reported (Amended) by the
Committee, H. Report 115-
374.
........................ ........... ............................. 11/1/2017 Passed in the House (Amended)
under suspension by record
vote 419-0.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 3911............................. Risk-Based Credit 10/2/2017 Ann Wagner (R-MO-2).......... 10/12/2017 Ordered Reported by the
Examination Act. Committee by record vote 60-
0.
........................ ........... ............................. 11/3/2017 Reported by the Committee, H.
Report 115-384.
........................ ........... ............................. 11/7/2017 Passed in the House under
suspension by record vote
389-32.
H.R. 3948............................. Protection of Source 10/4/2017 Sean P. Duffy (R-WI-7)....... 10/12/2017 Ordered Reported (Amended) by
Code Act. the Committee by record vote
46-14.
........................ ........... ............................. 2/8/2018 Reported (Amended) by the
Committee, H. Report 115-
549.
........................ ........... ............................. ........... For further action see H.R.
3978.
H.R. 3971............................. Community Institution 10/5/2017 Claudia Tenney (R-NY-22)..... 10/12/2017 Ordered Reported by the
Mortgage Relief Act of Committee by record vote 41-
2017. 19.
........................ ........... ............................. 11/30/2017 Reported by the Committee, H.
Report 115-432.
........................ ........... ............................. 12/12/2017 Passed in the House (Amended)
by record vote 294-129.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 3972............................. Family Office Technical 10/5/2017 Carolyn B. Maloney (D-NY-12). 10/12/2017 Ordered Reported (Amended) by
Correction Act of 2017. the Committee by record vote
60-0.
........................ ........... ............................. 10/23/2017 Reported (Amended) by the
Committee, H. Report 115-
362.
........................ ........... ............................. 10/24/2017 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 3973............................. Market Data Protection 10/5/2017 Warren Davidson (R-OH-8)..... 10/12/2017 Ordered Reported by the
Act of 2017. Committee by record vote 59-
1.
........................ ........... ............................. 11/9/2017 Reported by the Committee, H.
Report 115-405.
........................ ........... ............................. 11/13/2017 Passed in the House under
suspension by voice vote.
H.R. 3978............................. TRID Improvement Act of 10/5/2017 J. French Hill (R-AR-2)...... 1/15/2017 Ordered Reported by the
2017. Committee by record vote 53-
5.
........................ ........... ............................. 1/25/2018 Reported by the Committee, H.
Report 115-524.
........................ ........... ............................. 2/14/2018 Passed in the House (Amended)
by record vote 271-145.
H.R. 4015............................. Corporate Governance 10/11/2017 Sean P. Duffy (R-WI-7)....... 11/15/2017 Ordered Reported by the
Reform and Transparency Committee by record vote 40-
Act of 2017. 20.
........................ ........... ............................. 12/7/2017 Reported by the Committee, H.
Report 115-451.
........................ ........... ............................. 12/20/2017 Passed in the House by record
vote 238-182.
H.R. 4028............................. Promoting Responsible 10/12/2017 Patrick T. McHenry (R-NC-10). ........... Not considered in Committee.
Oversight of
Transactions and
Examinations of Credit
Technology Act of 2017.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 4061............................. Financial Stability 10/12/2017 Dennis A. Ross (R-FL-15)..... 1/18/2018 Ordered Reported by the
Oversight Council Committee by record vote 45-
Improvement Act of 2017. 10.
........................ ........... ............................. 3/9/2018 Reported by the Committee, H.
Report 115-592.
........................ ........... ............................. 4/11/2018 Passed in the House (Amended)
by record vote 297-121.
H.R. 4247............................. Restoring Financial 11/3/2017 Ted Budd (R-NC-13)........... 11/15/2017 Ordered Reported by the
Market Freedom Act of Committee by record vote 33-
2017. 25.
H.R. 4248............................. To amend the Securities 11/3/2017 Bill Huizenga (R-MI-2)....... 11/15/2017 Ordered Reported by the
Exchange Act of 1934 to Committee by record vote 32-
repeal certain 27.
disclosure requirements
related to conflict
minerals, and for other
purposes..
........................ ........... ............................. 2/20/2018 Reported by the Committee, H.
Report 115-570.
H.R. 4258............................. Family Self-Sufficiency 11/6/2017 Sean P. Duffy (F-WI-7)....... 11/14/2017 Ordered Reported by the
Act. Committee by record vote 58-
0.
........................ ........... ............................. 12/13/2017 Reported by the Committee, H.
Report 115-464.
........................ ........... ............................. 1/17/2018 Passed in the House (Amended)
under suspension by record
vote 412-5.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.6602
H.R. 4263............................. Regulation A+ 11/7/2017 Thomas MacArthur (R-NJ-3).... 11/15/2017 Ordered Reported by the
Improvement Act of 2017. Committee by record vote 37-
23.
........................ ........... ............................. 2/2/2018 Reported by the Committee, H.
Report 115-544.
........................ ........... ............................. 3/15/2018 Passed in the House by record
vote 246-170.
H.R. 4267............................. Small Business Credit 11/7/2017 Steve Stivers (R-OH-15)...... 11/15/2017 Ordered Reported by the
Availability Act. Committee by record vote 58-
2.
........................ ........... ............................. 4/24/2018 Reported by the Committee, H.
Report 115-646.
........................ ........... ............................. ........... Incorporated into H.R. 1625,
the Consolidated
Appropriations Act, 2018.
H.R. 4270............................. Monetary Policy 11/7/2017 Andy Barr (R-KY-6)........... 11/14/2017 Ordered Reported by the
Transparency and Committee by record vote 33-
Accountability Act of 26.
2017.
........................ ........... ............................. 4/25/2018 Reported by the Committee, H.
Report 115-652.
H.R. 4278............................. Independence from Credit 11/7/2017 J. French Hill (R-AR-2)...... 11/14/2017 Ordered Reported by the
Policy Act of 2017. Committee by record vote 33-
26.
H.R. 4279............................. Expanding Investment 11/7/2017 Trey Hollingsworth (R-IN-9).. 11/15/2017 Ordered Reported (Amended) by
Opportunities Act. the Committee by record vote
58-2.
........................ ........... ............................. 1/16/2018 Reported (Amended) by the
Committee, H. Report 115-
517.
........................ ........... ............................. 1/17/2018 Passed in the House (Amended)
under suspension by 418-2.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 4281............................. Expanding Access to 11/7/2017 Ruben J. Kihuen (D-NV-4)..... 11/15/2017 Ordered Reported by the
Capital for Rural Job Committee by record vote 60-
Creators Act. 0.
........................ ........... ............................. 1/29/2018 Reported by the Committee, H.
Report 115-531.
........................ ........... ............................. ........... For further action see H.R.
2255.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 4289............................. To amend the Dodd-Frank 11/7/2017 Alexander X. Mooney (R-WV-2). 11/15/2017 Ordered Reported by the
Wall Street Reform and Committee by record vote 33-
Consumer Protection Act 25.
to repeal certain
disclosure requirements
related to coal and
mine safety..
........................ ........... ............................. 2/20/2018 Reported by the Committee, H.
Report 115-571.
H.R. 4292............................. Financial Institution 11/7/2017 Lee M. Zeldin (R-NY-1)....... 11/15/2017 Ordered Reported (Amended) by
Living Will Improvement the Committee by record vote
Act of 2017. 60-0.
........................ ........... ............................. 2/20/2018 Reported (Amended) by the
Committee, H. Report 115-
465.
........................ ........... ............................. 1/30/2018 Passed in the House (Amended)
under suspension by record
vote 414-0.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 4293............................. Stress Test Improvement 11/7/2017 Lee M. Zeldin (R-NY-1)....... 11/15/2017 Ordered Reported (Amended) by
Act of 2017. the Committee by record vote
38-21.
........................ ........... ............................. 3/13/2018 Reported (Amended) by the
Committee, H. Report 115-
593.
........................ ........... ............................. 4/11/2018 Passed in the House by record
vote 245-174.
H.R. 4294............................. Prevention of Private 11/8/2017 David Kustoff (R-TN-8)....... 11/15/2017 Ordered Reported by the
Information Committee by record vote 60-
Dissemination Act of 0.
2017.
........................ ........... ............................. 5/15/2018 Reported by the Committee, H.
Report 115-678 Part 1.
........................ ........... ............................. 6/26/2018 Passed in the House (Amended)
under suspension by record
vote 392-2.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 4296............................. To place requirements on 11/8/2017 Blaine Luetkemeyer (R-MO-3).. 11/15/2017 Ordered Reported by the
operational risk Committee by record vote 43-
capital requirements 17.
for banking
organizations
established by an
appropriate Federal
banking agency..
........................ ........... ............................. 2/23/2018 Reported by the Committee, H.
Report 115-574.
........................ ........... ............................. 2/27/2018 Passed in the House by record
vote 245-169.
H.R. 4302............................. Congressional 11/8/2017 Scott R. Tipton (R-CO-3)..... 11/14/2017 Ordered Reported by the
Accountability for Committee by record vote 34-
Emergency Lending 25.
Programs Act of 2017.
........................ ........... ............................. 11/6/2018 Reported by the Committee, H.
Report 115-1010 Part I.
H.R. 4324............................. Strengthening Oversight 11/9/2017 Roger Williams (R-TX-25)..... 11/14/2017 Ordered Reported by the
of Iran's Access to Committee by record vote 38-
Finance Act. 21.
........................ ........... ............................. 12/7/2017 Reported by the Committee, H.
Report 115-452.
........................ ........... ............................. 12/14/2017 Passed in the House (Amended)
by record vote 252-167.
H.R. 4464............................. Common Sense Credit 11/28/2017 Bill Posey (R-FL-8).......... 12/13/2017 Ordered Reported by the
Union Capital Relief Committee by record vote 33-
Act of 2017. 25.
........................ ........... ............................. 4/24/2018 Reported by the Committee, H.
Report 115-647.
H.R. 4519............................. To amend the Securities 12/1/2017 Bill Huizenga (R-MI-2)....... 12/13/2017 Ordered Reported by the
Exchange Act of 1934 to Committee by record vote 33-
repeal certain 27.
disclosure requirements
related to resource
extraction, and for
other purposes..
........................ ........... ............................. 1/9/2018 Reported by the Committee, H.
Report 115-500.
H.R. 4529............................. Accelerating Access to 12/1/2017 Ann Wagner (R-MO-2).......... 12/13/2017 Ordered Reported by the
Capital Act of 2017. Committee by record vote 34-
26.
........................ ........... ............................. 2/23/2018 Reported by the Committee, H.
Report 115-576.
H.R. 4537............................. International Insurance 12/4/2017 Sean P. Duffy (R-WI-7)....... 12/13/2017 Ordered Reported (Amended) by
Standards Act of 2017. the Committee by record vote
56-4.
........................ ........... ............................. 7/3/2018 Reported (Amended) by the
Committee, H. Report 115-
804, Part I.
........................ ........... ............................. 7/10/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S. 488, the
JOBS and Investor Confidence
Act of 2018.6602
H.R. 4545............................. Financial Institutions 12/4/2017 Scott R. Tipton (R-CO-3)..... 12/13/2017 Ordered Reported by the
Examination Fairness Committee by record vote 50-
Reform Act. 10.
........................ ........... ............................. 3/6/2018 Reported by the Committee, H.
Report 115-589.
........................ ........... ............................. 3/15/2018 Passed in the House by record
vote 283-133.
H.R. 4546............................. National Securities 12/5/2017 Edward R. Royce (R-CA-39).... 12/13/2017 Ordered Reported by the
Exchange Regulator Committee by record vote 46-
Parity Act. 14.
........................ ........... ............................. 1/25/2018 Reported by the Committee, H.
Report 115-525.
........................ ........... ............................. ........... For further action see H.R.
3978.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 4557............................. Reforming Disaster 12/5/2017 Ann Wagner (R-MO-2).......... 6/7/2018 Ordered Reported (Amended) by
Recovery Act of 2017. the Committee by record vote
53-3.
........................ ........... ............................. ........... Reported by the Committee, H.
Report 115-1107.
H.R. 4560............................. GSE Jumpstart 12/6/2017 J. French Hill (R-AR-2)...... 12/13/2017 Ordered Reported by the
Reauthorization Act of Committee by record vote 33-
2017. 27.
........................ ........... ............................. 4/24/2018 Reported by the Committee, H.
Report 115-648.
H.R. 4566............................. Alleviating Stress Test 12/6/2017 Bruce Poliquin (R-ME-2)...... 1/18/2018 Ordered Reported (Amended) by
Burdens to Help the Committee by record vote
Investors Act. 47-8.
........................ ........... ............................. 3/15/2018 Reported (Amended) by the
Committee, H. Report 115-
601.
........................ ........... ............................. 3/20/2018 Passed in the House (Amended)
by record vote 395-19.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 4607............................. Comprehensive Regulatory 12/11/2017 Barry Loudermilk (R-GA-11)... 1/18/2018 Ordered Reported by the
Review Act. Committee by record vote 38-
17.
........................ ........... ............................. 2/23/2018 Reported by the Committee, H.
Report 115-573.
........................ ........... ............................. 3/6/2018 Passed in the House by record
vote 264-143.
H.R. 4648............................. Home Mortgage Reporting 12/14/2017 Tom Emmer (R-MN-6)........... 1/9/2018 .............................
Relief Act of 2017.
H.R. 4659............................. To require the 12/14/2017 Blaine Luetkemeyer (R-MO-3).. 3/21/2018 Ordered Reported by the
appropriate Federal Committee by record vote 44-
banking agencies to 16.
recognize the exposure-
reducing nature of
client margin for
cleared derivatives.
........................ ........... ............................. 8/3/2018 Reported by the Committee, H.
Report 115-882.
H.R. 4681............................. No Assistance for Assad 12/19/2017 Eliot L. Engel (D-NY-16)..... ........... Not considered in Committee.
Act.
........................ ........... ............................. 4/24/2018 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 4725............................. Community Bank Reporting 12/21/2017 Randy Hultgren (R-IL-14)..... 1/18/2018 Ordered Reported by the
Relief Act. Committee by record vote 55-
0.
........................ ........... ............................. 2/23/2018 Reported by the Committee, H.
Report 115-577.
........................ ........... ............................. 3/6/2018 Passed in the House under
suspension by voice vote.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 4738............................. Mutual Fund Litigation 1/8/2018 Tom Emmer (R-MN-6)........... 1/18/2018 Ordered Reported by the
Reform Act. Committee by record vote 31-
25.
........................ ........... ............................. 5/7/2018 Reported by the Committee, H.
Report 115-662 Part I.
H.R. 4744............................. Iran Human Rights and 1/9/2018 Michael T. McCaul (R-TX-10).. 4/18/2018 Committee Discharged.
Hostage-Taking
Accountability Act.
........................ ........... ............................. 4/26/2018 Passed in the House (Amended)
under suspension by record
vote 410-2.
H.R. 4753............................. Federal Reserve 1/10/2018 Frank D. Lucas (R-OK-3)...... 9/13/2018 Ordered Reported (Amended) by
Supervision Testimony the Committee by record vote
Clarification Act. 49-0.
........................ ........... ............................. 9/26/2018 Reported (Amended) by the
Committee, H. Report 115-
980.
........................ ........... ............................. 9/26/2018 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 4758............................. FOMC Policy 1/10/2018 Claudia Tenney (R-NY-22)..... 9/13/2018 Ordered Reported by the
Responsibility Act. Committee by voice vote.
........................ ........... ............................. ........... Reported by the Committee, H.
Report 115-1078.
H.R. 4768............................. National Strategy for 1/11/2018 David Kustoff (R-TN-8)....... 1/18/2018 Ordered Reported (Amended) by
Combating the Financing the Committee by record vote
of Transnational 53-0.
Criminal Organizations
Act.
........................ ........... ............................. 2/13/2018 Reported (Amended) by the
Committee, H. Report 115-
553.
........................ ........... ............................. 3/6/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 4771............................. Small Bank Holding 1/11/2018 Mia B. Love (R-UT-4)......... 1/18/2018 Ordered Reported by the
Company Relief Act of Committee by record vote 41-
2018. 14.
........................ ........... ............................. 2/2/2018 Reported by the Committee, H.
Report 115-543.
........................ ........... ............................. 2/8/2018 Passed in the House (Amended)
by record vote 280-139.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 4785............................. American Customer 1/12/2018 Bill Huizenga (R-MI-2)....... 1/18/2018 Ordered Reported by the
Information Protection Committee by record vote 31-
Act. 25.
........................ ........... ............................. 5/7/2018 Reported by the Committee, H.
Report 115-663.6602
H.R. 4790............................. To amend the Volcker 1/12/2018 J. French Hill (R-AR-2)...... 3/21/2018 Ordered Reported (Amended) by
rule to give the Board the Committee by record vote
of Governors of the 50-10.
Federal Reserve System
sole rulemaking
authority, to exclude
community banks from
the requirements of the
Volcker rule, and for
other purposes..
........................ ........... ............................. 4/5/2018 Reported (Amended) by the
Committee, H. Report 115-621
........................ ........... ............................. 4/13/2018 Passed in the House (Amended)
by record vote 300-104.
H.R. 4792............................. Small Business Access to 1/12/2018 Nydia M. Velazquez (D-NY-7).. 1/18/2018 Ordered Reported by the
Capital After a Natural Committee by record vote 57-
Disaster Act. 0.
........................ ........... ............................. 1/29/2018 Reported by the Committee, H.
Report 115-529.
........................ ........... ............................. 1/29/2018 Passed in the House under
suspension by voice vote.
........................ ........... ............................. ........... Incorporated into H.R. 1625,
the Consolidated
Appropriations Act, 2018.
H.R. 4861............................. Ensuring Quality 1/19/2018 Trey Hollingsworth (R-IN-9).. 3/21/2018 Ordered Reported by the
Unbiased Access to Committee by record vote 34-
Loans Act of 2018. 26.
........................ ........... ............................. 8/3/2018 Reported by the Committee, H.
Report 115-890.
H.R. 5036............................. Financial Technology 2/15/2018 Ted Budd (R-NC-13)........... 7/24/2018 Ordered Reported (Amended) by
Protection Act. the Committee by record vote
57-0.
........................ ........... ............................. 9/26/2018 Reported (Amended) by the
Committee, H. Report 115-
984.
........................ ........... ............................. 9/26/2018 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 5051............................. Public Company 12/15/2018 Sean P. Duffy (R-WI-7).......
Registration Threshold
Act.
........................ ........... ............................. 3/21/2018 Ordered Reported by the
Committee by record vote 34-
26.
........................ ........... ............................. 8/3/2018 Reported by the Committee, H.
Report 115-888.
H.R. 5054............................. Small Company Disclosure 2/15/2018 David Kustoff (R-TN-8)....... 6/7/2018 Ordered Reported by the
Simplification Act of Committee by record vote 32-
2018. 23.
........................ ........... ............................. 12/21/2018 Reported by the Committee, H.
Report 115-1094.
H.R. 5059............................. State Insurance 2/15/2018 Keith J. Rothfus (R-PA-12)... 7/24/2018 Ordered Reported (Amended) by
Regulation Preservation the Committee by voice vote.
Act.
........................ ........... ............................. 9/12/2018 Reported (Amended) by the
Committee, H. Report 115-
937.
........................ ........... ............................. 9/12/2018 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 5076............................. Small Bank Exam Cycle 2/20/2018 Claudia Tenney (R-NY-22)..... 3/21/2018 Ordered Reported (Amended) by
Improvement Act of 2018. the Committee by record vote
60-0.
........................ ........... ............................. 4/26/2018 Reported by the Committee, H.
Report 115-657.
........................ ........... ............................. ........... Incorporated into S. 2155,
the Economic Growth,
Regulatory Relief, and
Consumer Protection Act.
H.R. 5078............................. TRID Improvement Act of 2/23/2018 J. French Hill (R-AR-2)...... ........... Not considered in Committee.
2018.
........................ ........... ............................. 2/27/2018 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 5082............................. Practice of Law 2/23/2018 Alexander X. Mooney (R-WV-2). 3/21/2018 Ordered Reported by the
Technical Clarification Committee by record vote 35-
Act of 2018. 25.
........................ ........... ............................. 8/7/2018 Reported by the Committee, H.
Report 115-892.
H.R. 5288............................. Common Sense Credit 3/14/2018 Bill Posey (R-FL-8).......... ........... Not considered in Committee.
Union Capital Relief
Act of 2018.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 5323............................. Derivatives Fairness Act 3/19/2018 Warren Davidson (R-OH-8)..... 3/21/2018 Ordered Reported by the
Committee by record vote 34-
26.
........................ ........... ............................. 8/7/2018 Reported (Amended) by the
Committee, H. Report 115-
893.
H.R. 5444............................. Taxpayer First Act...... 4/10/2018 Lynn Jenkins (R-KS-2)........ 4/13/2018 Committee Discharged.
........................ ........... ............................. 4/18/2018 Passed in the House by record
vote 414-0.
H.R. 5534............................. Give Useful Information 4/17/2018 Sean P. Duffy (R-WI-7)....... 9/13/2018 Ordered Reported (Amended) by
to Define Effective the Committee by record vote
Compliance Act''. 38-14.
........................ ........... ............................. 12/21/2018 Reported (Amended) by the
Committee, H. Report 115-
1095.
H.R. 5576............................. Cyber Deterrence and 4/18/2018 Ted S. Yoho (R-FL-3)......... ........... Not considered in Committee.
Response Act of 2018.
........................ ........... ............................. 9/5/2018 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 5735............................. Transitional Housing for 5/9/2018 Andy Barr (R-KY-6)........... 5/22/2018 Ordered Reported (Amended) by
Recovery in Viable the Committee by record vote
Environments 34-19.
Demonstration Program
Act.
........................ ........... ............................. 6/8/2018 Reported (Amended) by the
Committee, H. Report 115-
719.
........................ ........... ............................. 6/14/2018 Passed in the House (Amended)
by record vote 230-173.
H.R. 5749............................. Options Markets 5/10/2018 Randy Hultgren (R-IL-14)..... 6/14/2018 Ordered Reported (Amended) by
Stability Act. the Committee by record vote
54-0.
........................ ........... ............................. 7/10/2018 Reported (Amended) by the
Committee, H. Report 115-
810.
........................ ........... ............................. 7/10/2018 Passed in the House (Amended)
under suspension by record
vote 385-0.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 5756............................. To require the 5/10/2018 Sean P. Duffy (R-WI-7)....... 6/7/2018 Ordered Reported by the
Securities and Exchange Committee by record vote 34-
Commission to adjust 22.
certain resubmission
thresholds for
shareholder proposals..
........................ ........... ............................. 8/24/2018 Reported by the Committee, H.
Report 115-904.
H.R. 5783............................. Cooperate with Law 5/11/2018 French J. Hill (R-AR-2)...... 6/7/2018 Ordered Reported (Amended) by
Enforcement Agencies the Committee by record vote
and Watch Act of 2018. 55-0.
........................ ........... ............................. 6/25/2018 Reported by the Committee, H.
Report 115-780.
........................ ........... ............................. 6/25/2018 Passed in the House (Amended)
under suspension by record
vote 379-4.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.6602
H.R. 5793............................. Housing Choice Voucher 5/15/2018 Sean P. Duffy (R-WI-7)....... 5/22/2018 Ordered Reported by the
Mobility Demonstration Committee by record vote 53-
Act of 2018. 0.
........................ ........... ............................. 7/10/2018 Reported by the Committee, H.
Report 115-809.
........................ ........... ............................. 7/10/2018 Passed in the House under
suspension by record vote
368-19.
H.R. 5841............................. Foreign Investment Risk 5/16/2018 Robert Pittenger (R-NC-9).... 5/22/2018 Ordered Reported (Amended) by
Review Modernization the Committee by record vote
Act of 2018. 53-0.
........................ ........... ............................. 6/26/2018 Reported by the Committee, H.
Report 115-784 Part I.
........................ ........... ............................. 6/26/2018 Passed in the House (Amended)
under suspension by record
vote 400-2.
........................ ........... ............................. ........... Incorporated into H.R. 5515,
the John S. McCain National
Defense Authorization Act
for Fiscal Year 2019.
H.R. 5877............................. Main Street Growth Act.. 5/18/2018 Tom Emmer (R-MN-6)........... 6/7/2018 Ordered Reported (Amended) by
the Committee by record vote
56-0.
........................ ........... ............................. 7/10/2018 Reported by the Committee, H.
Report 115-807.
........................ ........... ............................. 7/10/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 5953............................. Building Up Independent 5/24/2018 Barry Loudermilk (R-GA-11)... 6/14/2018 Ordered Reported by the
Lives and Dreams Act. Committee by record vote 53-
0.
........................ ........... ............................. 7/10/2018 Reported by the Committee, H.
Report 115-806.
........................ ........... ............................. 7/10/2018 Passed in the House under
suspension by voice vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 5970............................. Modernizing Disclosures 5/24/2018 Ann Wagner (R-MO-2).......... 6/21/2018 Ordered Reported (Amended) by
for Investors Act. the Committee by record vote
56-0.
........................ ........... ............................. 7/10/2018 Reported (Amended) by the
Committee, H. Report 115-
811.
........................ ........... ............................. 7/10/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6021............................. Small Business Audit 6/6/2018 J. French Hill (R-AR-2)...... 9/13/2018 Ordered Reported (Amended) by
Correction Act of 2018. the Committee by record vote
36-16.
........................ ........... ............................. 12/12/2018 Reported by the Committee, H.
Report 115-1075.
H.R. 6035............................. Streamlining 6/7/2018 Ted Budd (R-NC-13)........... 6/14/2018 Ordered Reported by the
Communications for Committee by record vote 31-
Investors Act. 23.
........................ ........... ............................. 11/2/2018 Reported by the Committee, H.
Report 115-1009.
H.R. 6069............................. Fight Illicit Networks 6/12/2018 Juan Vargas (D-CA-51)........ 6/14/2018 Ordered Reported (Amended) by
and Detect Trafficking the Committee by record vote
Act. 53-0.
........................ ........... ............................. 6/25/2018 Reported (Amended) by the
Committee, H. Report 115-
781.
........................ ........... ............................. 6/25/2018 Passed in the House (Amended)
under suspension by voice
vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6130............................. Helping Startups 6/15/2018 Keith J. Rothfus (R-PA-12)... 6/21/2018 Ordered Reported by the
continue to Grow Act. Committee by record vote 32-
23.
........................ ........... ............................. 12/12/2018 Reported by the Committee, H.
Report 115-1076.
H.R. 6139............................. Improving Investment 6/19/2018 Bill Huizenga (R-MI-2)....... 6/21/2018 Ordered Reported by the
Research for Small and Committee by record vote 58-
Emerging Issuers Act. 0.
........................ ........... ............................. 7/10/2018 Reported by the Committee, H.
Report 115-808.
........................ ........... ............................. 7/10/2018 Passed in the House under
suspension by voice vote.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6158............................. Brokered Deposit 6/20/2018 Scott R. Tipton (R-CO-3)..... 9/13/2018 Ordered Reported by the
Affiliate-Subsidiary Committee by record vote 34-
Modernization Act of 17.
2018.
........................ ........... ............................. 12/21/2019 Reported by the Committee, H.
Report 115-1096.
H.R. 6177............................. Developing and 6/21/2018 Trey Hollingsworth (R-IN-9).. 7/11/2018 Ordered Reported (Amended) by
Empowering our Aspiring the Committee by voice vote.
Leaders Act.
........................ ........... ............................. 8/3/2018 Reported (Amended) by the
Committee, H. Report 115-
889.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6319............................. Expanding Investment in 7/10/2018 Randy Hultgren (R-IL-14)..... 7/11/2018 Ordered Reported by the
Small Businesses Act. Committee by voice vote.
........................ ........... ............................. 7/31/2018 Reported by the Committee, H.
Report 115-878.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6320............................. Promoting Transparent 7/10/2018 Maxine Waters (D-CA-34)...... 7/11/2018 Ordered Reported by the
Standards for Corporate Committee by voice vote.
Insiders Act.
........................ ........... ............................. 8/3/2018 Reported by the Committee, H.
Report 115-891.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6321............................. Investment Adviser 7/10/2018 Gwen Moore (D-WI-4).......... 7/11/2018 Ordered Reported by the
Regulatory Flexibility Committee by voice vote.
Improvement Act.
........................ ........... ............................. 8/3/2018 Reported by the Committee, H.
Report 115-884.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.6602
H.R. 6322............................. Enhancing Multi-Class 7/10/2018 Gregory W. Meeks (D-NY-5).... 7/11/2018 Ordered Reported (Amended) by
Stock Disclosures Act. the Committee by voice vote.
........................ ........... ............................. 7/31/2018 Reported (Amended) by the
Committee, H. Report 115-
879.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6323............................. National Senior Investor 7/10/2018 Josh Gottheimer (D-NJ-5)..... 7/11/2018 Ordered Reported (Amended) by
Initiative Act of 2018. the Committee by voice vote.
........................ ........... ............................. 8/3/2018 Reported (Amended) by the
Committee, H. Report 115-
886.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6324............................. Middle Market IPO 7/10/2018 James A. Himes (D-CT-4)...... 7/11/2018 Ordered Reported (Amended) by
Underwriting Cost Act. the Committee by voice vote.
........................ ........... ............................. 8/3/2018 Reported (Amended) by the
Committee, H. Report 115-
887.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6332............................. Improving Strategies to 7/11/2018 Scott R. Tipton (R-CO-3)..... 7/24/2018 Ordered Reported by the
Counter Weapons Committee by record vote 56-
Proliferation Act. 0.
........................ ........... ............................. 8/24/2018 Reported by the Committee, H.
Report 115-905.
........................ ........... ............................. 9/26/2018 Passed in the House under
suspension by voice vote.
H.R. 6380............................. Crowdfunding Amendments 7/16/2018 Patrick T. McHenry (R-NC-10). ........... Not considered in Committee.
Act.
........................ ........... ............................. ........... Incorporated into S 488, the
JOBS and Investor Confidence
Act of 2018.
H.R. 6411............................. FinCEN Improvement Act 7/17/2018 Ed Perlmutter (D-CO-7)....... ........... Not considered in Committee.
of 2018.
........................ ........... ............................. 9/12/2018 Passed in the House under
suspension by voice vote.
H.R. 6729............................. Empowering Financial 9/6/2018 Ann Wagner (R-MO-2).......... 9/13/2018 Ordered Reported by the
Institutions to Fight Committee by record vote 44-
Human Trafficking Act 5.
of 2018.
........................ ........... ............................. 9/26/2018 Reported by the Committee, H.
Report 115-981.
........................ ........... ............................. 9/26/2018 Passed in the House under
suspension by record vote
297-124.
H.R. 6737............................. Protect Affordable 9/27/2018 Lee M. Zeldin (R-NY-1)....... 9/13/2018 Ordered Reported by the
Mortgages for Veterans Committee by record vote 49-
Act of 2018. 0.
........................ ........... ............................. 9/26/2018 Reported by the Committee, H.
Report 115-983.
........................ ........... ............................. 9/26/2018 Passed in the House (Amended)
under suspension by voice
vote .
H.R. 6741............................. Federal Reserve Reform 9/7/2018 Andy Barr (R-KY-6)........... 9/13/2018 Ordered Reported (Amended) by
Act of 2018. the Committee by record vote
30-21.
........................ ........... ............................. 1/2/2019 Reported by the Committee, H.
Report 115-
H.R. 6743............................. Consumer Information 9/7/2018 Blaine Luetkemeyer (R-MO-3).. 9/13/2018 Ordered Reported (Amended) by
Notification the Committee by record vote
Requirement Act. 32-20.
........................ ........... ............................. 12/21/2018 Reported by the Committee, H.
Report 115-1097.
H.R. 6745............................. Access to Capital 9/7/2018 Sean P. Duffy (R-WI-7)....... 9/13/2018 Ordered Reported (Amended) by
Creates Economic the Committee by record vote
Strength and Supports 37-15.
Rural America Act.
........................ ........... ............................. 12/12/2018 Reported by the Committee, H.
Report 115-1077.
H. R. 6751............................ Banking Transparency for 9/7/2018 Mia B. Love (R-UT-4)......... 9/13/2018 Ordered Reported (Amended) by
Sanctioned Persons Act the Committee by record vote
of 2018. 48-0.
........................ ........... ............................. 9/26/2018 Reported (Amended) by the
Committee, H. Report 115-
982.
........................ ........... ............................. 9/26/2018 Passed in the House (Amended)
under suspension by voice
vote.
H.R. 6870............................. To rename the Stop 9/25/2018 Paul Toko (D-NY-20).......... 9/28/2018 Committee Discharged.
Trading on
Congressional Knowledge
Act of 2012 in honor of
Representative Louise
McIntosh Slaughter.
........................ ........... ............................. 9/28/2018 Passed in the House by
Unanimous Consent.
........................ ........... ............................. 10/11/2018 Passed in the Senate without
amendment by Unanimous
Consent.
........................ ........... ............................. 11/3/2018 Signed by the President and
became PL 115-277.
H.R. 7187............................. National Flood Insurance 11/29/2018 Thomas MacArthur (R-NJ-3).... ........... Not considered in Committee.
Program Further
Extension Act of 2018.
........................ ........... ............................. 11/29/2018 Passed in the House under
suspension by record vote
350-46.
........................ ........... ............................. 11/29/2018 Passed the Senate without
amendment by voice vote.
........................ ........... ............................. 12/1/2018 Signed by the President and
became PL 115-281.
H. Res. 442........................... Of inquiry directing the 7/13/2017 Maxine Waters (D-CA-43)...... 7/25/2017 Ordered Reported Unfavorably
Secretary of the by the Committee by record
Treasury to provide vote 34-26.
certain documents in
the Secretary's
possession to the House
of Representatives
relating to President
Trump's financial
connections to Russia,
certain illegal
financial schemes, and
related information.
........................ ........... ............................. 7/28/2017 Reported adversely by the
Committee, H. Report 115-
265.
H.J. Res. 41.......................... Providing for 1/30/2017 Bill Huizenga (R-MI-2)....... ........... Not considered in Committee.
congressional
disapproval under
chapter 8 of title 5,
United States Code, of
a rule submitted by the
Securities and Exchange
Commission relating to
``Disclosure of
Payments by Resource
Extraction Issuers''.
........................ ........... ............................. 2/1/2017 Passed in the House by record
vote 235-187.
........................ ........... ............................. 2/3/2017 Passed in the Senate without
amendment by record vote 52-
47.
........................ ........... ............................. 2/14/2017 Signed by the President and
became PL 115-4.
H. J. Res. 111........................ Providing for 7/20/2017 Keith J. Rothfus (R-PA-12)... ........... Not considered in Committee.
congressional
disapproval under
chapter 8 of title 5,
United States Code, of
the rule submitted by
Bureau of Consumer
Financial Protection
relating to
``Arbitration
Agreements''.
........................ ........... ............................. 7/25/2017 Passed in the House by record
vote 231-190.
........................ ........... ............................. 10/24/17 Passed the Senate 51-50.
........................ ........... ............................. 11/1/2017 Signed by the President and
became PL 115-74.6602
S. 327................................ Fair Access to 2/7/2017 Dean Heller (R-NV)........... 9/11/2017 Passed in the Senate with an
Investment Research Act amendment by Unanimous
of 2017. Consent.
........................ ........... ............................. 9/27/2017 Passed in the House under
suspension by voice vote.
........................ ........... ............................. 10/6/2017 Sign by the President became
PL 115-66.
S. 488................................ JOBS and Investor 3/1/2017 Pat Toomey (R-PA)............ ........... Not considered in Committee.
Confidence Act of 2018.
........................ ........... ............................. 9/11/2017 Passed in the Senate without
amendment by Unanimous
Consent.
........................ ........... ............................. 7/17/2018 Passed in the House (Amended)
under suspension by record
vote 406-4.
S. 1050 Chinese-American World 05/04/2017 Tammy Duckworth (D-IL)....... ........... Not considered in Committee.
War II Veteran
Congressional Gold
Medal Act.
........................ ........... ............................. 09/12/2018 Passed in the Senate with an
amendment by voice vote.
........................ ........... ............................. 12/12/2018 Passed in the House without
objection.
S. 1182............................... National Flood Insurance 5/18/2017 Todd C. Young (R-IN)......... ........... Not considered in Committee.
Program Extension Act
of 2018.
........................ ........... ............................. 8/3/2017 Passed in the Senate with an
amendment by voice vote.
........................ ........... ............................. 7/25/2018 Passed in the House (Amended)
under suspension by record
vote 366-52.
........................ ........... ............................. 7/31/2018 Senate agreed to House
amendments by Record Vote 86-
12.
........................ ........... ............................. 7/31/2018 Signed by the President and
became PL 115-225.
S. 1595............................... Hizballah International 7/20/2017 Marco Rubio (F-FL)........... ........... Not considered in Committee.
Financing Prevention
Amendments Act of 2018.
........................ ........... ............................. 10/5/2017 Passed in the Senate with an
amendment by Unanimous
Consent.
........................ ........... ............................. 9/25/2018 Passed in the House (Amended)
under suspension by Voice
Vote.
........................ ........... ............................. 10/11/2018 Senate agreed to House
amendment by Unanimous
Consent.
........................ ........... ............................. 10/25/2018 Signed by the President and
became PL 115-272.
S. 1616............................... Bob Dole Congressional 7/24/2017 Pat Roberts (R-KS)........... 8/3/2017 Passed in the Senate without
Gold Medal Act. amendment by voice vote.
........................ ........... ............................. 9/5/2017 Passed in the House under
suspension by voice vote.
........................ ........... ............................. 9/15/2017 Signed by the President and
became PL 115-60.
S. 2155............................... Economic Growth, 11/16/2017 Mike Crapo (R-ID)............ 3/14/2018 Passed in the Senate with an
Regulatory Relief, and amendment by record vote 67-
Consumer Protection Act. 31.
........................ ........... ............................. 5/22/2018 Passed in the House by record
vote 258-159.
........................ ........... ............................. 5/24/2018 Signed by the President and
became PL 115-174.
S. 2101............................... USS Indianapolis 11/08/2017 Joe Donnelly (D-IN).......... ........... Not considered in Committee.
Congressional Gold
Medal Act.
........................ ........... ............................. 08/01/2018 Passed in the Senate with
amendments by unanimous
consent.
........................ ........... ............................. 12/12/2018 Passed in the House without
objection.
S.J. Res. 57.......................... A joint resolution 3/22/2018 Jerry Moran (R-KS)........... 4/18/2018 Passed Senate without
providing for amendment by Record Vote 51-
congressional 47.
disapproval under
chapter 8 of title 5,
United States Code, of
the rule submitted by
Bureau of Consumer
Financial Protection
relating to ``Indirect
Auto Lending and
Compliance with the
Equal Credit
Opportunity Act''.
........................ ........... ............................. 5/8/2018 Passed in the House by Record
vote 234-175-1.
........................ ........... ............................. 5/21/2018 Signed by the President and
became PL 115-172.
--------------------------------------------------------------------------------------------------------------------------------------------------------
FULL COMMITTEE OVERSIGHT ACTIVITIES
The Dodd-Frank Act
On April 26 and 28, 2017, the Committee held a hearing
entitled, ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs'' to
consider a discussion draft of legislation H.R. __, the
Financial CHOICE Act of 2017. Witnesses on April 26 were: Mr.
Peter J. Wallison, Senior Fellow and Arthur F. Burn Fellow,
Financial Policy Studies, American Enterprise Institute; Dr.
Norbert J. Michel, Senior Research Fellow, Financial
Regulations and Monetary Policy, The Heritage Foundation; The
Honorable Michael S. Barr, Professor of Law, University of
Michigan Law School; Mr. Alex J. Pollock, Distinguished Senior
Fellow, The R Street Institute; Dr. Lisa D. Cook, Associate
Professor, Economics and International Relations, Michigan
State University; Ms. Hester Peirce, Director, Financial
Markets Working Group and Senior Research Fellow, Mercatus
Center, George Mason University and Mr. John Allison, Former
President and Chief Executive Officer, Cato Institute.
Witnesses on April 28 were: Senator Elizabeth Warren of
Massachusetts; Corey Klemmer, Corporate Research Analyst,
Office of Investment, ALF-CIO; Rev. Willie Gable, Pastor,
National Baptist Convention USA, Inc.; John C. Coffee Jr.,
Adolf A. Berle Professor of Law, Columbia University; Rob
Randhava, Senior Counsel, Leadership Conference on Civil and
Human Rights; Melanie Lubin, Maryland Securities Commissioner,
on behalf of the North American Securities Administrators
Association; Emily Liner, Senior Policy Advisor, Economic
Program, Third Way; Amanda Jackson, Organizing and Outreach
Manager, Americans for Financial Reform; Ken Bertsch, Executive
Director, Council of Institutional Investors; Sarah Edelman,
Director, Housing Policy, Center for American Progress; and
Rohit Chopra, Senior Fellow, Consumer Federation of America
(TTF)
Financial Stability Oversight Council
On February 6, 2018, the Committee held a hearing entitled,
``The Annual Report of the Financial Stability Oversight
Council.'' The sole witness was Treasury Secretary Steven
Mnuchin.
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 115th Congress to review the SEC's
rulemaking and initiatives, its enforcement of federal
securities laws, and the operations of its numerous divisions
and offices.
On October 4, 2017, the Committee held a hearing entitled,
``Examining the SEC's Agenda, Operations, and Budget.'' The
sole witness was The Honorable Jay Clayton, Chairman, U.S.
Securities and Exchange Commission.
On June 21, 2018, the Committee held a hearing entitled,
``Oversight of the U.S. Securities and Exchange Commission.''
The sole witness was The Honorable Jay Clayton, Chairman, U.S.
Securities and Exchange Commission.
Housing Finance Reform
The full committee held a hearing on October 3, 2017
entitled, ``Sustainable Housing Finance: An Update from the
Director of the Federal Housing Finance Agency.'' The Honorable
Melvin Watt, Director of the Federal Housing Finance Agency
(FHFA) was the sole witness. The purpose of the hearing was to
receive an update from FHFA on: (1) measures the FHFA has taken
as the conservator of Fannie Mae and Freddie Mac; (2) the
FHFA's current Strategic Plan for Fannie Mae and Freddie Mac;
(3) the current financial condition of Fannie Mae, Freddie Mac
and the Federal Home Loan Banks (FHLBs); (4) the current state
of private sector participation in the housing finance market;
(5) whether adequate steps are being taken to encourage
additional private capital in the market; (6) additional
actions the FHFA has taken as regulator of Fannie Mae, Freddie
Mac, and the FHLBs; and (7) the Director's views on housing
finance reform.
The full committee held a hearing on September 6, 2018
entitled, ``A Failure to Act: How a Decade without GSE Reform
Has Once Again Put Taxpayers at Risk.'' Witnesses were: Mr.
Edward J. DeMarco, President, Housing Policy Council; Dr.
Phillip L. Swagel, Professor, University of Maryland School of
Public Policy; Ms. Nikitra Bailey, Executive Vice President,
Center for Responsible Lending; and Mr. Edward J. Pinto, Co-
Director, Center on Housing Markets and Finance & Resident
Fellow, American Enterprise Institute. The hearing examined the
efficacy of the government's conservatorship and financial
bailout of the Government-Sponsored Enterprises over the last
decade, lessons learned from the role of Fannie Mae and Freddie
Mac in the lead up to the financial crisis, and the action of
Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency
since the beginning of conservatorship.
The full committee held a hearing on September 27, 2018
entitled, ``Oversight of the Federal Housing Finance Agency's
Role as Conservator and Regulator of the Government Sponsored
Enterprises.'' Witnesses were: Ms. Simone Grimes, Federal
Housing Finance Agency; The Honorable Laura Wertheimer,
Inspector General, Federal Housing Finance Agency; The
Honorable Melvin Watt, Director, Federal Housing Finance
Agency; Mr. Timothy Mayopoulos, Chief Executive Officer;
Federal National Mortgage Corporation; and Mr. Donald Layton,
Chief Executive Office, Federal Home Loan Mortgage Corporation.
The hearing examined complaints of sexual harassment,
retaliation and violations of federal laws, including the Equal
Pay Act, at the Federal Housing Finance Agency (FHFA). In
addition, the hearing examined the FHFA's performance as the
regulator and conservator of the Government-Sponsored
Enterprises, which include Fannie Mae, Freddie Mac and the
Federal Home Loan Banks.
The full committee held a hearing on December 19, 2018
entitled, ``A Legislative Proposal to Provide for a Sustainable
Housing Finance System: The Bipartisan Housing Finance Reform
Act of 2018.'' Witnesses were:
Department of Housing and Urban Development
The full committee held a hearing on October 12, 2017
entitled, ``The Future of Housing in America: Oversight of the
Department of Housing and Urban Development.'' The sole witness
was the Honorable Ben Carson, Secretary, U.S. Department of
Housing and Urban Development (HUD). The hearing examined HUD
and its vision for the future of federal housing policy. In
particular, the hearing review both HUD's successes and
challenges since its creation in 1965 and the effectiveness of
its programs to further its mission.
The full committee held a hearing on June 27, 2018
entitled, ``Oversight of the Department of Housing and Urban
Development.'' The Honorable Ben Carson, Secretary, U.S.
Department of Housing and Urban Development (HUD) was the sole
witness. The hearing examined HUD and its execution of federal
housing policy. In particular, the hearing reviewed both HUD's
successes and challengers since its creation in 1965 and the
effectiveness of its programs to further its mission.
Flood Insurance
The full committee held a hearing on June 7, 2017 entitled,
``Flood Insurance Reform: A Taxpayer's Perspective.'' Witnesses
were: Mr. Steve Ellis, Vice President, Taxpayers for Common
Sense; Mr. Josh Saks, Legislative Director, National Wildlife
Federation; Mr. R.J. Lehmann, Senior Fellow, R Street
Institute; Ms. Caitlin Berni, Vice President, Policy and
Communication Greater New Orleans, Inc.; and Ms. Rebecca Kagan
Sternhell, Deputy Director and General Counsel, New York City
Federal Affairs Office. The hearing examined the National Flood
Insurance Program (NFIP) and six legislative concepts to reform
the program.
Insurance, International Insurance Regulatory Standards & Federal
Insurance Office
The full committee held a hearing on April 26, 2017
entitled, ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs.''
Witnesses were: Mr. John Allison, Former President and Chief
Executive Officer, Cato Institute; Dr. Norbert J. Michel,
Senior Research Fellow, Financial Regulations and Monetary
Policy Institute for Economic Freedom and Opportunity, the
Heritage Foundation; Ms. Hester Peirce, Director of Financial
Markets Working Group and Senior Research Fellow, Mercatus
Center; Mr. Alex J. Pollock, Distinguished Senior Fellow, The R
Street Institute; and Mr. Peter J. Wallison, Senior Fellow and
Arthur F. Burn Fellow in Financial Policy Studies, American
Enterprise Institute. The hearing examined a discussion draft
of the ``Financial CHOICE Act of 2017,'' which the Committee
publicly released on April 19, 2017. Witnesses discussed
Section 1101 of the CHOICE Act, to repeal the Federal Insurance
Office and create the Office of the Independent Insurance
Advocate, and Section 1102, to provide reforms to the treatment
of covered agreements.
Cybersecurity
Cybersecurity is one of the most important policy issues
that need to be addressed in the financial sector. Because of
its critical importance, the financial services sector is a top
target for cyberattacks. On September 7, 2017, Equifax
announced that hackers had stolen personal identifying
information, including social security numbers, for
approximately 143 million U.S. Consumers. On October 5, 2017,
the Committee held a hearing entitled, ``Examining the Equifax
Data Breach.'' Former Chairman and CEO of Equifax Richard Smith
was the sole witness. On October 25, 2017, the Committee
continued the hearing with the following witnesses: Ms. Sara
Cable, Director, Data Privacy and Security, Assistant Attorney
General, Consumer Protection Division, Office of Attorney
General, Commonwealth of Massachusetts; Mr. Mike Litt, Consumer
Advocate, U.S. PIRG; Ms. Kathleen McGee, Chief, Bureau of
Internet and Technology, Division of Economic Justice, Office
of the New York State Attorney General; Ms. Laura M. Moy,
Deputy Director, Center on Privacy and Technology, Georgetown
University Law Center; and Ms. Chi Chi Wu, Staff Attorney,
National Consumer Law Center.
Bureau of Consumer Financial Protection
On April 5, 2017, the Committee held a hearing entitled,
``The 2016 Semi-Annual Reports of the Bureau of Consumer
Financial Protection. The sole witness was Bureau of Consumer
Financial Protection Director Richard Cordray.
On April 11, 2018, the Committee held a hearing entitled,
``The 2018 Semi-Annual Report of the Bureau of Consumer
Financial Protection. The sole witness was Bureau of Consumer
Financial Protection Acting Director Mick Mulvaney.
Financial Supervision
On April 17, 2018, and November 14, 2018, the Committee
held hearings 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. The sole witness
at both hearings was Federal Reserve Board of Governors Vice
Chairman for Supervision Randal Quarles.
On June 13, 2018, the Committee held a hearing entitled,
``Financial Industry Regulation: the Office of the Comptroller
of the Currency.'' The sole witness was Office of the
Comptroller of the Currency Comptroller Joseph Otting. The
hearing discussed prudential regulation and supervision of
national banks, including the efforts, activities, objectives,
and plans the OCC will undertake to fulfill its mission during
Comptroller Otting's tenure.
The International Financial System
On July 27, 2017, 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 Steven Mnuchin. 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 July 12, 2018, 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 Steven Mnuchin. The hearing examined
matters similar to those explored during the July 27, 2017
hearing.
Federal Reserve System
On February 15 and July 12, 2017, 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 Janet Yellen was the sole witness at the
February 27 and July 18, 2018 hearings, and Chairman Jerome
Powell was the sole witness at the February 27 and July 18,
2018 hearings.
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 April 26, 2017, the Committee held a hearing entitled,
``A legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs.'' The hearing examined
a discussion draft of the Financial CHOICE Act of 2017. On
April 26, 2018, Chairman Hensarling introduced the Financial
CHOICE Act of 2017 as H.R. 10.
On May 2, 2018, 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 34 to 26 (see H.
Rep. 115-153, Part 1). 32 provisions of the CHOICE Act were
included in S. 2155, the Economic Growth, Regulatory Relief,
and Consumer Protection Act, which was signed into law on May
24, 2018.
Letters
On February 23, 2017, Chairman Hensarling, Vice Chairman
McHenry, and Subcommittee Chairman Luetkemeyer, Huizenga,
Duffy, Barr, Wagner, and Pearce and twenty six additional
Majority members of the Financial Services Committee wrote to
former Federal Reserve Chair Yellen requesting the agency not
propose or adopt any new rules until the position of Vice
Chairman of Supervision had been confirmed by the United States
Senate.
The Federal Reserve System. On February 23, 2017, 34
Republican members of the Full Committee sent a letter to Chair
Yellen of the Board of Governors of the Federal Reserve System
urging the Chair to postpone any new rules until the U.S.
Senate confirmed a Vice Chairman for Supervision.
On March 10, 2017, Chairman Hensarling wrote to National
Credit Union Administration Director Mark McWaters regarding
the agency's responsibilities to Congress according to U.S.
House of Representatives Rule X.1(h).
On March 20, 2017, Chairman Hensarling wrote to former
Bureau of Financial Consumer Protection Director Richard
Cordray requesting the Director to provide information on his
speculative future with the agency.
On March 31, 2017, Chairman Hensarling wrote to former
Bureau of Financial Consumer Protection Director Richard
Cordray regarding the agency's responsibilities to Congress
according to U.S. House of Representatives Rule X.1(h).
On March 31, 2017, Chairman Hensarling wrote to former
Comptroller of the Currency Comptroller Thomas Curry regarding
the agency's responsibilities to Congress according to U.S.
House of Representatives Rule X.1(h).
On March 31, 2017, Chairman Hensarling wrote to former
Director Martin Gruenberg of the Federal Deposit Insurance
Corporation regarding the agency's responsibilities to Congress
according to U.S. House of Representatives Rule X.1(h).
On March 31, 2017, Chairman Hensarling wrote to former
Chair Janet Yellen of the Federal Reserve regarding the
agency's responsibilities to Congress according to U.S. House
of Representatives Rule X.1(h).
On April 3, 2017 Chairman Hensarling wrote to Treasury
Secretary Steve Mnuchin regarding the agency's responsibilities
to Congress according to U.S. House of Representatives Rule
X.1(h).
On July 28, 2017, Chairman Hensarling and Subcommittee
Chairman Steve Pearce wrote to former Comptroller of the
Currency Noreika requesting the agency to provide details for
supervision and examination of national banks that house
accounts for unlicensed foreign money services businesses.
On August 10, 2017, Chairman Hensarling and Subcommittee
Chairman Blaine Luetkemeyer with House Judiciary Committee
Chairman Bob Goodlatte and Subcommittee Chairman Tom Marino
wrote to former Federal Reserve Chair Janet Yellen, U.S.
Attorney General Jeff Sessions, and former Acting Comptroller
of the Currency Keith Noreika requesting that the agencies
issue formal public policy statements repudiating Operation
Choke Point.
On August 3, 2017, 38 members from the majority and
minority of the Full Committee, sent a letter to Chair Yellen
and other regulators, urging them to harmonize and streamline
disparate cybersecurity regulations for financial institutions.
On August 14, 2017, Chairman Hensarling, Subcommittee
Chairman Blaine Luetkemeyer, and Rep. French Hill wrote to
former Federal Reserve Chair Janet Yellen requesting the
agency's opinion if subjecting the Federal Deposit Insurance
Corporation and Federal Reserve to the annual congressional
appropriations process would require the agencies to assess new
fees on state chartered banks to fund supervisory and
examination costs.
On August 28, 2017, Chairman Hensarling wrote to former
Bureau of Financial Consumer Protection Director Richard
Cordray requesting that the agency disclose all records related
to the Payday, Vehicle Title, and Certain High-Cost Loans rule.
Additionally, the letter asks that Director Cordray
categorically deny that political ambitions played any role
regarding the timing and substance of the rule.
On September 7, 2017, Chairman Hensarling wrote to former
Bureau of Financial Consumer Protection Director Richard
Cordray requesting a briefing from the agency in conjunction
with other federal financial regulators regarding Wells Fargo &
Company mismanagement of its Collateral Protection Insurance
policies on auto loans.
On December 1, 2017, Chairman Hensarling wrote the Bureau
of Financial Consumer Protection Acting Director Mulvaney
requesting the agency review membership of the Bureau's four
advisory committee.
On December 1, 2017, Chairman Hensarling wrote to Bureau of
Financial Consumer Protection Acting Director Mulvaney
requesting the agency conduct and internal review according to
Executive Order 13771--Reducing Regulation and Controlling
Regulatory Costs, Executive Order 13777--Enforcing the
Regulatory Reform Agenda, Executive Order 13781--Comprehensive
Plan for Reorganizing the Executive Branch, Executive Order
12866--Regulatory Planning and Review, and Executive Order
13132--Federalism.
On December 1, 2017, Chairman Hensarling wrote to Bureau of
Financial Consumer Protection Acting Director Mulvaney
requesting the agency disclose all data used by the Bureau
relating to the final Payday Loans and Deposit Advance Products
rule.
On December 15, 2017, Chairman Hensarling wrote to Bureau
of Financial Consumer Protection Acting Director Mulvaney
requesting the agency revise its ``regulation by enforcement''
approach adopted by the previous Director. The letter also
requests that future rulemakings provide clear and transparent
guidance of the bureau's interpretation of the law.
On December 18, 2017, Chairman Hensarling wrote to Bureau
of Financial Consumer Protection Acting Director Mulvaney
requesting the agency disclose all data used by the Bureau
relating to the final Payday, Vehicle Title, and Certain High-
Cost Loans rule.
On February 22, 2018, Chairman Hensarling and Subcommittee
Chair Ann Wagner wrote to Bureau of Financial Consumer
Protection Acting Director Mulvaney requesting the agency
provide a staff briefing regarding the renovating building
headquarter of the Bureau.
On February 27, 2018, Chairman Hensarling and Subcommittee
Chair Wagner with Oversight and Government Reform Chairman
Chaffetz and Subcommittee Chairman Jordan wrote to the former
Bureau of Consumer Financial Protection Director Cordray
requesting information to ensure the Mr. Cordray was in
compliance with the Freedom of Information Act (FOIA).
On September 12, 2018, Chairman Hensarling, Ranking Member
Waters, Monetary Policy and Trade Subcommittee Chair Barr, and
Monetary Policy and Trade Subcommittee Ranking Member Moore
wrote to Secretary Mnuchin calling for tailored rulemaking by
the Committee on Foreign Investment in the United States in its
implementation of the Foreign Investment Risk Review
Modernization Act of 2018.
On October 24, 2018, Chairman Hensarling sent a letter to
Acting President and Chairman Jeffrey Gerrish requesting an
update on the Ex-Im Bank's work to combat fraud and implement
Inspector General recommendations on the Bank's risk management
and contracting procedures.
On October 25, 2018, Chairman Hensarling and Ranking Member
Waters sent a letter to the President supporting a
determination of sanctionable activities with respect to the
murder of Saudi journalist Jamal Khashoggi and possible Saudi
human rights abuses in Yemen.
On November 6, 2018, Chairman Hensarling sent a letter to
the Municipal Securities Rulemaking Board (MSRB) requesting an
update on the MSRB's operations, initiatives, and activities,
including the status of the MSRB's initiatives regarding market
data, the incorporation of stakeholder feedback, and the review
of its rules to ensure they are efficient, clear, and reflect
the market of today.
On November 6, 2018, Chairman Hensarling sent a letter to
the Public Company Accounting Oversight Board (PCAOB)
requesting an update on the PCAOB's operations, initiatives,
and activities, including the status of the PCAOB's Interim
Program of Inspection Related to Audits of Brokers and Dealers
and efforts to ensure that PCAOB standards and rules are
appropriately tailored to the nature of the registered entity
rather than one-size-fits all.
On November 6, 2018, Chairman Hensarling also sent a letter
to the Financial Accounting Standards Board (FASB) requesting
an update on FASB's operations, initiatives, and activities,
including the status of any efforts by FASB to achieve robust,
uniform international accounting standards.
On November 6, 2018, Chairman Hensarling sent a letter to
the Securities Investor Protection Corporation (SIPC)
requesting an update on SIPC's operations, initiatives, and
activities, as well as SIPC's assessment of the effectiveness
of coordination between SIPC and the self-regulatory
organizations and the SEC.
Full Committee Hearings
------------------------------------------------------------------------
Serial No. Title & Subcommittee Date(s)
------------------------------------------------------------------------
115-1......................... ``Monetary Policy and February 15,
the State of the 2017
Economy''.
115-15........................ ``The 2016 Semi-Annual April 5, 2017
Reports of the Bureau
of Consumer Financial
Protection''.
115-17........................ ``A Legislative April 26, 2017
Proposal to Create
Hope and Opportunity
for Investors,
Consumers, and
Entrepreneurs''.
115-19........................ ``A Legislative April 28, 2017
Proposal to Create
Hope and Opportunity
for Investors,
Consumers, and
Entrepreneurs--Day
2''.
115-21........................ ``Flood Insurance June 7, 2017
Reform: A Taxpayer's
Perspective''.
115-27........................ ``Monetary Policy and July 12, 2017
the State of the
Economy''.
115-36........................ ``The Annual Testimony July 27, 2017
of the Secretary of
the Treasury on the
State of the
International
Financial System''.
115-44........................ ``Sustainable Housing October 3, 2017
Finance: An Update
from the Director of
the Federal Housing
Finance Agency''.
115-45........................ ``Examining the SEC's October 4, 2017
Agenda, Operations,
and Budget''.
115-46........................ ``Examining the October 5, 2017
Equifax Data Breach''.
115-47........................ ``The Future of October 12, 2017
Housing in America:
Oversight of the
Department of Housing
and Urban
Development''.
115-50........................ Continuation of October 25, 2017
Hearing entitled
``Examining the
Equifax Data Breach''.
115-72........................ ``The Annual Report of February 6, 2018
the Financial
Stability Oversight
Council''.
115-76........................ ``Monetary Policy and February 27,
the State of the 2018
Economy''.
115-83........................ ``The 2018 Semi-Annual April 11, 2018
Report of the Bureau
of Consumer Financial
Protection''.
115-86........................ ``Semi-Annual April 17, 2018
Testimony on the
Federal Reserve's
Supervision and
Regulation of the
Financial System''.
115-99........................ ``Financial Industry June 13, 2018
Regulation: the
Office of the
Comptroller of the
Currency''.
115-101....................... ``Empowering a Pro- June 20, 2018
Growth Economy by
Cutting Taxes and
Regulatory Red Tape''.
115-103....................... ``Oversight of the June 21, 2018
U.S. Securities and
Exchange Commission''.
115-106....................... ``Oversight of the June 27, 2018
Department of Housing
and Urban
Development''.
115-107....................... ``The Annual Testimony July 12, 2018
of the Secretary of
the Treasury on the
State of the
International
Financial System''.
115-110....................... ``Monetary Policy and July 18, 2018
the State of the
Economy''.
115-115....................... ``A Failure to Act: September 6,
How a Decade without 2018
GSE Reform Has Once
Again Put Taxpayers
at Risk''.
115-120....................... ``Oversight of the September 27,
Federal Housing 2018
Finance Agency's role
as conservator and
regulator of the
Government Sponsored
Enterprises''.
115-122....................... ``Semi-Annual November 14,
Testimony on the 2018
Federal Reserve's
Supervision and
Regulation of the
Financial System''.
115-125....................... ``The Peril of an December 20,
Ignored National 2018
Debt''.
115-126....................... ``A Legislative December 21,
Proposal to Provide 2018
for a Sustainable
Housing Finance
System: The
Bipartisan Housing
Finance Reform Act of
2018''.
------------------------------------------------------------------------
Subcommittee on Capital Markets and Government Sponsored Enterprises
(Ratio: 17-13)
BILL HUIZENGA, MI, Chairman
CAROLYN B. MALONEY, NY [RM] RANDY HULTGREN, IL [V Chair]
BRAD SHERMAN, CA PETER T. KING, NY
STEPHEN F. LYNCH, MA PATRICK T. McHENRY, NC
DAVID SCOTT, GA SEAN P. DUFFY, WI
JAMES A. HIMES, CT STEVE STIVERS, OH
KEITH ELLISON, MN ANN WAGNER, MO
BILL FOSTER, IL LUKE MESSER, IN
GREGORY W. MEEKS, NY BRUCE POLIQUIN, ME
KYRSTEN SINEMA, AZ FRENCH HILL, AR
JUAN VARGAS, CA TOM EMMER, MN
JOSH GOTTHEIMER, NJ ALEXANDER X. MOONEY, WV
VICENTE GONZALEZ, TX THOMAS MacARTHUR, NJ
MAXINE WATERS, CA [Ex Officio] WARREN DAVIDSON, OH
TED BUDD, NC
TREY HOLLINGSWORTH, IN
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
SEC REGULATORY ACCOUNTABILITY ACT
H.R. 78
Summary
The SEC Regulatory Accountability Act replaces guidance
adopted by the SEC in 2012 with enhanced economic analysis
requirements and regulatory review requirements consistent with
President Obama's Executive Order 13579. Specifically, it
requires the SEC to, in detail when promulgating a new rule:
(1) identify the nature and source of the problem the
regulation is meant to address; (2) utilize the Chief Economist
to assess its costs and benefits to ensure the benefits justify
the costs; (3) identify and assess available alternatives; and
(4) ensure that any regulations is assessable, consistent, and
written in plain language. Further, it requires the SEC to
engage in a retrospective review of its regulations every five
years and post-adoption impact assessments of major rules.
Legislative History
Representative Wagner introduced the SEC Regulatory
Accountability Act on January 3, 2017. The Committee on
Financial Services held no hearings examining matters related
to H.R. 78. On January 12, 2017, H.R. 78 passed the House by a
vote of 243 to 184. On January 17, 2017, the Senate referred
the bill to the Committee on Banking, Housing, and Urban
Affairs.
HALOS ACT
H.R. 79
Summary
The Helping Angels Lead Our Startups (HALOS) Act amends
rules under the Securities Act of 1933 to define an ``angel
investor group'' and to clarify the definition of general
solicitation to ensure that startup enterprises are able to
continue to ``demo'' their business at certain events even when
there is no specific investment offering. Specifically, H.R. 79
defines an ``angel investor group'' and clarifies that the
Securities Act's general solicitation limitations for exempt
securities offerings do not apply to a presentation,
communication, or event made 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
Representative Chabot introduced the Helping Angels Lead
Our Startups (HALOS) Act on January 3, 2017. The Committee on
Financial Services held no hearings examining matters related
to H.R. 79. On January 10, 2017, H.R. 79 passed the House by a
vote of 344 to 73. On March 3, 2017, Senate companion bill, S.
588, was introduced. Language similar to H.R. 79 was included
in S. 488, as amended by the House, the ``JOBS and Investor
Confidence Act of 2018'', which passed the House on July 18,
2018, on suspension by a vote of 406 to 4.
SMALL BUSINESS MERGERS, ACQUISITIONS, SALES, AND BROKERAGE
SIMPLIFICATION ACT OF 2017
H.R. 477
Summary
The Small Business Mergers, Acquisitions, Sales, and
Brokerage Simplification Act of 2017 amends Section 15(b) of
the Securities Exchange Act of 1934 to create a simplified
federal registration system for brokers known as merger and
acquisition brokers that perform services in connection with
the transfer of ownership of smaller privately held companies.
Legislative History
Representative Huizenga introduced The Small Business
Mergers, Acquisitions, Sales, and Brokerage Simplification Act
of 2017 on January 22, 2017. On April 26 and 28, 2017, the
Committee held a hearing entitled, ``A Legislative Proposal to
Create Hope and Opportunity for Investors,'' which examined a
discussion draft of the ``Financial CHOICE Act of 2017'', which
included the bill. The witnesses who testified were the same as
previously noted.
On October 11 and 12, 2017, the Committee on Financial
Services met in open session and ordered H.R. 477 to be
reported favorably to the House without amendment by a recorded
vote of 37 to 23 (see H. Rep. 115-431).
On December 6, 2017, Rules Committee Resolution H. Res. 647
provided for consideration of H.R. 477 under a closed rule. On
December 7, 2018, Representative Sherman offered an amendment,
H. Amdt. 495, to provide additional protections for investors
and small businesses, which passed by voice vote. On December
7, 2017, the bill as amended passed the House 426 to 0.
Additionally, H.R. 477 was included in S. 488, as amended by
the House, the ``JOBS and Investor Confidence Act of 2018'',
which passed the House on July 18, 2018, on suspension by a
vote of 406 to 4.
FAIR ACCESS TO INVESTMENT RESEARCH ACT OF 2017
H.R. 910
Summary
The Fair Access to Investment Research Act fixes a problem
that the SEC has known about since 2001, which inhibits the
free flow of investment research. The bill directs the SEC to
revise its regulations to create a safe harbor for certain
publications or distributions of research reports by brokers or
dealers distributing securities, such as Exchange Traded Funds
(ETFs). The revised regulation shall declare that the
investment funds research report shall not be deemed to
constitute an offer for sale nor an offer to sell a security
that is the subject of the offering pursuant to a registration
statement that the issuer proposes to file, or has filed, or
that is effective. The covered investment fund research report
would satisfy the regulation's requirements as well as those of
any self-regulatory organization. The bill prohibits the SEC
from imposing specified conditions and requirements when
implementing the safe harbor.
Legislative History
Representative Hill introduced H.R. 910 on February 7,
2017. The Committee on Financial Services held no hearings
examining matters related to H.R. 910 in the 115th Congress.
On March 9, 2017, the Committee on Financial Services met
in open session and ordered H.R. 910 to be reported favorably
to the House as amended by a recorded vote of 56 to 2. An
amendment offered by Representative Hill was agreed to by voice
vote. (see H. Rep. 115-102).
On May 1, 2017, H.R. 910 passed the House on suspension, as
amended by a vote of 402 to 2. On May 2, 2017, the Senate
received the bill and referred it to the Committee on Banking,
Housing, and Urban Affairs. Companion bill, S. 237, was passed
by the Senate on September 11, 2017, and it was passed by the
House on suspension of the rules by voice vote on September 27,
2017. It was signed into law on October 6, 2017 (P.L. 115-66).
SUPPORTING AMERICA'S INNOVATORS ACT OF 2017
H.R. 1219
Summary
The Supporting America's Innovators Act of 2017 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 U.S. Securities and
Exchange Commission (SEC) under the Investment Company Act of
1940 (Investment Company Act). Section 3(c)(1) of the
Investment Company Act sets forth exemptions from the
definition of ``investment company.'' Currently, the Investment
Company Act limits the number of investors in a fund to 100 for
the fund to be exempt from SEC registration. H.R. 1219 amends
this cap to allow 250 investors in a ``qualified venture
capital fund'' to be exempt from SEC registration. H.R. 1219
generally defines a ``qualifying venture capital fund'' to be
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. 1219 would 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. As a result, investors will
benefit from new investment opportunities that otherwise they
would not have access to, while providing critical funding to
startups to enable them to grow and succeed.
Legislative History
Representative McHenry introduced the Supporting America's
Innovators Act of 2017 on February 27, 2017. On March 9, 2017,
the Committee on Financial Services met in open session and
ordered H.R. 1219 to be reported favorably to the House without
amendment by a recorded vote of 54 to 2 (see H. Rep. 117-70).
On April 5, 2017, Rule H. Res. 242 was offered which provided
for consideration of H.R. 1219 to amend the Investment Company
Act of 1940 to expand the investor limitation for qualifying
venture capital funds under an exemption from the definition of
an investment company, and providing for proceedings during the
period from April 7, 2017, through April 24, 2017. On April 6,
2017, the House passed H.R. 1219 by a vote of 417 to 3. On
April 6, 2017, the Senate received H.R. 1219 and referred it to
the Committee on Banking, Housing, and Urban Affairs.
Additionally, on April 26 and 28, 2017, the Committee on
Financial Services held a hearing entitled ``A Legislative
Proposal to Create Hope and Opportunities for Investors,
Consumers, and Entrepreneurs,'' which examined a discussion
draft of the ``Financial CHOICE Act of 2017,'' which included
the bill. Witnesses on April 26 were Mr. John Allison, Former
President and Chief Executive Officer, Cato Institute; Dr.
Norbert J. Michel, Senior Research Fellow, Financial
Regulations and Monetary Policy Institute for Economic Freedom
and Opportunity, the Heritage Foundation; Ms. Hester Peirce,
Director of Financial Markets Working Group and Senior Research
Fellow, Mercatus Center; Mr. Alex Pollock, Distinguished Senior
Fellow, the R Street Institute; Mr. Peter Wallison, Senior
Fellow and Arthur F. Burn, Fellow in Financial Policy Studies,
American Enterprise Institute. The witnesses who testified on
April 28 were Senator Elizabeth Warren; Mr. Corey Klemmer,
Corporate Research Analyst Office of Investment, AFL-CIO; Rev.
Willie Gable, Pastor, National Baptist Convention USA, Inc.;
Mr. John Coffee Jr., Adolf A. Berle Professor of Law, Columbia
University; Mr. Rob Randhava, Senior Counsel, Leadership
Conference on Civil and Human Rights; Ms. Melanie Lubin,
Maryland Securities Commissioner, North American Securities
Administrators Association; Ms. Emily Liner, Senior Policy
Advisor, Economic Program, Third Way; Ms. Amanda Jackson,
Organizing and Outreach Manager, Americans for Financial
Reform; Ken Bertsch, Executive Director, Council of
Institutional Investors; Ms. Sarah Edelman, Director, Housing
Policy, Center for American Progress; Mr. Rohit Chopra, Senior
Fellow, Consumer Federation of America.
H.R. 1219 was included in the S. 2155 package, which was
signed into law on May 24, 2018 (P.L. 115-174).
SECURITIES AND EXCHANGE COMMISSION OVERPAYMENT CREDIT ACT
H.R. 1257
Summary
The Securities and Exchange Commission Overpayment Credit
Act allows national securities exchanges registered with the
SEC to offset previous overpayments made to the SEC against
future fees, under a 10-year statute of limitations. The bill
applies only to those overpayments made prior to the
legislation's date of enactment and provides the SEC with the
legal authority to refund any overpaid fees.
Legislative History
Representative Meeks and Representative Hultgren introduced
the Securities and Exchange Commission Overpayment Credit Act
on February 28, 2017. The Committee on Financial Services held
no hearings examining matters related to H.R. 1366 in the 115th
Congress.
On March 9, 2017, the Committee on Financial Services met
in open session and ordered H.R. 1257 to be reported favorably
to the House as amended by a recorded vote of 59 to 0 (see H.
Rep. 115-275). This bill was included in S. 2155 package, and
was signed into law on May 24, 2018.
SMALL BUSINESS CAPITAL FORMATION ENHANCEMENT ACT
H.R. 1312
Summary
The Small Business Capital Formation Enhancement Act
requires the SEC to respond to recommendations offered by its
annual Government Business Forum on Small Business Capital
Formation (Forum). The Forum has met annually since 1981 and
generates a list of findings and recommendations; however, the
SEC is under no obligation to respond to the Forum's
recommendations and findings. H.R. 1312 requires the SEC to
respond to any findings and recommendations put forth by the
Forum. This statutory obligation is consistent with the current
requirements related to the findings and recommendations
offered by the Investor Advisory Committee as required by Title
IX of the Dodd-Frank Act.
Legislative History
Representative Poliquin introduced the Small Business
Capital Formation Enhancement Act on March 2, 2017. The
Committee on Financial Services held no hearings in the 115th
Congress regarding this bill.
On March 9, 2017, the Committee on Financial Services met
in open session and ordered H.R. 1312 to be reported favorably
to the House as amended by a recorded vote of 58 to 0. An
amendment offered by Representative Poliquin was agreed to by a
voice vote (see H. Rep. 115-104). On May 1, 2017, the bill
passed the House, on suspension and as amended by a vote of 406
to 0. On May 2, 2017, the Senate referred it to the Committee
on Banking, Housing, and Urban Affairs. On September 11, 2017,
Senate Companion, S. 416, passed the Senate. The Small Business
Capital Formation Enhancement Act was included in the S. 2155
package, which was signed into law on May 24, 2018 (P.L. 115-
174).
ENCOURAGING EMPLOYEE OWNERSHIP ACT OF 2017
H.R. 1343
Summary
The Encouraging Employee Ownership Act of 2017 amends SEC
Rule 701, originally adopted in 1988 under Section 3(b) of the
Securities Act of 1933 and last updated in 1999. Under current
law, if an issuer sells, in the aggregate, more than $5 million
of securities in any consecutive 12-month period, the issuer is
required to provide additional disclosures to investors, such
as risk factors, the plans under which offerings are made, and
certain financial statements. H.R. 1343 requires the SEC to
increase that threshold from $5 million to $10 million, and
index the amount for inflation every five years. Support for
this effort to update Rule 701 can be found in the SEC's
Government-Business Forum on Small Business Capital Formation
Final Reports for 2001, 2004, 2005, and 2013.
Legislative History
Representative Hultgren introduced the Encouraging Employee
Ownership Act of 2017 on March 2, 2017. The Committee on
Financial Services held no hearings examining matters related
to H.R. 1343 in the 115th Congress.
On March 9, 2017, the Committee on Financial Services met
in open and ordered H.R. 1343 to be reported favorably to the
House without amendment by a recorded vote of 48 to 11 (see H.
Rep. 115-71). On April 4, 2017, the House agreed on Rule H.
Res. 240, which directed the Securities and Exchange Commission
to revise its rules so as to increase the threshold amount for
requiring issuers to provide certain disclosures relating to
compensatory benefit plans. This same date, the bill was passed
331 to 87. On April 5, 2017 the Senate referred the bill to the
Committee on Banking, Housing, and Urban Development. This bill
was included in S.2155 package, and was signed into law on May
24, 2018.
U.S. TERRITORIES INVESTOR PROTECTION ACT OF 2017
H.R. 1366
Summary
The U.S. Territories Protection Act of 2017 amends Section
6(a)(1) of the Investment Company Act of 1940 to terminate an
exemption for investment companies located in Puerto Rico, the
Virgin Islands, and any other possession of the United States.
Under current law, such companies are exempt from registration
under the Act provided that their shares are sold solely to the
residents of the territory or possession in which they are
located. The bill provides an automatic three-year safe harbor
for investment companies that currently enjoy this exemption.
Additionally, the bill authorizes the SEC to further delay the
effective date (or end of the exemption) for a maximum of three
years following the initial three year safe harbor.
Legislative History
Representative Velazquez introduced the U.S. Territories
Protection Act of 2017 on March 6, 2017. The Committee on
Financial Services held no hearings examining matters related
to H.R. 1366.
The Committee on Financial Services met in open session on
March 9, 2017 and ordered H.R. 1366 to be reported favorably to
the House without amendment by a recorded vote of 58 to 0 ( see
H. Rep. 115-103). On May 1, 2017, the bill passed the House,
under suspension by a voice vote. On May 3, 2017, the Senate
referred the bill to the Committee on Banking, Housing, and
Urban Affairs. The Senate companion bill, S. 484 passed the
Senate on September 11, 2017. The U.S. Territories Investor
Protection Act of 2017 was included in the S.2155 package,
which was signed into law on May 24, 2018 (P.L. 115-174).
FAIR INVESTMENT OPPORTUNITIES FOR PROFESSIONAL EXPERTS ACT
H.R. 1585
Summary
The Fair Investment Opportunities for Professional Experts
Act modifies the definition of an accredited investor under the
federal securities laws to create additional avenues of funding
for smaller private companies and to provide investors with
additional investment opportunities. H.R. 1585, as modified by
an amendment in the nature of a substitute offered by
Representative French Hill, amends the Securities Act of 1933
to modify 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; (2) persons with an individual income greater than
$200,000, or joint income with one's spouse greater than
$300,000; (3) persons with a current securities-related
license; and (4) persons whom the U.S. SEC determines have
demonstrable education or job experience to qualify as having
professional subject-matter knowledge related to a particular
investment, with FINRA or an equivalent self-regulatory
organization verifying the education and job experience of such
individual. The SEC also is directed to modify the definition
of accredited investor under Regulation D to conform to these
amendments.
Legislative History
Representative Schweikert introduced The Fair Investment
Opportunities for Professional Experts Act on March 16, 2017.
On March 22, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held hearings entitled ``The JOBS
Act at Five: Examining Its Impact and Ensuring the
Competitiveness of the U.S. Capital Markets,'' which examined
issues the bill. The same witnesses testified as noted
previously. Also, on April 26 and 28, 2017, the Committee held
a hearing entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined a discussion draft of the Financial CHOICE Act
of 2017, which included language similar to this bill.
On October 11 and 12, 2017, the Committee on Financial
Services met in open session and ordered H.R. 1585 to be
reported favorably to the House as amended by a recorded vote
of 58 to 2. Before the motion to report was offered, the
Committee adopted an amendment in the nature of a substitute
offered by Representative Hill by voice vote (see H. Rep. 115-
375). On November 1, 2017, H.R. 1585 passed the House, as
amended on suspension by a voice vote. H.R. 1585 also was
included in S. 488, as amended by the House, the ``JOBS and
Investor Confidence Act of 2018'', which passed the House on
July 18, 2018, on suspension by a vote of 406 to 4.
MUNICIPAL FINANCE SUPPORT ACT OF 2017
H.R. 1624
Summary
The Municipal Finance Support Act of 2017 amends the
Federal Deposit Insurance Act to require federal banking
agencies (the Federal Deposit Insurance Corporation (FDIC), the
Board of Governors of the Federal Reserve System, and the
Office of the Comptroller of the Currency (OCC)) to treat
certain municipal securities that are liquid, readily
marketable, and investment grade as level 2B liquid assets--at
a minimum--for purposes of calculating total high-quality
liquid assets (HQLAs) under the Liquidity Coverage Ratio (LCR)
regulation promulgated by the federal banking agencies.
Legislative History
Representative Messer introduced the Municipal Finance
Support Act of 2017 on March 20, 2017. On July 14, 2017, the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``A Review of Fixed Income Market
Structure,'' which examined issues related to the bill. The
witnesses were Mr. Mathew Anderson, Founder and Chief Executive
Officer, Headlands Technology LLC; Mr. John Shay, Global Head
of Fixed Income and Commodities, NASDAQ; Mr. Alex Sedgwick,
Vice President, Head of Fixed Market Structure and Electronic
Trading, T. Rowe Price; Mr. Jonah Crane, Former Deputy
Assistant Secretary, Financial Stability Oversight Council,
U.S. Department of the Treasury; Mr. Randy Snook, Executive
Vice President, Securities Industry and Financial Markets
Association.
On July 25, 2017, the Committee on Financial Services met
in open session, and ordered H.R. 1624 to be reported favorably
to the House, as amended, by a recorded vote of 60 to 0. Before
the motion to report was offered, the Committee adopted an
amendment in the nature of a substitute offered by Mr. Messer
by voice vote. On October 3, 2017, the bill passed by the
House, on suspension and as amended by a voice vote. On October
4, 2017, the Senate referred the bill to the Committee on
Banking, Housing, and Urban Affairs. This bill was included in
S. 2155 package and was signed into law on May 24, 2018.
FOSTERING INNOVATION ACT OF 2017
H.R. 1645
Summary
The Fostering Innovation Act of 2017 amends Section 404(b)
of the Sarbanes-Oxley Act (SOX) to extend the exemption
available to emerging growth companies (EGCs) from the auditor
attestation of a company's internal controls over financial
reporting requirement beyond the five-year period that applies
under current law. Specifically, the bill extends the exemption
until the earlier of ten years after the EGC went public, the
end of the fiscal year in which the EGC's average gross
revenues exceed $50 million, or when the EGC qualifies with the
SEC as a large accelerated filer.
Legislative History
Representative Sinema and Representative Hollingsworth
introduced The Fostering Innovation Act of 2017 on March 21,
2017. On March 22, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held hearings entitled ``The JOBS
Act at Five: Examining Its Impact and Ensuring the
Competitiveness of the U.S. Capital Markets,'' which examined
issues the bill. Also, on April 26 and 28, 2017, the Committee
held a hearing entitled ``A Legislative Proposal to Create Hope
and Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined a discussion draft of the Financial CHOICE Act
of 2017, which included language similar to this bill. Further,
on July 18, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held another hearing entitled ``The
Cost of Being a Public Company in Light of Sarbanes-Oxley and
the Federalization of Corporate Governance,'' which also
examined issues related to the bill. The witnesses who
testified for each of these hearings, respectively, were the
same as noted previously.
On October 11, 2017 and October 12, 2017 the Committee on
Financial Services met in open session and ordered H.R. 1645 to
be reported favorably to the House without amendment by a
recorded vote of 48 to 12 (see H. Rep. 115-425). On November
15, 2017, a Senate companion, S. 2126, was introduced. On
February 14, 2018, the Fostering Innovation Act of 2017 passed
the house, in a package with H.R. 3978 by a vote of 271 to 145.
H.R. 1645 also was included in S. 488, as amended by the House,
the ``JOBS and Investor Confidence Act of 2018'', which passed
the House on July 18, 2018, on suspension by a vote of 406 to
4.
DUE PROCESS RESTORATION ACT OF 2017
H.R. 2128
Summary
The Due Process Restoration Act of 2018 provides
respondents in actions brought by the SEC in an administrative
proceeding with the ability to have their case removed to a
federal district court. The ability for the SEC to control the
forum in which an action is brought raises due process concerns
because the SEC's in-house tribunals do not guarantee
respondents the same types of rules and processes that help
ensure fairness in the U.S. justice system. Also, the bill
requires the ``clear and convincing evidence'' standard of
proof to be used in an action brought by the SEC in an
administrative proceeding.
Legislative History
Representative Davidson introduced the Due Process
Restoration Act on April 25, 2017. On June 13, 2018, the
Committee on Financial Services held a hearing entitled,
``Ensuring Effectiveness, Fairness, and Transparency in
Securities Law Enforcement,'' which examined the bill.
Witnesses were Mr. Bradley J. Bondi, Partner, Cahill Gordon &
Reindel LLP; Mr. Joseph P. Borg, Director, Alabama Securities
Commission; Mr. Thomas Quaadman, Vice President, Center for
Capital Markets Competitiveness, U.S. Chamber of Commerce;
Professor Andrew N. Vollmer, Professor of Law and Director,
John W. Glynn Jr., Law & Business Program, University of
Virginia School of Law.
On September 13, 2018, the Committee on Financial Services
met in open session and ordered H.R. 2128 to be reported
favorably to the House without amendment by a recorded vote of
31 to 20. The bill also was included in section 714 of the
Financial CHOICE Act, which passed the House by a vote of 233
to 186 on June 8, 2017.
MICRO OFFERING SAFE HARBOR ACT
H.R. 2201
Summary
The Micro Offering Safe Harbor Act amends the Securities
Act of 1933 to exempt certain micro-offerings from the Act's
registration requirements. An issuer of securities would not
violate the Act when making a non-public securities offering if
all of the following requirements are met: (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 there
are no more than 35 purchasers of securities from the issuer
that are sold in reliance on the exemption during the 12-month
period preceding the transaction; and (3) the aggregate amount
of all securities sold by the issuer does not exceed $500,000
over a 12-month period.
Legislative History
Representative Emmer introduced the Micro Offering Safe
Harbor Act on April 27, 2017. On April 26 and 28, 2017, the
Committee on Financial Services held a hearing entitled ``A
Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs''; and on July 18,
2017, the Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``The Cost of Being a Public
Company in Light of Sarbanes-Oxley and the Federalization of
Corporate Governance.''. Each of these hearings examined issues
related to this bill, and the same witnesses testified as noted
previously.
On October 11 and 12, 2017 the Committee on Financial
Services met in open session on and ordered H.R. 2201 to be
reported favorably to the House without amendment by a recorded
vote of 34 to 26 (see H. Rep. 115-383). On November 8, 2017,
Rule H. Res. 609, which amended the Securities Act of 1933 to
exempt certain micro-offerings from the registration
requirements of such Act, and for other purposes, passed the
House. On November 9, 2017, Representative Emmer offered an
amendment and it was agreed by voice vote. On the same day, the
bill passed the House by a vote of 232 to 188. On November 13,
2017, the Senate referred the bill to the Committee on Banking,
Housing, and Urban Affairs.
CONSUMER FINANCIAL CHOICE AND CAPITAL MARKETS PROTECTION ACT OF 2018
H.R. 2319
Summary
The Consumer Financial Choice and Capital Markets
Protection Act reverses portions of the SEC's 2014 rule on
money market funds (MMFs). The legislation would allow MMFs,
regardless of whether their investors are retail or
institutional, to elect to use the stable Net Asset Value (NAV)
approach instead of a floating NAV to calculate the price per
share. Additionally, MMFs, either by making the election to use
a stable NAV or through its board of directors, can choose not
to be subject to the mandatory liquidity fee provision of the
SEC's 2014 rule. The bill does not, however, address the
discretion afforded to boards of MMFs under the SEC rule that
allows MMFs to implement gates to limit redemptions in times of
stress. Additionally, the bill contains certain prohibitions
against the use of taxpayer dollars to bail-out MMFs and
requires disclosure of the bail-out prohibition provisions, but
the bill does not restrict the Federal Reserve's authority to
implement a program or facility with broad-based eligibility
established in unusual or exigent circumstances that may
benefit MMFs.
Legislative History
Representative Rothfus introduced the Consumer Financial
Choice and Capital Markets Protection Act on May 3, 2017. On
November 3, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held a hearing entitled
``Legislative Proposals to Improve Small Businesses' and
Communities' Access to Capital,'' which examined the bill. The
same witnesses testified as noted previously.
On January 17 and 18, 2018, the Committee on Financial
Services met in open session and ordered H.R. 2319 to be
reported favorably to the House as amended by a recorded vote
of 34 to 21. Before the motion to report was offered, the
Committee adopted an amendment in the nature of a substitute
offered by Mr. Rothfus by voice vote (see H. Rep. 115-903). On
May 5, 2017, Senate companion, S. 1117, was introduced.
IMPROVING ACCESS TO CAPITAL ACT
H.R. 2864
Summary
The Improving Access to Capital Act would amend the federal
securities laws to direct the SEC to expand its Regulation A+
rules to include companies that are ``fully reporting''
companies under the Securities Exchange Act of 1934. In doing
so, the legislation will facilitate capital formation for small
reporting companies and provide small-dollar investors with
enhanced investment opportunities and facilitate liquidity in
the capital markets for these smaller companies.
Legislative History
Representative Sinema and Representative Hollingsworth
introduced H.R. 2864 on June 8, 2017. On March 22, 2017, the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``The JOBS Act at Five: Examining its
Impact and Ensuring the Competitiveness of the U.S. Capital
Markets,'' which examined issues related to the bill. The
witnesses were Mr. Raymond Keating, Chief Economist, Small
Businesses and Entrepreneurship Counsel; Mr. Brian Hahn, Chief
Financial Officer, GlycoMimetics, Inc.; Mr. Andy Green,
Managing Director of Economic Policy, Center for American
Progress; Mr. Edward Knight, Executive Vice President and
General Council, NASDAQ; Mr. Thomas Quaadman, Vice President,
U.S. Chamber of Commerce. On July 18, 2017, the Subcommittee on
Capital Markets, Securities, and Investment held another
hearing entitled ``The Cost of Being a Public Company in Light
of Sarbanes-Oxley and the Federalization of Corporate
Governance,'' which also examined issues related to the bill.
Witnesses were Mr. Thomas Farley, President, NYSE Group; Mr.
John Blake, Senior Vice President of Finance, a Tyr Pharma,
Inc.; Mr. Thomas Quaadman, Executive Vice President, Center for
Capital Market Competitiveness, U.S. Chamber of Commerce;
Professor J. Robert Brown, Jr., Lawrence W. Treece Professor of
Corporate Governance, Director, Corporate and Commercial Law
Program, University of Denver Sturm College of Law; Mr. John
Berlau, Senior Fellow, Competitive Enterprise Institute.
On July 25, 2017, the Committee on Financial Services met
in open session and ordered H.R. 2864 to be reported favorably
to the House as amended by a recorded vote of 59 to 0. Before
the motion to report was offered, the Committee adopted an
amendment in the nature of a substitute offered by Ms. Sinema
by voice vote (see H. Rep. 115-292). On September 5, 2017, H.R.
2864 passed the House, on suspension and as amended by a vote
of 403 to 3. On September 6, 2017 the Senate referred the bill
to the Committee on Banking, Housing, and Urban Affairs. This
bill was included in S. 2155 package, and was signed into law
on May 24, 2018.
INVESTOR CLARITY AND BANK PARITY ACT
H.R. 3093
Summary
The Investor Clarity and Bank Parity Act makes a modest
amendment to Section 619 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act--also known as the Volcker Rule.
This amendment to Section 619 corrects an unintended
consequence of the implementation of the Volcker Rule, as
adopted by the five federal regulators responsible for writing
and implementing the Rule (i.e., the Federal Reserve, the
Securities and Exchange Commission, the Commodity Futures
Trading Commission, the Office of the Comptroller of the
Currency, and the Federal Deposit Insurance Corporation). When
the five federal regulators issued the final rule to implement
the Volcker Rule in December 2013, the final rule imposed
severe limitations on the ability of bank holding companies and
their affiliates--including investment advisers--to sponsor
hedge funds and private equity funds (also known as ``covered
funds''). As a result, a covered fund cannot use the name of a
sponsor if the sponsor is an affiliate of a bank holding
company. H.R. 3093 eliminates this prohibition and simply
allows an affiliate of a bank holding company, such as an
investment advisor, to share a similar name with a covered
fund.
Legislative History
Representative Capuano introduced the Investor Clarity and
Bank Parity Act on June 28, 2017. On March 29, 2017, the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Examining the Impact of the Volcker
Rule on the Markets, Businesses, Investors, and Job Creators,''
which examined issues related to this bill. The witnesses were
Mr. David Blass, General Counsel, Investment Company Institute;
Mr. Marc Jarsulic, Vice President, Economic Policy, Center for
American Progress; Mr. Ronald J. Kruszewski, Chairman and Chief
Executive Officer, Stifel Financial Corp., on behalf of
Securities Industry and Financial Markets Association; Mr.
Thomas Quaadman, Vice President, U.S. Chamber of Commerce;
Professor Charles K. Whitehead, Myron C. Taylor Alumni
Professor of Business Law, Director, Law, Technology and
Entrepreneurship Program, Cornell University.
On November 14 and 15, 2017, the Committee on Financial
Services met in open session and ordered H.R. 3093 to be
reported favorably to the House without amendment by voice
vote. On December 11, 2017, the bill passed the House on
suspension by a voice vote. H.R. 3039 was included in the S.
2155 package, which was signed into law on May 24, 2018 (P.L.
115-174).
EXCHANGE REGULATORY IMPROVEMENT ACT
H.R. 3555
Summary
The Exchange Regulatory Improvement Act acknowledges that
over time national securities exchanges have expanded their
businesses beyond the listing and trading of securities to
include the sale of additional products and services to their
members, market participants, and listed companies. This bill
requires the SEC to more clearly communicate to the public how
it regulates national securities exchanges and to set forth the
facts and circumstances it considers for what is or is not a
``facility'' of an exchange and to apply those facts and
circumstances in determining whether any proposed rule is or is
not required to be submitted as a proposed rule filing.
Legislative History
Representative Loudermilk introduced the Exchange
Regulatory Improvement Act on July 28, 2017. On June 27, 2017,
the Subcommittee on Capital Markets, Securities, and Investment
and held a hearing entitled ``U.S. Equity Market Structure Part
I: A Review of the Evolution of Today's Equity Market Structure
and How We Got Here,'' which examined issues related to the
bill. The witnesses were Mr. Matt Lyons, Senior Vice President
and Global Trading Manager, The Capital Group; Mr. Joseph
Saluzzi, Partner, Themis Trading LLC; Mr. Ari Rubenstein, Chief
Executive Officer, Global Trading Systems; Mr. Jeff Brown,
Senior Vice President, Legislative and Regulatory Affairs,
Charles Schwab; Mr. Thomas Farley, President, New York Stock
Exchange; Mr. Brad Katsuyama, Chief Executive Officer, The
Investors Exchange; Mr. Chris Concannon, President and Chief
Operating Officer, Chicago Board of Options Exchange; Mr. John
Comerford, Head of Global Trading Research, Instine; Mr. Tom
Wittman, Executive Vice President and Global Head of Equities,
NASDAQ. Also, on October 4, 2017, the Committee on Financial
Services held a hearing entiteld ``Examining the SEC's Agenda,
Operations, and Budget,'' which examined issues related to the
bill. The sole witness was the Honorable Jay Clayton, Chairman,
U.S. Securities and Exchange Commission.
On July 11, 2018, the Committee on Financial Services met
in open session and ordered H.R. 3555 to be reported favorably
to the House, as amended, by a voice vote. H.R. 3555 was
included in S. 488, as amended by the House, the ``JOBS and
Investor Confidence Act of 2018'', which passed the House on
July 18, 2018, on suspension by a vote of 406 to 4.
SENIOR SAFE ACT OF 2017
H.R. 3758
Summary
The Senior Safe Act of 2017 provides that: (1) a
supervisor, compliance officer, or legal advisor for a covered
financial institution who has received training regarding the
identification and reporting of the suspected exploitation of a
senior citizen (at least 65 years old) shall not be liable for
disclosing such exploitation to a covered agency if the
individual made the disclosure in good faith and with
reasonable care; and (2) a covered financial institution shall
not be liable for such a disclosure by such an individual if
the individual was employed by the institution at the time of
the disclosure and the institution had provided such training.
Legislative History
Representative Sinema and Representative Poliquin
introduced the Senior Safe Act of 2017 on September 12, 2017.
On March 22, 2017, the Subcommittee for Capital Markets,
Securities, and Investment held a hearing entitled ``The JOBS
Act at Five: Examining Its Impact and Ensuring the
Competitiveness of the U.S. Capital Markets.'' Additionally, on
April 26 and 28, 2017, the Committee held a hearing entitled
``A Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs.'' Further, on
September 7, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held a hearing entitled ``Oversight
of the Financial Industry Regulatory Authority.'' Each of these
hearings examined issues related to the bill. For the March 22,
2017, and April 26 and 28, 2017 hearings, the same witnesses
testified as noted previously; on September 7, 2017, the
witness was Mr. Robert Cook, President and Chief Executive
Officer, Financial Industry Regulatory Authority.
October 11 and 12, 2017, the Committee on Financial
Services met in open session and ordered H.R. 3758 to be
reported favorably to the House without amendment by a recorded
vote of 60 to 0 (see H. Rep. 424). On January 24, 2017, Senate
companion bill S. 223, was introduced. On January 29, 2018,
H.R. 3758 passed the House, on suspension in a package with
H.R. 2255, by a voice vote. H.R. 3758 was also included in the
S. 2155 package, which was signed into law on May 24, 2018
(P.L. 115-174).
PASS ACT OF 2017
H.R. 3857
Summary
The Protecting Advice for Small Savers Act of 2017, or
``PASS'' Act, repeals the final rule of the U.S. Department of
Labor (DOL) titled ``Definition of the Term `Fiduciary'
Conflict of Interest Rule--Retirement Investment Advice''' and
related prohibited transaction exemptions published on April 8,
2016. The bill also amends the second subsection (k) of Section
15 of the Securities Exchange Act of 1934 to require a broker-
dealer to act in the retail customer's best interest when
providing a recommendation, which must reflect (i) reasonable
diligence and (ii) the reasonable care, skill, and prudence
that a broker-dealer would exercise based on the customer's
investment profile. The bill also requires a broker-dealer to
provide increased disclosures to the customer before the
broker-dealer may purchase a securities product on behalf of
that customer, including disclosures regarding the type and
scope of services the broker-dealer provides, the standard of
conduct that applies to the relationship, the types of
compensation the broker-dealer receives, and any material
conflict of interest.
Legislative History
Ann Wagner introduced the PASS Act of 2017 on September 27,
2017. On April 26 and 28, 2017, the Committee held a hearing
entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined a discussion draft of the Financial CHOICE Act
of 2017, which included language similar to this bill. The same
witnesses testified as noted before. Further, on July 13, 2017,
the Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Impact of the DOL Fiduciary Rule on
the Capital Markets,'' which examined issues related to this
bill. The witnesses were Mr. David Knoch, President, 1st
Global; Mr. Mark Halloran, Senior Director, Head of Industry
and Regulatory Strategy, Transamerica; Mr. Jerome Lombard,
President, Private Client Group, Janney Montgomery Scott LLC;
Ms. Cristina B. Martin Frivida, Director, Financial Security
and Consumer Affairs, AARP; Dr. Douglas Holtz-Eakin, President,
American Action Forum.
On October 11 and 12, 2017, the Committee on Financial
Services met in open session and ordered H.R. 3857 to be
reported favorably to the House by a recorded vote of 34 to 26
(see H. Rep. 115-894). The House Committee on Ways and Means
and House Committee on Education and the Workforce granted an
extension to further consideration ending not later than
November 16, 2018.
ENCOURAGING PUBLIC OFFERING ACT OF 2017
H.R. 3903
Summary
The Encouraging Public Offerings Act of 2017 amends the
Securities Act of 1933 to expand to all public companies
certain provisions of Title I of the Jumpstart Our Business
Startups (JOBS) Act that previously applied only to Emerging
Growth Companies (EGCs). H.R. 3903 permits issuers to submit to
the SEC for confidential review before publicly filing draft
registration statements for an Initial Public Offering (IPO)
and for follow-on offerings within one year of an IPO.
Additionally, this bill allows all companies to ``test the
waters'' before filing an IPO, which means the company may meet
with qualified institutional buyers (QIBs) and other
institutional accredited investors to gauge those investors'
interest in the offering.
Legislative History
Representative Budd introduced the Encouraging Public
Offering Act of 2017 on October 2, 2017. On March 22, 2017, the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``The JOBS Act at Five: Examining Its
Impact and Ensuring the Competitiveness of the U.S. Capital
Markets,'' which examined issues related to the bill. The same
witnesses testified as noted previously.
On October 11 and 12, 2017, the Committee on Financial
Services met in open session and ordered H.R. 3903 to be
reported favorably to the House as amended by a recorded vote
of 60 to 0. Before the motion to report was offered, the
Committee adopted an amendment offered by Mr. Budd by voice
vote (see H. Rep. 431). On December 7, 2017, the bill passed
the House by a vote of 426 to 0. H.R. 3903, with a technical
update, was included in S. 488, as amended by the House, the
``JOBS and Investor Confidence Act of 2018'', which passed the
House on July 18, 2018, on suspension by a vote of 406 to 4.
RISK-BASED CREDIT EXAMINATION ACT
H.R. 3911
Summary
The Risk-Based Credit Examination Act amends the Securities
Exchange Act of 1934 to make risk-based the annual reporting
requirements of the Nationally Recognized Statistical Rating
Organizations (NRSROs).
Legislative History
Representative Wagner and Representative Foster introduced
the Risk-Based Credit Examination Act on October 2, 2017. On
April 26, 2017 the Committee held a hearing entitled ``A
Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs,'' which examined the
bill. The same witnesses testified as noted previously.
The Committee on Financial Services met in open session on
October 11 and 12, 2017, and ordered H.R. 3911 to be reported
favorably to the House without amendment by a recorded vote of
60 to 0 (see H. Rep. 115-384).
On November 7, 2017, the bill passed the house, under
suspension, 389 to 32. On November 8, 2017, the Senate referred
the bill to the Committee on Banking, Housing and Urban
Affairs.
PROTECTION OF SOURCE CODE ACT
H.R. 3948
Summary
The Protection of Source Code Act amends the Securities Act
of 1933, the Securities Exchange Act of 1934, the Investment
Company Act of 1940, and the Investment Advisers Act of 1940 to
require the SEC to first issue a subpoena before it compels a
person to produce or furnish to the SEC algorithmic trading
source code or similar intellectual property.
Legislative History
Representative Duffy and Representative Scott introduced
the Protection of Source Code Act on October 4, 2017. On April
26 and 28, 2017, the Committee on Financial Services held a
hearing entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined a discussion draft of the Financial CHOICE Act
of 2017, which included language similar to the bill. Witnesses
testified as noted previously.
On October 11 and 12, 2017, the Financial Services met in
open session on and ordered H.R. 3948 to be reported favorably
to the House as amended by a recorded vote of 46 to 14. Before
the motion to report was offered, the Committee adopted an
amendment offered by Mr. Foster by voice vote (see H. Rep.
549). On February 14, 2018, the bill passed the House, in a
package with H.R. 3878 and other bills, by a vote of 271 to
145.
FAMILY OFFICE TECHNICAL CORRECTION ACT OF 2017
H.R. 3972
Summary
The Family Office Technical Correction Act of 2017
clarifies that family offices and family clients, as defined in
section 275.202(a)(11)(G)-1 of title 17, Code of Federal
Regulations, generally are accredited investors under
Regulation D.
Legislative History
Representative Maloney introduced The Family Office
Technical Correction Act of 2017 on October 5, 2017. On July
18, 2017, the Subcommittee on Capital Markets, Securities, and
Investment held hearings entitled ``The Cost of Being a Public
Company in Light of Sarbanes-Oxley and the Federalization of
Corporate Governance,'' which examined issues related to the
bill. The witnesses were as previously noted.
On October 11 and 12, 2017, the Committee on Financial
Services met in open session and ordered H.R. 3972 to be
reported favorably to the House, as amended, by a recorded vote
of 60 to 0. Before the motion to report was offered, the
Committee adopted an amendment offered by Mrs. Maloney by voice
vote (see H. Rep. 115-362).
On October 24, 2017, the bill passed the House, on
suspension and as amended, by a voice vote. H.R. 3972 was
included in S. 488, as amended by the House, the ``JOBS and
Investor Confidence Act of 2018'', which passed the House on
July 18, 2018, on suspension by a vote of 406 to 4.
MARKET PROTECTION ACT OF 2017
H.R. 3973
Summary
The Market Data Protection Act of 2017 amends the
Securities Exchange Act of 1934 to require, in consultation
with the SEC's Chief Economist, the development of
comprehensive internal risk control mechanisms to safeguard and
govern the storage and use of market data by the SEC and the
operators of the consolidated audit trail (CAT). The bill also
halts market data reporting to the CAT until such internal risk
control mechanisms are developed for the CAT.
Legislative History
Representative Davidson and Representative Sherman
introduced The Market Data Protection Act of 2017 on October 5,
2017. On April 26 and 28, 2017, the Committee held a hearing
entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined the bill. The same witnesses testified as noted
previously.
On October 11 and 12, 2017, the Committee on Financial
Services met in open session and ordered H.R. 3973 to be
reported favorably to the House without amendment by a recorded
vote of 59 to 1 (see H. Rep. 115-405). On November 13, 2017,
H.R. 3973 passed the House on suspension by a voice vote.
CORPORATE GOVERNANCE REFORM AND TRANSPARENCY ACT OF 2017
H.R. 4015
Summary
The Corporate Governance Reform and Transparency Act of
2017 enhances transparency in the shareholder proxy system by
providing for, among other things, the registration of proxy
advisory firms with the SEC, disclosure of proxy firms'
potential conflicts of interest and codes of ethics, and the
disclosure of proxy firms' methodologies for formulating proxy
recommendations and analyses.
Legislative History
Representative Duffy introduced the Corporate Governance
Reform and Transparency Act of 2017 on October 11, 2017. On
March 22, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held hearings entitled ``The JOBS
Act at Five: Examining Its Impact and Ensuring the
Competitiveness of the U.S. Capital Markets,'' which examined
issues the bill. Also, on April 26 and 28, 2017, the Committee
held a hearing entitled ``A Legislative Proposal to Create Hope
and Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined a discussion draft of the Financial CHOICE Act
of 2017, which included language similar to this bill. Further,
on July 18, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held another hearing entitled ``The
Cost of Being a Public Company in Light of Sarbanes-Oxley and
the Federalization of Corporate Governance,'' which also
examined issues related to the bill. The witnesses who
testified for each of these hearings, respectively, were the
same as noted previously.
On November 14 and 15, 2017, the Committee on Financial
Services met in open session on and ordered H.R. 4015 to be
reported favorably to the House by a recorded vote of 40 to 20
(see H. Rep. 115-451). On December 13, 2017, Rule H. Res. 657
provided for consideration of the bill. On December 20, 2017,
H.R 4015 passed the House with a vote of 238 to 182.
FINANCIAL STABILITY OVERSIGHT COUNCIL IMPROVEMENT ACT OF 2017
H.R. 4061
Summary
The Financial Stability Oversight Council Improvement Act
amends Title I of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank) to require the Financial
Stability Oversight Council (FSOC), as it determines whether to
subject a U.S. or a foreign nonbank financial company to
supervision by the Board of Governors of the Federal Reserve
System (Federal Reserve), to consider the appropriateness of
imposing heightened prudential standards as opposed to other
forms of regulation to mitigate identified risks to U.S.
financial stability.
Legislative History
Representative Ross and Representative Delaney introduced
the Financial Stability Oversight Council Improvement Act on
October 10, 2017. On April 26 and 28, 2017, the Committee on
Financial Services held a hearing entitled ``A Legislative
Proposal to Create Hope and Opportunity for Investors,
Consumers, and Entrepreneurs,'' which examined matters related
to this bill. The same witnesses testified as noted previously.
On January 17 and 18, 2018, the Committee on Financial
Services met in open session and ordered H.R. 4061 to be
reported favorably to the House without amendment by a recorded
vote of 45 to 10 (see H. Rep. 115-592). On April 11, 2018, H.R.
4061 passed the House by a vote of 297 to 121. On April 12,
2018, the Senate referred the bill to the Committee on Banking,
Housing, and Urban Affairs.
RESTORING FINANCIAL MARKET FREEDOM ACT OF 2017
H.R. 4247
Summary
The Restoring Financial Market Freedom Act of 2017 repeals
Title VIII of the Dodd-Frank Act, which otherwise provides the
Financial Stability Oversight Council (FSOC) the authority to
designate certain payments and clearing organizations as
systemically important ``financial market utilities'' (FMUs)
with access to the Federal Reserve discount window. The bill
also retroactively repeals all previous FMU designations.
Legislative History
Representative Budd introduced the Restoring Financial
Market Freedom Act of 2017 on November 11, 2017. On April 26
and 28, 2017, the Committee on Financial Services held a
hearing entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined this bill. Witnesses testified as previously
noted.
On November 15, 2017, the Committee on Financial Services
met in open session and ordered H.R. 4247 to be reported
favorably to the House without amendment by a recorded vote of
33 to 25. There was no further action in the bill in the 115th
Congress.
TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO REPEAL CERTAIN
DISCLOSURE REQUIREMENTS RELATED TO CONLFICT MINERALS, AND FOR OTHER
PURPOSES
H.R. 4248
Summary
H.R. 4248 repeals Section 1502 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (P.L. 111-203), which
requires public companies to disclose in annual reports filed
with the SEC whether the company sources ``conflict
minerals''--tin, tungsten, tantalum, and gold--from the
Democratic Republic of Congo and its nine neighboring
countries.
Legislative History
Representative Huizenga introduced H.R. 4248 on November 3,
2017. On April 26 and 28, 2017, the Committee on Financial
Services held a hearing entitled ``A Legislative Proposal to
Create Hope and Opportunity for Investors, Consumers, and
Entrepreneurs,'' which examined a discussion draft of the
Financial CHOICA Act of 2017, which included language similar
to this bill. The witnesses were the same as previously noted.
On November 14, 2017 and November 15, 2017, the Committee
on Financial Services met in open session and ordered H.R. 4248
to be reported favorably to the House by a recorded vote of 32
to 27 (see H. Rep. 115-570). There was no further action on the
bill in the 115th Congress.
REGULATION A+ IMPROVEMENT ACT OF 2017
H.R. 4263
Summary
The ``Regulation A+ Improvement Act''' increases the amount
that companies can offer and sell under SEC Regulation A, Tier
2--commonly referred to as Regulation A+--from $50 million to
$75 million, to be adjusted for inflation by the SEC every 2
years to the nearest $10,000.
Legislative History
Representative MacArthur introduced the Regulation A+
Improvement on November 11, 2017. On March 22, 2017, the
Subcommittee on Capital Markets, Securities, and Investment
held hearings entitled ``The JOBS Act at Five: Examining Its
Impact and Ensuring the Competitiveness of the U.S. Capital
Markets,'' which examined issues the bill. Also, on April 26
and 28, 2017, the Committee held a hearing entitled ``A
Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs,'' which examined a
discussion draft of the Financial CHOICE Act of 2017, which
included language similar to this bill. Further, on July 18,
2017, the Subcommittee on Capital Markets, Securities, and
Investment held another hearing entitled ``The Cost of Being a
Public Company in Light of Sarbanes-Oxley and the
Federalization of Corporate Governance,'' which also examined
issues related to the bill. The witnesses who testified for
each of these hearings, respectively, were the same as noted
previously. Additionally, on November 3, 2017, the Subcommittee
on Capital Markets, Securities, and Investment held a hearing
entitled ``Legislative Proposals to Improve Small Businesses'
and Communities' Access to Capital,'' which examined issues
related to the bill. For this hearing, the witnesses were Mr.
Patrick J. McCoy, Director of Finance of the Metropolitan
Transportation Authority of New York, on behalf of the
Government Finance Officers Association; Mr. Mercer Bullard,
Butler Snow Lecturer and Professor of Law, University of
Mississippi School of Law; Mr. Michael F. Gerber, Executive
Vice President, Corporate Affairs, FS Investments; Mr. Paul
Schott Stevens, President and Chief Executive Officer,
Investment Company Institute; Mr. Thomas Quaadman, Executive
Vice President, Center for Capital Market Competitiveness, U.S.
Chamber of Commerce.
On November 14 and 15, 2017, the Committee on Financial
Services met in open session, and ordered H.R. 4263 to be
reported favorably to the House without amendment by a recorded
vote of 37 to 23 (see H. Rep. 115-544). On March 3, 2018, rule
H. Res. 773 provided for consideration of the bill, and on
March 15, 2018, the House passed H.R. 4263 by a vote of 246 to
170.
SMALL BUSINESS CREDIT AVAILABILITY ACT
H.R. 4267
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. The legislation requires
the SEC to streamline the offering, filing, and registration
processes for BDCs to eliminate significant regulatory burdens.
This legislation also increases a BDCs' ability to deploy
capital to businesses by reducing the BDC's asset coverage
ratio--or required ratio of assets to debt--from 200% to 150%
if certain requirements are met.
Legislative History
Representative Stivers introduced the Small Business Credit
Availability Act on November 7, 2017. On April 26 and 28, 2017,
the Committee on Financial Services held a hearing entitled ``A
Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs,'' which examined a
discussion draft of the Financial CHOICE Act of 2017, which
included a provision similar to H.R. 4267. On November 3, 2017,
the Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Legislative Proposals to Improve
Small Businesses' and Communities' Access to Capital,'' which
examined a draft of the Small Business Credit Availability Act.
The same witnesses testified as noted previously.
On November 14 and 15, 2017, the Committee on Financial
Services met in open session and ordered H.R. 4267 to be
reported favorably to the House without amendment by a recorded
vote of 58 to 2. On March 22, 2018, H.R. 4267 passed the House,
in a package with H.R. 1625 by a vote of 256 to 167. On March
23, 2018, H.R. 4267 was signed into law as part of H.R. 1625
(P.L. 115-141).
EXPANDING INVESTMENT OPPORTUNITIES ACT
H.R. 4279
Summary
The Expanding Investment Opportunities Act directs the SEC
to amend its rules to enable closed-end funds that meet certain
requirements to be considered ``well-known seasoned issuers''
(WKSIs) and to conform the filing and offering regulations for
closed-end funds to those of traditional operating companies,
which will simplify the registration process and enable these
funds to more easily provide information to investors.
LEGISLATIVE HISTORY
Representative Hollingsworth introduced the Expanding
Investment Opportunities Act on November 15, 2017. On November
3, 2017, the Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Legislative Proposals to
Improve Small Businesses' and Communities' Access to Capital,''
which examined this bill. Witnesses testified as noted
previously.
On November 14, 2017 and November 15, 2017, The Committee
on Financial Services met in open session and ordered H.R. 4279
to be reported favorably to the House as amended by a recorded
vote of 58 to 2. Before the motion to report was offered, the
Committee adopted an amendment offered by Mr. Foster by voice
vote (see H. Rep. 115-517). On January 17, 2018, the bill
passed the House by a vote of 418 to 2. This bill was included
in the S. 2155 package, which was signed into law on May 24,
2018 (P.L. 115-174).
EXPANDING ACCESS TO CAPITAL FOR RURAL JOB CREATORS ACT
H.R. 4281
Summary
The Expanding Access to Capital for Rural Job Creators Act
amends the Securities Exchange Act of 1934 to ensure the SEC's
Advocate for Small Business Capital Formation (Small Business
Advocate) considers and identifies any unique challenges to
rural area small businesses when identifying problems that
small businesses have with securing access to capital. H.R.
4281 also requires that the annual report of the Small Business
Advocate include a summary of any unique issues regarding
capital formation encountered by rural area small businesses.
Legislative History
Representative Kihuen and Representative Mooney introduced
the Expanding Access to Capital for Rural Job Creators Act on
November 7, 2017. On November 3, 2017, the Subcommittee on
Capital Markets, Securities, and Investment held a hearing
entitled ``Legislative Proposals to Improve Small Businesses'
and Communities' Access to Capital,'' which examined matters
related to this bill.
On November 14 and 15, 2017, the Committee on Financial
Services met in open session and ordered H.R. 4281 to be
reported favorably to the House without amendment by a recorded
vote of 60 to 0. On January 29, 2018, the bill passed the
House, on suspension in a package with S. 2255 by a voice vote.
On May 25, 2018, Senate companion bill, S. 295, was introduced.
H.R. 4281 also was included in S. 488, as amended by the House,
the ``JOBS and Investor Confidence Act of 2018'', which passed
the House on July 18, 2018, on suspension by a vote of 406 to
4.
TO AMEND THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
TO REPEAL CERTAIN DISCLOSURE REQUIREMENTS RELATED TO COAL AND MINE
SAFETY
H.R. 4289
Summary
H.R. 4289 repeals Section 1503 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (P.L. 111-203), which
requires mining companies to include information about mine
safety and health violations, orders, citations, legal actions,
and mining-related fatalities in quarterly and annual reports
filed with the SEC. The disclosure requirements only apply to
public companies and are largely based on the safety and health
requirements that apply to mines under the Federal Mine Safety
and Health Act of 1977, administered by the Mine Safety and
Health Administration.
Legislative History
Representative Mooney introduced H.R. 4289 on November 7,
2017. On April 26 and 28, 2017, the Committee on Financial
Services held a hearing entitled ``A Legislative Proposal to
Create Hope and Opportunity for Investors, Consumers, and
Entrepreneurs,'' which examined matters related to this bill.
On November 14 and 15, 2017, the Committee on Financial
Services met in open session and ordered H.R. 4289 to be
reported favorably to the House without amendment by a recorded
vote of 33 to 25. There was no further action on the bill in
the 115th Congress.
TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO REPEAL CERTAIN
DISCLOSURE REQUIREMENTS RELATED TO RESOURCE EXTRATCTION, AND FOR OTHER
PURPOSES
H.R. 4519
Summary
H.R. 4519 repeals Section 1504 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act)
(P.L. 111-203), which requires resource extraction issuers to
disclose payments made to governments for the commercial
development of oil, natural gas, or minerals.
Legislative History
Representative Huizenga introduced H.R. 4519 on December 1,
2017. On April 26 and 28, 2017, the Committee on Financial
Services held a hearing entitled ``A Legislative Proposal to
Create Hope and Opportunity for Investors, Consumers, and
Entrepreneurs,'' which examined matters related to this bill.
The same witnesses testified as noted previously.
On December 12 and 13, 2017, the Committee on Financial
Services met in open session and ordered H.R. 4519 to be
reported favorably to the House without amendment by a recorded
vote of 33 to 27 (see H. Rep. 115-500). There was no further
action on the bill in the 115th Congress.
ACCELERATING ACCESS TO CAPITAL ACT OF 2017
H.R. 4529
Summary
The Accelerating Access to Capital Act of 2017 amends the
SEC's Form S-3 registration statement for smaller reporting
companies that have a class of common equity securities listed
and registered on a national securities exchange. The bill
allows these companies 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. It also allows smaller reporting companies without
a class of common equity securities listed and registered on a
national securities exchange to register primary securities
offerings up to one-third of their public float.
Legislative History
Representative Wagner introduced the Accelerating Access to
Capital Act of 2017 on December 1, 2017. On April 26 and 28,
2017, the Committee on Financial Services held a hearing
entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined matters related to this bill. The same witnesses
testified as noted previously.
On December 12 and 13, 2017, the Committee on Financial
Services met in open session and ordered H.R. 4529 to be
reported favorably to the House without amendment by a recorded
vote of 34 to 26 (see H. Rep. 115-576). There was no further
action on the bill in the 115th Congress. There was no further
action on the bill in the 115th Congress.
NATIONAL SECURITIES EXCHANGE REGULATORY PARITY ACT
H.R. 4546
Summary
The National Securities Exchange Regulatory Parity Act
modernizes Section 18 of the Securities Act of 1933 and
eliminates references to specific national securities
exchanges. H.R. 4546 also clarifies that the state ``blue sky''
exemption shall be available for all securities that qualify
for trading in the national market system pursuant to section
11A(2) of the Securities Exchange Act of 1934.
Legislative History
Representative Royce introduced the National Securities
Exchange Regulatory Parity Act on December 5, 2017. On April 26
and 28, 2017, the Committee on Financial Services held a
hearing entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined matters related to this bill. The same witnesses
testified as noted previously.
On December 12 and 13, 2017, the Committee on Financial
Services met in open session and ordered H.R. 4546 to be
reported favorably to the House without amendment by a recorded
vote of 46 to 14 (see H. Rep. 115-525). On February 14, 2018,
the bill passed the House in a package with H.R. 3978 by a vote
of 271 to 145. H.R. 4546 was included in the S. 2155 package,
which was signed into law on May 24, 2018 (P.L. 115-174).
ALLEVIATING STRESS TEST BURDENS TO HELP INVESTORS ACT
H.R. 4566
Summary
The Alleviating Stress Test Burdens to Help Investors Act
amends Title I of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act) to exempt nonbank
financial institutions not under the supervision by the Board
of Governors of the Federal Reserve System (Federal Reserve)
from the Dodd-Frank Act's stress-testing requirements.
Additionally, the bill continues to allow the SEC and the
Commodity Futures Trading Commission (CFTC) to issue
regulations to require entities subject to their respective
jurisdictions to conduct periodic analysis of the financial
condition of such entities under adverse economic conditions.
Legislative History
Representative Poliquin introduced the Alleviating Stress
Test Burdens to Help Investors Act on December 6, 2017. On
April 26 and 28, 2017, the Committee on Financial Services held
a hearing entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined matters related to this bill. The same witnesses
testified as noted previously.
On January 17 and 18, 2018, the Committee on Financial
Services met in open session and ordered H.R. 4566 to be
reported favorably by a recorded vote of 47 to 8. Before the
motion to report was offered, an amendment in the nature of a
substitute offered by Mr. Poliquin was agreed to by a voice
vote and an amendment to the amendment in the nature of a
substitute offered by Mrs. Maloney was agreed to by a voice
vote (See H. Rep. 115-601). On March 20, 2018, Representative
Waters offered an amendment, H. Amdt. 357, which restores the
Federal Reserve Board's discretionary authority to stress test
any non-designated non-bank, provided that certain conditions
are met. The amendment was agreed to by voice vote and later
that day, H.R. 4566 passed the House by a vote of 395 to 19.
Certain provisions of H.R. 4566 were included in S. 488, as
amended by the House, the ``JOBS and Investor Confidence Act of
2018'', which passed the House on July 18, 2018, on suspension
by a vote of 406 to 4.
MUTUAL FUND LITIGATION REFORM ACT
H.R. 4738
Summary
The Mutual Fund Litigation Reform Act amends section 36(b)
of the Investment Company Act of 1940 (ICA) to provide that in
a derivative action brought pursuant to the ICA a claim for
breach of fiduciary must state with particularity all the facts
that establish the breach of fiduciary duty and the breach of
fiduciary duty must be shown by clear and convincing evidence.
Legislative History
Representative Emmer introduced the Mutual Fund Litigation
Reform Act on January 8, 2018. On April 26 and 28, 2017, the
Committee on Financial Services held a hearing entitled ``A
Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs,'' which examined
matters related to this bill. The same witnesses testified as
noted previously.
On January 17 and 18, 2018, the Committee on Financial
Services met in open session and ordered H.R. 4738 to be
reported favorably to the House without amendment by a recorded
vote of 31 to 25 (see H. Rep. 115-662). There was no further
action on the bill in the 115th Congress.
AMERICAN CUSTOMER INFORMATION PROTECTION ACT
H.R. 4785
Summary
The American Customer Information Protection Act helps
protect highly sensitive personal information of Americans.
H.R. 4785 prohibits the Consolidated Audit Trail (CAT)
authorized in 2012 by the SEC from accepting Personally
Identifiable Information (PII), except where such information
would apply to large traders under the SEC's large trader
reporting rule. Under the legislation, social security numbers,
individual taxpayer identification numbers, other customer
identifying information sufficient to identify an individual--
such as names, addresses, dates of birth, and account numbers,
and any other information the Commission determines could be
defined as PII will not be reported to the CAT.
Legislative History
Representative Huizenga introduced the American Customer
Information Protection Act on January 12, 2018. On November 30,
2017, the Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Implementation and
Cybersecurity Protocols of the Consolidated Audit Trail,''
which examined draft legislation that included a provision
similar to this bill. The witnesses were Mr. Mike Beller, Chief
Executive Officer, Thesys Technologies, LLC; Mr. Chris
Concannon, President and Chief Operation Officer, Chicago Board
of Options Exchange; Mr. Tyler Gellasch, Executive Director,
Healthy Markets Association; and Ms. Lisa Dolly, Chief
Executive Officer, Pershing, on behalf of the Securities
Industry and Financial Markets Association.
On January 17 and 18, 2018, the Committee on Financial
Services met in open session and ordered H.R. 4785 to be
reported favorably to the House without amendment by a recorded
vote of 31 to 25 (see H. Rep. 115-663). There was no further
action on the bill in the 115th Congress.
VOLCKER RULE REGULATORY HARMONIZATION ACT
H.R. 4790
Summary
The Volcker Rule Regulatory Harmonization Act streamlines
the regulatory authority established by Section 619 of the
Dodd-Frank Act, also known as the Volcker Rule, and provides
community banks under $10 billion with an exclusion related to
the Volcker Rule compliance obligations. More specifically,
H.R. 4790 achieves these objectives by amending Section 619 of
the Dodd-Frank Act such that the Board of Governors of the
Federal Reserve has exclusive rulemaking authority and the
primary Federal regulator for each entity required to comply
with the rule has sole examination and enforcement authority
over that entity. The legislation also excludes community banks
from Volcker Rule compliance if they do not have and are not
controlled by an entity with $10 billion or more in total
consolidated assets and total trading assets and trading
liabilities that are more than five percent of total
consolidated assets.
Legislative History
Representative Hill introduced the Volcker Rule Regulatory
Harmonization Act on January 12, 2018. On March 29, 2017, the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Examining the Impact of the Volcker
Rule on the Markets, Businesses, Investors, and Job Creators,''
which examined matters related to the bill. On April 26 and 28,
2017, the Committee on Financial Services held a hearing
entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined matters related to the bill. For each hearing,
the same witnesses testified as noted previously.
On March 21, 2018, the Committee on Financial Services met
in open session and ordered H.R. 4790 to be reported favorably
to the House, as amended by a recorded vote of 50 to 10. Before
the motion to report was offered, the Committee adopted an
amendment in the nature of a substitute offered by Mr. Foster
by voice vote. On April 11, 2018 Rule H. Res. 811 provided for
consideration of the bill by the House. On April 13, H.R. 4790
passed the House by a vote of 300 to 104, and on April 16, 2018
the Senate referred the bill to the Committee on Banking,
Housing, and Urban Affairs. Section 4 of H.R. 4790 was signed
into law in the S. 2155 package on May 24, 2018 (P.L. 115-174).
SMALL BUSINESS ACCESS TO CAPITAL AFTER A NATURAL DISASTER ACT
H.R. 4792
Summary
The Small Business Access to Capital After a Natural
Disaster Act amends the Securities Exchange Act of 1934 to
require the SEC Advocate for Small Business Capital Formation
(Small Business Advocate) to identify any unique challenges to
small businesses affected by hurricanes or natural disasters
when assessing problems that small businesses have with
securing access to capital. This bill further requires that in
its annual report the Small Business Advocate must include a
summary of any unique issues encountered by small businesses
affected by hurricanes or natural disasters with respect to
capital formation.
Legislative History
Representative Velazquez introduced the Small Business
Access to Capital After a Natural Disaster Act on January 18,
2018. On November 3, 2017, the Subcommittee on Capital Markets,
Securities, and Investment held a hearing entitled
``Legislative Proposals to Improve Small Businesses' and
Communities' Access to Capital,'' which examined matters
relating to the bill. Witnesses testified as noted previously.
On January 17 and 18, 2018, the Committee on Financial
Services met in open session and ordered H.R. 4792 to be
reported favorably to the House without amendment by a recorded
vote of 57 to 0 (see H. Rep. 115-529). On January 29, 2018, the
bill passed the House on suspension by a voice vote. H.R. 4792
also was attached to H.R. 1625, which passed the House by a
vote of 256 to 167. The bill was signed into law on March 23,
2017 (P.L. 115-141).
PUBLIC COMPANY REGISTRATION THRESHOLD ACT
H.R. 5051
Summary
The Public Company Registration Threshold Act amends
section 12(g) of the Securities Exchange Act of 1934 to raise
the threshold for companies to register as a public reporting
company with the SEC from 500 to 2,000 non-accredited investors
and indexes the current $10 million threshold for inflation.
Additionally, the bill raises the threshold under section 12(g)
for issuers to terminate a class of securities from 300 to
1,200 investors. Lastly, the bill amends section 15(d) of the
Exchange Act to raise the exemption for filing supplemental and
periodic information with the SEC from 300 to 1,200 investors.
Legislative History
Representative Duffy introduced the Public Company
Registration Threshold Act on February 18, 2018. On March 22,
2017, the Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``The JOBS Act at Five:
Examining Its Impact and Ensuring the Competitiveness of the
U.S. Capital Markets,'' which examined issues related to this
bill. On April 26 and 28, 2017, the Committee on Financial
Services held a hearing entitled ``A Legislative Proposal to
Create Hope and Opportunity for Investors, Consumers, and
Entrepreneurs,'' which examined a discussion draft of the
Financial CHOICE Act of 2017, which included language similar
to this bill. For each of these hearings, witnesses testified
as noted previously.
On March 21, 2018, the Committee on Financial Services met
in open session and ordered H.R. 5051 to be reported favorably
to the House without amendment by a recorded vote of 34 to 26
(see H. Rep. 115-888). There was no further action on the bill
in the 115th Congress.
SMALL COMPANY DISCLOSURE SIMPLIFICATION ACT OF 2018
H.R. 5054
Summary
The Small Company Disclosure Simplification Act of 2018
provides a voluntary exemption for all Emerging Growth
Companies (EGCs) and other issuers with annual gross revenues
under $250 million from the U.S. Security and Exchange
Commission's (SEC) requirements to file their financial
statements in an interactive data format known as eXtensible
Business Reporting Language (XBRL). The exemption will be 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. The bill also 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 and
investors' use of the information.
Legislative History
Representative Kustoff introduced the Small Company
Disclosure Simplification Act of 2018 on February 15, 2018. On
May 23, 2018, the Committee on Financial Services held a
hearing entitled ``Legislative Proposals to Help Fuel Capital
and Growth on Main Street,'' which examined the bill. Witnesses
testified as noted previously.
On June 7, 2018, the Committee on Financial Services met in
open session and ordered H.R. 5054 to be reported favorably to
the House by a vote of 32 to 23. There was no further action in
the bill in the 115th Congress.
DERIVATIVES FAIRNESS ACT
H.R. 5323
Summary
The Derivatives Fairness Act amends Title I of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act) to add a new section 177 entitled ``Credit Valuation
Adjustment.'' This new section would exempt non-cleared
derivatives with certain counterparties commonly described as
``end-users'' from the costly Credit Valuation Adjustment (CVA)
capital charge.
Legislative History
Representative Davidson introduced the Derivatives Fairness
Act on March 19, 2018. On February 14, 2018, the Subcommittee
on Capital Markets, Securities, and Investment held a hearing
entitled ``Legislative Proposals Regarding Derivatives,'' which
examined a draft of the bill. The witnesses were The Honorable
Kenneth E. Bentsen, Jr., President & CEO, Securities Industry
and Financial Markets Association (SIFMA); Mr. Thomas C. Deas,
Chairman, National Association of Corporate Treasurers, on
behalf of the Coalition for Derivatives End-Users; Mr. Andy
Green, Managing Director of Economic Policy, Center for
American Progress; Mr. Scott O'Malia, Chief Executive Officer,
International Swaps and Derivatives Association, Inc.
On March 21, 2018, the Committee on Financial services met
in an open session and ordered H.R. 5323 to be reported
favorably to the House without amendment by a recorded vote of
34 to 26 (see H. Rep. 115-893). There was no further action on
the bill in the 115th Congress.
TO REQUIRE THE SECURITIES AND EXCHANGE COMISSION TO ADJUST CERTAIN
RESUBMISSION THRESHOLDS FOR SHAREHOLDER PROPOSALS
H.R. 5756
Summary
H.R. 5756 directs the SEC to revise Rule 14a-8(c)(12) to
protect the interests of long-term shareholders and allow a
company to exclude a shareholder proposal that focuses on
substantially the same subject matter as a prior proposal that
failed to receive at least six 6 percent of the vote on its
first submission, 15 percent on the second submission, and 30
percent on the third submission.
Legislative History
Representative Duffy introduced H.R. 5756 on May 10, 2018.
On May 23, 2018, the Committee on Financial Services held a
hearing entitled ``Legislative Proposals to Help Fuel Capital
and Growth on Main Street,'' which examined the bill. Witnesses
testified as noted previously.
On June 7, 2018, the Committee on Financial Services met in
open session and ordered H.R. 5756 to be reported favorably to
the House by a vote of 34 to 22 (see H. Rep. 115-904). There
was no further action on the bill in the 115th Congress.
OPTIONS MARKETS STABILITY ACT
H.R. 5749
Summary
The Options Markets Stability Act, as modified by an
amendment in the nature of a substitute offered by
Representative Bill Foster, directs the Federal Reserve, the
Federal Deposit Insurance Company (FDIC), and the Comptroller
of the Currency (OCC) to issue a proposed rule, and to finalize
such rule within 360 days of enactment, to adopt a methodology
for calculating the counterparty credit risk exposure under
derivative contracts pursuant to risk-based and leverage-based
capital rules.
Legislative History
Representative Hultgren introduced the Options Markets
Stability Act on May 10, 2018. On February 14, 2018 the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Legislative Proposals Regarding
Derivatives,'' which examined matters related to the bill.
Witnesses testified as noted previously.
On June 14, 2018, the Committee on Financial Services met
in open session and ordered H.R. 5749 to be reported favorably
to the House as amended by a recorded vote of 54 to 0. Before
the motion to report was offered, the Committee adopted an
amendment in the nature of a substitute offered by Mr. Foster
by voice vote (see H. Rep. 115-810). On June 6, 2018, the bill
passed the House on suspension by a vote of 385 to 0. H.R. 5748
was included in S. 488, as amended by the House, the ``JOBS and
Investor Confidence Act of 2018'', which passed the House on
July 18, 2018, on suspension by a vote of 406 to 4.
MAIN STREET GROWTH ACT
H.R. 5877
Summary
The Main Street Growth Act provides for the creation and
registration of venture exchanges with the SEC. Under the bill,
securities eligible to trade on a venture exchange are
``venture securities,'' which are exempted transactions under
Section 3(b) of the Securities Act of 1933 from an ``early-
stage, growth company,'' a security offered by an emerging
growth company (EGC) as defined by the Jumpstart our Business
Startups (JOBS) Act (P.L. 112-106), or a security whose
issuer's public float is less than that which would qualify it
as a large accelerated filer or whose securities have an
Average Daily Trade Volume (ADTV) of less than 75,000 shares
over a 60-day period. To concentrate and enhance liquidity, the
legislation prohibits venture exchanges from extending Unlisted
Trading Privileges (UTP) to any venture security, which ensures
venture securities only are traded on the exchange on which it
is listed. Venture exchanges also would be exempt from
decimalization.
Legislative History
Representative Emmer introduced the Main Street Growth Act
on June 19, 2018. On April 26 and 28, 2017, the Committee held
a hearing entitled ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined matters related to this bill. On May 23, 2018,
the Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Legislative Proposals to Help Fuel
Capital and Growth on Main Street,'' which examined the bill.
Witnesses for May 23, 2018 hearing were Mr. Brett Paschke,
Managing Director and Head of Capital Markets, William Blair,
on behalf of the Securities Industry and Financial Markets
Association; Mr. Edward S. Knight, Executive Vice President,
Global Chief Legal and Policy Officer, Nasdaq, Inc.; Professor
John C. Coffee Jr., Adolf A. Berle Professor of Law, Columbia
University Law School; Mr. Brian Hahn, Chief Financial Officer,
GlycoMimetics, Inc., on behalf of the Biotechnology Innovation
Organization; Mr. Barry Eggers, Founding Partner, Lightspeed
Venture Partners, on behalf of the National Venture Capital
Association; Mr. Tyler Gellasch, Executive Director, Healthy
Markets Association; Mr. Thomas Quaadman, Vice President,
Center for Capital Markets Competitiveness, U.S. Chamber of
Commerce.
On June 7, 2018, the Committee on Financial Services met in
open session and ordered H.R. 5877 to be reported favorably to
the House as amended by a recorded vote of 56 to 0. Before the
motion to report was offered, the Committee adopted an
amendment in the nature of a substitute offered by Mr. Emmer by
voice vote (see H. Rep. 115-807). On June 10, 2018, the bill
passed the House on suspension by a voice vote. H.R. 5877 was
included in S. 488, as amended by the House, the ``JOBS and
Investor Confidence Act of 2018'', which passed the House on
July 18, 2018, on suspension by a vote of 406 to 4.
MODERNIZING DISCLOSURES FOR INVESTORS ACT
H.R. 5970
Summary
The Modernizing Disclosures for Investors Act requires the
SEC to report to Congress within 180 days of enactment with
recommendations to decrease costs, increase transparency, and
increase efficiency of quarterly financial reporting by
emerging growth companies (EGCs) for SEC Form 10-Q. Among other
things, the SEC's report shall include analysis of the costs
and benefits of Form 10-Q to EGCs; the costs and benefits of
Form 10-Q to the SEC, other reporting companies, investors,
market researchers, and other market participants; the costs
and benefits of alternative formats for quarterly reporting for
EGCs; and the expected impact of the use of alternative formats
of quarterly reporting by EGCs on overall market transparency
and efficiency.
Legislative History
Representative Wagner introduced the Modernizing
Disclosures for Investors Act on May 24, 2018. On May 23, 2018,
the Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Legislative Proposals to Help Fuel
Capital and Growth on Main Street,'' which examined a draft of
the bill. Witnesses testified as noted previously.
On June 21, 2018, the Committee on Financial Services met
in open session on and ordered H.R. 5970 to be reported
favorably to the House as amended by a recorded vote of 56 to
0. Before the motion to report was offered, the Committee
adopted an amendment in the nature of a substitute offered by
Ms. Wagner by voice vote (see H. Rep. 115-811). On June 6,
2018, the bill was passed by the House on suspension by a voice
vote. H.R. 5970 was included in S. 488, as amended by the
House, the ``JOBS and Investor Confidence Act of 2018'', which
passed the House on July 18, 2018, on suspension by a vote of
406 to 4.
STREAMLINING COMMUNICATIONS FOR INVESTORS ACT
H.R. 6035
Summary
The Streamlining Communications for Investors Act directs
the SEC to revise SEC Rule 163(c) to allow a well-known
seasoned issuer (WKSI) to authorize an underwriter or dealer to
act as its agent or representative in communicating about
offerings of the issuer's securities prior to the filing of a
registration statement. A WSKI will be allowed to rely on the
exemption provided in Rule 163 if, before such a communication
is made, the underwriter or dealer making such communication
receives written authorization from the WKSI to act as its
agent or representative and the WKSI authorized or approved
such communication. Additionally, a WKSI must identify in the
prospectus filed for an offering each underwriter or dealer
that has made oral or written communications related to the
offering in reliance on the exemption.
Legislative History
Representative Budd introduced the Streamlining
Communications for Investors Act on June 7, 2018. On May 23,
2018, the Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Legislative Proposals to
Help Fuel Capital and Growth on Main Street,'' which examined a
draft of the bill. Witnesses testified as noted previously.
On June 14, 2018 the Committee on Financial Services met in
open session and ordered H.R. 6035 to be reported favorably to
the House without amendment by a recorded vote of 31 to 23.
There was no further action on this bill in the 115th Congress.
HELPING STARTUPS CONTINUE TO GROW ACT
H.R. 6130
Summary
The Helping Startups Continue to Grow Act expands the on-
ramp for emerging growth companies (EGCs) by providing EGCs an
additional five years of exemptions from certain disclosure
requirements. The expansion is limited to EGCs that, after five
years as an EGC, would continue to qualify as such but for the
five-year restriction on EGC status.
Legislative History
Representative Rothfus introduced the Helping Startups
Continue to Grow Act on June 15, 2018. On May 23, 2018, the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Legislative Proposals to Help Fuel
Capital and Growth on Main Street,'' which examined the bill.
Witnesses testified as noted previously.
On June 21, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6130 to be reported favorably
to the House without amendment by a recorded vote of 32 to 23.
An amendment offered by Representative Ellison was not agreed
to by voice vote. There was no further action on the bill in
the 115th Congress.
IMPROVING INVESTMENT RESEARCH FOR SMALL AND EMERGING ISSUERS ACT
H.R. 6139
Summary
The Improving Investment Research for Small and Emerging
Issuers Act requires the SEC to report to Congress within 180
days after enactment on issues that affect the provision of and
reliance upon investment research into small issuers, including
emerging growth companies (EGCs), other small issuers, such as
nano-cap and microcap issuers, and companies considering
initial public offerings (IPOs). Among the issues the SEC must
consider are factors related to the demand for such research by
institutional and retail investors, cost considerations for
such research, and the impact on the availability of research
coverage for small issuers due to a variety of market and
regulatory conditions. The SEC's report must include
recommendations to increase the demand for, volume of, and
quality of investment research into small issuers and pre-IPO
companies.
Legislative History
Representative Huizenga introduced the Improving Investment
Research for Small and Emerging Issuers Act on June 19, 2018.
On May 23, 2018, the Subcommittee on Capital Markets,
Securities, and Investment held a hearing entitled
``Legislative Proposals to Help Fuel Capital and Growth on Main
Street,'' which examined the bill. Witnesses testified as noted
previously.
On June 21, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6139 to be reported favorably
to the House without amendment by a recorded vote of 58 to 0
(see H. Rep. 115-808). On June 6, 2018, the bill passed the
House on suspension by a voice vote. H.R. 6139 was included in
S. 488, as amended by the House, the ``JOBS and Investor
Confidence Act of 2018'', which passed the House on July 18,
2018, on suspension by a vote of 406 to 4.
DEVELOPING AND EMPOWERING OUR ASPIRING LEADERS ACT OF 2018
H.R. 6177
Summary
The Developing and Empowering Our Aspiring Leaders Act, as
modified by an amendment in the nature of a substitute, H.R.
6177 requires the SEC to revise the definition of a
``qualifying investment'' under section 275.203(l)-1(c) of
title 17, Code of Federal Regulations, to include equity
securities issued by a qualifying portfolio company--whether
acquired directly from the company or via a secondary
transaction. H.R. 6177 will enable funds to increase their
ability to provide necessary capital through secondary
acquisitions. In doing so, the bill also balances the need for
such investments not to be the primary means by which venture
capital funds spread their portfolio by requiring the SEC to
revise paragraph (a) of section 275.2013(l)-1(c) such that a
venture capital fund's ``qualifying investments'' must be
predominantly those that were acquired directly from a
qualifying portfolio company. In other words, the legislation
will better enable venture capital funds to provide necessary
growth capital to companies without having to register as a
registered investment adviser (RIA), while continuing to
operate in a manner such that the fund is predominantly
comprised of qualifying investments that were acquired directly
instead of in a secondary acquisition. The legislation requires
the SEC to revise its definition within 180 days of enactment.
Legislative History
Representative Hollingsworth introduced the Developing and
Empowering Our Aspiring Leaders Act on June 21, 2018. On May
23, 2018, the Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Legislative Proposals to
Help Fuel Capital and Growth on Main Street,'' which examined a
draft of the bill. Witnesses testified as noted previously.
On July 11, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6177 to be reported favorably
by the House, as amended, by voice vote (see H. Rep. 115-889).
H.R. 6177 was included in S. 488, as amended by the House, the
``JOBS and Investor Confidence Act of 2018'', which passed the
House on July 18, 2018, on suspension by a vote of 406 to 4.
EXPANDING INVESTMENT IN SMALL BUSINESSES ACT
H.R. 6319
Summary
The Expanding Investment in Small Businesses Act requires
the SEC to study the current diversified fund limit threshold
for diversified mutual funds--10 percent of the voting shares
in an individual company--and determine whether said threshold
limits capital formation. The SEC is to report its findings to
Congress and then recommend whether Congress should amend the
Investment Company Act of 1940. To conduct this study, the SEC
may take public comments, and shall issue a report of its
findings to Congress--including any legislative recommendations
to increase the 10 percent threshold--within 180 days of
enactment.
Legislative History
Representative Hultgren introduced the Expanding Investment
in Small Businesses Act on July 10, 2018. On May 23, 2018, the
Subcommittee on Capital Markets, Securities, and Investment
held a hearing entitled ``Legislative Proposals to Help Fuel
Capital and Growth on Main Street,'' which examined a draft of
the bill. Witnesses testified as noted previously.
On July 11, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6319 to be reported favorably
to the House, without amendment, by voice vote (see H. Rep.
115-878). H.R. 6319 was included in S. 488, as amended by the
House, the ``JOBS and Investor Confidence Act of 2018'', which
passed the House on July 18, 2018, on suspension by a vote of
406 to 4.
PROMOTING TRANSPARENT STANDARDS FOR CORPORATE INSIDERS ACT
H.R. 6320
Summary
The Promoting Transparent Standards for Corporate Insiders
Act requires the SEC to conduct a study as to whether SEC Rule
10b5-1 should be amended, as further described below, and, if
so, to amend Rule 10b5-1, subject to notice and comment, in a
manner consistent with the results of such study. Under Rule
10b5-1, directors and other major insiders of issuers
registered under the Securities Exchange Act of 1934 who have
access to material nonpublic information are able to establish
a written plan that details when they will be able to buy or
sell shares at a predetermined time on a scheduled basis. The
bill requires the SEC to consider whether certain types of
amendments to Rule 10b5-1 would enhance the rule and directs
the SEC to consider certain factors, including how any such
amendments to Rule 10b5-1 would clarify and enhance existing
prohibitions against insider trading, the impact of any such
amendments on attracting candidates for insider positions, the
impact on capital formation, and the effects on a company's
willingness to operate as a public company.
Legislative History
Representative Waters introduced the Promoting Transparent
Standards for Corporate Insiders Act on July 10, 2018. The
Committee on Financial Services held no hearings related to
H.R. 6320.
On July 11, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6321 to be reported favorably
to the House by voice vote (see H. Rep. 115-891). H.R. 6321 was
included in S. 488, as amended by the House, the ``JOBS and
Investor Confidence Act of 2018'', which passed the House on
July 18, 2018, on suspension by a vote of 406 to 4.
INVESTMENT ADVISER REGULATORY FLEXIBILITY IMPROVEMENT ACT
H.R. 6321
Summary
The Investment Adviser Regulatory Flexibility Improvement
Act requires the SEC to better examine the regulatory burdens
faced by small entities that are subject to the SEC's
jurisdiction. H.R. 6321 requires the SEC to revise the
definitions of a ``small business'' and ``small organization''
for purposes of assessing the impact of the SEC's rulemakings
under section 275.0-7 of title 17, Code of Federal Regulations,
and to provide alternative methods under which a business or
organization may qualify as a small business or small
organization.
Legislative History
Representative Moore introduced the Investment Adviser
Regulatory Flexibility Improvement Act on July 10, 2018. There
have not been any hearings held examining the matters related
to H.R. 6321.
On July 11, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6321 to be reported favorably
to the house, without amendment, by voice vote (see H. Rep.
115-884). H.R. 6321 was included in S. 488, as amended by the
House, the ``JOBS and Investor Confidence Act of 2018'', which
passed the House on July 18, 2018, on suspension by a vote of
406 to 4.
ENHANCING MULTI-CLASS SHARE DISCLOSURES ACT
H.R. 6322
Summary
The Enhancing Multi-Class Share Disclosures Act, as
modified by an amendment in the nature of a substitute, amends
Section 14 of the Securities Exchange Act of 1934 to require
issuers with multi-class share structures to make certain
disclosures in any proxy or consent solicitation material with
respect to each person who is a director or executive officer
of the issuer or who, directly or indirectly, holds five
percent or more of the total combined voting power of all
classes of stock entitled to vote in the election of directors.
Representative Meeks introduced the Enhancing Multi-Class
Share Disclosures Act on July 10, 2018. The Committee on
Financial Services has not held a hearing examining the matters
relating to H.R. 6322.
On July 11, 2018 the Committee on Financial Services met in
open session and ordered H.R. 6322 to be reported favorably to
the House, as amended, by voice vote (see H. Rep. 115-879).
H.R. 6322 was included in S. 488, as amended by the House, the
``JOBS and Investor Confidence Act of 2018'', which passed the
House on July 18, 2018, on suspension by a vote of 406 to 4.
NATIONAL SENIOR INVESTOR INITIATIVE ACT 2018
H.R. 6323
Summary
The National Senior Investor Initiative Act of 2018 creates
an interdivisional task force at the SEC to examine and
identify challenges facing senior investors (the ``Task
Force''). Every two years, in consultation with other SEC
offices, State securities and law enforcement authorities,
State insurance regulators, and Federal agencies, the Task
Force is to report to Congress and recommend any regulatory or
statutory changes that it believes are necessary. Further,
within one year of enactment, the U.S. Government
Accountability Office shall study and report on the economic
costs of the financial exploitation of senior citizens.
Legislative History
Representative Gottheimer introduced the National Senior
Investor Initiative Act of 2018 on July 10, 2018. The Committee
on Financial Services held no hearings examining matters
relating to H.R. 6323.
On July 11, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6323 to be reported favorably
to the House, as amended, by voice vote. H.R. 6323 was included
in S. 488, as amended by the House, the ``JOBS and Investor
Confidence Act of 2018'', which passed the House on July 18,
2018, on suspension by a vote of 406 to 4.
MIDDLE MARKET IPO UNDERWRITING COST ACT
H.R. 6324
Summary
The Middle Market IPO Underwriting Cost Act requires the
SEC, in consultation with the Financial Industry Regulatory
Authority (FINRA), to study the costs associated with small-
and medium-sized companies to undertake initial public
offerings and to report to Congress with its findings and
recommendations.
Legislative History
Representative Himes introduced the Middle Market IPO
Underwriting Cost Act on July 10. 2018. On March 22, 2017,
October 4, 2017, November 3, 2017, May 23, 2018 and June 21,
2018, the Committee on Financial Services or the Subcommittee
on Capital Markets, Securities, and Investment held hearings
entitled ``The JOBS Act at Five: Examining Its Impact and
Ensuring the Competitiveness of the U.S. Capital Markets,''
``Examining the SEC's Agenda, Operations, and Budget,''
``Legislative Proposals to Improve Small Businesses' and
Communities' Access to Capital,'' ``Legislative Proposals to
Help Fuel Capital and Growth on Main Street,'' ``Oversight of
the U.S. Securities and Exchange Commission,'' which examined
matters related to the bill. Witnesses testified as noted
previously.
On July 11, 2018, the Committee on Financial Services met
in open session and ordered H.R. 6324, as amended, to be
reported favorably to the House by voice vote (see H. Rep. 115-
887). H.R. 6324 was included in S. 488, as amended by the
House, the ``JOBS and Investor Confidence Act of 2018'', which
passed the House on July 18, 2018, on suspension by a vote of
406 to 4.
ACCESS RURAL AMERICA ACT
H.R. 6745
Summary
The Access to Capital Creates Economic Strength and
Supports (ACCESS) Rural America Act amends the shareholder
threshold for registration under the Securities Exchange Act of
1934 for issuers that received Universal Service Funding in the
previous fiscal year. Specifically, the bill raises the
threshold for such issuers who have total assets exceeding
$10,000,000 from 500 non-accredited investors to 1,250
investors, regardless of accredited investor status, with the
dollar threshold indexed for inflation. Additionally, the bill
requires the SEC to issue regulations to establish a financial
summary form that such issuers may file to include a summary of
the consolidated balance sheet and the consolidated income
statement of the issuer, as well as any other information the
SEC determines is necessary and appropriate in the public
interest and for the protection of investors. Finally, the
legislation directs the SEC to conduct a study three (3) years
after enactment on the effects of the bill on such issuers and
to what extent it has improved capital formation for these
issuers and whether the SEC should adjust shareholder
thresholds for registration for other issuers.
Legislative History
Representative Duffy introduced the ACCESS Rural America
Act on September 7, 2018. On April 26 and 28, 2017, the
Committee on Financial Services held a hearing entitled ``A
Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs,'' which examined
matters related to the bill. Witnesses testified as noted
previously.
On September 13, 2018, the Committee on Financial Services
met in open session and ordered H.R. 6745, as amended, to be
reported favorably to the House by a vote of 37 to 15.
PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5,
UNITED STATES CODE, OF A RULE SUBMITTED BY THE SECURITIES AND EXCHANGE
COMMISSION RELATING TO ``DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION
ISSUERS''
H.J. RES. 41
Summary
This joint resolution nullifies the ``Disclosure of
Payments by Resource Extraction Issuers'' rule finalized by the
Securities and Exchange Commission on July 27, 2016. The rule,
mandated under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, requires resource extraction issuers to
disclose payments made to governments for the commercial
development of oil, natural gas, or minerals.
Legislative History
Representative Huizenga introduced H.J. Res. 41 on January
30, 2017. The Committee on Financial Services held no hearings
examining matters related to H.J. Res. 41 in the 115th Congress
prior to its enactment. On February 1, 2017, H.J. Res. 41
passed the House by a vote of 235 to 187, and on February 3,
2017, it passed the Senate by a vote of 52 to 47. On February
14, 2017 H.J. Res. 41 was signed into law (P.L. 115-4).
CROWDFUNDING AMENDMENTS ACT
H.R. 6380
Amends provisions in the securities laws governing
crowdfunding and would fix some of the problematic requirements
included in the final crowdfunding rule promulgated by the SEC
pursuant to Title III of the JOBS Act. Specifically, the bill
would provide for Special Purpose Vehicles (SPVs) to be
authorized investors in crowdfunding offerings. SPVs can enable
a group of investors to unify and pool their resources to
invest in startups that want to raise capital through
crowdfunding. Additionally, this bill would amend 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.
The Crowdfunding Amendment Act amends the Securities Act of
1933 to allow a crowdfunding issuer to sell shares through a
crowdfunding vehicle. A ``crowdfunding vehicle'' is defined as
a company that has purposes limited to acquiring, holding, and
disposing only one class of crowdfunding securities issued by a
single company; receives no compensation for doing so; and
meets other specified requirements, including those related to
reporting obligations and the use of investment advisers. The
bill amends the Investment Advisers Act of 1940 to provide for
the registration of crowdfunding vehicle advisers. The also
bill amends the Securities Exchange Act of 1934 to revise the
conditions upon which the SEC shall exempt securities issued in
crowdfunding transactions from registration requirements. Under
current law, holders of crowdfunded shares do not count toward
the shareholder threshold beyond which an issuer is required to
register its securities with the SEC, provided that the issuer:
(1) is current in its annual reporting obligations, (2) retains
the services of a registered transfer agent, and (3) has less
than $25 million in assets. The bill maintains this exemption
but alters the conditions upon which it applies. Specifically,
holders of crowdfunded shares shall not count toward the
shareholder threshold if the issuer has: (1) a public float of
less than $75 million, or (2) a public float of $0 and annual
revenues of less than $50 million.
Legislative History
Representative McHenry introduced the Crowdfunding
Amendment Act on July 16, 2018. The bill was included in S.
488, as amended by the House, the ``JOBS and Investor
Confidence Act of 2018'', which passed the House on July 18,
2018, on suspension by a vote of 406 to 4.
JOBS AND INVESTOR CONFIDENCE ACT OF 2018
S. 488
Summary
The JOBS and Investor Confidence Act of 2018 is a package
of 32 individual pieces of legislation that were reported by
the Financial Services Committee or passed the House with broad
bipartisan support. The bulk of the provisions promote capital
formation and modernize U.S. capital markets. The following
bills were included in the JOBS and Investor Confidence Act of
2018 and were summarized previously in this or another
Subcommittee Activity Report: H.R. 79, 435, 477, 1585, 1645,
2219, 2364, 3555, 3903, 3972, 4281, 4292, 4294, 4537, 4566,
4768, 5288, 5749, 5783, 5877, 5953, 5970, 6069, 6139, 6177,
6319, 6320, 6321, 6322, 6323, 6324, and 6380.
Legislative History
Senator Toomey introduced S. 488 on March 1, 2017, as the
Encouraging Employee Ownership Act. The House companion bill is
H.R. 1343. Language similar to S. 488 as introduced and H.R.
1343 was included in S. 2155, which was enacted on May 24,
2018. On July 17, 2018, the House considered an amendment to S.
488, which struck all of the introduced text and replaced it
with the JOBS and Investor Confidence Act of 2018. The House
passed this version of the legislation on suspension by a vote
of 406 to 4.
Subcommittee Oversight Activities
CAPITAL FORMATION AND JUMPSTART OUR BUSINESS STARTUPS ACT
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``The JOBS Act at Five:
Examining Its Impact and Ensuring the Competitiveness of the
U.S. Capital Markets'' on March 22, 2017. The hearing examined
the impact of the Jumpstart Our Business Startups Act (JOBS
Act) (Pub. L. No 112-106) on the U.S. capital markets and the
JOBS Act's effect on capital formation, job creation, and
economic growth. The Subcommittee also examined issues that are
hampering the competitiveness of the U.S. capital markets and
what actions should be taken to address those issues. The
witnesses were Mr. Raymond Keating, Chief Economist, Small
Businesses and Entrepreneurship Council; Mr. Brian Hahn, Chief
Financial Officer, GlycoMimetics, Inc.; Mr. Andy Green,
Managing Director of Economic Policy, Center for American
Progress; Mr. Edward Knight, Executive Vice President and
General Council, NASDAQ; Mr. Thomas Quaadman, Vice President,
U.S. Chamber of Commerce.
CONSOLIDATED AUDIT TRAIL
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Implementation and
Cybersecurity Protocols of the Consolidated Audit Trail'' on
November 30, 2017. The Subcommittee examined the status of the
Consolidated Audit Trail (CAT) implementation and the current
adequacy of existing data security protections regarding the
storage and use of CAT data by entities that are part of the
CAT operating committee, the CAT plan processor, and the SEC.
It also will examine whether additional cybersecurity protocols
are necessary to properly safeguard collected data, including
personally identifiable information (PII). The witnesses were
Mr. Mike Beller, Chief Executive Officer, Thesys Technologies,
LLC; Mr. Chris Concannon, President and Chief Operation
Officer, Chicago Board of Options Exchange; Mr. Tyler Gellasch,
Executive Director, Healthy Markets Association; and Ms. Lisa
Dolly, Chief Executive Officer, Pershing, on behalf of the
Securities Industry and Financial Markets Association.
CORPORATE GOVERNANCE
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``The Cost of Being a Public
Company in Light of Sarbanes-Oxley and the Federalization of
Corporate Governance'' on July 18, 2017. The Subcommittee
reviewed issues public companies face in light of the Sarbanes-
Oxley Act of 2002, which at the time of the hearing turned 15
years old that month, federal corporate governance mandates,
and other factors that may impact a company's decision to go or
remain public. The hearing examined the benefits, as well as
the costs and burdens realized by public companies and the
impact that these costs and burdens have on investors and
economic growth. Witnesses were Mr. Thomas Farley, President,
NYSE Group; Mr. John Blake, Senior Vice President of Finance, a
Tyr Pharma, Inc.; Mr. Thomas Quaadman, Executive Vice
President, Center for Capital Market Competitiveness, U.S.
Chamber of Commerce; Professor J. Robert Brown, Jr., Lawrence
W. Treece Professor of Corporate Governance, Director,
Corporate and Commercial Law Program, University of Denver
Sturm College of Law; Mr. John Berlau, Senior Fellow,
Competitive Enterprise Institute.
DOL FIDUCIARY RULE AND STANDARDS OF CONDUCT FOR INVESTMENT
PROFESSIONALS
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Impact of the DOL
Fiduciary Rule on the Capital Markets'' on July 13, 2017. The
Subcommittee reviewed the impact of the Department of Labor's
(DOL) fiduciary rule on the capital markets and the ability of
financial advisers, including broker-dealers, to continue
providing affordable and reliable retirement investment advice
to their customers. With the rule having partially gone into
effect on June 9, 2017 and full implementation then-scheduled
to occur on January 1, 2018, the subcommittee analyzed the
impact of these two dates as well as the reasons why the SEC is
better equipped to update the standard of care for broker-
dealers than the DOL. The witnesses were Mr. David Knoch,
President, 1st Global; Mr. Mark Halloran, Senior Director, Head
of Industry and Regulatory Strategy, Transamerica; Mr. Jerome
Lombard, President, Private Client Group, Janney Montgomery
Scott LLC; Ms. Cristina B. Martin Frivida, Director, Financial
Security and Consumer Affairs, AARP; Dr. Douglas Holtz-Eakin,
President, American Action Forum.
EQUITY MARKET STRUCTURE
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``U.S. Equity Market
Structure Part I: A Review of the Evolution of Today's Equity
Market Structure and How We Got Here'' on June 27, 2017. The
hearing reviewed the current state of the U.S. equity markets
and how the current structure has evolved since the enactment
of the Securities Acts Amendments of 1975 (Pub. L. 94-29),
which established a new national market system for securities.
The Subcommittee also analyzed what is working well in today's
equity markets, what needs improvement, and any impediments to
the optimal functioning of the equity markets. The witnesses
were Mr. Matt Lyons, Senior Vice President and Global Trading
Manager, The Capital Group; Mr. Joseph Saluzzi, Partner, Themis
Trading LLC; Mr. Ari Rubenstein, Chief Executive Officer,
Global Trading Systems; Mr. Jeff Brown, Senior Vice President,
Legislative and Regulatory Affairs, Charles Schwab; Mr. Thomas
Farley, President, New York Stock Exchange; Mr. Brad Katsuyama,
Chief Executive Officer, The Investors Exchange; Mr. Chris
Concannon, President and Chief Operating Officer, Chicago Board
of Options Exchange; Mr. John Comerford, Head of Global Trading
Research, Instine; Mr. Tom Wittman, Executive Vice President
and Global Head of Equities, NASDAQ.
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
The Subcommittee on Capital Markets, Securities and
Investment held a hearing entitled ``Oversight of the Financial
Industry Regulatory Authority'' on September 7, 2017. Robert W.
Cook, the President and Chief Executive Officer of the
Financial Industry Regulatory Authority (FINRA), was the only
witness. The hearing examined FINRA's activities and policies
as an independent, not-for-profit organization that is a self-
regulatory organization over the U.S. securities industry. In
addition, the hearing examined FINRA's accountability and
transparency and how it handles member feedback.
FINTECH, CRYPTOCURRENCIES, AND INITIAL COIN OFFERINGS
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Examining Cryptocurrencies
and ICO Markets,'' on March 14, 2018. The Subcommittee
conducted an overview of the cryptocurrency and Initial Coin
Offering (ICO) markets. The hearing examined the economic
efficiencies and potential capital formation opportunities that
cryptocurrencies and ICOs potentially offer to businesses and
investors, and review the adherence to applicable laws so that
investors receive the full protections afforded by the federal
securities laws. Additionally, the hearing considered the
current regulatory approach that regulators, such as the
Securities and Exchange Commission, are using to monitor and
oversee cryptocurrencies and ICOs and how to achieve further
regulatory clarity in these markets. Witnessed were Dr. Chris
Brummer, Professor of Law, Georgetown University Law Center;
Mike Lempres, Chief Legal and Risk Officer, Coinbase, Robert
Rosenblum, Partner, Wilson Sonsini Goodrich & Rosati, and Peter
Van Valkenburgh, Director of Research, Coin Center.
FIXED INCOME MARKET STRUCTURE
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``A Review of Fixed Income
Market Structure'' on July 14, 2017. The Subcommittee reviewed
the current state of the U.S. fixed income markets and the
evolution of fixed income market structure. The Subcommittee
reviewed both the current domestic and international regulatory
regime for fixed income markets, liquidity and data
transparency for fixed income asset classes, and the increased
deployment of technology and electronic trading platforms in
fixed income products. The Subcommittee further reviewed
components that are working well in the fixed income market,
components that need improvement, and components that may
negatively impact the market's optimal functionality. The
witnesses were Mr. Mathew Anderson, Founder and Chief Executive
Officer, Headlands Technology LLC; Mr. John Shay, Global Head
of Fixed Income and Commodities, NASDAQ; Mr. Alex Sedgwick,
Vice President, Head of Fixed Market Structure and Electronic
Trading, T. Rowe Price; Mr. Jonah Crane, Former Deputy
Assistant Secretary, Financial Stability Oversight Council,
U.S. Department of the Treasury; Mr. Randy Snook, Executive
Vice President, Securities Industry and Financial Markets
Association.
THE SEC'S DIVISION OF CORPORATE FINANCE
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Oversight of the SEC's
Division of Corporation Finance'' on April 26, 2018. William
Hinman, Director of Division of Corporation Finance at the SEC,
was the only witness. The hearing examined the decline in
Initial Public Offerings and public companies and how
regulations affect the ability of companies to go public. Also,
guidance and rules for investor disclosures were discussed,
particularly that they should be clear so companies can easily
comply.
THE SEC'S DIVISION OF ENFORCEMENT
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Oversight of the SEC's
Division of Enforcement'' on May 16, 2018. Stephanie Avakian,
Co-Director of Division of Enforcement at the SEC and Steven
Peikin, Co-Director of the Division of Enforcement at the SEC
were the only two witnesses. The hearing discussed that the
priorities of the SEC's Division of Enforcement should be
protecting investors and deterring wrongdoing. These priorities
should be evaluated by the number of actions and penalties
levied, not how many headlines they generate.
THE SEC'S DIVISION OF INVESTMENT MANAGEMENT
The Subcommittee on Capital Markets, Securities and
Investment held a hearing entitled ``Oversight of the SEC's
Division of Investment Management'' on September 26, 2018.
Dalia Blass, Director of the Division of Investment Management,
at the Securities and Exchange Commission was the only witness.
The hearing explored the priorities of the Investment
Management Division as the regulator of the asset management
industry. Particularly, how it should ensure investors have
continued access to investment advice and a variety of
products. Also, that the Division must ensure that investment
advisers consider their clients' best interests.
VOLCKER RULE
The Subcommittee on Capital Markets, Securities, and
Investment held a hearing entitled ``Examining the Impact of
the Volcker Rule on Markets, Businesses, Investors, and Job
Creation'' on March 29, 2017. The hearing examined the impact
of the Volcker Rule on the U.S. capital markets broadly,
including its impact on the liquidity and functionality of the
fixed income and securitization markets, the ability of U.S.
and international businesses to finance their operations, U.S.
competitiveness, and job creation. The witnesses were Mr. David
Blass, General Counsel, Investment Company Institute; Mr. Marc
Jarsulic, Vice President, Economic Policy, Center for American
Progress; Mr. Ronald J. Kruszewski, Chairman and Chief
Executive Officer, Stifel Financial Corp., on behalf of
Securities Industry and Financial Markets Association; Mr.
Thomas Quaadman, Vice President, U.S. Chamber of Commerce;
Professor Charles K. Whitehead, Myron C. Taylor Alumni
Professor of Business Law, Director, Law, Technology and
Entrepreneurship Program, Cornell University.
Subcommittee Hearings Held
------------------------------------------------------------------------
Serial No. Title and Subcommittee Date(s)
------------------------------------------------------------------------
115-9......................... ``The JOBS Act at March 22, 2017
Five: Examining Its
Impact and Ensuring
the Competitiveness
of the U.S. Capital
Markets''.
115-12........................ ``Examining the Impact March 29, 2017
of the Volcker Rule
on the Markets,
Businesses,
Investors, and Job
Creators''.
115-24........................ ``U.S. Equity Market June 27, 2017
Structure Part I: A
Review of the
Evolution of Today's
Equity Market
Structure and How We
Got Here''.
115-29........................ ``Impact of the DOL July 13, 2017
Fiduciary Rule on the
Capital Markets''.
115-30........................ ``A Review of Fixed July 14, 2017
Income Market
Structure''.
115-31........................ ``The Cost of Being a July 18, 2017
Public Company in
Light of Sarbanes-
Oxley and the
Federalization of
Corporate
Governance''.
115-39........................ ``Oversight of the September 7,
Financial Industry 2017
Regulatory
Authority''.
115-54........................ ``Legislative November 3, 2017
Proposals to Improve
Small Businesses' and
Communities' Access
to Capital''.
115-61........................ ``Implementation and November 30,
Cybersecurity 2017
Protocols of the
Consolidated Audit
Trail''.
115-74........................ ``Legislative February 14,
Proposals Regarding 2018
Derivatives''.
115-79........................ ``Examining the March 14, 2018
Cryptocurrencies and
ICO Markets''.
115-89........................ ``Oversight of the April 26, 2018
SEC's Division of
Corporation Finance''.
115-91........................ ``Oversight of the May 16, 2018
SEC's Division of
Enforcement''.
115-95........................ ``Legislative May 23, 2018
Proposals to Help
Fuel Capital and
Growth on Main
Street''.
115-100....................... ``Ensuring June 13, 2018
Effectiveness,
Fairness, and
Transparency in
Securities Law
Enforcement''.
115-118....................... ``Oversight of the September 26,
SEC's Division of 2018
Investment
Management''.
------------------------------------------------------------------------
Subcommittee on Financial Institutions and Consumer Credit
(Ratio: 16-12)
BLAINE LUETKEMEYER, MO, Chairman
WM. LACY CLAY, MO [RM] KEITH J. ROTHFUS, PA [V Chair]
CAROLYN B. MALONEY, NY EDWARD R. ROYCE, CA
GREGORY W. MEEKS, NY FRANK D. LUCAS, OK
DAVID SCOTT, GA BILL POSEY, FL
NYDIA M. VELAZQUEZ, NY DENNIS A. ROSS, FL
AL GREEN, TX ROBERT PITTENGER, NC
KEITH ELLISON, MN ANDY BARR, KY
MICHAEL E. CAPUANO, MA SCOTT TIPTON, CO
DENNY HECK, WA ROGER WILLIAMS, TX
GWEN MOORE, WI MIA LOVE, UT
CHARLIE CRIST, FL DAVE A. TROTT, MI
MAXINE WATERS, CA [Ex Officio] BARRY LOUDERMILK, GA
DAVID KUSTOFF, TN
CLAUDIA TENNEY, NY
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
TAILOR ACT OF 2017
H.R. 1116
Summary
This bill directs the federal financial institutions
regulatory agencies (Office of the Comptroller of the Currency
(OCC)), the Board of Governors of the Federal Reserve System
(Fed), the Federal Deposit Insurance Corporation (FDIC), the
National Credit Union Administration (NCUA), and the Bureau of
Consumer Financial Protection (BCFP) to:
take into consideration the risk profile and
business models of institutions subject to regulatory
action;
determine the necessity, appropriateness,
and impact of applying that action to such
institutions; and
tailor regulatory action so as to limit the
burden of regulatory compliance as befits the risk
profile and business model involved.
This bill will also require the federal financial
institutions regulatory agencies to consider:
the impact that their regulatory actions
have upon the ability of institutions to flexibly serve
evolving and diverse customer needs;
the potential unintended impact of
examination manuals or other regulatory directives that
work in conflict with the tailoring of such regulatory
actions; and
the underlying policy objectives of the
regulatory action and statutory scheme involved.
This bill further requires a federal financial institution
regulatory agency to disclose in every notice of a proposed and
final rulemaking for a regulatory action how it has applied
this Act. The agencies must also apply the requirements of this
Act to all regulations adopted five years before the
introduction of this Act and ending on the date of its
enactment.
Finally, this bill will require the Federal Financial
Institutions Examination Council (FFIEC) to report to Congress
on the extent to which regulatory actions tailored pursuant to
this Act result in differential regulation of similarly
situated institutions of diverse charter types with respect to
comparable regulations.
Legislative History
In the 115th Congress Representative Tipton introduced the
TAILOR Act of 2017 on February 16, 2017. A similar provision
was also included in the CHOICE Act (H.R. 10) as Section 546.
On March 6, 2018, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 39-21 (see H. Rep. 115-588). On March 14,
2018, H.R. 1116 passed the House by a vote of 247-169 and was
received in the Senate.
PRESERVING ACCESS TO MANUFACTURED HOUSING ACT OF 2017
H.R. 1699
Summary
H.R. 1699, the ``Preserving Access to Manufactured Housing
Act of 2015,'' provides technical clarifications to the
definition of a ``mortgage originator'' for purposes of the
Truth in Lending Act. The bill also amends the definition of a
``high cost'' mortgage and corresponding thresholds to ensure
that consumers of small-balance mortgage loans have access to
mortgage credit.
First, the bill amends Section 103 of the Truth in Lending
Act (15 U.S.C. 1602) to clarify that retailers of manufactured
homes, or their employees, are not ``mortgage originators'' for
purposes of the Truth in Lending Act unless they receive
compensation from a lender, mortgage broker, or loan
originator.
Second, the bill revises the Bureau's definition of ``high
cost mortgages,''12 and adjusts the HOEPA high-cost mortgage
thresholds for a first mortgage of less than $75,000 on a
dwelling that is not real property to: (1) an APR that will
exceed the average prime offer rate by more than 10 percentage
points, or (2) points and fees that will exceed the greater of
5 percent of the total transaction amount or $3,000.
Legislative History
In the 115th Congress Representative Barr introduced the
Preserving Access to Manufactured Housing Act of 2017 on March
23, 2017. Similar provisions were included in the CHOICE Act
(H.R. 10) as Sections 501 and 502. On October 11, 2017, the
Committee met in open session and considered the bill. The bill
was ordered favorably to the House by a vote of 42-18 (see H.
Rep. 115-416). On December 1, 2017, H.R. 1699 passed the House
by a vote of 256-163 and was received in the Senate.
PENSION, ENDOWMENT, AND MUTUAL FUND ACCESS TO BANKING ACT
H.R. 2121
Summary
H.R. 2121 requires the Federal Reserve Board, the Federal
Deposit Insurance Corporation (FDIC), and the Office of the
Comptroller of the Currency (OCC) review and amend bank capital
regulations to specify that central bank placements are
excluded when calculating the applicable supplementary leverage
ratio for a custodial bank.
Legislative History
In the 115th Congress Representative Rothfus introduced the
Pension, Endowment, and Mutual Fund Access to Banking Act on
April 25, 2017. The bill was reported favorably from Committee
with a vote of 60-0 on October 11, 2017 (see H. Rep. 115-656).
The bill was included in the Economic Growth, Regulatory
Relief, and Consumer Protection Act (S. 2155) which was signed
into law on May 24, 2018.
PRIVACY NOTIFICATION TECHNICAL CLARIFICATION ACT
H.R. 2396
Summary
This bill amends the Gramm-Leach-Bliley Act to exempt from
its annual privacy policy notice requirement any financial
institution which:
(1) Has not changed its policies and practices with regard
to disclosing nonpublic personal information from those
disclosed in the most recent disclosure sent to consumers;
(2) Makes its current policy available to consumers on its
website and via request;
(3) Notifies customers of the availability on periodic
billing statements or electronically; and
(4) Posts all notices if it maintains more than one policy.
Legislative History
In the 115th Congress Representative Trott introduced the
Privacy Notification Technical Clarification Act on May 4,
2017. H.R. 2396 was considered in a July 12, 2017 FI
subcommittee hearing. On October 11, 2017, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 40-20 (see H. Rep. 115-
434). On December 14, 2017, H.R. 2396 passed the House by a
vote of 275-146 and was received in the Senate.
FINANCIAL INSTITUTION CUSTOMER PROTECTION ACT OF 2017
H.R. 2706
Summary
This bill 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 bill deems the ``material reason'' criterion 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.
The bill also requires a federal banking agency to provide
a depository institution written justification of any request
to terminate or restrict a customer account, unless it was
based upon a belief that those customers pose a threat to
national security.
The bill requires the federal banking agencies to issue an
annual report to Congress stating the number of customer
accounts the agency requested or caused to be closed and the
legal authority on which the agency relied.
Legislative History
In the 115th Congress Representative Luetkemeyer introduced
the Financial Institution Customer Protection Act of 2017 on
May 25, 2017. On October 11, 2017, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 59-1 (see H. Rep. 115-414). On
December 11, 2017, H.R. 2706 passed the House by a vote of 395-
2 and was received in the Senate.
HOME MORTGAGE DISCLOSURE ADJUSTMENT ACT
H.R. 2954
Summary
This bill amends the Home Mortgage Disclosure Act of 1975
to exempt from maintenance of mortgage loan records and
disclosure requirements depository institutions that have
originated in each of the two preceding calendar years:
fewer than 500 closed-end mortgage loans,
and
fewer than 500 open-end lines of credit.
In addition, the bill lessens requirements for depository
institutions to itemize and disclose specified mortgage loan
data including the number and dollar amount of mortgage loans
grouped according to measurements of certain fees and costs,
and the number and dollar amount of mortgage loans and
completed applications grouped according to measurements
related to a consumer credit profile.
Legislative History
In the 115th Congress Representative Emmer introduced the
Home Mortgage Disclosure Adjustment Act on June 20, 2017. On
October 11, 2017, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 36-24 (see H. Rep. 115-485). On December 11,
2017, H.R. 2954 passed the House by a vote of 243-184 and was
received in the Senate. A similar provision was included in the
CHOICE Act (H.R. 10) as Section 576. Sen. Rounds introduced
similar legislation (S. 1310) on June 8, 2017, and a similar
provision was included in the Economic Relief, Regulatory
Reform, and Consumer Protection Act (S. 2155) that was signed
into law on May 24, 2018.
BUREAU OF CONSUMER FINANCIAL PROTECTION EXAMINATION AND REPORTING
THRESHOLD ACT OF 2017
H.R. 3072
Summary
This bill amends the Consumer Financial Protection Act of
2010 to raise the examination threshold that brings an insured
depository institution or insured credit union within the
Bureau of Consumer Financial Protection (BCFP) supervisory
purview from assets of $10 billion or more to assets of $50
billion or more. This bill also increases from $10 billion to
$50 billion the threshold at which an insured depository
institution or insured credit union is subject to BCFP
reporting requirements.
Legislative History
In the 115th Congress Representative Clay introduced the
Bureau of Consumer Financial Protection Examination and
Reporting Threshold Act of 2017 on June 27, 2017. On October
11, 2017, the Committee met in open session and considered the
bill. The bill was ordered favorably to the House by a vote of
39-21 (see H. Rep. 115-420). Senator Toomey introduced a
bipartisan Senate companion (S. 1499) on June 29, 2017.
SYSTEMIC RISK DESIGNATION IMPROVEMENT ACT OF 2017
H.R. 3312
Summary
This bill removes the arbitrary Dodd-Frank Act, Title I,
$50 billion asset threshold used to designate firms as
``systemically important financial institutions,'' which
subject these institutions to enhanced regulatory standards.
The bill also authorizes the Financial Stability Oversight
Council (FSOC) to subject a bank holding company to enhanced
supervision and prudential standards by the Board of Governors
of the Federal Reserve System (the Federal Reserve) if an
institution has been identified as global systemically
important bank (G-SIB) under the indicator-based measurement
approach established under section 217.402 of title 12, Code of
Federal Regulations. This measurement is based on a particular
institution's ``systemic indicator scores,'' reflecting size,
interconnectedness, cross-jurisdictional activity,
substitutability, and complexity relative to the other U.S. and
foreign banking organizations identified by the Basel Committee
on Banking Supervision and any other banking organization
included in the Basel Committee's sample for a given year.
This bill also substitutes G-SIB status in place of the
current monetary threshold as the determinant for the Federal
Reserve's authority over bank holding company acquisition
restrictions, prohibitions on interlocks between management of
different financial companies, and enhanced supervision and
prudential standards.
Legislative History
In the 115th Congress Representative Luetkemeyer introduced
the Systemic Risk Designation Improvement Act of 2017 on July
19, 2017. H.R. 3312 was included in a September 7, 2017, FI
Subcommittee hearing. On October 11, 2017, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 47-12 (see H. Rep. 115-
423). On December 19, 2017, H.R. 3312 passed the House by a
vote of 288-130 and was received in the Senate.
COMMUNITY INSTITUTION MORTGAGE RELIEF ACT
H.R. 3971
Summary
The bill amends the Truth in Lending Act to direct the
Bureau of Consumer Financial Protection (BCFP) to exempt from
certain escrow or impound requirements a loan secured by a
first lien on a consumer's principal dwelling if the loan is
held by a creditor with assets of $25 billion or less. The CFPB
must also provide either exemptions to, or adjustments from,
the mortgage loan servicing and escrow account administration
requirements of the Real Estate Settlement Procedures Act of
1974 for servicers of 30,000 or fewer mortgage loans.
Legislative History
In the 115th Congress Representative Tenney introduced the
Community Institution Mortgage Relief Act on October 5, 2017. A
similar provision was included in the CHOICE Act (H.R. 10) as
Section 531. On October 11, 2017, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 41-19 (see H. Rep. 115-432). On
December 12, 2017, H.R. 3971 passed the House by a vote of 294-
129 and was received in the Senate.
CLARIFYING COMMERCIAL REAL ESTATE LOANS
H.R. 2148
Summary
This bill amends the Federal Deposit Insurance Act to
clarify capital requirements for certain acquisition,
development, or construction loans by permitting the appraised
value of real property to count toward a 15 percent equity
threshold in order to be exempted from a High Volatility
Commercial Real Estate (HVCRE) designation as otherwise
required under Basel III.
Additionally, the bill provides an off-ramp from HVCRE
designation when a loan matures and qualifies for underwriting
standards for permanent financing.
The bill also exempts loans made prior to January 1, 2015,
when the Basel III rule took effect.
Legislative History
In the 115th Congress Representative Pittenger introduced
Clarifying Commercial Real Estate Loans legislation on April
26, 2017. H.R. 2148 was included in an FI Subcommittee hearing
on July 12, 2017. On October 11, 2017, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 59-1 (see H. Rep. 115-392).
On November 11, 2017, H.R. 2148 passed the House by voice vote
and was received in the Senate. A similar provision was
included in the Economic Relief, Regulatory Reform, and
Consumer Protection Act (S. 2155) that was signed into law on
May 24, 2018.
PROTECTING CONSUMERS' ACCESS TO CREDIT ACT OF 2017
H.R. 3299
Summary
This bill codifies the legal doctrine of ``valid when
made,'' a common-law contractual doctrine that preserves the
lawful interest rate on a loan originated by a bank, even if
the loan is sold, assigned, or transferred to a non-bank third
party. Under current law (12 U.S.C. Sec. 85) interest may be
charged on loans to customers at the greater of:
(1) a rate not more than 1% above the discount rate
on 90-day commercial paper in effect at the Federal
Reserve Bank for the district in which the lender is
located, or
(2) the highest rate allowed by the laws of the state
in which the lender is located.
This bill amends Section 5197 of the Revised Statutes (12
U.S.C. 85), Section 4(g) of the Home Owners' Loan Act (12
U.S.C. 1463(g)), Section 205(g) of the Federal Credit Union Act
(12 U.S.C. 1785(g)), and Section 27 of the Federal Deposit
Insurance Act (12 U.S.C. 1831d).
Legislative History
In the 115th Congress Representative McHenry introduced the
Protecting Consumers' Access to Credit Act of 2017 on July 19,
2017. On November 15, 2017, the Committee met in open session
and considered the bill. The bill was ordered favorably to the
House by a vote of 42-17 (see H. Rep. 115-538). On February 14,
2018, H.R. 3299 passed the House by a vote of 245-171 and was
received in the Senate. Senator Warner introduced a bipartisan
companion (S. 1642) on July 27, 2017.
MORTGAGE CHOICE ACT OF 2017
H.R. 1153
Summary
The bill would exclude insurance held in escrow and, under
certain circumstances, fees paid to companies affiliated with
the creditor from the costs that would be considered in
calculating the 3 percent ``points and fees'' limitation for
purposes of determining whether a mortgage can be a ``Qualified
Mortgage.'' This bill would direct the Bureau of Consumer
Financial Protection (BCFP) to amend its regulations related to
qualified mortgages to reflect the new exclusions.
Legislative History
In the 115th Congress Representative Huizenga introduced
the Mortgage Choice Act of 2017 on February 16, 2017. On
November 14, 2017, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 46-13 (see H. Rep. 115-522). On February 8,
2018, H.R. 1153 passed the House by a vote of 280-131 and was
received in the Senate. A similar provision was included in the
CHOICE Act (H.R. 10) as Section 506.
SECURING ACCESS TO AFFORDABLE MORTGAGES ACT
H.R. 3221
Summary
This bill amends the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 and the Truth in Lending
Act to exempt from property appraisal requirements certain
``higher-risk'' mortgage loans of $250,000 or less if the loan
appears on the balance sheet of the creditor of the loan for at
least three years. This bill also exempts mortgage lenders and
others involved in real estate transactions from incurring
penalties for failing to report appraiser misconduct.
Legislative History
In the 115th Congress Representative Kustoff introduced the
Securing Access to Affordable Mortgages Act on July 13, 2017. A
similar provision was included in Rep. Luetkemeyer's CLEARR Act
(H.R. 2133) as section 3. H.R. 3221 was included in a July 12,
2017 legislative hearing of the Financial Institutions
Subcommittee. On November 15, 2017, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 32-26 (see H. Rep. 115-590).
TRID IMPROVEMENT ACT OF 2017
H.R. 3978
Summary
This bill amends the Real Estate Settlement Procedures Act
(RESPA) to require the Bureau of Consumer Financial Protection
(BCFP) to allow for the calculation of the discounted rate
title insurance companies may provide to consumers when they
purchase a lenders and owners title insurance policy
simultaneously.
Legislative History
In the 115th Congress Representative Hill introduced the
TRID Improvement Act of 2017 on October 5, 2017. H.R. 3978 was
included in the September 7, 2017 FI legislative hearing. On
November 15, 2017, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 53-5 (see H. Rep. 115-524). On February 14,
2018, H.R. 1153 passed the House by a vote of 271-145 and was
received in the Senate.
FINANCIAL INSTITUTIONS LIVING WILL IMPROVEMENT ACT
H.R. 4292
Summary
H.R. 4292 amends the Dodd-Frank Wall Street Reform and
Consumer Protection Act to reform the ``living will''
resolution plan submission process and restrict the Federal
Reserve Board and Federal Deposit Insurance Corporation (FDIC)
from requiring bank holding companies to submit a ``living
will'' resolution plan more than every two years. This bill
requires the Federal Reserve and FDIC to provide feedback to a
submitted resolution plan within six months after a bank
holding company submission. This bill also requires the Federal
Reserve and FDIC to publicly disclose the assessment framework
used to review the adequacy of resolution plans.
Legislative History
In the 115th Congress Representative Zeldin introduced the
Financial Institution Living Will Improvement Act on November
7, 2017. On November 15, 2017, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 60-0 (see H. Rep. 115-465). On
January 30, 2018, H.R. 4292 passed the House by a vote of 414-0
and was received in the Senate. H.R. 10, the Financial CHOICE
Act of 2017, includes a similar provision as Section 151. The
House passed H.R. 10 on June 8, 2017, by a vote of 233-186.
STRESS TEST IMPROVEMENT ACT OF 2017
H.R. 4293
Summary
H.R. 4293 improves the stress testing process for bank
holding companies by:
Requiring certain bank holding companies to
conduct company-run stress tests once a year rather
than semiannually;
Requiring the Federal Reserve to issue
regulations subject to notice-and-comment for
conducting stress tests that set forth economic
conditions and methodologies, and to assess the effect
of the Federal Reserve's stress-testing models and
methodologies on financial stability, credit
availability, model risks, and investment cycles; and,
Requiring the Federal Reserve to issue
regulations subject to notice-and-comment for its
Comprehensive Capital Analysis and Review (CCAR)
program, providing that the Federal Reserve may not
subject a bank holding company to its CCAR program more
than once every two years, prohibiting the Federal
Reserve from objecting to a bank holding company's
capital plan based on qualitative deficiencies, and
directing the Federal Reserve to establish procedures
for responding to inquiries from bank holding companies
subject to the CCAR program.
Legislative History
In the 115th Congress Representative Zeldin introduced the
Stress Test Improvement Act of 2017 on November 7, 2017. On
November 15, 2017, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 38-21 (see H. Rep. 115-593). On April 11,
2018, H.R. 4293 passed the House by a vote of 245-174 and was
received in the Senate. The Financial CHOICE Act of 2017 (H.R.
10) included a similar provision as Section 151. The Full
Committee marked up H.R. 10 on May 25, 2017, and favorably
reported the bill to the House by a vote of 34-26. The House
passed H.R. 10 on June 8, 2017 by a vote of 233-186.
PLACE REQUIREMENTS ON OPERATIONS RISK CAPITAL REQUIREMENTS FOR BANKING
ORGANIZATIONS ESTABLISHED BY AN APPROPRIATE FEDERAL BANKING AGENCY
H.R. 4296
Summary
H.R. 4296 restricts banking regulators from establishing
operational risk capital requirements for banking organizations
unless they:
Are sensitive to, and based on, an
organization's current activities or businesses;
Are determined by a forward-looking
assessment of an organization's potential losses and
not based solely on its historic losses; and
Allow for adjustments based on qualifying
operational risk mitigants.
Legislative History
In the 115th Congress Representative Luetkemeyer introduced
legislation to place requirements on operational risk capital
requirements for banking organizations established by an
appropriate Federal banking agency, on November 8, 2017. On
November 15, 2017, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 43-17 (see H. Rep. 115-574). On February 27,
2018, H.R. 4296 passed the House by a vote of 245-169 and was
received in the Senate. A similar provision was included in the
CHOICE Act (H.R. 10) as Section 152. The Full Committee marked
up H.R. 10 on May 25, 2017, and approved the bill by a vote of
34-26. H.R. 10 was passed by the full House on June 8, 2017 by
a vote of 233-186.
PREVENTION OF PRIVATE INFORMATION DISSEMINATION ACT OF 2017
H.R. 4294
Summary
H.R. 4294 establishes criminal penalties for the
unauthorized disclosure of living will and stress test
determinations and other individually identifiable information
by federal officials. Specifically, H.R. 4294 amends the
Financial Stability Act of 2010 to establish criminal monetary
penalties with respect to:
(1) An officer or employee of a federal financial
regulatory agency who willfully makes an unauthorized
disclosure of certain individually identifiable
information; and
(2) A person who willfully requests or obtains such
information under false pretenses.
Legislative History
In the 115th Congress Representative Kustoff introduced the
Prevention of Private Information Dissemination Act of 2017 on
November 8, 2017. On November 15, 2017, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 60-0 (see H. Rep. 115-678).
On April 11, 2018, H.R. 4294 passed the House by a vote of 392-
2 and was received in the Senate. H.R. 10, the Financial CHOICE
Act of 2017 included a similar provision as Section 392. The
Full Committee marked up H.R. 10 on May 25, 2017, and favorably
reported the bill to the House by a vote of 34-26. The House
passed H.R. 10 on June 8, 2017 by a vote of 233-186.
CREDIT ACCESS AND INCLUSION ACT OF 2017
H.R. 435
Summary
This bill amends the Fair Credit Reporting Act (FCRA) 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 (CRAs).
H.R. 435 also amends the Consumer Credit Protection Act to
clarify that the bill's civil liability provisions are
inapplicable to credit reporting agencies but applicable to
credit furnishers.
Legislative History
In the 115th Congress, Representative Ellison introduced
the Credit Access and Inclusion Act of 2017 on January 11,
2017. On December 12, 2017, the Committee met in open session
and considered the bill. The bill was ordered favorably to the
House by a vote of 60-0 (see H. Rep. 115-568). On June 25,
2018, H.R. 435 passed the House by a voice vote and was
received in the Senate. The JOBS and Investor Confidence Act of
2018 (S. 488) includes a similar provision which passed the
House of Representatives favorably by a vote of 406-4 on July
17, 2018.
MAKING ONLINE BANKING INITIATION LEGAL AND EASY ACT OF 2017
H.R. 1457
Summary
This bill authorizes a financial institution, upon an
individual's request, to record personal information from a
scan, copy, or image of such individual's driver's license or
personal identification card and store the information
electronically for the purpose of verifying the identity of a
customer and preventing fraud or criminal activity. It requires
the financial institution to delete the image after using it
for the permitted purpose. The bill specifies that it does not
affect applicable state and federal privacy laws.
Legislative History
In the 115th Congress, Representative Tipton introduced the
Make Online Banking Initiation Legal and Easy Act of 2017 on
March 9, 2017. On December 12, 2017, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 60-0 (see H. Rep. 115-523). On April
11, 2018, H.R. 1457 passed the House by a vote of 397-8 and was
received in the Senate. S. 2155, the Economic Growth,
Regulatory Relief, and Consumer Protection Act, includes a
similar provision which became public law on May 24, 2018.
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. 2948
Summary
H.R. 2948 establishes that a mortgage loan originator (MLO)
who is employed by federally-insured depository institutions
and leaves to join a state-licensed mortgage company shall have
temporary authority to originate as long as they submitted an
application to be a state licensed loan originator. The bill
further requires that a state-licensed MLO who seeks to
originate in a different state shall have temporary authority
to originate in a different state, as long as this person
maintained NMLS licensure in the first state for the entire 30-
day period preceding the date of application submission.
Additionally, the bill establishes that the temporary authority
will automatically expire when the earliest of any of the
following occur:
The MLO withdraws his/her application for an
NMLS license.
The state denies, or issues a notice of
intent to deny, the application.
The NMLS license is granted.
120 days pass from the date of submission of
the MLO license application if the application is
listed on NMLS as incomplete.
The bill creates additional eligibility requirements for
transitional licensing authority for MLOs seeking loan
origination authority in a different state. Eligibility
requirements include:
NMLS registration as loan originator in a
12-month period preceding date of application
Not have had an application for an MLO
license revoked or suspended in any governmental
jurisdiction;
Not have been subject to a cease and desist
order;
Not have been convicted of a felony that
would make the individual ineligible for licensure; and
Have submitted an application to be a state-
licensed MLO through the NMLS.
Any MLO with temporary authority to originate and who
engages in residential mortgage loan origination activities
will be subject to the same standards and applicable state laws
as those who are formally licensed and shall be entitled to the
same privileges as an NMLS-licensed originator.
Legislative History
In the 115th Congress, Representative Stivers introduced
this amendment to the S.A.F.E. Mortgage Licensing Act of 2008
on June 20, 2017. On December 12, 2017, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 60-0 (see H. Rep. 115-552).
A similar provision included in CHOICE Act (H.R. 10) as Section
556. The Full Committee marked up H.R. 10 on May 25, 2017, and
favorably reported the bill to the House by a vote of 34-26.
The House passed H.R. 10 on June 8, 2017 by a vote of 233-186.
A similar provision was included in the Economic Growth,
Regulatory Relief, and Consumer Protection Act (S. 2155), which
became public law on May 24, 2018.
TRANSPARENCY AND ACCOUNTABILITY FOR BUSINESS STANDARDS ACT
H.R. 3179
Summary
H.R. 3179 requires that whenever the Federal banking
agencies issue prudential regulations that are substantively
more stringent than corresponding international standards they
must publish, for public notice and comment, a rationale and a
comprehensive cost-benefit analysis of the differences between
the prudential regulation and the corresponding international
prudential standard. The cost-benefit analysis must include the
following metrics:
Any impact on pricing and availability of
credit, in the aggregate and for specific types of
borrowers;
Any impact on liquidity in markets, in the
aggregate and for specific instruments;
Any impact on affected institutions; and
Any impact on employment, economic growth
and monetary policy execution.
Conversely, in order for a Federal banking agency to
supersede an existing prudential regulation by adopting an
international standard, it must first publish, for public
notice and comment, a proposal to repeal or amend the
superseded regulation or a description (including a cost-
benefit analysis) of why it does not intend to repeal or amend
the superseded regulation.
Finally, the bill includes a lookback provision requiring
Federal banking agencies to report to Congress within 180 days
on any final rule since January 1, 2007 that would fall into
one of the above categories.
Legislative History
In the 115th Congress Representative Hollingsworth
introduced the Transparency and Accountability for Business
Standards Act on July 11, 2017. On December 12, 2017, the
Committee met in open session and considered the bill. The bill
was ordered favorably to the House by a vote of 34-26 (see H.
Rep. 115-620).
COMMON SENSE CREDIT UNION CAPITAL RELIEF ACT OF 2017
H.R. 4464
Summary
This bill repeals the October 15, 2015 National Credit
Union Administration's (NCUA) Final Risk-Based Capital (80 FR
66626). The final rule would otherwise go into effect January
1, 2019.
Legislative History
In the 115th Congress Representative Posey introduced the
Common Sense Credit Union Capital Relief Act of 2017 on
November 28, 2017. On December 12, 2017, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 33-25 (see H. Rep. 115-
647).
FINANCIAL INSTITUTIONS EXAMINATIONS FAIRNESS AND REFORM ACT
H.R. 4545
Summary
This bill amends the Federal Financial Institutions
Examination Council Act of 1978 (P.L. 95-630) to require a
federal financial institution regulatory agency to provide 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. Additionally this bill sets a deadline for the
exit interview if a financial institution is not subject to a
resident examiner program.
H.R. 4545 establishes in the Federal Financial Institutions
Examination Council (FFIEC), the Office of Independent
Examination Review, headed by a Director appointed by the
FFIEC, but independent from any member agency of the FFIEC.
The Director's authority includes: (1) be the final agency
action, and (2) bind the agency whose supervisory determination
was the subject of the appeal and the financial institution
making the appeal. Financial institutions have the right to
petition for judicial review of the Director's decision.
Financial institutions can also appeal a material supervisory
determination contained in a final report of examination and
requires the Director to determine the merits of the appeal
either on the record or, at the election of the financial
institution, refer the appeal to an administrative law judge.
Agencies can similarly appeal a Directors decision to the
Council at large if the reviewing agency believes the
Director's ruling ``poses an imminent threat to the safety and
soundness of the financial institution''. Final determinations
of the Council's decision on the Director's ruling must be made
within 30 days of filing the notice.
The bill prohibits a federal financial institutions
regulatory agency from:
Retaliating against a financial institution,
including service providers, or any institution-
affiliated party, for exercising appellate rights under
this Act; or
Delaying or denying any agency action that
would benefit a financial institution or any
institution-affiliated party on the basis that an
appeal under this Act is pending.
Finally, the bill amends the Riegle Community Development
and Regulatory Improvement Act of 1994 (12 U.S.C. 4806) to
require:
The Consumer Financial Protection Bureau to
establish an independent intra-agency appellate process
in connection with the regulatory appeals process; and
Safeguards to protect an insured depository
institution or insured credit union from retaliation by
any federal banking agency for exercising its rights.
Legislative History
In the 115th Representative Tipton introduced the Financial
Institutions Exam Fairness and Reform Act on December 4, 2017.
On December 12, 2017, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 50-10 (see H. Rep. 115-589). On March 15,
2018, H.R. 4545 passed the House by a vote of 283-133 and was
received in the Senate. A similar provision included in CHOICE
Act (H.R. 10) as Section 556. The Full Committee marked up H.R.
10 on May 25, 2017, and favorably reported the bill to the
House by a vote of 34-26. The House passed H.R. 10 on June 8,
2017 by a vote of 233-186.
COMMUNITY FINANCIAL INSTITUTION EXEMPTION ACT
H.R. 1264
Summary
This bill amends the Consumer Financial Protection Act of
2010 to exempt community financial institutions from all rules
and regulations issued by the Consumer Financial Protection
Bureau (CFPB). A ``community financial institution'' is an
insured depository institution or credit union with less than
$50 billion in consolidated assets.
Under specified circumstances, and with the written
agreement of the Federal Reserve Board and other specified
federal banking agencies, the CFPB may revoke such an exemption
with respect to a certain rule, regulation, or class of
institutions.
The bill also amends the Consumer Financial Protection Act
of 2010 (Title X of the Dodd-Frank Act) to exempt insured
depository institutions or credit unions with less than $50
billion in consolidated assets from all rules and regulations
issued by the Bureau of Consumer Financial Protection (BCFP or
Bureau).
Further, the bill permits that under specified
circumstances, and with the written agreement of the Federal
Reserve Board and other specified federal banking agencies, the
CFPB may revoke such an exemption with respect to a certain
rule, regulation, or class of institutions.
Legislative History
In the 115th Congress, Representative Williams introduced
the Community Financial Institution Exemption Act on February
28, 2017. A legislative hearing was held on H.R. 1264 on
January 9, 2018 in the Financial Institutions and Consumer
Credit Subcommittee. On January 18, 2018, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 30-25 (see H. Rep. 115-
885).
FEDERAL SAVINGS ASSOCIATION CHARTER FLEXIBILITY ACT OF 2017
H.R. 1426
Summary
This bill amends the Home Owners Loan Act (12 U.S.C. 1464)
to permit a federal savings association to elect to operate
subject to supervision by the Comptroller of the Currency (OCC)
with the same 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
them. The bill also requires the OCC to issue a rulemaking that
clarifies the required documentation and timeline for the
election process, and one that requires the federal savings
association to identify assets and subsidiaries that do not
conform to those required of a national bank. Finally, the bill
requires the OCC to establish a transition process for bringing
any assets of an electing Federal savings association that do
not conform to national bank requirements after notice of
election into conformance, or the ability to justify the
grandfathering of such assets and subsidiaries.
Legislation History
In the 115th Congress, Representative Rothfus introduced
the Federal Savings Association Charter Flexibility Act of 2017
on March 8, 2017. On January 18, 2018, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 55-0 (see H. Rep. 115-530).
A similar provision was included in the CHOICE Act (H.R. 10) as
Section 551. The Full Committee marked up H.R. 10 on May 25,
2017, and favorably reported the bill to the House by a vote of
34-26. The House passed H.R. 10 on June 8, 2017 by a vote of
233-186. A similar provision was included in the Economic
Growth, Regulatory Relief, and Consumer Protection Act (S.
2155), which became public law on May 24, 2018.
PORTFOLIO LENDING AND MORTGAGE ACCESS ACT
H.R. 2226
Summary
H.R. 2226 amends Section 129C of the Truth in Lending Act
(TILA) [15 U.S.C. 1639c] to create a legal safe harbor for
covered depository institutions for any failure to comply with
ability-to-repay requirements with respect to a residential
mortgage loan. Banking regulators are also required to treat
such a loan as a qualified mortgage, if the creditor has, since
the loan's origination, held it on its balance sheet and all
prepayment penalties with respect to the loan comply with
specified limitations.
A safe harbor from lawsuit and litigation 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.
The bill specifies that banks and credit unions with less
than $10 billion in assets may issue loans that receive a
Qualified Mortgage (QM) safe harbor, so long as the loan is
held in portfolio. The legislation also imposes additional
requirements for safe harbor treatment: loans cannot have
negative amortization, interest-only features, and would need
to comply with limits on prepayment penalties. In addition the
creditor must have documented consumer's income, employment,
assets, and credit history.
The bill also 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
In the 115th, Representative Barr introduced the Portfolio
Lending and Mortgage Access Act on April 28, 2017. On January
18, 2018, the Committee met in open session and considered the
bill. The bill was ordered favorably to the House by a vote of
55-0 (see H. Rep. 115-578). On March 6, 2018, H.R. 2226 passed
the House by a voice vote and was received in the Senate. A
similar provision was included in the CHOICE Act (H.R. 10) as
Section 516. The Full Committee marked up H.R. 10 on May 25,
2017, and favorably reported the bill to the House by a vote of
34-26. The House passed H.R. 10 on June 8, 2017 by a vote of
233-186. A similar provision was included in the Economic
Growth, Regulatory Relief, and Consumer Protection Act (S.
2155) as section 101, which became public law on May 24, 2018.
HOUSING OPPORTUNITIES MADE EASIER ACT
H.R. 2255
Summary
H.R. 2255 amends the Truth in Lending Act (TILA) to allow
mortgage appraisal services to be donated by fee appraisers to
an organization that is eligible to receive tax-deductible
charitable contributions.
Legislative History
In the 115th, Representative Trott introduced the Housing
Opportunities Made Easier (HOME) Act on April 28, 2017. On
January 18, 2018, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 55-0 (see H. Rep. 115-528). On January 29,
2018, H.R. 2255 passed the House by a voice vote and was
received in the Senate. A similar provision was included in the
CHOICE Act (H.R. 10) as Section 591. The Full Committee marked
up H.R. 10 on May 25, 2017, and favorably reported the bill to
the House by a vote of 34-26. The House passed H.R. 10 on June
8, 2017 by a vote of 233-186. A similar provision was included
in the Economic Growth, Regulatory Relief, and Consumer
Protection Act (S. 2155) as section 102, which became public
law on May 24, 2018.
BUSINESS OF INSURANCE REGULATORY REFORM ACT OF 2017
H.R. 3746
Summary
H.R. 3746 amends Section 1027 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (P.L. 111-203) to
clarify the definition of the ``business of insurance.''
Specifically, this bill creates an explicit exception related
to the Bureau of Consumer Financial Protection's (BCFP)
authority to regulate insurance. In doing so, the bill limits
the BCFP's jurisdiction over insurance, to the extent a person
is engaged in the business of insurance, and state insurance
regulators regulate the insurance activities.
Legislative History
In the 115th Congress, Representative Duffy introduced the
Business of Insurance Regulatory Reform Act of 2017 on
September 12, 2017. On January 18, 2018, the Committee met in
open session and considered the bill. The bill was ordered
favorably to the House by a vote of 37-18 (see H. Rep. 115-
668).
COMPREHENSIVE REGULATORY REVIEW ACT
H.R. 4607
Summary
Introduced by Representative Loudermilk, the
``Comprehensive Regulatory Review Act'' amends the Economic
Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA)
to require the Federal Financial Institutions Examination
Council (FFIEC) and each of the federal financial regulators,
to now include the Consumer Financial Protection Bureau and
National Credit Union Administration, to conduct, at least once
every seven years, a comprehensive review of all regulations
prescribed by the council or the regulator, including all
regulations issued after December 31, 2006, in order to
identify outdated or otherwise unnecessary regulations and
tailor other regulations related to insured depository
institutions or covered persons.
``Covered persons'' are those that engage in offering or
providing a consumer financial product or service and
affiliates who provide services to them.
Legislative History
In the 115th Congress, Representative Loudermilk introduced
the Comprehensive Regulatory Review Act on December 11, 2017.
On January 18, 2018, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 38-17 (see H. Rep. 115-573). On March 6,
2018, H.R. 4607 passed the House by a vote of 264-143 and was
received in the Senate. A similar provision was included in the
Economic Growth, Regulatory Relief, and Consumer Protection Act
(S. 2155), which became public law on May 24, 2018.
COMMUNITY BANK REPORTING RELIEF ACT
H.R. 4725
Summary
This bill amends the Federal Deposit Insurance Act to
require the appropriate federal banking agencies (the
Comptroller of the Currency (OCC), Board of Governors of the
Federal Reserve System (Federal Reserve), or Federal Deposit
Insurance Corporation (FDIC)) to issue regulations that allow
for reduced reporting requirements for depository
institutions--with less than $5 billion in consolidated assets
and that meet such other criteria as agencies deem
appropriate--when they make the first and third report of
condition for a year.
Legislative History
In the 115th Congress, Representative Hultgren introduced
the Community Bank Reporting Relief Act on December 21, 2017.
H.R. 4725 was included as part of a legislative hearing on
January 9, 2018. On January 18, 2018, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 55-0 (see H. Rep. 115-577). On March
6, 2018, H.R. 4725 passed the House by a voice vote and was
received in the Senate. A similar provision was included in the
Economic Growth, Regulatory Relief, and Consumer Protection Act
(S. 2155), which became public law on May 24, 2018.
SMALL BANK HOLDING COMPANY RELIEF ACT
H.R. 4771
Summary
H.R. 4771 would require the Federal Reserve Board, within
six months of date of enactment, to apply its Small Bank
Holding Company Policy Statement to bank and savings and loan
holding companies with pro forma consolidated assets of less
than $3 billion. The Small Bank Holding Company Policy
Statement currently applies to bank holding companies with
assets less than $1 billion.
This bill also amends Section 171 of the Dodd-Frank Act,
known as ``the Collins Amendment,'' to clarify that the
exemption it grants to small bank holding companies for minimum
leverage and risk-based capital requirements must also be
applied to qualifying savings and loan holding companies.
Legislative History
In the 115th Congress Rep. Love introduced the Small Bank
Holding Company Relief Act on January 11, 2018. On January 18,
2018, the Committee met in open session and considered the
bill. The bill was ordered favorably to the House by a vote of
41-14 (see H. Rep. 115-543). On February 8, 2018, H.R. 4771
passed the House by a vote of 280-139 and was received in the
Senate. Section 526 of H.R. 10, the Financial CHOICE Act of
2017, included similar language as H.R. 4771. The Full
Committee marked up H.R. 10 on May 25, 2017, and favorably
reported the bill to the House by a vote of 34-26. The House
passed H.R. 10 on June 8, 2017 by a vote of 233-186.
PROTECTING VETERANS CREDIT ACT OF 2017
H.R. 2683
Summary
This bill amends the Fair Credit Reporting Act to exclude
from consumer report information related to:
(1) Certain medical debt incurred by a veteran if the
hospital care or medical services relating to the debt predates
the credit report by less than one year; and
(2) A fully paid or settled veteran's medical debt that had
been characterized as delinquent, charged off, or in
collection.
It also establishes a dispute process for consumer
reporting agencies with respect to such veterans' medical debt.
The bill also creates a mechanism to aid the consumer
reporting agency in complying with requirements to exclude
certain medical debts from a consumer report, as there is no
current system in place or service that would allow the
consumer reporting agency to certify that an individual is a
veteran, or certify that a debt question is related to the
specific program.
To accomplish this, the bill requires the Secretary of
Veterans Affairs establish a database to allow consumer
reporting agencies to verify whether a debt furnished to them
is a veteran's medical debt.
In addition, the bill excludes from consumer report
information: (1) a veteran's medical debt if the hospital care
or medical services relating to the debt antedates the credit
report by less than one year; and (2) a fully paid or settled
veteran's medical debt that had been characterized as
delinquent, charged off, or in collection. That information can
be excluded if the consumer reporting agency has ``actual
knowledge that the information is related to a veteran's
medical debt and the consumer reporting agency is in compliance
with its obligation under section 4(e) of the Protecting
Veterans Credit Act of 2018.''
Legislative History
In the 115th Congress, Representative Delaney introduced
the Protecting Veterans Credit Act of 2017 on May 25, 2017. A
legislative hearing was held on the bill by the Financial
Institutions and Consumer Credit Subcommittee on January 9,
2018. On March 21, 2018, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 59-0. Senator Donnelly introduced companion
legislation (S. 744) on March 28, 2017.
ENSURING QUALITY UNBIASED ACCESS TO LOANS ACT OF 2018
H.R. 4861
Summary
This bill repeals the Federal Deposit Insurance Corporation
(FDIC) ``Guidance on Supervisory Concerns and Expectations
Regarding Deposit Advance Products'' (78 Fed. Reg. 70552;
November 26, 2013). The bill would also require the Comptroller
of the Currency, Federal Deposit Insurance Corporation, and
Board of Governors of the Federal Reserve System to each issue
regulations, subject to notice and comment, to establish
standards for short-term, small-dollar loans or lines of credit
made available by insured depository institutions.
Legislative History
In the 115th Congress, Representative Hollingsworth
introduced the Ensuring Quality Unbiased Access to Loans Act on
January 19, 2018. A legislative hearing was held on the bill by
the Financial Institutions and Consumer Credit Subcommittee on
July 7, 2017. On March 21, 2018, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 34-26 (see H. Rep. 115-890).
SMALL BANK EXAM CYCLE IMPROVEMENT ACT OF 2018
H.R. 5076
Summary
This bill raises the consolidated asset threshold from $1
billion to $3 billion for well managed and well capitalized
banks to qualify for an 18-month examination cycle.
Legislative History
In the 115th Congress, Representative Tenney introduced the
Small Bank Exam Cycle Improvement Act of 2018 on February 20,
2018. On March 21, 2018, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 60-0 (see H. Rep. 115-657). The Economic
Growth, Regulatory Relief, and Consumer Protection Act (S.
2155)[P.L. 115-174] included an identical provision to H.R.
5706, as Section 210. S. 2155 was signed into law on May 24,
2018.
PRACTICE OF THE LAW TECHNICAL CLARIFICATION ACT OF 2018
H.R. 5082
Summary
Introduced by Representative Mooney, the ``Practice of Law
Technical Clarification Act of 2018'' amends the Fair Debt
Collection Practices Act to exclude from the definition of
``debt collector'' any law firm or licensed attorney engaged in
litigation activities in connection with a legal action in a
court of law to collect a debt on behalf of a client to the
extent that such legal action is served on the defendant
debtor, or service is attempted, in accordance with the
applicable statute or rules of civil procedure. These
activities include:
(1) Serving, filing, or conveying formal legal pleadings,
discovery requests, or other documents pursuant to the
applicable rules of civil procedure; or
(2) Communicating in, or at the direction of, a court of
law, or in the enforcement of a judgment; or
(3) any other activities engaged in as part of the practice
of law, under the laws of a State in which the attorney is
licensed, that relate to the legal action.
This bill also amends the Consumer Financial Protection Act
of 2010 to clarify that the Bureau of Consumer Financial
Protection (BCFP) may not exercise supervisory or enforcement
authority with respect to attorneys engaged in the practice of
law and not offering or providing consumer financial products
or services.
Legislative History
In the 115th Congress, Representative Mooney introduced the
Practice of Technical Clarification Act on February 23, 2018.
The Committee met in open session and considered the bill. The
bill was ordered favorably to the House by a vote of 35-25 (see
H. Rep. 115-892).
BUILDING UP INDEPENDENT LIVES AND DREAM ACT
H.R. 5953
Summary
H.R. 2255 amends the Truth in Lending Act (TILA) and Real
Estate Settlement Procedures Act (RESPA) to allow bona-fide
nonprofit organizations--that are eligible for tax-exempt
charitable donations and are making zero percent interest
mortgage loans--to choose whether to use the truth in lending
(TIL), good faith estimate (GFE), and HUD-1 forms in place of
the TILA-RESPA Integrated Disclosure (TRID) form established
under the Dodd-Frank Act.
Legislative History
In the 115th Congress, Representative Loudermilk introduced
the Building Up Independent Lives and Dream Act on May 24,
2018. On June 14, 2018, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 53-0 (see H. Rep. 115-806). On July 11,
2018, H.R. 5953 passed the House by a voice vote of and was
received in the Senate.
MORTGAGE FAIRNESS ACT OF 2017
H.R. 2570
Summary
This bill amends the Truth in Lending Act (TILA) to revise
``points and fees'' under the definition of a high-cost
mortgage. Currently, such points and fees include all
compensation paid directly or indirectly by a consumer or
creditor to a mortgage originator.
This bill provides that compensation from any source shall
not include any compensation taken into account in settling the
mortgage interest rate and for which there is no separate
charge to the consumer. In other words, it specifically
excludes mortgage brokerage fees that are priced into the
interest rate from being priced into the points and fees as
well.
Legislative History
In the 115th Congress, Representative Posey introduced the
Mortgage Fairness Act of 2017 on May 19, 2017. The Subcommittee
on Financial Institutions and Consumer Credit held a
legislative hearing relating to H.R. 2570, on December 7, 2017.
On July 24, 2018, the Committee met in open session and
considered the bill. The bill was ordered favorably to the
House by a vote of 34-22.
BANK SERVICE COMPANY EXAMINATION COORDINATION ACT OF 2017
H.R. 3626
Summary
H.R. 3626 amends the Bank Service Company Act (12 U.S.C.
1861) (BSCA) to enhance state and federal regulators' ability
to coordinate examinations and share information on bank's
technology vendors and partners.
Legislative History
In the 115th Congress, Representative Williams introduced
the Bank Service Company Examination Coordination Act of 2017
on July 28, 2017. On July 24, 2018, the Committee met in open
session and considered the bill. The bill was ordered favorably
to the House by a vote of 56-0.
CONSUMER INFORMATION NOTIFICATION REQUIREMENT ACT
H.R. 6743
Summary
Introduced by Representative Blaine Luetkemeyer on
September 7, 2018, the Consumer Information Notification
Requirement Act amends the Gramm-Leach-Bliley Act (GLBA) [P.L.
106-102] to direct the federal financial regulatory agencies,
within 6 months of enactment, to establish or update a federal
standard for consumer notification for covered entities in the
event of unauthorized access of non-public personal information
that is likely to result in identity theft, fraud, or economic
loss to consumers. The bill also adds explicit language that
state insurance regulators are responsible for establishing and
enforcing data security safeguards comparable to 2001
Interagency Guidelines Establishing Standards for Safeguarding
Customer Information. This would require the state insurance
regulators to create a uniform data security and data breach
standard for insurance companies.
Covered entities include banks, credit unions, brokers,
dealers, investment companies, investment advisors, insurance
companies, credit reporting agencies, and all other nonbank
financial institutions regulated under the Federal Trade
Commission's (FTC) Safeguards Rule.
Legislative History
In the 115th Congress, Representative Luetkemeyer
introduced the Consumer Information and Notification
Requirement Act on September 7, 2018. The subcommittee on
Financial Institutions and Consumer Credit held a hearing
relating to matters within H.R. 6743, entitled ``Legislative
Proposals to Reform the Current Data Security and Breach
Notification Regulatory Regime'' on March 7, 2018. The
subcommittee on Financial Institutions and Consumer Credit held
a hearing relating to matters within H.R. 6743, entitled
``Examining the Current Data Security and Breach Notification
Regulatory Regime'' on February 14, 2018. The subcommittee on
Financial Institutions and Consumer Credit held a hearing
relating to matters within H.R. 6743, entitled ``Data Security:
Vulnerabilities and Opportunities for Improvement'' on November
1, 2017. The Full Committee held a hearing relating to matters
within H.R. 6743, entitled ``Examining the Equifax Data
Breach'' on October 5, 2017. On September 13, 2018, the
Committee met in open session and considered the bill. The bill
was ordered favorably to the House by a vote of 32-20.
GIVE USEFUL INFORMATION TO DEFINE EFFECTIVE COMPLIANCE ACT OF 2018
H.R. 5534
Summary
H.R. 5534 amends the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 (DFA) [Pub. L. 111-203] to
provide procedures for guidance issued by the Bureau of
Consumer Financial Protection (BCFP), including guidance
necessary to comply with the law, establishes clear standards
for that guidance and how it is issued, and provides a safe
harbor for good faith reliance on guidance issued by the
Bureau.
Legislative History
In the 115th Congress, Representative Duffy introduced the
Give Useful Information to Define Effective (GUIDE) Compliance
Act on April 17, 2018. The Subcommittee on Financial
Institutions and Consumer Credit held a hearing relating to
H.R. 5534, entitled ``Improving Transparency and Accountability
at the Bureau of Consumer Financial Protection'' on June 6,
2018. On September 13, 2018, the Committee met in open session
and considered the bill. The bill was ordered favorably to the
House by a vote of 38-14.
BROKERED DEPOSIT AFFILIATION-SUBSIDIARY MODERNIZATION ACT OF 2018
H.R. 6158
Summary
H.R. 6158 amends the Federal Deposit Insurance Act (12
U.S.C. 1831f) (FDIA) to exempt funds collected through an
insured depository institution's affiliate or subsidiary from
the definition of ``deposit broker.''
Legislative History
In the 115th Congress, Representative Tipton introduced the
Brokered Deposit Affiliation-Subsidiary Modernization Act of
2018 on June 20, 2018. On September 13, 2018, the Committee met
in open session and considered the bill. The bill was ordered
favorably to the House by a vote of 34-17.
Subcommittee Oversight Activities
REGULATORY REFORM
On April 6, 2017, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examination of the Federal Financial Regulatory System and
Opportunities for Reform.'' This hearing examined the impact of
Dodd-Frank Act compliance costs on consumers, financial
institutions, and the U.S. economy. Witnesses included: Mr.
Greg Baer, The Clearing House Association; Mr. Norbet Michel,
The Heritage Foundation; Mr. Amias Moore Gerety, U.S.
Department of the Treasury; and Mr. Bill Hempler, American
Financial Services Association.
On April 26, 2017, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled ``A
Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs.'' The purpose of the
hearing was exam a discussion draft of the ``Financial CHOICE
Act of 2017.'' Witnesses included: Mr. Peter J. Wallison,
American Enterprise Institute; Dr. Norbert J. Michel, The
Heritage Foundation; The Honorable
Michael S. Barr; University of Michigan Law School; Mr. Alex J.
Pollock, The R Street Institute; Dr. Lisa D. Cook, Michigan
State University; Ms. Hester Peirce, George Mason University;
Mr. John Allison, Cato Institute.
FINANCIAL TECHNOLOGY
On January 30, 2018, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Opportunities and Challenges in the Financial
Technology (``Fintech'') Marketplace.'' This hearing examined
the compliance and reporting obligations financial institutions
must adhere to under the Bank Secrecy Act and Anti-Money
Laundering requirements as well as areas for reform that can
incorporate technological advances such as machine learning,
artificial intelligence, and predictive analytics. Witnesses
included: Mr. Nathaniel Hoopes, Marketplace Lending
Association; Mr. Brian Knight, George Mason University; Mr.
Brian Peters, Financial Innovation Now; Mr. Andrew Smith,
Covington and Burling, LLP; and Professor Adam J. Levitin,
Georgetown University Law Center.
On September 28, 2018, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining Opportunities for Financial Markets in the Digital
Era.'' This hearing examined the Treasury Department's
recommendations included in its report titled ``A Financial
System that Creates Economic Opportunities: Nonbank Financials,
Fintech, and Innovation.'' It also explored the current
regulatory landscape and proposals that would allow financial
services entities to use fintech to deliver new products and
services to consumers. Witnesses included: Mr. Aaron Cutler;
Hogan Lovells LLP; Mr. Dion Harrison, Elevate; Mr. T. Michael
Price; First Commonwealth Financial Corporation (on behalf of
the Pennsylvania Bankers Association); Mr. Stuart Rubenstein,
Fidelity Wealth Technologies; and Mr. Scott Astrada, Center for
Responsible Lending.
BUREAU OF CONSUMER FINANCIAL PROTECTION
On June 6, 2018, the Subcommittee on Financial Institutions
and Consumer Credit held a hearing entitled ``Improving
Transparency and Accountability at the Bureau of Consumer
Financial Protection.'' This hearing discussed Acting Director
Mulvaney's recommendations to increase accountability and
transparency at the Bureau of Consumer Financial Protection
(BCFP). Witnesses included: Mr. Steven G. Day, American Land
Title Association; Mr. Richard Hunt, Consumer Bankers
Association; Ms. Kate Larson, U.S. Chamber of Commerce; Mr.
Hilary O. Shelton, National Association for the Advancement of
Colored People; and Mr. Elmer K. Whitaker, Whitaker Bank
Corporation of Kentucky.
TERRORISM AND ILLICIT FINANCE
On June 28, 2017, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled
``Examining the BSA/AML Regulatory Compliance Regime.'' This
hearing examined the compliance requirements financial
institutions must comply with under the Bank Secrecy Act and
Anti-Money Laundering requirements as well as areas for reform
that can incorporate technological advances such as machine
learning, artificial intelligence, and predictive analytics.
Witnesses included: Ms. Faith Lleva Anderson, American Airlines
Credit Union (on behalf of the Credit Union Association); Mr.
Greg Baer, The Clearing House Payments Company; Mr. Lloyd
DeVaux, Sunstate Bank (on behalf of the Florida Bankers
Association); and Ms. Heather A. Lowe, Global Financial
Integrity.
On November 27, 2017, the Financial Institutions and
Consumer Credit and Terrorism and Illicit Finance Subcommittees
held a joint legislative hearing entitled ``Legislative
Proposals to Counter Terrorism and Illicit Finance.'' The
hearing examined legislative proposals to better detect and
stop human trafficking, illicit finance, and terrorism
financing. Witnesses included: Mr. Daniel H. Bley, Webster Bank
(on behalf of the Mid-Size Bank Coalition of America); Mr. John
J. Byrne, Condor Consulting, LLC; Mr. William J. Fox, Bank of
America (on behalf of The Clearing House); Ms. Stefanie
Ostfeld, Global Witness; and Mr. Chip Poncy, Financial
Integrity Network.
On April 27, 2018, the Financial Institutions and Consumer
Credit Subcommittee held a hearing entitled, ``Implementation
of FinCEN's Customer Due Diligence Rule--Financial Institutions
Perspective.'' The hearing discussed efforts financial
institutions have taken to update anti-money laundering
procedures and implement processes to identify and verify
underlying beneficial ownership information as required under
the CDD Rule, including ongoing trends and developments that
may affect access to the financial system by legitimate
businesses and consumers. Witnesses included: Mr. Greg Baer,
The Clearing House Association; Mr. Carlton Greene, Crowell &
Morning LLP; Mr. Gary Kalman, The FACT Coalition; and Ms. Dalia
Martinez, International Bank of Commerce (on behalf of the Mid-
Size Bank Coalition).
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title & Subcommittee Date(s)
------------------------------------------------------------------------
115-7......................... ``Ending the De Novo March 21, 2017
Drought: Examining
the Application
Process for De Novo
Financial
Institutions''.
115-11........................ ``The State of Bank March 28, 2017
Lending in America''.
115-16........................ ``Examination of the April 6, 2017
Federal Financial
Regulatory System and
Opportunities for
Reform''.
115-26........................ ``Examining the BSA/ June 28, 2017
AML Regulatory
Compliance Regime''.
115-28........................ ``Examining July 12, 2017
Legislative Proposals
to Provide Targeted
Regulatory Relief to
Community Financial
Institutions''.
115-38........................ ``Legislative September 7,
Proposals for a More 2017
Efficient Federal
Financial Regulatory
Regime''.
115-40........................ Joint Hearing entitled September 12,
``Examining the 2017
Relationship Between
Prudential Regulation
and Monetary Policy
at the Federal
Reserve'' (Financial
Institutions/Monetary
Policy).
115-52........................ ``Data Security: November 1, 2017
Vulnerabilities and
Opportunities for
Improvement''.
115-60........................ Joint Hearing entitled November 29,
``Legislative 2017
Proposals to Counter
Terrorism and Illicit
Finance'' (Financial
Institutions/
Terrorism Finance).
115-65........................ ``Legislative December 7, 2017
Proposals for a More
Efficient Federal
Financial Regulatory
Regime: Part II''.
115-68........................ ``Legislative January 9, 2018
Proposals for a More
Efficient Federal
Financial Regulatory
Regime: Part III''.
115-70........................ ``Examining January 30, 2018
Opportunities and
Challenges in the
Financial Technology
(``Fintech'')
Marketplace''.
115-73........................ ``Examining the February 14,
Current Data Security 2018
And Breach
Notification
Regulatory Regime''.
115-75........................ ``Examining De-risking February 15,
and its Effect on 2018
Access to Financial
Services''.
115-78........................ ``Legislative March 7, 2018
Proposals to Reform
the Current Data
Security and Breach
Notification
Regulatory Regime''.
115-90........................ ``Implementation of April 27, 2018
FinCEN's Customer Due
Diligence Rule--
Financial Institution
Perspective''.
115-98........................ ``Improving June 6, 2018
Transparency and
Accountability at the
Bureau of Consumer
Financial
Protection''.
115-105....................... ``International and June 26, 2018
Domestic Implications
of De-Risking''.
115-109....................... ``Examining Capital July 17, 2018
Regimes for Financial
Institutions''.
115-121....................... ``Examining September 28,
Opportunities for 2018
Financial Markets in
the Digital Era''.
115-123....................... ``Assessing the Impact December 11,
of FASB's Current 2018
Expected Credit Loss
(CECL) Accounting
Standard on Financial
Institutions and the
Economy ''.
------------------------------------------------------------------------
Subcommittee on Housing and Insurance
(Ratio: 13-10)
SEAN P. DUFFY, WI, Chairman
EMANUEL CLEAVER, MO [RM] DENNIS A. ROSS, FL [V Chair]
NYDIA M. VELAZQUEZ, NY EDWARD R. ROYCE, CA
MICHAEL E. CAPUANO, MA STEVAN PEARCE, NM
WM. LACY CLAY, MO BILL POSEY, FL
BRAD SHERMAN, CA BLAINE LUETKEMEYER, MI
JOYCE BEATTY, OH STEVE STIVERS, OH
DANIEL T. KILDEE, MI RANDY HULTGREN, IL
JOHN K. DELANEY, MD KEITH J. ROTHFUS, PA
RUBEN J. KIHUEN, NV LEE M. ZELDIN, NY
VICENTE GONZALEZ, TX DAVE A. TROTT, MI
MAXINE WATERS, CA [Ex Officio] THOMAS MacARTHUR, NJ
TED BUDD, NC
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
THE GSE JUMPSTART REAUTHORIZATION ACT OF 2017
H.R. 4560
Summary
As enacted into law, the GSE Jumpstart Act of 2015,
originally sponsored by Senators Corker (R-TN) and Warner (D-
VA), prohibits the sale of Treasury-owned senior preferred
shares in Government Sponsored Enterprises (GSEs), Fannie Mae
and Freddie Mac, without congressional approval. Furthermore,
the 2015 law expresses the sense of Congress that Congress
``should pass and the President should sign into law
legislation determining the future of Fannie Mae and Freddie
Mac, and that notwithstanding the expiration of subsection (b),
the Secretary should not sell, transfer, relinquish, liquidate,
divest, or otherwise dispose of any outstanding shares of
senior preferred stock acquired pursuant to the Senior
Preferred Stock Purchase Agreement until such legislation is
enacted.''
H.R. 4560 would reauthorize the GSE Jumpstart Act of 2015
through January 2, 2019 and would further prohibit payments to
the Housing Trust Fund and the Capital Magnet Fund for any
fiscal year in which the GSEs fail to pay any portion of their
scheduled dividends to Treasury during that year. Specifically,
for any period that the GSEs do not make their full required
dividend payments to taxpayers (via the U.S. Treasury through
the Senior Preferred Stock Purchase Agreements ``PSPAs''), the
legislation would suspend the GSEs' contributions to the
Housing Trust Fund and the Capital Magnet Fund for that fiscal
year.
Legislative History
Representative Hill introduced the GSE Jumpstart
Reauthorization Act of 2017 on December 6, 2017. On October 3,
2017, the Committee on Financial Services held a full committee
hearing entitled ``Sustainable Housing Finance: An Update from
the Director of the Federal Housing Finance Agency,'' which
examined matters related to H.R. 4560. The sole witness was the
Honorable Melvin Watt, Director, Federal Housing Finance
Agency.
On December 13, 2017 the Committee met in open session to
consider the bill. An amendment offered by Ms. Waters was not
agreed to by a recorded vote of 26 yeas and 34 nays (Recorded
vote no. FC-133). The bill was ordered favorably reported to
the House by a recorded vote of 33 yeas and 27 nays (Recorded
vote no. FC-134).
No further action was taken on H.R. 4560 in the 115th
Congress.
THE NATIONAL FLOOD INSURANCE PROGRAM POLICYHOLDER PROTECTION ACT OF
2017
H.R. 2868
Summary
H.R. 2868 would protect the National Flood Insurance
Program (NFIP) policyholders from unreasonable premium rates
and would require the NFIP to consider the unique
characteristics of urban properties when determining flood
risk. The NFIP Policyholder Protection Act would address
affordability concerns raised by constituents by limiting the
NFIP risk premium of any single-family residential property to
$10,000 a year.
In addition, H.R. 2868 would authorize the Federal
Emergency Management Agency (FEMA) to provide NFIP
policyholders who are not eligible for preferred risk premium
rates with credits for a policyholder that can be used to
reduce their premium rates if they mitigate certain flood risks
on their property. These mitigation efforts could include using
innovative mitigation techniques for buildings in dense urban
environments and the elevation of mechanical systems. In dense
urban areas, raising a structure to mitigate it from flooding
may not be an option. However, in many of these buildings, the
heating, ventilation and air conditioning (HVAC) units are on
the ground floor and at risk of damage from flood waters. H.R.
2868 would authorize FEMA to authorize premium discounts if
HVAC and other mechanical systems are moved to higher level.
Finally, H.R. 2868 requires a FEMA study on the feasibility of
offering NFIP coverage of individual dwelling units in
cooperative housing developments to address unique housing
issues in certain geographical areas where cooperative housing
is a significant share of the housing market.
Legislative History
Representative Zeldin introduced the National Flood
Insurance Program Policyholder Protection Act of 2017 on June
8, 2017. On March 9, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled ``Flood Insurance Reform:
FEMA's Perspective,'' which examined matters related to the
bill. The sole witness was Mr. Roy Wright, Deputy Associate
Administrator, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, U.S. Department of
Homeland Security. On March 16, 2017, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Flood
Insurance Reform: A Community Perspective,'' which examined
matters related to the bill. Witnesses were: Ms. Melissa H.
Luckman, Esq., Assistant Clinical Visiting Professor of Law and
Director of the Disaster Relief Clinic, Touro Law Center; Mr.
Aram V. Terchunian, President, First Coast Corporation; Mr.
Chad Berginnis, Executive Director, Association of State
Floodplain Managers; and Mr. Evan Hecht, CEO, The Flood
Insurance Agency. On June 7, 2017, the Full Committee held a
hearing entitled, ``Flood Insurance Reform: A Taxpayer's
Perspective,'' which examined matters related to H.R. 2868.
Witnesses were: Mr. Steve Ellis, Vice President, Taxpayers for
Common Sense; Mr. Josh Saks, Legislative Director, National
Wildlife Federation; Mr. R.J. Lehmann, Senior Fellow, R Street
Institute; Ms. Caitlin Berni, Vice President, Policy and
Communication, Greater New Orleans, Inc.; Ms. Rebecca Kagan
Sternhell, Deputy Director and General Counsel, New York City
Federal Affairs Office.
On June 15, 2017, the Committee met in open session to
consider H.R. 2868. The Committee ordered H.R. 2868 to be
reported favorably to the House, without amendment, by a
recorded vote of 53 yeas to 0 nays (Recorded vote no. FC 58), a
quorum being present.
On November 13, 2017, the House agreed to H. Res. 616,
which provided for the consideration of H.R. 2874, the 21st
Century Flood Reform Act. In lieu of the amendment in the
nature of a substitute recommended by the Committee on
Financial Services printed in the bill, the amendment printed
in part A of the report of the Committee on Rules accompanying
this resolution (H. Rept. 115-304), modified by the amendment
printed in part B of that report, was considered as adopted.
Language similar to H.R. 2868 was included in the amendment of
H.R. 2874, 21st Century Flood Reform Act offered by Cong. Duffy
and sundry members. On November 14, H.R. 2874 was considered
pursuant to H. Res. 616. The House passed H.R. 2874, as
amended, by a vote of 237 yeas and 189 nays.
On November 15, 2017, H.R. 2874 was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs.
THE FLOOD INSURANCE MARKET PARITY AND MODERNIZATION ACT
H.R. 1422
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. 1422 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. 1422, 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. 1422 on March 8, 2017.
On March 9, 2017, the Subcommittee on Housing and Insurance
held a hearing entitled ``Flood Insurance Reform: FEMA's
Perspective,'' which examined matters related to the bill. The
sole witness was Mr. Roy Wright, Deputy Associate
Administrator, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, U.S. Department of
Homeland Security. On March 16, 2017, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Flood
Insurance Reform: A Community Perspective,'' which examined
matters related to the bill. Witnesses were: Ms. Melissa H.
Luckman, Esq., Assistant Clinical Visiting Professor of Law and
Director of the Disaster Relief Clinic, Touro Law Center; Mr.
Aram V. Terchunian, President, First Coast Corporation; Mr.
Chad Berginnis, Executive Director, Association of State
Floodplain Managers; and Mr. Evan Hecht, CEO, The Flood
Insurance Agency. On June 7, 2017, the Full Committee held a
hearing entitled, ``Flood Insurance Reform: A Taxpayer's
Perspective,'' which examined matters related to the bill.
Witnesses were: Mr. Steve Ellis, Vice President, Taxpayers for
Common Sense; Mr. Josh Saks, Legislative Director, National
Wildlife Federation; Mr. R.J. Lehmann, Senior Fellow, R Street
Institute; Ms. Caitlin Berni, Vice President, Policy and
Communication, Greater New Orleans, Inc.; and Ms. Rebecca Kagan
Sternhell, Deputy Director and General Counsel, New York City
Federal Affairs Office.
On June 21, 2017, the Committee met in open session to
consider H.R. 2868. An amendment in the nature of a substitute
offered by Mr. Ross was adopted by voice vote. The Committee
ordered H.R. 1422 to be reported favorably to the House, as
amended, by a recorded vote of 58 yeas to 0 nays (Recorded vote
no. FC-65), a quorum being present.
On November 13, 2017, the House agreed to H. Res. 616,
which provided for the consideration of H.R. 2874, the 21st
Century Flood Reform Act. In lieu of the amendment in the
nature of a substitute recommended by the Committee on
Financial Services printed in the bill, the amendment printed
in part A of the report of the Committee on Rules accompanying
the resolution (H. Rept. 115-304), modified by the amendment
printed in part B of that report, was considered as adopted.
Language similar to H.R. 1422 was included in the amendment of
H.R. 2874, 21st Century Flood Reform Act offered by Cong. Duffy
and sundry members. On November 14, 2017, H.R. 2874 was
considered pursuant to H. Res. 616. The House passed H.R. 2874,
as amended, by a vote of 237 yeas and 189 nays.
On November 15, 2017, H.R. 2874 was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs.
THE REPEATEDLY FLOODED COMMUNITIES PREPARATION ACT
H.R. 1558
Summary
The Repeatedly Flooded Communities Preparation Act amends
the National Flood Insurance Act of 1968 to ensure community
accountability for areas repetitively damaged by floods.
Specifically, H.R. 1558 addresses a long-standing and serious
problem with the NFIP: the growing number of properties that
are repeatedly flooded.
H.R. 1558, the ``Repeatedly Flooded Communities Preparation
Act'' will help to proactively reduce flood risk rather than
simply repeatedly rebuilding properties. Specifically, H.R.
1558 would require communities with a significant number of
properties that have repeatedly flooded to: (1) review and
analyze data on local properties and public infrastructure that
flood repeatedly to determine the specific areas that should be
priorities for voluntary buyouts, drainage improvements, or
other mitigation efforts; (2) develop and implement plans for
lowering flood risk in these problem areas; (3) share plans and
reports with the public; and (4) submit these plans as well as
reports on progress to FEMA.
Additionally, the ``Repeatedly Flooded Communities
Preparation Act'' sets deadlines for FEMA to develop criteria
to govern these repeat loss plans and determine any appropriate
sanctions for failure to act. It requires FEMA to report to
Congress every two years on implementation progress.
H.R. 1558 also includes a provision to expedite FEMA's
implementation of a policyholder monthly payment option. The
Homeowner Flood Insurance Affordability Act of 2014 (P.L. 113-
89) required FEMA to offer monthly installment payments for
premiums and provided the agency 18 months to implement the
requirement. This provision will accelerate an implementation
process that is behind schedule and provide that policyholders
be charged no more than $25 during the first year after
enactment; after the 12 month period, policyholders will be
charged an administrative fee that reflects actual costs,
pursuant to a Government Accountability Office study.
Legislative History
On March 16, 2017, H.R. 1558 was introduced by Cong. Ed
Royce. On March 9, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled ``Flood Insurance Reform:
FEMA's Perspective,'' which examined matters related to the
bill. The sole witness was Mr. Roy Wright, Deputy Associate
Administrator, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, U.S. Department of
Homeland Security. On March 16, 2017, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Flood
Insurance Reform: A Community Perspective,'' which examined
matters related to the bill. Witnesses were: Ms. Melissa H.
Luckman, Esq., Assistant Clinical Visiting Professor of Law and
Director of the Disaster Relief Clinic, Touro Law Center; Mr.
Aram V. Terchunian, President, First Coast Corporation; Mr.
Chad Berginnis, Executive Director, Association of State
Floodplain Managers; and Mr. Evan Hecht, CEO, The Flood
Insurance Agency. On June 7, 2017, the Full Committee held a
hearing entitled, ``Flood Insurance Reform: A Taxpayer's
Perspective,'' which examined matters related to the bill.
Witnesses were: Mr. Steve Ellis, Vice President, Taxpayers for
Common Sense; Mr. Josh Saks, Legislative Director, National
Wildlife Federation; Mr. R.J. Lehmann, Senior Fellow, R Street
Institute; Ms. Caitlin Berni, Vice President, Policy and
Communication, Greater New Orleans, Inc.; and Ms. Rebecca Kagan
Sternhell, Deputy Director and General Counsel, New York City
Federal Affairs Office.
On June 15, 2017, the Committee met in open session to
consider H.R. 1558. The Committee ordered H.R. 1558 to be
reported favorably to the House, as amended, by voice vote, a
quorum being present. Before the motion to report was offered,
the Committee adopted an amendment offered by Mr. Royce, as
amended by an amendment offered by Mrs. Maloney, by voice vote
and adopted an amendment offered by Mr. David Scott of Georgia
by voice vote, a quorum being present.
On November 13, 2017, the House agreed to H. Res. 616,
which provided for the consideration of H.R. 2874, the 21st
Century Flood Reform Act. In lieu of the amendment in the
nature of a substitute recommended by the Committee on
Financial Services printed in the bill, the amendment printed
in part A of the report of the Committee on Rules accompanying
the resolution (H. Rept. 115-304), modified by the amendment
printed in part B of that report, was considered as adopted.
Language similar to H.R. 1558 was included in the amendment of
H.R. 2874, 21st Century Flood Reform Act offered by Cong. Duffy
and sundry members. On November 14, H.R. 2874 was considered
pursuant to H. Res. 616. The House passed H.R. 2874 as amended
by a vote of 237 yeas and 189 nays.
On November 15, 2017, H.R. 2874 was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs.
THE TAXPAYER EXPOSURE MITIGATION ACT OF 2017
H.R. 2246
Summary
The Taxpayer Exposure Mitigation Act of 2017 amends the
Flood Disaster Protection Act of 1973 to repeal the mandatory
flood insurance coverage requirement for commercial properties
located in flood hazard areas and to provide for greater
transfer of risk under the National Flood Insurance Program to
private capital and reinsurance markets. In recognition of the
challenges that plagued the development of timely flood rate
risk maps, H.R. 2246 authorizes alternative community flood
maps, developed and financed by local governments. Today, FEMA
is required to review each community, once every five years, to
determine whether re-mapping is necessary. In some cases,
however, remapping does not occur for over 10 years, thereby
leaving the community subjected to outdated maps. H.R. 2246
would require the Technical Mapping Advisory Council (TMAC) to
develop and make recommendations to the FEMA Administrator to
establish a set of standards, guidelines, and procedures for
State and local governments to develop alternative maps to the
NFIP's rate maps.
Legislative History
On April 28, 2017, H.R. 2246 was introduced by Cong. Blaine
Luetkemeyer. On March 9, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled ``Flood Insurance Reform:
FEMA's Perspective,'' which examined matters related to the
bill. The sole witness was Mr. Roy Wright, Deputy Associate
Administrator, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, U.S. Department of
Homeland Security. On March 16, 2017, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Flood
Insurance Reform: A Community Perspective,'' which examined
matters related to the bill. Witnesses were: Ms. Melissa H.
Luckman, Esq., Assistant Clinical Visiting Professor of Law and
Director of the Disaster Relief Clinic, Touro Law Center; Mr.
Aram V. Terchunian, President, First Coast Corporation; Mr.
Chad Berginnis, Executive Director, Association of State
Floodplain Managers; and Mr. Evan Hecht, CEO, The Flood
Insurance Agency. On June 7, 2017, the Full Committee held a
hearing entitled, ``Flood Insurance Reform: A Taxpayer's
Perspective,'' which examined matters related to the bill.
Witnesses were: Mr. Steve Ellis, Vice President, Taxpayers for
Common Sense; Mr. Josh Saks, Legislative Director, National
Wildlife Federation, Mr. R.J. Lehmann, Senior Fellow, R Street
Institute; Ms. Caitlin Berni, Vice President, Policy and
Communication, Greater New Orleans, Inc., Ms. Rebecca Kagan
Sternhell, Deputy Director and General Counsel, New York City
Federal Affairs Office.
The Committee on Financial Services met in open session on
June 21, 2017 to consider H.R. 2246. The Committee ordered H.R.
2246 to be reported favorably to the House, as amended, by a
recorded vote of 36 yeas to 24 nays (Recorded vote no. FC-67),
a quorum being present.
On November 13, 2017, the House agreed to H. Res. 616,
which provided for the consideration of H.R. 2874, the 21st
Century Flood Reform Act. In lieu of the amendment in the
nature of a substitute recommended by the Committee on
Financial Services printed in the bill, the amendment printed
in part A of the report of the Committee on Rules accompanying
the resolution (H. Rept. 115-304), modified by the amendment
printed in part B of that report, was considered as adopted.
Language similar to H.R. 2246 was included in the amendment of
H.R. 2874, 21st Century Flood Reform Act offered by Cong. Duffy
and sundry members. On November 14, H.R. 2874 was considered
pursuant to H. Res. 616. The House passed H.R. 2874, as
amended, by a vote of 237 yeas and 189 nays.
On November 15, 2017, H.R. 2874 was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs.
TO REQUIRE THE USE OF REPLACEMENT COST VALUE IN DETERMINING THE PREMIUM
RATES FOR FLOOD INSURANCE COVERAGE UNDER THE NATIONAL FLOOD INSURANCE
ACT, AND FOR OTHER PURPOSES
H.R. 2565
Summary
H.R. 2565 would require the use of replacement cost value
in determining the premium rates for flood insurance coverage
under the National Flood Insurance Act and would require the
Federal Emergency Management Agency (FEMA) to conduct a study
on the feasibility of incorporating the actual replacement cost
value for each National Flood Insurance Program covered
property.
Legislative History
On May 19, 2017, H.R. 2565 was introduced by Cong. Blaine
Luetkemeyer. On March 9, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled ``Flood Insurance Reform:
FEMA's Perspective,'' which examined matters related to the
bill. The sole witness was Mr. Roy Wright, Deputy Associate
Administrator, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, U.S. Department of
Homeland Security. On March 16, 2017, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Flood
Insurance Reform: A Community Perspective,'' which examined
matters related to the bill. Witnesses were: Ms. Melissa H.
Luckman, Esq., Assistant Clinical Visiting Professor of Law and
Director of the Disaster Relief Clinic, Touro Law Center; Mr.
Aram V. Terchunian, President, First Coast Corporation; Mr.
Chad Berginnis, Executive Director, Association of State
Floodplain Managers; and Mr. Evan Hecht, CEO, The Flood
Insurance Agency. On June 7, 2017, the Full Committee held a
hearing entitled, ``Flood Insurance Reform: A Taxpayer's
Perspective,'' which examined matters related to the bill.
Witnesses were: Mr. Steve Ellis, Vice President, Taxpayers for
Common Sense; Mr. Josh Saks, Legislative Director, National
Wildlife Federation; Mr. R.J. Lehmann, Senior Fellow, R Street
Institute; Ms. Caitlin Berni, Vice President, Policy and
Communication, Greater New Orleans, Inc.; and Ms. Rebecca Kagan
Sternhell, Deputy Director and General Counsel, New York City
Federal Affairs Office.
The Committee on Financial Services met in open session on
June 15, 2017 to consider H.R. 2565. The Committee ordered H.R.
2565 to be reported favorably to the House, as amended, by a
recorded vote of 34 yeas and 25 nays (Recorded vote no. FC-66),
a quorum being present. Before the motion to report was
offered, the Committee adopted an amendment offered by Mr.
Luetkemeyer, by voice vote, a quorum being present.
On November 13, 2017, the House agreed to H. Res. 616,
which provided for the consideration of H.R. 2874, the 21st
Century Flood Reform Act. In lieu of the amendment in the
nature of a substitute recommended by the Committee on
Financial Services printed in the bill, the amendment printed
in part A of the report of the Committee on Rules accompanying
the resolution (H. Rept. 115-304), modified by the amendment
printed in part B of that report, was considered as adopted.
Language similar to H.R. 2565 was included in the amendment of
H.R. 2874, 21st Century Flood Reform Act offered by Cong. Duffy
and sundry members. On November 14, H.R. 2874 was considered
pursuant to H. Res. 616. The House passed H.R. 2874, as
amended, by a vote of 237 yeas and 189 nays.
On November 15, 2017, H.R. 2874 was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs.
THE 21ST CENTURY FLOOD REFORM ACT
H.R. 2874
Summary
H.R. 2874, the ``21st Century Flood Reform Act,'' would
achieve reforms to improve the financial stability of the
National Flood Insurance Program, to enhance the development of
more accurate estimates of flood risk through new technology
and better maps, to increase the role of private markets in the
management of flood insurance risks, and to provide for
alternative methods to insure against flood peril.
H.R. 2874 reauthorizes the NFIP for five years; provides
much needed reforms to ensure it is financially sustainable;
enhances incentives and approaches to reduce future flood
damages and vulnerabilities; and, ensures that a greater
portion of premiums collected are available to pay claims that
ultimately result in better protection for taxpayers who have
repeatedly backstopped the program.
Through a series of incremental reforms, such as moving the
program towards risk based rates, ensuring the proper
maintenance of the program's reserve fund, addressing
properties that perpetually flood, and providing more
transparency to the mapping process, H.R. 2874 will help
protect taxpayers, restore the NFIP's financial ledger, and
provide certainty to the flood insurance marketplace over the
next five years.
Legislative History
On June 12, 2017, H.R. 2874 was introduced by Cong. Sean
Duffy. On March 9, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled ``Flood Insurance Reform:
FEMA's Perspective,'' which examined matters related to the
bill. The sole witness was Mr. Roy Wright, Deputy Associate
Administrator, Federal Insurance and Mitigation Administration,
Federal Emergency Management Agency, U.S. Department of
Homeland Security. On March 16, 2017, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Flood
Insurance Reform: A Community Perspective,'' which examined
matters related to the bill. Witnesses were: Ms. Melissa H.
Luckman, Esq., Assistant Clinical Visiting Professor of Law and
Director of the Disaster Relief Clinic, Touro Law Center; Mr.
Aram V. Terchunian, President, First Coast Corporation; Mr.
Chad Berginnis, Executive Director, Association of State
Floodplain Managers; and Mr. Evan Hecht, CEO, The Flood
Insurance Agency. On June 7, 2017, the Full Committee held a
hearing entitled, ``Flood Insurance Reform: A Taxpayer's
Perspective,'' which examined matters related to the bill.
Witnesses were: Mr. Steve Ellis, Vice President, Taxpayers for
Common Sense; Mr. Josh Saks, Legislative Director, National
Wildlife Federation; Mr. R.J. Lehmann, Senior Fellow, R Street
Institute; Ms. Caitlin Berni, Vice President, Policy and
Communication, Greater New Orleans, Inc.; and Ms. Rebecca Kagan
Sternhell, Deputy Director and General Counsel, New York City
Federal Affairs Office.
The Committee on Financial Services met in open session on
June 15, 2017 to consider H.R. 2874. Sundry amendments were
considered. The Committee ordered H.R. 2874 to be reported
favorably to the House, as amended, by a recorded vote of 30
yeas and 26 nays (recorded vote no. FC-63), a quorum being
present. Before the motion to report was offered, the Committee
adopted by voice vote an amendment offered by Mr. Duffy (no. 1)
and an amendment offered by Ms. Moore (no. 8). The Committee
also adopted an amendment by Ms. Tenney (no. 7) by recorded
vote of 31 yeas and 25 nays (recorded vote no. FC-61).
On November 13, 2017, the House agreed to H. Res. 616,
which provided for the consideration of H.R. 2874, the 21st
Century Flood Reform Act. In lieu of the amendment in the
nature of a substitute recommended by the Committee on
Financial Services printed in the bill, the amendment printed
in part A of the report of the Committee on Rules accompanying
the resolution (H. Rept. 115-304), modified by the amendment
printed in part B of that report, was considered as adopted. On
November 14, H.R. 2874 was considered pursuant to H. Res. 616.
The House passed H.R. 2874, as amended, by a vote of 237 yeas
and 189 nays.
On November 15, 2017, H.R. 2874 was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs.
THE FINANCIAL STABILITY OVERSIGHT COUNCIL INSURANCE MEMBER CONTINUITY
ACT
H.R. 3110
Summary
Under existing law, the voting members of the Financial
Stability Oversight Council (FSOC) include an Independent
Member with insurance expertise, who is appointed by the
President and confirmed by the Senate. The Independent Member
is the only member appointed by the President to specifically
serve on FSOC. Dodd-Frank established a six-year term on FSOC
for the Independent Member, which expired on September 30,
2017. Absent the appointment and confirmation of a successor,
the expiration of the Independent Member's term would have left
FSOC without a voting member with insurance expertise. There
were no contingency plans for the status of the Independent
Member's position following the six-year term as Dodd-Frank did
not make clear if position can be filled by an acting official
once the Independent Member's term expired.
H.R. 3110, the ``Financial Stability Oversight Council
Insurance Member Continuity Act,'' allows the FSOC Independent
Member with Insurance Expertise to remain a voting member of
FSOC, beyond his or her term, until a successor is appointed.
The extended term would conclude at the earlier of (1) 18
months or (2) Senate confirmation of a successor.
Legislative History
On June 29, 2017, Cong. Hultgren introduced H.R. 3110. The
Committee on Financial Services met in open session on July 25,
2017, and ordered H.R. 3110 to be reported favorably to the
House without amendment by a recorded vote of 60 yeas to 0 nays
(recorded vote no. FC-70), a quorum being present. On September
5, 2017, the House suspended the rules and passed H.R. 3110 by
a vote of 407 yeas to 1 nay. The bill was received by the
Senate on September 6, 2017 and passed without amendment by
Unanimous Consent on September 19, 2017. The President signed
the bill on September 27, 2017 (P.L. 115-61).
THE FAMILY SELF-SUFFICIENCY ACT
H.R. 4258
Summary
H.R. 4258 would relieve the Department of Housing and Urban
Development's (HUD) administrative and regulatory burdens to
administer the Family Self-Sufficiency (FSS) program by
combining the two separate FSS programs into one program. In
addition, the bill seeks to broaden the supportive services
that the FSS can provide to a participant and it would allow
tenants who currently reside in privately-owned properties with
HUD project-based assistance to participate in the FSS program.
The FSS program, administered by HUD, helps families in public
housing and the voucher program make progress toward economic
self-sufficiency by combining stable, affordable housing with
work-promoting service coordination and a rent incentive in the
form of an escrow account that grows as the families' earnings
increase.
H.R. 4258 would enhance HUD's FSS Program and furthers the
strategic goal to use housing as a platform to improve quality
of life of and helping HUD-assisted renters increase their
economic security and self-sufficiency. Enacting the reforms in
H.R. 4258 will promote the development of local strategies to
coordinate the use of housing assistance with public and
private resources to enable participating families to increase
earned income and financial literacy, reduce or eliminate the
need for welfare assistance, and make progress toward economic
independence.
Legislative History
H.R. 4258 was introduced by Cong. Duffy on November 6,
2017. The Housing and Insurance Subcommittee held a hearing
examining matters relating to H.R. 4258 on September 27, 2017.
Witnesses were: Mr. Aaron Gornstein, President and CEO,
Preservation of Affordable Housing; Mr. Jeffrey Lubell,
Director of Housing and Community Initiatives, Abt Associates;
Mr. Stacy L. Spann, Executive Director, Housing Opportunities
Commission of Montgomery County; Ms. Kristin Siglin, Senior
Vice President, Policy, Housing Partnership Network; and Ms.
Sherry Riva, Executive Director, Compass Working Capital.
The Committee on Financial Services met in open session on
November 14, 2017, and ordered H.R. 4258 to be reported
favorably to the House, without amendment, by a recorded vote
of 58 yeas to 0 nays (Record vote no. FC-95), a quorum being
present.
On January 17, 2018, the House suspended the rules and
passed H.R. 4258 by a vote of 412 yeas and 5 nays. The bill was
received by the Senate on January 18, 2018 and was referred to
the Committee on Banking, Housing, and Urban Affairs. Text from
H.R. 4258 was included in S. 2155, the Economic Growth,
Regulatory Relief, and Consumer Protection Act, which was
signed by the President on May 24, 2018 (P.L. 115-174).
THE NATIVE AMERICAN HOUSING ASSISTANCE AND SELF-DETERMINATION
REAUTHORIZATION ACT OF 2017
H.R. 3864
Summary
H.R. 3864 reauthorizes the Native American Housing
Assistance Self Determination Act of 1996 (NAHASDA) for five
years through 2022 and amends the statute to better address
housing needs for Native American tribal governments. H.R. 3864
has three primary objectives: (1) strengthen vital taxpayer
protections and tribal accountability by providing the
Secretary of Housing and Urban Development (HUD) the authority
to recoup unexpended funds; (2) allow for tribes to pursue
alternative funding sources by encouraging private investment;
and (3) provide Native American tribal governments with greater
efficiencies when deploying NAHASDA funds.
Legislative History
H.R. 3864 was introduced by Cong. Pearce on September 28,
2017. The Housing and Insurance Subcommittee held a field
hearing in Hayward, WI examining matters relating to H.R. 3864
on July 21, 2017. Witnesses were: Ms. Heidi J. Frechette,
Deputy Assistant Secretary, Office of Native American Programs,
Department of Housing and Urban Development; Mr. Tony Walters,
Executive Director, National American Indian Housing Council;
Dr. Harry Malcolm, Essentia Clinic; Mr. Mark Montano, Executive
Director, LCO Housing Authority; Ms. Rose Gokee, Governing
Board Member, Lac Courte Oreilles Tribe; Mr. Floyd Tortalita,
Executive Director, Pueblo of Acoma Housing Authority; and Mr.
Jeff Tribble, Member, Lac Courte Oreilles Tribe.
The Committee on Financial Services met in open session on
December 12, 2017, and ordered H.R. 3864 to be reported
favorably to the House, as amended, by a recorded vote of 37
yeas to 22 nays (Record vote no. FC-120), a quorum being
present. Before the motion to report was offered, the Committee
adopted an amendment in the nature of a substitute offered by
Mr. Pearce by voice vote.
No further action was taken on H.R. 3864 in the 115th
Congress.
THE INTERNATIONAL INSURANCE STANDARDS ACT OF 2017
H.R. 4537
Summary
H.R. 4537 would preserve the State-based system of
insurance regulation and provide greater oversight and
transparency on international insurance standard negotiations.
H.R. 4537 requires that: (1) any such agreement entered into by
entities representing the United States may not be agreed to
unless it is consistent with existing federal and state law as
well as recognizing existing Federal and State laws on the
regulation of insurance; (2) federal entities participating in
negotiations must coordinate and consult with state insurance
commissioners; (3) Congress must be consulted on negotiations
prior to negotiations taking place, as well as during and prior
to entering into an agreement; (4) authority is granted to
Congress to conduct a ``fast-tracked'' disapproval process; and
(5) Congress has similar disapproval authority on covered
agreements. H.R. 4537 would position the United States to
participate in international discussions and protect it from
agreements that could be detrimental to U.S. insurers,
policyholders and markets.
Legislative History
H.R. 4537 was introduced by Cong. Duffy on December 4,
2017. The Housing and Insurance Subcommittee held a hearing
examining matters relating to H.R. 4537 on October 24, 2017.
Witnesses were: Mr. Paul Ehlert, President, Germania Insurance;
Mr. Rick Means, President and CEO, Shelter Insurance Companies;
Mr. Daniel Schwarcz, Professor of Law, University of Minnesota
Law School; and Ms. Katharine Wade, Commissioner, Connecticut
Insurance Department, on behalf of the National Association of
Insurance Commissioners (NAIC).
The Committee on Financial Services met in open session on
December 12, 2017 and ordered H.R. 4537 to be reported
favorably to the House as amended by a recorded vote of 56 yeas
to 4 nays (Record vote no. FC-135), a quorum being present.
Before the motion to report was offered, the Committee adopted
an amendment offered by Mr. Duffy by voice vote.
On July 10, 2018, the House suspended the rules and passed
H.R. 4537 by voice vote. On July 11, 2018, the bill was
received by the Senate where it was referred to the Committee
on Banking, Housing, and Urban Affairs.
THE FOSTERING STABLE HOUSING OPPORTUNITIES ACT OF 2018
H.R. 2069
Summary
H.R. 2069, the ``Fostering Stable Housing Opportunities Act
of 2018'' as amended, would amend the United States Housing Act
of 1937 to include within the definition of ``families'' a
child who is in foster care and has attained an age such that
the provision of foster care for such child will end by reason
of the age of the child within six months and require public
housing authorities (PHAs) to give such children one of three
top preferences for available Housing Choice Vouchers (HCV).
Legislative History
H.R. 2069 was introduced by Cong. Turner on April 6, 2017.
The Housing and Insurance Subcommittee held a hearing examining
matters relating to H.R. 2069 on April 17, 2018. Witnesses
were: Mr. Dean Hammond, Board Member, Foundation for Affordable
Housing in Kentucky; Ms. Lynn Kovich, Deputy Secretary, Office
of Mental Health and Substance Abuse Services, Pennsylvania
Department of Human Services; Ms. Barbara Sard, Vice President
for Housing Policy, Center for Budget & Policy Priorities; and
Ms. Ruth White, Executive Director, National Center for Housing
& Child Welfare.
The Committee on Financial Services met in open session on
July 24, 2018, and ordered H.R. 2609 to be reported favorably
to the House by a recorded vote of 34 yeas to 23 nays (recorded
vote no. FC-196), a quorum being present. Before the motion to
report was offered, an amendment in the nature of a substitute
offered by Cong. Duffy (no. 1) was agreed to by voice vote.
No further action on H.R. 2609 was taken in the 115th
Congress.
THE TRANSITIONAL HOUSING FOR RECOVERY IN VIABLE ENVIRONMENTS
DEMONSTRATION PROGRAM ACT
H.R. 5735
Summary
H.R. 5735 would create a demonstration program in which
10,000 Housing Choice vouchers would be set-aside and
distributed to eligible entities for the support of
transitional housing for those individuals undergoing opioid
use disorder or other substance abuse disorder recovery. There
would be a time limit on the vouchers of 12-24 months and the
voucher would be only available for people in programs that
provide evidence-based treatment and job skills training
according to standards established by the Secretary of the
Department of Housing and Urban Development (HUD). Four years
after implementation of the demonstration program, the HUD
Secretary would submit a report to Congress that evaluates the
effectiveness of the program and includes recommendations as to
whether the Congress and HUD should implement a larger-scale
program or adopt a longer-term approach.
Legislative History
H.R. 5735 was introduced by Cong. Barr on May 9, 2018. The
Committee on Financial Services, Subcommittee on Housing and
Insurance held a hearing examining matters relating to H.R.
5735 on April 17, 2018. Witnesses were: Mr. Dean Hammond, Board
Member, Foundation for Affordable Housing in Kentucky; Ms. Lynn
Kovich, Deputy Secretary, Office of Mental Health and Substance
Abuse Services, Pennsylvania Department of Human Services; Ms.
Barbara Sard, Vice President for Housing Policy, Center for
Budget & Policy Priorities; and Ms. Ruth White, Executive
Director, National Center for Housing & Child Welfare.
The Committee on Financial Services met in open session on
May 22, 2018, and ordered H.R. 5735 to be reported favorably to
the House, as amended, by a recorded vote of 34 yeas to 19 nays
(recorded vote no. FC-178), a quorum being present. Before the
motion to report was offered, the Committee adopted an
amendment offered by Mr. Barr, no. 1, by voice vote.
On June 14, 2018, the House agreed to H. Res. 934, which
provided for the consideration of H.R. 5735 and made in order
in connection therewith the further consideration of 4
amendments to be offered by sundry Members. That same day, H.R.
5735 was considered pursuant to H. Res. 934. Amendments No. 1
(Barr); No. 2 (Rohrabacher), No. 3 (Moore), and No. 4 (Biggs)
were adopted by voice vote (see Rules Committee Report 115-751
for additional information on each amendment). The House passed
H.R. 5735 as amended by a vote of 230 yeas to 173 nays.
THE HOUSING CHOICE VOUCHER MOBILITY DEMONSTRATION ACT OF 2018
H.R. 5793
Summary
H.R. 5793 would create a demonstration program in which the
administration of housing choice vouchers would be designed to
encourage movement to lower-poverty areas with expanded
employment or educational opportunities. To ensure the
demonstration has the greatest impact, H.R. 5793 would require
the Department of Housing and Urban Development (HUD) to award
demonstration program funds on a competitive basis and
prioritize regional collaborations among public housing
agencies (PHAs) that have high concentrations of voucher
holders in low-opportunity neighborhoods, a high-performing
Family Self Sufficiency (FSS) program, or a strong regional
collaboration including one or more small housing agencies,
among other factors. Five years after implementation of the
demonstration program, the HUD Secretary will submit a report
to Congress that evaluates the effectiveness of the program.
Legislative History
H.R. 5793 was introduced by Cong. Duffy on May 15, 2018.
The Subcommittee on Housing and Insurance held a hearing
examining matters relating to H.R. 5793 on April 17, 2018.
Witnesses were: Mr. Dean Hammond, Board Member, Foundation for
Affordable Housing in Kentucky; Ms. Lynn Kovich, Deputy
Secretary, Office of Mental Health and Substance Abuse
Services, Pennsylvania Department of Human Services; Ms.
Barbara Sard, Vice President for Housing Policy, Center for
Budget & Policy Priorities; and Ms. Ruth White, Executive
Director, National Center for Housing & Child Welfare.
The Committee on Financial Services met in open session on
May 22, 2018, and ordered H.R. 5793 to be reported favorably to
the House by a recorded vote of 53 yeas to 0 nays (recorded
vote no. FC-179), a quorum being present.
On July 10, 2018, the House suspended the rules and passed
H.R. 5793 by a vote of 368 yeas to 19 nays. The Senate received
H.R. 5793 on July 11, 2018 and it was referred to the Committee
on Banking, Housing, and Urban Affairs.
THE FEDERAL INSURANCE OFFICE REFORM ACT OF 2017
H.R. 3861
Summary
H.R. 3861, the ``Federal Insurance Office Reform Act of
2017,'' would streamline the Federal Insurance Office (FIO) by
eliminating duplicative duties performed by state insurance
regulators and focusing the office's mission on the
coordination between state insurance regulators and the federal
government on issues of international importance.
Legislative History
H.R. 3861 was introduced by Cong. Duffy on September 28,
2017. The Subcommittee on Housing and Insurance held a hearing
on matters related to H.R. 3861 on October 24, 2017. Witnesses
were: Mr. Paul Ehlert, President, Germania Insurance; Mr. Rick
Means, President and CEO, Shelter Insurance Companies; Mr.
Daniel Schwarcz, Professor of Law, University of Minnesota Law
School; and Ms. Katharine Wade, Commissioner, Connecticut
Insurance Department, on behalf of the National Association of
Insurance Commissioners (NAIC).
The Committee on Financial Services met in open session on
June 7, 2018, and ordered H.R. 3861 to be reported favorably to
the House, as amended, by a recorded vote of 36 yeas to 21 nays
(Record vote no. FC-184), a quorum being present. Before the
motion to report was offered, the Committee adopted an
amendment in the nature of a substitute offered by Mr. Duffy by
voice vote.
There was no further action on H.R. 3861 in the 115th
Congress.
THE REFORMING DISASTER RECOVERY ACT OF 2017
H.R. 4557
Summary
H.R. 4557 would establish guidance and standards on how
disaster funds may be distributed and accounted for if those
funds are appropriated by Congress and distributed through the
Community Development Block Grant-Disaster Recovery (CDBG-DR)
program. The bill will ensure that the CDBG-DR grantees
complete their projects in a timely manner and that they use
the funds for their intended purposes.
The text of H.R. 4557 was heavily influenced by a November
1, 2017 Oversight and Investigations subcommittee hearing where
the HUD Inspector General (IG) testified about HUD's lack of
oversight on its CDBG-DR program.
Legislative History
H.R. 4557 was introduced by Cong. Wagner on December 5,
2017. The Subcommittee on Oversight and Investigations held a
hearing examining matters relating to H.R. 4557 on May 17, 2018
entitled, ``Community Development Block Grant-Disaster Recovery
Program--Stakeholder Perspectives'' and November 1, 2017
entitled, ``Examining the Community Development Block Grant-
Disaster Recovery Program.'' The Witness for the November 1,
2017 hearing was Ms. Helen Albert, Acting Inspector General,
Office of the Inspector General, U.S. Department of Housing and
Urban Development. Witnesses for the May 17, 2018 were: Mr.
Stephen Costello, Chief Resilience Officer, Office of the
Mayor, City of Houston; the Honorable Rodney Ellis,
Commissioner, Harris County, Texas; Ms. Heather Lagrone, Deputy
Director, Texas General Land Office; Dr. Carlos Martin, Senior
Fellow, Metropolitan Housing and Communities Policy Center,
Urban Institute; and Ms. Marion Mollegen-McFaden, Vice
President, Public Policy, Enterprise Community Partners, Inc.
The Committee on Financial Services met in open session on
June 7, 2018, and ordered H.R. 4557 to be reported favorably to
the House by a recorded vote of 53 yeas to 3 nays (recorded
vote no. FC-185), a quorum being present. Before the motion to
report was offered, the Committee adopted an amendment in the
nature of a substitute offered by Mrs. Wagner by voice vote.
THE HOMELESS CHILDREN AND YOUTH ACT OF 2017
H.R. 1511
Summary
To harmonize the dual federal government definitions of
homeless persons, H.R. 1511 would amend the McKinney-Vento Act
to include children and youth who are verified as homeless by
local educational or social service agencies. H.R. 1511 would
also would allow HUD to obtain a more accurate estimate of the
number of homeless persons who need housing assistance and
services.
Legislative History
H.R. 1511 was introduced by Cong. Stivers on March 13,
2017. The Subcommittee on Housing and Insurance held a hearing
examining matters relating to H.R. 1511 on June 6, 2018
entitled ``Legislative Review of H.R. 1511, the `Homeless
Children and Youth Act of 2017'''. Witnesses were: Mr. Steve
Berg, Vice President, Programs and Policy, National Alliance to
End Homelessness; Ms. Barbara Duffield, Executive Director,
SchoolHouse Connection; Ms. Kat Lilley, Deputy Executive
Director, Family Promise of Colorado Springs; and Ms. Millie
Rounsville, Chief Executive Officer, Northwest Wisconsin
Community Services Agency.
The Committee on Financial Services met in open session on
July 24, 2018, and ordered H.R. 1511 to be reported favorably
to the House by a recorded vote of 39 yeas to 18 nays (recorded
vote no. FC-194), a quorum being present.
No further action was taken on H.R. 1511 in the 115th
Congress.
THE STATE INSURANCE REGULATION PRESERVATION ACT
H.R. 5059
Summary
H.R. 5059, the ``State Insurance Regulatory Preservation
Act'', amends the Home Owners' Loan Act (Pub. L. No. 73-43) to
create a definition for Insurance Savings and Loan Holding
Companies (ISLHCs). The legislation would establish a
regulatory framework that tailors an examination regime for
these ISLHCs and limits the Board of Governors of the Federal
Reserve System's (Federal Reserve) oversight of such companies
so as not to duplicate the examinations of other Federal or
state authorities.
Legislative History
H.R. 5059 was introduced by Cong. Rothfus on February 15,
2018. The Subcommittee on Housing and Insurance held a hearing
examining matters relating to H.R. 5059 on March 7, 2018
entitled, ``Legislative Review of H.R. 5059, the State
Insurance Regulation Preservation Act.'' Witnesses were: Mr.
Michael Mahaffey, Chief Strategist and Risk Officer, Nationwide
Mutual Insurance Company; Mr. Kurt Bock, Chief Executive
Officer, COUNTRY Financial, on behalf of the Property Casualty
Insurers Association of America; and, Professor Daniel
Schwarcz, Professor of Law, University of Minnesota Law School.
The Committee on Financial Services met in open session on
July 24, 2018, and ordered H.R. 5059 to be reported favorably
to the House as amended by voice vote, a quorum being present.
Before the motion to report was offered, the Committee adopted
an amendment in the nature of a substitute offered by Mr.
Rothfus by voice vote.
On September 12, 2018, the House suspended the rules and
passed H.R. 5059 by voice vote. The Senate received H.R. 5059
on September 17, 2018 and it was referred to the Committee on
Banking, Housing, and Urban Affairs.
No further action was taken on H.R. 5059 in the 115th
Congress.
THE PROTECT AFFORDABLE MORTGAGES FOR VETERANS ACT OF 2018
H.R. 6737
Summary
H.R. 6737, the ``Protect Affordable Mortgages for Veterans
Act of 2018'' amends the National Housing Act to provide a
technical fix so that recently executed loans refinanced by the
U.S. Department of Veterans Affairs (VA) Home Loans can remain
eligible for pooling in the Government National Mortgage
Association (Ginnie Mae) securities.
Legislative History
H.R. 6737 was introduced by Cong. Zeldin on September 7,
2018. The Committee on Financial Services met in open session
on September 13, 2018, and ordered H.R. 6737 to be reported
favorably to the House, without amendment, by a recorded vote
of 49 yeas to 0 nays (Record vote no. FC-202), a quorum being
present.
On September 26, 2018, the House suspended the rules and
passed H.R. 6737, as amended, by voice vote. The Senate
received H.R. 6737 on September 27, 2018 and it was referred to
the Committee on Banking, Housing, and Urban Affairs on October
2, 2018.
Subcommittee Oversight Activities
PUBLIC AND AFFORDABLE HOUSING
The Subcommittee on Housing and Insurance held a hearing on
September 27, 2017 entitled, ``Overview of the Family Self-
Sufficiency Program.'' Witnesses were: Mr. Aaron Gornstein,
President and CEO, Preservation of Affordable Housing; Mr.
Jeffrey Lubell, Director of Housing and Community Initiatives,
Abt Associates; Mr. Stacy L. Spann, Executive Director, Housing
Opportunities Commission of Montgomery County; Ms. Kristin
Siglin, Senior Vice President, Policy, Housing Partnership
Network; and Ms. Sherry Riva, Executive Director, Compass
Working Capital. The hearing examined the Family Self-
Sufficiency (FSS) program administered by the U.S. Department
of Housing and Urban Development. Witnesses provided a general
overview of the FSS program in addition to their community-
level perspectives on the program's success rates and remaining
challenges.
The Subcommittee on Housing and Insurance held a hearing on
April 17, 2018 entitled, ``Housing Choice Voucher Program: An
Oversight and Review of Legislative Proposals.'' Witnesses
were: Mr. Dean Hammond, Board Member, Foundation for Affordable
Housing in Kentucky; Ms. Lynn Kovich, Deputy Secretary, Office
of Mental Health and Substance Abuse Services, Pennsylvania
Department of Human Services; Ms. Barbara Sard, Vice President
for Housing Policy, Center for Budget & Policy Priorities; and
Ms. Ruth White, Executive Director, National Center for Housing
& Child Welfare. The hearing examined the Housing Choice
Voucher Program and, in particular, three specific legislative
proposals that would address how the program could improve
mobility among families, foster kids and those individuals
recovering from opioid addiction.
The Subcommittee on Housing and Insurance held a hearing on
April 25, 2018 entitled, ``HUD's Role in Rental Assistance: An
Oversight and Review of Legislative Proposals on Rent Reform.''
Witnesses were: Mr. William O. Russell III, President and Chief
Executive Officer, Sarasota (FL) Housing Authority, on behalf
of the Florida Association of Housing and Redevelopment
Officials; Mr. Will Fischer, Senior Policy Analyst, Center on
Budget and Policy Priorities; Ms. Adrianne Todman, Chief
Executive Officer, National Association of Housing and
Redevelopment Officials; and, Mr. Richard Gentry, President and
Chief Executive Officer, San Diego, California Housing
Commission. The hearing examined draft legislation sponsored by
Cong. Ross entitled, ``Promoting Resident Opportunity through
Rent Reform Act.'' Testimony addressed how the discussion draft
may incentivize both self-sufficiency and greater access to
employment and career opportunities for HUD's main rental
assistance programs.
The Subcommittee on Housing and Insurance held a field
hearing in Lexington, KY on August 16, 2018 entitled, ``The
Role of Federal Housing and Community Development Programs to
Support Opioid and Substance Use Disorder Treatment and
Recovery.'' Witnesses were: The Honorable Ernie Fletcher,
Former Governor of Kentucky, Founder of Recovery Kentucky; Mr.
Edwin King, Executive Director and Chief Executive Officer,
Kentucky Housing Corporation; Dr. Sharon L. Walsh, PhD,
Director of the Center on Drug and Alcohol Research and
Profession, Behavioral Science and Psychiatry, University of
Kentucky; Mr. Jerod Thomas, President and Chief Executive
Officer, Shepherds House; Ms. Lisa Minton, Executive Director,
Chrysalis House; Mr. David Boggs, President and Chief Executive
Officer, Opportunity for Work and Learning; and Mr. Tim
Robinson, Founder and Chief Executive Officer, Addiction
Recovery Care. The hearing examined how the Federal government
could use existing housing and community development programs
to complement community efforts to treat individuals
experiencing opioid or substance-abuse treatments.
The Subcommittee on Housing and Insurance held a hearing on
September 5, 2018 entitled, ``The Cost of Regulation on
Affordable Multifamily Development.'' Witnesses were: Ms. Sue
Ansel, President and Chief Executive Officer, Gables
Residential, on behalf of the National Multifamily Housing
Council and the National Apartment Association; Ms. Erika
Poethig, Vice President and Chief Innovation Officer, The Urban
Institute; Mr. James H. Schloemer, Chief Executive Officer,
Continental Properties Company, Inc.; Mr. Steven E. Lawson,
Chairman, the Lawson Companies, on behalf of the National
Association of Home Builders. The hearing examined the various,
federal, state, and local regulations and policies that affect
affordable multifamily housing development.
The Housing and Insurance Subcommittee held a hearing on
September 25, 2018 entitled, ``HUD Office of Inspector General
Report: HUD's Oversight of the Alexander County (IL) Housing
Authority.'' Witness were: The Honorable Mike Bost, U.S. House
of Representatives; the Honorable Tammy Duckworth, U.S. Senate;
and Mr. Jeremy Kirkland, Acting Deputy Inspector General,
Office of Inspector General, U.S. Department of Housing and
Urban Development. The hearing examined the HUD Inspector
General's report of July 24, 2018 entitled, ``HUD's Oversight
of the Alexander County Housing Authority.''
HOMELESSNESS
The Subcommittee on Housing and Insurance held a hearing on
May 17, 2018 entitled, ``An Overview of Homelessness in
America.'' Witnesses were Ms. Ann Bischoff, Executive Director,
Star House; Ms. Duana Bremer, Social Service Director, Polk,
Burnett, and St. Croix Counties, The Salvation Army; Ms. Nan
Roman, President, National Alliance to End Homelessness; Mr.
Peter Lynn, Executive Director, Los Angeles Homeless Services
Authority. The hearing examined the state of homelessness in
America, including current efforts to combat homelessness as
well as any innovative solutions that Congress should consider
to eradicate homelessness. Witnesses discussed the McKenny-
Vento Act and the Interagency Council on Homelessness, the
roles that each serve to reduce homelessness, and whether any
legislative updates to either are necessary.
The Subcommittee on Housing and Insurance held a hearing on
June 6, 2018 entitled, ``Legislative Review of H.R. 1511, the
Homeless Children and Youth Act of 2017.'' Witnesses were: Mr.
Steve Berg, Vice President, Programs and Policy, National
Alliance to End Homelessness, Ms. Barbara Duffield, Executive
Director, SchoolHouse Connection; Ms. Kat Lilley, Deputy
Executive Director, Family Promise of Colorado Springs; and Ms.
Millie Rounsville, Chief Executive Officer, Northwest Wisconsin
Community Services Agency. The hearing examined H.R. 1511,
which modifies the U.S. Department of Housing and Urban
Development's (HUD) definitions of homeless individuals to
include homeless children and youth. Witnesses also discussed
the barriers that prevent homeless children and youth from
obtaining housing assistance and services from HUD homelessness
programs.
HOUSING FINANCE REFORM
The Subcommittee on Housing and Insurance held a hearing on
October 25, 2017 entitled, ``Sustainable Housing Finance:
Private Sector Perspectives on Housing Finance Reform.''
Witnesses were: Ms. Brenda K. Hughes, Senior Vice President,
First Federal Savings, on behalf of the American Bankers
Association; Mr. Samuel A. Vallandingham, President and CEO,
First State Bank, on behalf of the Independent Community
Bankers of America; Ms. Nikitra Bailey, Executive Vice
President, Center for Responsible Lending; Mr. Kevin Chavers,
Managing Director, BlackRock, on behalf of the Securities
Industry and Financial Markets Association (SIFMA); and Mr.
Richard Stafford, President and CEO, Tower Federal Credit
Union, on behalf of the National Association of Federal-
Insurance Credit Unions (NAFCU). The hearing examined views,
perspectives and the need to enact comprehensive housing
finance reform, the legal statutory or regulatory impediments
to the return of private capital to the housing finance system,
and what factors and metrics Congress should consider to reform
the housing finance system.
The Subcommittee on Housing and Insurance held a hearing on
November 2, 2017 entitled, ``Sustainable Housing Finance:
Private Sector Perspectives on Housing Finance Reform, Part
II.'' Witnesses were: The Honorable David H. Stevens, President
and Chief Executive Officer, Mortgage Bankers Associations; Mr.
Jerry Howard, Chief Executive Office, National Association of
Home Builders; Mr. Dan Goodwin, Director of Mortgage Policy,
Structured Finance Industry Group; Ms. Sarah Edelman, Director
of Housing Policy, Center for American Progress; Mr. Kevin
Brown, Chair, Conventional Financing & Policy Committee,
National Association of Realtors; and, Mr. Robert DeWitt,
Chairman, the National Multifamily Housing Council on behalf of
the National Multifamily Housing Council and the National
Apartment Associations. The hearing examined views,
perspectives and the need to enact comprehensive housing
finance reform, the legal statutory or regulatory impediments
to the return of private capital to the housing finance system,
and what factors and metrics Congress should consider to reform
the housing finance system.
The Subcommittee on Housing and Insurance held a hearing on
November 7, 2017 entitled, ``Sustainable Housing Finance:
Private Sector Perspectives on Housing Finance Reform, Part
III.'' Witnesses were: Mr. Peter Wallison, Senior Fellow and
Arthur F. Burns Fellow in Financial Policy Studies, American
Enterprise Institute; Dr. Mark Zandi, Chief Economist, Moody's
Analytics; Dr. Michael Lea, Cardiff Consulting Services; Ms.
Alanna McCargo, Co-Director, Housing Finance Policy Center,
Urban Institute; and the Honorable Theodore ``Ted'' Tozer,
Senior Fellow, Center for Financial Markets, Milken Institute.
The hearing examined views, perspectives and the need to enact
comprehensive housing finance reform, the legal statutory or
regulatory impediments to the return of private capital to the
housing finance system, and what factors and metrics Congress
should consider to reform the housing finance system.
The Subcommittee on Housing and Insurance held a hearing on
November 29, 2017 entitled, ``Sustainable Housing Finance: The
Role of Ginnie Mae in the Housing Finance System.'' The sole
witness was Mr. Michael Bright, Acting President, Government
National Mortgage Association (Ginnie Mae). The hearing
examined Ginnie Mae's mission and its role in the U.S. housing
finance system.
The Subcommittee on Housing and Insurance held a hearing on
December 6, 2017 entitled, ``Sustainable Housing Finance:
Private Sector Perspectives on Housing Finance Reform, Part
IV.'' Witnesses were: Mr. Michael S. Canter, Director, U.S.
Multi-Sector and Securitized Assets, Alliance Bernstein L.P.;
Dr. Susan M. Wachter, Sussman Professor, Professor of Real
Estate and Finance, The Wharton School, Co-Director Penn
Institute for Urban Research, University of Pennsylvania; Mr.
Jeffrey N. Krohn, Managing Director, Guy Carpenter & Company,
LLC; Mr. Andrew Rippert, Chief Executive Officer, Global
Mortgage Group, Arch Capital Group, Ltd.; and Mr. Patrick
Sinks, Chief Executive Officer, Mortgage Guaranty Insurance
Corporation, on behalf of the U.S. Mortgage Insurers. The
hearing examined views, perspectives and the need to enact
comprehensive housing finance reform, the legal statutory or
regulatory impediments to the return of private capital to the
housing finance system, and what factors and metrics Congress
should consider to reform the housing finance system.
INSURANCE, INTERNATIONAL INSURANCE REGULATORY STANDARDS & FEDERAL
INSURANCE OFFICE
The Subcommittee on Housing and Insurance held a hearing on
February 16, 2017 entitled, ``Assessing the U.S.-EU Covered
Agreement.'' Witnesses were: the Honorable Ted Nickel,
Commissioner, Office of the Commissioner of Insurance, State of
Wisconsin, on behalf of the National Association of Insurance
Commissioners; Mr. Charles Chamness, President and CEO,
National Association of Mutual Insurance Companies; Ms. Leigh
Ann Pusey, President and CEO, American Insurance Association;
and Mr. Michael T. McRaith, Former Director, Federal Insurance
Office. The hearing examined the January 13, 2017 announcement
from the U.S. Department of Treasury that the United States and
the European Union completed negotiations on a Covered
Agreement entitled, ``Bilateral Agreement between the European
Union and the United States of America on Prudential Measures
Regarding Insurance and Reinsurance.''
The Subcommittee on Housing and Insurance held a hearing on
September 28, 2017 entitled, ``Examining Insurance for Non-
profit Organizations.'' Witnesses were: Mr. Kevin Cothron,
President, Southeast Nonprofit Insurance Programs; Ms. Pamela
E. David, Founder and CEO, Nonprofits Insurance Alliance Group;
Mr. Tom Santos, Vice President, Federal Affairs, American
Insurance Association; and Mr. Baird Webel, Specialist in
Financial Economics, Congressional Research Service. The
hearing examined the ability of non-profit organizations to
purchase property and auto insurance, evaluated the
availability of property insurance coverage for non-profit
organizations, and engaged in whether RRGs should be granted
the authority to offer property and auto coverage.
The Subcommittee on Housing and Insurance held a hearing on
October 24, 2017 entitled, ``The Federal Government's Role in
the Insurance Industry.'' Witnesses were: Mr. Paul Ehlert,
President, Germania Insurance; Mr. Rick Means, President and
CEO, Shelter Insurance Companies; Mr. Daniel Schwarcz,
Professor of Law, University of Minnesota Law School; and Ms.
Katharine Wade, Commissioner, Connecticut Insurance Department,
on behalf of the National Association of Insurance
Commissioners (NAIC). The hearing examined both the domestic
and international roles of the Federal Insurance Office and
Congressional oversight of international insurance issues.
The Subcommittee on Housing and Insurance held a hearing on
March 7, 2018 entitled, ``Legislative Review of H.R. 5059, the
State Insurance Regulation Preservation Act.'' Witnesses were:
Mr. Michael Mahaffey, Chief Strategist and Risk Officer,
Nationwide Mutual Insurance Company; Mr. Kurt Bock, Chief
Executive Officer, COUNTRY Financial, on behalf of the Property
Casualty Insurers Association of America; and Professor Daniel
Schwarcz, Professor of Law, University of Minnesota Law School.
The hearing examined H.R. 5059, which would create a definition
of an Insurance Savings and Loan Holding Company (ISLHC) and
would create a regulatory framework that would limit the
Federal Reserve's oversight of ISLHCs.
The Subcommittee on Housing and Insurance held a hearing on
May 23, 2018 entitled, ``The Impact of Autonomous Vehicles on
the Future of Insurance.'' Witnesses were: Mr. David T.
Carlson, U.S. Manufacturing & Automotive Practice Leader, Marsh
& McLennan; Mr. Ryan D. Gammelgard, Counsel, Public Policy
Resource Group, State Farm; Mr. Sam Geraci, Vice President,
Strategy, American Family Mutual Insurance Company; Mr. Ian
Adams, Assistant Vice President, R Street Institute; and Mr.
Jack Gillis, Consumer Federation of America. The hearing
examined how insurance companies assess the evolving
technologies of auto manufacturers and technology companies and
how the role, price and provision of insurance might change as
autonomous vehicles become more prevalent.
NATIVE AMERICAN HOUSING
The Subcommittee on Housing and Insurance held a field
hearing in Hayward, WI on July 21, 2017 entitled, ``NAHASDA: 20
Years On.'' Witnesses were: Ms. Heidi J. Frechette, Deputy
Assistant Secretary, Office of Native American Programs,
Department of Housing and Urban Development; Mr. Tony Walters,
Executive Director, National American Indian Housing Council;
Dr. Harry Malcolm, Essentia Clinic; Mr. Mark Montano, Executive
Director, LCO Housing Authority; Ms. Rose Gokee, Governing
Board Member, Lac Courte Oreilles Tribe; Mr. Floyd Tortalita,
Executive Director, Pueblo of Acoma Housing Authority; and Mr.
Jeff Tribble, Member, Lac Courte Oreilles Tribe. The hearing
examined Federal housing programs that affect housing for
Native American tribal communities and reservations.
LEAD-BASED PAINT ABATEMENT
The Subcommittee on Housing and Insurance held a hearing on
June 26, 2018 entitled, ``Oversight of the Federal Government's
Approach to Lead-Based Paint and Mold Remediation in Public and
Subsidized Housing.'' Witnesses were: Mr. Jeremy Kirkland,
Acting Deputy Inspector General, Office of Inspector General,
U.S. Department of Housing and Urban Development; Ms. Karen
McKeown, State Health Officer and Administrator, Division of
Public Health, Wisconsin Department of Health Services; Mr.
Jeffery K. Patterson, Chief Executive Officer, Cuyahoga
Metropolitan Housing Authority, on behalf of the Council of
Large Public Housing Authorities; Ms. Rachel Fee, Executive
Director, New York Housing Conference, Inc.; Ms. Emily A.
Benfer, Esq., Distinguished Visiting Scholar and Senior Fellow,
Solomon Center for Health Law and Policy, Yale Law School; and
Ms. Julie Brewen, Chief Executive Officer, Housing Catalyst.
The hearing examined how the Federal government, through the
U.S. Department of Housing and Urban Development's (HUD)
programs, remedies unsafe living conditions caused by lead-
based paint and mold for many individuals and families that
live in public and subsidized housing. The hearing also
reviewed the June 14, 2018 HUD Inspector General's report
entitled, ``HUD's Oversight of Lead-Based Paint in Public and
Housing Choice Voucher Programs.''
FEDERAL HOUSING ADMINISTRATION
The Subcommittee on Housing and Insurance held a hearing on
November 28, 2018 entitled, ``Oversight of the Federal Housing
Administration.'' The sole witness was the Honorable Brian
Montgomery, Assistant Secretary for Housing-Federal Housing
Commissioner, U.S. Department of Housing and Urban Development.
The hearing examined the Federal Housing Administration (FHA),
the health of the FHA Insurance Fund, and the role FHA plays in
the housing finance system.
FLOOD INSURANCE
The Subcommittee on Housing and Insurance held a hearing on
March 9, 2017 entitled, ``Flood Insurance Reform: FEMA's
Perspective.'' The sole witness was Mr. Roy Wright, Deputy
Associate Administrator, Federal Insurance and Mitigation
Administration, Federal Emergency Management Agency, U.S.
Department of Homeland Security. The hearing examined the
National Flood Insurance Program (NFIP) and provided members an
opportunity to review the current government flood insurance
model, the technological changes since 1968 that could improve
the NFIP, and how the private sector could development a
private flood insurance market that compliments the current
NFIP model.
The Subcommittee on Housing and Insurance held a hearing on
March 16, 2017 entitled, ``Flood Insurance Reform: A Community
Perspective.'' Witnesses were: Ms. Melissa H. Luckman, Esq.,
Assistance Clinical Visiting Professor of Law and Director of
the Disaster Relief Clinic, Touro Law Center; Mr. Aram V.
Terchunian, President, First Coast Corporation; Mr. Chad
Berginnis, Executive Director, Association of State Floodplain
Managers; and Mr. Evan Hecht, CEO, the Flood Insurance Agency.
The hearing examined the community-level perspective on flood
insurance, including reforms to the NFIP that would provide
more transparency in claims processes and payments, better
encourage flood resiliency, and further develop a private flood
insurance market that compliments or exceeds the current NFIP
model.
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title and Subcommittee Date(s)
------------------------------------------------------------------------
115-2......................... ``Assessing the U.S.- February 16,
EU Covered 2017
Agreement''.
115-3......................... ``Flood Insurance March 9, 2017
Reform: FEMA's
Perspective''.
115-5......................... ``Flood Insurance March 16, 2017
Reform: A Community
Perspective''.
115-35........................ Field Hearing entitled July 21, 2017
``NAHASDA: 20 Years
On''.
115-42........................ ``Overview of the September 27,
Family Self- 2017
Sufficiency Program''.
115-43........................ ``Examining Insurance September 28,
for Nonprofit 2017
Organizations''.
115-48........................ ``The Federal October 24, 2017
Government's Role in
the Insurance
Industry''.
115-49........................ ``Sustainable Housing October 25, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform''.
115-53........................ ``Sustainable Housing November 2, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform, Part II''.
115-55........................ Sustainable Housing November 7, 2017
Finance, Part III''.
115-59........................ ``Sustainable Housing November 29,
Finance: The Role of 2017
Ginnie Mae in the
Housing Finance
System''.
115-63........................ Sustainable Housing December 6, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform, Part IV''.
115-77........................ ``Legislative Review March 7, 2018
of H.R. 5059, the
State Insurance
Regulation
Preservation Act''.
115-87........................ ``Housing Choice April 17, 2018
Voucher Program: An
Oversight and Review
of Legislative
Proposals''.
115-88........................ ``HUD's Role in Rental April 25, 2018
Assistance: An
Oversight and Review
of Legislative
Proposals on Rent
Reform''.
115-94........................ ``An Overview of May 17, 2018
Homelessness in
America''.
115-96........................ ``The Impact of May 23, 2018
Autonomous Vehicles
on the Future of
Insurance''.
115-97........................ ``Legislative Review June 6, 2018
of H.R. 1511, the
``Homeless Children
and Youth Act of
2017''.
115-104....................... ``Oversight of the June 26, 2018
Federal Government's
Approach to Lead-
Based Paint and Mold
Remediation in Public
and Subsidized
Housing''.
115-112....................... Field hearing entitled August 16, 2018
``The Role of Federal
Housing and Community
Development Programs
to Support Opioid and
Substance Use
Disorder Treatment
and Recovery''.
115-114....................... ``The Cost of September 5,
Regulation on 2018
Affordable
Multifamily
Development''.
115-117....................... ``HUD Office of September 25,
Inspector General 2018
Report: HUD's
Oversight of the
Alexander County (IL)
Housing Authority''.
------------------------------------------------------------------------
Subcommittee on Monetary Policy And Trade
(Ratio: 13-10)
ANDY BARR, KY, Chairman
GWEN MOORE, WI [RM] ROGER WILLIAMS, TX [V Chair]
GREGORY W. MEEKS, NY FRANK D. LUCAS, OK
BILL FOSTER, IL BILL HUIZENGA, MI
BRAD SHERMAN, CA ROBERT PITTENGER, NC
AL GREEN, TX MIA LOVE, UT
DENNY HECK, WA FRENCH HILL, AK
DANIEL T. KILDEE, MI TOM EMMER, MN
JUAN VARGAS, CA ALEXANDER X. MOONEY, WV
CHARLIE CRIST, FL WARREN DAVIDSON, OH
MAXINE WATERS, CA [Ex Officio] CLAUDIA TENNEY, NY
TREY HOLLINGSWORTH, IN
JEB HENSARLING, TX [Ex Officio]
Subcommittee Legislative Activities
FINANCIAL CHOICE ACT OF 2017
H.R. 10
Summary
Title X of the Financial CHOICE Act of 2017 (H.R. 10)
includes conforming text from H.R. 3189, the Fed Oversight
Reform and Modernization (FORM) Act, which was introduced
during the 114th Congress.
Title X requires the Federal Reserve to clearly explain
differences between the actual course of monetary policy and a
reference policy rule. It also requires the Federal Reserve to
conduct cost-benefit analysis when it adopts new regulations.
The title 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 title
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.
Title X 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 title 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) 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 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.
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.
On April 26, 2017, Chairman Hensarling introduced the
Financial CHOICE Act, H.R. 10. On May 2-4, 2017, the House
Committee on Financial Services held a markup on H.R. 10. On
May 25, 2017, the Committee on Financial Services reported the
bill to the House of Representatives. On June 8, 2017 the House
of Representatives passed the Financial CHOICE Act, H.R. 10, by
the Yeas and Nays: 233-186.
FFOCUS ACT OF 2017
H.R. 2172
Summary
The FFOCUS Act of 2017 amends the Federal Reserve Act by
replacing the Fed's dual mandate and replacing it with a single
mandate of stable prices.
Legislative History
Representative Love introduced the FFOCUS Act of 2017 on
April 26, 2017. The Subcommittee held a hearing on ``Examining
the Federal Reserve's Mandate and Governance Structure'' on
April 4, 2017. The hearing examined how well the Federal
Reserve's (i) statutory mandate (ii) and governance
institutions more generally are performing in terms of
providing foundational support for business and household
economic opportunities. Witnesses that testified were Dr.
Charles Calomiris, Henry Kaufman Professor of Financial
Institutions at Columbia Business School; Dr. Mickey Levy,
Chief Economist for Americas and Asia at Berenberg Capital
Markets, LLC; and the Honorable William Spriggs, Chief
Economist, AFL-CIO and Professor, Department of Economics,
Howard University.
There was no further action on the measure in the 115th
Congress.
WORLD BANK ACCOUNTABILITY ACT OF 2017
H.R. 3326
Summary
H.R. 3326, sponsored by Congressman Barr, makes up to 30
percent of appropriations for the World Bank's International
Development Association (IDA) contingent on reforms, and
authorizes the Trump Administration's request for a 15 percent
reduction for IDA's 18th replenishment cycle.
For each of fiscal years 2018 through 2023, 15 percent of
appropriated funds for the World Bank's IDA would be withheld
until the Secretary of the Treasury reports to Congress that:
1) The Bank is implementing institutional incentives
that prioritize project results and capable management
over the Bank's lending volume;
2) The Bank is taking, or has completed, steps to
address the management failures identified from the
Uganda Transport Sector Development Project scandal,
and is preventing those failures' recurrence in other
countries eligible for Bank support; and
3) The Bank is strengthening its management of trust
funds, with the goal of holding them accountable for
development results.
An additional 15 percent of appropriations would be
withheld until the Secretary reports that:
1) The Bank is emphasizing its support for secure
property rights, due process of law, and economic
freedom in appropriate Bank policies, directives, and
country strategies;
2) The Bank has not approved any assistance in the
previous fiscal year for a country designated by the
U.S. as a state sponsor of terrorism, and is
strengthening its projects' ability to undermine
violent extremism;
3) The Bank is taking steps to conduct randomized
forensic project audits, increase the number of such
audits, and strengthen the capacity of the relevant
Bank division that oversees them; and
4) The Bank is working to detect and minimize
corruption in all projects involving ``development
policy lending,'' which offers support to foreign
government budgets.
In addition, H.R. 3326 calls for opposing World Bank
assistance to countries that knowingly fail to implement or
enforce UN Security Council sanctions against North Korea.
Consistent with the Trump Administration's FY18 request,
H.R. 3326 also reduces authorized contributions to IDA by $580
million, a 15 percent decline from the previous IDA
replenishment.
Legislative History
On March 22, 2017, the Subcommittee on Monetary Policy and
Trade held a hearing on matters relating to H.R. 3326 entitled,
``Examining Results and Accountability at the World Bank.''
Congressman Barr introduced H.R. 3326 on July 20, 2017.
The Committee on Financial Services met in open session on
July 25, 2017, and ordered H.R. 3326 to be reported favorably
to the House as amended by a recorded vote of 60 yeas to 0
nays.
On January 17, 2018, H.R. 3326 passed the House by a vote
of 237-184.
OTTO WARMBIER NORTH KOREA NUCLEAR SANCTIONS ACT
H.R. 3898
Summary
H.R. 3898, sponsored by Congressman Barr, imposes secondary
sanctions to cut off North Korea's ability to finance its
weapons programs. The legislation would:
Require the Secretary of the Treasury to
prohibit, or impose strict conditions on, correspondent
or payable-through accounts held in the U.S. by foreign
financial institutions that knowingly deal with
``covered persons'' involved in a wide range of North
Korean economic activity;
Prohibit U.S. financial institutions, and
persons owned or controlled by them, from knowingly
engaging in transactions for covered persons;
Require the U.S. to oppose assistance by the
international financial institutions for countries that
knowingly fail to prevent the provision of financial
services to certain covered persons, as well as deny
Export-Import Bank assistance for exports to covered
persons;
Require regular Treasury reports on
sanctions implementation and the Department's efforts
to strengthen the capacity of financial institutions
and foreign governments to prevent financing for
covered persons; and
Strengthen IMF technical assistance to
improve countries' efforts in anti-money laundering and
combatting the financing of terrorism (AML/CFT).
Legislative History
On July 19, 2017, the Monetary Policy and Trade
Subcommittee held a hearing on matters relating to H.R. 3898
entitled, ``Restricting North Korea's Access to Finance.'' On
September 13, 2017, the Monetary Policy and Trade Subcommittee
held a hearing on draft sanctions legislation entitled, ``A
Legislative Proposal to Impede North Korea's Access to
Finance.'' On October 2, 2017, Congressman Barr introduced H.R.
3898, and on October 11, 2017, the Committee on Financial
Services ordered H.R. 3898 to be reported favorably to the
House as amended by a recorded vote of 56 yeas to 0 nays.
On October 24, 2017, H.R. 3898 passed the House by a vote
of 415-2.
MONETARY POLICY TRANSPARENCY AND ACCOUNTABILITY ACT OF 2017
H.R. 4270
Summary
The Monetary Policy Transparency and Accountability Act of
2017 requires the Federal Open Market Committee (FOMC) to
annually adopt a monetary policy strategy--that is, a plain
English description of what data are expected to inform the
Committee's conduct of monetary policy, and how those data are
expected to inform monetary policy. In addition, the FOMC must
annually reference at least one and at most three reference
policy rules, and provide an accessible rationalization of how
the Committee's actual conduct of monetary policy may have
differed from any or all of those rules.
Legislative History
Representative Barr introduced H.R. 4270 on November 7,
2017. Also on November 7, 2017 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``Examining Federal
Reserve Reform Proposals,'' which examined a discussion draft
of the Monetary Policy Transparency and Accountability Act of
2017. Witnesses that testified were Dr. Mickey Levy, Managing
Director and Chief Economist, Berenberg Capital Markets; Dr.
Andrew T. Levin, Professor Economics, Dartmouth College; Dr.
Jered Bernstein, Senior Fellow, Center on Budget and Policy
Priorities; Dr. Charles I. Plosser, Visiting Fellow, Hoover
Institution.
The Committee on Financial Services met in open session on
November 14 and 15, 2017, and ordered H.R. 4270 to be reported
favorably to the House without amendment by a recorded vote of
33 yeas to 26 nays (Record vote no. FC-98), a quorum being
present.
Section 2 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4270.
There was no further action on the measure in the 115th
Congress.
INDEPENDENCE FROM CREDIT POLICY ACT
H.R. 4278
Summary
The Independence from Credit Policy Act requires that,
within one year of enactment, all Federal Reserve banks must
transfer to the U.S. Treasury any asset that is neither gold
stock, Treasury currency, nor a direct obligation of the United
States, foreign central banks, or the International Monetary
Fund. In return, Treasury must transfer to the Federal Reserve
banks direct obligations of the United States of equivalent
market value.
Going forward, open market asset purchases are restricted
to gold stock, Treasury currency, or direct obligations of the
United States, foreign central banks, or the International
Monetary Fund. And should the Fed acquire assets other than
those listed above through a Section 13(3) emergency loan, then
those assets must also transfer to the U.S. Treasury in return
for direct obligations of the United States of equivalent
market value.
Finally, the legislation strikes the anachronistic Section
10A from the Federal Reserve Act. Section 10A is a Depression-
era provision for advances to banks that ``have no adequate
amounts of eligible and acceptable assets available to enable
such bank or banks to obtain sufficient credit accommodations
from the Federal Reserve Bank through rediscounts or advances
other than as provided in section 10B'' and amends section 10B
(Advances to Individual Member Banks) to reduce distortions to
the mortgage loan market and establish a distressed interest
rate on advances.
Legislative History
Representative Hill introduced H.R. 4278 on November 7,
2017. Also on November 7, 2017 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``Examining Federal
Reserve Reform Proposals,'' which examined a discussion draft
of the Independence from Credit Policy Act. Witnesses that
testified were Dr. Mickey Levy, Managing Director and Chief
Economist, Berenberg Capital Markets; Dr. Andrew T. Levin,
Professor Economics, Dartmouth College; Dr. Jered Bernstein,
Senior Fellow, Center on Budget and Policy Priorities; Dr.
Charles I. Plosser, Visiting Fellow, Hoover Institution.
The Committee on Financial Services met in open session on
November 14 and 15, 2017, and ordered H.R. 4278 to be reported
favorably to the House without amendment by a recorded vote of
33 yeas to 26 nays.
Section 3 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4278.
There was no further action on the measure in the 115th
Congress.
CONGRESSIONAL ACCOUNTABILITY FOR EMERGENCY LENDING PROGRAMS ACT
H.R. 4302
Summary
The Congressional Accountability for Emergency Lending
Program Act requires, in the event that a Federal reserve bank
extends emergency credit to the banking system (as defined by
the Fed's 13(3) rule pursuant to Dodd-Frank), that Congress
formally ratify that extension of credit within 30 days. And if
no such ratification is adopted, then the borrower must repay
its loan within 30 days. Emergency lending could thus remain in
place for 60 days without a formal ratification from Congress,
and more than 60 days with a formal ratification.
Legislative History
Representative Tipton introduced H.R. 4302 on November 8,
2017. On November 7, 2017 the Subcommittee on Monetary Policy
and Trade held a hearing entitled ``Examining Federal Reserve
Reform Proposals,'' which examined a discussion draft of the
Independence from Credit Policy Act. Witnesses that testified
were Dr. Mickey Levy, Managing Director and Chief Economist,
Berenberg Capital Markets; Dr. Andrew T. Levin, Professor
Economics, Dartmouth College; Dr. Jered Bernstein, Senior
Fellow, Center on Budget and Policy Priorities; Dr. Charles I.
Plosser, Visiting Fellow, Hoover Institution.
The Committee on Financial Services met in open session on
November 14 and 15, 2017, and ordered H.R. 4302 to be reported
favorably to the House without amendment by a recorded vote of
34 yeas to 26 nays.
Section 4 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4302.
There was no further action on the measure in the 115th
Congress.
STRENGTHENING OVERSIGHT OF IRAN'S ACCESS TO FINANCE ACT
H.R. 4324
Summary
H.R. 4324 would require the Secretary of the Treasury to
submit a report to Congress with respect to transactions
authorized for financial institutions in connection with the
export or re-export of aircraft to Iran.
In addition to including a list of financial institutions
that have engaged in such business with Iran, this report would
certify that authorized transactions would not benefit Iranian
persons that have transported items for the proliferation of
weapons of mass destruction (WMD), or provided transportation
services or material support for, or on behalf of, any person
sanctioned for terrorism, WMD proliferation, or human rights
abuses in Syria. The report would also certify that financial
institutions that engage in aircraft finance for Iran have
appropriate due diligence measures in place to avoid
sanctionable activities.
If the report cannot include these certifications, the
Secretary would be required to explain the reasons for non-
certification, and notify Congress of changes, if any, that the
Secretary will make to financial institutions' authorizations.
Legislative History
The Subcommittee on Monetary Policy and Trade held a
hearing entitled ``Increasing the Effectiveness of Non-Nuclear
Sanctions against Iran'' on April 4, 2017, which examined
matters relating to H.R. 4324. Congressman Williams introduced
H.R. 4324 on November 9, 2017. The Committee on Financial
Services met in open session on November 14, 2017, and ordered
H.R. 4302 to be reported favorably to the House without
amendment by a recorded vote of 38 yeas to 21 nays.
The House passed H.R. 4324 on December 14, 2017 by a vote
of 252-167.
FEDERAL RESERVE SUPERVISION TESTIMONY CLARIFICATION ACT
H.R. 4753
Summary
The Federal Reserve Supervision Testimony Clarification Act
requires the Vice Chairman for Supervision to provide as part
of his or her statutorily required semi-annual testimony a
report on the status of proposed and anticipated rulemakings.
H.R. 4753 also requires that, if the Vice Chairman for
Supervision position is vacant, then the Chairman of the Board
of Governors or the Chairman's designee must fulfill the
statutory requirement for semi-annual testimony.
Legislative History
Representative Lucas introduced H.R. 4753 on January 10,
2018. Also on January 10, 2018, the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
examined a discussion draft of the Federal Reserve Supervision
Testimony Clarification Act. Witnesses that testified were Dr.
Dean Baker, Co-Director and Senior Economist, Center for
Economic and Policy Research; Dr. Norbert J. Michel, Director,
Center for Data Analysis, The Heritage Foundation; Mr. Alex J.
Pollock, Distinguished Senior Fellow, R Street Institute; and
Dr. George Selgin, Senior Fellow and Director, Center for
Monetary and Financial Alternatives, The Cato Institute.
The Committee on Financial Services met in open session on
September 13, 2018, ordering H.R. 4753 to be reported favorably
to the House without amendment by a recorded vote of 49 yeas to
0 nays. On September 26, 2018, the House of Representatives
passed H.R. 4753 by voice vote.
FEDERAL RESERVE REGULATORY OVERSIGHT ACT
H.R. 4755
Summary
H.R. 4755, Federal Reserve Regulatory Oversight Act, amends
the Federal Reserve Act to bring the non-monetary policy
related functions of the Board of Governors of the Federal
Reserve System into the appropriations process.
Legislative History
Representative Davidson introduced H.R. 4755 on January 10,
2018. Also on January 10, 2018, the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
evaluated a discussion draft of the Federal Reserve Regulatory
Oversight Act. Witnesses that testified were Dr. Dean Baker,
Co-Director and Senior Economist, Center for Economic and
Policy Research; Dr. Norbert J. Michel, Director, Center for
Data Analysis, the Heritage Foundation; Mr. Alex J. Pollock,
Distinguished Senior Fellow, R Street Institute; and Dr. George
Selgin, Senior Fellow and Director, Center for Monetary and
Financial Alternatives, the Cato Institute.
Section 7 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4755.
There was no further action on the measure in the 115th
Congress.
FEDERAL RESERVE BLACKOUT IMPROVEMENT ACT
H.R. 4756
Summary
The Federal Reserve Blackout Improvement Act clarifies that
the FOMC blackout period, a Federal Reserve policy that
prohibits Fed Governors and officials from speaking in public
on any matter during the week prior to an FOMC meeting and
immediately following an FOMC meeting, begins immediately after
midnight on the day that is one-week before the meeting and
ends at midnight on the day after the meeting takes place. It
also clarifies that the blackout period does not apply to
answering technical questions specific to data releases or to
testimony regarding the Fed's supervisory and prudential
functions.
Legislative History
Representative Tenney introduced H.R. 4756 on January 10,
2018. Also on January 10, 2018 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
examined a discussion draft of the Federal Reserve Blackout
Improvement Act. Witnesses that testified were Dr. Dean Baker,
Co-Director and Senior Economist, Center for Economic and
Policy Research; Dr. Norbert J. Michel, Director, Center for
Data Analysis, The Heritage Foundation; Mr. Alex J. Pollock,
Distinguished Senior Fellow, R Street Institute; and Dr. George
Selgin, Senior Fellow and Director, Center for Monetary and
Financial Alternatives, The Cato Institute.
Section 9 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4756.
There was no further action on the measure in the 115th
Congress.
FULLY INFORMED DISTRICT BANK ACT
H.R. 4757
Summary
The Fully Informed District Bank Act provides for the full
participation of Class A directors in District Reserve Bank
board decisions, including the nomination of Reserve Bank
presidents.
Legislative History
Representative Pittenger introduced H.R. 4757 on January
10, 2018. Also on January 10, 2018 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
examined a discussion draft of the Fully Informed District Bank
Act. Witnesses that testified were Dr. Dean Baker, Co-Director
and Senior Economist, Center for Economic and Policy Research;
Dr. Norbert J. Michel, Direct, Center for Data Analysis, The
Heritage Foundation; Mr. Alex J. Pollock, Distinguished Senior
Fellow, R Street Institute; and Dr. George Selgin, Senior
Fellow and Director, Center for Monetary and Financial
Alternatives, The Cato Institute.
Section 8 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4757.
There was no further action on the measure in the 115th
Congress.
FOMC POLICY RESPONSIBILITY ACT
H.R. 4758
Summary
The FOMC Policy Responsibility Act amends Section
19(b)(12)(a) of the Federal Reserve Act to specify that the
Federal Open Market Committee, not the Federal Reserve Board of
Governors, shall be responsible for setting the rate of
interest paid on reserves (required or excess).
Legislative History
Representative Tenney introduced H.R. 4758 on January 10,
2018. Also on January 10, 2018 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
examined a discussion draft of the FOMC Policy Responsibility
Act. Witnesses that testified were Dr. Dean Baker, Co-Director
and Senior Economist, Center for Economic and Policy Research;
Dr. Norbert J. Michel, Director, Center for Data Analysis, The
Heritage Foundation; Mr. Alex J. Pollock, Distinguished Senior
Fellow, R Street Institute; and Dr. George Selgin, Senior
Fellow and Director, Center for Monetary and Financial
Alternatives, The Cato Institute.
The Committee on Financial Services met in open session on
September 13, 2018, and ordered H.R. 4758 to be reported
favorably to the House without amendment by Voice Vote.
Section 5 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4758.
There was no further action on the measure in the 115th
Congress.
FOMC REPRESENTATION IMPROVEMENT ACT
H.R. 4759
Summary
The FOMC Representation Improvement Act section amends the
Federal Reserve Act to provide for every District Bank to vote
on the Fed's policy directive during every Federal Open Market
Committee (FOMC) meeting.
Legislative History
Representative Williams introduced H.R. 4759 on January 10,
2018. Also on January 10, 2018 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
examined a discussion draft of the FOMC Representation
Improvement Act. Witnesses that testified were Dr. Dean Baker,
Co-Director and Senior Economist, Center for Economic and
Policy Research; Dr. Norbert J. Michel, Director, Center for
Data Analysis, The Heritage Foundation; Mr. Alex J. Pollock,
Distinguished Senior Fellow, R Street Institute; and Dr. George
Selgin, Senior Fellow and Director, Center for Monetary and
Financial Alternatives, The Cato Institute.
Section 6 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4759.
There was no further action on the measure in the 115th
Congress.
FEDERAL RESERVE DISCLOSURE ACT
H.R. 4791
Summary
The Federal Reserve Disclosure Act requires the Fed to post
on a public website the annual salary and the benefits of any
employees whose salary exceeds that of a GS-15 federal
employee. It also provides for at least two staff positions to
advise each member of the Board of Governors who would be able
to provide advice to the Governors independent of the
Chairman's influence. This section also subjects Fed employees
to the same ethical standards as Securities and Exchange
Commission employees.
Legislative History
Representative Mooney introduced H.R. 4791 on January 12,
2018. Also on January 10, 2018 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
examined a discussion draft of the Federal Reserve Disclosure
Act. Witnesses that testified were Dr. Dean Baker, Co-Director
and Senior Economist, Center for Economic and Policy Research;
Dr. Norbert J. Michel, Director, Center for Data Analysis, The
Heritage Foundation; Mr. Alex J. Pollock, Distinguished Senior
Fellow, R Street Institute; and Dr. George Selgin, Senior
Fellow and Director, Center for Monetary and Financial
Alternatives, The Cato Institute.
Section 9 of H.R. 6741, the Federal Reserve Reform Act of
2018, which is referenced elsewhere in this report, contains
conforming language from H.R. 4791.
There was no further action on the measure in the 115th
Congress.
FOREIGN INVESTMENT RISK REVIEW MODERNIZATION ACT OF 2018
H.R. 5841
Summary
H.R. 5841, introduced by Congressman Pittenger, is a
comprehensive update to both the Committee on Foreign
Investment in the United States (CFIUS) and the export control
regime. The bill would allow CFIUS to review:
Sensitive non-controlling investments
involving countries such as China, Russia, and state
sponsors of terrorism, particularly transactions that
could release U.S. citizens' personal data or sensitive
information on critical technologies or critical
infrastructure; and
The purchase or lease of real estate near
U.S. military installations and government properties
that are sensitive for national security reasons, as
well as land at air and sea ports. The bill ensures
that single housing units and urban areas are exempted,
as is land near government sites unrelated to national
security.
H.R. 5841 also provides for a regular interagency review of
emerging technologies that are essential for national security
so that such technologies can be controlled for export. In
response to GAO report findings (GAO-18-249), H.R. 5841 also
requires the Treasury Department to better coordinate resource
needs at CFIUS member agencies so that CFIUS can better address
national security risks.
Legislative History
Congressman Pittenger introduced precursor legislation, the
Foreign Investment Risk Review Modernization Act of 2017 (H.R.
4311), on November 8, 2017. The Subcommittee on Monetary Policy
and Trade held three oversight hearings on CFIUS on December
14, 2017, January 9, 2018, and March 15, 2018, as well as a
legislative hearing to examine H.R. 4311 on April 12, 2018.
Congressman Pittenger introduced H.R. 5841 on May 16, 2018, and
the Committee on Financial Services favorably reported the
legislation on May 22, 2018 by a unanimous vote of 53-0.
The House passed H.R. 5841 on May 26, 2018 by a vote of
400-2. A modified version of H.R. 5841 was enacted as Title
XVII of the John S. McCain National Defense Authorization Act
for Fiscal Year 2019 (P.L. 115-232).
THE FEDERAL RESERVE REFORM ACT OF 2018
H.R. 6741
Summary
The Federal Reserve Reform Act of 2018 requires the Federal
Open Markets Committee (FOMC) to annually adopt a plain English
monetary policy strategy, as well as up to three reference
rules that can increase policy transparency. This legislation
also protects the Federal Reserve from political pressures to
engage in credit policies through either unconventional asset
purchases or emergency lending. H.R. 6741 also expands the FOMC
so that all Federal Reserve Districts can vote in each meeting,
and provides for the FOMC (not the Board of Governors) to set
interest rates on reserves (required and excess). Finally, this
legislation subjects the non-monetary policy functions of the
Federal Reserve to the regular appropriations process; restores
full voting rights of Class A Directors at the district banks;
clarifies the blackout period associated with FOMC meetings;
dedicates two individuals to staff each member of the Board of
Governors; strengthens Federal Reserve staff salary disclosures
and investment rules; and clarifies procedures for
Congressional testimony in the absence of a Vice Chair for
Supervision at the Board of Governors.
Legislative History
On November 7, 2017 the Subcommittee on Monetary Policy and
Trade held a hearing entitled ``Examining Federal Reserve
Reform Proposals,'' which examined three provisions of that
were included in the Federal Reserve Reform Act of 2018.
Witnesses that testified were Dr. Mickey Levy, Managing
Director and Chief Economist, Berenberg Capital Markets; Dr.
Andrew T. Levin, Professor Economics, Dartmouth College; Dr.
Jered Bernstein, Senior Fellow, Center on Budget and Policy
Priorities; Dr. Charles I. Plosser, Visiting Fellow, Hoover
Institution.
Also, on January 10, 2018 the Subcommittee on Monetary
Policy and Trade held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals,'' which
examined seven provisions included in the Federal Reserve
Reform Act of 2018. Witnesses that testified were Dr. Dean
Baker, Co-Director and Senior Economist, Center for Economic
and Policy Research; Dr. Norbert J. Michel, Director, Center
for Data Analysis, The Heritage Foundation; Mr. Alex J.
Pollock, Distinguished Senior Fellow, R Street Institute; and
Dr. George Selgin, Senior Fellow and Director, Center for
Monetary and Financial Alternatives, The Cato Institute.
Representative Barr introduced H.R. 6741 on September 7,
2018. The House Rules Committee received a secondary referral
of the bill. On September 13, 2018 the Committee met in open
session to consider The Federal Reserve Reform Act of 2018. An
amendment in the nature of a substitute offered by Mr. Barr was
agreed to by voice vote. The bill as amended was ordered to be
favorably reported to the House by a vote of 30 to 21.
There was no further action on the measure in the 115th
Congress.
BANKING TRANSPARENCY FOR SANCTIONED PERSONS ACT OF 2018
H.R. 6751
Summary
On September 7, 2018, Congresswoman Love introduced H.R.
6751, the Banking Transparency for Sanctioned Persons Act of
2018. This legislation would require the Secretary of the
Treasury to submit a semi-annual report to Congress regarding
financial services benefitting state sponsors of terrorism and
certain sanctioned persons. This report would include:
A copy of any license issued by the
Secretary that authorizes a financial institution to
provide financial services benefitting a state sponsor
of terrorism (Iran, North Korea, Syria, and Sudan); and
A list of any foreign financial institutions
that knowingly conducts significant transactions for a
person that 1) is owned or controlled, or acting on
behalf of, the government of a state sponsor of
terrorism; or 2) is sanctioned pursuant to the Sergei
Magnitsky Act (Sec. 404 of P.L. 112-208), the Global
Magnitsky Act (Subtitle F of title XII of P.L. 114-
328), or Executive Order 13818, which provide for U.S.
sanctions against human rights abusers and corrupt
foreign officials.
The Treasury Secretary may waive this bill's reporting
requirement with respect to a foreign financial institution
upon receiving credible assurances that such an institution
will no longer conduct significant transactions for the
sanctioned persons covered by the legislation. The Secretary
may also waive the requirement upon notifying Congress that a
waiver is important to the national interest, with an
explanation of the Secretary's reasoning.
Legislative History
Congresswoman Love introduced H.R. 6751 on September 7,
2018, and the Committee on Financial Services met in open
session on September 13, 2018, ordering the bill to be reported
favorably to the House as amended by a recorded vote of 48 yeas
to 0 nays.
Prior to introduction of the bill, the Subcommittee on
Monetary Policy and Trade held three hearings examining matters
related to H.R. 6751:
``Increasing the Effectiveness of Non-
Nuclear Sanctions against Iran'' on April 4, 2017;
``Restricting North Korea's Access to
Finance'' on July 19, 2017; and
``Evaluating the Effectiveness of U.S.
Sanctions Programs'' on November 30, 2017.
The House passed H.R. 6751 on September 26, 2018 by voice
vote.
Subcommittee Oversight Activities
The Subcommittee held a hearing on ``Sound Monetary
Policy'' on March 16, 2017. During the hearing members examined
how the Federal Reserve departed from conventional monetary
policy, how the Federal Reserve can facilitate an orderly
return to a conventional balance sheet, and how monetary
policies can reliably support economic growth going forward.
Witnesses that testified were Mr. John Allison, Executive in
Residence, Wake Forest School of Business, and former Chairman
and Chief Executive Officer, BB&T Corporation; Dr. Marvin
Goodfriend, Friend of Allan H. Meltzer, Professor of Economics,
Tepper School of Business, Carnegie Mellon University, and
former Director, Research and Policy Advisor, Federal Reserve
Bank of Richmond; Dr. John B. Taylor, Mary and Robert Raymond,
Professor of Economics, Stanford University; and Dr. Josh
Bivens, Director of Research, Economic Policy Institute.
The Subcommittee held a hearing on ``Examining the Federal
Reserve's Mandate and Governance Structure'' on April 4, 2017.
The hearing examined how well the Federal Reserve's (i)
statutory mandate (ii) and governance institutions more
generally are performing in terms of providing foundational
support for business and household economic opportunities.
Witnesses that testified were Dr. Charles Calomiris, Henry
Kaufman, Professor of Financial Institutions at Columbia
Business School; Dr. Mickey Levy, Chief Economist for Americas
and Asia at Berenberg Capital Markets, LLC; and the Honorable
William Spriggs, Chief Economist, AFL-CIO and Professor,
Department of Economics, Howard University.
The Subcommittee held a hearing on the ``The Federal
Reserve's Impact on Main Street, Retirees, and Savings'' on
June 28, 2017. The hearing evaluated how Federal Reserve
policies are adversely affecting households, small businesses,
savers, and retirees, and considered policy opportunities that
the Federal Reserve could implement to improve economic
opportunities for all. Witnesses that testified were Dr.
Norbert Michel, Senior Research Fellow, The Heritage
Foundation; Dr. Paul Kupiec, Resident Scholar, American
Enterprise Institute; Dr. Karen Dynan, Nonresident Senior
Fellow, Peterson Institute for International Economics; and Mr.
Alex J. Pollock, Distinguished Senior Fellow, R Street
Institute.
The Subcommittee held a hearing on ``the Monetary Policy v.
Fiscal Policy: Risks to Price Stability and The Economy'' on
July 20, 2017. The hearing examined the impact that U.S. fiscal
policy has on the monetary policy decisions made by the Federal
Open Market Committee (FOMC) at the Federal Reserve. It also
examined whether past FOMC actions constitute fiscal rather
than monetary policy. Finally, this hearing evaluated the
potential risks posed to price stability and the economy when
fiscal policy drives monetary policy and central banks engage
in fiscal policy instead of monetary policy. Witnesses that
testified were Dr. George Selgin, Senior Fellow and Director of
the Center for Monetary and Financial Alternatives at the Cato
Institute; Dr. Mickey Levy, Chief Economist for Americas and
Asia at Berenberg Capital Markets, LLC; Dr. Jared Bernstein,
Senior Fellow for the Center on Budget and Policy Priorities;
and Dr. Eric M. Leeper, Economics Professor at Indiana
University Bloomington.
The Subcommittee held a hearing entitled ``Examining
Federal Reserve Reform Proposals'' on November 7, 2017. The
hearing examined discussion drafts of legislative texts
pertaining to Federal Reserve System reform that were later
introduced: H.R. 4270, H.R. 4278, and H.R. 4302. The witnesses
that testified were Dr. Mickey Levy, Managing Director and
Chief Economist, Berenberg Capital Markets; Dr. Andrew T.
Levin, Professor of Economics, Dartmouth College; Dr. Jered
Bernstein, Senior Fellow, Center on Budget and Policy
Priorities; and Dr. Charles I. Plosser, Visiting Fellow, Hoover
Institution.
The Subcommittee held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals'' on January
10, 2018. The hearing examined discussion drafts of legislative
texts pertaining to Federal Reserve System reform that were
later introduced: H.R. 4753, H.R. 4755, H.R. 4756, H.R. 4756,
H.R. 4757, H.R. 4758, H.R. 4759, and H.R. 4791 (These bills are
described in detail earlier in this report). The witnesses that
testified were Dr. Dean Baker, Co-Director and Senior
Economist, Center for Economic and Policy Research; Dr. Norbert
J. Michel, Director, Center for Data Analysis, The Heritage
Foundation; Mr. Alex J. Pollock, Distinguished Senior Fellow, R
Street Institute; and Dr. George Selgin, Senior Fellow and
Director, Center for Monetary and Financial Alternatives, The
Cato Institute.
Defense Production Act. The Committee monitored matters
relating to the Defense Production Act in the 115th Congress,
including during House consideration of the National Defense
Authorization Act.
Committee on Foreign Investment in the United States
(CFIUS). The Committee organized numerous hearings and
stakeholder meetings to examine CFIUS operations.
On December 14, 2017, the Subcommittee on Monetary Policy
and Trade held a hearing entitled, ``Examining the Operations
of the Committee on Foreign Investment in the United States.''
On January 9, 2018, the Subcommittee held a hearing entitled,
``Evaluating CFIUS: Challenges Posed by a Changing Global
Economy,'' and on March 15, 2018, the Subcommittee held a
hearing entitled, ``Evaluating CFIUS: Administration
Perspectives.'' On April 12, 2018, the Subcommittee held a
legislative hearing entitled, ``H.R. 4311, the Foreign
Investment Risk Review Modernization Act of 2017.'' On
September 12, 2018, Chairman Hensarling and Ranking Member
Waters joined MPT Subcommittee Chairman Barr and Ranking Member
Moore in sending a letter on CFIUS to Treasury Secretary
Mnuchin, laying out congressional intent behind certain
provisions in the Foreign Investment Risk Review Modernization
Act of 2018, which was signed into law on August 13, 2018 as
Title XVII of the John S. McCain National Defense Authorization
Act for Fiscal Year 2019.
Coins and Currency. The Committee actively monitored the
Treasury Department's Bureau of Engraving and Printing (BEP)
and United States Mint processes for producing banknotes and
circulating collector and investor coins. The Subcommittee on
Monetary Policy and Trade particularly examined BEP's proposal
to build a new printing plant, delving into a report on that
proposal by the Government Accountability Office and holding
two hearings that included extensive discussion of the
potential mid-term and long-term demand for banknotes and coins
as technology and consumer behavior change. In the first
hearing, ``The Future of Money: Digital Currency,'' held July
18, 2018, the Subcommittee examined trends in emerging
technology for the transfer of value, and consumer interest and
adoption of such technology both domestically and abroad. In
the second hearing, ``The Future of Money: Coins and
Banknotes,'' held September 5, 2018, the Subcommittee heard
testimony from the directors of the Mint and BEP.
Economic Sanctions. The Committee monitored executive
branch efforts to implement major sanctions programs,
particularly those targeting Iran, North Korea, and Venezuela.
On April 4, 2017, the Subcommittee on Monetary Policy and Trade
and the Subcommittee on Terrorism and Illicit Finance held a
joint hearing entitled, ``Increasing the Effectiveness of Non-
Nuclear Sanctions against Iran.'' On July 19, 2017, the
Subcommittee on Monetary Policy and Trade held a hearing
entitled, ``Restricting North Korea's Access to Finance,'' and
on September 13, 2017, the Subcommittee held a hearing
entitled, ``A Legislative Proposal to Impede North Korea's
Access to Finance.'' The Subcommittee continued its public
oversight of sanctions on November 30, 2017, in a hearing
entitled, ``Evaluating the Effectiveness of U.S. Sanctions
Programs.'' On September 26, 2018, the Subcommittee on Monetary
Policy and Trade held an additional hearing on sanctions
implementation entitled, ``Administration Goals for Major
Sanctions Programs.''
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 May 18, 2017, the Subcommittee on Monetary Policy and
Trade held a hearing entitled, ``Lessons from the IMF's Bailout
of Greece.'' On November 8, 2017, the Subcommittee held a
hearing entitled, ``Administration Priorities for the
International Financial Institutions.'' On December 12, 2018,
the Subcommittee on Monetary Policy and Trade held a hearing
entitled, ``Evaluating the Effectiveness of the International
Financial Institutions.''
In addition, the Full Committee received the Treasury
Secretary's annual testimony on the state of the international
financial system on July 27, 2017 and July 12, 2018.
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 March 22, 2017, the Subcommittee on Monetary Policy and
Trade held a hearing entitled, ``Examining Results and
Accountability at the World Bank.'' On November 11, 2017 and
December 12, 2018, the Subcommittee received the testimony of
Under Secretary of the Treasury for International Affairs David
Malpass on the activities of the international financial
institutions, including those of the World Bank.
Export-Import Bank of the United States (Ex-Im Bank). The
Committee monitored activities of the Ex-Im Bank and the Bank's
Inspector General.
International Trade. The Committee examined Administration
policies with respect to trade, including through the ``Annual
Testimony of the Secretary of the Treasury of the State of the
International Financial System'' on July 12, 2018.
Exchange Rates. The Committee monitored international
exchange rate developments, particularly through its oversight
of U.S. participation in the International Monetary Fund and
the Treasury Department's analysis of exchange rate policies of
major U.S. trading partners.
Global Economic Conditions. The Committee examined economic
developments overseas and assessed the effect of those
developments on the U.S. economy, particularly through
testimony by the Secretary of the Treasury on July 27, 2017 and
July 12, 2018.
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.''
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title & Subcommittee Date(s)
------------------------------------------------------------------------
115-4......................... ``Sound Monetary March 16, 2017
Policy''.
115-8......................... ``Examining Results March 22, 2017
and Accountability at
the World Bank''.
115-13........................ ``Examining the April 4, 2017
Federal Reserve's
Mandate and
Governance
Structure''.
115-14........................ Joint Hearing entitled April 4, 2017
``Increasing the
Effectiveness of Non-
Nuclear Sanctions
Against Iran''
(Monetary Policy/
Terrorism Finance).
115-20........................ ``Lessons from the May 18, 2017
IMF's Bailout of
Greece''.
115-25........................ ``The Federal June 28, 2017
Reserve's Impact on
Main Street,
Retirees, and
Savings''.
115-33........................ ``Restricting North July 19, 2017
Korea's Access to
Finance''.
115-34........................ ``Monetary Policy v. July 20, 2017
Fiscal Policy: Risks
to Price Stability
and the Economy''.
115-40........................ Joint Hearing entitled September 12,
``Examining the 2017
Relationship Between
Prudential Regulation
and Monetary Policy
at the Federal
Reserve'' (Financial
Institutions/Monetary
Policy).
115-41........................ ``A Legislative September 13,
Proposal to Impede 2017
North Korea's Access
to Finance''.
115-56........................ ``Examining Federal November 7, 2017
Reserve Reform
Proposals''.
115-57........................ ``Administration November 8, 2017
Priorities for the
International
Financial
Institutions''.
115-62........................ ``Evaluating the November 30,
Effectiveness of U.S. 2017
Sanctions Programs''.
115-66........................ ``Examining the December 14,
Operations of the 2017
Committee on Foreign
Investment in the
United States (CFIUS).
115-67........................ ``Evaluating CFIUS: January 9, 2018
Challenges Posed by a
Changing Global
Economy''.
115-69........................ ``A Further January 10, 2018
Examination of
Federal Reserve
Reform Proposals''.
115-80........................ ``Evaluating CFIUS: March 15, 2018
Administration
Perspectives''.
115-85........................ ``H.R. 4311, the April 12, 2018
Foreign Investment
Risk Review
Modernization Act of
2017''.
115-111....................... ``The Future of Money: July 18, 2018
Digital Currency''.
115-113....................... ``The Future of Money: September 5,
Coins and Banknotes''. 2018
115-119....................... ``Administration Goals September 26,
for Major Sanctions 2018
Programs''.
115-124....................... ``Evaluating the December 12,
Effectiveness of the 2018
International
Financial
Institutions''.
------------------------------------------------------------------------
Subcommittee on Oversight and Investigations
(Ratio: 13-10)
ANN WAGNER, MO, Chairman
AL GREEN, TX [RM] SCOTT TIPTON, CO, [V. Chair]
KEITH ELLISON, MN PETER T. KING, NY
EMANUEL CLEAVER, MO PATRICK T. McHENRY, NC
JOYCE BEATTY, OH DENNIS A. ROSS, FL
MICHAEL E. CAPUANO, MA LUKE MESSER, IN
GWEN MOORE, WI LEE M. ZELDIN, NY
JOSH GOTTHEIMER, NJ DAVE A. TROTT, MI
VICENTE GONZALEZ, TX BARRY LOUDERMILK, GA
CHARLIE CRIST, FL DAVID KUSTOFF, TN
MAXINE WATERS, CA [Ex Officio] CLAUDIA TENNEY, NY
TREY HOLLINGSWORTH, IN
JEB HENSARLING, TX [Ex Officio]
Subcommittee Oversight Activities
MAJORITY STAFF REPORT ON CFPB'S VITIATED LEGAL CASE AGAINST AUTO
LENDERS
On January 18, 2017, the Committee on Financial Services
released a Majority Staff Report entitled, The CFPB's Vitiated
Legal Case Against Auto-Lenders, which was the third
installment in a series of reports examining the Bureau of
Consumer Financial Protection's (``BCFP'') Equal Credit
Opportunity Act enforcement actions against indirect auto
financers. The report continued to make documents available to
the public and discussed the BCFP's disparate-impact
methodology in more detail. The January 2017 Committee Staff
Report concluded, based in large part on previously
confidential BCFP internal documents, that there were legal
deficiencies in the insurance of the BCFP's rule authorizing it
to supervise participants in the auto lending market.
MAJORITY STAFF REPORT ON FINANCIAL STABILITY OVERSIGHT COUNCIL
On February 28, 2017, the Committee on Financial Services
released a Majority Staff Report entitled, The Arbitrary and
Inconsistent FSOC Nonbank Designation Process, which examined
the Financial Stability Oversight Council's (``FSOC'')
designations of nonbank financial companies as Systemically
Important Financial Institutions. The Majority Staff Report
concluded, based on extensive analysis of internal FSOC
documents, Government Accountability Office expert analysis,
and deposition testimony from a senior FSOC official, that the
process for these designations was both arbitrary and
inconsistent.
CONSTITUTIONALITY OF THE BUREAU OF CONSUMER FINANCIAL PROTECTION
On March 21, 2017, the Subcommittee on Oversight and
Investigations held a hearing entitled, The Bureau of Consumer
Financial Protection's Unconstitutional Design, which examined
whether the structure of the BCFP violates the Constitution.
The hearing also explored the possible structural changes to
the Bureau of Consumer Financial Protection to resolve
constitutional infirmities as identified by the several
witnesses. Witnesses were: The Hon. Ted Olson, Partner, Gibson,
Dunn & Crutcher LLP; Saikrishna Prakash, James Monroe
Distinguished Professor, University of Virginia School of Law;
Adam White, Research Fellow, Hoover Institution; Brianne Gorod,
Chief Counsel, Constitutional Accountability Center.
SIFI DESIGNATION PROCESS
On March 28, 2017, the Subcommittee on Oversight and
Investigations held a hearing entitled, The Arbitrary and
Inconsistent Non-Bank SIFI Designation Process, which examined
Financial Stability Oversight Council's processes used to
designate nonbank financial companies under Section 113 of
Dodd-Frank, and any deficiencies associated with those
processes. The hearing also examined the findings of a recent
Financial Services Committee Major Staff Report titled The
Arbitrary and Inconsistent FSOC Nonbank Designation Process.
Witnesses were: Dr. Douglas Holtz-Eakin, President, American
Action Forum; Dr. Paul Kupiec, Resident Scholar, American
Enterprise Institute; Prof. David Zaring, Associate Professor
of Legal Studies & Business Ethics, University of Pennsylvania;
Mr. Alex Pollock, Distinguished Senior Fellow, R Street
Institute.
INTERIM MAJORITY STAFF REPORT ON WELLS FARGO FRAUDLENT ACCOUNTS SCANDAL
On June 6, 2017, the Committee majority staff on Financial
Services released a report entitled, Was the ``Cop on the
Beat?'': Interim Majority Staff Report on the Fargo Fraudulent
Accounts Scandal. The Report detailed how the Committee's
investigation into the Wells Fargo fraudulent account scandal
was at an impasse due to then Bureau of Consumer Financial
Protection Director Richard Cordray failure to fully cooperate
with the Committee's investigation and to honor his legal
obligation to produce records the Committee subpoenaed. The
Report also detailed how certain key statements in then-
Director Cordray's prior Congressional testimony regarding the
Wells Fargo fraudulent account scandal could not be
corroborated on the current record before the Committee.
MAJORITY STAFF REPORT ON THEN-DIRECTOR CORDRAY'S FAILURE TO COMPLY WITH
HIS LEGAL OBLIGATIONS UNDER A COMMITTEE SUBPOENA
On August 4, 2017, the Committee on Financial Services
released a report entitled, Majority Staff Report on Director
Cordray's Failure to Comply with his Legal Obligations under
the Committee's Subpoena Duces Tecum Dated April 4, 2017,
Issued in part to Further the Committee's On-Going
Investigation into the CFPB's Arbitration Rulemaking. The
Report exhaustively analyzed the facts and law surrounding
then-Director Cordray's failure to produce certain records the
Committee subpoenaed related to pre-dispute arbitration. The
Report concluded that based on this analysis there were grounds
to proceed against then-Director Cordray for contempt of
Congress.
SECOND INTERIM MAJORITY STAFF REPORT ON FARGO FRAUDULENT ACCOUNTS
SCANDAL
On September 19, 2017, the Committee on Financial Services
released a report entitled, Did the CFPB Let Wells Fargo `Beat
The Rap'?: Second Interim Majority Staff Report on the Wells
Fargo Fraudulent Accounts Scandal. This Report detailed that
the Committee was still unable to complete its investigation of
the Wells Fargo fraudulent accounts scandal due to the
continued failure of then-Director Cordray to comply with the
Committee's subpoena. The Report also detailed how the
Committee continued to be unable to verify important portions
of Director Cordray's testimony. Finally, the Report reviewed a
key document that the Bureau of Consumer Financial Protection
(``BCFP'') appeared to have unlawfully and deliberately
withheld. It detailed how this document raised questions
regarding the adequacy of the BCFP's investigation and response
to the Wells Fargo fraudulent accounts scandal.
BLOCK GRANT-DISASTER RECOVERY PROGRAM
On November 1, 2017, the Subcommittee on Oversight and
Investigations held a hearing entitled, Examining the Community
Development Block Grant-Disaster Recovery Program. This hearing
explored the U.S. Department of Housing and Urban Development,
Office of the Inspector General's oversight of the Community
Development Block Grant-Disaster Recovery (``CDBG-DR'') Program
administered by the U.S. Department of Housing and Urban
Development. Testimony from the hearing eluded to problems with
the current administration of the CDBG-DR Program, identified
potential solutions to those problems, and finally suggested
long term potential solutions to the orderly administration of
the CDBG-DR Program. The witness was: Ms. Helen Albert, Acting
Inspector General, Office of the Inspector General, U.S.
Department of Housing and Urban Development.
THE OFFICE OF FINANCIAL RESEARCH
On December 7, 2017, the Subcommittee on Oversight and
Investigations held a hearing entitled, Examining the Office of
Financial Research, which examined the activities and work of
the Office of Financial Research's management and structure.
The hearing focused on examining the effectiveness of the
Office of Financial Research's Oversight Council and
management; the internal structure of the Office of Financial
Research's and employee viewpoint surveys; the interactions
with other agencies; and the Office of Financial Research's
cooperation with Congress, the GAO, and the Treasury
Department's Office of the Inspector General. The witness was
the Hon. Richard Berner, Director, Office of Financial
Research, U.S. Department of Treasury.
HUMAN TRAFFICKING
On January 25, 2018, the Subcommittee on Oversight and
Investigations held a hearing entitled, Following the Money:
How Human Traffickers Exploit U.S. Financial Markets, which
examined how human traffickers attempted to exploit
vulnerabilities in controls in the U.S. financial market.
Witnesses were: Mr. Bassem Banafa, Bassem Banafa, LLC.,
Financial Forensics Consultant; Dr. Louise Shelley, Founder and
Director of the Terrorism, Transnational Crime and Corruption
Center at George Mason University; the Honorable Cyrus R.
Vance, Jr., District Attorney, the County of New York; Ms. Tina
Frundt, Founder and Directory, Courtney's House.
FEDERAL HOUSING FINANCE ANGENCY
On April 9, 2018, the Subcommittee on Oversight and
Investigations held a hearing entitled, Oversight of the
Federal Housing Finance Agency, which examined the Federal
Housing Finance Agency's performance as the regulator of the
government sponsored enterprises, which include the Federal
National Mortgage Association, the Federal Home Loan Mortgage
Corporation, and the Federal Home Loan Banks. The witness was
Laura Wertheimer, Inspector General, Federal Housing Finance
Agency Office of the Inspector General.
GRANT-DISASTER RECOVERY PROGRAM
On May 14, 2018, the Subcommittee on Oversight and
Investigations held a hearing entitled, Community Development
Block Grant-Disaster Recovery Program--Stakeholder
Perspectives, which examined current challenges that may exist
regarding the Community Development Block Grant-Disaster
Program's funding. The witnesses were Stephen Costello, Chief
Resilience Officer, City of Hudson; Rodney Ellis, Commissioner,
Harris County, Texas; Heather Lagrone, Deputy Director, Texas
General Land Office; Carlos Martin, Senior Fellow, Urban
Institute; Marion Mollegen-McFadden, VP, Enterprise Community
Partners, Inc.
FEDERAL HOUSING FINANCE AGENCY'S CONSERVATORSHIP OF THE ENTERPRISES
On September, 27, 2018, the Committee held a hearing
entitled, Oversight of the Federal Housing Finance Agency's
role as a Conservator and Regulator of the Government Sponsored
Enterprises, which examined the efficiency and effectiveness of
the current conservatorship structure. In this hearing, the
Committee addressed major concerns with the Federal Housing
Finance Agency's supervision of Fannie Mae and Freddie Mac,
including purchasing new buildings, cybersecurity, conflict of
interests with enterprise executives, and their lobby policies.
This was a three panel hearing. The first panel was Ms. Simone
Grimes, Federal Housing Finance Agency. The second panel was
Laura Wertheimer, Office of the Inspector General of the
Federal Housing Finance Agency. The third panel witnesses were
Mel Watt, Director of the Federal Housing Finance Agency; Mr.
Timothy Mayopoulos, CEO, Federal National Mortgage Association;
and Mr. Donald Layton, CEO, Federal Home Loan Mortgage
Corporation.
DOCUMENT SUBPOENAS
Twelve subpoenas duces tecum were authorized and issued
during the 115th Congress to compel the production of records
pertinent to the Committee's investigations.
On April 4, 2017, a subpoena duces tecum directed at
Richard Cordray, Director, Bureau of Consumer Financial
Protection, was issued to compel the production of records of
the Bureau of Consumer Financial Protection pertinent to the
Committee's investigations.
On April 9, 2017, a subpoena duces tecum directed at Mark
Bialek, Inspector General of the Bureau of Consumer Financial
Protection, was issued to compel the production of records of
the Inspector General of the Board of Governors of the Federal
Reserve System pertinent to the Committee's investigations.
On April 9, 2017, a subpoena duces tecum directed at
Richard Cordray, Director, Bureau of Consumer Financial
Protection, was issued to compel the production of records of
the Consumer Financial Protection Bureau pertinent to the
Committee's investigations.
On July 3, 2017, a subpoena duces tecum directed at Richard
Cordray, Director, Bureau of Consumer Financial Protection, was
issued to compel the production of records of the Consumer
Financial Protection Bureau pertinent to the Committee's
investigations.
On October 10, 2017, a subpoena duces tecum directed at
Richard Cordray, Director, Bureau of Consumer Financial
Protection, was issued to compel the production of records of
the Consumer Financial Protection Bureau pertinent to the
Committee's investigations.
On April 25, 2018, a subpoena duces tecum directed at
Melvin Watt, Director, Federal Housing Finance Agency, was
issued to compel the production of records of the Federal
Housing Finance Agency pertinent to the Committee's
investigations.
On June 6, 2018, a subpoena duces tecum directed at Mr.
Donald Layton was issued to compel the production of records of
Federal Home Loan Mortgage Corporation pertinent to the
Committee's investigations.
On June 6, 2018, a subpoena duces tecum directed at Mr.
Timothy Mayopoulos was issued to compel the production of
records of Federal National Mortgage Association pertinent to
the Committee's investigations.
On July 26, 2018, a subpoena duces tecum directed to the
Custodian of Records, Fifth Third Bancorp, was issued to compel
the production of records of Fifth Third Bancorp pertinent to
the Committee's investigations.
On July 27, 2018, a subpoena duces tecum directed at Mr.
Timothy Mayopoulos was issued to compel the production of
records of Federal National Mortgage Association pertinent to
the Committee's investigations.
On August 31, 2018, a subpoena duces tecum directed at Mr.
Alfred Pollard was issued to compel the production of records
of the Federal Housing Financial Agency pertinent to the
Committee's investigations.
DEPOSITIONS AND TRANSCRIBED INTERVIEWS
Nineteen subpoenas ad testificandum were issued during the
115th Congress to compel agency officials to appear for sworn
depositions with Committee Staff touching on matters pertinent
to the Committee's investigations. Additionally, Committee
Staff conducted a transcribed interview touching on matters
pertinent to the Committee's investigations.
On May 19, 2017 a subpoena ad testificandum directed at the
Bureau Consumer Financial Protection, Assistant Director,
Anthony Alexis, was issued to compel appearance for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
On May 19, 2017 a subpoena ad testificandum directed at the
Office of the Inspector General, Board of Governors of the
Federal Reserve System & Bureau Consumer Financial Protection,
Deputy Inspector General, J. Anthony Ogden, was issued to
compel appearance for a sworn deposition with Committee staff
touching on matters pertinent to the Committee's
investigations.
On May 19, 2017 a subpoena ad testificandum directed at the
Office of the Inspector General, Board of Governors of the
Federal Reserve System & Bureau Consumer Financial Protection,
Associate Inspector General, Jacqueline Becker, was issued to
compel appearance for a sworn deposition with Committee staff
touching on matters pertinent to the Committee's
investigations.
On May 19, 2017 a subpoena ad testificandum directed at the
Office of the Inspector General, Board of Governors of the
Federal Reserve System & Bureau Consumer Financial Protection,
Associate Manager, James Keegan, was issued to compel
appearance for a sworn deposition with Committee staff touching
on matters pertinent to the Committee's investigations.
On May 19, 2017 a subpoena ad testificandum directed at the
Office of the Inspector General, Board of Governors of the
Federal Reserve System & Bureau Consumer Financial Protection,
Melissa Heist, Associate Inspector General of Audits, was
issued to compel appearance for a sworn deposition with
Committee staff touching on matters pertinent to the
Committee's investigations.
On May 19, 2017 a subpoena ad testificandum directed at the
Bureau of Consumer Financial Protection, Chief Operating
Officer, Sartaj Alag, was issued to compel appearance for a
sworn deposition with Committee staff touching on matters
pertinent to the Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Counsel, Anne
Harden Tindall, was issued to compel appearance for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Deputy Assistant
Director for Legislative Affairs, Brian Patrick O'Brien, was
issued to compel appearance for a sworn deposition with
Committee staff touching on matters pertinent to the
Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Assistant Director
for Legislative Affairs, Catherine D. Galicia, was issued to
compel appearance for a sworn deposition with Committee staff
touching on matters pertinent to the Committee's
investigations.
On June 15, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Counsel, Greg
Evans, was issued to compel appearance for a sworn deposition
with Committee staff touching on matters pertinent to the
Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Counsel, Julia
Lynn Szybala, was issued to compel appearance for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, General Counsel,
Mary E. McLeod, was issued to compel appearance for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
Meredith Fuchs, former Bureau of Consumer Financial Protection
General Counsel, was issued to compel appearance for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Principal Deputy
General Counsel, Richard G. Lepley, was issued to compel
appearance for a sworn deposition with Committee staff touching
on matters pertinent to the Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
Timothy J. Sheehan, Jr., Former Counsel, Consumer Financial
Protection Bureau, was issued to compel appearance for a sworn
deposition with Committee staff touching on matters pertinent
to the Committee's investigations.
On June 15, 2017 a subpoena ad testificandum directed at
To-Quyen Troung, Former Deputy General Counsel, Consumer
Financial Protection Bureau, was issued to compel appearance
for a sworn deposition with Committee staff touching on matters
pertinent to the Committee's investigations.
On July 3, 2017 a subpoena ad testificandum directed at
Elizabeth Ellen France, Former Counsel, Bureau of Consumer
Financial Protection, was issued to compel appearance for a
sworn deposition with Committee staff touching on matters
pertinent to the Committee's investigations.
On July 31, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Assistant General
Counsel, Stephen Bressler, was issued to compel appearance for
a sworn deposition with Committee staff touching on matters
pertinent to the Committee's investigations.
On October 4, 2017 a subpoena ad testificandum directed at
the Bureau of Consumer Financial Protection, Deputy General
Counsel, John Coleman, was issued to compel appearance for a
sworn deposition with Committee staff touching on matters
pertinent to the Committee's investigations.
On September 26, 2018, the Committee Staff conducted a
transcribed interview of Ms. Simone Grimes, Federal Housing
Finance Agency, touching on matters pertinent to the
Committee's investigations.
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title & Subcommittee Date(s)
------------------------------------------------------------------------
115-6......................... ``The Bureau of March 21, 2017
Consumer Financial
Protection's
Unconstitutional
Design''.
115-10........................ ``The Arbitrary and March 28, 2017
Inconsistent Non-Bank
SIFI Designation
Process''.
115-51........................ ``Examining the November 1, 2017
Community Development
Block Grant-Disaster
Recovery Program''.
115-64........................ ``Examining the Office December 7, 2017
of Financial
Research''.
115-71........................ ``Following the Money: January 30, 2018
How Human Traffickers
Exploit U.S.
Financial Markets''.
115-84........................ ``Oversight of the April 12, 2018
Federal Housing
Finance Agency''.
115-93........................ ``Community May 17, 2018
Development Block
Grant-Disaster
Recovery Program--
Stakeholder
Perspectives''.
------------------------------------------------------------------------
Subcommittee on Terrorism and Illicit Finance
(Ratio: 15-12)
STEVAN PEARCE, New Mexico,
Chairman
ED PERLMUTTER, Colorado, Ranking MemberBERT PITTENGER, North Carolina,
CAROLYN B. MALONEY, New York Vice Chairman
JAMES A. HIMES, Connecticut KEITH J. ROTHFUS, Pennsylvania
BILL FOSTER, Illinois LUKE MESSER, Indiana
DANIEL T. KILDEE, Michigan SCOTT TIPTON, Colorado
JOHN K. DELANEY, Maryland ROGER WILLIAMS, Texas
KYRSTEN SINEMA, Arizona BRUCE POLIQUIN, Maine
JUAN VARGAS, California MIA LOVE, Utah
JOSH GOTTHEIMER, New Jersey FRENCH HILL, Arkansas
RUBEN J. KIHUEN, Nevada TOM EMMER, Minnesota
STEPHEN F. LYNCH, Massachusetts LEE ZELDIN, New York
MAXINE WATERS, California [Ex Officio]ARREN DAVIDSON, Ohio
TED BUDD, North Carolina
DAVID KUSTOFF, Tennessee
JEB HENSARLING, Texas [Ex Officio]
The Financial Services Committee created the Terrorism and
Illicit Finance (TIF) Subcommittee on January 3, 2017, to serve
for the full 115th Congress and for future Congresses.
Subcommittee Legislative Activities
THE END BANKING FOR HUMAN TRAFFICKERS ACT OF 2018
H.R. 2219
Summary
The End Banking for Human Traffickers Act of 2018 increases
the role of the financial industry in combating human
trafficking. H.R. 2219 amends the Victims of Trafficking and
Violence Protection Act of 2000 to add the Secretary of the
Treasury as a member of the President's Interagency Task Force
to Monitor and Combat Trafficking. The task force must submit
to Congress recommendations for the revision of anti-money
laundering (AML) programs specifically targeting severe forms
of human trafficking.
Legislative History
Representative Royce introduced the End Banking for Human
Traffickers Act of 2018 on April 27, 2017. On December 12,
2017, the Committee met in open session and ordered the bill
favorably reported to the House as amended by a vote of 59 to 0
(see H. Rep. 115-569, Part 1).
On April 10, 2018, the House passed H.R. 2219 by a vote of
408-2. On April 11, 2018, the bill was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs. This legislation was included in S. 488, the JOBS and
Investor Confidence Act. There was no further action in the
115th Congress.
THE NATIONAL STRATEGY FOR COMBATING TERRORIST, UNDERGROUND, AND OTHER
ILLICIT FINANCING ACT
H.R. 3321
Summary
The National Strategy for Combating Terrorist, Underground,
and Other Illicit Financing Act requires the establishment of a
national strategy for combating the financing of terrorism and
related financial crimes.
Legislative History
Representative Budd introduced the National Strategy for
Combating Terrorist, Underground, and Other Illicit Financing
Act on July 20, 2017. The text of this legislation was included
in the Counter America's Adversaries Through Sanctions Act that
was signed into law (P.L. 115-44) by the President on August 2,
2017.
THE NATIONAL STRATEGY FOR COMBATING THE FINANCING OF TRANSNATIONAL
CRIMINAL ORGANIZATIONS ACT
H.R. 4768
Summary
The National Strategy for Combating the Financing of
Transnational Criminal Organizations Act requires the President
to develop a national strategy to combat the financial networks
of transnational organized criminals. The national strategy
must identify and asses the most significant transnational
organized crime threats; identify the individuals, entities,
and networks that financially support or facilitate
transnational organized criminals and assess the scope of such
support; assess the methods by which transnational organized
crime groups launder illicit proceeds; describe the roles of
U.S. agencies and departments to combat the financing and
financial facilitation of transnational organized crime groups;
and review current efforts and proposed changes to combat the
financing or financial facilitation of transnational organized
crime.
Legislative History
Representative Kustoff introduced H.R. 4768 on January 11,
2018. On March 6, 2018, the House passed H.R. 4768 by a voice
vote. The Committee on Financial Services met in open session
on January 17 and 18, 2018, and ordered H.R. 4768 to be
reported favorably to the House as amended by a recorded vote
of 53 to 0. (see H. Rep. 115-553).
On March 7, 2018, the bill was received in the Senate and
referred to the Committee on Banking, Housing, and Urban
Affairs. This legislation was included in S. 488, the JOBS and
Investor Confidence Act. There was no further action in the
115th Congress.
THE FINANCIAL TECHNOLOGY PROTECTION ACT
H.R. 5036
Summary
The Financial Technology Protection Act establishes an
Independent Financial Technology Task Force, to provide rewards
for information leading to convictions related to terrorist use
of digital currencies. H.R. 5036 also establishes a FinTech
Leadership in Innovation Program to encourage the development
of tools and programs to combat terrorist and illicit use of
digital currencies.
Legislative History
Representative Budd introduced the Financial Technology
Protection Act on February 15, 2018.
The Committee on Financial Services Subcommittee on
Terrorism and Illicit Finance held hearings examining matters
relating to H.R. 5036 on June 8, 2017 and June 20, 2018.
The Committee on Financial Services met in open session on
July 24, 2018 and ordered H.R. 5036 to be reported favorably to
the House as amended by a recorded vote of 57 to 0. (see H.
Rep. 115-984).
On September 26, 2018, the House passed H.R. 5036 by voice
vote. On September 27, 2018, the bill was received in the
Senate and referred to the Committee on Banking, Housing, and
Urban Affairs. There was no further action in the 115th
Congress.
THE COOPERATE WITH LAW ENFORCEMENT AGENCIES AND WATCH ACT OF 2018
H.R. 5783
Summary
The Cooperate with Law Enforcement Agencies and Watch Act
of 2018 provides a safe harbor for financial institutions that
maintain a customer account at the request of a Federal or
State law enforcement agency.
Legislative History
Representative Hill introduced the Cooperate with Law
Enforcement Agencies and Watch Act of 2018 on May 11, 2018.
The Committee on Financial Services met in open session on
June 6, 2018, and ordered H.R. 5783 to be reported favorably to
the House as amended by a recorded vote of 55 to 0. (see H.
Rep. 115-780).
On June 25, 2018, the House passed the bill by a vote of
379-4. On June 26, 2018, the bill was received in the Senate
and referred to the Committee on Banking, Housing, and Urban
Affairs. This legislation was included in S. 488, the JOBS and
Investor Confidence Act. There was no further action in the
115th Congress.
THE ILLICIT ART AND ANTIQUITIES TRAFFICKING PREVENTION ACT
H.R. 5886
Summary
The Illicit Art and Antiquities Trafficking Prevention Act
applies the Bank Secrecy Act (BSA) to dealers in art or
antiquities.
Legislative History
Representative Messer introduced the Illicit Art and
Antiquities Trafficking Prevention Act on May 18, 2018.
On May 18, 2018, the House referred H.R. 5886 to the House
Committee on Financial Services. There was no further action on
H.R. 5886 in the 115th Congress.
THE COUNTER TERRORISM AND ILLICIT FINANCE ACT
H.R. 6068
Summary
The Counter Terrorism and Illicit Finance Act updates the
dollar amount thresholds for certain currency transaction
reports and suspicious activity reports (SARs), to improve the
sharing of SARs within a financial group, to provide for FinCEN
No Action Letters, to make public Treasury's AML priorities,
encourage the use of artificial intelligence in BSA compliance,
assess the usefulness of BSA reporting, provide an 18 month
safe harbor from FinCEN's Customer Due Diligence Rule for good
faith compliance, and requires GAO studies on the cost-benefit
analysis of BSA compliance and the effectiveness of beneficial
ownership information collection.
Legislative History
Representative Pearce introduced H.R. 6068 on June 12,
2018. Prior to introduction, TIF held a legislative hearing on
November 29, 2017 entitled ``Legislative Proposals to Counter
Terrorism and Illicit Finance.'' There was no further action on
H.R. 6068 in the 115th Congress.
THE FIGHT ILLICIT NETWORKS AND DETECT TRAFFICKING (FIND) ACT
H.R. 6069
Summary
The FIND Act requires the Comptroller General of the United
States to carry out a study on how virtual currencies and
online marketplaces are used to buy, sell, or facilitate the
financing of goods or services associated with sex trafficking
or drug trafficking. The study would cover how illicit proceeds
are transferred into the U.S. banking system; state and non-
state actors that benefit from or participate in such activity;
preventative efforts from federal and state agencies; and how
to use the unique characteristics of virtual currencies to
track illicit activity.
Legislative History
Representative Vargas introduced the FIND Act on June 12,
2018.
The Committee on Financial Services met in open session on
June 14, 2018, and ordered H.R. 6069 to be reported favorably
to the House as amended by a recorded vote of 53 to 0. (see H.
Rep. 115-781).
On June 25, 2018, H.R. 6069 passed the House by voice vote.
On Jun 26, 2018, the bill was received in the Senate and
referred to the Committee on Banking, Housing, and Urban
Affairs. This legislation was included in S. 488, the JOBS and
Investor Confidence Act. There was no further action in the
115th Congress.
THE IMPROVING STRATEGIES TO COUNTER WEAPONS PROLIFERATION ACT
H.R. 6332
Summary
The Improving Strategies to Counter Weapons Proliferation
Act would require the Financial Crime Enforcement Network
(FinCEN) to report to Congress on the intelligence products it
generates from Bank Secrecy Act (BSA) filings on proliferation
finance transactions moving through the U.S. financial system;
its collaboration with law enforcement agencies, the
Intelligence Community, and foreign financial intelligence
units; and on its advisory reports issued to financial
institutions to make maximum use of BSA data. The bill has a
sunset after five years.
Legislative History
Representative Tipton introduced the Improving Strategies
to Counter Weapons Proliferation Act on July 12, 2018.
The Committee on Financial Services met in open session on
July 24, 2018 and ordered H.R. 6332 to be reported favorably to
the House without amendment by a recorded vote of 56 to 0. (see
H. Rep. 115-905).
On September 26, 2018, H.R. 6332 passed the House by voice
vote. On September 27, 2018, the bill was received in the
Senate and referred to the Committee on Banking, Housing, and
Urban Affairs. There was no further action in the 115th
Congress.
THE FINCEN IMPROVEMENT ACT
H.R. 6411
Summary
The FinCEN Improvement Act would add Tribal law enforcement
agencies to those partners with which FinCEN works, which
already includes Federal, State, local, and foreign law
enforcement agencies. The bill would clarify that FinCEN should
protect against all forms of terrorism, including domestic. The
bill would add an emphasis on ``emerging technologies or value
that substitutes for currency'' in order to address the growing
exploitation of digital currencies by criminal and terrorist
groups to move illicit funds.
Legislative History
Representative Perlmutter introduced the FinCEN Improvement
Act on July 17, 2018. The legislation passed the House by voice
vote on September 12, 2018. On September 17, 2018, the bill was
received in the Senate and referred to the Committee on
Banking, Housing, and Urban Affairs. There was no further
action in the 115th Congress.
THE EMPOWERING FINANCIAL INSTITUTIONS TO FIGHT HUMAN TRAFFICKING ACT
H.R. 6729
Summary
The Empowering Financial Institutions to Fight Human
Trafficking Act would instruct the Secretary of the Treasury to
establish a mechanism for nonprofit organizations to qualify
for a safe harbor when sharing specific information with
financial institutions that facilitates their duties of
customer due diligence and the reporting of suspicious
activities relating to human trafficking.
Legislative History
Representative Wagner introduced the Empowering Financial
Institutions to Fight Human Trafficking Act on September 6,
2018.
The Committee on Financial Services met in open session on
September 13, 2018 and ordered H.R. 6729 to be reported
favorably to the House without amendment by a recorded vote of
44 to 5. (see H. Rep. 115-981).
On September 26, 2018, H.R. 6729 passed the House by a vote
of 297 to 124. On September 27, 2018, the bill was received in
the Senate and referred to the Committee on Banking, Housing,
and Urban Affairs. There was no further action in the 115th
Congress.
Subcommittee Oversight Activities
The Terrorism and Illicit Finance Subcommittee held 14
hearings examining how terror groups and networks acquire and
move funds to finance their illicit activities. In connection
with these hearings, the subcommittee received briefings and
testimony from current and former U.S. government employees as
well as the private sector, in both classified and public
settings.
Terrorist and Illicit Financing. On June 8, 2017, the
Terrorism and Illicit Finance Subcommittee held a hearing
entitled ``Virtual Currency: Financial Innovation and National
Security Implications'' to explore terrorists and illicit use
of financial technology (FinTech), the national security
implications of virtual currencies such as Bitcoin, and the use
of block chain technologies to record transactions and uncover
illicit activities. Witnesses provided testimony about the
exploitation of virtual currency by terrorists and
transnational criminal groups, as well as provide risk
assessments and policy considerations to mitigate illicit
financing but not to impede the development of FinTech
innovations.
On June 21, 2017, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``The Exploitation of
Cultural Property: Examining Illicit Activity in the
Antiquities and Art Trade'' to examine the theft, fraud,
looting, and trafficking of artifacts and cultural materials,
including antiquities, which is a longstanding transnational
phenomenon that can enrich criminal actors and terrorists and
destroy the cultural heritage of nations. It has been estimated
that illicit art and cultural property crimes result in annual
financial losses in the billions of dollars. The Subcommittee
received testimony from government experts concerning the scope
of illicit activity in the art and antiquities trade, the ways
in which recent instances of looting and destruction of
cultural artifacts by terrorist groups like ISIS have been
combatted, and how this looting and theft can be prevented in
the future.
On July 18, 2017, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Managing Terrorism
Financing Risk in Remittances and Money Transfers'' to examine
remittances, which are commonly thought of as transfers of
money sent by migrants and foreign immigrant communities to
their home countries, but also broadly refer to the transmittal
of money from one distant place to another. Formal remittances
through official banking channels or money services businesses
(MSBs) generally provide those in developing countries access
to the formal financial sector, enable investment and
entrepreneurship, and reduce poverty. Remittance transfers can
also be sent through informal channels to evade the scrutiny of
regulators and law enforcement, including hawala networks,
meaning ``transfer'' in Arabic, which are trust-based alliances
of transferring money between parties. This hearing explored
the terrorist and illicit financing risks that are inherent in
any form of asset transfer whether through formal banking
channels, MSBs, other legitimate remittance networks, or
through informal and unregulated value-transfer systems.
On September 6, 2017, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Low Cost, High Impact:
Combatting the Financing of Lone-Wolf and Small-Scale Terrorist
Attacks'' to explore efforts to combat terrorist financing have
traditionally focused on large-scale funding sources; however,
small-scale and lone-wolf style attacks have become
increasingly more common through the years. Though smaller in
scale, these types of attacks still inflict numerous
casualties, cause devastation and major disruptions, and are
relatively inexpensive to finance, with an average cost of just
$10,000. The increased use of the Internet and social media has
also allowed foreign terrorist organizations (FTOs) like Al-
Qaeda and the Islamic State of Iraq and Syria (ISIS) to easily
spread their ideology and propaganda, radicalize individuals
across borders, and equip would-be terrorists with the skills
they need to carry out decentralized attacks. This hearing
explored the patterns and techniques used to fund small-scale
and lone-wolf attacks, and what additional controls financial
institutions and law enforcement officials should consider to
address small-scale terror financing.
On March 15, 2018, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``After the Breach: the
Monetization and Illicit Use of Stolen Data'' to explore how
cybercriminals aggressively target both individuals and
companies at an increasing rate and hack their personal and
financial data as part of their criminal enterprises. Data
theft is becoming a more lucrative illicit enterprise for
cybercriminals because of its low risk of identification by law
enforcement and high reward potential. Cybercriminals use
online marketplaces to sell stolen personal and financial
records, conduct ransomware attacks and identity theft, and
steal corporate intellectual property. The Center for Strategic
and International Studies (CSIS) estimates that cybercrime
costs the world's economy almost $600 billion, or about 0.8% of
global GDP.
This hearing examined the economics of cybercrime, the role
of ``Dark Web'' marketplaces and cryptocurrencies to facilitate
the monetization of stolen data, and the methods through which
criminals and other nefarious actors integrate their ill-gotten
gains into the legitimate financial system.
On March 20, 2018, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Exploring the Financial
Nexus of Terrorism, Drug Trafficking, and Organized Crime'' to
explore how transnational criminal organizations (TCOs) pose a
significant and growing threat to the United States financial
system and our national security. These organizations have an
estimated value of $3.6 to $4.8 trillion, or seven percent of
global Gross Domestic Product, and result in $130 billion in
lost revenue annually to the private sector. TCOs should be
regarded as a national security threat that is undermining U.S.
government efforts to combat illegal drugs, arms, human
trafficking, terrorism, and other crimes to include money
laundering, cybercrimes, fraud, and corruption. Given the
profit potential, terrorist and insurgent groups have been
steadily incorporating criminal activities into their business
models, thus blurring the line between TCOs and terrorist
organizations. Most notably, Hezbollah, with the backing of
Iran, has developed lucrative criminal enterprises in both
South and Central America that encompasses transnational trade
in narcotics, military weapons, and hundreds of millions of
dollars in illicit cash proceeds.
This hearing explored the increasing convergence of
terrorism and transnational organized crime groups, the
networks that provide these groups with financial support, and
facilitate these criminal and nefarious enterprises.
On June 20, 2018, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled, ``Illicit Use of Virtual
Currency and the Law Enforcement Response'' focused on how law
enforcement has identified an uptick in terrorist and criminal
exploitation of virtual currencies to raise funds and launder
money. While the majority of virtual currency (VC) transactions
are legitimate business transactions, the allure of perceived
anonymity, ease of transacting across large distances, and
speed of resolution at low cost make VCs very attractive to
criminal enterprises.
This hearing presented an opportunity to learn more about
law enforcement's response to the illicit use of VCs based on
their rising popularity. This includes an examination of
whether law enforcement is properly equipped to handle this
trend, ensure that law enforcement has the most effective and
actionable information, and determine what additional tools may
be necessary to combat the threat to the U.S. financial system
from the illicit use of VCs. This hearing examined law
enforcement's efforts to combat the terrorist and illicit use
of virtual currencies, including any metrics gathered, patterns
discovered, or trends identified. It will included a discussion
of problems law enforcement agencies encounter in their efforts
to address the illicit funding potential of virtual currencies
and any potential legislative solutions to these issues that
the Subcommittee should consider.
On July 12, 2018, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Countering the Financial
Networks of Weapons Proliferation'' to focus on countering the
financing of weapons proliferation is a key foundation of U.S.
counter-proliferation efforts. The three stages of
proliferation financing are fundraising, integrating the funds
into the international financial system, and procurement of
materials and technology. Proliferation networks often use
established financial mechanisms, including wire transfers,
trade finance products, cash, checks, and credit cards to
facilitate their funding activities.
This hearing examined strategies to disrupt both the
financing and procurement of weapons of mass destruction, how
financial institutions can identify the financing of
proliferation activities, and the scope and effectiveness of
relevant enforcement actions brought by various Cabinet
Departments to counter proliferation financing including the
Departments of Justice, Treasury, Commerce, and Homeland
Security.
On September 7, 2018, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Survey of Terrorist
Groups and Their Means of Financing'' to examine the major
terror groups operating at the time and their methods of
financing their operations. Much has changed in the global
landscape of terrorism and the manners through which they raise
and transfer funds. For instance, ISIS has lost considerable
ground and influence, terrorist groups are increasing
partnerships with transnational criminal organizations, and
terrorist groups continually adapt to new surveillance
technologies.
This hearing examined the evolving nature of terrorism and
the current groups around the world which pose the greatest
threats to the national security of the United States and
specifically its financial system. The hearing will also
explore the diverse methods these groups use to generate and
transfer funds to support their activities and organizations,
and provide an overview of the current terrorist financing
trends.
On November 15, 2017, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``The Financing of Human
Trafficking Activities at the Border'' to hear directly from
experts in the field of human trafficking, sex trafficking, and
transnational organized crime, to discuss the financial aspects
and support networks of these crimes. This hearing also gave
Members a better understanding of how gangs run, finance, and
support their human trafficking operations, so we can formulate
sound policies to end this practice
Office of Terrorism and Financial Intelligence (TFI). On
November 2, 2017, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Financial Intelligence
and Enforcement: Treasury's Role in Safeguarding the American
Financial System'' with TFI Under Secretary Sigal Mandelker to
provide an overview of the functions of the U.S. Department of
the Treasury's Office of Terrorism and Financial Intelligence
(TFI), which is comprised of the Office of Terrorist Financing
and Financial Crime (TFFC), the Office of Intelligence and
Analysis (OIA), the Office of Foreign Assets Control (OFAC),
the Financial Crimes Enforcement Network (FinCEN), and the
Treasury Executive Office for Asset Forfeiture (TEOAF). Members
heard testimony from Under Secretary Sigal Mandelker, to
discuss TFI's policy, enforcement, regulatory, and intelligence
functions to combat terrorist financing, money laundering,
financial crimes, and other threats to our national security.
Office of Foreign Assets Control (OFAC). On April 4, 2017,
the MPT and TIF Subcommittees held a hearing entitled
``Increasing the Effectiveness of Non-Nuclear Sanctions Against
Iran'' to address the effectiveness of U.S. sanctions in
response to Iran's illicit behavior, including its support for
terrorism and regional destabilization. Witnesses considered
whether new designations or sanctions authorities may
contribute to halting Iranian offenses and reducing illicit
finance risk internationally.
Financial Crimes Enforcement Network (FinCEN). On April 27,
2017, the TIF Subcommittee held a hearing entitled
``Safeguarding the Financial System from Terrorist Financing''
with FinCEN Acting Director Jamal El-Hindi to explore efforts
for increased efficiency and better information-sharing through
the extensive data gathering efforts of Financial Crimes
Enforcement Network (FinCEN) within the U.S. Department of the
Treasury (Treasury), and assess how data processing within
FinCEN can be made more effective. The Acting Director
discussed whether modifications to Bank Secrecy Act and USA
PATRIOT Act provisions are necessary to increase the
effectiveness of FinCEN Divisions at disrupting terrorist
financing and money laundering.
On May 16, 2018, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Implementation of
FinCEN's Customer Due Diligence Rule--Regulator Perspective''
with FinCEN Director Ken Blanco to examine FinCEN's Customer
Due Diligence Requirements for Financial Institutions (CDD
Rule). The CDD Rule requires enhanced due diligence
requirements for financial institutions to identify and verify
the beneficial owners of legal entity customers at the time of
account openings. While regulatory and administrative efforts
improve law enforcement's ability to combat money laundering
and terrorist financing as well as new rules to protect the
integrity of the U.S. financial system are necessary
enhancements to the anti-money laundering regime. With any new
rule, law enforcement should also provide financial
institutions with flexibility, clear guidance and consistent
feedback. As the May 11, 2018 implementation date approaches,
there remain, however, significant questions about the CDD
Rule's interpretation and reporting requirements.
This hearing examined FinCEN's implementation and
enforcement of the CDD Rule, its compliance requirements for
financial institutions, and how it advances the efficacy of the
anti-money laundering / combatting the financing of terrorism
(AML/CFT) framework.
Information Sharing. On November 29, 2017, the Terrorism
and Illicit Finance Subcommittee and Financial Institutions and
Consumer Credit Subcommittee held a joint hearing entitled
``Legislative Proposals to Counter Terrorism and Illicit
Finance'' to discuss the Counter Terrorism and Illicit Finance
Act (H.R. 6068), which includes sections to improve information
sharing between the financial industry and law enforcement, to
make public Treasury's AML priorities to the private sector,
and to allow financial institutions to share information with
their foreign affiliates.
Anti-Money Laundering (AML) and Countering Terrorist
Financing (CFT). 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.
On November 29, 2017, the Terrorism and Illicit Finance
Subcommittee and Financial Institutions and Consumer Credit
Subcommittee held a joint hearing entitled ``Legislative
Proposals to Counter Terrorism and Illicit Finance'' to discuss
significant elements of the BSA regime need to be improved to
keep pace with the changing face of terrorism and crime, and to
make it more efficient and effective for law enforcement,
regulatory authorities and financial institutions. The Counter
Terrorism and Illicit Finance Act is a step in the right
direction to better protect the integrity of today's financial
system in a way that appropriately furthers key national
security objectives while balancing the responsibilities and
burdens that have been placed upon financial institutions.
Subcommittee Hearings
------------------------------------------------------------------------
Serial No. Title and Subcommittee Date(s)
------------------------------------------------------------------------
115-14........................ Joint Hearing entitled April 4, 2017
``Increasing the
Effectiveness of Non-
Nuclear Sanctions
Against Iran''
(Monetary Policy/
Terrorism Finance).
115-18........................ ``Safeguarding the April 27, 2017
Financial System from
Terrorist Financing''.
115-22........................ ``Virtual Currency: June 8, 2017
Financial Innovation
and National Security
Implications''.
115-23........................ ``The Exploitation of June 23, 2017
Cultural Property:
Examining Illicit
Activity in the
Antiquities and Art
Trade''.
115-32........................ ``Managing Terrorism July 18, 2017
Financing Risk in
Remittances and Money
Transfers''.
115-37........................ ``Low Cost, High September 6,
Impact: Combatting 2017
the Financing of Lone-
Wolf and Small-Scale
Terrorist Attacks''.
115-58........................ ``Financial November 8, 2017
Intelligence and
Enforcement:
Treasury's Role in
Safeguarding the
American Financial
System''.
115-60........................ Joint Hearing entitled November 29,
``Legislative 2017
Proposals to Counter
Terrorism and Illicit
Finance'' (Financial
Institutions/
Terrorism Finance).
115-81........................ ``After the Breach: March 15, 2018
the Monetization and
Illicit Use of Stolen
Data''.
115-82........................ ``Exploring the March 20, 2018
Financial Nexus of
Terrorism, Drug
Trafficking, and
Organized Crime''.
115-92........................ ``Implementation of May 16, 2018
FinCEN's Customer Due
Diligence Rule''.
115-108....................... ``Countering the July 12, 2018
Financial Networks of
Weapons
Proliferation''.
115-116....................... ``Survey of Terrorist September 7,
Groups and Their 2018
Means of Financing''.
------------------------------------------------------------------------
OVERSIGHT PLAN FOR THE 115TH CONGRESS
Clause 2(d)(1) of Rule X of the Rules of the House of
Representatives for the 115th Congress requires each standing
committee, not later than February 15 of the first session, to
adopt an authorization and oversight plan for the 115th
Congress. The authorization and 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 2 of such year.
Clause 1(d)(2) of Rule XI also requires that the report include
a summary of the authorization and 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 Authorization and
Oversight Plan of the Committee on Financial Services for the
115th Congress, which the Committee considered and adopted on
February 17, 2017.
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
Authorization and Oversight Plan of the Committee on Financial Services
for the One Hundred Fifteenth Congress
----------
February 17, 2017--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
authorization and oversight plan of the Committee on Financial
Services for the 115th 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 Authorization and 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.
Finally, the Authorization and Oversight Plan identifies
agencies and programs with lapsed authorizations that received
appropriations in the previous fiscal year and/or agencies or
programs with permanent authorizations that have not been
subject to a comprehensive review in the prior three
Congresses.
OVERSIGHT PLAN
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 (P.L. 111-203) (the Dodd-Frank Act) by
the financial regulators charged with implementing the law.
Financial Stability Oversight Council (FSOC). The Committee
will review the operations, activities, and initiatives of the
FSOC.
Office of Financial Research (OFR). The Committee will
review the operations, activities, and initiatives of the OFR.
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
international 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,
particularly community 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 Services Businesses and their Access to Banking
Services. The Committee will examine the operations of Money
Services Businesses.
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 review efforts to
promote greater financial literacy among investors, consumers,
and the general public.
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 regulation and 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 (SROs), including the Financial
Industry Regulatory Authority (FINRA), 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).
Asset Managers. The Committee will continue to examine the
SEC's regulation and oversight of asset managers and investment
companies, including their impact on capital formation and
investor protection.
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
rulemaking 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.
HOUSING
Fannie Mae and Freddie Mac. The Committee will examine
proposals affecting the operations of Fannie Mae and Freddie
Mac, including consolidating their business operations, winding
down their legacy business commitments, and repealing their
statutory charters. The Committee will also examine the overall
size of the Fannie Mae and Freddie Mac's 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 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 member banks in a
safe and sound manner.
Federal Housing Finance Agency (FHFA). The Committee will
monitor the activities and initiatives of the Federal Housing
Finance Agency.
Government National Mortgage Association (Ginnie Mae). The
Committee will examine Ginnie Mae to ensure that the agency has
the proper resources, procedures and oversight necessary to
manage the $1.7 trillion in outstanding mortgage-backed
securities it currently guarantees.
Federal Housing Administration (FHA). The Committee will
examine the operations of the Federal Housing Administration in
our housing finance system, including FHA's appropriate role,
market share, and ability to manage its mortgage portfolio and
mitigate taxpayer risk.
Mortgage Insurance. The Committee will continue to examine
the role private mortgage insurance plays in increasing
consumer choice and protection, and furthering the goal of
robust private sector participation in our housing finance
system.
Housing and Urban Development, Rural Housing Service, and
the National Reinvestment Corporation. The Committee will
conduct oversight of the mission, operations, and budgets of
the Department of Housing and Urban Development (HUD), the
Rural Housing Service (RHS), and NeighborWorks America. The
Committee will review current HUD, RHS, and NeighborWorks
America programs with the goal of identifying inefficient and
duplicative programs.
Public Housing. The Committee will conduct oversight of
HUD's public housing programs and the subsidies they provide
for the operations, management and capital development for
public housing agencies.
Section 8 Housing Choice Voucher Program and Affordable
Housing. The Committee will monitor and review HUD's rental
assistance programs and the government's role in the future of
affordable rental housing.
Fair Housing. The Committee will 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 is subject to illegal
discrimination in housing practices.
Native American Housing Assistance and Self-Determination
Act (NAHASDA). The Committee will conduct oversight of the
grants and other programs under the NAHASDA block grant
program, the authorization for which 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 National Flood Insurance Program, the
authorization for which is set to expire on October 1, 2017. In
particular, the Committee will examine proposals to limit
taxpayer exposure under the NFIP and increase the participation
of the private sector in the flood insurance market.
Federal Insurance Office (FIO). The Committee will examine
the Treasury Department's Federal Insurance Office and the
conduct of its statutory functions under the Dodd-Frank Act
regarding domestic and international insurance policy issues.
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, including FIO's efforts to enter into a
covered agreement with the European Union.
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,
its role in the payment system, and its susceptibility to
cybersecurity threats and other security risks.
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 and actions taken by CFIUS to identify and address
foreign investments that pose 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. Finally, the Committee will examine
commemorative coins and medals, including potential reforms
related to the process for funding the production of such
items.
Economic Sanctions. The Committee will monitor the
implementation of financial sanctions 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 IMF to ensure effective use of
resources and appropriate alignment with U.S. interests to
promote economic growth and stability, including through
technical assistance that strengthens the capacity of Fund
members to prevent money laundering and the financing of
terrorism. The Committee will review the statutorily required
annual report to Congress by the Secretary of the Treasury on
the state of the international financial system and the 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, the
authorization for which expires in September 2019.
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.
ILLICIT FINANCING
Terrorist and Illicit Financing. The Committee will monitor
the extent to which individuals or groups may fund terrorist or
other criminal acts by transmitting funds through the financial
system, including methods to detect and inhibit such illicit
uses of the financial system.
Office of Terrorism and Financial Intelligence (TFI). The
Committee will conduct oversight of TFI's development and
implementation of U.S. government strategies to combat
terrorist financing, including on matters relating to the
National Money Laundering Strategy.
Office of Foreign Assets Control (OFAC). The Committee will
monitor activities of OFAC, which is housed within TFI, on
matters relating to countering terrorist financing and illicit
financial flows.
Financial Crimes Enforcement Network (FinCEN). The
Committee will examine the operations of the FinCEN, which is
housed within TFI, and its ongoing efforts to implement its
regulatory mandates.
Information Sharing. The Committee will examine the extent
to which government agencies and financial institutions have
adequate capacity under current law to share information
concerning terrorist financing threats.
Anti-Money Laundering (AML) and Countering Terrorist
Financing (CFT). 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.
AUTHORIZATION OF PROGRAMS WITHIN THE JURISDICTION OF THE COMMITTEE ON
FINANCIAL SERVICES
With respect to capital markets matters, several lapsed
programs received appropriations in Fiscal Year 2016. The
Securities and Exchange Commission (SEC) received $1.605
billion in appropriations in FY 2016, though its authorization
lapsed in the prior fiscal year. Additionally, the SEC Office
of the Inspector General's authorization lapsed after FY 2011;
it received over $11.3 million in FY 2016 as part of the SEC's
appropriation. The Committee will perform oversight as
necessary to support activities related to the reauthorization
of the SEC and the Office of Inspector General.
With respect to financial institution matters, the
Community Development Financial Institutions Fund received FY
2016 appropriations without authorization. The Committee will
take appropriate action on matters relating to oversight and
authorization of this program in this and the next Congress.
With respect to housing and insurance matters, virtually
all Department of Housing and Urban Development programs within
the Committee's jurisdiction have lapsed authorizations but
received FY 2016 appropriations. The bulk of the lapsed
programs are within the Committee's housing assistance
jurisdiction and include the Housing Choice Voucher and Public
Housing programs authorized by the U.S. Housing Act of 1937
(P.L. 75-412). These programs represent the largest portion of
HUD's annual budget authority.
In addition, there are several programs created through the
Cranston-Gonzales National Affordable Housing Act, the Housing
and Community Development Act of 1974, and the Native American
Housing Assistance and Self-Determination Act of 1992 that have
lapsed authorizations. The Committee will evaluate the efficacy
of these programs in alleviating poverty and increasing housing
affordability and how reforms can increase individual choice
and self-sufficiency.
Finally, the Department of the Treasury's Office of
Terrorism and Financial Intelligence and the Financial Crimes
Enforcement Network received FY 2016 appropriations without
authorization. During the 115th Congress, the Committee will
hold hearings and conduct oversight as appropriate to support
activities related to the reauthorization of these two
programs. In addition, certain headquarters functions of the
Treasury Department received FY 2016 appropriations despite
having lapsed authorizations. The Committee will take
appropriate actions relating to the oversight and authorization
of these functions in this and the next Congress.
Part B
Implementation of the Authorization and Oversight Plan of the Committee
on Financial Services for the One Hundred Fifteenth Congress
----------
THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
The Financial Services Committee and its subcommittees held
a series of hearings to examine the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
Financial Stability Oversight Council (FSOC). The Committee
held hearings on October 4, 2017, and June 21, 2018 entitled
``Examining the SEC's Agenda, Operations, and Budget'' and
``Oversight of the U.S. Securities and Exchange Commission,''
respectively, at which SEC Chairman Jay Clayton was the sole
witness and during which the Committee examined the
appropriateness of the FSOC's treatment of and authority over
certain nonbank financial entities, such as asset managers.
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 effects of the
Volcker Rule on the strength and international competitiveness
of U.S. capital markets at numerous hearings during the 114th
Congress, including during oversight hearings of the SEC on
October 4, 2017, and June 21, 2018, at which Chairman Jay
Clayton was the sole witness; in connection with its February
6, 2018 FSOC oversight hearing; during the testimony of Federal
Reserve Board of Governors Chairman Jerome Powell on February
27, 2018; and as part of the testimony of Federal Reserve Vice
Chairman for Supervision Randy Quarles on April 17, 2018.
The Subcommittee on Capital Markets, Securities and
Investment held a hearing entitled ``Examining the Impact of
the Volcker Rule on the Markets, Businesses, Investors, and Job
Creators'' on March 29, 2017. The Witnesses included: David
Blass, General Counsel, Investment Company Institute; Marc
Jarsulic, Vice President Economic Policy, Center for American
Progress; Ronald Kruszewski, Chairman and CEO, Stifel Financial
Corp. on behalf of SIFMA; Thomas Quaadman, Vice President, U.S.
Chamber of Commerce; Charles Whitehead, Myron Taylor Alumni
Professor of Business Law, Director, Law, Technology and
Entrepreneurship Program, Cornell University. The hearing
explored the background of the Volcker Rule and it's relation
to the Financial Crisis of 2008. Additionally, it talked of the
Rule's repeal and how that would impact the markets.
On October 16, 2018, Chairman Hensarling and Subcommittee
Chairmen Huizenga and Luetkemeyer submitted a letter to the
Treasury Department and the implementing regulators to adopt a
simplified final rule that is better tailored, reduces
disproportionate compliance costs, and ensures greater harmony
among the litany of regulators charged with administering the
Rule. Additionally, the letter highlighted the need for further
amendments to the Rule's ``covered funds'' provisions that
would provide greater regulatory relief and offer additional
exclusions under the definition of a ``covered fund'' for
venture capital and other entities that engage in lending and
long-term investing that promote both growth and capital
formation.
FINANCIAL INSTITUTIONS AND CONSUMER CREDIT
Bureau of Consumer Financial Protection (CFPB). On April 5,
2017, the Committee held a hearing entitled, ``The 2016 Semi-
Annual Report of the Bureau of Consumer Financial Protection.''
The hearing examined the Bureau's ninth and tenth Semi-Annual
Reports to the President and Congress. On April 11, 2018, the
Committee held a hearing entitled, ``The 2018 Semi-Annual
Report of the Bureau of Consumer Financial Protection.'' The
hearing examined the Bureau's thirteenth Semi-Annual Report to
the President and Congress.
On June 6, 2018, the Subcommittee on Financial Institutions
and Consumer Credit held a hearing entitled ``Improving
Transparency and Accountability at the Bureau of Consumer
Financial Protection.'' This hearing examined Acting Director
Mulvaney's recommendations to increase accountability and
transparency at the Bureau of Consumer Financial Protection
(BCFP).
Financial Supervision. The Committee continued to examine
financial regulators' safety and soundness supervision of the
financial services industry. On April 6, 2017, the Subcommittee
on Financial Institutions and Consumer Credit held a hearing
entitled, ``Examination of the Federal Financial Regulatory
System and Opportunities for Reform.'' The hearing will
examined the impact the rules and processes from federal
financial agencies, specifically the Federal Reserve, the
Office of the Comptroller of the Currency, the Federal Deposit
Insurance Corporation, the Bureau of Consumer Financial
Protection, and the National Credit Union Administration, have
had on financial companies and their customers.
The Committee also examined reforms to the financial
supervision system. On April 26, 2017, the Committee held a
hearing entitled, ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs,''
which examined a discussion draft of the Financial CHOICE Act
of 2017.
In addition, the Committee examined the relationship
between prudential regulation and monetary policy at the
Federal Reserve. On September 12, 2017, the Financial
Institutions and Consumer Credit and Monetary Policy and Trade
Subcommittees held a joint hearing entitled, ``Examining the
Relationship Between Prudential Regulation and Monetary Policy
at the Federal Reserve.'' The hearing discussed, among other
things, whether the Federal Reserve's responsibilities to
conduct monetary policy as well as supervise certain financial
institutions complement or conflict with each other, and how
they might be organized more effectively.
The Committee examined the activity of the Financial
Stability Oversight Council as well. On February 6, 2018, the
Committee held a hearing entitled, ``The Annual Report of the
Financial Stability Oversight Council.'' The hearing discussed
the FSOC's 2017 Annual Report which included potential emerging
threats and vulnerabilities in the financial system.
On June 13, 2018, the Committee held a hearing entitled
``Financial Industry Regulation: the Office of the Comptroller
of the Currency'' and heard testimony from the Comptroller of
the Currency, Joseph Otting. The hearing discussed prudential
regulation and supervision of national banks, including the
efforts, activities, and plans the Office of the Comptroller of
the Currency (OCC) will undertake to fulfill its mission during
Comptroller Otting's tenure.
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 17, 2018, the Financial
Institutions and Consumer Credit Subcommittee held a hearing
entitled, ``Examining Capital Regimes for Financial
Institutions.'' The hearing examined the existing regulatory
structure for prudentially regulated financial institutions and
explored avenues that Congress and the regulators can address
through legislative and regulatory policy changes.
Mortgages. The Committee examined the effect of regulation
on the cost and availability of mortgage credit. On December 7,
2017, the Financial Institutions and Consumer Credit
Subcommittee held a legislative hearing entitled, ``Legislative
Proposals for a More Efficient Federal Financial Regulator
Regime: Part II,'' which focused on, among other things,
legislative proposals to increase the availability of mortgage
credit for consumers. On December 7, 2017, the Financial
Institutions and Consumer Credit Subcommittee held a
legislative hearing entitled, ``Legislative Proposals for a
More Efficient Federal Financial Regulator Regime: Part III,''
which focused on, among other things, legislative proposals to
provide a reporting safe harbor for institutions reporting
mortgage information to the Bureau of Consumer Financial
Protection (BCFP).
Deposit Insurance. On July 12, 2017, the Financial
Institutions and Consumer Credit subcommittee held a hearing
entitled, ``Examining Legislative Proposals to Provide Targeted
Regulatory Relief to Community Financial Institutions.'' The
hearing examined bills that would, among other things, simplify
the deposit insurance process.
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 April 11,
2018, the Committee held a hearing entitled, ``Semi-Annual
Testimony on the Federal Reserve's Supervision and Regulation
of the Financial System,'' with testimony from the Federal
Reserve Vice Chair of Supervision, Randal Quarles. The hearing
examined the Federal Reserve's supervisory role of financial
institutions and proposals to reduce the regulatory burdens on
supervised entities.
Credit Scores and Credit Reports. The Committee continued
to monitor issues related to credit scores and credit
reporting. On September 28, 2017, the Committee held a hearing
entitled, ``Examining the Equifax Data Breach.'' The purpose of
the hearing was to further develop the public record and
provide Committee membership better understanding of: the
timeline and the causes of the data breach; how Equifax
notified consumers and shareholders following the breach; the
failure of the information security regime used by Equifax;
Equifax's initiatives to identify and reduce the risk of future
breaches; and whether there is a need to enact federal data
security and breach notification legislation.
Access to Financial Services. The Committee examined the
impact of the practice known as ``de-risking'' and the fallout
of regulatory pressure to disassociate with ``high risk''
businesses. On February 15, 2018, the Financial Institutions
and Consumer Credit Subcommittee held a hearing entitled,
``Examining De-Risking and its Effect on Access to Financial
Services.'' The purpose of the hearing was to examine the key
drivers of ``de-risking,'' review the ongoing effects of de-
risking, and consider regulatory and legislative opportunities
for Congress and the Administration to ensure equal and
consistent access to the financial system.
``Operation Choke Point.'' On November 28, 2018, the
Financial Institutions and Consumer Credit Subcommittee held a
hearing to examine the impact of ``Operation Chokepoint'' on
financial institutions and businesses from regulatory pressure
to end relationships with businesses considered ``high risk.''
Discrimination in Lending. The Committee continued to
monitor developments in the effectiveness of regulators' fair
lending oversight and enforcement efforts throughout the 115th
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 115th 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 October 27, 2017, the Financial
Institutions and Consumer Credit Subcommittee held a hearing
entitled, ``Data Security: Vulnerabilities and Opportunities
for Improvement.'' This hearing examined data security
vulnerabilities and the shortcomings of the existing federal
and state regulatory regimes to identify any gaps in data
security regulation and highlight opportunities for reform.
The Committee also examined legislative proposals to
address gaps in the data security and breach notification
framework. On March 7, 2018, the Financial Institutions and
Consumer Credit Subcommittee held a hearing entitled,
``Legislative Proposals to Reform the Current Data Security and
Breach Notification Regulatory Regime.'' The hearing discussed
legislation that would promote responsible oversight of
transaction and examinations of credit technology as well as
establish a national data security and data breach notification
requirement.
Payment System Innovations/Mobile Payments. The Committee
reviewed government and private sector efforts to innovate in
the payments system. On January 30, 2018, the Financial
Institutions and Consumer Credit Subcommittee held a hearing
entitled, ``Examining Opportunities and Challenges in the
Financial Technology (``Fintech'') Marketplace.'' This hearing
focused on the current regulatory landscape, the need to amend
or modernize the regulatory landscape or the necessity to amend
existing financial laws or develop new legislative proposals
that would allow financial services entities to use fintech to
deliver new products and services to consumers.
On September 28, 2018, the Financial Institutions and
Consumer Credit Subcommittee held a hearing entitled,
``Examining Opportunities for Financial Markets in the Digital
Era.'' This hearing discussed the Department of Treasury's ``A
Financial System That Creates Economic Opportunities: Nonbank
Financials, Fintech, and Innovation,'' and examined the current
regulatory framework for its potential to restrict innovation
among financial services products.
Payment Cards. On February 14, 2018, the Financial
Institutions and Consumer Credit Subcommittee held a hearing
entitled, ``Examining the Current Data Security and Breach
Notification Regulatory Regime.'' The purpose of the hearing
was to examining vulnerabilities in the current data security
and data breach regulatory framework as data breaches become
more prevalent in all industries as reliance on technology and
payment cards continues to increase.
Money Laundering and the Financing of Terrorism. On June
28, 2017, the Financial Institutions and Consumer Credit
Subcommittee held a hearing entitled, ``Examining the BSA/AML
Regulatory Compliance Regime.'' This hearing examined Bank
Secrecy Act (BSA) compliance challenges facing financial
institutions, including compliance trends, the effectiveness of
current reporting requirements, and opportunities to improve
and enhance the federal government's ability to combat money
laundering and terrorist financing. On November 27, 2017, the
Financial Institutions and Consumer Credit and Terrorism and
Illicit Finance Subcommittees held a joint legislative hearing
entitled ``Legislative Proposals to Counter Terrorism and
Illicit Finance.'' The hearing examined legislative proposals
to better detect and stop human trafficking, illicit finance,
and terrorism financing.
Financial Crimes Enforcement Network (FinCEN). On April 27,
2018, the Financial Institutions and Consumer Credit
Subcommittee held a hearing entitled, ``Implementation of
FinCEN's Customer Due Diligence Rule--Financial Institutions
Perspective.'' The hearing discussed efforts financial
institutions have taken to update anti-money laundering
procedures and implement processes to identify and verify
underlying beneficial ownership information as required under
the CDD Rule, including ongoing trends and developments that
may affect access to the financial system by legitimate
businesses and consumers.
Money Services Businesses (MSBs) and their Access to
Banking Services. The Subcommittee on Financial Institutions
held a hearing on June 26, 2018 entitled ``International and
Domestic Implications of De-Risking,'' which examined the
consequences of de-risking for entities categorized as ``high-
risk'' including legitimate businesses such as money service
businesses, among others.
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 115th Congress. Staff held meetings with
interested parties.
Community Reinvestment Act (CRA). The Committee continued
to monitor efforts to reform the Community Reinvestment Act
(CRA), including the OCC's proposal to update CRA requirements
for financial institutions. Staff held meetings and conducted a
staff briefing with interested parties.
Financial Literacy. The Committee continued to examine the
importance of financial literacy. On September 7, 2017, the
Subcommittee on Financial Institutions and Consumer Credit held
a legislative hearing entitled, ``Legislative Proposals for a
More Efficient Federal Financial Regulatory Regime.'' 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 115th
Congress, including by reviewing quarterly reports from the
TARP Inspector General.
CAPITAL MARKETS
Securities and Exchange Commission (SEC). The Committee
held a hearing on October 4, 2017, entitled ``Examining the
SEC's Agenda, Operations, and Budget'' at which SEC Chairman
Jay Clayton was the sole witness and during which the Committee
examined the SEC's operations and the extent to which it is
meeting its statutory mission, including with respect to its
funding and budget request and the SEC's assessment of its own
cybersecurity. Additionally, Chairman Clayton appeared as the
sole witness again on June 21, 2018, the Committee at a hearing
entitled ``Oversight of the U.S. Securities and Exchange
Commission,'' at which the Committee examined the SEC's agenda
and efforts to preserve, promote, and protect the U.S. capital
markets as the preferred venue for capital formation, to
prevent the further erosion of the materiality standard, and to
ensure that all investors have a wide array of securities in
which to invest.
The Subcommittee on Capital Markets, Securities, and
Investment held numerous hearings in support of the Committee's
oversight of the SEC with specific focus on key SEC divisions.
The Subcommittee held a hearing entitled ``Oversight of the
SEC's Division of Enforcement'' on May 16, 2018, at which the
Co-Directors of Enforcement were the only two witnesses. It
continued its oversight of the Enforcement Division with a
hearing on June 13, 2018, entitled ``Ensuring Effectiveness,
Fairness, and Transparency in Securities Law Enforcement'' at
which testimony was provided by Bradley Bondi, Partner, Cahill
Gordon & Reindel; Joseph Borg, Director, Alabama Securities
Commission; Thomas Quaadman, CP, Center for Capital Markets
Competiveness, U.S. Chamber of Commerce; Andrew Vollmer,
Professor of Law and Director, John W. Glynn Jr. Law & Business
Program, University of Virginia School of Law. Also, the
Subcommittee held a hearing entitled ``Ovesight of the SEC's
Division of Corporation Finance'' on April 26, 2018 at which
the Director of the Division was the only witness. Further, the
Subcommittee held a hearing entitled ``Oversight of the SEC's
Division of Investment Management'' on September 26, 2018 at
which the Director of that Division was the only witness.
Additionally, on September 28, 2017, following the
disclosure by the SEC that its EDGAR database had been
breached, Chairman Hensarling, Subcommittee Chairman Huizenga,
and Subcommittee Vice Chairman Hultgren wrote to Chairman
Clayton to strongly encourage the SEC to delay implementation
of the Consolidated Audit Trail (CAT) system until the SEC can
implement information security safeguards and internal controls
to ensure the security of confidential and sensitive data.
Further, the SEC was among regulators who received a letter
led by Subcommittee Chairmen Huizenga and Luetkemeyer and
joined by 36 other Members of Congress regarding the growing
complexity of the regulatory landscape for cybersecurity across
the financial services sector and expressing concern that
duplicative standards and conflicting expectations may hinder
the ability of institutions to efficiently mitigate
cyberattacks.
The JOBS Act. The Subcommittee on Capital Markets,
Securities, and Investment held a hearing entitled ``The JOBS
Act at Five: Examining Its Impact and Ensuring the
Competitiveness of the U.S. Capital Markets'' on March 22,
2017. The Witnesses included: Raymond Keating, Chief Economist,
Small Business & Entrepreneurship Council; Brian Hahn, CFO,
GlycoMimetics, Inc.; Andy Green, Managing Director of Economic
Policy, Center for American Progress; Edward Knight, Executive
Vice President and General Council, NASDAQ; Thomas Quaadman,
Vice President, U.S. Chamber of Commerce. The hearing explored
the bipartisan JOBS Act and how it is working and what Congress
and the SEC can do to better help companies grow and access
capital.
The Subcommittee on Capital Markets, Securities, and
Investment also held a hearing entitled ``Legislative Proposals
to Help Fuel Capital and Growth on Main Street'' on May 23,
2018. The Witnesses included: Brett Paschke, Managing Director
and Head of Capital Markest, William Blair on behalf of SIFMA
and the Financial Markets Association; Edward Knight, EVP,
Global Chief Legal and Policy Officer, NSADAQ; John Coffee,
Adolf Berle Professor of Law, Columbia Unviersity; Brian Hahn,
CFO, GlycoMimetics on behalf of the National Venture Capital
Association; Tyler Gellasch, Executive Director, Healthy
Markets Association; Thomas Quaadman, VP, Center for Capital
Markets Competitiveness, U.S. Chamber of Commerce. The hearing
examined various legislative proposals with the purpose of
strengthening the on-ramp provided in the JOBS Act.
Derivatives. The Subcommittee on Capital Markets,
Securities and Investment held a hearing entitled ``Legislative
Proposals Regarding Derivatives'' on February 14, 2018. The
Witnesses included: Kenneth Bentsen, President and CEO, SIFMA;
Thomas Deas, Chairman, National Association of Corporate
Treasurers, on behalf of the Coalition for Derivative End-
Users; Andy Green, Managing Director of Economic Policy, Center
for American Progress; Scott O'Malia, CEO, International Swaps
and Derivatives Association. The hearing examined eleven
legislative proposals to amend provisions of Title VII of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L.
111-203), harmonize and reconcile differences between
Securities and Exchange Commission and the Commodity Futures
Trading Commission guidance and rulemaking, and provide
targeted relief to entities that use derivatives to mitigate
risk. The Com
Credit Rating Agencies. The Committee continued to monitor
developments regarding credit rating agencies also known as
Nationally Recognized Statistical Rating Organizations (NRSROs)
throughout the 115th Congress. Staff held meetings with
interested parties. On April 26 and 28, 2017, the Committee on
Financial Services held a hearing entitled ``A Legislative
Proposal to Create Hope and Opportunities for Investors,
Consumers, and Entrepreneurs,'' which examined a discussion
draft of the ``Financial CHOICE Act of 2017,'' which, among
other things, included a provision to provide appropriate
discretion to the SEC to ensure its regulation and oversight of
NRSROs is more effective and appropriately tailored. Witnesses
on April 26 were Mr. John Allison, Former President and Chief
Executive Officer, Cato Institute; Dr. Norbert J. Michel,
Senior Research Fellow, Financial Regulations and Monetary
Policy Institute for Economic Freedom and Opportunity, the
Heritage Foundation; Ms. Hester Peirce, Director of Financial
Markets Working Group and Senior Research Fellow, Mercatus
Center; Mr. Alex Pollock, Distinguished Senior Fellow, the R
Street Institute; Mr. Peter Wallison, Senior Fellow and Arthur
F. Burn, Fellow in Financial Policy Studies, American
Enterprise Institute. The witnesses who testified on April 28
were Senator Elizabeth Warren; Mr. Corey Klemmer, Corporate
Research Analyst Office of Investment, AFL-CIO; Rev. Willie
Gable, Pastor, National Baptist Convention USA, Inc.; Mr. John
Coffee Jr., Adolf A. Berle Professor of Law, Columbia
University; Mr. Rob Randhava, Senior Counsel, Leadership
Conference on Civil and Human Rights; Ms. Melanie Lubin,
Maryland Securities Commissioner, North American Securities
Administrators Association; Ms. Emily Liner, Senior Policy
Advisor, Economic Program, Third Way; Ms. Amanda Jackson,
Organizing and Outreach Manager, Americans for Financial
Reform; Ken Bertsch, Executive Director, Council of
Institutional Investors; Ms. Sarah Edelman, Director, Housing
Policy, Center for American Progress; Mr. Rohit Chopra, Senior
Fellow, Consumer Federation of America.
Regulation and Oversight of Broker-Dealers and Investment
Advisers. The Subcommittee on Capital Markets, Securities and
Investment held a hearing entitled ``Impact of the DOL
Fiduciary Rule on the Capital Markets'' on July 13, 2017. The
Witnesses included: David Knoch, President, 1st Global; Mark
Halloran, Senior Director, Head of Industry and Regulatory
Strategy, Transamerica; Jerome Lombard, President, Private
Client Group, Janney Montogomery Scott LLC; Cristina, Martin
Firvida, Director, Financial Security and Consumer Affairs,
AARP; Douglas Holtz-Eakin, President, American Action Forum.
The hearing explored how the Department of Labor's (DOL) rule
will raise costs and reduce access to retirement advice for
low- and middle-income Americans. The hearing discussed
potential Legislation introduced by Ms. Wagner to counter the
rule.
On March 17, 2017, every Republican Member of the Committee
joined a letter supporting the DOL's proposal to delay its
fiduciary rule applicability date and to express strong
concerns with the rule's scope and potential harm to investors.
On April 28, 2017, Chairman Hensarling and Subcommittee
Chairmen Huizenga and Wagner wrote DOL Secretary Acosta to
obtain information regarding the DOL's actions related to its
fiduciary rule that would impact broker-dealers and investment
advisers and the extent to which certain actions may have
contravened directives and objectives of the President. On
August 7, 2017, Subcommittee Chairman Huizenga provided
information to the DOL, including testimony received by the
Subcommittee, concerning the DOL fiduciary rule.
Self-Regulatory Organizations (SROs). The Subcommittee on
Capital Markets, Securities and Investment held a hearing
entitled ``Oversight of the Financial Industry Regulatory
Authority'' on September 7, 2017. Robert W. Cook, the President
and Chief Executive Officer of the Financial Industry
Regulatory Authority (FINRA), was the only witness. The hearing
examined FINRA's activities and policies as an independent,
not-for-profit organization that is a self-regulatory
organization over the U.S. securities industry. In addition,
the hearing examined FINRA's accountability and transparency
and how it handles member feedback.
Equity/Option Market Structure. The Subcommittee on Capital
Markets, Securities and Investment held a hearing entitled
``U.S. Equity Market Structure Part I: A Review of the
Evolution of Today's Equity Market Structure and How We Got
Here'' on June 27, 2017. The Witnesses included: Matt Lyons,
SVP and Global Trading Manager, The Capital Group; Joseph
Saluzzi, Partner Themis Trading LLC; Ari Rubenstein, CEO,
Global Trading Systems; Jeff Brown SVP, Legislative and
Regulatory Affairs, Charles Schwab; Thomas Farley, President
NYSE; Brad Katsuyama, CEO The Investors Exchange; Chris
Concannon, President and COO, CBOE; John Comerford, Head of
Global Trading Research, Instinet; Tom Wittman, EVP and Global
Head of Equities, NASDAQ. The hearing reviewed the current
state of the U.S. equity markets and reviewed how the current
structure has evolved since the enactment of the Securities
Acts Amendments of 1975 (Pub. L. 94-29), which established a
new national market system for securities.
Fixed-Income Market Structure. The Subcommittee on Capital
Markets, Securities and Investment held a hearing entitled ``A
Review of Fixed Income Market Structure'' on July 14, 2017. The
Witnesses included: Matthew Andresen, Founder and CEO,
Headlands Technologies; John Shay, Global Head of Fixed Income
and Commodities, NASDAQ; Alex Sedgwick, VP, Head of Fixed
Income Market Structure and Electronic Trading, T. Rowe Price;
Jonah Crane, Former Deputy Assistant Secretary, FSOC, U.S.
Department of Treasury; Randy Snook, EVP, SIFMA. The hearing
explored how fixed income markets are a critical way for both
issuers and governments to finance operations, create jobs and
fund projects and that policymakers have a role to play to
ensure investors received the maximum benefit from their fixed
income investments
Corporate Governance. The Subcommittee on Capital Markets,
Securities and Investment held a hearing entitled ``The Cost of
Being a Public Company in Light of Sarbanes-Oxley and the
Federalization of Corporate Governance'' on July 18, 2017. The
Witnesses included: Thomas Farley, President NYSE Group; John
Blake, SVP of Finance, aTyr Pharma, Inc., Thomas Quaadman, EVP,
Center for Capital Market Competitiveness, U.S. Chamber of
Commerce; Prof. Robert Brown, Jr., Lawrence Treece Professor of
Corporate Governance, Director, Corporate and Commercial Law
Program, University of Denver Sturm College of Law; John
Berlau, Senior Fellow, Competitive Enterprise Institute. The
hearing explored how the number of companies going public has
decreased dramatically over the last 15 years, limiting
opportunities for Americans. Also, the hearing examined the
history and anniversary of the Sarbanes-Oxley Act of 2002.
Employee Compensation. The Committee examined the
relationship between the disclosure mandates in Title IX of the
Dodd-Frank Act and the traditional standard of materiality at
oversight hearings of the SEC on October 4, 2017, and June 21,
2018, at which Chairman Jay Clayton was the sole witness.
Additionally, the Subcommittee on Capital Markets, Securities,
and Investment held a hearing entitled ``Oversight of the SEC's
Division of Corporation Finance'' at which the Director of the
Division was the sole witness and offered testimony regarding
the SEC's rulemaking responsibilities in this regard and how
the SEC's rules can do more to encourage companies to go
public.
Securities Investor Protection Corporation (SIPC). The
Committee continued to monitor developments regarding SIPC
throughout the 115th Congress, and staff held meetings with
interested parties. On November 6, 2018, Chairman Hensarling
sent a letter to SIPC requesting an update on SIPC's
operations, initiatives, and activities, as well as SIPC's
assessment of the effectiveness of coordination between SIPC
and the self-regulatory organizations and the SEC.
Asset Managers. The Subcommittee on Capital Markets,
Securities and Investment held a hearing entitled ``Oversight
of the SEC's Division of Investment Management'' on September
26, 2018. Dalia Blass, Director of the Division of Investment
Management, at the Securities and Exchange Commission was the
only witness. The hearing explored the priorities of the
Investment Management Division which develops regulatory
policies for the asset management industry.
Advisers to Private Funds. The Subcommittee on Capital
Markets, Securities, and Investment held a hearing entitled
``Oversight of the SEC's Division of Investment Management'' on
September 26, 2018. Dalia Blass, Director of the Division of
Investment Management, at the Securities and Exchange
Commission was the only witness. The hearing explored the
priorities of the Investment Management Division.
Securitization and Risk Retention. On April 26 and 28,
2017, the Committee on Financial Services held a hearing
entitled ``A Legislative Proposal to Create Hope and
Opportunities for Investors, Consumers, and Entrepreneurs,''
which examined a discussion draft of the ``Financial CHOICE Act
of 2017,'' which, among other things, eliminates the risk
retention requirements for asset-backed securities other than
residential mortgages. Witnesses were as identified previously.
Covered Bonds. The Committee continued to monitor
developments in covered bonds throughout the 115th Congress.
Staff held meetings with interested parties.
Municipal Securities Rulemaking Board (MSRB). The Committee
continued to monitor developments regarding the MSRB throughout
the 115th Congress, and staff held meetings with interested
parties. On November 6, 2018, Chairman Hensarling sent a letter
to the MSRB requesting an update on the MSRB's operations,
initiatives, and activities, including the status of the MSRB's
initiatives regarding market data, the incorporation of
stakeholder feedback, and the review of its rules to ensure
they are efficient, clear, and reflect the market of today.
Public Company Accounting Oversight Board (PCAOB). The
Committee continued to monitor developments regarding the PCAOB
throughout the 115th Congress, and staff held meetings with
interested parties. On November 6, 2018, Chairman Hensarling
sent a letter to the PCAOB requesting an update on the PCAOB's
operations, initiatives, and activities, including the status
of the PCAOB's Interim Program of Inspection Related to Audits
of Brokers and Dealers and efforts to ensure that PCAOB
standards and rules are appropriately tailored to the nature of
the registered entity rather than one-size-fits all.
Financial Accounting Standards Board (FASB). The Committee
reviewed the SEC's role with respect to the FASB and the FASB's
activities during oversight hearings of the SEC on October 4,
2017, and June 21, 2018, at which Chairman Jay Clayton was the
sole witness.
On November 6, 2018, Chairman Hensarling also sent a letter
to FASB requesting an update on FASB's operations, initiatives,
and activities, including the status of any efforts by FASB to
achieve robust, uniform international accounting standards.
On December 11, 2018, the Subcommittee on Financial
Institutions and Consumer Credit held a hearing entitled,
``Assessing the Impact of FASB's Current Expected Credit Loss
(CECL) Accounting Standard on Financial Institutions and the
Economy.'' Witnesses were: Mr. Joseph A. Stieven, Chief
Executive Officer, Stieven Capital Advisors, LP; Mr. Bill
Nelson, Executive Vice President and Chief Economist, The Bank
Policy Institute; Mr. Scott Blackley, Chief Financial Officer,
Capital One Financial Corporation and Dr. Mark Zandi, Chief
Economist, Moody's Analytics. ``
Government Accounting Standards Board (GASB). The Committee
continued to monitor developments regarding GASB throughout the
115th Congress. Staff held meetings with interested parties.
Convergence of International Accounting Standards. The
Committee examined the SEC's role as a leader among global
regulators and considered the appropriateness of certain
accounting standards during hearings on October 4, 2017, and
June 21, 2018, at which Chairman Jay Clayton was the sole
witness.
Securities Litigation. The Subcommittee on Capital Markets,
Securities and Investment held a hearing entitled ``Ensuring
Effectiveness, Fairness, and Transparency in Securities Law
Enforcement'' on June 13, 2018. The witnesses were as noted
previously.
Securities Arbitration. The Subcommittee on Capital
Markets, Securities and Investment held hearings entitled
``Oversight of the SEC's Division of Corporation Finance'' and
``Oversight of the SEC's Division of Enforcement'' on April 26,
2018, and May 16, 2018, respectively, during which the use of
arbitration clauses were discussed. For each hearing, the sole
witness was the Director of the respective SEC Division.
HOUSING
Fannie Mae and Freddie Mac. The Committee examined
proposals affecting the operations of Fannie Mae and Freddie
Mac, including consolidating their business operations, winding
down their legacy business commitments, and repealing their
statutory charters. The Committee also examined the overall
size of the Fannie Mae and Freddie Mac's 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.
On October 25, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Sustainable Housing
Finance: Private Sector Perspectives on Housing Finance
Reform.'' On November 2, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Sustainable Housing
Finance: Private Sector Perspectives on Housing Finance Reform,
Part II.'' On November 7, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Sustainable Housing
Finance: Private Sector Perspectives on Housing Finance Reform,
Part III.'' On November 29, 2017, the Subcommittee on Housing
and Insurance held a hearing entitled, ``Sustainable Housing
Finance: The Role of Ginnie Mae in the Housing Finance
System.'' On December 6, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Sustainable Housing
Finance: Private Sector Perspectives on Housing Finance Reform,
Part IV.'' The hearings examined views, perspectives and the
need to enact comprehensive housing finance reform, the legal
statutory or regulatory impediments to the return of private
capital to the housing finance system, and what factors and
metrics Congress should consider to reform the housing finance
system.
On October 3, 2017, the Committee held a hearing entitled,
``Sustainable Housing Finance: An Update from the Director of
the Federal Housing Finance Agency.'' The hearing gave members
the opportunity to question The Honorable Melvin Watt, Director
of the Federal Housing Finance Agency (FHFA) regarding action
the FHFA has taken as regulator of Fannie, Freddie Mac and the
Federal Home Loan Banks and the Director's views on housing
finance reform.
On December 4, 2017, the Committee sent a letter to FHFA
Director Mel Watt expressing concern about a potential
reduction to the required dividend payments that Fannie Mae and
Freddie Mac pay each quarter to the U.S. taxpayer.
On September 6, 2018, the Committee held a hearing
entitled, ``A Failure to Act: How a Decade without GSE Reform
Has Once Again Put Taxpayers at Risk.'' Witnesses discussed the
efficacy of the government's conservatorship and financial
bailout of the Government-Sponsored Enterprises over the last
decade, lessons learned from the role of Fannie Mae and Freddie
Mac in the lead up to the financial crisis, and the action of
Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency
since the beginning of conservatorship.
On September 27, 2018, the Committee held a hearing
entitled, ``Oversight of the Federal Housing Finance Agency's
Role as Conservator and Regulator of the Government Sponsored
Enterprises.'' The hearing examined complaints of sexual
harassment, retaliation and violations of federal laws,
including the Equal Pay Act, at the Federal Housing Finance
Agency (FHFA). In addition, the hearing examined the FHFA's
performance as the regulator and conservator of the Government-
Sponsored Enterprises, which include Fannie Mae, Freddie Mac
and the Federal Home Loan Banks. Specifically, the Committee
will examine FHFA's policies and procedures used to supervise
Fannie Mae and Freddie Mac, the FHFA's structure, and the need
to reform the housing finance system in the United States.
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).
Federal Housing Finance Agency (FHFA). The Committee
conducted oversight of the FHFA as described previously (see
oversight of Fannie Mae and Freddie Mac supra).
Government National Mortgage Association (Ginnie Mae). The
Committee examined Ginnie Mae to ensure that the agency has the
proper resources, procedures and oversight necessary to manage
its over $1.7 trillion in outstanding mortgage-backed
securities. Staff held meetings with interested parties.
On March 6, 2017, the Committee sent a letter to the
Comptroller General requesting a study on Ginnie Mae.
Specifically, the letter asked the Comptroller General to study
how Ginnie Mae manages its risk, how Ginnie Mae monitors and
approves its issuers, the role of contractors at Ginnie Mae,
whether Ginnie Mae has the appropriate staffing levels and
skill necessary to meet its mission, and Ginnie Mae's planned
and proposed changes to address operation and counterparty
risk.
In addition, on November 29, 2017, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Sustainable
Housing Finance: The Role of Ginnie Mae in the Housing Finance
System.'' The hearing allowed members to examine Ginnie Mae's
mission and role in the U.S. housing finance system.
Federal Housing Administration (FHA). The Committee
examined the operations of the Federal Housing Administration
in our housing finance system, including FHA's appropriate
role, market share, and ability to manage its mortgage
portfolio and mitigate taxpayer risk. On October 12, 2017, the
Committee held a hearing entitled, ``The Future of Housing in
America: Oversight of the Department of Housing and Urban
Development.'' The Honorable Ben Carson, Secretary, U.S.
Department of Housing and Urban Development testified and
members discussed FHA and the role it plays in the U.S. housing
finance system. On November 28, 2018, the Subcommittee on
Housing and Insurance held a hearing entitled, ``Oversight of
the Federal Housing Administration.'' The Honorable Brian
Montgomery, Assistant Secretary for Housing-Federal Housing
Commissioner, U.S. Department of Housing and Urban Development
was the sole witness. The hearing examined the Federal Housing
Administration (FHA), the health of the FHA Insurance Fund, and
the role FHA plays in the housing finance system.
Mortgage Insurance. The Committee examined the role private
mortgage insurance plays in increasing consumer choice and
protection, and furthering the goal of robust private sector
participation in our housing finance system. Staff held
meetings with interested parties.
The Subcommittee on Housing and Insurance held a hearing on
December 6, 2017 entitled, ``Sustainable Housing Finance:
Private Sector Perspectives on Housing Finance Reform, Part
IV.'' The hearing examined views, perspectives and the need to
enact comprehensive housing finance reform and witnesses also
discussed the role mortgage insurance plays in mortgages and
the housing finance system.
Housing and Urban Development, Rural Housing Service, and
the National Reinvestment Corporation. The Committee conducted
oversight of the mission, operations, and budgets of the
Department of Housing and Urban Development (HUD), the Rural
Housing Service (RHS), and NeighborWorks America. The Committee
reviewed current HUD, RHS, and NeighborWorks America programs
with the goal of identifying inefficient and duplicative
programs. On October 12, 2017, the Committee held a hearing
entitled, ``The Future of Housing in America: Oversight of the
Department of Housing and Urban Development.'' On June 27,
2018, the Committee held a hearing entitled, ``Oversight of the
Department of Housing and Urban Development.'' The hearings
examined HUD and its execution of federal housing policy. In
particular, the hearings reviewed both HUD's successes and
challengers since its creation in 1965 and the effectiveness of
its programs to further its mission.
Public Housing, Section 8 Housing Choice Voucher Program,
and Affordable Housing. The Committee conducted oversight of
HUD's public housing programs and the subsidies they provide
for the operations, management and capital development for
public housing agencies.
On September 27, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Overview of the Family
Self-Sufficiency Program.'' Witnesses provided a general
overview of the FSS program in addition to their Community-
level perspectives on the program's success rates, remaining
challenges, and the affect FSS has on HUD's public housing and
Section 8 programs.
On April 17, 2018, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Housing Choice Voucher
Program: An Oversight and Review of Legislative Proposals.''
The hearing examined the Housing Choice Voucher Program and, in
particular, three specific legislative proposals that would
address how the program could improve mobility among families,
foster kids and those individuals recovering from opioid
addiction.
On April 25, 2018, the Subcommittee on Housing and
Insurance held a hearing entitled, ``HUD's Role in Rental
Assistance: An Oversight and Review of Legislative Proposals on
Rent Reform.'' Testimony address how rent reform may
incentivize both self-sufficiency and greater access to
employment and career opportunities for HUD's main rental
assistance programs.
On May 17, 2018, the Subcommittee on Housing and Insurance
held a hearing entitled, ``An Overview of Homelessness in
America.'' Members examined the McKenny-Vento Act and the
Interagency Council on Homelessness, the roles that each serve
to reduce homelessness, and whether any legislative updates to
either are necessary.
On June 6, 2018, the Subcommittee on Housing and Insurance
held a hearing entitled, ``Legislative Review of H.R. 1511, the
Homeless Children and Youth Act of 2017.'' In addition to H.R.
1511, witnesses discussed the barriers that prevent homeless
children and youth from obtaining housing assistance and
services from HUD homelessness programs.
On June 26, 2018, the Subcommittee on Housing and Insurance
held a hearing entitled, ``Oversight of the Federal
Government's Approach to Lead-Based Paint and Mold Remediation
in Public and Subsidized Housing.'' The hearing examined how
the Federal government, through the U.S. Department of Housing
and Urban Development's (HUD) programs, remedies unsafe living
conditions caused by lead-based paint and mold for many
individuals and families that live in public and subsidized
housing. The hearing also reviewed the June 14, 2018 HUD
Inspector General's report entitled, ``HUD's Oversight of Lead-
Based Paint in Public and Housing Choice Voucher Programs.''
On August 16, 2018, the Subcommittee on Housing and
Insurance held a field hearing in Lexington, KY entitled, ``The
Role of Federal Housing and Community Development Programs to
Support Opioid and Substance Use Disorder Treatment and
Recovery.'' The hearing examined how the Federal government
could use existing housing and community development programs
to complement community efforts to treat individuals
experiencing opioid or substance-abuse treatments.
On September 5, 2018, the Subcommittee on Housing and
Insurance held a hearing entitled, ``The Cost of Regulation on
Affordable Multifamily Development.'' The hearing examined the
various, federal, state, and local regulations and policies
that affect affordable multifamily housing development.
On September 25, 2018, the Subcommittee on Housing and
Insurance held a hearing entitled, ``HUD Office of Inspector
General Report: HUD's Oversight of the Alexander County (IL)
Housing Authority.'' The hearing examined the HUD Inspector
General's report of July 24, 2018 entitled, ``HUD's Oversight
of the Alexander County Housing Authority,'' and HUD's general
oversight of public housing authorities.
Fair Housing. The Committee conducted oversight to ensure
the enforcement of fair housing practices and that the
principles of the Fair Housing Act of 1968 were upheld so that
no person is subject to illegal discrimination in housing
practices. Staff held meetings with interested parties.
The full committee held a hearing on October 12, 2017
entitled, ``The Future of Housing In America: Oversight of the
Department of Housing and Urban Development.'' The sole witness
was the Honorable Ben Carson, Secretary, U.S. Department of
Housing and Urban Development (HUD). Members discussed the Fair
Housing Act of 1968 and HUD's 2013 final rule implementing the
Fair Housing Act's disparate impact standard.
On June 27, 2018, the full committee held a hearing
entitled, ``Oversight of the Department of Housing and Urban
Development.'' The sole witness was the Honorable Ben Carson,
Secretary, U.S. Department of Housing and Urban Development
(HUD). Members discussed fair housing enforcement and HUD's
June 20, 2018 publication of its advance notice of proposed
rulemaking that invited public comment on possible amendments
to HUD's 2013 final rule implementing the Fair Housing Act's
disparate impact standard.
Native American Housing Assistance and Self-Determination
Act (NAHASDA). The Committee conducted oversight of the grants
and other programs under the NAHASDA block grant program. On
July 21, 2017, the Subcommittee on Housing and Insurance held a
field hearing in Hayward, WI entitled, ``NAHASDA: 20 years
On.'' Witnesses discussed NAHASDA and other Federal housing
programs that affect housing for Native American tribal
communities and reservations.
Settlement Procedures. The Committee conducted oversight of
the regulation of real estate settlement procedures, including
appraisals and disclosures involving closing costs and the
settlement process.
The full committee held a hearing on April 26, 2017
entitled, ``A Legislative Proposal to Create Hope and
Opportunity for Investors, Consumers, and Entrepreneurs.''
Witnesses and members discussed mortgage settlement procedures
and how the CHOICE Act legislation would affect mortgage
closing disclosure rules.
INSURANCE
National Flood Insurance Program (NFIP). The Committee
conducted oversight of the National Flood Insurance Program. In
particular, the Committee examined proposals to limit taxpayer
exposure under the NFIP and increase the participation of the
private sector in the flood insurance market.
On March 9, 2017, the Subcommittee on Housing and Insurance
held a hearing entitled, ``Flood Insurance Reform: FEMA's
Perspective.'' The hearing examined the National Flood
Insurance Program (NFIP) and provided members an opportunity to
question FEMA and review the current government flood insurance
model, the technological changes since 1968 that could improve
the NFIP, and how the private sector could development a
private flood insurance market that compliments or exceeds the
current NFIP model.
On March 13, 2017, the Committee sent letters to the U.S.
Department of Homeland Security (FEMA), the U.S. Department of
Housing and Urban Development, the Federal Deposit Insurance
Corporation, the National Credit Union Administration, the
Federal Housing Finance Agency, and the Comptroller of the
Currency regarding the effectiveness of the enforcement of the
flood insurance mandatory purchase requirement.
On March 16, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Flood Insurance Reform: A
Community Perspective.'' The hearing examined the community-
level perspective on flood insurance, including reforms to the
NFIP that would provide more transparency in claims processes
and payments, better encourage flood resiliency, and further
develop a private flood insurance market that compliments or
exceeds the current NFIP model.
On June 7, 2017, the Committee held a hearing entitled,
``Flood Insurance Reform: A Taxpayer's Perspective.'' The
hearing examined the NFIP and six legislative concepts to
reform the program.
Federal Insurance Office (FIO). The Committee examined the
Treasury Department's Federal Insurance Office and the conduct
of its statutory functions under the Dodd-Frank Act regarding
domestic and international insurance policy issues.
On April 26, 2017, the Committee held a hearing entitled,
``A Legislative Proposal to Create Hope and Opportunity for
Investors, Consumers, and Entrepreneurs.'' The hearing examined
a discussion draft of the Financial CHOICE Act of 2017, which
the Committee publicly released on April 19, 2017. Witnesses
also discussed in their testimony Section 1101 of the CHOICE
Act, which repealed the Federal Insurance Office and created
the Office of the Independent Insurance Advocate, and Section
1102, which provided reforms to the treatment of covered
agreements.
On October 24, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``The Federal Government's
Role in the Insurance Industry.'' The hearing examined both the
domestic and international roles of the Federal Insurance
Office and Congressional oversight of international insurance
issues.
Impact of Dodd-Frank Act Implementation on the Insurance
Sector. The Committee monitored implementation of various
provisions in the Dodd-Frank Act and various international
regulatory initiatives for their potential impact on the
insurance sector, including FIO's efforts to enter into a
covered agreement with the European Union.
On February 16, 2017, the Subcommittee on Housing and
Insurance held a hearing entitled, ``Assessing the U.S.-EU
Covered Agreement.'' The hearing examined the January 13, 2017
announcement from the U.S. Department of Treasury that the
United States and the European Union (EU) completed
negotiations on a Covered Agreement entitled, ``Bilateral
Agreement between the European Union and the United States of
America on Prudential Measures Regarding Insurance and
Reinsurance.''
Insurance. On March 7, 2018, the Subcommittee on Housing
and Insurance held a hearing entitled, ``Legislative Review of
H.R. 5059, the State Insurance Regulation Preservation Act.''
The hearing examined the definition of an Insurance Savings and
Loan Holding Company (ISLHC) and discussed a regulatory
framework that would define the Federal Reserve's oversight of
ISLHCs.
On May 23, 2018, the Subcommittee on Housing and Insurance
held a hearing entitled, ``The Impact of Autonomous Vehicles on
the Future of Insurance.'' The hearing examined how insurance
companies assess the evolving technologies of auto
manufacturers and technology companies and how the role, price
and provision of insurance might change as autonomous vehicles
become more prevalent.
MONETARY POLICY AND TRADE
The Federal Reserve System. On February 23, 2017, 34
Republican members of the Full Committee sent a letter to Chair
Yellen of the Board of Governors of the Federal Reserve System
urging the Chair to postpone any new rules until the U.S.
Senate confirmed a Vice Chairman for Supervision.
The Subcommittee held a hearing on ``Sound Monetary
Policy'' on March 16, 2017. During the hearing members examined
how the Federal Reserve departed from conventional monetary
policy, how the Federal Reserve can facilitate an orderly
return to a conventional balance sheet, and how monetary
policies can reliably support economic growth going forward.
Witnesses that testified were Mr. John Allison, Executive in
Residence, Wake Forest School of Business, and former Chairman
and Chief Executive Officer, BB&T Corporation; Dr. Marvin
Goodfriend, Friend of Allan H. Meltzer Professor of Economics,
Tepper School of Business, Carnegie Mellon University, and
former Director, Research and Policy Advisor, Federal Reserve
Bank of Richmond; Dr. John B. Taylor, Mary and Robert Raymond
Professor of Economics, Stanford University; and Dr. Josh
Bivens, Director of Research, Economic Policy Institute.
The Subcommittee held a hearing on ``Examining the Federal
Reserve's Mandate and Governance Structure'' on April 4, 2017.
The hearing examined how well the Federal Reserve's (i)
statutory mandate (ii) and governance institutions more
generally are performing in terms of providing foundational
support for business and household economic opportunities.
Witnesses that testified were Dr. Charles Calomiris, Henry
Kaufman Professor of Financial Institutions at Columbia
Business School; Dr. Mickey Levy, Chief Economist for Americas
and Asia at Berenberg Capital Markets, LLC; and the Honorable
William Spriggs, Chief Economist, AFL-CIO and Professor,
Department of Economics, Howard University.
The Subcommittee held a hearing on the ``The Federal
Reserve's Impact on Main Street, Retirees, and Savings'' on
June 28, 2017. The hearing evaluated how Federal Reserve
policies are adversely affecting households, small businesses,
savers, and retirees, and considered policy opportunities that
the Federal Reserve could implement to improve economic
opportunities for all. Witnesses that testified were Dr.
Norbert Michel, Senior Research Fellow, The Heritage
Foundation; Dr. Paul Kupiec, Resident Scholar, American
Enterprise Institute; Dr. Karen Dynan, Nonresident Senior
Fellow, Peterson Institute for International Economics; and Mr.
Alex J. Pollock, Distinguished Senior Fellow, R Street
Institute.
The Subcommittee held a hearing on ``the Monetary Policy v.
Fiscal Policy: Risks to Price Stability and The Economy'' on
July 20, 2017. The hearing examined the impact that U.S. fiscal
policy has on the monetary policy decisions made by the Federal
Open Market Committee (FOMC) at the Federal Reserve. It also
examined whether past FOMC actions constitute fiscal rather
than monetary policy. Finally, this hearing evaluated the
potential risks posed to price stability and the economy when
fiscal policy drives monetary policy and central banks engage
in fiscal policy instead of monetary policy. Witnesses that
testified were Dr. George Selgin, Senior Fellow and Director of
the Center for Monetary and Financial Alternatives at the Cato
Institute; Dr. Mickey Levy, Chief Economist for Americas and
Asia at Berenberg Capital Markets, LLC; Dr. Jared Bernstein,
Senior Fellow for the Center on Budget and Policy Priorities;
and Dr. Eric M. Leeper, Economics Professor at Indiana
University Bloomington.
On August 3, 2017, 38 members from the majority and
minority of the Full Committee, sent a letter to Chair Yellen
and other regulators, urging them to harmonize and streamline
disparate cybersecurity regulations for financial institutions.
The Subcommittee held a hearing entitled ``Examining
Federal Reserve Reform Proposals'' on November 7, 2017. The
hearing examined discussion drafts of legislative texts
pertaining to Federal Reserve System reform that were later
introduced: H.R. 4270, H.R. 4278, and H.R. 4302 The witnesses
that testified were Dr. Mickey Levy, Managing Director and
Chief Economist, Berenberg Capital Markets; Dr. Andrew T.
Levin, Professor of Economics, Dartmouth College; Dr. Jered
Bernstein, Senior Fellow, Center on Budget and Policy
Priorities; and Dr. Charles I. Plosser, Visiting Fellow, Hoover
Institution.
The Subcommittee held a hearing entitled ``A Further
Examination of Federal Reserve Reform Proposals'' on January
10, 2018. The hearing examined discussion drafts of legislative
texts pertaining to Federal Reserve System reform that were
later introduced: H.R. 4753, H.R. 4755, H.R. 4756, H.R. 4756,
H.R. 4757, H.R. 4758, H.R. 4759, and H.R. 4791 (These bills are
described in detail earlier in this report). The witnesses that
testified were Dr. Dean Baker, Co-Director and Senior
Economist, Center for Economic and Policy Research; Dr. Norbert
J. Michel, Director, Center for Data Analysis, The Heritage
Foundation; Mr. Alex J. Pollock, Distinguished Senior Fellow, R
Street Institute; and Dr. George Selgin, Senior Fellow and
Director, Center for Monetary and Financial Alternatives, The
Cato Institute.
Defense Production Act. The Committee monitored matters
relating to the Defense Production Act in the 115th Congress,
including during House consideration of the National Defense
Authorization Act.
Committee on Foreign Investment in the United States
(CFIUS). The Committee organized numerous hearings and
stakeholder meetings to examine CFIUS operations.
On December 14, 2017, the Subcommittee on Monetary Policy
and Trade held a hearing entitled, ``Examining the Operations
of the Committee on Foreign Investment in the United States.''
On January 9, 2018, the Subcommittee held a hearing entitled,
``Evaluating CFIUS: Challenges Posed by a Changing Global
Economy,'' and on March 15, 2018, the Subcommittee held a
hearing entitled, ``Evaluating CFIUS: Administration
Perspectives.'' On April 12, 2018, the Subcommittee held a
legislative hearing entitled, ``H.R. 4311, the Foreign
Investment Risk Review Modernization Act of 2017.'' On
September 12, 2018, Chairman Hensarling and Ranking Member
Waters joined MPT Subcommittee Chairman Barr and Ranking Member
Moore in sending a letter on CFIUS to Treasury Secretary
Mnuchin, laying out congressional intent behind certain
provisions in the Foreign Investment Risk Review Modernization
Act of 2018, which was signed into law on August 13, 2018 as
Title XVII of the John S. McCain National Defense Authorization
Act for Fiscal Year 2019.
Coins and Currency. The Committee actively monitored the
Treasury Department's Bureau of Engraving and Printing (BEP)
and United States Mint processes for producing banknotes and
circulating collector and investor coins. The Subcommittee on
Monetary Policy and Trade particularly examined BEP's proposal
to build a new printing plant, delving into a report on that
proposal by the Government Accountability Office and holding
two hearings that included extensive discussion of the
potential mid-term and long-term demand for banknotes and coins
as technology and consumer behavior change. In the first
hearing, ``The Future of Money: Digital Currency,'' held July
18, 2018, the Subcommittee examined trends in emerging
technology for the transfer of value, and consumer interest and
adoption of such technology both domestically and abroad. In
the second hearing, ``The Future of Money: Coins and
Banknotes,'' held September 5, 2018, the Subcommittee heard
testimony from the directors of the Mint and BEP.
Economic Sanctions. The Committee monitored executive
branch efforts to implement major sanctions programs,
particularly those targeting Iran, North Korea, and Venezuela.
On April 4, 2017, the Subcommittee on Monetary Policy and Trade
and the Subcommittee on Terrorism and Illicit Finance held a
joint hearing entitled, ``Increasing the Effectiveness of Non-
Nuclear Sanctions against Iran.'' On July 19, 2017, the
Subcommittee on Monetary Policy and Trade held a hearing
entitled, ``Restricting North Korea's Access to Finance,'' and
on September 13, 2017, the Subcommittee held a hearing
entitled, ``A Legislative Proposal to Impede North Korea's
Access to Finance.'' The Subcommittee continued its public
oversight of sanctions on November 30, 2017 in a hearing
entitled, ``Evaluating the Effectiveness of U.S. Sanctions
Programs.'' On September 26, 2018, the Subcommittee on Monetary
Policy and Trade held an additional hearing on sanctions
implementation entitled, ``Administration Goals for Major
Sanctions Programs.''
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 May 18, 2017, the Subcommittee on Monetary Policy and
Trade held a hearing entitled, ``Lessons from the IMF's Bailout
of Greece.'' On November 8, 2017, the Subcommittee held a
hearing entitled, ``Administration Priorities for the
International Financial Institutions.'' On November 28, 2018,
the Subcommittee on Monetary Policy and Trade held a hearing
entitled, ``Evaluating the Effectiveness of the International
Financial Institutions.''
In addition, the Full Committee received the Treasury
Secretary's annual testimony on the state of the international
financial system on July 27, 2017 and July 12, 2018.
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 March 22, 2017, the Subcommittee on Monetary Policy and
Trade held a hearing entitled, ``Examining Results and
Accountability at the World Bank.'' On November 11, 2017 and
November 28, 2018, the Subcommittee received the testimony of
Under Secretary of the Treasury for International Affairs David
Malpass on the activities of the international financial
institutions, including those of the World Bank.
Export-Import Bank of the United States (Ex-Im Bank). The
Committee monitored activities of the Ex-Im Bank and the Bank's
Inspector General.
International Trade. The Committee examined Administration
policies with respect to trade, including through the ``Annual
Testimony of the Secretary of the Treasury of the State of the
International Financial System'' on July 12, 2018.
Exchange Rates. The Committee monitored international
exchange rate developments, particularly through its oversight
of U.S. participation in the International Monetary Fund and
the Treasury Department's analysis of exchange rate policies of
major U.S. trading partners.
Global Economic Conditions. The Committee examined economic
developments overseas and assessed the effect of those
developments on the U.S. economy, particularly through
testimony by the Secretary of the Treasury on July 27, 2017 and
July 12, 2018.
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.''
ILLICIT FINANCING
Office of Terrorism and Financial Intelligence (TFI). On
November 2, 2017, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Financial Intelligence
and Enforcement: Treasury's Role in Safeguarding the American
Financial System'' with TFI Under Secretary Sigal Mandelker to
provide an overview of the functions of the U.S. Department of
the Treasury's Office of Terrorism and Financial Intelligence
(TFI), which is comprised of the Office of Terrorist Financing
and Financial Crime (TFFC), the Office of Intelligence and
Analysis (OIA), the Office of Foreign Assets Control (OFAC),
the Financial Crimes Enforcement Network (FinCEN), and the
Treasury Executive Office for Asset Forfeiture (TEOAF). Members
heard testimony from Under Secretary Sigal Mandelker, to
discuss TFI's policy, enforcement, regulatory, and intelligence
functions to combat terrorist financing, money laundering,
financial crimes, and other threats to our national security.
Office of Foreign Assets Control (OFAC). On April 4, 2017,
the MPT and TIF Subcommittees held a hearing entitled
``Increasing the Effectiveness of Non-Nuclear Sanctions Against
Iran'' to address the effectiveness of U.S. sanctions in
response to Iran's illicit behavior, including its support for
terrorism and regional destabilization. Witnesses considered
whether new designations or sanctions authorities may
contribute to halting Iranian offenses and reducing illicit
finance risk internationally.
Financial Crimes Enforcement Network (FinCEN). On April 27,
2017, the TIF Subcommittee held a hearing entitled
``Safeguarding the Financial System from Terrorist Financing''
with FinCEN Acting Director Jamal El-Hindi to explore efforts
for increased efficiency and better information-sharing through
the extensive data gathering efforts of Financial Crimes
Enforcement Network (FinCEN) within the U.S. Department of the
Treasury (Treasury), and assess how data processing within
FinCEN can be made more effective. The Acting Director
discussed whether modifications to Bank Secrecy Act and USA
PATRIOT Act provisions are necessary to increase the
effectiveness of FinCEN Divisions at disrupting terrorist
financing and money laundering.
On May 16, 2018, the Terrorism and Illicit Finance
Subcommittee held a hearing entitled ``Implementation of
FinCEN's Customer Due Diligence Rule--Regulator Perspective''
with FinCEN Director Ken Blanco to examine FinCEN's Customer
Due Diligence Requirements for Financial Institutions (CDD
Rule). The CDD Rule requires enhanced due diligence
requirements for financial institutions to identify and verify
the beneficial owners of legal entity customers at the time of
account openings. While regulatory and administrative efforts
improve law enforcement's ability to combat money laundering
and terrorist financing as well as new rules to protect the
integrity of the U.S. financial system are necessary
enhancements to the anti-money laundering regime. With any new
rule, law enforcement should also provide financial
institutions with flexibility, clear guidance and consistent
feedback. As the May 11, 2018 implementation date approaches,
there remain, however, significant questions about the CDD
Rule's interpretation and reporting requirements.
This hearing examined FinCEN's implementation and
enforcement of the CDD Rule, its compliance requirements for
financial institutions, and how it advances the efficacy of the
anti-money laundering/combatting the financing of terrorism
(AML/CFT) framework.
Information Sharing. On November 29, 2017, the Terrorism
and Illicit Finance Subcommittee and Financial Institutions and
Consumer Credit Subcommittee held a joint hearing entitled
``Legislative Proposals to Counter Terrorism and Illicit
Finance'' to discuss the Counter Terrorism and Illicit Finance
Act (H.R. 6068), which includes sections to improve information
sharing between the financial industry and law enforcement, to
make public Treasury's AML priorities to the private sector,
and to allow financial institutions to share information with
their foreign affiliates.
Anti-Money Laundering (AML) and Countering Terrorist
Financing (CFT). 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.
On November 29, 2017, the Terrorism and Illicit Finance
Subcommittee and Financial Institutions and Consumer Credit
Subcommittee held a joint hearing entitled ``Legislative
Proposals to Counter Terrorism and Illicit Finance'' to discuss
significant elements of the BSA regime need to be improved to
keep pace with the changing face of terrorism and crime, and to
make it more efficient and effective for law enforcement,
regulatory authorities and financial institutions. The Counter
Terrorism and Illicit Finance Act is a step in the right
direction to better protect the integrity of today's financial
system in a way that appropriately furthers key national
security objectives while balancing the responsibilities and
burdens that have been placed upon financial institutions.
DELINEATION 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 (Full Committee) Date(s)
------------------------------------------------------------------------
115-15........................ ``The 2016 Semi-Annual April 5, 2017
Reports of the Bureau
of Consumer Financial
Protection''.
115-17........................ ``A Legislative April 26, 2017
Proposal to Create
Hope and Opportunity
for Investors,
Consumers, and
Entrepreneurs'' (Full
Committee).
115-19........................ ``A Legislative April 28, 2017
Proposal to Create
Hope and Opportunity
for Investors,
Consumers, and
Entrepreneurs--Day
2''.
115-21........................ ``Flood Insurance June 7, 2017
Reform: A Taxpayer's
Perspective''.
115-44........................ ``Sustainable Housing October 3, 2017
Finance: An Update
from the Director of
the Federal Housing
Finance Agency''.
115-46........................ ``Examining the October 5, 2017
Equifax Data Breach''.
115-47........................ ``The Future of October 12, 2017
Housing in America:
Oversight of the
Department of Housing
and Urban
Development''.
115-50........................ Continuation of October 25, 2017
Hearing entitled
``Examining the
Equifax Data Breach''.
115-86........................ ``Semi-Annual April 17, 2018
Testimony on the
Federal Reserve's
Supervision and
Regulation of the
Financial System''.
115-99........................ ``Financial Industry June 13, 2018
Regulation: the
Office of the
Comptroller of the
Currency''.
115-101....................... ``Empowering a Pro- June 20, 2018
Growth Economy by
Cutting Taxes and
Regulatory Red Tape''.
115-115....................... ``A Failure to Act: September 6,
How a Decade without 2018
GSE Reform Has Once
Again Put Taxpayers
at Risk''.
115-120....................... ``Oversight of the September 27,
Federal Housing 2018
Finance Agency's role
as conservator and
regulator of the
Government Sponsored
Enterprises''.
115-122....................... ``Semi-Annual November 14,
Testimony on the 2018
Federal Reserve's
Supervision and
Regulation of the
Financial System''.
------------------------------------------------------------------------
------------------------------------------------------------------------
Serial No. Title & Subcommittee
------------------------------------------------------------------------
115-3......................... ``Flood Insurance March 9, 2017
Reform: FEMA's
Perspective''
Subcommittee on
Housing and Insurance.
115-5......................... ``Flood Insurance March 16, 2017
Reform: A Community
Perspective''
Subcommittee on
Housing and Insurance.
115-6......................... ``The Bureau of March 21, 2017
Consumer Financial
Protection's
Unconstitutional
Design'' Subcommittee
on Oversight and
Investigations.
115-16........................ ``Examination of the April 6, 2017
Federal Financial
Regulatory System and
Opportunities for
Reform'' Subcommittee
on Financial
Institutions and
Consumer Credit.
115-18........................ ``Safeguarding the April 27, 2017
Financial System from
Terrorist Financing''
Subcommittee on
Terrorism and Illicit
Finance.
115-28........................ ``Examining July 12, 2017
Legislative Proposals
to Provide Targeted
Regulatory Relief to
Community Financial
Institutions''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-31........................ ``The Cost of Being a July 18, 2017
Public Company in
Light of Sarbanes-
Oxley and the
Federalization of
Corporate
Governance''
Subcommittee on
Capital Markets,
Securities, and
Investment.
115-32........................ ``Managing Terrorism July 18, 2017
Financing Risk in
Remittances and Money
Transfers''
Subcommittee on
Terrorism and Illicit
Finance.
115-37........................ ``Low Cost, High September 6,
Impact: Combatting 2017
the Financing of Lone-
Wolf and Small-Scale
Terrorist Attacks''
Subcommittee on
Terrorism and Illicit
Finance.
115-38........................ ``Legislative September 7,
Proposals for a More 2017
Efficient Federal
Financial Regulatory
Regime'' Subcommittee
on Financial
Institutions and
Consumer Credit.
115-39........................ ``Oversight of the September 7,
Financial Industry 2017
Regulatory
Authority''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-49........................ ``Sustainable Housing October 25, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform'' Subcommittee
on Housing and
Insurance.
115-51........................ ``Examining the November 1, 2017
Community Development
Block Grant-Disaster
Recovery Program''
Subcommittee on
Oversight and
Investigations.
115-52........................ ``Data Security: November 1, 2017
Vulnerabilities and
Opportunities for
Improvement''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-53........................ ``Sustainable Housing November 2, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform, Part II''
Subcommittee on
Housing and Insurance.
115-55........................ ``Sustainable Housing November 7, 2017
Finance, Part III''
Subcommittee on
Housing and Insurance.
115-56........................ ``Examining Federal November 7, 2017
Reserve Reform
Proposals''
Subcommittee on
Monetary Policy and
Trade.
115-58........................ ``Financial November 8, 2017
Intelligence and
Enforcement:
Treasury's Role in
Safeguarding the
American Financial
System'' Subcommittee
on Terrorism and
Illicit Finance.
115-59........................ ``Sustainable Housing November 29,
Finance: The Role of 2017
Ginnie Mae in the
Housing Finance
System'' Housing and
Insurance.
115-60........................ Joint Hearing entitled November 29,
``Legislative 2017
Proposals to Counter
Terrorism and Illicit
Finance'' (Financial
Institutions/
Terrorism Finance).
115-61........................ ``Implementation and November 30,
Cybersecurity 2017
Protocols of the
Consolidated Audit
Trail'' Subcommittee
on Capital Markets,
Securities, and
Investment.
115-63........................ ``Sustainable Housing December 6, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform, Part IV''
Housing and Insurance.
115-64........................ ``Examining the Office December 7, 2017
of Financial
Research''
Subcommittee on
Oversight and
Investigations.
115-65........................ ``Legislative December 7, 2017
Proposals for a More
Efficient Federal
Financial Regulatory
Regime: Part II''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-68........................ ``Legislative January 9, 2018
Proposals for a More
Efficient Federal
Financial Regulatory
Regime: Part III''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-73........................ ``Examining the February 14,
Current Data Security 2018
And Breach
Notification
Regulatory Regime''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-78........................ ``Legislative March 7, 2018
Proposals to Reform
the Current Data
Security and Breach
Notification
Regulatory Regime''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-81........................ ``After the Breach: March 15, 2018
the Monetization and
Illicit Use of Stolen
Data'' Subcommittee
on Terrorism and
Illicit Finance.
115-84........................ ``Oversight of the April 12, 2018
Federal Housing
Finance Agency''
Subcommittee on
Oversight and
Investigations.
115-87........................ ``Housing Choice April 17, 2018
Voucher Program: An
Oversight and Review
of Legislative
Proposals'' Housing
and Insurance.
115-88........................ ``HUD's Role in Rental April 25, 2018
Assistance: An
Oversight and Review
of Legislative
Proposals on Rent
Reform'' Housing and
Insurance.
115-89........................ ``Oversight of the April 26, 2018
SEC's Division of
Corporation Finance''
Subcommittee on
Capital Markets,
Securities, and
Investment.
115-91........................ ``Oversight of the May 16, 2018
SEC's Division of
Enforcement''
Subcommittee on
Capital Markets,
Securities, and
Investment.
115-92........................ ``Implementation of May 16, 2018
FinCEN's Customer Due
Diligence Rule''
Subcommittee on
Terrorism and Illicit
Finance.
115-93........................ ``Community May 17, 2018
Development Block
Grant-Disaster
Recovery Program--
Stakeholder
Perspectives''
Subcommittee on
Oversight and
Investigations.
115-98........................ ``Improving June 6, 2018
Transparency and
Accountability at the
Bureau of Consumer
Financial
Protection''
Subcommittee on
Financial
Institutions and
Consumer Credit.
115-104....................... ``Oversight of the June 26, 2018
Federal Government's
Approach to Lead-
Based Paint and Mold
Remediation in Public
and Subsidized
Housing'' Housing and
Insurance.
115-108....................... ``Countering the July 12, 2018
Financial Networks of
Weapons
Proliferation''
Subcommittee on
Terrorism and Illicit
Finance.
115-112....................... Field hearing entitled August 16, 2018
``The Role of Federal
Housing and Community
Development Programs
to Support Opioid and
Substance Use
Disorder Treatment
and Recovery''
Housing and Insurance.
115-118....................... ``Oversight of the September 26,
SEC's Division of 2018
Investment
Management''
Subcommittee on
Capital Markets,
Securities, and
Investment.
115-117....................... ``HUD Office of September 25,
Inspector General 2018
Report: HUD's
Oversight of the
Alexander County (IL)
Housing Authority''
Housing and Insurance.
------------------------------------------------------------------------
APPENDIX I--COMMITTEE LEGISLATION
Part A--Committee Reports
Reports filed by the Committee on Financial Services with the House
------------------------------------------------------------------------
Bill No. H. Rept. No. Title
------------------------------------------------------------------------
H.R. 1219..................... 115-70........... Supporting America's
Innovators Act of
2017
H.R. 1343..................... 115-71........... Encouraging Employee
Ownership Act of
2017
H.R. 910...................... 115-102.......... Fair Access to
Investment Research
Act of 2017
H.R. 1366..................... 115-103.......... U.S. Territories
Investor Protection
Act of 2017
H.R. 1312..................... 115-104.......... Small Business
Capital Formation
Enhancement Act
H.R. 10....................... 115-153 Part I, Financial CHOICE Act
Part II. of 2017
H.R. 2868..................... 115-211.......... National Flood
Insurance Program
Policyholder
Protection Act of
2017
H.R. 1422..................... 115-220.......... Private Flood
Insurance Market
Development Act of
2017
H.R. 2565..................... 115-221.......... To require the use of
replacement cost
value in determining
the premium rates
for flood insurance
coverage under the
National Flood
Insurance Act, and
for other purposes.
H.R. 2875..................... 115-233.......... National Flood
Insurance Program
Administrative
Reform Act of 2017
H.R. 2246..................... 115-255.......... Taxpayer Exposure
Mitigation Act of
2017
H.J. Res. 442................. 115-265.......... Of inquiry directing
the Secretary of the
Treasury to provide
certain documents in
the secretary's
possession to the
House of
Representatives
relating to
President Trump's
financial
connections to
Russia, certain
illegal financial
schemes, and related
information.
H.R. 1257..................... 115-275.......... Securities and
Exchange Commission
Overpayment Credit
Act
H.R. 1558..................... 115-276.......... Repeatedly Flooded
Communities
Preparation Act
H.R. 2864..................... 115-292.......... Improving Access to
Capital Act
H.R. 3110..................... 115-293.......... Financial Stability
Oversight Council
Insurance Member
Continuity Act
H.R. 3326..................... 115-298.......... World Bank
Accountability Act
of 2017
H.R. 2874..................... 115-304.......... 21st Century Flood
Reform Act
H.R. 1624..................... 115-306.......... Municipal Finance
Support Act of 2017
H.R. 3898..................... 115-361.......... Otto Warmbier North
Korea Nuclear
Sanctions Act
H.R. 3972..................... 115-362.......... Family Office
Technical Correction
Act of 2017
H.R. 3903..................... 115-374.......... Encouraging Public
Offerings Act of
2017
H.R. 1585..................... 115-375.......... Fair Investment
Opportunities for
Professional Experts
Act
H.R. 2201..................... 115-383.......... Micro Offering Safe
Harbor Act
H.R. 3911..................... 115-384.......... Risk-Based Credit
Examination Act
H.R. 2148..................... 115-392.......... Clarifying Commercial
Real Estate Loans
H.R. 3973..................... 115-405.......... Market Data
Protection Act of
2017
H.R. 2706..................... 115-414.......... Financial Institution
Customer Protection
Act of 2017
H.R. 1699..................... 115-416.......... Preserving Access to
Manufactured Housing
Act of 2017
H.R. 3072..................... 115-420.......... Bureau of Consumer
Financial Protection
Examination and
Reporting Threshold
Act of 2017
H.R. 3312..................... 115-423.......... Systemic Risk
Designation
Improvement Act of
2017
H.R. 3758..................... 115-424.......... Senior Safe Act of
2017
H.R. 1645..................... 115-425.......... Fostering Innovation
Act of 2017
H.R. 3093..................... 115-426.......... Investor Clarity and
Bank Parity Act
H.R. 477...................... 115-431.......... Small Business
Mergers,
Acquisitions, Sales,
and Brokerage
Simplification Act
of 2017
H.R. 3971..................... 115-432.......... Community Institution
Mortgage Relief Act
of 2017
H.R. 2396..................... 115-434.......... Privacy Notification
Technical
Clarification Act
H.R. 4015..................... 115-451.......... Corporate Governance
Reform and
Transparency Act of
2017
H.R. 4324..................... 115-452.......... Strengthening
Oversight of Iran's
Access to Finance
Act
H.R. 1638..................... 115-453 Part I... Iranian Leadership
Asset Transparency
Act
H.R. 4258..................... 115-464.......... Family Self-
Sufficiency Act
H.R. 4292..................... 115-465.......... Financial Institution
Living Will
Improvement Act of
2017
H.R. 2954..................... 115-485.......... Home Mortgage
Disclosure
Adjustment Act
H.R. 4519..................... 115-500.......... To amend the
Securities Exchange
Act of 1934 to
repeal certain
disclosure
requirements related
to resource
extraction, and for
other purposes.
H.R. 4279..................... 115-517.......... Expanding Investment
Opportunities Act
H.R. 1153..................... 115-522.......... Mortgage Choice Act
of 2017
H.R. 1457..................... 115-523.......... Making Online Banking
Initiation Legal and
Easy Act of 2017
H.R. 3978..................... 115-524.......... TRID Improvement Act
of 2017
H.R. 4546..................... 115-525.......... National Securities
Exchange Regulatory
Parity Act
H.R. 2255..................... 115-528.......... Housing Opportunities
Made Easier Act
H.R. 4792..................... 115-529.......... Small Business Access
to Capital After a
Natural Disaster Act
H.R. 1426..................... 115-530.......... Federal Savings
Association Charter
Flexibility Act of
2017
H.R. 4281..................... 115-531.......... Expanding Access to
Capital for Rural
Job Creators Act
H.R. 3299..................... 115-538.......... Protecting Consumers'
Access to Credit Act
of 2017
H.R. 4771..................... 115-543.......... Small Holding Company
Relief Act of 2018
H.R. 4263..................... 115-544.......... Regulation A+
Improvement Act of
2017
H.R. 3948..................... 115-549.......... Protection of Source
Code Act
H.R. 2948..................... 115-552.......... 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. 4768..................... 115-553.......... National Strategy for
Combating the
Financing of
Transnational
Criminal
Organizations Act
H.R. 435...................... 115-568.......... The Credit Access and
Inclusion Act of
2017
H.R. 2219..................... 115-569 Part I... End Banking for Human
Traffickers Act of
2018
H.R. 4248..................... 115-570.......... To amend the
Securities Exchange
Act of 1934 to
repeal certain
disclosure
requirements related
to conflict
minerals, and for
other purposes.
H.R. 4289..................... 115-571.......... To amend the Dodd-
Frank Wall Street
Reform and Consumer
Protection Act to
repeal certain
disclosure
requirements related
to coal and mine
safety.
H.R. 4607..................... 115-573.......... Comprehensive
Regulatory Review
Act
H.R. 4296..................... 115-574.......... To place requirements
on operational risk
capital requirements
for banking
organizations
established by an
appropriate Federal
banking agency.
H.R. 4529..................... 115-576.......... Accelerating Access
to Capital Act of
2017
H.R. 4725..................... 115-577.......... Community Bank
Reporting Relief Act
H.R. 2226..................... 115-578.......... Portfolio Lending and
Mortgage Access Act
H.R. 1116..................... 115-588.......... TAILOR Act of 2017
H.R. 4545..................... 115-589.......... Financial
Institutions
Examination Fairness
and Reform Act
H.R. 3221..................... 115-590.......... Securing Access to
Affordable Mortgages
Act
H.R. 3864..................... 115-591.......... Native American
Housing Assistance
and Self-
Determination
Reauthorization Act
of 2017
H.R. 4061..................... 115-592.......... Financial Stability
Oversight Council
Improvement Act of
2017
H.R. 4293..................... 115-593.......... Stress Test
Improvement Act of
2017
H.R. 4566..................... 115-601.......... Alleviating Stress
Test Burdens to Help
Investors Act
H.R. 3179..................... 115-620.......... Transparency and
Accountability for
Business Standards
Act
H.R. 4790..................... 115-621.......... Volcker Rule
Regulatory
Harmonization Act
H.R. 4267..................... 115-646.......... Small Business Credit
Availability Act
H.R. 4464..................... 115-647.......... Common Sense Credit
Union Capital Relief
Act of 2017
H.R. 4560..................... 115-648.......... GSE Jumpstart
Reauthorization Act
of 2017
H.R. 4270..................... 115-652.......... Monetary Policy
Transparency and
Accountability Act
of 2017
H.R. 2121..................... 115-656.......... Pension, Endowment,
and Mutual Fund
Access to Banking
Act
H.R. 5076..................... 115-657.......... Small Bank Exam Cycle
Improvement Act of
2018
H.R. 4738..................... 115-662 Part I... Mutual Fund
Litigation Reform
Act
H.R. 4785..................... 115-663.......... American Customer
Information
Protection Act
H.R. 3746..................... 115-668.......... Business of Insurance
Regulatory Reform
Act of 2017
H.R. 4294..................... 115-678 Part I... Prevention of Private
Information
Dissemination Act of
2017
H.R. 5735..................... 115-719.......... Transitional Housing
for Recovery in
Viable Environments
Demonstration
Program Act
H.R. 5783..................... 115-780.......... Cooperate with Law
Enforcement Agencies
and Watch Act of
2018
H.R. 6069..................... 115-781 Part I... Fight Illicit
Networks and Detect
Trafficking Act
H.R. 5841..................... 115-784 Part I... Foreign Investment
Risk Review
Modernization Act of
2018
H.R. 4537..................... 115-804 Part I... International
Insurance Standards
Act of 2017
H.R. 5953..................... 115-806.......... Building up
Independent Lives
and Dreams Act
H.R. 5877..................... 115-807.......... Main Street Growth
Act
H.R. 6139..................... 115-808.......... Improving Investment
Research for Small
and Emerging Issuers
Act
H.R. 5793..................... 115-809.......... Housing Choice
Voucher Mobility
Demonstration Act of
2018
H.R. 5749..................... 115-810.......... Options Markets
Stability Act
H.R. 5970..................... 115-811.......... Modernizing
Disclosures for
Investors Act
H.R. 6319..................... 115-878.......... Expanding Investment
in Small Businesses
Act
H.R. 6322..................... 115-879.......... Enhancing Multi-Class
Share Disclosures
Act
H.R. 4659..................... 115-882.......... To require the
appropriate federal
banking agencies to
recognize the
exposure-reducing
nature of client
margin for cleared
derivatives
H.R. 3555..................... 115-883.......... Exchange Regulatory
Improvement Act
H.R. 6321..................... 115-884.......... Investment Adviser
Regulatory
Flexibility
Improvement Act
H.R. 1264..................... 115-885.......... Community Financial
Institution
Exemption Act
H.R. 6323..................... 115-886.......... National Senior
Investor Initiative
Act of 2018
H.R. 6324..................... 115-887.......... Middle Market IPO
Underwriting Cost
Act
H.R. 5051..................... 115-888.......... Public Company
Registration
Threshold Act
H.R. 6177..................... 115-889.......... Developing and
Empowering our
Aspiring Leaders Act
of 2018
H.R. 4861..................... 115-890.......... Ensuring Quality
Unbiased Access to
Loans Act of 2018
H.R. 6320..................... 115-891.......... Promoting Transparent
Standards for
Corporate Insiders
Act
H.R. 5082..................... 115-892.......... Practice of Law
Technical
Clarification Act of
2018
H.R. 5323..................... 115-893.......... Derivatives Fairness
Act
H.R. 3857..................... 115-894 Part I... Protecting Advice for
Small Savers Act of
2017
H.R. 2319..................... 115-903.......... Consumer Financial
Choice and Capital
Markets Protection
Act of 2017
H.R. 5756..................... 115-904.......... To require the
Securities and
Exchange Commission
to adjust certain
resubmission
thresholds for
shareholder
proposals
H.R. 6332..................... 115-905.......... Improving Strategies
to Counter Weapons
Proliferation Act
H.R. 5059..................... 115-937.......... State Insurance
Regulation
Preservation Act
H.R. 4753..................... 115-980.......... Federal Reserve
Supervision
Testimony
Clarification Act
H.R. 6729..................... 115-981.......... Empowering Financial
Institutions to
Fight Human
Trafficking At of
2018
H.R. 6751..................... 115-982.......... Banking Transparency
for Sanctioned
Persons Act of 2018
H.R. 6737..................... 115-983.......... Protect Affordable
Mortgages for
Veterans Act of 2018
H.R. 5036..................... 115-984.......... Financial Technology
Protection Act
H.R. 3626..................... 115-1007......... Bank Service Company
Examination
Coordination
H.R. 3861..................... 115-1008......... Federal Insurance
Office Reform Act of
2018
H.R. 6035..................... 115-1009......... Streamlining
Communications for
Investors Act
H.R. 4302..................... 115-1010 Part I.. Congressional
Accountability for
Emergency Lending
Programs Act of 2017
H.R. 2570..................... 115-1024......... Mortgage Fairness Act
of 2017
H.R. 2683..................... 115-1025......... Protecting Veterans
Credit Act of 2018
H.R. 1511..................... 115-1026 Part 1.. Homeless Children and
Youth Act of 2017
H.R. 6021..................... 115-1075......... Small Business Audit
Correction Act of
2018
H.R. 6130..................... 115-1076......... Helping Startups
Continue to Grow Act
H.R. 6745..................... 115-1077......... ACCESS Rural America
Act
H.R. 4758..................... 115-1078......... FOMC Policy
Responsibility Act
H.R. 5054..................... 115-1094......... Small Company
Disclosure
Simplification Act
of 2018
H.R. 5534..................... 115-1095......... Give Useful
Information to
Define Effective
Compliance Act
H.R. 6158..................... 115-1096......... Brokered Deposit
Affiliate-Subsidiary
Modernization Act of
2018
H.R. 6743..................... 115-1097......... Consumer Information
Notification
Requirement Act
H.R. 4557..................... 115-1107 Part 1.. Reforming Disaster
Recovery Act of 2017
H.R. 2128..................... 115-_............
H.R. 4247..................... 115-_............
H.R. 4278..................... 115-_............
H.R. 6741..................... 115-_............
------------------------------------------------------------------------
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 115th Congress.
------------------------------------------------------------------------
Public Law No. Bill No. Title
------------------------------------------------------------------------
115-4......................... H.J. Res. 41..... Providing for
congressional
disapproval under
chapter 8 of title
5, United States
Code, of a rule
submitted by the
Securities and
Exchange Commission
relating to
``Disclosure of
Payments by Resource
Extraction
Issuers''.
115-44........................ H.R. 3364........ Countering America's
adversaries Through
Sanctions Act
115-60........................ S. 1616.......... Bob Dole
Congressional Gold
Medal Act
115-61........................ H.R. 3110........ Financial stability
Oversight Council
Insurance Member
Continuity Act
115-63........................ H.R. 3823........ Disaster Tax Relief
and Airport and
Airway Extension Act
of 2017
115-65........................ H.R. 2519........ The American Legion
100th Anniversary
Commemorative Coin
Act
115-66........................ S. 327........... Fair Access to
Investment Research
Act of 2017
115-74........................ H.J. Res. 111.... Providing for
congressional
disapproval under
chapter 8 of title
5, United States
Code, of the rule
submitted by Bureau
of Consumer
Financial Protection
relating to
``Arbitration
Agreements''.
115-172....................... S.J. Res. 57..... A joint resolution
providing for
congressional
disapproval under
chapter 8 of title
5, United States
Code, of the rule
submitted by Bureau
of Consumer
Financial Protection
relating to
``Indirect Auto
Lending and
Compliance with the
Equal Credit
Opportunity Act''
115-174....................... S. 2155.......... Economic Growth,
Regulatory Relief,
and Consumer
Protection Act
115-197....................... H.R. 770......... American Innovation
$1 Coin Act
115-225....................... S. 1182.......... National Flood
Insurance Program
Extension Act of
2018
115-272....................... S. 1595.......... Hizballah
International
Financing Prevention
Amendments Act of
2018
115-276....................... H.R. 3834........ 9/11 Heroes Medal of
Valor Act of 2017
115-277....................... H.R. 6870........ To rename the Stop
Trading on
Congressional
Knowledge Act of
2012 in honor of Rep
representative
Louise McIntosh
Slaughter
115-281....................... H.R. 7187........ National Flood
Insurance Program
Further Extension
Act of 2018
115-310....................... H.R. 754......... Anwar Sadat
Centennial
Celebration Act
115-322....................... H.R. 1861........ Larry Doby
Congressional Gold
Medal Act
115-337....................... S. 1050.......... Chinese-American
World War II Veteran
Congressional Gold
Medal Act
115-338....................... S. 2101.......... USS Indianapolis
Congressional Gold
Medal Act
115-_......................... H.R. 1235........ Naismith Memorial
Basketball Hall of
Fame Commemorative
Coin Act
115-_......................... S. 2652.......... Stephen Michael
Gleason
Congressional Gold
Medal Act
115-_......................... S. 2765.......... RBIC Advisers Relief
Act of 2018
------------------------------------------------------------------------
APPENDIX II--COMMITTEE PUBLICATIONS
Part A--Committee Hearings
------------------------------------------------------------------------
Serial No. Title & Subcommittee Date(s)
------------------------------------------------------------------------
115-1......................... ``Monetary Policy and February 15,
the State of the 2017
Economy'' (Full
Committee).
115-2......................... ``Assessing the U.S.- February 16,
EU Covered 2017
Agreement'' (Housing).
115-3......................... ``Flood Insurance March 9, 2017
Reform: FEMA's
Perspective''
(Housing).
115-4......................... ``Sound Monetary March 16, 2017
Policy'' (Monetary
Policy).
115-5......................... ``Flood Insurance March 16, 2017
Reform: A Community
Perspective''
(Housing).
115-6......................... ``The Bureau of March 21, 2017
Consumer Financial
Protection's
Unconstitutional
Design'' (Oversight).
115-7......................... ``Ending the De Novo March 21, 2017
Drought: Examining
the Application
Process for De Novo
Financial
Institutions''
(Financial
Institutions).
115-8......................... ``Examining Results March 22, 2017
and Accountability at
the World Bank''
(Monetary Policy).
115-9......................... ``The JOBS Act at March 22, 2017
Five: Examining Its
Impact and Ensuring
the Competitiveness
of the U.S. Capital
Markets'' (Capital
Markets).
115-10........................ ``The Arbitrary and March 28, 2017
Inconsistent Non-Bank
SIFI Designation
Process'' (Oversight).
115-11........................ ``The State of Bank March 28, 2017
Lending in America''
(Financial
Institutions).
115-12........................ ``Examining the Impact March 29, 2017
of the Volcker Rule
on the Markets,
Businesses,
Investors, and Job
Creators'' (Capital
Markets).
115-13........................ ``Examining the April 4, 2017
Federal Reserve's
Mandate and
Governance
Structure'' (Monetary
Policy).
115-14........................ Joint Hearing entitled April 4, 2017
``Increasing the
Effectiveness of Non-
Nuclear Sanctions
Against Iran''
(Monetary Policy/
Terrorism Finance).
115-15........................ ``The 2016 Semi-Annual April 5, 2017
Reports of the Bureau
of Consumer Financial
Protection'' (Full
Committee).
115-16........................ ``Examination of the April 6, 2017
Federal Financial
Regulatory System and
Opportunities for
Reform'' (Financial
Institutions).
115-17........................ ``A Legislative April 26, 2017
Proposal to Create
Hope and Opportunity
for Investors,
Consumers, and
Entrepreneurs'' (Full
Committee).
115-18........................ ``Safeguarding the April 27, 2017
Financial System from
Terrorist Financing''
(Terrorism Finance).
115-19........................ ``A Legislative April 28, 2017
Proposal to Create
Hope and Opportunity
for Investors,
Consumers, and
Entrepreneurs--Day
2'' (Full Committee).
115-20........................ ``Lessons from the May 18, 2017
IMF's Bailout of
Greece'' (Monetary
Policy).
115-21........................ ``Flood Insurance June 7, 2017
Reform: A Taxpayer's
Perspective'' (Full
Committee).
115-22........................ ``Virtual Currency: June 8, 2017
Financial Innovation
and National Security
Implications''
(Terrorism Finance).
115-23........................ ``The Exploitation of June 23, 2017
Cultural Property:
Examining Illicit
Activity in the
Antiquities and Art
Trade'' (Terrorism
Finance).
115-24........................ ``U.S. Equity Market June 27, 2017
Structure Part I: A
Review of the
Evolution of Today's
Equity Market
Structure and How We
Got Here'' (Capital
Markets).
115-25........................ ``The Federal June 28, 2017
Reserve's Impact on
Main Street,
Retirees, and
Savings'' (Monetary
Policy).
115-26........................ ``Examining the BSA/ June 28, 2017
AML Regulatory
Compliance Regime''
(Financial
Institutions).
115-27........................ ``Monetary Policy and July 12, 2017
the State of the
Economy'' (Full
Committee).
115-28........................ ``Examining July 12, 2017
Legislative Proposals
to Provide Targeted
Regulatory Relief to
Community Financial
Institutions''
(Financial
Institutions).
115-29........................ ``Impact of the DOL July 13, 2017
Fiduciary Rule on the
Capital Markets''
(Capital Markets).
115-30........................ ``A Review of Fixed July 14, 2017
Income Market
Structure'' (Capital
Markets).
115-31........................ ``The Cost of Being a July 18, 2017
Public Company in
Light of Sarbanes-
Oxley and the
Federalization of
Corporate
Governance'' (Capital
Markets).
115-32........................ ``Managing Terrorism July 18, 2017
Financing Risk in
Remittances and Money
Transfers''
(Terrorism Finance).
115-33........................ ``Restricting North July 19, 2017
Korea's Access to
Finance'' (Monetary
Policy).
115-34........................ ``Monetary Policy v. July 20, 2017
Fiscal Policy: Risks
to Price Stability
and the Economy''
(Monetary Policy).
115-35........................ Field Hearing entitled July 21, 2017
``NAHASDA: 20 Years
On'' (Housing).
115-36........................ ``The Annual Testimony July 27, 2017
of the Secretary of
the Treasury on the
State of the
International
Financial System''
(Full Committee).
115-37........................ ``Low Cost, High September 6,
Impact: Combatting 2017
the Financing of Lone-
Wolf and Small-Scale
Terrorist Attacks''
(Terrorism Finance).
115-38........................ ``Legislative September 7,
Proposals for a More 2017
Efficient Federal
Financial Regulatory
Regime'' (Financial
Institutions).
115-39........................ ``Oversight of the September 7,
Financial Industry 2017
Regulatory
Authority'' (Capital
Markets).
115-40........................ Joint Hearing entitled September 12,
``Examining the 2017
Relationship Between
Prudential Regulation
and Monetary Policy
at the Federal
Reserve'' (Financial
Institutions/Monetary
Policy).
115-41........................ ``A Legislative September 13,
Proposal to Impede 2017
North Korea's Access
to Finance''
(Monetary Policy).
115-42........................ ``Overview of the September 27,
Family Self- 2017
Sufficiency Program''
(Housing).
115-43........................ ``Examining Insurance September 28,
for Nonprofit 2017
Organizations''
(Housing).
115-44........................ ``Sustainable Housing October 3, 2017
Finance: An Update
from the Director of
the Federal Housing
Finance Agency''
(Full Committee).
115-45........................ ``Examining the SEC's October 4, 2017
Agenda, Operations,
and Budget'' (Full
Committee).
115-46........................ ``Examining the October 5, 2017
Equifax Data Breach''
(Full Committee).
115-47........................ ``The Future of October 12, 2017
Housing in America:
Oversight of the
Department of Housing
and Urban
Development'' (Full
Committee).
115-48........................ ``The Federal October 24, 2017
Government's Role in
the Insurance
Industry'' (Housing).
115-49........................ ``Sustainable Housing October 25, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform'' (Housing).
115-50........................ Continuation of October 25, 2017
Hearing entitled
``Examining the
Equifax Data Breach''
(Full Committee).
115-51........................ ``Examining the November 1, 2017
Community Development
Block Grant-Disaster
Recovery Program''
(Oversight).
115-52........................ ``Data Security: November 1, 2017
Vulnerabilities and
Opportunities for
Improvement''
(Financial
Institutions).
115-53........................ ``Sustainable Housing November 2, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform, Part II''
(Housing).
115-54........................ ``Legislative November 3, 2017
Proposals to Improve
Small Businesses' and
Communities' Access
to Capital'' (Capital
Markets).
115-55........................ ``Sustainable Housing November 7, 2017
Finance, Part III''
(Housing).
115-56........................ ``Examining Federal November 7, 2017
Reserve Reform
Proposals'' (Monetary
Policy).
115-57........................ ``Administration November 8, 2017
Priorities for the
International
Financial
Institutions''
(Monetary Policy).
115-58........................ ``Financial November 8, 2017
Intelligence and
Enforcement:
Treasury's Role in
Safeguarding the
American Financial
System'' (Terrorism
Finance).
115-59........................ ``Sustainable Housing November 29,
Finance: The Role of 2017
Ginnie Mae in the
Housing Finance
System'' (Housing).
115-60........................ Joint Hearing entitled November 29,
``Legislative 2017
Proposals to Counter
Terrorism and Illicit
Finance'' (Financial
Institutions/
Terrorism Finance).
115-61........................ ``Implementation and November 30,
Cybersecurity 2017
Protocols of the
Consolidated Audit
Trail'' (Capital
Markets).
115-62........................ ``Evaluating the November 30,
Effectiveness of U.S. 2017
Sanctions Programs''
(Monetary Policy).
115-63........................ ``Sustainable Housing December 6, 2017
Finance: Private
Sector Perspectives
on Housing Finance
Reform, Part IV''
(Housing).
115-64........................ ``Examining the Office December 7, 2017
of Financial
Research''
(Oversight).
115-65........................ ``Legislative December 7, 2017
Proposals for a More
Efficient Federal
Financial Regulatory
Regime: Part II''
(Financial
Institutions).
115-66........................ ``Examining the December 14,
Operations of the 2017
Committee on Foreign
Investment in the
United States (CFIUS)
(Monetary Policy).
115-67........................ ``Evaluating CFIUS: January 9, 2018
Challenges Posed by a
Changing Global
Economy'' (Monetary
Policy).
115-68........................ ``Legislative January 9, 2018
Proposals for a More
Efficient Federal
Financial Regulatory
Regime: Part III''
(Financial
Institutions).
115-69........................ ``A Further January 10, 2018
Examination of
Federal Reserve
Reform Proposals''
(Monetary Policy).
115-70........................ ``Examining January 30, 2018
Opportunities and
Challenges in the
Financial Technology
(``Fintech'')
Marketplace''
(Financial
Institutions).
115-71........................ ``Following the Money: January 30, 2018
How Human Traffickers
Exploit U.S.
Financial Markets''
(Oversight).
115-72........................ ``The Annual Report of February 6, 2018
the Financial
Stability Oversight
Council'' (Full
Committee).
115-73........................ ``Examining the February 14,
Current Data Security 2018
And Breach
Notification
Regulatory Regime''
(Financial
Institutions).
115-74........................ ``Legislative February 14,
Proposals Regarding 2018
Derivatives''
(Capital Markets).
115-75........................ ``Examining De-risking February 15,
and its Effect on 2018
Access to Financial
Services'' (Financial
Institutions).
115-76........................ ``Monetary Policy and February 27,
the State of the 2018
Economy'' (Full
Committee).
115-77........................ ``Legislative Review March 7, 2018
of H.R. 5059, the
State Insurance
Regulation
Preservation Act''
(Housing).
115-78........................ ``Legislative March 7, 2018
Proposals to Reform
the Current Data
Security and Breach
Notification
Regulatory Regime''
(Financial
Institutions).
115-79........................ ``Examining the March 14, 2018
Cryptocurrencies and
ICO Markets''
(Capital Markets).
115-80........................ ``Evaluating CFIUS: March 15, 2018
Administration
Perspectives''
(Monetary Policy).
115-81........................ ``After the Breach: March 15, 2018
the Monetization and
Illicit Use of Stolen
Data'' (Terrorism
Finance).
115-82........................ ``Exploring the March 20, 2018
Financial Nexus of
Terrorism, Drug
Trafficking, and
Organized Crime''
(Terrorism Finance).
115-83........................ ``The 2018 Semi-Annual April 11, 2018
Report of the Bureau
of Consumer Financial
Protection'' (Full
Committee).
115-84........................ ``Oversight of the April 12, 2018
Federal Housing
Finance Agency''
(Oversight).
115-85........................ ``H.R. 4311, the April 12, 2018
Foreign Investment
Risk Review
Modernization Act of
2017'' (Monetary
Policy).
115-86........................ ``Semi-Annual April 17, 2018
Testimony on the
Federal Reserve's
Supervision and
Regulation of the
Financial System''
(Full Committee).
115-87........................ ``Housing Choice April 17, 2018
Voucher Program: An
Oversight and Review
of Legislative
Proposals'' (Housing).
115-88........................ ``HUD's Role in Rental April 25, 2018
Assistance: An
Oversight and Review
of Legislative
Proposals on Rent
Reform'' (Housing).
115-89........................ ``Oversight of the April 26, 2018
SEC's Division of
Corporation Finance''
(Capital Markets).
115-90........................ ``Implementation of April 27, 2018
FinCEN's Customer Due
Diligence Rule--
Financial Institution
Perspective''
(Financial
Institutions).
115-91........................ ``Oversight of the May 16, 2018
SEC's Division of
Enforcement''
(Capital Markets).
115-92........................ ``Implementation of May 16, 2018
FinCEN's Customer Due
Diligence Rule''
(Terrorism Finance).
115-93........................ ``Community May 17, 2018
Development Block
Grant-Disaster
Recovery Program--
Stakeholder
Perspectives''
(Oversight).
115-94........................ ``An Overview of May 17, 2018
Homelessness in
America'' (Housing).
115-95........................ ``Legislative May 23, 2018
Proposals to Help
Fuel Capital and
Growth on Main
Street'' (Capital
Markets).
115-96........................ ``The Impact of May 23, 2018
Autonomous Vehicles
on the Future of
Insurance'' (Housing).
115-97........................ ``Legislative Review June 6, 2018
of H.R. 1511, the
``Homeless Children
and Youth Act of
2017'' (Housing).
115-98........................ ``Improving June 6, 2018
Transparency and
Accountability at the
Bureau of Consumer
Financial
Protection''
(Financial
Institutions).
115-99........................ ``Financial Industry June 13, 2018
Regulation: the
Office of the
Comptroller of the
Currency'' (Full
Committee).
115-100....................... ``Ensuring June 13, 2018
Effectiveness,
Fairness, and
Transparency in
Securities Law
Enforcement''
(Capital Markets).
115-101....................... ``Empowering a Pro- June 20, 2018
Growth Economy by
Cutting Taxes and
Regulatory Red Tape''
(Full Committee).
115-102....................... ``Illicit Use of June 20, 2018
Virtual Currency and
the Law Enforcement
Response'' (Terrorism
Finance).
115-103....................... ``Oversight of the June 21, 2018
U.S. Securities and
Exchange Commission''
(Full Committee).
115-104....................... ``Oversight of the June 26, 2018
Federal Government's
Approach to Lead-
Based Paint and Mold
Remediation in Public
and Subsidized
Housing'' (Housing).
115-105....................... ``International and June 26, 2018
Domestic Implications
of De-Risking''
(Financial
Institutions).
115-106....................... ``Oversight of the June 27, 2018
Department of Housing
and Urban
Development'' (Full
Committee).
115-107....................... ``The Annual Testimony July 12, 2018
of the Secretary of
the Treasury on the
State of the
International
Financial System''
(Full Committee).
115-108....................... ``Countering the July 12, 2018
Financial Networks of
Weapons
Proliferation''
(Terrorism Finance).
115-109....................... ``Examining Capital July 17, 2018
Regimes for Financial
Institutions''
(Financial
Institutions).
115-110....................... ``Monetary Policy and July 18, 2018
the State of the
Economy'' (Full
Committee).
115-111....................... ``The Future of Money: July 18, 2018
Digital Currency''
(Monetary Policy).
115-112....................... Field hearing entitled August 16, 2018
``The Role of Federal
Housing and Community
Development Programs
to Support Opioid and
Substance Use
Disorder Treatment
and
Recovery''(Housing).
115-113....................... ``The Future of Money: September 5,
Coins and Banknotes'' 2018
(Monetary Policy).
115-114....................... ``The Cost of September 5,
Regulation on 2018
Affordable
Multifamily
Development''
(Housing).
115-115....................... ``A Failure to Act: September 6,
How a Decade without 2018
GSE Reform Has Once
Again Put Taxpayers
at Risk'' (Full
Committee).
115-116....................... ``Survey of Terrorist September 7,
Groups and Their 2018
Means of Financing''
(Terrorism Finance).
115-117....................... ``HUD Office of September 25,
Inspector General 2018
Report: HUD's
Oversight of the
Alexander County (IL)
Housing Authority''
(Housing).
115-118....................... ``Oversight of the September 26,
SEC's Division of 2018
Investment
Management'' (Capital
Markets).
115-119....................... ``Administration Goals September 26,
for Major Sanctions 2018
Programs'' (Monetary
Policy).
115-120....................... ``Oversight of the September 27,
Federal Housing 2018
Finance Agency's role
as conservator and
regulator of the
Government Sponsored
Enterprises'' (Full
Committee).
115-121....................... ``Examining September 28,
Opportunities for 2018
Financial Markets in
the Digital Era''
(Financial
Institutions).
115-122....................... ``Semi-Annual November 14,
Testimony on the 2018
Federal Reserve's
Supervision and
Regulation of the
Financial System''
(Full Committee).
115-123....................... ``Assessing the Impact December 11,
of FASB's Current 2018
Expected Credit Loss
(CECL) Accounting
Standard on Financial
Institutions and the
Economy '' (Financial
Institutions).
115-124....................... ``Evaluating the December 12,
Effectiveness of the 2018
International
Financial
Institutions''.
115-125....................... ``The Peril of an December 20,
Ignored National 2018
Debt''.
115-126....................... ``A Legislative December 21,
Proposal to Provide 2018
for a Sustainable
Housing Finance
System: The
Bipartisan Housing
Finance Reform Act of
2018''.
------------------------------------------------------------------------
Part B--Committee Prints
------------------------------------------------------------------------
Serial No. Title Date
------------------------------------------------------------------------
115-A......................... Rules for the February 2017
Committee on
Financial Services
for the 115th
Congress.
------------------------------------------------------------------------