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