[House Report 115-462]
[From the U.S. Government Publishing Office]


115th Congress    }                                     {      Report
                        HOUSE OF REPRESENTATIVES
 1st Session      }                                     {     115-462

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

 
PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 2396) TO AMEND THE GRAMM-
  LEACH-BLILEY ACT TO UPDATE THE EXCEPTION FOR CERTAIN ANNUAL NOTICES 
PROVIDED BY FINANCIAL INSTITUTIONS, AND PROVIDING FOR CONSIDERATION OF 
THE BILL (H.R. 4015) TO IMPROVE THE QUALITY OF PROXY ADVISORY FIRMS FOR 
  THE PROTECTION OF INVESTORS AND THE U.S. ECONOMY, AND IN THE PUBLIC 
 INTEREST, BY FOSTERING ACCOUNTABILITY, TRANSPARENCY, RESPONSIVENESS, 
          AND COMPETITION IN THE PROXY ADVISORY FIRM INDUSTRY

                                _______
                                

 December 12, 2017.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

               Mr. Woodall, from the Committee on Rules, 
                        submitted the following

                              R E P O R T

                       [To accompany H. Res. 657]

    The Committee on Rules, having had under consideration 
House Resolution 657, by a record vote of 8 to 4, report the 
same to the House with the recommendation that the resolution 
be adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 2396, the 
Privacy Notification Technical Clarification Act, under a 
structured rule. The resolution provides one hour of debate 
equally divided and controlled by the chair and ranking 
minority member of the Committee on Financial Services. The 
resolution waives all points of order against consideration of 
the bill. The resolution provides that the amendment in the 
nature of a substitute recommended by the Committee on 
Financial Services now printed in the bill shall be considered 
as adopted and the bill, as amended, shall be considered as 
read. The resolution waives all points of order against 
provisions in the bill, as amended. The resolution makes in 
order only the further amendment printed in this report, if 
offered by the Member designated in this report, which shall be 
considered as read, shall be debatable for the time specified 
in this report equally divided and controlled by the proponent 
and an opponent, shall not be subject to amendment, and shall 
not be subject to a demand for division of the question. The 
resolution waives all points of order against the amendment 
printed in this report. The resolution provides one motion to 
recommit with or without instructions.
    Section 2 of the resolution provides for consideration of 
H.R. 4015, the Corporate Governance Reform and Transparency Act 
of 2017, under a closed rule. The resolution provides one hour 
of debate equally divided and controlled by the chair and 
ranking minority member of the Committee on Financial Services. 
The resolution waives all points of order against consideration 
of the bill. The resolution provides that an amendment in the 
nature of a substitute consisting of the text of Rules 
Committee Print 115-46 shall be considered as adopted and the 
bill, as amended, shall be considered as read. The resolution 
waives all points of order against provisions in the bill, as 
amended. The resolution provides for one motion to recommit 
with or without instructions.

                         EXPLANATION OF WAIVERS

    Although the resolution waives all points of order against 
consideration of H.R. 2396, the Committee is not aware of any 
points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
provisions in H.R. 2396, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendment to H.R. 2396 printed in this report, the 
Committee is not aware of any points of order. The waiver is 
prophylactic in nature.
    Although the resolution waives all points of order against 
consideration of H.R. 4015, the Committee is not aware of any 
points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
provisions in H.R. 4015, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.

                            COMMITTEE VOTES

    The results of each record vote on an amendment or motion 
to report, together with the names of those voting for and 
against, are printed below:

Rules Committee record vote No. 162

    Motion by Mr. Cole to report the rule. Adopted: 8-4

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Cole........................................          Yea   Ms. Slaughter.....................          Nay
Mr. Woodall.....................................          Yea   Mr. McGovern......................          Nay
Mr. Burgess.....................................          Yea   Mr. Hastings of Florida...........          Nay
Mr. Collins.....................................          Yea   Mr. Polis.........................          Nay
Mr. Byrne.......................................  ............
Mr. Newhouse....................................          Yea
Mr. Buck........................................          Yea
Ms. Cheney......................................          Yea
Mr. Sessions, Chairman..........................          Yea
----------------------------------------------------------------------------------------------------------------

          SUMMARY OF THE AMENDMENT TO H.R. 2396 MADE IN ORDER

    1. Clay (MO), Trott (MI): Page 3, line 11, strike 
``financial institution'' and insert ``vehicle financial 
company''. (10 minutes)

              TEXT OF AMENDMENT TO H.R. 2396 MADE IN ORDER

1. An Amendment To Be Offered by Representative Clay of Missouri or His 
                   Designee, Debatable for 10 Minutes

  Page 3, line 11, strike ``financial institution'' and insert 
``vehicle financial company''.

  Page 3, line 18, strike ``financial institution'' and insert 
``vehicle financial company''.

  Page 3, line 24, strike ``and''.

  Page 4, line 1, strike ``financial institution'' and insert 
``vehicle financial company''.

  Page 4, line 6, strike ``or with'' and insert ``the front 
page of''.

  Page 4, beginning on line 10, strike ``on its'' and insert 
``through a link on the landing page of the company's''.

  Page 4, line 13, strike the period and insert ``; and''.

  Page 4, after line 13, insert the following:

                  ``(C) the vehicle financial company--
                          ``(i) provides consumers with the 
                        ability to opt out, subject to any 
                        exemption or exception provided under 
                        subsection (b)(2) or (e) of section 502 
                        or under regulations prescribed under 
                        section 504(b), of having the 
                        consumer's nonpublic personal 
                        information disclosed to a 
                        nonaffiliated third party; and
                          ``(ii) includes a description about 
                        where to locate the procedures for a 
                        consumer to select such opt out in each 
                        periodic billing statement sent to the 
                        consumer.''.

  Page 4, line 15, strike ``financial institution'' and insert 
``vehicle financial company''.

  Page 4, line 18, strike ``financial institution'' and insert 
``vehicle financial company''.

  Page 4, line 21, strike ``financial institution'' and insert 
``vehicle financial company''.

  Add at the end the following:

          ``(3) Vehicle financial company defined.--For 
        purposes of this subsection, the term `vehicle 
        financial company' means--
                  ``(A) a financial institution that--
                          ``(i) is regularly engaged in the 
                        business of extending credit for the 
                        purchase of vehicles;
                          ``(ii) is affiliated with a vehicle 
                        manufacturer; and
                          ``(iii) only shares nonpublic 
                        personal information of consumers with 
                        nonaffiliated third parties that are 
                        vehicle dealers; or
                  ``(B) a financial institution that--
                          ``(i) regularly engages in the 
                        business of extending credit for the 
                        purchase or lease of vehicles from 
                        vehicle dealers; or
                          ``(ii) purchases vehicle installment 
                        sales contracts or leases from vehicle 
                        dealers.''.

                                  [all]